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蒙玺投资李骧:发力“全频段Alpha”,量化行业迎来“精耕细作”时代
Zhong Guo Ji Jin Bao· 2025-09-29 06:33
"量化投资的本质是人才、技术的积累和迭代。我们的目标是最终实现工程化的胜利,每个模块不断打 磨,做深做细,做到极致,最后无缝拼接。"蒙玺投资创始人兼总经理李骧说。 李骧称,公司未来将持续迭代策略和技术,打造"严格控制风格的全频段Alpha",成为具有国际视野的 稳健型量化投资机构。 低延迟、中心化和非线性模型 笃定三大关键打造核心竞争力 李骧是一位典型的理工科背景的量化私募掌门人,学生时代参加各种科学竞赛,本科考入了中国科学技 术大学,学化学物理专业,后来出国留学,获得美国布朗大学理论化学硕士。 他对股市兴趣浓厚,2008年开始研发美股量化策略,2010年中国股指期货推出后,专注期货策略研究, 并在低延迟领域持续深耕;2016年他创立了蒙玺投资,经过九年发展,公司管理资产规模逾150亿元。 回顾公司创立至今,李骧表示,蒙玺投资发展的每一步都围绕"长期主义"展开,而三个关键决策则打造 了公司在量化投资领域的核心竞争力。 首先,创立之初,公司就非常笃定要拥有很强的低延迟技术。"因为量化策略每个时刻下单,某种意义 上来说都要与同行竞争,所以技术层面一定要有优势。"李骧说,低延迟的IT是量化投资的必要不充分 条件,技 ...
中金基金:践行高质量发展新使命 构建权益投资新格局
Xin Lang Ji Jin· 2025-09-17 08:07
登录新浪财经APP 搜索【信披】查看更多考评等级 投资方面,考核对标业绩基准,强调利益绑定。响应证监会《行动方案》,强化业绩比较基准的约束作 用,要求组合配置与基准匹配,鼓励均衡配置,突出基金经理通过选股创造超额收益的能力。考核对标 业绩基准,强调长周期考核,坚持以三年以上长期收益为核心的考核评价制度,确保基金经理专注于长 期价值创造而非短期博弈。强调利益绑定,响应浮动管理费收取机制,将基金管理人的收入直接与基金 业绩挂钩,促进基金经理与投资者的利益一致化。 专题:北京公募基金高质量发展系列活动 新时代、新基金、新价值 人员方面,构建长期投研体系,培养完善人才团队。用好主动权益研究队伍人员配置,实现内部培养机 制的良性发展,深化长期投资研究体系的构建。提升研究团队服务产品和外部客户的能力,将研究能力 在投资业绩转化、外部客户投后服务质量提升两项工作上做实做细。优化研究员考核导向,提高研究员 服务产品和投后工作的主动型、积极性。 《推动公募基金高质量发展行动方案》(以下简称《行动方案》)的出台,标志着公募基金行业进入了 系统性变革、深度转型的新阶段。《行动方案》针对经营理念有偏差、功能发挥不充分、发展结构不均 ...
世纪前沿:业绩新高致敬10周年!三大优势构筑竞争力!前瞻布局中低频量化赛道!| 量化私募风云录
私募排排网· 2025-08-20 03:34
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].
割肉的、开始的、买少的、怕涨的
银行螺丝钉· 2025-08-15 05:21
Core Viewpoint - The article discusses different types of investors during a bear market, emphasizing the importance of long-term investment strategies and the psychological aspects of investing during market downturns [1]. Group 1: Types of Investors - There are various types of investors observed in the current market: those who panic sell, those who are just starting, those who invest conservatively, and those who fear missing out on buying opportunities [1]. - Panic sellers have significantly reduced their investments, with some funds experiencing a decline of 50%-60% since March 2021 [6][9]. - New investors entering the market during a bear phase are in a favorable position, as they can buy at lower prices and develop a healthy respect for market volatility [12][13]. Group 2: Investment Strategies - For new investors, starting during a bear market can be advantageous, as it allows them to buy at lower prices and understand market fluctuations [12][17]. - Investors are encouraged to maintain a stock allocation based on the formula "100 - age," which is a common guideline for long-term asset allocation [20][21]. - In a bear market, it is suggested to increase stock allocations when the market is undervalued, particularly when it reaches around 5-star ratings [22][23]. Group 3: Market Behavior and Psychology - Many investors prefer to buy during market dips, as evidenced by increased subscription rates during low market points [33]. - The ideal scenario for dollar-cost averaging is to have a prolonged bear market followed by a significant bull market, allowing for accumulation of assets at lower prices [35]. - Patience is emphasized as a crucial trait for investors, as markets will eventually recover and present new opportunities [39][41].
