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].

量化私募行业迎新一轮调研，关注AI模型运用等 金十数据5月20日讯，记者日前获悉，监管部门近期对部分头部量化私募开启新一轮调研。此次调研一 方面聚焦于当前市场环境下量化的整体运行情况，包括：不同市场环境下的盈利和回撤情况如何变化， 主要超额收益来源如何，以及2024年量化的整体表现和应对、负债端赎回压力等；另一方面，对于量化 策略中AI模型的运用较为关注，包括：是否面临人工智能算法黑箱带来的模型不可解释性与风险不可 控性问题，AI"幻觉"风险在量化资产配置场景中的典型表现是什么以及如何抑制此类风险等。 （中证 金牛座） ...

在大模型底层创新趋近平稳之际，有百亿量化私募助力AI应用闯进了名片场景。 近日，灵均投资发起了"点点同行，乡乡同兴——AI点亮乡村振兴"公益行动，并推出"点点AI名片"的垂 类应用。以灵均投资董事长蔡枚杰作为创始人的点富科技，参与了这一应用的技术研发和平台的搭建。 "能对话、有科普"是点点名片的特色。据了解，使用者可以在点点名片中构建自己的"AI名片"，也可以 通过AI技术与其他人的名片进行互动交流。 21世纪经济报道记者 黎雨辰 北京报道 当前，中国AI技术发展正处于快车道，制度与市场的双重优势为技术落地提供了良好环境。政策层 面，"新型举国体制"下的算力统筹与科技专项支持加速技术转化；市场层面，2.5 亿生成式AI用户推动 着AI与垂类领域的产业升级、造福社会。 而在其中，国内头部量化私募的资金实力、算力资源以及人才储备，使其具备了进入AI领域的潜力。 从投研的角度出发，事实上2017年以来，AI就已开始走入量化行业，并在提升数据处理分析能力、优 化模型构建与策略创新等方面大显身手。 "AI支持量化行业发展的根源在于对算力的提升。"一位头部量化人士向记者指出，"在策略的制定方 面，AI推动了数据处理分析深 ...

行业研究 上周量化私募超额有所回升，中性策略正收益。上周样本量化私募收益及超额如下： 1）300 增强策略周/月/年初以来平均收益分别为-0.4%/-1.3%/-1.8%，周/月/年初以来平均 超额分别为+0.1%/+0.9%/+3.3%；2）500 增强策略周/月/年初以来平均收益分别为+0.4%/- 1.7%/+2.3%，周/月/年初以来平均超额分别为+0.3%/+2%/+7.1%；3）A500 增强策略周/月 /年初以来平均收益分别为-0.2%/+1.5%/+5.6%，周/月/年初以来平均超额分别为- 0.1%/+4.1%/+11%；4）1000 增强策略周/月/年初以来平均收益分别为+0.7%/-1.2%/+5.4%， 周/月/年初以来平均超额分别为+0.5%/+3%/+9.2%；5）空气指增策略周/月/年初以来平均 收益分别为+0.8%/-0.2%/+7.8%；6）市场中性策略周/月/年初以来平均收益分别为 +0.2%/+0.8%/+4.4%。 指数收益情况：1）沪深 300 相对中证 500 周/月/年初以来超额收益分别为-0.4%/- 0.2%/+1.9%；2）中证 1000 相对中证 500 ...

Group 1 - The core initiative "AI Lights Up Rural Revitalization" aims to connect top resources to rural areas through AI technology, targeting 832 poverty-stricken counties in China [1][2] - The project involves collaboration between Lingjun Investment, Beijing Normal University, and Dianfu Technology, with Olympic champion Zhang Yufei serving as the public ambassador [1] - The AI card integrated into the initiative includes expert resources in four key areas: learning, health, psychology, and finance, designed to enhance knowledge and professional skills for rural residents [2] Group 2 - Lingjun Investment emphasizes the importance of AI technology in empowering education and contributing to social welfare, aligning with the national strategy for educational development [1][2] - The initiative is part of a broader effort to improve the quality and balance of education in underdeveloped regions, leveraging new technologies to innovate educational methods [2] - Zhang Yufei highlights the transformative potential of AI technology, describing it as a warm connection that can unify educational efforts and societal support for rural revitalization [2]

Core Insights - The launch of the first domestic CSI A500 quantitative index enhancement product has gained significant traction, with major quantitative private equity firms achieving stable excess returns over the past six months [1][2] - High-net-worth clients have shown increased recognition and enthusiasm for the CSI A500 quantitative index enhancement strategy, leading to higher subscription rates than previously expected [2][3] - The competitive landscape among institutions has intensified, with firms focusing on diverse factors, technical innovation, and refined operations to differentiate their offerings [4][5] Performance and Market Trends - Leading quantitative private equity firms like Blackwing Asset and Siyue Investment have reported notable excess returns, with Blackwing achieving particularly high rates [2][3] - The overall performance of CSI A500 quantitative index enhancement products has been strong, with most products outperforming benchmark indices [2][3] - The market for CSI A500-related products has seen a surge in registrations and fundraising, indicating high investor interest and confidence in the strategy [3][6] Future Outlook - The growth trend of CSI A500 index-linked products is expected to continue, potentially bringing more incremental capital into the A-share market [6][7] - The balanced industry distribution of CSI A500 index components makes it suitable for quantitative strategies, likely attracting further investment [7] - As more quantitative institutions enter this space, competition will intensify, necessitating continuous improvement in core competencies and innovative strategies [7]