Core Viewpoint - Huashang Fund emphasizes "deep research" and "integrated investment research" to enhance its investment management capabilities, aiming to provide strong support for investors across market cycles [2][11]. Company Overview - Huashang Fund was established on December 20, 2005, with a registered capital of 100 million RMB and is headquartered in Beijing [2][4]. - The company is approved by the China Securities Regulatory Commission and offers professional financial services, including fund raising, sales, and asset management [2]. Investment Performance - The fund has a notable track record, with its actively managed equity funds ranking in the top ten for absolute returns over the past five years, achieving a return of 82.30% [7]. - Over the past seven years, the absolute return for these funds reached 121.79% [7]. - The actively managed fixed income funds have also performed well, ranking first in absolute returns over both five and seven years, with returns of 46.86% and 60.91% respectively [8][9]. Research and Investment Strategy - The investment research framework at Huashang Fund is designed to ensure deep collaboration and efficiency, allowing for real-time information sharing and rapid strategy optimization [11]. - The company encourages its researchers to become industry experts in their respective fields, ensuring that research directly informs investment decisions [11]. Team Structure - The investment team is structured into various departments, including equity investment, quantitative investment, multi-asset investment, and asset allocation, each focusing on specific investment strategies [12]. Awards and Recognition - Huashang Fund has received multiple accolades, including four "Golden Bull Fund Company" awards and numerous product awards, highlighting its strong performance and reputation in the industry [17][20].

Group 1 - The core incremental capital in the A-share market this year is quantitative funds, with the micro-index significantly outperforming broad-based indices, achieving a cumulative increase of 31.9% as of June 20, 2025 [1][2] - Quantitative private equity funds have shown remarkable performance, with an average return of 29.6% from June 2024 to May 2025, significantly outperforming the top private equity funds' overall return of 1.1% [1][2] - As of May 2025, the total number of registered quantitative private equity products reached 1,930, accounting for 44.3% of all private equity securities products, indicating the growing importance of quantitative strategies in the private equity sector [2] Group 2 - The A-share market has experienced two distinct rounds of upward trends in 2025, each characterized by different styles and incremental capital structures [3] - The first round, termed "spring excitement," was dominated by active funds, with small-cap growth styles outperforming due to a favorable market environment and increased participation from retail investors [3] - The second round, following a "golden pit," saw a shift towards a more balanced style, with significant contributions from state-owned funds and a notable inflow of ETF funds, particularly into the CSI 300 ETF [3] Group 3 - The rise of new consumption and innovative pharmaceuticals is driven by incremental southbound capital, reflecting a mapping logic from Hong Kong stocks to A-shares [4] - Since the beginning of the year, southbound funds have significantly increased their holdings in the new consumption sector, with a cumulative net inflow of 25.2 billion Hong Kong dollars as of June 19, 2025 [4] - In the innovative pharmaceutical sector, southbound funds have also shown substantial interest, with a net inflow exceeding 60 billion Hong Kong dollars, becoming a core driving force for the sector's performance [4] Group 4 - Recent market conditions indicate a lack of main themes, with overall sentiment among institutions and active funds remaining low since April 2025 [6] - The scarcity of incremental capital has led to a predominance of quantitative funds in the market, which tend to dominate pricing power in low liquidity environments [6] - The current market dynamics suggest that quantitative funds will continue to play a leading role, although there are signs of potential short-term corrections in micro-cap stocks [6] Group 5 - The report suggests that in the current "fan-like" rotation market, focusing on high-cut low rhythms is key to achieving excess returns [7] - Future allocations should consider sectors with clear performance expectations and advantageous positions, particularly in the broader technology sector, including AI computing power, controlled nuclear fusion, military industry, commercial aerospace, solid-state batteries, and deep-sea technology [7]

Group 1 - The high-pressure environment in the finance industry is driving quantitative talent to reconsider their career choices, leading them to seek more stable positions in the public sector [1] - Recent lists of proposed public servants in Hunan Province and Shanghai include several former employees from quantitative private equity firms, indicating a trend of finance professionals transitioning to government roles [1][3] - The trend of finance professionals moving to public service is not limited to quantitative private equity; it also includes individuals from public funds and investment banks, reflecting a broader industry shift [3][4] Group 2 - There have been significant personnel changes within several quantitative private equity firms, including leadership transitions and adjustments in equity structures, which have garnered market attention [2] - The trend of finance professionals moving to public service is evident in various government departments, with multiple successful cases from investment banks and public funds being recorded in recent recruitment lists [4][5] - The decline in the work efficiency ratio for investment banking roles, particularly due to a slowdown in IPO activities, has contributed to professionals leaving the industry [5]

