Core Insights - The essence of quantitative investment lies in the accumulation and iteration of talent and technology, aiming for engineering success through meticulous refinement of each module [1] - The company positions itself as a performance-driven and technology-focused quantitative investment firm, reflecting the "fine-tuned development" of China's quantitative industry [1][2] - The future strategy includes continuous iteration of strategies and technologies to create a "strictly controlled style of full-spectrum Alpha," aiming to become a robust quantitative investment institution with an international perspective [1][5] Company Development - Founded by Li Xiang in 2016, the company has grown from focusing on low-latency trading to managing over 15 billion yuan in assets, emphasizing a long-term approach [2] - The company has established a centralized research team structure to enhance collaboration and avoid redundant research, akin to an industrial production line [3] - The adoption of AI and non-linear models since 2020 has significantly improved predictive capabilities, with the establishment of an AI Lab in 2025 [3][4] Investment Strategy - The company is focusing on "strictly controlled style of full-spectrum Alpha," which encompasses multiple markets, products, and time frames to capture diverse sources of excess returns [5][6] - The strategy aims to reduce style exposure and volatility, with a diverse product line including market-neutral, index-enhanced, and quantitative stock selection strategies [6] - The company is also expanding its overseas business, indicating a strategic focus on international markets [7] Industry Context - The quantitative investment sector in China is experiencing a resurgence, with total assets under management surpassing 1 trillion yuan, driven by increased trading activity [8] - The industry has evolved through different phases, with a shift towards purer Alpha strategies following a period of adjustment [8][9] - The competitive landscape necessitates a focus on "fine-tuned operations" to iterate strategies and enhance performance, as domestic quantitative investment still lags behind international standards [9]

Core Viewpoint - The article emphasizes the rapid rise of quantitative investment in the capital market, highlighting its advantages in data processing, risk control, and the increasing number of private equity firms adopting quantitative strategies [2][5]. Group 1: Industry Overview - The volatility in capital markets and the complexity of information have made traditional subjective investment more challenging, leading to a surge in quantitative investment, which utilizes mathematical models and algorithms to uncover non-linear patterns and excess returns [2]. - By July 2025, the number of billion-yuan quantitative private equity firms surpassed that of subjective private equity firms for the first time, indicating a significant shift in investment strategies [2]. Group 2: Company Profile - Century Frontier, established in August 2015, has rapidly developed, surpassing 10 billion yuan in management scale by 2021, and currently employs various investment strategies including index enhancement and quantitative stock selection [5][6]. - The company has received multiple industry awards, including the "Golden Bull Award" and "Yinghua Award" in 2024, reflecting its strong performance in the private equity sector [6]. Group 3: Performance Metrics - As of July 2025, there are 44 billion-yuan quantitative private equity firms, with 23 firms having nearly three years of performance data. Century Frontier ranks 8th among these firms, with an average return of nearly ***% over the past three years [8]. - Century Frontier has 12 products with performance data that meet ranking criteria, with 11 products reaching historical highs in July 2025 [8]. Group 4: Investment Strategies - The company employs a diverse range of strategies, including index enhancement and market-neutral strategies, which have shown superior performance in both excess and absolute returns due to an active market environment [15]. - The small-cap index enhancement strategy benefits from a larger number of constituent stocks, allowing for better application of various alpha factors and reducing exposure risks [16]. Group 5: Competitive Advantages - Century Frontier's competitive edge lies in its stable research and development team, which comprises over 70% investment research and risk control personnel, many of whom have over 10 years of quantitative experience [12][20]. - The company emphasizes a collaborative working model that fosters open communication and trust among team members, contributing to high research efficiency and team stability [14]. Group 6: Future Trends - The quantitative investment industry is expected to expand from high-frequency to medium-low frequency strategies, with a focus on enhancing the strength, diversity, and stability of signals [25][26]. - Century Frontier has been investing in AI and machine learning capabilities to improve its quantitative strategies and is also exploring international expansion to enhance its investment management capabilities [26].

Core Viewpoint - The article highlights the evolution and significance of quantitative investment in China, emphasizing the role of Jiukun Investment as a leading player in this field over the past decade [1][2][13]. Group 1: Company Overview - Jiukun Investment was founded in 2012 by Wang Chen and Yao Qicong, focusing on various quantitative strategies including market-neutral, index enhancement, and CTA [1][2]. - Wang Chen, the CEO, has a strong academic background with a Bachelor's in Mathematics and Physics and a PhD in Computer Science, along with 16 years of quantitative trading experience [1][2]. Group 2: Investment Philosophy - Jiukun Investment adheres to a philosophy of steady rationality and long-termism, emphasizing continuous improvement and a disciplined approach to investment [2][6]. - The core value of quantitative investment lies in scientific pricing, utilizing mathematical models to minimize emotional interference and enhance price reflection of true value [4][15]. Group 3: Market Positioning - Over the past decade, quantitative investment has transitioned from a niche strategy to a significant player in capital markets, characterized by diversification and disciplined performance [13][14]. - The industry has seen a shift from absolute return strategies to a variety of asset allocation options, making quantitative investment a crucial component for both individual and institutional investors [14][15]. Group 4: Risk Management - The article discusses the importance of risk management in quantitative investment, particularly in the context of market volatility and the need to respect market dynamics [6][19]. - Jiukun emphasizes the necessity of preparing for tail risks and maintaining a balance between mathematical rigor and market intuition in their investment strategies [19][20]. Group 5: Technological Integration - Jiukun has invested significantly in AI and technology, believing that the financial investment sector is a critical testing ground for AI applications [9][36]. - The company has built a robust AI team, with over 90% of new hires having AI research backgrounds, integrating AI into their quantitative research platform [29][30]. Group 6: Talent Development - Jiukun focuses on building a strong talent pipeline through collaborations with top universities and hosting competitions to attract skilled individuals [27][28]. - The company fosters an open and inclusive research environment, encouraging innovative thinking and collaboration among its researchers [7][28]. Group 7: Social Responsibility - Jiukun's commitment to education and scientific research is reflected in its philanthropic efforts, including the establishment of the Beijing Jiukun Public Welfare Foundation [38][39]. - The company believes in giving back to society by providing opportunities for children to engage with science, thereby nurturing future talent [40][41].