近日，量化巨头灵均投资展现出在AI领域的探索态势。由灵均投资董事长蔡枚杰创办的科技公司点富 科技，曝出在家庭健康领域的大动作。据蔡枚杰介绍，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，且专家全程参与数据标注、模型逻辑等维度的审 验，从而构建健康咨询领域的"专家智能真身"。 蔡枚杰透露，目前，孕产和心理方面的智能真身已经过多轮专家和用户测试，未来，这类应用还将从孕 产服务向儿童健康、形体美容、慢病管理（如糖尿病饮食指导、高血压调理等）等领域逐步推进。 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。灵均投资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 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，多家量化私募创始人下场，成立人工智能公司，或发力AI实验室。今年4月，明汯投资合伙 人解环宇旗下的玖思科技子公司上海数 ...

继今年初DeepSeek爆火后，"量化+AI"的成功路径引爆投资圈热情。国内头部量化私募纷纷下场，在人 工智能领域展开了一系列重磅操作。 尽管均为量化同行，但各家公司在AI道路上的战略选择和打法风格迥异，堪称"八仙过海，各显神通"。 多家头部私募创始人下场创立科技公司，目标跳出了金融场景，向AI+医疗等垂直领域进击。也有私募 加大AI实验室投入，或是加码创投公司的投资布局。 下一个改变世界的专项大模型、超级科技助手何时出现？对此，行业都在期待和追寻着答案。 ● 本报记者张舒琳 头部量化机构入局 今年5月，知名量化私募念空科技创始人王啸成立了上海全频思维人工智能科技有限公司(简称 AllMind)，专注于研究通用大语言模型(LLM)相关底层算法和工程技术的创新。据王啸此前透露，短期 内会着眼于训练基于金融数据的专项大模型，未来还会和学术及产业界合作，在新材料、医药研发、 AI助手等领域尝试大模型的应用。 近日，量化巨头灵均投资展现出在AI领域的探索态势。由灵均投资董事长蔡枚杰创办的科技公司点富 科技，曝出在家庭健康领域的大动作。据蔡枚杰介绍，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 ...

Core Viewpoint - The article emphasizes the importance of accelerating the construction of a technology and financial powerhouse in China, highlighting the significant contributions of quantitative private equity firms in AI research and application, which not only drive the development of China's capital markets but also cultivate top-tier technology talent [1]. Group 1: Educational Initiatives - Minghong Investment has deepened its collaboration with universities, establishing various talent support programs, including scholarships at Shanghai Jiao Tong University and Fudan University, aimed at fostering technological innovation and supporting the cultivation of Chinese tech talent [2][4]. - The "Hui Ming Talent Support Program" at Fudan University has already funded over 20 senior experts and young scholars, covering various incentives such as named distinguished professor rewards and major achievement awards [8]. - Minghong's initiatives include the "Minghong Science and Technology Innovation Scholarship" at Shanghai Jiao Tong University, which directly incentivizes talent growth in fundamental disciplines [9]. Group 2: Collaborative Framework - Minghong Investment focuses on building a long-term collaborative mechanism with universities, emphasizing faculty development, discipline growth, and talent cultivation [4]. - The company has established the "Hui Ming Talent Support Program" at Fudan University and the "Hui Ming Education Development Plan" at Peking University, which aim to support various academic fields and promote interdisciplinary collaboration [4][8]. - Minghong's partnerships with universities are not limited to financial support but also include activities like campus visits and technical exchanges, fostering a dialogue between students and industry experts [7][11]. Group 3: Innovation Ecosystem - Minghong believes in creating an innovation ecosystem that encourages exploration, tolerates failure, and promotes breakthroughs, allowing academic freedom and industry insights to nourish each other [11][12]. - The company aims to provide a supportive environment for students to pursue their interests and develop their capabilities, emphasizing the importance of curiosity and self-exploration in education [11][12]. - Minghong's commitment to investing in people is seen as a long-term strategic choice, focusing on nurturing diverse talents who can contribute to societal progress [12][13]. Group 4: Future Directions - Minghong plans to continue its collaborative efforts with universities in talent cultivation, discipline development, and technological advancements, reinforcing its role in building a strong foundation for China's education, technology, and talent sectors [13]. - The company aims to create more opportunities for innovative talents, ensuring they can focus on exploration and creation without distractions [12][13].

