本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 在私募投资领域， 主观与量化两种投资模式各有所长 。主观投资依托专业团队对宏观经济、行业趋势及企业基本面的深度研究，能够捕捉市场 非理性波动中的价值洼地，尤其在政策转向或行业拐点等关键节点，凭借经验判断快速调整仓位，捕捉超额收益机会。量化投资则通过大数据分 析和算法模型，对海量历史数据进行回测验证，构建纪律性交易策略，有效规避人为情绪干扰，实现风险分散与收益稳定性提升。 因此， 也有不少私募采用 "量化+主观"相结合的投资模式 。二者的结合可形成互补：量化模型为投资组合提供基础框架，优化风险收益比；主 观判断则通过动态调整策略权重，在市场风格切换时捕捉结构性机会。 这种投资模式既保留了人工决策的灵活性，又借助量化工具提升了投资 效率 ，尤其在复杂多变的市场环境中，能够通过多维度验证增强决策可靠性，力争最终实现严控风险下的收益最大化。 根据私募排排网数据，截至2025年11月底， 采用 "量化+主观"相结合这一投资模式的私募共有1266家，比量化私募数量（852家）还要多。其 中，至少有3只产品在私募排排网有今年来业绩展示的私募共有121家，今年来 ...

Market Overview - The A-share market experienced a significant rally, with all three major indices rising, and the Shanghai Composite Index reaching a new high for the year at 3461.15 points, up 0.18% [1] - The Shenzhen Component Index closed at 10534.58 points, up 1.17%, while the ChiNext Index rose 1.90% to 2164.09 points [1] - The total market turnover exceeded 1.33 trillion yuan, with over 3200 stocks advancing [1] Consumer Electronics Sector - The consumer electronics sector showed strong performance, with an overall increase of 2.83%, ranking third among industry sectors for the day [2] - Notable individual stock performances included Lens Technology rising over 11%, and Industrial Fulian hitting the daily limit, with a net inflow of 20.23 billion yuan [2] - Analysts predict strong order growth for Industrial Fulian in the next 3 to 5 years, driven by robust demand from cloud service providers [2][3] PCB and Computing Power Industry - The PCB and computing power-related stocks saw a collective rise, with the PCB concept sector increasing by 3.27% [4] - Key players like Dongshan Precision and Shenghong Technology reached new highs, with Dongshan Precision planning to complete the acquisition of Solstice Optoelectronics by Q3 [4] - The overall outlook for the communication sector is improving, particularly for light module leaders, driven by surging AI demand in North America [5] Solid-State Battery Sector - The solid-state battery sector rebounded, with an overall increase of 1.77%, and 173 stocks within the sector rising [7] - Notable performers included Hong Kong Technology rising nearly 16% and Huasen Lithium rising over 15% [7] - The solid-state battery industry is accelerating its industrialization process, with expectations for long-term growth as performance improves [8]

Market Overview - A-shares experienced a broad rise on July 3, with the ChiNext Index surging nearly 2%, while Hong Kong stocks faced downward pressure, with the Hang Seng Index and Hang Seng Tech Index both dropping over 1% [1] - The Shanghai Composite Index closed up 0.18% at 3461.15 points, the Shenzhen Component Index rose 1.17% to 10534.58 points, and the ChiNext Index increased by 1.9% to 2164.09 points, with total trading volume in the Shanghai and Shenzhen markets reaching 133.36 billion yuan, a decrease of over 70 billion yuan from the previous day [1] Innovation Drug Sector - The innovative drug concept saw a resurgence, with stocks like Guangsheng Tang and Shenzhou Cell hitting the 20% limit up, while companies like Shanghai Yizhong and Hot景 Biotech rose over 10% [3][4] - On July 1, the National Healthcare Security Administration and the National Health Commission released measures to support the high-quality development of innovative drugs, focusing on R&D support, insurance directory, clinical application, multi-payment, and security measures [6] - Citic Securities indicated that the policy reflects the government's commitment to supporting the entire chain of innovative drug development, enhancing market space for innovative drugs [5][6] Computing Power Industry - Stocks in the computing power supply chain, including PCB and composite copper foil, saw collective gains, with Yihua New Materials and Zhongyi Technology both hitting the 20% limit up, and Tongguan Copper Foil rising nearly 14% [8][9] - The domestic demand for computing power continues to improve, with leading companies in optical modules and switches expected to perform well [10] Consumer Electronics Sector - The consumer electronics sector gained momentum, with Lens Technology rising over 11%, and Industrial Fulian hitting the limit up, while Dongshan Precision increased by over 9% [12][13] - Reports suggest that the recent U.S. tariffs on Vietnamese imports may lead to some orders returning to China, benefiting Chinese OEMs with established supply chains [14]