Core Viewpoint - Quantitative investment is a systematic investment approach based on mathematical models, algorithms, and computer technology, which does not rely on subjective judgment but rather on rigorous data analysis and model construction to identify market patterns and make investment decisions [2] Market Performance - Over the past three years (November 2022 to October 2025), major stock indices in A-shares, Hong Kong, and the US have shown impressive performance, with the Hong Kong and US markets being particularly strong [2] - A-shares transitioned from a bear market to a bull market around September 2024, with cumulative gains as follows: - Shanghai Composite Index: 36.68% - Shenzhen Component Index: 28.67% - ChiNext Index: 40.73% - CSI 300: 32.26% - CSI 500: 26.24% - CSI 1000: 19.29% - CSI 2000: 39.41% - Hang Seng Index: 76.39% - Hang Seng Tech Index: 107.11% - Dow Jones Industrial Average: 45.31% - Nasdaq: 115.91% - S&P 500: 76.66% [3] Quantitative Private Equity Performance - As of October 2025, there are 103 quantitative private equity firms with at least three products displayed on the platform, achieving an average return of approximately 59.52% and a median return of about 53.04%, outperforming major A-share indices [3][6] Top Performing Quantitative Private Equity Firms - The top three firms in the billion-dollar category are: - Maoyuan Quantitative - Tianyan Capital - Century Frontier - Maoyuan Quantitative has five products that reached historical highs in October 2025, with an average return exceeding ***% [5][11] - Ningbo Huanfang Quantitative, with 11 products, also achieved historical highs in October 2025, with an average return exceeding ***% [11][20] Performance by Firm Size - For firms with assets under management between 10 billion and 50 billion, the top five are: - Guangzhou Shouzheng Yongqi - Oak Asset Management - Zhixin Rongke - Yanhe Investment - Wuliang Capital [16][22] - For firms with assets between 50 billion and 100 billion, the top performers include: - Dayan Capital - Yunqi Quantitative - Anzi Fund [12][14] - For firms below 10 billion, the top five are: - Shanghai Zijie Private Equity - Quancheng Fund - Huacheng Private Equity [22][24]

Core Insights - The rapid development of artificial intelligence technology has made quantitative trading an essential investment tool in major overseas capital markets, with over 70% of U.S. stock trading driven by algorithms, a figure that continues to rise [2] - Major global quantitative trading firms, such as Millennium, WorldQuant, Two Sigma, Citadel, D.E. Shaw, and Bridgewater, are expanding at an unprecedented pace, with their latest holdings in U.S. stocks for Q3 now disclosed [3][4] Group 1: Millennium - Millennium Management, founded in 1989, has achieved an impressive record of positive returns in 33 out of 34 years, with only one loss during the 2008 financial crisis [3][4] - The firm employs strict drawdown management, reducing allocated funds by half after a 5% drawdown and liquidating strategies after a cumulative 10% drawdown [3] - Millennium is recognized as a "Huangpu Military Academy" for Chinese quantitative private equity, with many prominent fund managers in China having previously worked there [4] Group 2: WorldQuant - WorldQuant, a major player in global quantitative hedge funds, was established in 2007 as a spin-off from Millennium, focusing on global quantitative analysis [7] - The firm has developed a central knowledge base containing 4 million "alphas" to industrialize the generation of excess returns [7][8] - Several notable Chinese fund managers, including the founders of Jiukun Investment, have previously worked at WorldQuant [8] Group 3: Two Sigma - Two Sigma, founded in 2001, is known for its application of data science and advanced technology in investment, managing assets between $50 billion and $100 billion [11] - The firm has established a wholly-owned subsidiary in Shanghai and has been instrumental in training numerous quantitative talents in China [11][12] - Two Sigma's Q3 holdings reached $67.17 billion, a growth of 18.95% from the previous quarter, with major positions in S&P 500 ETF, Financial ETF, and Consumer Discretionary ETF [13][14] Group 4: Citadel - Citadel, founded in 1990, has become the most profitable hedge fund globally, with cumulative net returns exceeding $65.9 billion [15] - The firm processes approximately $410 billion in trades daily, covering over 11,000 U.S. listed securities [15] - Citadel's Q3 holdings amounted to $657.15 billion, reflecting a 14.09% increase from the previous quarter, with significant positions in S&P 500 ETF and Nasdaq 100 ETF [17][21] Group 5: AQR Capital Management - AQR, established in 1998, integrates academic research with quantitative investment strategies, managing $159.2 billion [23][24] - The firm focuses on a diverse range of investment strategies, emphasizing systematic methods and diversification [23] - AQR's Q3 holdings reached $155.99 billion, a 29.05% increase from the previous quarter, with major investments in Nvidia, Microsoft, and Apple [24][28] Group 6: Renaissance Technologies - Renaissance, founded in 1982 by mathematician James Simons, is renowned for its quantitative trading success, managing over $65 billion [30][31] - The firm has consistently achieved high returns, including significant profits during market downturns [30] - Renaissance's Q3 holdings totaled $75.75 billion, with major positions in Palantir, Nvidia, and Roblox, and a notable increase in Google shares [31][35]

