（来源：策略优基基） 25年量化股多策略跑出了亮眼业绩，时至26年年初，选择量化股多又担心类似2024年初小盘股危机这样的市场突然杀跌是 否会再次发生。 想找一种风险抵御能力更强的策略，可以看看当下比较流行的两种量化股多策略"变形式"，一种是量选择时策略，另一种 是量化股多叠加期权保护的策略。 l变形式一：量选择时策略 相对于纯多头的量化股多来说，量选择时策略最大的特点就是仓位会灵活变动——模型看好市场的时候增加仓位，反之则 降低仓位。但如何实现仓位的调节，不同的管理人提供了不同的解题思路。 第一种方式：仅在股指期货端做择时。核心思路是"股票端仓位不变，股指期货端做多空调节"。例如，一个产品将80%资 金投资于量化股多策略，剩下20%作为保证金操作股指期货。当模型看多市场时，就加开20%的股指多单，使整体敞口升 至100%；当模型看空时，则反手做空80%的股指期货，对冲掉全部股票多头风险，实现接近零仓位的效果。 第二种方式，仅在股票端做择时。核心思路是走 "自下而上选股"的路径，通过高频预测个股未来涨跌概率，动态调整整体 股票仓位。比如，模型每15分钟扫描全市场，若发现大量高胜率机会，就自动加仓；若市场缺乏明 ...

Core Viewpoint - The article discusses the concept of "hardcore strategies" in private equity investment, emphasizing the importance of selecting strategies that are less dependent on individual managers and more reliant on stable market conditions [8][10]. Group 1: Strategy Selection - Investors often face challenges in selecting from thousands of products, making it crucial to find strategies that simplify the selection process [4][6]. - A proposed solution is to identify strategies with low variance in management and higher success rates, termed "hardcore strategies" [7][8]. Group 2: Characteristics of Hardcore Strategies - Hardcore strategies are defined by two main characteristics: reliance on stable market environments and reduced dependence on individual capabilities [9]. - A truly effective strategy is rooted in long-term market principles that remain unchanged, ensuring its continued effectiveness [9]. Group 3: Examples of Hardcore Strategies - **Quantitative Long-Only Strategy**: This strategy utilizes mathematical models to identify mispriced opportunities in the market, significantly reducing reliance on individual fund managers [12][13]. - Quantitative strategies have shown substantial returns, with examples indicating gains of 40% to 50% during favorable market conditions, outperforming subjective long strategies [13][14]. - The A-share market, characterized by a high percentage of retail investors, provides ample mispricing opportunities for quantitative strategies [16][17]. - **Macro Hedge Strategy**: This strategy focuses on creating a multi-asset portfolio that is less affected by economic cycles, ensuring profitability regardless of market conditions [18]. - The most robust form of macro hedge strategy is the allocation-based approach, which avoids reliance on precise economic predictions and instead builds a resilient portfolio [19][20]. Group 4: Non-Hardcore Strategies - Market-neutral strategies, while often perceived as stable, have significant weaknesses due to their dependence on both quantitative models and the volatile costs of hedging [21][22]. - The performance of market-neutral strategies can be fragile, as they rely solely on excess returns, which can be severely impacted by market fluctuations and hedging costs [25].