黄志钢现任南华基金总经理助理兼量化投资部总经理。这位拥有17年量化投资经验的"老将"是南开大学 金融学硕士，曾历任国联安基金、金鹰基金等重要职务。 黄志钢对记者表示，他的量化投资框架可以概括为"价值选股，双重轮动"。价值选股方面，他在量化模 型中提取出的核心因子，包括了DR（股利支付比例）、ROE（净资产收益率）、EP（盈利收益率） 等。预测每家公司的ROE和EP，是量化模型运作的第一步，第二步是将该结果代入公式计算出IR（潜 在收益率）值，再根据IR值进行排序，选择排名相对靠前的股票构建投资组合。 黄志钢指出，这种方法旨在寻找价值投资中的好公司、好价格。不同于人为主观层面的判断，量化投资 具有相对客观、高效、纪律性强等优点。在具体操作中，将企业未来ROE和EP作为衡量"好公司"和"好 价格"的两个核心指标，将其代入长期研究形成的系列模型公式中，计算出该只股票的潜在收益率，以 完成筛选。在价值定价的同时，黄志钢还会关注个股的"安全边际"构建。黄志钢表示，在他的量化模型 中，会有一系列构建"安全边际"的方法，如估值水平低、低市盈率、高股息等指标。 需要指出的是，按照这样的方式选出来的股票，并不是固定不变的，而是 ...

Core Insights - The rapid development of AI technology is significantly enhancing the power of quantitative investment, leading to increased market attention on public quantitative investment strategies [1] - Huang Zhigang, Assistant General Manager and Head of Quantitative Investment at Nanhua Fund, emphasizes the limitations of traditional multi-factor models in quantitative investment, which are primarily based on historical data and fail to address long-term market effectiveness [1][4] - Huang identifies three critical issues that an excellent quantitative investment model must solve: constructing investment safety margins, identifying value traps, and reasonably defining company prices [4][5] Group 1: Investment Strategy - Huang's quantitative investment framework is summarized as "value stock selection and dual rotation," focusing on core factors such as Dividend Payout Ratio (DR), Return on Equity (ROE), and Earnings Yield (EP) [2] - The first step in the quantitative model involves predicting each company's ROE and EP, followed by calculating the Potential Return (IR) and ranking stocks based on IR values to build an investment portfolio [2][4] - The model aims to find good companies at good prices, leveraging the objectivity, efficiency, and discipline of quantitative investment over subjective human judgment [2][4] Group 2: Stock Selection and Risk Management - Stocks selected through this method are not static; they are continuously adjusted based on changing factors, with a focus on building a stock pool from those that have declined significantly over the past 3 to 5 years [3] - Huang employs a dual approach to avoid value traps and select stocks with low price-to-earnings ratios, low price-to-book ratios, and high dividend yields to provide safety margins [5][7] - The investment goal is to balance between "good companies" and "good prices," seeking long-term performance advantages rather than focusing on short-term results [5] Group 3: Performance and Market Position - As of now, Huang manages four funds with a total scale exceeding 1 billion yuan, with notable performance metrics such as a net value growth rate of over 87% for Nanhua Fenghui Mixed A since inception [4] - Huang acknowledges the increasing competition in the quantitative investment space, which makes it more challenging to obtain alpha, necessitating continuous updates and factor exploration in quantitative models [4][7] - The domestic quantitative investment market is still developing compared to mature foreign markets, with public quantitative investment expected to gradually reveal its advantages in fundamental research [7]

Group 1 - The core point of the news is that 联发股份 (002394.SZ) reported its Q3 2025 results, highlighting significant institutional investor holdings and changes in public fund investments [1] - As of October 27, 2025, a total of 9 institutional investors hold 149 million shares of 联发股份, accounting for 45.93% of the total share capital, with an increase of 0.84 percentage points compared to the previous quarter [1] - The public fund sector saw a decrease in holdings from one fund, 南华丰睿量化选股混合A, while one new fund, 南华丰元量化选股混合A, was disclosed this quarter [1] Group 2 - Foreign institutional investors that were not disclosed in this quarter include BARCLAYS BANK PLC and 中信证券资产管理 (香港) 有限公司 [2]

Core Viewpoint - Zhongyuan Neipei (002448.SZ) reported its 2025 semi-annual results, highlighting an increase in institutional investor holdings and new public fund disclosures [1] Group 1: Institutional Holdings - As of August 26, 2025, five institutional investors disclosed holdings in Zhongyuan Neipei A-shares, totaling 6.0871 million shares, which represents 1.03% of the total share capital [1] - The institutional investor holdings increased by 0.39 percentage points compared to the previous quarter [1] Group 2: Public Funds - Four new public funds were disclosed this period compared to the previous quarter, including: - China Bank Co., Ltd. - Zhaoshang Quantitative Selected Stock Fund - Beijing Jiahua Baotong Consulting Co., Ltd. - Su Xin Zhongzheng A500 Index Enhanced A - Nanhua Fengrui Quantitative Stock Selection Mixed A - Nanhua Fengyuan Quantitative Stock Selection Mixed A [1] Group 3: Foreign Investment - No new foreign institutional disclosures were reported this period, with UBS AG being the only foreign institution not disclosing holdings compared to the previous quarter [1]