Core Insights - The rise of AI in the quantitative private equity sector is highlighted by the recent achievements of domestic firms like NianKong Technology, which has made significant strides in AI applications for finance [1][2] - As of May 23, 2023, there are 39 domestic quantitative private equity firms managing over 10 billion yuan, with 15 of them actively engaging in AI-related investments [1] Group 1: Company Developments - NianKong Technology has collaborated with Shanghai Jiao Tong University to submit a research paper on large model training methodologies to the international NIPS conference [1] - The establishment of Shanghai QuanPin Siwei Artificial Intelligence Technology Co., Ltd. by NianKong Technology focuses on cutting-edge AI research [1] - NianKong Technology, founded in 2015, operates two quantitative private equity firms, NianJue Assets and NianKong Data Technology, and is recognized as an early adopter of AI in the financial sector [1] Group 2: Performance Metrics - NianKong Technology's quantitative products have shown impressive performance, with an average return of 21.50% over the past year across four products [1] - Specific products managed by NianKong's founder, Wang Xiao, achieved returns of 33.96% and 23.24% over the past year [1] - Among the 15 billion-yuan AI quantitative private equity firms, 13 have reported products with more than three performance records, yielding an average return of 29.91% over the past year [2] Group 3: Industry Trends - The integration of AI in quantitative investment has become increasingly significant, with a noticeable divergence in returns between subjective long and quantitative long strategies since 2020 [2] - The technological advancements in AI are paving the way for quantitative investment, making "AI + Quantitative" a crucial consideration for investors in the future [2] - DeepSeek, backed by Liang Wenfeng's firms, has set a benchmark in the industry, with its affiliated firm, Huanfang Quantitative, leading in average returns over the past six months and year [2]

Core Insights - The article discusses the increasing involvement of billion-dollar quantitative private equity firms in the artificial intelligence (AI) sector, highlighting the establishment of Shanghai AllMind Technology Co., Ltd. by Nian Kong Technology to explore cutting-edge AI topics [1][2] - Several major private equity firms, including Jiukun, Kuande, Mingshi, and Heiyi, are actively investing in AI, driven by the success of DeepSeek and the potential to enhance their competitive edge and expand business boundaries [1][8] Company Developments - Nian Kong Technology founded AllMind on May 19, 2025, focusing on foundational research and engineering technologies related to general large language models (LLMs) [2][3] - The company aims to address current challenges in large models, such as improving logical reasoning capabilities and reducing hallucination issues, while also exploring applications in various fields like new materials and pharmaceutical research [3][5] Academic Collaborations - AllMind collaborated with Shanghai Jiao Tong University to write a paper titled "Step-wise Adaptive Integration of Supervised Fine-tuning and Reinforcement Learning for Task-Specific LLMs," submitted to NIPS on May 20, 2025 [2][3] - The paper introduces a new training framework that alternates between supervised fine-tuning (SFT) and reinforcement learning (RL), demonstrating superior performance over traditional methods [6][5] Industry Trends - Kuande Investment has established an AI talent recruitment initiative, focusing on developing general-purpose AI technologies, while also launching an independent AI research lab [8] - Jiukun Investment has previously published research on AI, successfully replicating DeepSeek-R1's work and identifying issues related to language mixing that affect reasoning capabilities [8] - Mingshi Fund has integrated AI into its entire investment research process, enhancing efficiency in factor mining, model optimization, and risk control since establishing its AI lab in 2021 [8][9] - Heiyi Asset has implemented AI throughout its investment research process, utilizing large language models to analyze complex data and improve prediction accuracy [9] Future Outlook - The quantitative private equity sector is expected to see increased investment in AI, including talent acquisition and infrastructure development, leading to a competitive landscape for AI professionals [9]

量化基金+大模型=？ 在半年前，面对这道算术题，大部分人都会回答DeepSeek，但随着一篇研究论文的发表，一个新的答案出现了，那就是念空科技。 量化行业再现AI之光，念空携大模型底层研究首闯国际顶会。 5月15日，量化私募念空科技向国际顶会NIPS投递了与上海交大计算机学院合作的大模型研究论文，探讨" 自适应混合训练方法论 "。 这次的故事，不是量化私募砸钱投大模型获得了如何丰厚的回报，而是念空科技"以身入局"，做出了大模型底层理论的研究成果，成为首家闯入NIPS的中 国量化机构。 在念空之前，DeepSeek是唯一一家量化私募孵化进行大模型底层理论研究且发表研究成果的公司。相较于"前辈"，念空更进了一步。 在DeepSeek基础上，念空提出了一种全新的更优的训练方法，帮助大模型提升训练效率，是量化行业少有的真正的大模型创新性研究。 从技术层面来看，DeepSeek提出了强化学习的重要性，而念空科技董事长王啸及其团队发现，相比于DeepSeek先进行一段时间的集中SFT（监督微调）， 再进行集中RL（强化学习）的做法， 将SFT与RL交替进行的方式，能够得到更好的训练效果 。 一个动作侧面证明了念空还有更大 ...

