在低利率与资产欠配的双重影响下，追求绝对收益的保险资金正面临配置压力。部分中小型保险机构正 尝试借道专业的资产管理通道，将资金投向以往相对陌生的领域——量化私募。 名为"MOM"（管理人中管理人）的模式成为了主流"合规桥梁"。在这一生态链中，险资、券商资管、 量化私募三方角色交织，上演着一场关于风险、收益、效率与合规的精细合作与博弈。 "从黑箱走向灰箱" 合作的第一步，源于最根本的需求碰撞。"险资背负着3%至4%的刚性负债成本，这决定了其首要目标 是'覆盖成本后的安全收益'，而非追求高波动的弹性回报。"知名量化私募蝶威量化相关负责人一语道 破险资的"负债驱动"本质。 这种对"确定性"和"穿透管理"的极致要求，与量化私募给外界的传统形象产生了矛盾。华东一家大型保 险资管机构人士的谨慎态度颇具代表性："我们不投资私募量化产品。这个业务大型保险机构不会做， 因为风险较大。但据我们了解，一些中小保险资管机构和个别理财公司已经进行了尝试。" 为了撬动险资大客户，头部量化私募开始了一场从内到外的适应性"妥协"与"改造"。 "险资的风控要求严格很多，比如衍生品只能做股指期货且仅限套保，这就要求我们选股要控制在有股 指期货对 ...

| 公司规模 | 符合排名规则的 | 2025年 | 2025年 | 2025年 | | --- | --- | --- | --- | --- | | | 量化产品数 | 收益均值 | 超额均值 | 超额胜率均值 | | 100亿以上 | 386 | 38.60% | 13.90% | 61.01% | | 50-100亿 | 185 | 27.62% | 8.67% | 55.70% | | 20-50亿 | 177 | 28.79% | 11.39% | 56.23% | | 10-20亿 | 177 | 32.00% | 12.36% | 54.26% | | 5-10亿 | 149 | 23.96% | 5.27% | 52.55% | | 0-5亿 | 336 | 28.33% | 11.92% | 53.52% | | 总计 | 1410 | 31.13% | 11.33% | 56.20% | 本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 近年来，量化指增产品以其纪律性、广度与效率优势，成为市场震荡中投资者获取超额收益的重要选择。尤其是百亿级私募，凭借更成熟的策略 体系与技术 ...

以下文章来源于画不多说 ，作者懂私募的灵魂画手 画不多说 . 话不多说，画多说。用最通俗易懂的方式，讲述私募的故事。 2025年无疑是量化指增的大年，不论是私募还是公募都有亮眼表现。 但细看数据，你会发现一些有趣的差异。 就拿中证1000指增来说，公募产品去年平均赚了39%，做得好的和做得差的相差不大，业绩集 中。 私募比公募更高，平均赚了56%。 但分化极大，头部产品收益能有70%，末尾表现平平。 为什么会有这种差异？ 核心在于， 公募侧重"纪律优先"，私募则追求"效率优先" 。 这一差异，贯穿了投资流程的每一步。 先看 「 事前 」： 即基金经理投资开始前。 公募面向的是大众投资者，所以监管对安全性和稳健性的要求极高，源头就牢牢把控。 公募指增合同通常规定， 至少80%的资金要买指数成分股。 私募则灵活得多， 理论上可在全市场4000多只股票中选股。 这自然引出一个疑问，如果可任意选股，那与指数还有什么关系呢？ 实际上，尽管没有强制限制，但大部分管理人还是会主动对成分股比例进行约束。 毕竟这样的行为，不仅会破坏投资者预期，也不利于控制产品波动。 到了 「 事中 」： 即投资组合的日常运行中。 由于事前已有 ...

Market Performance - The A-share market showed strong overall performance in 2025, with major indices all closing higher. The ChiNext Index led with a 49.57% increase, followed by the Shenzhen Component Index at 29.87%, the Shanghai Composite Index at 18.41%, and the CSI 300 Index at 17.66% [2] - The STAR 200 Index surged by 59.31%, and the ChiNext 50 Index rose by 57.45% [2] - The Hong Kong stock market also performed well, with the Hang Seng Index rising by 27.77%, marking its largest annual increase since 2017. The Hang Seng Tech Index increased by 23.45%, and the Hang Seng China Enterprises Index rose by 22.27% [2] - In contrast, the bond market faced challenges, with the 10-year government bond yield rising above 1.9%, ending a two-year bull market [2] Mixed Public Fund Performance - As of December 31, 2025, there were 895 mixed public funds in existence, with an average net value growth rate of 4.52% for the year [3] - Over 70% of the products had a net value growth rate between 1% and 5%. Twelve products exceeded a 20% growth rate, while 38 products had growth rates between 10% and 20%. Two products experienced negative growth [3] - Ningyin Wealth Management and Huihua Wealth Management led in average returns, both exceeding 10% for the year [3] - The top ten performing products came from six different wealth management companies, with Ningyin Wealth Management having four products on the list [3] Product Analysis - The "Fuli Xingyi Intelligent Quantitative Index Growth 3-Month Minimum Holding Period No. 1 Mixed Wealth Management Product A" from Xingyin Wealth Management is classified as a medium-high risk product, with 43.06% in equity holdings and 53.21% in cash and bank deposits as of Q3 2025 [4] - The product is expected to focus on high-grade credit bonds and technology growth sectors in the equity market [4] - The "CITIC Wealth Management Zhi Rui Win Progress No. 1 Net Value Type RMB Wealth Management Product" from Xinyin Wealth Management is also a medium-high risk product, with 47.73% of its investments in public funds and 25.78% in equity investments as of Q3 2025 [4] - This product includes gold stock ETFs in its top ten assets, which may benefit from a strong performance in the gold sector [4]