新华财经北京11月21日电四大证券报内容精华摘要如下： 中国证券报 ·量化多头策略迎大考行业竞争步入精细化比拼阶段 近期，A股主要股指在年内高位区域持续震荡，前期领涨的科技成长主线热度下降，个股赚钱效应明显 减弱。在这一背景下，量化多头策略业绩呈现显著分化，头部机构凭借全频段阿尔法与多维度策略迭代 展现出更强韧性。面对因子衰减、成本攀升及合规趋严等多重挑战，量化行业正加速向平台化、人工智 能（AI）化及多策略化演进，以适应愈发复杂的市场环境，行业竞争步入精细化比拼的新阶段。 ·险企今年以来发债超700亿元永续债成资本补充主力 随着偿二代二期规则过渡期结束的临近，险企加快了资本补充步伐。截至11月20日，今年以来已有19家 保险公司发行资本补充债或永续债，合计规模超700亿元，其中永续债发行规模占比近七成，成为险企 补充核心资本的重要工具。业内人士认为，发债能够缓解保险公司的资本补充压力，但从长期来看，保 险公司还需增强自身"造血"能力，提升资本实力。 ·信用卡不良转让市场升温行业探索高效处置新路径 近期，信用卡透支类不良资产转让市场活跃度提升。据统计，11月以来银登中心已发布23条信用卡透支 类个人不良贷款转 ...

不过，在业务架构层面，点富科技与灵均投资几乎完全隔离。"无论是团队，还是资源配置，以及企业 文化和产品等，两个公司都是分离的。灵均仍然专注于量化投资，点富科技则专注于多场景技术应用， 用AI解决人们日常生活的痛点。"蔡枚杰表示。 加码AI研发 从医疗赛道切入AI领域的量化私募不止灵均投资，多家量化私募正探索AI垂直领域应用。此前，时代 复兴私募宣布，借助自研的AI模型能力，与国内重点科研机构协作，针对某种罕见病，在生物医学领 域实现了突破。 今年以来，国内头部量化私募机构纷纷在人工智能领域展开了一系列动作，目标不局限于金融场景，而 是整个人工智能的浩瀚蓝海。 切入健康咨询领域 近日，量化巨头灵均投资进军AI领域，由灵均投资董事长蔡枚杰创办的科技公司点富科技，已开启在 家庭健康领域的大动作。 据蔡枚杰介绍，其创办的点富科技正与国内顶级医院专家推进合作，将医生诊疗案例、指南解读、临床 思维链等数据结构化，且专家将全程参与数据标注、模型逻辑等维度的审验。 此前，蒙玺投资、鸣石基金等知名量化私募均宣布加码AI研发。 还有头部量化私募通过创投平台布局AI领域。如九坤创始人打造的科技投资平台九坤创投，重点投资 人工智能、 ...

