在2025年中金财富主办的"新科技、新金融、新生态"财富管理发展论坛上，宽德投资联合创 始人冯鑫发表了《AI时代的指数化投资：量化投资与长期价值投资的融合》主题演讲，围绕人 工智能驱动下的投资变革、政策导向的长期化趋势，以及本土量化投资行业的责任与定位， 分享了他对时代背景与行业走向的深度思考。 "长期资金的崛起、理性投资的回归、AI能力的进步，重构了投资逻辑与市场生态。对于坚持 长期视角的机构管理人而言，这既是巨大的挑战，更是难得的时代机遇。" "在AI能力边界探索与技术体系建设上的投入，是一场'长期主义者的长征'——雄关漫道真如 铁，而今迈步从头越。" "与其观望，不如参与；与其等待，不如建设。希望能与志同道合的朋友们一起，在波澜壮阔 的技术革命与产业变革中，携手努力，共建行业——不做这伟大时代的旁观者。" 以下内容是对冯鑫博士在本次论坛演讲内容的整理： 时代背景：全球变局下的长期主义支点 - 技术、政策与本土量化的共振时刻 我们正站在一个技术演进与制度转型交汇的关键时点。以生成式AI为代表的新一轮技术浪潮正 在深刻改变各行各业，也为 长期价值投资 理念的落地提供了新的工具。 从技术演进的角度看，目前AI ...

近日，在2025年中金财富主办的"新科技、新金融、新生态"财富管理发展论坛上，宽德投资联合创始人冯鑫发表了《AI时代的指数化投资：量化投资与长期价值 投资的融合》主题演讲，他围绕人工智能驱动下的投资变革、政策导向的长期化趋势，以及本土量化投资行业的责任与定位，分享了对时代背景与行业走向的深 度思考。 冯鑫拥有20多年量化投资实战经验，曾在SAC、BNP Paribas等国际一流投资机构任基金经理，2013年回国创建宽德投资。宽德投资过往业绩优异，如今已跻身国内 量化私募第一梯队。 精彩观点： 我们正站在一个技术演进与制度转型交汇的关键时点。以生成式AI为代表的新一轮技术浪潮正在深刻改变各行各业，也为长期投资理念的落地提供了新的工 具。 国内外多项研究已经表明，量化交易作为专业的交易者之一，其常驻性与广谱性特征，使其在市场中能够承担着"润滑剂"与"稳定器"的双重角色。 长期资金的崛起、理性投资的回归、AI能力的进步，重构了投资逻辑与市场生态。对于坚持长期视角的机构管理人而言，这既是巨大的挑战，更是难得的时代 机遇。 真正具备生命力的量化投资产品，既要能服务当下，也要具备面向未来的适应能力。智慧选股（Smart ...

