从这个情况看，属于典型的押赛道模式，并且给人感觉赌性很强，很多基金经理喜欢押注赛道，说白了这就是博弈，如果搞对了确实能够大赚，但问题是做 投资哪有那么多对的决策，只要你做了投资，错误就时刻伴随，我想核心是要有心理准备，如果我做错了会怎么样，或者我应该如何应对，我不知道这位私 募基金经理在重仓创新药的时候，是否考虑到这些问题。 还有一个问题，就是追高，我想不要说一个管理百亿基金的基金经理，就是一个稍微有点投资经验的散户，也应该清楚股市中最禁忌的事情就是追高了，赛 道选择的再好，如果去追高，就基本定局了未来的投资结果。 现在出现了比较明显的亏损，我觉得出来道歉是无力的，毕竟这个损失是要客户自己承担的，至于说是否致歉并不是当务之急，核心在于如何尽快的调整投 资思路，站在客户的利益角度切实的解决问题才是。 最近两天，网上比较火的是百亿私募大佬罕见发声道歉的事情，原因是该私募旗下的基金多数预估净值下跌7%，从最高点的回撤幅度大概有20%，关键是 这次的回撤大幅度会跑输各种指数。 为什么会发生这种事情呢？按照私募基金经理自己坦言的情况看，主要是在高位重仓了创新药，还有重仓了硬件龙头公司跌幅超过了37%，最后就是重仓了 美 ...

Core Insights - The report highlights that during the week of November 17-21, 2025, public quantitative funds showed resilience with positive excess returns across various indices, particularly the CSI 500 index which had an average excess return of 0.35% and a 80.82% positive return rate among funds [1][2][3] - For the month of November 2025, the average excess return for the CSI 500 index was 0.77%, with 81.69% of funds achieving positive returns, indicating a strong performance in the quantitative fund sector [2][3] - Year-to-date performance as of November 21, 2025, shows that the CSI 1000 index had the highest average excess return of 6.69%, with 89.13% of funds generating positive returns, suggesting a favorable environment for this index [3] Group 1: Weekly Performance Statistics - The average excess return for the public quantitative funds tracking the CSI 300 index was 0.22% for the week, with 72.00% of funds achieving positive returns [1] - The average excess return for the public quantitative funds tracking the CSI A500 index was 0.20%, with 70.31% of funds achieving positive returns [1] - The average return for public actively managed quantitative funds was -4.65%, with only 0.49% of funds generating positive returns, indicating challenges in this segment [1] Group 2: Monthly Performance Statistics - For November 2025, the average excess return for the public quantitative funds tracking the CSI 300 index was 0.15%, with 66.22% of funds achieving positive returns [2] - The average excess return for the public quantitative funds tracking the CSI A500 index was 0.19%, with 64.91% of funds achieving positive returns [2] - The average return for public actively managed quantitative funds was -4.49%, with only 4.96% of funds generating positive returns, reflecting ongoing difficulties in this area [2] Group 3: Year-to-Date Performance Statistics - Year-to-date as of November 21, 2025, the average excess return for the public quantitative funds tracking the CSI 300 index was -0.75%, with only 34.43% of funds achieving positive returns [3] - The public quantitative funds tracking the CSI A500 index had an average excess return of 1.18%, with 75.00% of funds achieving positive returns, indicating a strong performance relative to other indices [3] - The public actively managed quantitative funds had an impressive average return of 22.14%, with 97.80% of funds generating positive returns, showcasing the effectiveness of active management strategies in the current market [3]

- The weekly performance of public quantitative funds shows that the average excess return of CSI 300 index-enhanced funds was -0.28%, with 18.67% of funds achieving positive excess returns[1][9][10] - The average excess return of CSI A500 index-enhanced funds was -0.19%, with 28.07% of funds achieving positive excess returns[1][9][10] - The average excess return of CSI 500 index-enhanced funds was 0.07%, with 52.78% of funds achieving positive excess returns[1][9][10] - The average excess return of CSI 1000 index-enhanced funds was -0.37%, with 26.09% of funds achieving positive excess returns[1][9][10] - Public active quantitative funds achieved an average return of 0.53%, with 68.89% of funds achieving positive returns[1][9][10] - Public stock market-neutral funds achieved an average return of 0.30%, with 73.91% of funds achieving positive returns[1][9][10]

