● 本报记者 魏昭宇 在中国公募基金行业快速发展的浪潮中，不少中小基金公司走出了自己的差异化发展之路。比如博道基 金，自2018年发行首只公募量化产品以来，其"指数+"系列已逐渐成为公募量化投资领域的一支重要力 量。截至今年三季度末，博道"指数+"系列规模已突破270亿元，跻身公募量化赛道前三，通过体系化的 团队建设、持续的策略迭代和特色的产品布局，为投资者提供了风格清晰、超额稳定的配置工具。 行稳方能致远，博道基金量化投资总监杨梦表示，不追求短期爆发力，而是致力于寻找能够穿越不同市 场周期的、可持续的超额收益来源，"均衡"的理念贯穿于投研全过程，从而助力投资者在波动的市场中 获得更好的持有体验。 历经淬炼 博道"指数+"的成长与积淀 博道基金对于量化的探索始于2013年，源自私募阶段的博道投资，并历经国内多轮市场周期考验。比如 2014年末的银行股权重股暴涨事件，对于不少量化团队来讲都是一次重大考验。得益于科学的风控模 型，博道量化产品在市场"黑天鹅"中稳健应对，为后续发展奠定基础。 2018年，博道基金以公募形式开始展业后发行了首只公募产品"博道启航"，标志着正式进军公募量化领 域。数据显示，截至2025 ...

Core Insights - The article highlights the significant growth and development of the quantitative investment sector in China, particularly focusing on the achievements of Bodao Fund's quantitative product, which has delivered a cumulative return of over 144% since its inception in August 2018, with an annualized return exceeding 13% [1] - Bodao Fund's quantitative management scale has reached approximately 27 billion yuan, placing it among the top three in the industry, reflecting the rapid expansion of the public quantitative product market, which has surpassed 400 billion yuan as of Q3 2025 [1] - The firm emphasizes a balanced approach in its investment strategy, integrating traditional multi-factor models with AI-driven frameworks to ensure sustainable excess returns across different market cycles [5][6] Group 1: AI Integration and Development - Bodao Fund began exploring AI in quantitative investment as early as 2017, evolving its approach to include AI price-volume factors by 2019, which contributed to strong performance in 2020 and 2021 [2] - In Q1 2023, the quantitative team upgraded its AI framework to an "AI full-process investment framework," allowing for end-to-end learning and prediction from raw data [2] - The team has conducted thousands of trials on AI models, resulting in several sub-strategy models ready for real-world application, showcasing a commitment to continuous evolution and practical implementation [3] Group 2: Team Structure and Collaboration - The quantitative team at Bodao Fund operates under a "collaborative research and investment integration" model, ensuring that each member specializes in a specific research area, which enhances the uniqueness and competitiveness of their strategies [3][4] - The team consists of eight internally trained members, focusing solely on research while systematizing the processes of portfolio generation, trade execution, and attribution analysis to maintain high discipline and consistency in investment [3] Group 3: Balanced Investment Strategy - Bodao Fund adopts a "double balance" strategy, combining traditional multi-factor models and AI frameworks, each contributing 50% to the investment process, which allows for complementary information extraction [6] - The strategy also includes a balanced factor weighting approach, ensuring that stock return predictions are derived equally from fundamental analysis and valuation/technical factors, which helps stabilize performance across varying market conditions [6][7] Group 4: Product Offerings and Market Positioning - Bodao Fund has developed a clear and structured "index+" product matrix to cater to diverse investor needs, including standard index enhancement, flexible index enhancement, Smart Beta enhancement, and quantitative fixed income series [8][9] - Each product is designed with specific investment scenarios in mind, addressing common investor challenges such as the difficulty of selecting funds, thereby providing systematic solutions to outperform average active fund performance [9][10] Group 5: Long-term Vision and Market Adaptation - The firm maintains a long-term vision focused on sustainable excess returns, recognizing that the financial market is primarily driven by human participation and historical patterns cannot be perfectly applied to the future [5][10] - Bodao Fund's commitment to a balanced strategy and continuous adaptation to market changes positions it favorably for long-term success, aiming to provide investors with stable returns and a better holding experience [7][10]