Core Insights - The quantitative private equity industry in China has experienced rapid growth since 2018, with over 30 firms reaching a scale of 10 billion yuan [2] - Despite a recent consolidation phase, the industry continues to see salary inflation, particularly as recruitment ramps up for the autumn and winter seasons [2][12] - Leading firms are offering competitive salaries to attract top talent, with some positions offering daily wages of 800-1000 yuan for internships [3][10] Salary Trends - The average salary for AI algorithm interns at Jiukun Investment can reach up to 12,000 yuan per month, while AI industry research interns can earn close to 6,000 yuan per month [3][8] - The salary range for AI industry researchers at Jiukun Investment is between 30,000 to 60,000 yuan per month, with a total annual salary potentially reaching 960,000 yuan [7][9] - Other leading firms like Lingjun Investment and Yanfeng Investment are also offering similar salary structures, with monthly salaries for core technical positions ranging from 30,000 to 60,000 yuan [10][11] Competitive Landscape - The competition for talent between quantitative firms and technology giants is intensifying, with both sectors vying for similar skill sets in AI modeling and data analysis [13][15] - Quantitative firms are now offering higher salaries and more flexible incentive structures compared to traditional tech companies, which typically offer annual salaries between 400,000 to 900,000 yuan [14][16] - The overall salary structure in the quantitative sector is evolving, with many firms adopting a 16-month salary system, which includes a performance-based bonus [14][16]

Core Viewpoint - The article emphasizes the rapid development of AI and quantitative technology in the investment sector, highlighting the importance of continuous strategy evolution for the long-term success of quantitative private equity firms like Tianyan Capital, which was founded in 2014 and has a strong focus on innovation and adaptation [2]. Company Overview - Tianyan Capital was co-founded by Xie Xiaoyang and Zhang Sen, both of whom have over ten years of industry experience. The company’s name reflects its commitment to change and deep insights into the essence of investment [2]. - The firm has received multiple industry awards, including the "Golden Changjiang Award" and "Yinghua Award," and ranks among the top ten quantitative private equity firms in terms of performance [3][4]. Performance Metrics - As of September 2025, Tianyan Capital's products have achieved impressive returns, with an average return of ***% over the past three years, placing it first in the industry [3][4]. - The firm manages approximately 2.1 billion yuan across 11 products that meet ranking criteria, showcasing its strong long-term performance [3]. Investment Strategy - The core strategy of Tianyan Capital is centered around a multi-factor model for stock selection, which allows for higher alpha returns at a lower cost [8]. - The flagship product, "Tianyan Saineng," has been operational since May 2016 and has demonstrated significant returns, with a focus on maintaining model autonomy and stability in risk control [10][11]. Team and Culture - The investment research team at Tianyan Capital consists of over half PhD holders from prestigious institutions, fostering a culture of free exploration and innovation [12]. - The company emphasizes long-termism in its operations, avoiding arbitrary changes to risk parameters and maintaining a stable risk control model [10][11]. Market Position and Future Outlook - Tianyan Capital has strategically positioned itself to balance scale and performance, understanding that growth in assets under management should align with long-term performance and research capabilities [14]. - The firm has also obtained a Hong Kong license to enhance its global asset allocation capabilities, focusing on capturing unique alpha opportunities in the Chinese market while catering to international investors [16].