Group 1: Overseas Quantitative Dynamics - The impact of tariff events has led to significant drawdowns for quantitative hedge funds, with Renaissance Institutional Equities Fund experiencing an approximately 8% decline in early April despite a 22.7% increase in 2024 [1][2] - Man Group's trend-following strategy also faced over a 10% drawdown, prompting a return to in-office work for some researchers to enhance strategy intervention [1] - Systematica Investments, founded by Leda Braga, saw a 20% drawdown in early April, highlighting the vulnerability of trend-following strategies during such events [1] Group 2: Adoption of AI in Quantitative Strategies - AQR has begun to embrace AI in investment decisions, acknowledging its potential for higher returns despite challenges in explanation during drawdowns [3] - In contrast, domestic private quantitative firms in China are utilizing AI more extensively, with teams like Baiont Quant employing fully self-developed AI algorithms for minute-to-hour level return predictions [3] Group 3: Market Uncertainty and Quantitative Strategies - BlackRock emphasizes the importance of adjusting models to cope with increasing global uncertainty, identifying three main uncertainties in tariff policies: target, scale, and timeline [6] - The evolution of BlackRock's quantitative investment system has led to a more granular approach to risk exposure, now incorporating over a thousand risk factors [7] - BlackRock's strategy focuses on maintaining neutrality in risk exposure while seeking short-term reversal opportunities in a high uncertainty environment [8] Group 4: Macro Hedge Fund Perspectives - Bridgewater highlights the impact of "modern mercantilism" on investment portfolios, noting the challenges posed by chaotic implementation processes and the unique risks facing U.S. assets [10] - Despite recent market volatility, Bridgewater believes that asset prices have not undergone substantial adjustments, indicating potential future opportunities [10] - The interaction between AI development and modern mercantilism is seen as a new dynamic, with AI potentially offsetting some negative impacts on productivity [11] Group 5: AQR's Investment Focus - AQR suggests that high volatility factors, while challenging to maintain, can yield significant long-term Sharpe ratios, advocating for the acceptance of these factors [12][16] - The firm recommends focusing on small-cap stocks, particularly in emerging markets, due to their lower valuations and potential for higher returns compared to U.S. large-cap stocks [19] Group 6: Performance Tracking of Quantitative Products - Factor rotation products from BlackRock and Invesco have outperformed their respective indices over the past five years, with BlackRock's adaptive factor selection demonstrating resilience [21][24] - The performance of machine learning-based ETFs has varied, with QRFT showing strong results in certain months while AIEQ continues to experience significant drawdowns [39] - Bridgewater's All Weather ETF faced notable drawdowns due to tariff events but has since recovered, indicating resilience in its strategy [40]

Core Viewpoint - The article emphasizes the investment value of the technology innovation sector, driven by policy support and the growth potential of technology companies, particularly in the context of China's strategic focus on innovation and economic development [2][11]. Group 1: Investment Value of Technology Innovation - The investment value in the technology innovation sector is primarily driven by two factors: high growth potential due to policy support and the inherent growth potential of technology companies [2]. - The Chinese government has consistently emphasized the importance of technology innovation through various policies, making it a key area for long-term investment [2]. - The technology innovation sector is seen as a high-potential growth area, with continuous breakthroughs in fields such as deep learning, robotics, military technology, and innovative pharmaceuticals [2]. Group 2: Performance of Investment Products - The "Longqi Technology Innovation Selected No. 1" product launched by Longqi Technology has achieved impressive returns, outperforming other products in the same category [4][11]. - As of June 20, 2025, the "Longqi Technology Innovation Selected No. 1" product reported a return of ***%, surpassing other products like "Longqi Quantitative Multi-Long No. 1" and "Longqi CSI 2000 Index Enhanced No. 1" [4]. - The article highlights that the performance of the technology innovation products is particularly attractive to investors looking for high-risk, high-return opportunities in the Chinese technology sector [14]. Group 3: Quantitative Investment Strategies - The technology innovation sector, particularly the Sci-Tech Innovation Board and the Growth Enterprise Market, is well-suited for quantitative investment strategies due to their active trading environment [5]. - The flexibility in trading rules and higher turnover rates in these markets create opportunities for achieving excess returns through quantitative stock selection [5]. - Longqi Technology's approach combines fundamental analysis with alternative factors, such as patent and R&D investment metrics, to enhance investment performance in the technology innovation sector [7][11].

2025 年 06 月 17 日 量化如何应对宏观不确定性冲击？ ——海外量化季度观察 2025Q2 AQR 开始"拥抱 AI"：近期 AQR 创始人 Cliff Asness 在访谈中承认其已经向 AI"投降"， 开始在投资决策中使用更多的 AI 算法； 德州教师退休基金量化团队集体加入独立资管机构。 ⚫ 海外量化观点： 量化如何应对宏观不确定性冲击：贝莱德认为当前高不确定性环境下，其量化体系主要通 过更细分的风险因子识别并对多数风险保持中性，以及在市场密集的交易中寻找短期反转 机会来战胜市场； 桥水："现代重商主义"的影响：桥水认为资产价格实际上还没有发生实质性调整，后续仍 将有持续的变化，美元资产仍然存在较大的不确定性，他们关注潜在的资本流动来辅助投 资判断，而黄金目前仍然具备很强的配置价值。 AQR：关注高波动因子、新兴市场小盘投资机会：AQR 使用方差比率来衡量因子的波动 水平，数据显示财务类因子具备明显更高的长期收益波动，但从长期来看这些因子的夏普 率也更高，AQR 建议量化管理人接受这些高波动性因子、在短期回撤时也要勇于坚守，并 通过一定的分散化降低短期波动；此外，面对当下复杂的宏观环境，AQR ...