- The report primarily tracks the performance of public quantitative funds, including index-enhanced funds, active quantitative funds, and market-neutral funds, across different time periods such as weekly, monthly, and yearly[1][2][3] - Index-enhanced funds are categorized based on the indices they track, including CSI 300, CSI 500, CSI 1000, and CSI A500. The excess returns of these funds are calculated relative to the total return indices of their respective benchmarks[31][32] - Active quantitative funds are defined based on their investment strategies, fund manager objectives, and stock positions, as outlined in their prospectuses. These funds aim to achieve absolute returns through quantitative strategies[31] - Market-neutral funds are classified under the "stock long-short" investment type in Wind and aim to achieve returns independent of market movements by balancing long and short positions[31] - The report provides detailed statistical data on excess returns, tracking errors, and maximum drawdowns for these fund categories across various time frames, including weekly, monthly, and yearly performance metrics[10][31][32]

- The report tracks the weekly performance of quantitative funds, showing that the average excess return of CSI 500 index-enhanced funds was 0.79%, with 94.37% of funds achieving positive excess returns during the week[1][9] - Monthly performance data indicates that CSI 500 index-enhanced funds achieved an average excess return of 1.26%, with 92.96% of funds recording positive excess returns as of October 17, 2025[2][9] - Year-to-date performance reveals that CSI 1000 index-enhanced funds delivered an average excess return of 7.11%, with 89.13% of funds achieving positive excess returns[3][9] - The report includes scatter plots illustrating the absolute and excess performance of quantitative funds over the past year, highlighting the distribution of returns across different fund categories[13][19][15] - The cumulative net value trends of various index-enhanced fund portfolios are presented, showing the performance of CSI 300, CSI 500, CSI 1000, and A500 index-enhanced funds over the year[20][21][22]

- The report does not contain any specific quantitative models or factors, nor does it provide details on their construction, evaluation, or testing results. The content primarily focuses on the performance statistics of various quantitative funds, such as index-enhanced funds, active quantitative funds, and market-neutral funds, across different time periods [1][2][3] - The performance metrics include excess returns, tracking errors, and maximum drawdowns for funds tracking indices like CSI 300, CSI 500, CSI 1000, and CSI A500, as well as active quantitative and market-neutral strategies. These metrics are presented in tabular and graphical formats, segmented by weekly, monthly, and yearly periods [10][11][13] - The report also provides cumulative net value trends for equal-weighted portfolios of quantitative funds over the past year and two years, segmented by fund type (e.g., index-enhanced, active quantitative, market-neutral) [22][28][32]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued an "Action Plan for Promoting High-Quality Development of Public Funds," marking a shift from a focus on scale to prioritizing investor returns, signaling a new era for the public fund industry [1] Group 1: Team Collaboration and Technological Empowerment - The "Action Plan" emphasizes strengthening core investment research capabilities and encourages the use of technology to accelerate the construction of a "platform-based, integrated, multi-strategy" investment research system, which aligns closely with the characteristics of quantitative funds [2] - Quantitative investment relies on systematic methods, mathematical models, and information technology to identify patterns from vast amounts of data, executing investment decisions rigorously [2] Group 2: Stable Style and Precise Benchmarking - Quantitative funds typically select stocks across the entire market, holding hundreds or even thousands of stocks, which reduces specific risks through low concentration [3] - By employing risk models and optimization algorithms, quantitative funds ensure that their investment portfolios are constrained in terms of industry and style exposure, maintaining a high correlation with benchmarks and enhancing predictability of future returns [3] Group 3: Accumulating Small Gains for Excess Returns - Moving away from traditional research methods, quantitative funds utilize fundamental data, price-volume data, and alternative data, employing financial technology such as linear models, natural language processing, and machine learning to capture small pricing discrepancies from thousands of stocks [4] - This approach allows for stable acquisition of small excess returns over time, resulting in a smoother excess return curve with minimal explosive gains [4] Group 4: Seizing Opportunities and Responsibilities - Quantitative funds are presented with a historic opportunity to align their advantages with the industry's high-quality development trend, aiming to create more stable excess returns for investors [5]

