Core Viewpoint - The forum "Intelligent Calculation Future: Quantitative Leap" highlighted the significance of quantitative investment in the current market environment, emphasizing the need for strategies to adapt to market changes and the role of AI in enhancing investment efficiency [1][3][6]. Group 1: Market Analysis - Liu Chenghao from Maoyuan Quantitative analyzed the recovery of excess returns since 2024, noting that the market's stock differentiation has significantly increased, providing ample trading opportunities for quantitative strategies [3]. - Cai Xian from Ming Stone Fund discussed the unique characteristics of small-cap products in the Chinese market, highlighting their volatility and potential for excess returns, while stressing the importance of assessing investors' risk preferences [9]. - Jiang Kai from Aifang Asset pointed out that regulatory encouragement for mergers and acquisitions has led to increased activity in small-cap stocks, creating a favorable environment for quantitative strategies [11]. Group 2: AI and Quantitative Investment - Liu Chenghao emphasized that quantitative investment is essentially a vertical application of AI in finance, with similarities in data input and pattern recognition processes [6]. - Cai Xian noted that the rapid development of large model technology is invigorating the quantitative investment industry, with many institutions establishing AI laboratories [9]. - Li Zuofan from Feitu Technology highlighted the importance of optimizing trading algorithms to reduce costs and improve returns, while also addressing concerns about the "black box" nature of AI models [13]. Group 3: Future Outlook - Yuan Mengchao from Jia Hong Fund discussed the sustainability of excess returns, stating that despite market adjustments, the domestic market's transaction volume and investor structure optimization provide significant opportunities for quantitative strategies [15]. - The roundtable discussions underscored the need for quantitative institutions to adapt and innovate in response to market changes, while also balancing the advantages and risks associated with AI technology [15].