Core Insights - Tianhong Fund has established a strong presence in the index-enhanced quantitative fund sector, launching its first product in August 2019 and expanding its offerings steadily, with a significant growth phase expected in 2025 [2][10] - As of the end of Q3 2025, Tianhong Fund's index-enhanced quantitative funds reached 19 products with a total management scale exceeding 12.084 billion yuan, positioning it among the few teams in the industry to surpass the "100 billion" mark [12][10] - The fund has developed a comprehensive product matrix that provides investors with a complete set of quantitative tools for precise asset allocation across different market environments [2][10] Group 1: Performance and Risk Management - Tianhong Fund's broad-based index-enhanced quantitative products have consistently outperformed their peers, achieving excess returns that surpass the average of similar funds over both short-term and long-term periods [3][16] - The quantitative team emphasizes risk management throughout the investment process, effectively controlling drawdowns and demonstrating strong risk-adjusted performance [18][22] - As of October 31, 2025, the maximum drawdowns for Tianhong's major products ranked in the top 15% of the industry, showcasing the team's ability to manage risk while pursuing excess returns [18][22] Group 2: Industry-Specific Strategies - Tianhong Fund's industry-specific index-enhanced quantitative products cover major sectors such as technology, consumer goods, manufacturing, pharmaceuticals, and new energy, with many products outperforming similar actively managed funds [4][23] - Over the past three years, products like Tianhong's High-end Equipment Manufacturing and Consumer 100 Index Enhanced funds have shown a significant advantage, outperforming their peers by over 25% [4][23] Group 3: Quantitative Research and Technology Integration - The fund has built a complete closed-loop system from signal mining to performance evaluation, integrating advanced AI technologies into its investment processes to enhance its quantitative research capabilities [5][31] - The quantitative team employs a variety of AI models and has developed a robust feature engineering framework, which supports the models with diverse and substantial input data [32][31] - The risk model has been customized to better fit the characteristics of the A-share market, allowing for more precise risk assessment and control [35][36] Group 4: Team Structure and Stability - The quantitative team at Tianhong Fund consists of 8 members, including 4 fund managers and 4 researchers, all with strong backgrounds in finance, statistics, and computer science [6][48] - The team has maintained a high level of stability, with an average tenure of over 6 years, ensuring continuity in investment philosophy and strategy development [48]

Core Insights - Inse Group (300781.SZ) released its Q3 2025 financial report, revealing that as of October 28, 2025, four institutional investors held a total of 31.19 million shares, representing 19.00% of the company's total equity [1] - The institutional ownership decreased by 1.18 percentage points compared to the previous quarter [1] - A total of 24 public funds were disclosed this period, including notable funds such as E Fund CSI Wan De M&A Index (LOF) and CITIC Securities Smart IoT A [1] - Foreign investment sentiment showed a slight increase, with one foreign fund, Hong Kong Central Clearing Limited, increasing its holdings [1]