广发高股息优享

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广发基金胡骏:以量化策略为引擎深耕A+H红利资产
Shang Hai Zheng Quan Bao· 2025-08-24 15:36
广发基金胡骏: 以量化策略为引擎 深耕A+H红利资产 因此,在高股息策略中,他主要从两个维度获取收益:一是选择行业成熟、估值较低的龙头公司,这类 公司的商业模式清晰、盈利稳定,现金流充裕、资本开支需求不大,且分红意愿强烈,投资者既能享受 稳定的股息收益,也能获得估值修复带来的回报;二是选择派息意愿较高、愿意和股东分享收益、存在 一定成长空间的"小而美"公司。 在管理广发高股息优享时,胡骏始终围绕"高分红、低估值、高盈利质量"三个维度来筛选个股。通过长 期跟踪分红稳定且具备持续增长能力的公司,他构建了一个安全边际较高、分红较为稳定的股票池。最 新定期报告显示,截至二季度末,该基金前十大重仓股的平均股息率达6.08%。该基金港股仓位为 14.13%,也体现了他对跨市场红利资产的关注。 虽然红利资产今年以来表现不如前两年出彩,但胡骏认为,中长期看,红利板块依然具备坚实的配置价 值:一方面,高股息资产能够提供稳定现金流和相对较低的风险;另一方面,在分红机制持续完善的趋 势下,红利类资产的吸引力正在增强。 量化赋能高股息策略 高股息为投资奠定了安全边际,而量化方法的引入则为策略插上了"翅膀"。胡骏解释称,高股息策略的 ...
这几款主动量化基金,看一眼就让人欢喜
Sou Hu Cai Jing· 2025-08-13 14:00
Core Viewpoint - The article highlights the strong performance of the GF Quantitative Multi-Factor Mixed Fund (005225), which has achieved a cumulative return of 109.93% since its inception on March 21, 2018, significantly outperforming its benchmark across various time frames [1]. Group 1: Fund Performance - The GF Quantitative Multi-Factor Fund has a high equity position of 91.75%, with a diversified portfolio that includes six stocks with a total market capitalization below 10 billion, accounting for 8.35% of the fund's net asset value [2]. - Over the past year, the GF Quantitative Multi-Factor Fund has outperformed the National Securities 2000 Index by 30 percentage points, achieving a return of 54.33% compared to the index's performance [2]. - The fund's monthly win rate against the National Securities 2000 Index is 81%, with an average monthly excess return of 1.20% since the current fund managers took over [3]. Group 2: Investment Strategy - The fund employs a dual-engine model combining traditional quantitative multi-factor models with advanced machine learning techniques to enhance factor discovery and integration [4][5]. - The fund managers utilize AI tools to identify hidden pricing patterns and improve the efficiency of alpha factor extraction, addressing the limitations of traditional models [5]. Group 3: Other Quantitative Funds - The article also discusses other quantitative funds under GF, such as the GF Multi-Factor Mixed Fund (002943), which has consistently outperformed major indices over the past seven years [6][7]. - GF has a diverse range of quantitative products, including Smart Beta strategies, which focus on small-cap style enhancement [7]. Group 4: Dividend and Value Strategies - The GF Stable Strategy Fund (006780) employs a combination of subjective and quantitative approaches to capture dividend opportunities, achieving a return of 25.93% in 2024, outperforming the benchmark by 7.17% [10]. - The GF High Dividend Preferred Fund (008704) focuses on high-dividend, low-valuation stocks, achieving a year-to-date return of 12.10%, significantly surpassing the performance of the benchmark indices [14][15].
量化投资策略与管理人研究系列之三:主动量化基金:从超额收益来源到各类投资策略分析
Shenwan Hongyuan Securities· 2025-08-04 10:16
Group 1 - The report identifies six main categories of public quantitative products, totaling 919 products with a combined scale of 386.87 billion yuan, with the largest categories being index enhancement, active quantitative, and absolute return funds [4][10][11] - Active quantitative funds have shown a higher correlation with quality, growth, and small-cap factors in 2020, shifting to a stronger correlation with small-cap factors after 2022 [4][22] - The report outlines four main strategies for active quantitative funds, including equity fund enhancement, SmartBeta style strategies, industry rotation/all-industry quantitative stock selection strategies, and quantitative strategies from active equity teams [4][12][17] Group 2 - The report details the distribution of public quantitative products by strategy, highlighting that index enhancement funds account for 374 products with a scale of 194.32 billion yuan, while active quantitative funds consist of 343 products totaling 91.39 billion yuan [10][11] - The active quantitative fund strategies include equity fund enhancement represented by products like Baodao Qihang and Baodao Yuhang, SmartBeta strategies focusing on small-cap and dividend strategies, and industry rotation products like Huashan Event-Driven Quantitative Strategy [4][12][17] - The report emphasizes the differences in active quantitative product layouts among various fund companies, with specific companies focusing on different strategies such as full-industry quantitative stock selection or style funds [13][14] Group 3 - The report lists the top 20 active quantitative products by scale, with notable products including Zhao Shang Quantitative Selection A and Guojin Quantitative Multi-Factor A, highlighting their respective strategies and performance metrics [15][24] - It notes that many of the top-performing active quantitative products in 2025 have a tendency to invest in small-cap stocks, indicating a market trend towards smaller market capitalization [25][26] - The report also discusses the environmental adaptability of different strategies within active quantitative funds, indicating varying performance based on market conditions [26]