量化交易的浪潮正以超出预期的速度奔涌而至。媒体报道，多家量化私募创始人普遍认为，当前量化交 易在全市场成交量的占比突破20%大关。这一显著比例，标志着市场结构性的变迁，也向证券投顾机构 抛出了一个紧迫的新命题：如何驾驭这股强劲的技术力量，将其转化为普惠金融的工具，从而更精准、 更高效地赋能广大投资者。 "量化共赢 智领新程"——11月18日，九方智投控股（9636.HK）旗下九方智投与非凸科技举行战略合作 签约，共同探索量化服务投资者新路径，同时，九方智投重磅发布"星级服务"产品。"星级服务"依托九 方智投自身量化研发实力及外部优质量化资源，通过量化策略、指标工具、资讯投教等多模块，全方位 适配并服务个人投资者，提升其投资能力与体验。 量化交易迎个人投资新纪元，投资或步入"智能驾驶"阶段 发布会上，九方智投控股创始人、董事会主席兼CEO陈文彬在题为《个人投资者量化新纪元》的演讲 中，系统阐述了量化交易的发展趋势。 他指出，量化交易体系涵盖五大核心技术模块，包括策略研发与建模、回测与验证、执行系统、风险管 理和IT基础设施。从策略频率来看，主要可分为高频、中频和低频三类。目前，B端用户以中高频策略 为主，而C端 ...

Core Viewpoint - The rise of quantitative trading is transforming the market structure, with its share of total market trading volume surpassing 20%, prompting a need for financial advisory institutions to harness this technology for broader financial inclusion [1][2][10] Group 1: Quantitative Trading Trends - Quantitative trading encompasses five core technology modules: strategy development and modeling, backtesting and validation, execution systems, risk management, and IT infrastructure [3] - The current market sees B-end users primarily utilizing medium to high-frequency strategies, while C-end users focus on medium to low-frequency strategies [3] - The effectiveness of quantitative trading relies on three foundational conditions: long/short tools, robust infrastructure, and ample market liquidity [3] Group 2: Strategic Collaborations - A strategic partnership was formed between Jiufang Zhitu and Feitu Technology to explore new pathways for quantitative services for investors, alongside the launch of the "Star Service" product [1][10] - The "Star Service" aims to provide accessible professional quantitative financial services to individual investors by integrating self-developed quantitative capabilities with ecosystem resources [8][9] Group 3: Technological Empowerment - Feitu Technology focuses on providing one-stop smart trading service solutions for small and medium investors, leveraging AI algorithms and machine learning technologies [6] - The collaboration between Jiufang Zhitu and Feitu Technology signifies a commitment to making advanced trading technologies accessible to a broader range of investors [10] Group 4: Future Outlook - The launch of the "Star Service" and the partnership between Jiufang Zhitu and Feitu Technology mark a new phase in the Chinese quantitative investment landscape, aiming to democratize access to previously exclusive trading technologies [10] - The initiative is seen as a significant step towards achieving investment equality, allowing individual investors to benefit from professional tools and smarter decision-making [10]

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） A股慢牛格局下的连续上涨，市场波动也开始加大。三季度，中证500指数和中证A500指数涨幅领先，小票风格结束了自去年9月末以来的强 势。作为A股宽基的"老大哥"与"新势力"，沪深300与中证A500无疑是当下备受关注的两个配置选项。 不过，中证A500指数今年来上涨弹性显著优于沪深300指数。据回溯，在历史的上涨行情中，A500指数也有亮眼表现：2009年、2015年、2020 年三轮大行情中，A500均实现翻倍涨幅。 自去年9月23日A500指数发布以来， A500相关指增产品陆续发行。其中， 国内四大量化天王之一的九坤投资，在今年 3月份成立"九坤元嘉中 证A500指数增强1号量化"，截至10月底，该产品近6个月已实现 ***% 的亮眼业绩，在百亿私募 A500指增榜中，位居第2。（ 点此查看收益 ） [应监管要求，私募产品不能公开展示业绩，文中涉及收益数据用***替代，合格投资者可扫码查看收益数据。] | 排名 | 产品简称 | 公司简称 | 基金经理 | 成立日期 | 近半年收益 成立以来收益 今年来夏普 | | --- | --- | ...