5月15日，头部量化私募念空科技向国际顶会NIPS(Neural Information ProcessingSystems，神经信息处理 系统大会)投递了与上海交大计算机学院合作的大模型研究论文，这是中国量化机构首次在 AI基础研究 领域挑战全球顶级学术舞台，标志着中国 金融科技不止于"应用落地"，还具备"底层创新"能力。据 悉，念空科技成立于2015年，是国内较早将 AI应用于金融领域的老牌量化私募机构。其论文提出全新 训练框架，能让大模型在同等训练量下变得"更聪明"。2025年，念空科技成立AllMind，专注大模型底 层技术研究。 ...

资料显示，成立于2015年的念空科技，是市场上较早将人工智能（AI）应用于金融领域的量化私 募，其机器学习应用覆盖期货、股票等。2019年，公司几乎全部转向神经网络算法，2020年起，公司在 此基础上搭建全流程投研平台，次年管理规模突破百亿元。 近日，国内量化私募念空科技向国际顶会NIPS(Neural Information Processing Systems，神经信息处 理系统大会）投递了与上海交大计算机学院合作的大模型研究论文。5月20日，该投递论文网址链接公 布。 业内人士认为，此举显示了中国金融科技不止于应用落地，还具备一定的底层创新能力。 在同等训练量下，帮助大模型变得更聪明 与一般的金融机构招聘不同，量化投资的门槛往往较高，通常是数学、统计学、金融学、计算机技 术的结合，通过挖掘海量数据，寻找规律，做出预测，并使用这个规律进行自动的计算和决策，需要克 服人性弱点。 据了解，对于核心人才的选择，念空科技更愿意从零开始培养，公司团队70%—80%的AI工程师都 是从高校实习生或是应届生招进来，在几个月的时间里，他们会使用公司的体系、规则，公司逐步就能 判断这个人是否适合念空科技。 2023年，Op ...

Group 1: Fiscal and Monetary Policy - National general public budget expenditure increased by 4.6% year-on-year in the first four months, marking the fastest expenditure progress since 2020 [1][1] - The People's Bank of China emphasized the implementation of a moderately loose monetary policy to support effective financing needs of the real economy, focusing on key areas such as technological innovation and consumption [1][1] - The Ministry of Finance reported a 0.4% year-on-year decline in national general public budget revenue, with total revenue reaching 80,616 billion yuan [1][1] Group 2: Interest Rates and Financial Market - The one-year and five-year Loan Prime Rates (LPR) were both reduced by 10 basis points to 3.0% and 3.5%, respectively, marking a continued decline since October of the previous year [1][1] - Major banks saw a decrease in demand deposit rates by 0.05 percentage points and time deposit rates by 0.15-0.25 percentage points [1][1] Group 3: Industry Developments - The establishment of the International Organization for Standardization (ISO) Port and Terminal Subcommittee in China aims to focus on port and terminal standardization [1][1] - The private economy promotion law took effect on May 20, with the Supreme People's Court committed to implementing the law in judicial practices [1][1] Group 4: Company News - Bilibili reported a net revenue of 7.003 billion yuan for Q1 2025, a 24% increase year-on-year, with mobile game revenue rising by 76% [1][1] - Tencent launched a new game content production engine based on its mixed Yuan model, optimizing game asset generation and production processes [1][1] - BYD and Shenzhou Car Rental signed a strategic cooperation agreement to promote sustainable development in the green travel and car rental market [1][1]

Core Viewpoint - Zhejiang University has played a significant role in China's higher education and has produced numerous successful entrepreneurs and investors, particularly in the field of technology and innovation [1][2]. Group 1: "Hangzhou Six Little Dragons" - The "Hangzhou Six Little Dragons" are notable for their focus on "hard technology," including artificial intelligence, robotics, and brain-computer interfaces, aiming to reshape industry logic and break technological barriers [2]. - Zhejiang University has been at the forefront of artificial intelligence since establishing its computer science department in 1978, becoming one of the first universities in China to offer an undergraduate program in AI in 2019 [2][3]. - Founders of several "Hangzhou Six Little Dragons" companies, such as DeepSeek and Cloud Deep Technology, are alumni of Zhejiang University, showcasing the university's influence on entrepreneurship [2][3]. Group 2: Alumni Achievements - As of May 17, 2024, 351 alumni from Zhejiang University hold key positions in 313 listed companies, indicating the university's strong entrepreneurial ecosystem [4][5]. - The "Future Entrepreneurs Cultivation Project," initiated in 1999, has produced 128 startups with a total market value exceeding 100 billion yuan, highlighting the university's commitment to fostering innovation [5]. - Zhejiang University's innovation culture emphasizes the integration of technological and industrial innovation, creating a vibrant ecosystem that supports startups at various growth stages [5]. Group 3: Notable Investors - Notable investors from Zhejiang University include Duan Yongping, known as the "father of industry" and "Chinese Buffett," who has made significant contributions to the tech industry and value investing [6][7]. - Duan Yongping has made substantial donations to Zhejiang University, supporting its development and infrastructure, reflecting his commitment to giving back to his alma mater [7]. - Other prominent investors include Chen Yuemeng, founder of Zhejiang Merchants Venture Capital, and Wang Huai, founder of Linear Capital, both of whom have made significant impacts in their respective fields [8][9][10].