私募排排网数据显示，截至9月29日，林园投资旗下有业绩显示的19只产品，近一年收益为正的仅有9 只，10只产品为负收益。其中收益表现最好的"林园218号"产品近一年收益为31.14%，未能跑赢沪深300 同期的42.14%，近半年收益为9.97%，大幅跑输沪深300的16.23%。 跑输沪深300 截至9月29日，沪深300年内累计涨幅为17.4%，林园旗下19只产品均未跑过同期沪深300，其中6只产品 年内亏损。 近期以"小登股"为代表的AI、算力、半导体、机器人、通信等热门板块领涨，而"老登股"白酒、地产、 煤炭等板块表现平平。其背后反映的是这轮行情的极致分化——科技成为目前市场最受青睐的方向。 在此轮结构性牛市行情下，百亿私募业绩也出现显著分化。私募"大佬"林园旗下多只产品收益未能跑赢 沪深300指数，部分产品甚至录得亏损。 百亿私募阵营洗牌，主观私募"掉队" 林园投资的业绩困境并非个例，从策略维度看，今年以来量化私募业绩碾压主观多头。据私募排排网统 计，2025年1至7月，16家百亿主观私募平均收益13.59%，其中，15家实现盈利，仅9家收益超10%。36 家百亿量化私募不仅全部实现盈利，平均收益更 ...

Core Viewpoint - The article discusses the potential of quantitative stock selection strategies focused on the ChiNext and Sci-Tech Innovation Board (科创板) in the context of a bullish market, highlighting their strong performance and growth potential [3][4][10]. Group 1: Market Sentiment and Trends - The Shanghai Composite Index has shown a bullish trend, rising for four consecutive weeks, indicating a potential bull market [1]. - Investor sentiment is increasingly optimistic, as observed in discussions within investment circles [2]. Group 2: Performance of Quantitative Strategies - Quantitative stock selection strategies have performed exceptionally well this year, with average excess returns exceeding 15%, and some strategies achieving over 30% [4]. - Strategies focused on the ChiNext and Sci-Tech Innovation Board have outperformed, with absolute returns exceeding 50% in a high-volatility market [4]. Group 3: Characteristics of ChiNext and Sci-Tech Innovation Board - The ChiNext and Sci-Tech Innovation Board exhibit significant growth potential, with impressive returns over the past year and high annualized volatility and turnover rates [8][9]. - The Sci-Tech Innovation Board primarily serves "hard technology" companies, while the ChiNext focuses on growth industries such as new energy and medical technology [9]. Group 4: Policy Support and Market Dynamics - The ChiNext and Sci-Tech Innovation Board benefit from favorable government policies aimed at promoting their development, including recent initiatives to support "hard technology" enterprises [10]. - The boards are characterized by high elasticity, liquidity, and volatility, making them suitable for quantitative strategies to achieve excess returns [11]. Group 5: Specific Attributes of ChiNext and Sci-Tech Innovation Board - High elasticity is observed as companies in these boards can experience significant stock price increases following major technological breakthroughs or product launches [12]. - High liquidity is facilitated by flexible trading rules and active margin trading, enhancing market activity [14]. - High volatility is driven by rapid technological changes and competitive pressures in emerging industries, making these boards attractive for quantitative trading strategies [15].