Core Viewpoint - The explosive growth of AI has significantly boosted the popularity of actively managed quantitative funds, which have shown the ability to outperform the market while reducing volatility risk [2][3]. Group 1: Market Trends - The total share of actively managed quantitative funds reached 80.5 billion units by the end of Q3 2025, marking a 27% increase from the previous year [2]. - Institutional investors hold 46.5 billion units of these funds, accounting for over 70% of the total shares [3]. Group 2: Fund Performance - The "Huaan Event-Driven Quantitative Strategy A" fund has outperformed the CSI 300 index for six consecutive years, with a significant lead in 2025 [6]. - In 2025, the fund achieved a return of 35.77%, compared to 14.04% for its benchmark and 17.20% for the CSI 300 [8]. - The fund's risk-return profile is strong, with annualized returns of 33.02% and a maximum drawdown of -9.96%, outperforming peers in all six key metrics [10]. Group 3: Fund Management - The success of the "Huaan Event-Driven" fund is attributed to its manager, Zhang Xu, who employs a multi-faceted strategy that includes industry rotation and event-driven factors [13][18]. - The "Guojin Quantitative Multi-Factor A" fund, managed by Ma Fang, has also shown resilience, achieving positive returns in 2022 and 2023 despite market downturns [26][29]. Group 4: Investment Strategies - Actively managed quantitative funds are increasingly favored for their ability to adapt to market conditions, utilizing diverse strategies to capture excess returns [18][29]. - The focus on risk-adjusted returns and the ability to navigate different market environments are key factors driving institutional interest in these funds [22][23].

Core Viewpoint - The article emphasizes the rapid growth and potential of index-enhanced funds in the public fund industry, driven by regulatory support and technological advancements, particularly in AI, which enhances the ability to achieve stable excess returns [1][2][3]. Industry Overview - The public fund industry is undergoing transformation due to ongoing high-quality development, with new regulations impacting the landscape of bond funds and active equity funds [1]. - As of November, 160 new index-enhanced funds were established in 2023, with a total issuance scale nearing 900 billion [2]. - The total scale of index-enhanced funds reached 2,622 billion by the end of September, marking a 23.34% increase from the previous year [2]. Technological and Regulatory Support - The growth of index-enhanced funds is attributed to both market factors and dual support from technology and regulation, with AI enabling better performance and regulatory emphasis on performance benchmarks [2]. - Index-enhanced funds are characterized by strict stock composition ratios and tracking error limits, aligning well with regulatory policies [2]. Company Performance - Tianhong Fund has significantly expanded its index-enhanced product line, with a 44.85% increase in share and a 70.21% increase in scale compared to the previous year [3]. - Over 90% of investors holding Tianhong's index-enhanced products for more than six months have outperformed the corresponding performance benchmarks [3]. Product Matrix - Tianhong Fund has established a comprehensive product matrix, including both broad-based and industry-specific index-enhanced funds, covering major indices and sectors [4][8]. - The company has launched two product lines: Classic Index Enhancement (pursuing long-term excess returns) and Stable Index Enhancement (focusing on high win rates) [8]. Performance Metrics - Tianhong's index-enhanced funds have shown consistent excess returns, with the Tianhong CSI 1000 Index Enhanced Fund achieving a 33.80% excess return over its benchmark in the past three years [11][12]. - The performance of Tianhong's industry-specific index-enhanced funds has also exceeded that of average active funds in the same sectors [13]. AI Integration - Tianhong's quantitative team has integrated AI technologies into their investment processes, enhancing the ability to identify and utilize excess return factors [18][19]. - The use of AI has led to the development of a comprehensive factor network, with over 70% of excess return factors derived from AI learning [18]. Investor Engagement - As of June, Tianhong's index-enhanced funds had 910,000 users, ranking fifth in the industry, with over 96% of the holdings being from individual investors [26]. - The average holding period for Tianhong's index-enhanced products exceeds seven months, significantly longer than the typical one-month holding period for standard index funds [26].

Core Viewpoint - The article emphasizes the rapid growth and potential of index-enhanced funds in the public fund industry, driven by regulatory support and technological advancements, particularly in AI, which enhances the ability to achieve stable excess returns [1][2]. Industry Overview - The public fund industry is undergoing transformation due to ongoing high-quality development, with new regulations impacting the landscape of bond funds and active equity funds [1]. - As of November, 160 new index-enhanced funds have been established in 2023, with a total issuance scale nearing 90 billion, reflecting a 23.34% increase compared to the end of the previous year [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 last 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][12]. Product Line and Strategy - Tianhong Fund has developed a comprehensive product line in index enhancement, including both broad-based and industry-specific funds, with a total of 18 quant index-enhanced funds managing over 12 billion [3][5]. - The company has launched two product lines: one focusing on long-term excess returns and the other on stable excess returns with a higher success rate [5][6]. Performance Metrics - Tianhong's index-enhanced products have shown consistent excess returns, with the Tianhong CSI 1000 Index Enhanced Fund achieving a 33.80% excess return compared to its benchmark over three years [8][11]. - The performance of Tianhong's broad-based index-enhanced products has been notably consistent, attributed to a unified quantitative management framework [10]. Technological Integration - Tianhong Fund has integrated AI technology into its quantitative investment strategies, with over 70% of excess factors derived from AI learning [14][19]. - The company employs a diverse and systematic approach to its quantitative research, utilizing advanced algorithms and a comprehensive factor network to enhance investment decision-making [15][20]. Market Position - Tianhong Fund ranks fifth in the industry for the number of users in index-enhanced funds, with over 910,000 users as of June, and maintains a leading position in terms of individual investor holdings [21].

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]