Core Viewpoint - The article highlights the concentration of quantitative private equity firms in Shanghai, which dominates the landscape in China, followed by Beijing and Shenzhen. As of the end of September, there are 851 quantitative private equity firms in China, with 335 located in Shanghai, accounting for 39.37% of the total [2]. Group 1: Regional Distribution - Shanghai has a significant number of quantitative private equity firms, with 335 firms and a total product scale of approximately 4.82 trillion yuan, yielding an average return of 24.90% this year [3]. - Beijing has 145 firms with a total product scale of approximately 1.74 trillion yuan and an average return of 28.45% [3]. - Shenzhen has 125 firms with a total product scale of approximately 1.68 trillion yuan and an average return of 24.43% [3]. - The clustering of quantitative private equity firms in Shanghai is attributed to a combination of favorable national positioning, trading infrastructure, and a talent pool [3][4][5]. Group 2: Performance by District in Shanghai - In Pudong New District, there are 179 quantitative private equity firms, with 22 managing over 5 billion yuan. The average return for 87 firms is 22.01% this year [8][10]. - In Hongkou District, there are 40 firms, with 10 managing over 5 billion yuan. The average return for 21 firms is 23.20% [12][14]. - In Xuhui District, there are 31 firms, with 5 managing over 5 billion yuan. The average return for 16 firms is 25.22% [16][18]. - Other districts collectively have 85 firms, with 3 managing over 5 billion yuan. The average return for 35 firms is 32.86% [19][21]. Group 3: Notable Firms and Strategies - Top firms in Pudong include Weibo Investment, Tianyan Capital, and Jinge Liangrui, with significant returns [10][11]. - In Hongkou, leading firms are Shanghai Taoshan, Mingxi Capital, and Minglong Investment, showcasing strong performance [15]. - Xuhui's top firms are Shanghai Zijie and Yanfeng Investment, with notable returns [18]. - In other districts, Jinwang Investment, Zhixin Rongke, and Quancheng Fund lead in performance [21].

Core Viewpoint - Quantitative investment has gained popularity among investors due to its rational, scientific, and emotionally stable characteristics. Jiukun Investment, as one of the earliest quantitative private equity firms in China, has maintained a leading scale and performance competitiveness over the years, winning over 150 industry awards [2]. Group 1: Performance and Products - As of the end of August, Jiukun Investment has 13 products with reported performance, achieving an average return of ***% this year. The "Jiukun Daily Enjoyment CSI 1000 Index Enhanced No. 1" product ranks first in returns this year, with a five-year excess return of ***% and a cumulative return of ***% since inception, showcasing Jiukun's long-term investment capability in the index enhancement sector [2]. - Jiukun Investment has a well-established and mature framework for index enhancement strategies, with a team experienced in various sub-strategies. The firm has 13 products that reached historical highs in August [22][23]. Group 2: AI Integration and Research - Jiukun Investment has positioned itself as a technology company from its inception, establishing an AI team early on and forming an internal laboratory in 2020. Over the past five years, over 90% of the recruited researchers have an AI research background, enabling comprehensive AI capability coverage in quantitative investment [5][19]. - The firm emphasizes the importance of scientific methods and a keen sense of cutting-edge technology, which are core advantages that allow Jiukun to navigate cycles and continuously iterate [7][14]. Group 3: Investment Principles and Talent - Jiukun Investment adheres to three main investment principles: rationality, long-term focus, and scientific approach, which empower every aspect of quantitative investment [6][10]. - Talent organization is considered a core asset in the quantitative field. Jiukun has a diverse team of experts in mathematics, physics, and computer science, and emphasizes nurturing talent through various programs and competitions [20].

Core Insights - The A-share market has experienced significant growth since the implementation of a comprehensive financial policy on September 24 last year, with the Shanghai Composite Index reaching above 3800 points twice [1] - A total of 429 mixed equity funds and 112 ordinary equity funds have achieved over 100% performance in this period [1] Investment Value Rediscovery - Prior to the rise of technology growth stocks, the A-share market lacked a clear and sustained investment theme, with traditional cyclical and consumer sectors performing poorly due to weak economic expectations [1] - In uncertain times, many investors prioritized stability and safety, leading to a focus on high-dividend sectors [1] - A public fund manager noted a lack of participation in high-dividend stocks due to unfamiliarity with their business models and a belief that their performance was not aligned with growth investment aesthetics [1] Market Style Rotation - Over the past year, there has been a rapid rotation between high-dividend large-cap value stocks and thematic growth stocks such as AI and new productivity sectors [2] Adjustments in Investment Framework - The public fund manager has adjusted their investment framework, recognizing the need to relax stringent requirements for long-term economic moats in industries experiencing explosive growth [3] - The understanding of value has become more pragmatic and diversified, emphasizing the importance of industry prosperity and explosive growth as attractive value forms [3] - This approach aligns more closely with the characteristics of the A-share market, allowing for a more practical investment framework [3] Sector Performance - The PCB (Printed Circuit Board) sector has shown strong performance, benefiting from the explosive demand in AI computing infrastructure and automotive electronics since 2025 [4] Quantitative Private Equity Strategies - Since September 24 last year, the A-share market has shown a trend of oscillating upward, with significant market events occurring at three key points [5] - The first key point was the release of favorable policies in September 2024, which boosted market sentiment and led to a 20% increase in major indices by the end of that month [5] - The second phase involved a market recovery after external disturbances in April 2025, supported by continuous policy efforts, leading to a resurgence in market confidence and a significant increase in margin trading balances [6] - However, by August 2025, the performance of quantitative private equity strategies began to slow down due to a divergence in market performance, with a significant number of stocks declining despite index increases [6] - Many large private equity firms are focusing on artificial intelligence and exploring diversified strategies to enhance portfolio stability, which is seen as the future direction for quantitative private equity [6]