Group 1: Investment Opinions on Innovation Drugs - Rongtong Fund's Wan Minyuan expressed skepticism about the innovation drug sector, claiming that most data pertains to 3-5 years in the future and that many companies are still in early clinical stages or preclinical, suggesting a significant bubble compared to previous CXO bubbles [1] - In contrast, a well-known private equity figure, "Chen Yingzhang," argued that the current wave of innovation drugs represents a historic reversal, with potential for leading companies to create world-class drugs and generate substantial wealth [1] Group 2: Mid-Year Strategy Meetings by Securities Firms - Major securities firms, including Huatai Securities and Guotai Junan, held mid-year strategy meetings, indicating a positive outlook for the A-share market in the second half of the year, with a consensus on the technology sector being favored [2][3] - Analysts from Huatai Securities noted that the valuation repair of Chinese assets is ongoing, with expectations that the A-share market will outperform overseas markets [2] Group 3: Investment Strategies and Opportunities - Guotai Junan's strategy chief highlighted a clearer "transformation bull" market in China, driven by policies aimed at debt resolution, demand stimulation, and asset price stabilization [3] - Investment opportunities identified include financial and high-dividend stocks, emerging technology sectors, and cyclical consumer goods, with a focus on companies with strong dividends and monopolistic advantages [4] Group 4: Company Developments and Financing - Shanghai Jiaqi, a quantitative private equity firm, underwent a change in actual control, with the new controller increasing their stake from 20% to 56%, indicating a strategic shift within the company [5] - Guoao Technology announced the completion of several million yuan in Series A financing, aimed at expanding production capacity and accelerating product development in high-end semiconductor and robotics sectors [5][6] - Shengwei Technology, a virtual machine developer, secured nearly 100 million yuan in funding to enhance its technology and market presence, contributing to the development of the domestic operating system ecosystem [7] Group 5: Strategic Partnerships and Initiatives - Renhe Pharmaceutical established a comprehensive strategic partnership with Western Securities, focusing on capital and industry collaboration to explore high-quality development paths [9] - China Merchants Securities launched the first ESG public financial laboratory and a public investment advisory fund, committing over 50% of advisory fees to charitable causes [10]

当全球资管行业还在对大模型等新兴算法工具应用于投资策略分析的可行性进行探索时，来自中国的头 部量化私募机构正密集进行技术储备，并有望借助新技术实现"超车"。 日前，又一"国产"量化基金秀出了自身的算法"肌肉"：上海念空数据科技中心(以下简称"念空科技")通 过与上海交通大学计算机学院的合作，提出了一种全新的大模型后训练方法。相关研究论文已投向人工 智能领域的顶级会议神经信息处理系统大会(NIPS)并于5月20日发表。 该论文发表后引起行业高度重视。有业内人士认为，自幻方量化推出大模型DeepSeek并开源后，如何 将大模型应用于量化交易备受市场关注，但截至目前，即便是幻方量化自身也尚未公布成熟的应用案 例。念空科技或许抢到了大模型应用于量化投资的"头啖汤"。 5月20日，念空科技董事长、首席投资官王啸在接受《证券日报》记者采访时进一步透露，念空科技已 开始将大模型应用于量化决策中，在企业内部的测试中，其大模型已展现出接近传统AI策略的预测能 力。 与中国量化对于大模型的积极拥抱态度有所不同，当前，全球头部量化机构对大模型仍持谨慎态度，推 进大模型应用的节奏相对缓慢。纵观全球资管市场，海外量化巨头虽储备大量算力 ...

