研究员： 于军礼 从业资格： F0247894 交易咨询资格：Z0000112 联系方式：yujunli@greendh.com Morning session notice 更多精彩内容请关注格林大华期货官方微信 格林大华期货研究院 证监许可【2011】1288 号 2025 年 8 月 20 日 星期三 早盘提示 | 板块 | 品种 | 多（空） | 推荐理由 | | --- | --- | --- | --- | | | | | 【行情复盘】 周二两市主要指数强势整理，涨跌不一，以修复技术指标。两市成交额 2.58 万亿 | | | | | 元，仍然偏高。中证 1000 指数收 7242 点，涨 5 点，涨幅 0.07%；中证 500 指数收 | | | | | 6655 点，跌 12 点，跌幅-0.19%；沪深 300 指数收 4223 点，跌 16 点，跌幅-0.38%； | | | | | 上证 50 指数收 2812 点，跌 26 点，跌幅-0.93%。行业与主题 ETF 中涨幅居前的是 | | | | | 通信 ETF、创业板人工智能 ETF 国泰、5G ETF、云 50 ETF、机器人 50 ...

2025年8月18日，A股迎来堪称"大突破日"的关键时刻：上证指数刷新近十年新高，全天成交额更是放量至2.76万亿元。 与此同时，A股总市值首次突破100万亿元大关，宣告市场跨入新的估值阶段。 就在不少投资者仍"不明所以"、或是满怀期待地等待"大牛市"进一步展开时，量化大厂早已悄然体验了一场属于自己的牛 市。 说得更直接些：2025年仅过去八个月，对于量化圈来说，已经上演了一轮堪比2019年、甚至超越2020年的"量化大年"。 果真如此吗？ 不少量化机构其实早已悄然享受到了一波"静音牛市"：表面风平浪静，实则浮盈滚滚。 更出人意料的是，哪怕只聚焦在目前并不算"热门"的传统量化策略上，这一轮"量化大年"的迹象也已足够引人侧目。 为何把中证500指数增强当做"观察视角"？ 真是因为过去八年里，中证500增强策略一直被视为量化私募的"看家武器"。 01 量化大厂年内收益飙升 截至8月8日，中证500指数年内收益还在10.44%徘徊之时，量化私募的中证500指数增强产品已经出现"集体爆发"。 相关渠道统计显示：截至8月8日，至少有14家机构的产品年内收益超过30%，其中百亿级量化大厂占据半壁江山。 具体来看：信*2号 ...

Group 1 - The number of private securities investment funds registered in July reached 1,203, setting a new monthly record for the year, indicating a recovery in the private placement market as investor enthusiasm rises [1] - Quantitative products remain the main force in the registration of new private funds, with notable firms like Nine Kun Investment and Ming Cong Investment launching new products [1] - The overall private fund issuance market shows a warming trend, with the number of registered funds in previous months being lower, such as 1,075 in June and 1,138 in April [1] Group 2 - Guangdong Hongxi Fund Management announced the suspension of fundraising for some of its traditional quantitative CTA products starting August 1, 2025, to focus on existing investors and enhance service quality [2] - The firm has managed assets between 5 billion and 10 billion yuan, emphasizing a cautious management principle regarding strategy capacity limits [2] - Other quantitative private funds have also announced similar suspensions, indicating a trend of selective fundraising in the market [3] Group 3 - The private fund issuance market is experiencing uneven performance, with quantitative funds attracting more capital compared to subjective funds, which struggle to achieve significant fundraising [3] - Some leading subjective private funds have also paused new client subscriptions, reflecting a cautious approach to managing growth and performance [3] - The macro environment is perceived as favorable for quantitative funds this year, leading to rapid sellouts of popular products, while many private institutions still face fundraising challenges [3]