这些机构多数把上海作为办公落脚点，但却面向全国最顶尖的学校的学子。即把目光牢牢锁定在曾经被国内头部量化大 厂、互联网科技公司争夺的顶尖人才身上。 今年秋冬的岗位竞争，已经不再只是量化私募机构之间的较量，而是本土私募、外资量化、多资产自营平台、科技大厂多 方共同参与的"深度抢人战"。 他们在抢什么样的人？从哪些岗位切入？这背后隐藏着怎样的长期布局？ 01 编辑 | 袁畅 今年九月以来，一股新的"国际力量"正在悄然放大在内地高校和人才市场的存在感。 多家全球知名的量化投资平台几乎在同一时间段密集发布秋冬季招聘信息，不仅面向在校学生，也同步开放多个全职岗 位。 与往年相比，这轮招聘的覆盖面更广、节奏更快，也更直接地指向中国本土人才。 作者 |孙建楠 今年九月以来，各大国际知名量化投资机构陆续面向中国内地人才发布最新一轮的秋季招聘通知。 | | | 国际量化投资机构在华招聘统计 | | | --- | --- | --- | --- | | 机构名 | 招聘奏型 | 原线 | 学历美家 | | Optiver | 暑期实习岗位 | 量化交易实习生 | 本科或硕士或博士在读 | | | | 量化研究实习生(本科硕士) ...

Core Insights - The report presents a multi-dimensional index daily frequency timing framework aimed at optimizing absolute return strategies and stock index futures performance through position timing [3] - The framework is based on a multi-dimensional factor system, including 80 analyst expectation factors, 134 capital flow factors, 43 high-frequency aggregated low-frequency features, and deep learning factors introduced after 2020 [3][12] - The backtesting results show that the long-short strategy achieves an annualized return of 46% with a Sharpe ratio of 2.37, while the long-only strategy achieves an annualized return of 23% [3][12] Factor Analysis - The basic factors include 80 analyst expectation factors and 134 capital flow factors, which are crucial for predicting future returns [12][15] - The report highlights a negative correlation between capital flow factors, particularly outflow-related factors, and the next day's returns, indicating a reversal characteristic overnight [15][16] - The report tests the performance of various analyst expectation factors, with the top-performing factors yielding annualized returns ranging from 10% to over 21% based on different thresholds [27][23] Deep Learning Integration - The deep learning factor prediction framework targets the next day's returns using both daily and minute data to capture overnight signals, employing an improved Mean Absolute Directional Loss (MADL) function for directional judgment [10][54] - The MADL function is preferred over Mean Squared Error (MSE) as it focuses on optimizing the correctness of directional predictions rather than numerical accuracy, aligning with practical trading principles [54][57] Timing and Stock Selection Strategy - The framework validates the feasibility and effectiveness of position timing, achieving a win rate of 54% for both long and short positions [12] - The strategy further integrates stock selection models to enhance the return structure, demonstrating a robust solution for quantitative investment [11][3] High-Frequency Data Utilization - The report constructs 43 high-frequency factors to capture market sentiment and risk, including intraday volatility and trading volume patterns [36][42] - The high-frequency factors are aggregated to create suitable features for daily extraction, ensuring high quality and low noise [36][37]

深化多维度合作 近些年，量化私募行业不断加大社会责任方面的各类投入。围绕"大力实施基础学科和交叉学科突破计 划"，明汯投资与国内顶尖高校展开多维度、深层次合作，聚焦师资建设、学科发展与人才培养，构建 校企协同育人的长效机制。 2025年，明汯投资与北京大学开展多维度合作项目。5月份，设立北京大学"环宇教育发展计划"，覆盖 北大信科、数院、计算机、智能、元培、光华等学院，聚焦师资队伍建设与学科发展，为多研究领域的 人才培育提供稳定保障。10月份，进一步在信科学院落地"环宇信息求索奖"，作为学生科创最高奖项， 正向激励信科领域学子投身科学研究、勇攀科技高峰；在元培学院落地"环宇探索奖"，弘扬"尚自然展 个性"教育理念，赋能学生在学术科研、文体活动与社会实践中的全面发展。 此外，明汯还广泛支持北大学子学术科创季、文化节、新生晚会等各类学术科研活动与文体实践活动， 促进学生全面发展。双方更以校企参访、技术交流等活动为纽带，打破校园与行业壁垒，搭建青年学子 与企业一线专家的对话平台，助力其从学术研究向落地应用平稳过渡。 与清华大学的合作以基础科学与前沿交叉学科的发展需求为起点，2025年10月份，设立"清华之友-明汯 ...