编者按： 十载春华秋实，鉴往知来；十年星河璀璨，与光同行。自破茧初啼至引领风潮，"金长江"评选始终以专业为炬、以公正为尺，丈量中国私募基金行业的奔腾浪 潮。值此华章再启之际，证券时报·券商中国倾情推出"金长江风华录·十年十人"，特邀十位穿越牛熊周期的行业翘楚，以躬身力行的灼见为经纬，以栉风沐雨的 征程为注脚，共同镌刻一部激荡人心的奋进诗篇。此间星霜，既见群峰竞秀，亦显大江奔流。 本期是"寻访金长江之十年十人"第二期。券商中国记者走进百亿量化私募茂源量化，茂源量化创始人郭学文接受了记者的专访。 他14岁考入清华，博士后从事气候变化大模型研究，还曾先后创立两家科技企业，均被上市公司收购，其个人经历相当丰富和传奇。2013年，郭学文创办茂源量 化，编写了国内最早的高频交易策略，2018年发行第一只股票产品，2020年启动资管业务，2021年突破百亿规模。 在茂源量化的办公室，挂着一幅"量化投资之父"詹姆斯·西蒙斯与丘成桐教授讨论数学问题的手稿，时间是2020年9月14日。郭学文告诉记者，这份手稿是由丘成桐 教授赠送，当时已经82岁高龄的西蒙斯，在听丘先生讲座时与其讨论数学问题，依然认真地手写下了密密麻麻的问题，这种 ...

1）雅化集团 （幻方量化参与公司电话会议） 调研纪要：雅化集团坚持双主业发展战略，报告期内锂盐长协客户订单需求稳定，产线逐步建设投产， 民爆业务产能有效释放并积极拓展爆破业务。2024年全年实现营业收入77.16亿元，同比下降35.14%， 净利润2.57亿元，同比上升539.36%；2025年一季度实现营业收入15.37亿元，同比下降17.03%，净利润 8,246.44万元，同比上升452.32%。公司拥有津巴布韦卡玛蒂维锂矿68%控制权，年处理锂矿石230万 吨，现有氢氧化锂产能6.3万吨，碳酸锂产能3.6万吨，预计2025年将新增3万吨氢氧化锂产能。客户包括 特斯拉、松下、LGES等知名企业，海外客户订单占比较大。民爆业务覆盖四川、西藏、新疆等20余个 省市区，客户包括中铁建、中电建等大型央企。公司自2013年收购新西兰红牛公司后，加大在非洲和澳 洲区域民爆业务的拓展力度。 根据市场公开信息及4月30日披露的机构调研信息，知名私募幻方量化近期对1家上市公司进行了调研， 相关名单如下： 机构简介： 幻方量化(九章资产)是一家依靠数学与计算机科学进行量化投资的对冲基金公司。创始团队于2008年开 始致力于 ...

这一年，D.E. Shaw 为计算机行业做了两个贡献。一个副总裁带队，做出了当时罕见的免费电子邮件产 品 Juno，成功上市；另一个副总裁离职，带着自己和老板讨论产生的好点子开车去了西雅图，做出了全 世界的电商鼻祖、市值超过 20000 亿美元的亚马逊。 30 年后，又有一家量化公司的 "副业" 影响整个计算机行业：管理数百亿元的中国头部量化公司幻方， 推出大语言模型 DeepSeek R1，没花一分钱营销就震撼全球，用户涌来的速度甚至快过早年的抖音。 贝索斯创办亚马逊，或者梁文锋造出 DeepSeek 的主要原因自然不是因为他们做过量化，而是因为他们 骨子里都是创业者。但量化投资这个极度追求人才密度且极度保密的行业文化，确实提供了适合大模型 研发的环境。 招来一群聪明人不必然导致创新，叠加一个简单的环境才够。量化公司证明了这一点，DeepSeek 则证明 这也适用于大模型研发。 剥离主观因素，在数据里挖掘规律 从十万次交易到千亿参数的 AI 进化。 文 丨 孙海宁 编辑 丨 黄俊杰 1994 年，量化公司是当时最神秘最热门的技术公司，他们雇用数学家和物理学家，成批买来高性能计算 机做交易。这个行业里的标杆公 ...