Core Insights - The "9·24" market has significantly improved the excess return environment, with the global tech revolution driven by AI opening new avenues for quantitative investment, leading to a new wave of development in quantitative private equity [1] - As of the end of August this year, there are 164 quantitative private equity firms with at least three products meeting ranking criteria, achieving average returns of 48.7% over the past year and 22.62% year-to-date [1][2] - Shanghai, Guangdong, Beijing, and Zhejiang are the leading regions for private equity firms, with Shanghai having the highest number at 65 firms, while Zhejiang boasts the best performance with average returns of 59.62% over the past year [1][2] Regional Performance Summary Shanghai - Shanghai has 65 private equity firms, with the top 10 firms having a performance threshold of ***%, the highest among all regions [3] - The top three firms in Shanghai are Jinwang Investment, Quancheng Fund, and Shanghai Zijie Private Equity, all with assets under management below 50 billion [3][5] Guangdong - Guangdong's top 10 private equity firms have a performance threshold of ***%, with Shenzhen housing 7 of these firms [11] - The top three firms in Guangdong are Hanrong Investment, Tianzhihui, and Juyuan Balanced Fund, all focusing on stock strategies [11][12] Beijing - In Beijing, the top 10 private equity firms have a performance threshold of ***%, with six of them being leading firms [7] - The top three firms are Huacheng Private Equity, Tiansuan Quantitative, and Beijing Zhengding Private Equity, focusing primarily on stock strategies [7][9] Zhejiang - Zhejiang's top 10 private equity firms have a performance threshold of ***%, with nine firms located in Hangzhou [13] - The top three firms are Liangying Investment, Yunqi Quantitative, and Xiangmu Asset, all with assets under management between 20-50 billion [13][14] Other Regions - The top 10 private equity firms in other regions have a performance threshold of ***%, with a notable presence in Chengmai [16] - The top three firms are Hongtong Investment, Boyi Asset, and Shunyi Cheng Investment, focusing on stock strategies [16][17]

Group 1 - The "Starry Navigation Plan" aims to create the most influential private equity empowerment platform in China, focusing on technology innovation and compliance [1][5] - The plan will invite outstanding representatives from the "Technology Innovation Leadership" and "Integrity Development" awards to share insights and explore high-quality industry development [1] Group 2 - NianKong Technology has established AllMind, a company focused on researching foundational algorithms and engineering technologies related to general large language models (LLM) [2] - AllMind collaborates with several universities in material science and theoretical science for practical exploration, while NianKong Technology operates as a profitable quantitative private equity fund [2] Group 3 - NianKong Technology began utilizing AI algorithms for financial data fitting in late 2018, achieving significant results and gaining a competitive edge in AI algorithm application [3] Group 4 - The "Starry Navigation Plan" serves as a bridge in the private equity industry, technology enterprises, and the real economy, fostering a healthy ecosystem for private equity institutions [4] - NianKong Technology aims to leverage its AI capabilities to contribute to the development of the real economy and seeks like-minded partners through the "Starry Navigation Plan" [4] Group 5 - The "Starry Navigation Plan" emphasizes "empowerment investment" to identify leaders in private equity that support technology innovation and sustainable development [5] - NianKong Technology expresses its commitment to excellent corporate governance and cutting-edge technological innovation to create sustainable returns for investors [5]