Core Viewpoint - The article discusses the recent market fluctuations in A-shares and highlights the launch of BlackRock's CSI 500 Index Enhanced Fund, emphasizing the company's strategic shift towards systematic active equity investment using AI and alternative data to achieve differentiated excess returns in the Chinese market [1][5]. Group 1: Investment Strategy - BlackRock's Systematic Active Equities (SAE) strategy focuses on low correlation with traditional index strategies, aiming for stable excess returns without style drift or participation in crowded trades [1][2]. - The use of alternative data allows the research to capture market sentiment and subtle changes in company fundamentals beyond traditional financial statements [1][3]. - AI plays a crucial role in generating quantitative signals and dynamically weighting them to quickly adapt to market changes [2][3]. Group 2: Product Performance - The CSI 500 Index Enhanced Fund is positioned as a tool for investors during periods of rising market sentiment and risk appetite, with a higher systematic beta compared to the CSI 300 Index [3][4]. - The fund's performance since its inception has shown a net value growth rate that outperforms the benchmark index, with a low correlation of 0.27 with other similar products, demonstrating the effectiveness of its differentiated strategy [2][3]. Group 3: Market Outlook - The current valuation of the CSI 500 Index is considered reasonable, making it an attractive investment option amidst market fluctuations [5][6]. - The article suggests that recent market corrections are healthy and may provide good entry points for investors, as long as extreme volatility is avoided [5][6]. Group 4: Systematic Investment Era - BlackRock is transitioning its active equity business towards a systematic investment approach, which is rare in the domestic public fund industry [6][7]. - This shift aims to enhance portfolio stability and risk control, allowing for a more scientific concentration of holdings and better management of volatility and drawdowns [6][7].

□本报记者 王雪青 9月以来，A股持续震荡。量化指增产品的超额收益水平一度承压，市场对"什么样的策略既能抗震荡、 又不失进攻性"的追问日渐迫切。 在这样一个时点，贝莱德中证500指数增强型基金迎来发行期，贝莱德基金也正式开启了主动权益产品 的全面系统化转型升级。作为贝莱德基金量化及多资产投资总监，王晓京处在这一战略调整的核心。他 的投资理念与操作逻辑，受到市场各方关注。 近日，王晓京接受了中国证券报记者专访，这位在海外长期从事量化投研，并将贝莱德的系统化主动权 益（Systematic Active Equities，简称"SAE"）旗舰策略在本土落地的基金经理，致力于用"AI+另类数 据"的方法论，去回答投资者最关切的问题：如何在中国市场长期而稳定地拿到差异化超额收益？ "AI+另类数据"打造低相关性策略 "从长期来看，指增策略的稳定性与超额收益的低相关性是我们的核心优势。"王晓京开门见山地 说，"我们不做风格漂移，不靠单因子押注，也不参与短线的拥挤交易。我们要做的，就是稳健而不失 锋芒，从侧面寻找基本面和情绪面的信号，并且能够在长周期里持续取胜。" 与国内主流量化策略不同，贝莱德的SAE策略依托于另类数据 ...

