2026 年以来，量化策略基金整体运行环境良好，截止 2 月 13 日，今年以来除中证 500 指数相对强势导致相关产 品超额获取难度提升以外，其余主要宽基指数增强类别均实现正超额。其中，国证 2000、中证 1000、沪深 300 等指 增基金的超额收益相对领先。从阶段性表现来看，1 月初受科技成长及周期资源板块持续走强影响，市场风格阶段性 偏向中小盘及相关热点，导致中证 500、中证 1000、中证 2000、国证 2000 等指增基金遭遇普遍性超额回撤，但本轮 回撤幅度相对有限，自 1 月中旬起便陆续进入超额修复阶段，最终普遍实现了正超额回报。 本篇专题将继续延续之前《公募指增及量化基金经理精选》系列专题中对于公募量化基金经理的多角度刻画亮点， 进一步聚焦兴业基金楼华锋、人保资产刘石开、国联基金王喆、易方达基金殷明、华夏基金袁英杰等 5 名投资框架体 系各有特色的基金经理（按照姓名拼音字母顺序，下同）。我们将综合这 5 名基金经理的量化体系特点、风险控制制 度、投研团队现状以及产品绩效表现等多个维度进行深度研究，并结合历史持仓明细数据进行全面分析和特征刻画， 以供投资者参考。 楼华锋（兴业基金）：主张把 ...

Core Viewpoint - The champion fund, Huaxia North Exchange Innovation, has achieved over 30% excess returns compared to the fund industry benchmark for three consecutive years, defying the "champion curse" narrative [2][3]. Group 1: Fund Performance - As of December 31, 2025, Huaxia North Exchange Innovation has a total return of 138.42% since its inception at the end of 2021, with an excess return of 139.25% compared to its benchmark [13]. - The fund's performance in 2025 was 77.38%, significantly outperforming the North Exchange 50 Index, which saw a notable increase in market activity, with the index reaching historical highs [14][13]. - Huaxia Fund's active equity products have seen multiple funds achieving over 100% excess returns, with nine funds exceeding 30% excess returns compared to their benchmarks over the past two years [5]. Group 2: Investment Strategy and Management - The success of Huaxia North Exchange Innovation is attributed to a mature system based on customer experience and a long-term investment strategy focused on sustainable excess returns [4][3]. - Fund manager Gu Xinfeng emphasizes the importance of identifying mispriced opportunities in the market, particularly during periods of significant volatility [15]. - Huaxia Fund has established a robust research platform that supports various asset classes, ensuring a comprehensive investment decision-making process [43][44]. Group 3: Innovation and Product Development - Huaxia Fund has been proactive in launching innovative products, such as the "Red Rocket" index investment service platform and the "LetfGo" investment experience evaluation model, aimed at enhancing investor engagement [8][42]. - The firm has a history of early product launches in emerging sectors, such as technology and AI, positioning itself advantageously in the market [21][39]. - The introduction of specialized products, like the "all-weather strategy" accounts, reflects Huaxia Fund's commitment to meeting diverse investor needs [46][47]. Group 4: Market Trends and Future Outlook - The North Exchange has experienced significant growth, with the index rising 38.8% in 2025, marking it as the best-performing year since its inception [14]. - Huaxia Fund's strategic focus on sectors like AI, semiconductors, and biotechnology has attracted substantial capital inflows during industry upswings [39][40]. - The firm continues to adapt to market changes, ensuring that its investment strategies remain relevant and effective in delivering consistent returns [48].

Group 1: Market Overview - The Shanghai Composite Index has reached a ten-year high, leading to expectations of a "slow bull" market in A-shares [1] - The index has risen from around 3100 points in May 2022 to over 3800 points, indicating strong momentum from accumulated low-position chips [1] Group 2: Fund Managers' Insights - Fund Manager Tu Huanyu emphasizes that artificial intelligence (AI) has entered a critical industrial turning point, with significant investment opportunities expected in the next 3-5 years across various segments of the AI industry [5] - Fund Manager Wang Zeshi notes the sustainable prosperity of the innovative pharmaceutical sector, driven by policy support and increasing global competitiveness, with a potential turning point for profitability expected in 2025 [7] - Fund Manager Yang Yu highlights the robust demand in the new energy vehicle sector, particularly for lithium battery materials, while also noting the need for structural optimization and product upgrades to improve profitability [9] - Fund Manager Zhao Zongting points out that the semiconductor industry is focusing on self-sufficiency, with recent technological breakthroughs and increasing demand for AI computing power driving market sentiment [11] - Fund Manager Lu Yayun discusses the benefits of systematic investment strategies to smooth out short-term market volatility, emphasizing the importance of long-term growth [13] - Fund Manager Yuan Yingjie anticipates an improvement in fundamental strategy models as the market stabilizes, despite recent pressures on quantitative strategies [15]