阿尔法挖掘

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用时间筑牢阿尔法护城河
Zhong Guo Zheng Quan Bao· 2025-09-21 20:17
□本报记者 王雪青 2025年,量化持续成为市场"关键词"。伴随着A股市场震荡上行,单日两万亿元成交额已成常态,量化 产品备案数量同比翻倍,私募江湖风起云涌。平方和投资成立已有十周年,这十年历程,既是行业风雨 的缩影,也是其自身穿越周期的注脚。 回望2015年成立之初,外界对量化投资是否适合中国市场仍存疑问;十年来,平方和投资不仅在策略上 实现了"策略十年、十年长青",更在业绩方面交出了扎实的成绩单,率先验证了量化方法论在中国市场 的长期有效性。 近日,中国证券报记者专访了平方和投资创始人、总经理吕杰勇。在他位于中关村的办公室,这位亲历 中国量化从萌芽到壮大的资深投资者,分享了他一路走来的成长与感悟。 初心如磐:深耕中国市场 一切的起点源于1999年。这一年,吕杰勇考入北京大学数学科学学院。在这里,他不仅被数学的纯粹与 理性深深吸引,更从知名量化投资者詹姆斯·西蒙斯的实践中获得启发:数学不仅能在公式推导中展现 优势,也可以成为优化金融市场效率的工具。一颗量化投资的种子,就此在他心中扎根。 "我始终觉得,量化投资是科学的价值发现方法论,能让市场更有效率,而且衍生品工具在中国市场肯 定是未来的大方向。"站在公司十 ...
应对低利率环境挑战 资管机构寻求资产配置新策略
Zhong Guo Zheng Quan Bao· 2025-06-19 20:34
Core Insights - Traditional asset allocation strategies are facing significant challenges, prompting a shift towards new asset allocation strategies among various asset management institutions [1] - Experts emphasize the need for diversification in income sources, enhanced risk dispersion, and innovative strategies to adapt to low interest rates and potential market volatility [1] Changing Client Demands - There is a noticeable shift in investor demand towards low-volatility and stable products amid market fluctuations, with a growing interest in passive, global, and alternative investment products [1] - Retail clients, primarily from bank wealth management, exhibit a cautious risk preference influenced by their income sources, leading to a preference for deposit-like products [2] Strategies to Mitigate Volatility - Institutions are advised to adopt diversified asset allocation and long-term investment strategies to counteract potential market volatility [2] - The integration of global asset allocation capabilities and local expertise is crucial for building a robust asset management system that meets client demands for return certainty [2] Identifying New Market Opportunities - In the context of slowing global economic growth and increasing uncertainty, asset allocation strategies are shifting from "beta-driven" to "alpha-extraction," focusing on risk diversification and new market opportunities [3] - The decline in traditional fixed-income asset yields is pushing investors to explore a broader range of assets, including high-dividend equities and alternative investments like REITs and commodities [4] Development of Alternative Investment Strategies - Insurance asset management is rapidly evolving, with a significant focus on new alternative investment businesses, including asset securitization as a strategic pivot [5] - The stock-bond risk parity strategy is anticipated to be an attractive option in the current low-interest environment, leveraging the potential for recovery in the stock market [5]