2025年马上就要过去了~~ 今年，从年初到年底，有一个词语一直伴随着大家，成为大家茶前饭后的谈资，这个词语，就是AI。 AI的爆发式发展，不仅带火了指数基金，更是让一类产品火出了圈，它就是主动量化基金。 最主要的原因在于：主动量化基金依靠着人机结合，做出了1+1>2的效果，尤其是在今年这种行业轮动+个股分化的条件下，这类产品不仅能穿越市场和 周期还能在取得超额收益的同时降低波动风险。 这也是为什么，机构目前正在大手笔布局主动量化基金。Wind数据显示，截至到三季度末，全市场292只主动量化基金（份额合并计算）合计份额为805 亿份，较去年年末增长了27%（170亿份），二季度单季就增长了144亿份。 而且，根据今年中报披露的数据，所有主动量化基金份额是661亿份，其中机构投资者的份额是465亿份，占比超过70%。 老虎君为了让大家更直观地看到，机构投资者更喜欢哪些主动量化基金，特意统计了一下截至今年中报，机构投资者持有份额前十名的主动量化基金（份 额合并计算，只展示A类份额），这其中有几个基金我认为十分值得拿出来跟大家说一说。 | 证券代码 | 证券简称 | 基金规模 | 机构投资者持有份额 | 基金经理 ...

导语：指增基金本身有严格的成份股占比约束和跟踪误差的限制，能更好地对标业绩基准，是契 合监管政策导向的品种，空间可期。 公募基金高质量发展的持续推进正在不断重塑行业。9月份，《公开募集证券投资基金销 售费用管理规定（征求意见稿）》发布，引发对于未来债基格局变化的讨论；1 0月31日 发 布 的 《 公 开 募 集 证 券 投 资 基 金 业 绩 比 较 基 准 指 引 ( 征 求 意 见 稿 ) 》 强 调 业 绩 比 较 基 准 的"锚"和"尺"的功能，意味着未来主动权益基金从产品格局、管理模式都将迎来深刻变 化。 正如2018年资管新规的落地让短债、固收+产品迎来大发展，在笨轮公募行业变革中， 也会有部分品类异军突起——除了已经明牌的场外指数基金和ETF，量化指增也是一个 不容忽视的领域。 国内首只指数增强基金诞生于2 0 0 2年，比首只ETF产品还早两年，但是指增产品一直是 偏机构玩家和小众投资者的品类。 但是今年以来，指增基金数量呈现出加速增长，截至11月末，年内新成立指增基金产品 数量已达1 6 0只，合计发行规模近9 0 0亿元。总体规模角度，截至9月末，指增基金合计 规模2622亿元，相比去年 ...

导语：指增基金本身有严格的成份股占比约束和跟踪误差的限制，能更好地对标业绩基准，是契合监管 政策导向的品种，空间可期。 公募基金高质量发展的持续推进正在不断重塑行业。 9月份，《公开募集证券投资基金销售费用管理规 定（征求意见稿）》发布，引发对于未来债基格局变化的讨论；10月31日发布的《公开募集证券投资基 金业绩比较基准指引(征求意见稿)》强调业绩比较基准的"锚"和"尺"的功能，意味着未来主动权益基金 从产品格局、管理模式都将迎来深刻变化。 正如 2 018 年资管新规的落地让短债、固收 +产品迎来大发展，在笨轮公募行业变革中，也会有部分品 类异军突起——除了已经明牌的场外指数基金和ETF，量化指增也是一个不容忽视的领域。 国内首只指数增强基金诞生于 2 002 年，比首只 ETF产品还早两年，但是指增产品一直是偏机构玩家和 小众投资者的品类。 但是今年以来，指增基金数量呈现出加速增长，截至 11月末，年内新成立指增基金产品数量已达160 只，合计发行规模近900亿元。总体规模角度，截至9月末，指增基金合计规模2622亿元，相比去年年末 增幅达到23.34%，这一增速超过了主动权益规模增速，略低于权益指数基 ...