- The report primarily focuses on the performance of quantitative public funds, including index-enhanced funds (tracking indices such as CSI 300, CSI 500, CSI 1000, and CSI A500), actively managed quantitative funds, and market-neutral funds, over various timeframes such as weekly, monthly, and year-to-date (YTD) periods[1][2][3] - The performance metrics include excess returns for index-enhanced funds, absolute returns for actively managed quantitative funds, and market-neutral strategies, along with additional indicators such as tracking error and maximum drawdown for specific categories[10][30] - For CSI 300 index-enhanced funds, the YTD average excess return is 0.83%, with a maximum of 7.15% and a minimum of -3.17%, while the tracking error over the past year ranges from 1.80% to 8.15%[10] - For CSI A500 index-enhanced funds, the YTD average excess return is 2.99%, with a maximum of 5.83% and a minimum of -2.14%, and the tracking error for the year ranges from 3.24% to 9.38%[10] - For CSI 500 index-enhanced funds, the YTD average excess return is 1.58%, with a maximum of 7.75% and a minimum of -5.27%, while the tracking error over the past year ranges from 2.77% to 10.35%[10] - For CSI 1000 index-enhanced funds, the YTD average excess return is 5.10%, with a maximum of 12.99% and a minimum of -3.14%, and the tracking error for the year ranges from 2.89% to 8.28%[10] - Actively managed quantitative funds show a YTD average return of 17.91%, with a maximum of 59.74% and a minimum of -9.92%, while the maximum drawdown over the past year ranges from 5.05% to 31.80%[10] - Market-neutral funds have a YTD average return of 1.00%, with a maximum of 8.81% and a minimum of -2.56%, while the maximum drawdown over the past year ranges from 2.15% to 7.14%[10]

- The weekly performance of public quantitative funds shows that the average excess return of CSI 300 index-enhanced funds was 0.17%, with 82.61% of funds achieving positive excess returns[1][9]. - The monthly performance indicates that the average excess return of CSI 300 index-enhanced funds was 0.32%, with 84.06% of funds achieving positive excess returns[2][9]. - Year-to-date (YTD) performance reveals that the average excess return of CSI 300 index-enhanced funds was 1.03%, with 77.05% of funds achieving positive excess returns[3][9]. - The weekly average excess return of CSI A500 index-enhanced funds was 0.20%, with 73.81% of funds achieving positive excess returns[1][9]. - The monthly average excess return of CSI A500 index-enhanced funds was 0.40%, with 82.93% of funds achieving positive excess returns[2][9]. - YTD performance shows that the average excess return of CSI A500 index-enhanced funds was 3.32%, with 87.50% of funds achieving positive excess returns[3][9]. - The weekly average excess return of CSI 500 index-enhanced funds was 0.01%, with 55.71% of funds achieving positive excess returns[1][9]. - The monthly average excess return of CSI 500 index-enhanced funds was 0.27%, with 81.43% of funds achieving positive excess returns[2][9]. - YTD performance indicates that the average excess return of CSI 500 index-enhanced funds was 2.42%, with 81.82% of funds achieving positive excess returns[3][9]. - The weekly average excess return of CSI 1000 index-enhanced funds was -0.16%, with 39.13% of funds achieving positive excess returns[1][9]. - The monthly average excess return of CSI 1000 index-enhanced funds was 0.05%, with 54.35% of funds achieving positive excess returns[2][9]. - YTD performance shows that the average excess return of CSI 1000 index-enhanced funds was 5.81%, with 95.65% of funds achieving positive excess returns[3][9]. - The weekly average return of active quantitative funds was 1.90%, with 96.13% of funds achieving positive returns[1][9]. - The monthly average return of active quantitative funds was 1.88%, with 94.19% of funds achieving positive returns[2][9]. - YTD performance reveals that the average return of active quantitative funds was 14.99%, with 97.91% of funds achieving positive returns[3][9]. - The weekly average return of market-neutral funds was 0.29%, with 82.61% of funds achieving positive returns[1][9]. - The monthly average return of market-neutral funds was 0.33%, with 82.61% of funds achieving positive returns[2][9]. - YTD performance indicates that the average return of market-neutral funds was 1.38%, with 78.26% of funds achieving positive returns[3][9].