图说金融(20250821): 中证1000、中证2000指增还能不能 1、微盘指数个股月涨跌幅的标准差可以反映个股的偏离幅度,也可反映微盘指数超额收益的获取能力; 2、在量能放大环境. 微盘指数相对小盘指数更易获取超额收益. 利于私募量化扩大定价权,并使得小市值因子占优. 风险提示:仅作为数据展示,不构成策略建议 Wind全A指数月均换手率与微盘个股月涨跌幅的标准差-中证1000个股月涨跌幅的标准差 Wind全A指数月均换手率（横轴）与微盘个股月涨跌幅的标准差-中证1000个股月涨跌幅的标准差（纵轴） 12.0 10.0 8.0 6.0 4.0 2.0 0.0 0.5 1.0 1.5 2.0 2.5 0.0 资料来源: wind 中信期货研究所 重要提示:本报告非期货交易咨询业务项下服务,其中的观点和信息仅作参考之用,不构成对任何 人的投资建议。我司不会因为关注、收到或阅读本报告内容而视相关人员为客户,市场有风险,投 资需谨慎。 免责声明:除非另有说明,中信期货有限公司(以下简称"中信期货)拥有本报告的版权/或其他 相关知识产权。未经授权、不得发送或复制本报告任何内容。中信期货对于本报告所载的信息、观 点以 ...

Group 1 - The core viewpoint of the article highlights that another quantitative private equity firm, Rianfu Investment, has announced a closure of new client subscriptions for certain index-enhanced products due to limited strategy capacity, effective July 1 [2] - Rianfu Investment's current scale has exceeded 70 billion, surpassing other quantitative giants like Kuangde [2] - The Rianfu Zhongzheng 500 index-enhanced series has shown a year-to-date return of approximately 8.2%, significantly outperforming the Zhongzheng 500 index, which has only increased by 0.25%, resulting in an excess return of around 8% [2] Group 2 - Rianfu Investment was established in July 2019 and focuses on quantitative investment, quickly entering the hundred billion private equity ranks within a year of launching its first product [3] - The firm has diversified its strategies across various indices, including 300, 500, A500, 1000, small-cap, and hedging [3] - In recent months, several hundred billion private equity firms have announced closures to control their scale and ensure returns, indicating a trend in the industry [4]

Group 1 - The core viewpoint of the articles highlights significant changes in the private equity sector, particularly among the billion-yuan private equity firms, with a notable increase in the number of firms and a shift towards quantitative strategies [1][3][6] - As of May 12, the number of billion-yuan private equity managers has risen to 87, up from 84 in March, indicating a competitive environment where some firms are thriving while others are falling behind [1][3] - The proportion of quantitative firms within the billion-yuan private equity sector has increased, now accounting for over 40%, reflecting a shift in investment strategies [1][3] Group 2 - The private equity industry in China has developed a multi-layered ecosystem with 7,893 managers and a total management scale of 5.24 trillion yuan, showcasing a diverse range of investment strategies [2][6] - The trend of headquarter concentration is accelerating, with larger firms building barriers through research and technology investments, while smaller firms face increasing survival challenges [2][6] - Recent data shows that among 49 billion-yuan private equity firms with performance reports in April, the average return was -0.46%, with only 34.69% achieving positive returns, indicating a challenging market environment [4][6] Group 3 - The growth of quantitative private equity is characterized by rapid scale expansion and strategy differentiation, with dominant strategies being index-based and quantitative stock selection [4][5] - The average return for mixed strategy (subjective + quantitative) billion-yuan private equity firms was the highest at 0.04%, while subjective long-only strategies suffered a significant decline [4] - The private equity sector is transitioning from scale expansion to quality improvement, with regulatory changes pushing for more compliance and stability among firms [6][7]