两位创始人陈泽浩和邹倚天均为国内第一批华尔街归国量化投资经理，均拥有18年海内外量化投资实战经验。目前，黑翼资产已实现全流程AI量化投 资，并构建了多元化的策略矩阵，覆盖量化选股、指数增强、市场中性、多策略、量化CTA等产品线。黑翼资产的两位创始人既是基金经理，也是核心量 化策略的控制人，公司管理结构非常稳定。 黑翼资产；历史不代表未来，市场有风险，投资需谨慎 （来源：中信建投财富管理） 在A股市场风格频繁切换、波动常态化的背景下，兼具"市场贝塔收益+超额阿尔法收益"的指数增强策略，有望成为投资者穿越市场周期的重要配置工 具。其中，聚焦中小盘成长风格的中证1000指数增强策略，凭借高弹性、高成长等特点，吸引了众多投资者的目光。 在这片蓝海中，黑翼资产凭借多年海内外量化积淀，以AI赋能为核心，力争打造出具有市场竞争力的1000指增策略产品，为投资者提供配置该策略的有 力工具。 创始人及投研团队 黑翼资产成立于2014年，是国内首批成立的量化投资机构之一，始终贯彻科学理性、策略多元和长期稳健的投资理念。黑翼资产专注于数量模型研究，公 司注重回撤控制和长期业绩表现，以投资者利益为核心，力争在控制回撤的基础上获取可观 ...

Core Insights - Lingjun Investment has undergone a significant transformation from a low point to recovery, focusing on corporate culture, governance structure, and compliance risk control after facing regulatory scrutiny in early 2024 [1][2] - The company has successfully improved its product performance, with several strategies ranking among the industry's top performers [2] Group 1: Company Transformation - Lingjun Investment implemented a "co-management + specialization" model to ensure seamless integration of research and operations, promoting alignment in philosophy and management [2] - The company upgraded its compliance risk control system, embedding regulatory rules into its trading strategies to enhance stability and avoid past mistakes [2] - A shift towards short-cycle signal prediction has been made, increasing the weight of short-term strategies to adapt better to market volatility [2] Group 2: Client Engagement and Education - The company has focused on differentiated service through extensive investor education efforts, conducting over a thousand roadshows to simplify complex strategies for clients [2] - This educational approach has led to increased client trust, as evidenced by a higher tolerance for drawdowns when the company's products reopened for subscription in 2025 [2] Group 3: Industry Perspective - The head of Lingjun Investment emphasized the importance of solid institutions in the face of increasing regulatory pressure, advocating for long-termism and strict adherence to trading regulations [3] - The company aims to be a respected entity in the eyes of clients, with aspirations to expand globally while creating unique value in its services [3]

Core Insights - The A-share market experienced significant structural trends in the first half of 2025, driven by macroeconomic fluctuations and a rebound in market sentiment [1] - Quantitative private equity strategies showed strong overall performance, with a notable internal divergence among different funds [2][3] - The average return of large quantitative private equity funds reached 13.72%, with all achieving positive returns [2] - The performance gap among popular private equity products exceeded 20 percentage points, indicating a competitive landscape characterized by "strong head, weak tail" dynamics [2][3] Performance Metrics - The average excess return for the CSI 500 quantitative enhancement strategy was approximately 11%, while the CSI 1000 strategy achieved 14% [2] - The average return for quantitative neutral strategies was around 5% [2] - The top-performing quantitative private equity products in the CSI 500 strategy had a return of 27.97%, with a performance gap of 20.33% among the top and bottom funds [2][3] Market Dynamics - The market structure was described as a "dumbbell" shape, with strong performances in both large-cap bank stocks and small-cap indices, while the mid-range stocks underperformed [4] - The small-cap sector is becoming a fertile ground for excess returns, with strategies focusing on small-cap stocks showing significant potential [5] - The loosening of merger and acquisition policies has led to an increase in major asset restructuring events, boosting market confidence and liquidity [5] Fundraising Trends - The number of newly registered private equity funds significantly increased in the first half of 2025, with quantitative strategies dominating the fundraising landscape [6] - The overall scale of the quantitative strategy industry is expected to grow by approximately 20% to 30% compared to the same period last year [6] - Notable fundraising success was observed among both leading and mid-tier managers, with innovative strategy products contributing to this growth [6] Future Outlook - The mainstream quantitative private equity firms maintain an optimistic outlook for the A-share market in the second half of the year, anticipating a volatile upward trend [7] - Key sectors expected to provide structural return opportunities include innovative pharmaceuticals, consumer electronics, robotics, military, computing, and photovoltaics [7] - The current proportion of quantitative strategies in A-share trading is about 30%, indicating a reasonable range for enhancing market pricing efficiency, but caution is advised regarding the risks of strategy homogeneity [8]

Core Insights - The A-share market experienced significant structural performance in the first half of 2025, driven by macroeconomic fluctuations and a rebound in market sentiment [1][4] - Quantitative private equity strategies showed strong overall performance, with a notable average return of 13.72% for billion-level quantitative private equity firms, all achieving positive returns [2][6] - There is a pronounced internal differentiation within the quantitative sector, with some strategies outperforming others by over 20 percentage points [2][3] Performance Metrics - The average excess return for the CSI 500 quantitative enhancement strategy was approximately 11%, while the CSI 1000 strategy reached as high as 14% [1][2] - The average excess return for quantitative market-neutral strategies was around 5% [1] - The top-performing products in the CSI 500 strategy achieved a return of 27.97%, highlighting the significant performance gap within the sector [2] Strategy Differentiation - Different index enhancement strategies exhibited clear performance disparities, with small-cap index strategies like CSI 1000 and CSI 2000 achieving average excess returns of about 15% [3] - Large-cap strategies, represented by the CSI 300, showed relatively modest performance, maintaining an average excess return in the range of 4% to 5% [3] Market Opportunities and Challenges - The unique market environment created opportunities for quantitative strategies, described as a "dumbbell" structure, where both large-cap and small-cap stocks performed well, while mid-cap stocks lagged [3][4] - The increase in market volatility has made the execution of quantitative strategies more challenging, particularly for those focused on large-cap stocks [5] Fundraising Trends - The number of newly registered private equity funds significantly increased in the first half of 2025, with quantitative strategies showing strong fundraising performance [6] - The overall scale of the quantitative industry is expected to grow by approximately 20% to 30% compared to the same period last year, driven by the stability of excess returns during market fluctuations [6] Emerging Strategies - The CSI A500 quantitative enhancement strategy has gained attention, balancing stability from large-cap companies with growth potential from small-cap industry leaders [7] - Major quantitative private equity firms are optimistic about the A-share market's performance in the second half of the year, anticipating structural opportunities in sectors like innovative pharmaceuticals and consumer electronics [7]