在公募量化产品线中，除了指数增强型品种外，量化选股型品种也占据重要地位，截止 2025 年二季末，全市场 共计 277 只量化选股型基金，合计管理规模 903.20 亿元。这类基金由于不属于标准指数增强范畴，因而，不受限于 指数成分股的投资比例和跟踪误差的硬性约束，拥有更广泛的投资范围和更高的风格暴露自由度，其业绩往往也展现 出更高的弹性。同时，得益于相对宽松的策略环境，不同基金经理能够根据自身的偏好及特长，构建更具差异化的投 资策略。 然而，对于投资者而言，由于量化选股型基金的工具化属性不如指数增强型基金明确，在产品选择时，往往面临 对其定位与策略认知不够清晰的挑战。为此，本篇专题将对部分量化选股型基金的投资策略框架进行梳理，主要聚焦 信达澳亚基金冯玺祥、国泰基金高崇南、信达澳亚基金林景艺、鹏华基金时赟超、西部利得基金翟梓舰等 5 名在量化 选股型产品上投资框架体系各有特色的基金经理（按照姓名拼音字母顺序，下同），涵盖风格配置、中小市值、偏股 混增强等差异化产品定位，以供投资者参考。 冯玺祥（信达澳亚基金）：采用统一框架管理，十分看重因子在整个投资域的有效性以及阿尔法模型的普适性， 通过多样化的因子和模型提 ...

Quantitative Models and Construction Methods 1. Model Name: 博道远航 (Bodao Yuanhang) - **Model Construction Idea**: The product employs an enhanced model based on the average performance index of偏股混合型基金 (partial equity hybrid funds). The fund manager uses quantitative methods to replicate the underlying stock holdings of the 885001 index and then enhances it further [43][43]. - **Model Construction Process**: - The model first replicates the stock holdings of the 885001 index using quantitative techniques. - Enhancements are applied to the replicated portfolio to achieve superior performance while maintaining a controlled deviation from the benchmark [43][43]. - **Model Evaluation**: The model demonstrates significant and stable excess returns over the 885001 index, with a high information ratio and low relative drawdowns [43][43]. 2. Model Name: 兴业聚利 (Xingye Juli) - **Model Construction Idea**: The product adopts a "process-to-result management" approach, setting偏股基准 (partial equity benchmark) and enhancing it while keeping deviations under control [57][57]. - **Model Construction Process**: - The benchmark is first established based on the偏股基准. - Enhancements are applied to the benchmark portfolio, with a focus on maintaining a relatively low deviation and incorporating moderate timing strategies [57][57]. - **Model Evaluation**: The model achieves stable excess returns over the 885001 index, though its lower average position results in occasional underperformance during strong market uptrends [57][57]. 3. Model Name: 信澳宁隽智选 (Xinao Ningjun Zhixuan) - **Model Construction Idea**: This product belongs to the "Index Plus" series, aiming to achieve higher excess returns with relatively loose deviation constraints. It targets the 885001 index as its benchmark [70][70]. - **Model Construction Process**: - The model allows for a certain degree of deviation from the benchmark to capture higher excess returns. - It incorporates港股 (Hong Kong stocks) allocation, which is particularly relevant in the current environment where active equity funds are increasing their exposure to Hong Kong stocks [70][70]. - **Model Evaluation**: The model demonstrates high and stable excess returns over the 885001 index, though it experiences relatively higher maximum relative drawdowns during sharp market uptrends [70][70]. --- Model Backtesting Results 1. 博道远航 (Bodao Yuanhang) - **Excess Return**: 12.65% over the 885001 index [43][43] - **Information Ratio (IR)**: 1.46 [43][43] - **Maximum Relative Drawdown**: -3.41% [43][43] 2. 兴业聚利 (Xingye Juli) - **Excess Return**: 9.24% over the 885001 index [57][57] - **Information Ratio (IR)**: 0.95 [57][57] - **Maximum Relative Drawdown**: -4.84% [57][57] 3. 信澳宁隽智选 (Xinao Ningjun Zhixuan) - **Excess Return**: 11.26% over the 885001 index [70][70] - **Information Ratio (IR)**: 1.07 [70][70] - **Maximum Relative Drawdown**: -7.29% [70][70]