导语 2025年的市场环境，波动加剧、资金分化、交易节奏不断加快。 在这样的背景下，"配 资""杠杆""实盘"再次成为投资者热议的关键词。 然而，真正值得关注的，不是杠杆倍数，而是——谁能在规则中把风险可控、把秩序守住。 过去几年，配 资市场经历了从狂热到收缩的周期。 许多投资者在"高倍数""高收益"的口号中被风险反噬，也让市场逐渐认识到：杠杆不是捷径，而是工具。 在2025年的投资环境中，恒信证券强调的已不是"放大收益"，而是"控制风险、提升效率"。 它将杠杆的逻辑重新定义为三层结构： 平台的每一笔撮合都对应真实交易数据，委托编号可在行情终端核验，交割单可在次日下载。 这种"可查、可验、可追溯"的结构，让投资者能真正看见交易发生的全过程。 资金安全托管为底线； 实盘验证为核心； 风控自动化为保障。 这让"杠杆"重新回到理性、透明、可控的范畴。 二、实盘是根本：数据可查，交易可复盘 对于恒信证券而言，"实盘"不是口号，而是机制。 更重要的是，这种实盘化操作彻底消除了虚盘风险。 投资者不再依赖平台后台截图，而是通过系统日志、券商回执等方式自行验证资金流向与成交记录。 透明性成为了信任的基础。 三、风控是灵魂：先 ...

Core Insights - The quantitative fund industry has seen a resurgence in 2023, with significant growth in both public and private quantitative funds, but managers are adopting a cautious approach due to recent market volatility [4][5][10] - The integration of AI into quantitative strategies is becoming increasingly prevalent, enhancing risk management and diversifying sources of excess returns [16][18] Group 1: Performance and Growth - Public quantitative funds have shown impressive performance, with an average return exceeding 10% year-to-date, and several funds achieving net value increases of over 20% [7] - As of June 30, 2023, the total scale of public quantitative funds reached approximately 7774 billion, reflecting a quarterly growth trend [7] - The number of newly established public quantitative funds has surged to 233 in 2023, nearly doubling from the previous year, with issuance scale approaching 550 billion [7] Group 2: Market Dynamics and Caution - The strong performance of small-cap stocks has attracted significant capital into quantitative products, but many funds are implementing purchase limits to signal a more cautious market outlook [6][10] - The market has experienced a style shift, leading to substantial performance pullbacks for some quantitative products, prompting managers to adopt a "cold thinking" approach [9][10] Group 3: Risk Management and Strategy Adjustments - Many quantitative fund managers are enhancing their risk management strategies, focusing on style exposure and investor guidance to mitigate potential downturns [13][14] - The trend of style crowding in small-cap stocks has raised concerns about future performance, leading to a more balanced approach in portfolio construction [12][13] Group 4: Embracing AI - The quantitative fund sector is increasingly leveraging AI to improve risk management and enhance the diversity of excess return sources, with many firms actively recruiting AI talent [16][17] - AI is being integrated into various aspects of quantitative investment, from data collection to model optimization, significantly improving investment efficiency [18]