Core Viewpoint - The continuous promotion of high-quality development in public funds is reshaping the industry, with new regulations indicating profound changes in the product structure and management models of actively managed equity funds [1][2]. Group 1: Industry Trends - The number of index-enhanced funds has accelerated in 2023, with 160 new funds established by the end of November, totaling nearly 90 billion yuan in issuance [2]. - The total scale of index-enhanced funds reached 262.2 billion yuan by the end of September, marking a 23.34% increase compared to the end of the previous year, outpacing the growth rate of actively managed equity funds [2]. - The rapid development of index-enhanced funds is supported by both market factors and favorable regulatory conditions, emphasizing the importance of performance benchmarks [2]. Group 2: Company Performance - Tianhong Fund has significantly expanded its index-enhanced business, with a 44.85% increase in market share and a 70.21% increase in scale compared to the end of the previous year [3]. - Over 90% of investors holding Tianhong's index-enhanced products for more than six months have outperformed the corresponding fund performance benchmarks [3][16]. - By the end of the third quarter of 2025, Tianhong Fund's quant index-enhanced funds reached 18, with a total management scale exceeding 12 billion yuan [5]. Group 3: Product Offerings - Tianhong Fund has established a comprehensive product line in the index-enhanced sector, covering major indices and offering both classic and quantitative strategies [8][9]. - The company has launched two product lines: the classic index-enhanced line focusing on long-term excess returns and a second line targeting high win rates with stable excess returns [8]. - Tianhong's industry-specific index-enhanced products focus on key sectors such as technology, consumption, medicine, high-end manufacturing, and new energy, providing tools for capturing structural excess opportunities [9]. Group 4: Performance Metrics - Tianhong's index-enhanced products have demonstrated consistent excess returns, with the Tianhong CSI 1000 Index Enhanced Fund achieving a 33.80% excess return compared to its benchmark over three years [10][11]. - The performance of Tianhong's index-enhanced funds has shown high consistency across different market styles and capitalizations, indicating a robust systematic investment capability [13]. - The company has successfully replicated its systematic investment approach in industry-specific index-enhanced products, with excess returns ranging from 5% to 29% since inception [13]. Group 5: Technological Integration - Tianhong Fund has integrated AI technology into its quantitative investment processes, enhancing its ability to capture excess returns through advanced data analysis and machine learning [18][19]. - The quant team has developed a comprehensive factor network and employs various AI models to improve investment decision-making and risk management [19][22]. - The use of AI in quantitative index-enhanced products is seen as a potential competitive advantage in a market increasingly focused on passive investment strategies [24].

Core Insights - The article emphasizes the significant role of the Beijing Stock Exchange (BSE) in empowering innovative small and medium-sized enterprises (SMEs) amidst a backdrop of policy benefits and accelerated innovation [1] - The BSE has become a core window for observing the growth of Chinese SMEs and the deepening of capital market reforms, with nearly 950,000 qualified investors and various institutional funds creating a diverse ecosystem [1] Investment Opportunities - The BSE 50 Index, consisting of 50 representative stocks, is highlighted as a key investment direction, providing precise coverage of innovative SMEs and including many "hidden champions" in niche markets [1][4] - As of mid-2025, 40% of the BSE 50 constituents are specialized and innovative enterprises, and 88% are high-tech companies, indicating a strong focus on growth potential [1] Performance Metrics - The BSE 50 Index has shown a nearly 50% increase in 2025, outperforming major A-share indices and attracting significant investor attention [4][6] - The trading volume of the BSE 50 Index reached 44 times that of its initial establishment in 2022, indicating a substantial increase in liquidity [3][11] Policy Support - Continuous policy support is identified as a core driving force behind the BSE 50 Index's strength, with various reforms aimed at enhancing market ecology and efficiency [7] - The introduction of a new ETF for the BSE 50 is expected to inject over 20 billion yuan into the market, boosting investor confidence [7] Sector Focus - The BSE 50 Index primarily invests in strategic emerging industries such as power equipment, machinery, and electronics, which are crucial for traditional industry transformation and economic growth [8] - The focus on "hard tech" sectors like AI and renewable energy is expected to unlock growth potential in response to policy and market demand [8] Institutional Participation - Institutional funds have accelerated their investment in the BSE, with public funds holding over 10 billion yuan in BSE market capitalization by the end of Q3 2025, reflecting a significant year-on-year increase [9] - The diverse ecosystem formed by nearly 950,000 qualified investors and institutional funds has significantly enhanced market liquidity [9] Investment Strategies - The article discusses the introduction of the Zhongjia BSE 50 Enhanced Index Fund, which aims to balance risk and return through a dual strategy of passive tracking and active enhancement [17] - The fund employs a quantitative model that combines human expertise and AI to optimize stock selection and reduce volatility, catering to both conservative and aggressive investors [18][20]

