多视角、多资产、多因子、多策略的制胜之道 —— 工银瑞信主动量化团队圆桌实录 2025 年 6 月 16 日 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 证券研究报告 基金专题 [TablReportpe] 基金专题报告 于明明 金融工程与金融产品 首席分析师 执业编号：S1500521070001 联系电话：+86 18616021459 邮 箱：yumingming@cindasc.com 吴彦锦 金融工程与金融产品 分析师 执业编号：S1500523090002 联系电话：+86 18616819227 邮 箱：wuyanjin@cindasc.com [Table_Title] 工银瑞信主动量化团队：多视角、多资产、 多因子、多策略的制胜之道 [Table_ReportDate] 2025 年 6 月 16 日 [Table_Summary] 本篇报告中，我们聚焦近期市场关注度较高，且在管产品业绩亮眼的工银瑞信 主动量化投资团队。本文从组织架构、投资策略、平台优势等多维度展开分析， 系统性梳理了该团队的人员分工、策略思路、产品矩阵及近期表现，并特别邀 请该团队核 ...

Group 1 - The core viewpoint of the news is that both Huaxia Antai and Invesco Great Wall have announced scale control measures for their hedge fund strategies during the open subscription periods, indicating a cautious approach to fund management amid market fluctuations [1][2][5] - Huaxia Antai Hedge Strategy has set a total scale limit of 2.3 billion RMB for its open period from May 16 to May 22, 2025, to protect the interests of existing fund holders [2][5] - Invesco Great Wall's hedge strategy has a scale limit of 3 billion RMB for its upcoming open period from May 9 to May 15, 2025, also employing a "proportional confirmation" principle for subscription applications [5][6] Group 2 - Despite the positive performance of hedge funds this year, with an average return of 0.85% and nearly 80% achieving positive returns, the overall scale of hedge strategy funds has been shrinking since the second half of last year [7][8] - As of the end of the first quarter, the total scale of hedge strategy funds was approximately 5.5 billion RMB, a decrease of nearly 20% from the end of last year and over 35% compared to mid-last year [9] - The market environment has shown resilience, but the performance of hedge funds has been mixed, with smaller, high-growth stocks performing better than high-profit, low-valuation stocks, leading to a general underperformance of quantitative strategies [9]