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中证2000增强ETF上半年涨超29%同类第一! 小微盘风格能否持续?
Jin Rong Jie· 2025-07-02 01:30
Core Viewpoint - The small-cap style continues to show strength in the market, with the CSI 2000 Enhanced ETF (159552) and the 1000 ETF Enhanced (159680) both reaching new highs since their listing, driven by macroeconomic trends and industry upgrades [1][2][5]. Group 1: Small-Cap Style Performance - The CSI 2000 Enhanced ETF (159552) achieved a net value growth rate of 29.18% in the first half of the year, ranking first among broad-based ETFs, with an excess return of nearly 14% [1]. - The small-cap index turnover rate was 2.1% as of June 27, indicating a relatively high trading congestion level, while the small-cap to large-cap index turnover ratio was approximately 4.1 times, close to historical averages [5]. - The current price-to-earnings (P/E) ratio of the small-cap index to the large-cap index is 2.2 times, positioned at the 72.5% percentile since 2015, suggesting a favorable valuation environment for small-cap stocks [5]. Group 2: Macroeconomic and Industry Trends - The macroeconomic direction and industry upgrade trends are key signals for the rotation between small and large-cap stocks, with small-cap stocks showing relative advantages during periods of technological innovation and policy encouragement [2][4]. - The ongoing favorable environment for small-cap stocks is supported by the thriving sectors of AI and semiconductors, as well as continued policy support for the development of new productive forces [5]. Group 3: Enhanced ETF Performance - The CSI 2000 Enhanced ETF (159552) has consistently delivered excess returns since its establishment on June 29, 2024, with each quarter showing excess returns exceeding 6% in the first two quarters of this year [6]. - The 1000 ETF Enhanced (159680) has also demonstrated significant enhancement effects, achieving a cumulative excess return of 33.10% since its inception on November 18, 2022, with an annualized excess return of 11.88% [9][11]. - Both enhanced ETFs have shown strong adaptability to different market conditions, capturing excess returns during both downward trends and upward surges [8][11].
矩阵乘法可以算得更快了!港中文10页论文证明:能源、时间均可节省
量子位· 2025-05-18 05:20
金磊 发自 凹非寺 量子位 | 公众号 QbitAI 天下苦大模型 矩阵乘法 久矣。 毕竟不论是训练还是推理过程,矩阵乘法作为最主要的计算操作之一,往往都需要消耗大量的算力。 那么就没有一种更"快、好、省"的方法来搞这事儿吗? 有的, 香港中文大学 最新一篇仅 10页 的论文,便提出了一种新算法: 论文作者之一的Dmitry Rybin表示: 这项研究对数据分析、芯片设计、无线通信和LLM训练都有着深远的影响! 能源可节省:5%-10% 时间可节省:5% 这么算矩阵乘法,更快! 矩阵乘法是计算机科学和数值线性代数中的核心问题之一。 自从Strassen和Winograd的开创性工作以来,研究者们一直在探索如何减少矩阵乘法所需的计算量。 尽管这类运算在统计、数据分析、深度学习和无线通信等领域有着广泛应用,例如协方差矩阵的计算和线性回归中的关键步骤,但对于具有 特殊结构的矩阵乘法(如计算矩阵与其转置的乘积XX t )的研究相对较少。 从理论角度看,计算XX t 与一般矩阵乘法具有相同的渐近复杂度,因此只能通过常数因子优化来提升速度。 因此,这篇论文《XX t Can Be Faster》提出了一种名为RXTX的新 ...