Core Insights - The A-share market has seen active performance in technology growth and small-cap stocks, highlighting the high volatility and potential risks associated with high returns [1] - A new quantitative strategy focusing on "quantitative enhancement with downside protection" has gained popularity among private equity firms, utilizing stock selection and derivatives for risk management [1][2] Strategy Innovation - The increasing market volatility and demand for stable returns have led to the innovation of quantitative long protection strategies, differentiating from traditional quantitative neutral strategies [1][2] - Various private equity firms are employing different methods for options hedging and risk exposure management, leading to the evolution of these strategies [1][3] Competitive Landscape - FOF institutions and quantitative private equity firms are competing in the quantitative long protection strategy space, each exploring unique implementation paths based on their strengths [3][4] - Mainstream approaches include using off-market options for lower-cost protection and subjective timing for on-market options to hedge risks [3][4] Market Demand - There has been a noticeable increase in inquiries for quantitative long protection strategy products, particularly from high-net-worth clients seeking to balance market participation with risk control [4][6] - The introduction of new strategies reflects an upgrade in management capabilities, transitioning from pure alpha chasing to a comprehensive management approach [5][6] Future Outlook - The development of quantitative long protection strategies is seen as having significant value and potential, aligning with the trend of providing absolute returns to investors [6] - The strategies are expected to gain further traction as more index options become available and market activity increases, optimizing hedging costs [6]

Group 1 - The Ministry of Industry and Information Technology of China has released guidelines to promote the development of the satellite communication industry, aiming to create a trillion-level market [2] - The guidelines include 19 measures to expand market access, enhance application scenarios, and foster a robust industry ecosystem [2] - Key reforms focus on supporting low-orbit satellite internet, enabling telecom operators to connect devices directly to satellites, and conducting commercial trials for satellite IoT [2] Group 2 - The A-share market has seen a surge in trading enthusiasm, with the margin financing balance reaching 2.21 trillion yuan, the highest in nearly a decade [3][17] - The increase in margin financing is driven by improved policy expectations and a rebound in market risk appetite, with significant inflows into sectors like electronics and technology [3][17] - The electronics sector has attracted the most margin financing, with a net buy of 612.32 billion yuan [3][17] Group 3 - Nvidia reported a nearly 60% increase in net profit, with Q2 revenue reaching 46.7 billion USD, surpassing market expectations [4] - The company's data center revenue was 41.1 billion USD, also exceeding forecasts, while it announced a 600 billion USD stock buyback [4] - Following the earnings report, Nvidia's stock experienced volatility, initially dropping by 5% before recovering slightly [4] Group 4 - BYD and Geely have surpassed Honda and Nissan in sales for the first time, marking a shift in the global automotive market [8] - The top two positions remain held by Toyota and Volkswagen, with significant changes in the rankings of the remaining eight companies [8] Group 5 - China Life Insurance reported a 6.9% increase in net profit for the first half of 2025, with total revenue of 239.2 billion yuan [9][24] - The company has invested over 150 billion yuan into the stock market during the same period, indicating a strategic shift in its investment approach [9] Group 6 - The pet food industry is experiencing growth, with several companies expanding into this market segment [14] - The upcoming Apple product launch has prompted increased interest from institutions in the related supply chain companies [14] - A favorable policy for satellite communication has led to significant investments from social security funds in six related stocks [14]

Core Viewpoint - The article discusses the increasing curiosity around quantitative index enhancement strategies, emphasizing that the enhancement primarily comes from stock selection and trading strategies [3]. Group 1: Stock Selection Enhancement - Index enhancement strategies aim to achieve returns that exceed benchmark indices by combining passive tracking of constituent stocks with active management [4]. - Stock selection enhancement can be achieved through two main methods: 1. Utilizing multi-factor stock selection models to adjust the weight of individual stocks within a portfolio, allowing for deviations from the benchmark index [5]. 2. Expanding the stock selection universe to include non-constituent stocks that are expected to perform better than the index constituents, which is a significant source of enhancement [8]. - Most index enhancement funds invest approximately 80% of their assets in index constituent stocks, with the remaining 20% allocated for enhancement operations [9]. Group 2: Trading Enhancement - Trading enhancement is more commonly applied in private equity than in public funds, with notable strategies including T0 trading and timing strategies [10]. - T0 strategies allow for capturing intraday profit opportunities, with a focus on bottom warehouse T0 strategies that involve day trading based on short-term price movements while maintaining the same number of shares [12]. - Timing strategies adjust portfolio positions based on market conditions, allowing for increased exposure during bull markets and reduced exposure during bear markets, enhancing overall returns [13].