Core Viewpoint - The article discusses the impact of new regulations in the quantitative trading industry, particularly focusing on the firm Qianshu Investment, which has successfully navigated market challenges through a low-frequency Pure Alpha strategy, achieving positive excess returns even in adverse conditions [2][3][4]. Group 1: Regulatory Environment - A new regulation, termed "the strictest in quantitative history," is expected to delay trading order times, require the withdrawal of client-specific devices within three months, and assess the impact on brokerage businesses [2]. - The regulation has prompted quantitative managers to quickly prove their compliance, leading to a blame-shifting phenomenon among them [2]. Group 2: Qianshu Investment's Performance - Qianshu Investment has been focused on low-frequency strategies for eight years and has achieved positive excess returns across all product lines during a challenging market period from May to October [2]. - In February 2024, during a market downturn, Qianshu's excess drawdown was significantly lower than the industry average, recovering within four weeks and reaching new highs [3]. Group 3: Founder Background - Huang Hui, the founder of Qianshu, has a background in mathematics and experience in quantitative trading in the U.S. market, which informs his approach to risk management and strategy development [4][10]. - He has consistently chosen to focus on low-frequency strategies despite the allure of high-frequency trading, believing that the latter will eventually be dominated by a few large firms [4][13]. Group 4: Risk Management Philosophy - Qianshu's investment strategy emphasizes strict risk control, rejecting high-leverage products and strategies that could expose the firm to excessive risk [5][19]. - The firm has developed a robust risk management system that includes industry and style risk controls, ensuring that their portfolios do not overly concentrate on any single style or sector [19][21]. Group 5: Future Outlook - The firm plans to expand its management scale beyond 10 billion yuan and aims to provide asset management services to overseas clients, maintaining a focus on low-frequency Pure Alpha strategies [12][28]. - Qianshu's internal culture promotes talent retention and development, with a 100% retention rate of core research staff, which is crucial for sustaining its competitive edge in the quantitative space [27][28].

Core Viewpoint - The article discusses the high-quality development phase of private equity funds in China, emphasizing the importance of stable returns and customer satisfaction in wealth management [4][6][8]. Group 1: Event Overview - The "2025 Wealth Cooperation Partner Forum" was held by China Merchants Bank in the Guangdong-Hong Kong-Macao Greater Bay Area, gathering top funds, wealth management, insurance, and private equity institutions to discuss the development of wealth management [1]. - Wang Qing, Chairman of Shanghai Chongyang Investment Management Co., delivered a keynote speech highlighting the maturation of China's asset management market and the shift towards stable Alpha returns [3][4]. Group 2: Investment Strategies - The article outlines a pyramid structure of investment returns, with Pure Beta at the bottom, Smart Beta above it, and Pure Alpha at the top, indicating varying levels of risk and return [8][9]. - Smart Alpha strategies, which focus on managing drawdowns and providing absolute returns, are identified as a key area for private equity's high-quality development [9][10]. Group 3: Client Experience - A case study of a private equity product launched in 2009 shows that an initial investment of 3 million yuan could have grown to 12.55 million yuan, demonstrating the power of long-term investment and customer loyalty [5][6]. - Feedback from long-term clients emphasizes the importance of stability in investment, which allows for sustained growth through compounding [6][8]. Group 4: Market Dynamics - The article notes that the Chinese capital market is maturing, with a clearer distinction between Alpha and Beta pricing, leading to a more accurate reflection of investment experiences [11]. - The growth of ETFs and quantitative strategies indicates a shift towards a more mature asset management market, where the pricing of different investment strategies is becoming more precise [11]. Group 5: Future Directions - Chongyang Investment aims to strengthen its collaboration with China Merchants Bank to contribute to the financial development of the Greater Bay Area, focusing on customer-centric services and wealth preservation [12].

Group 1 - The core theme of the forum is the high-quality development of wealth management in the Guangdong-Hong Kong-Macao Greater Bay Area, with participation from leading funds, wealth management, insurance, and private equity institutions [1] - Wang Qing, Chairman of Chongyang Investment, emphasized the importance of accurate pricing in a mature asset management market, which can release potential demand [3][9] - The investment strategy of Chongyang Investment focuses on achieving stable Alpha returns, moving away from subjective long positions towards a more balanced approach [3][8] Group 2 - Chongyang Investment's "multi-fund manager co-management model" under the decision-making committee aims to enhance investment performance by leveraging the strengths of multiple fund managers [8] - The investment return hierarchy is structured as a pyramid, with Pure Beta at the bottom and Pure Alpha at the top, indicating varying levels of risk and management complexity [6][7] - The firm recognizes the need for accurate pricing in the market, where management fees should correspond to the level of risk and return, with lower fees for Pure Beta and higher for Pure Alpha [9] Group 3 - Chongyang Investment has a long-standing partnership with China Merchants Bank, which has supported the issuance of their first private fund product, enhancing their growth and market presence [10] - The firm aims to contribute to the financial development of the Greater Bay Area by strengthening its services and collaboration with China Merchants Bank [10]