2026 年 01 月 09 日 金融工程研究团队 魏建榕（首席分析师） 证书编号：S0790519120001 傅开波（分析师） 证书编号：S0790520090003 高 鹏（分析师） 证书编号：S0790520090002 证书编号：S0790522030001 王志豪（分析师） 证书编号：S0790522070003 盛少成（分析师） 证书编号：S0790523060003 蒋 韬（分析师） 证书编号：S0790525070001 相关研究报告 苏俊豪（分析师） 证书编号：S0790522020001 胡亮勇（分析师） 《量化产品季度点评：300&500 增强 Q3 超额回撤，公募红利量化表现优 异》-2025.10.11 请务必参阅正文后面的信息披露和法律声明 1 / 12 量化产品季度点评：宽基增强 Q4 超额优秀，885001 增强产品备受关注 ——开源量化评论（116） | 魏建榕（分析师） | 高鹏（分析师） | | --- | --- | | weijianrong@kysec.cn | gaopeng@kysec.cn | | 证书编号：S0790519120001 | 证书编号：S07 ...

2025年马上就要过去了~~ 今年，从年初到年底，有一个词语一直伴随着大家，成为大家茶前饭后的谈资，这个词语，就是AI。 AI的爆发式发展，不仅带火了指数基金，更是让一类产品火出了圈，它就是主动量化基金。 最主要的原因在于：主动量化基金依靠着人机结合，做出了1+1>2的效果，尤其是在今年这种行业轮动+个股分化的条件下，这类产品不仅能穿越市场和 周期还能在取得超额收益的同时降低波动风险。 这也是为什么，机构目前正在大手笔布局主动量化基金。Wind数据显示，截至到三季度末，全市场292只主动量化基金（份额合并计算）合计份额为805 亿份，较去年年末增长了27%（170亿份），二季度单季就增长了144亿份。 而且，根据今年中报披露的数据，所有主动量化基金份额是661亿份，其中机构投资者的份额是465亿份，占比超过70%。 老虎君为了让大家更直观地看到，机构投资者更喜欢哪些主动量化基金，特意统计了一下截至今年中报，机构投资者持有份额前十名的主动量化基金（份 额合并计算，只展示A类份额），这其中有几个基金我认为十分值得拿出来跟大家说一说。 | 证券代码 | 证券简称 | 基金规模 | 机构投资者持有份额 | 基金经理 ...

1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - The upcoming implementation of the "Action Plan for Promoting the High - quality Development of Public Funds" will bring opportunities for quantitative public funds. Active quantitative index - like enhanced products are expected to have better growth space, and attention should also be paid to the layout of quantitative fixed - income + products [44]. - In the public quantitative industry, the scale of index - enhanced products has increased, and there are differences in the scale and performance of different types of funds and products [6][14][19]. - For the layout of active quantitative index - like enhanced products, it can be considered in traditional broad - based and mainstream active equity benchmark tracks, and attention should also be paid to challenges and opportunities in different directions such as value style, industry quantification, and unique strategies [47][68][77]. - In the field of quantitative fixed - income +, there is still much market space to expand. Different management teams have different strategies, and various strategies such as low - wave strategies, position strategies, and multi - strategy combinations can be used to create products [28][93][98]. 3. Summary According to Relevant Catalogs 3.1 Public Quantitative Industry Status - **Top Fund Companies in Equity Quantitative Management Scale**: The top three fund companies in equity quantitative management scale are Bodao Fund, Huaxia Fund, and Fuguo Fund, and the scale of the top five fund companies exceeds 20 billion yuan [6]. - **Top 10 Quantitative Products with the Largest Scale Growth in 2025**: As of Q3, all the top 10 quantitative products with the largest scale growth in 2025 are active quantitative funds. The index - enhanced products with the largest scale growth are Harvest Semiconductor Enhancement Fund and Penghua CSI 1000 Index Enhancement [11][14]. - **Index - Enhanced Scale Changes**: From 2022 to Q3 2025, the scale of index - enhanced products increased from less than 150 billion yuan to nearly 200 billion yuan, a growth of 33%. The proportion of the three major broad - based indexes has decreased, and the proportion of other index - enhanced products has slowly increased [19]. - **Quantitative Fixed - Income + Market Share**: The market share of quantitative fixed - income + is about 6.0572 billion yuan, and there is still much market space to expand. Successful operation teams include Fuguo and China Merchants [28]. 3.2 Focus on Active Quantitative Index - like Enhanced Product Layout - **Advantages of Active Quantitative Index - like Enhanced Products**: After the implementation of the "Action Plan", the cost of investor education for index - like enhanced products will decrease. Compared with strict index - enhanced products, active quantitative index - like enhanced products have looser constraints and can achieve better excess returns in the long run [44]. - **Layout in Mainstream Benchmark Tracks**: In addition to traditional broad - based tracks, attention should also be paid to the layout of index - like enhanced products in mainstream active equity benchmark tracks, which may establish a unique market reputation in terms of information ratio and excess return stability [47]. - **Transition to Floating Management Fee Products**: Quantitative models are ideal for managing floating management fee products because they can ensure relatively stable excess returns and help fund companies collect management fees [50]. - **Challenges of Partial - Stock Fund Index - Enhanced Products**: After the implementation of the "Action Plan", products benchmarked against 885001 will face challenges, but products that can continuously outperform the entire market of active equity still have unique value [53]. - **Growth Style Strategy**: The growth style strategy based on analyst expectations can stably outperform 885001, which provides an alternative idea [58]. - **Factor Resonance Strategy**: The 885001 enhancement strategy can be upgraded to identify over - heated styles, which provides feasibility for the development of multi - strategy or factor - rotation products [63]. - **Value Style Direction**: The value - style index - like enhanced products are suitable for layout because the competition in the value style of active equity funds is less intense, and quantitative methods have advantages in value style [68]. - **Industry Quantification**: Industry quantification has not been very successful in the past, but in policy - encouraged technology directions, quantitative methods may gain long - term performance recognition [69]. - **Unique Strategies**: Unique strategies such as industry rotation, factor rotation, multi - strategy combinations, and volatility - control strategies have unique configuration values and can be considered for productization [77][82][86]. 3.3 Focus on Quantitative Fixed - Income + Layout - **Quantitative Advantages in Low - Wave Strategies**: Quantitative methods can play advantages in volatility control and portfolio exposure control in fixed - income + products. Different low - wave stock combinations can be tried, such as dividend combinations [93]. - **High - Wave Fixed - Income + Products**: In 2025, high - wave fixed - income + products emerged. Quantitative methods can provide different high - wave index - based index - enhanced fixed - income + products, but investor adaptation work is important [96]. - **Position and Asset Allocation Strategies**: Quantitative strategies such as low - wave strategies and risk - budget strategies can be used for position management in fixed - income + products, and asset allocation strategies such as risk parity and all - weather strategies can also be practiced [98]. - **Multi - Strategy Fixed - Income + Products**: Using quantitative means to create different style stock combinations and then rotating them in the fixed - income + base can provide multi - strategy fixed - income + products, and different combination methods can further enrich the risk characteristics of products [102].