赚钱效应显现 超九成百亿级私募年内实现正收益
Shang Hai Zheng Quan Bao· 2025-08-11 00:41
Group 1 - The core viewpoint is that the private equity market is experiencing a significant recovery, with over 90% of large private equity firms achieving positive returns this year, driven by structural market opportunities and increased capital inflow [1][2][3]. Group 2 - As of the end of July, the average return for large private equity firms with performance data is over 16%, with 98% of them reporting positive returns, indicating a strong performance trend [1][2]. - The number of large private equity firms has increased to 90, reflecting the expansion of the sector amid favorable market conditions [1]. - Quantitative strategies have outperformed subjective strategies, with quantitative private equity firms achieving an average return of 18.92% and a 100% positive return rate [2]. Group 3 - The private equity fundraising market has shown significant improvement, with 1,298 private equity securities investment funds registered in July, marking an 18% increase from the previous month [3]. - The top ten firms with the most new fund registrations in July are all large private equity firms, highlighting their attractiveness to investors [3]. Group 4 - Investor sentiment has improved significantly, with institutional investors increasing their participation and shifting their preferences towards long-only strategies, including subjective stock selection and quantitative strategies [4]. - Large private equity firms are maintaining aggressive positions and actively adjusting their portfolios to capitalize on structural opportunities [4]. Group 5 - Factors such as reduced global trade uncertainties and the effectiveness of China's economic restructuring are supporting the emergence of structural opportunities in the Chinese stock market [5]. - A large private equity firm maintains a high portfolio allocation of over 80%, focusing on sectors like technology, innovative pharmaceuticals, and non-bank financials, while also preparing for potential adjustments in response to market fluctuations [5].
买方投顾、Alpha稀缺、被动投资……公募基金如何迈向高质量发展?王翔、陈晓升、王彦杰、朱永强、张波这样说!
Morningstar晨星· 2025-07-09 10:39
Group 1 - The core viewpoint emphasizes the responsibility of investment advisory firms to help investors make more rational investment decisions, thereby enhancing actual returns [1][6][7] - The discussion highlights the importance of reducing the discrepancy between product returns and investor account returns, with a focus on fee reforms and management practices [6][7] - The need for continuous efforts in investor education to address irrational behaviors is acknowledged, as it is a common phenomenon globally [7] Group 2 - The future of China's public fund industry is seen as having significant growth potential compared to overseas markets, with a focus on building a platform-based research and investment system [9][10] - Large domestic fund companies are expected to shift from asset management to wealth management, while smaller firms should adopt differentiated investment strategies to seek growth [9][10] - The industry is likely to experience a "Matthew Effect," where larger firms gain more advantages, leading to a focus on unique active management capabilities and international investment opportunities [10]
知名量化私募创始人离职!在管产品月底前完成清盘
券商中国· 2025-06-13 05:28
Core Viewpoint - The founder of Shanghai-based quantitative private equity firm Jingqi Investment, Fan Siqi, announced his resignation as fund manager, and the funds he manages will enter liquidation this week [1][3]. Company Overview - Jingqi Investment, established in 2015, specializes in quantitative investment using data mining and modeling techniques to invest in the secondary market. The firm has a management scale of 1 billion to 2 billion yuan and has received multiple industry awards [2][4][5]. - Fan Siqi is the company's largest shareholder, holding 36.36% of the shares, and has served as the chairman and general manager [2][5]. Management Changes - Fan Siqi cited significant pressure from the rapidly changing market environment and the demands of managing company affairs as reasons for his departure. He plans to continue working in trading but will not participate in a company structure [5][6]. - The company will continue operations, with plans to liquidate the self-managed products previously overseen by Fan Siqi. Other products will have their fund managers changed to those with better performance strategies [7][8]. Performance and Achievements - Over the past five years, Fan Siqi has demonstrated strong performance, achieving good returns even during the bear market of 2018. He was awarded the Evergreen Fund Manager Award by Private Equity Ranking in 2022 [6]. - During their self-managed period, Fan Siqi and his partner Tang Jingren achieved nearly 30 times compound returns over six years, equating to an annualized return of approximately 85% [10].
【寻访金长江之十年十人】九坤投资王琛:科学投资有深远生命力,价值不止在定价能力
券商中国· 2025-06-11 10:34
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].
降费、优化基金业绩比较基准,公募“深改”进行时
2 1 Shi Ji Jing Ji Bao Dao· 2025-05-13 13:35
21世纪经济报道记者 易妍君 广州报道 公募基金行业高质量发展的序幕已然开启。 近日,证监会印发《推动公募基金高质量发展行动方案》(以下简称"方案"),针对行业"症结",围绕 基金运营模式、行业考核考评制度、行业长效机制建设等关键环节提出25项政策举措,为公募基金行业 勾勒出全面改革的"路线图"。 《21世纪经济报道》记者注意到,《方案》中有关基金业绩比较基准的约束作用、浮动管理费收取机 制、基金公司绩效考核机制、行业薪酬管理等内容,引发了行业内的广泛讨论。机构认为,这些改革举 措将对公募基金的产品布局、战略路径,甚至是投资行为带来深远影响。 在此背景下,公募基金"火速"行动。5月9日,浦银安盛基金公告称,将对旗下部分基金产品的业绩比较 基准进行变更,这也是《方案》发布后首批变更业绩比较基准的公募基金产品。同时,自4月以来,已 有超过20只基金启动降费,以债券基金为主。 5月13日,鹏华基金变更了鹏华普天债券基金的业绩比较基准,以"更好地反映基金的风险收益特征,科 学合理地评价基金的业绩表现。" 此外,近期,多家大中型基金公司表示,近期将上报新型浮动费率主动权益类基金,此次上报产品主要 与业绩比较基准挂钩。 ...