Core Viewpoint - BlackRock views the Chinese market as a crucial growth engine within its global strategy, managing $12.5 trillion in assets and recognizing the significant scale and potential of the Chinese market [1][2]. Group 1: Business Development and Achievements - Since its establishment as a public fund management company in June 2021, BlackRock Fund has managed 16 public products with a total scale of approximately 15 billion yuan [2]. - The company has built stable relationships with channels, institutional clients, and partners, while also enhancing brand recognition in the Chinese public fund industry [2]. - BlackRock Fund has faced challenges such as longer decision-making processes compared to local institutions, but has improved governance structures and decision-making efficiency over the years [2][3]. Group 2: Localization Strategy - BlackRock's localization strategy focuses on talent, decision-making, and product development, achieving significant progress in these areas [3][4]. - The company has shifted from an "international" to a "localized" talent strategy, prioritizing professionals familiar with the Chinese market [3]. - Decision-making processes have been streamlined to enhance responsiveness to market changes, allowing for quicker product launches and strategy adjustments [3][4]. Group 3: Product Innovation and Focus - BlackRock Fund emphasizes diverse product offerings tailored to Chinese investors' needs, balancing absolute and relative returns [4][6]. - The company is launching innovative products such as the BlackRock China Bond Investment Preferred Green Bond Index Fund, addressing domestic green finance requirements [4]. - Future product development will focus on systematic investment, multi-asset management, and global asset allocation, including the reintroduction of QDLP products and preparations for QDII qualifications [7][8]. Group 4: Management Team Adjustments - Recent personnel changes, including the appointment of Yu Peihua as General Manager, are aimed at optimizing the organization and implementing strategic initiatives [5][6]. - The new management team is expected to enhance customer engagement and market expansion, leveraging local expertise to strengthen the fixed income platform [5][6]. Group 5: Systematic Investment Approach - BlackRock Fund is prioritizing systematic investment strategies, combining quantitative and fundamental stock selection to improve decision-making efficiency [8][9]. - The company is leveraging its Systematic Active Equity (SAE) platform, which has over 40 years of investment experience and utilizes AI technology for enhanced investment opportunities [8][9]. - This platform approach aims to provide stable long-term returns, aligning with the evolving preferences of Chinese investors for consistent performance [9][10]. Group 6: Global and Local Integration - BlackRock aims to integrate global expertise with local market needs, focusing on systematic investment and global asset allocation as key differentiators [10]. - The company emphasizes long-term investment strategies and responsible investing, reflecting its commitment to sustainable investment practices in the Chinese market [10].

Core Viewpoint - The article discusses the current state and future outlook of the investment fund industry, highlighting the challenges and opportunities faced by fund managers in a changing economic environment [1] Group 1: Industry Overview - The investment fund industry is experiencing significant shifts due to market volatility and changing investor preferences [1] - Fund managers are increasingly focusing on sustainable and responsible investment strategies to attract a broader range of investors [1] - The competition among funds is intensifying, with a notable increase in the number of new entrants in the market [1] Group 2: Company Strategies - Companies are adapting their investment strategies to incorporate more technology and data analytics to enhance decision-making processes [1] - There is a growing emphasis on diversification within portfolios to mitigate risks associated with market fluctuations [1] - Fund companies are also investing in marketing and client engagement initiatives to retain existing investors and attract new ones [1]

Core Viewpoint - The AI Fund Baodao Dividend Smart Navigation Stock A (019124) reported a profit of 22.73 million yuan for Q2 2025, with a weighted average profit per fund share of 0.0555 yuan, and a net value growth rate of 5.02% during the reporting period [3][14]. Fund Performance - As of July 21, the fund's unit net value was 1.189 yuan, and the fund size was 500 million yuan [3][14]. - The fund has consistently achieved positive returns over the past year, with the highest one-year return of 43.97% for Baodao Jiuhang Mixed A and the lowest at 7.8% for Baodao He Rui Multi-Stable 6-Month Holding Period Mixed A [3]. - The fund's net value growth rates over different periods are as follows: 10.02% over the last three months, 12.25% over the last six months, and 18.61% over the last year, ranking 11/18, 10/18, and 3/14 among comparable funds respectively [3]. Investment Strategy and Outlook - The fund manager indicated a positive outlook for the market, citing a mid-term loose overseas liquidity environment and emerging structural growth highlights domestically, while maintaining a focus on systematic investment strategies [3]. - The fund aims to achieve competitive excess returns for investors through diligent management [3]. Risk Metrics - The fund's Sharpe ratio since inception is 0.8364, indicating a favorable risk-adjusted return [7]. - The maximum drawdown since inception is 14.13%, with the largest quarterly drawdown recorded at 11.76% in Q3 2024 [10]. Portfolio Composition - The average stock position since inception is 91.23%, higher than the industry average of 88.74%, with a peak of 92.21% at the end of Q1 2025 [13]. - As of Q2 2025, the top ten holdings include companies such as Jizhong Energy, Agricultural Bank of China, COSCO Shipping Holdings, China Shenhua Energy, and others [17].