AI技术在模型优化上的突破，让量化策略从依赖历史回测的静态模型，升级为能够实时迭代的智能决 策系统，有效解决了传统模型"过拟合"与"适应能力弱"的痛点。传统多因子模型优化多聚焦回测指标提 升，而鑫元量化将AI应用于"个股对比研究"，通过机器学习对个股的基本面、量价特征、资金流向进行 深度拆解，找到"牛股"的共性量化逻辑，再转化为可落地的因子与模型参数。例如，在事件驱动"打 猎"模型中，AI会筛选出宏观、中观、微观维度同时触发信号的个股，实现"多维共振"选股，这类个股 的独立上涨概率较传统策略提升40%。结合"春夏秋冬"大格局模型，AI实现了策略的动态调整，通过分 析量价信息、期权隐含波动率等数据，自动识别市场所处阶段，进而调整股票组合与衍生品的配比，如 2024年9月，AI识别市场切换至"春"格局后，自动将股票仓位提升至95%，并加大进攻型因子权重，精 准把握小盘成长风格行情。此外，AI技术让交易从"被动执行"升级为"智能决策"，通过构建交易成本模 型，根据市场流动性、冲击成本实时调整下单节奏与拆分方式，将滑点降低至0.15%以内，同时回溯历 史交易数据持续优化算法，让策略的实际收益更接近理论收益。 当量化投 ...

Core Viewpoint - The article emphasizes the increasing importance of AI in the investment sector, particularly for quantitative private equity firms, with Inno Asset being a pioneer in integrating AI into its core strategies since 2018 [2][10]. Company Overview - Inno Asset was established in 2014 and has received over 150 industry awards, including the Golden Bull Award and the Golden Sunshine Award, reflecting its strong industry recognition [2]. - The firm manages assets exceeding 20 billion yuan and has a team of over 130 professionals, many of whom are graduates from top universities such as Tsinghua University and MIT [2]. Product Lines - **Multi-Strategy Neutral**: Focuses on low volatility strategies, with approximately 80% allocated to neutral strategies and options arbitrage, complemented by a small proportion of higher-risk strategies to enhance overall returns without increasing risk [3]. - **Index Enhancement**: A high volatility, high return product line that aims to outperform indices through stock selection models while capturing beta returns [3]. - **CTA (Commodity Trading Advisor)**: Operates a multi-strategy approach with over 30 low-correlation sub-strategies, providing effective diversification [3]. - **Multi-Strategy Flexible**: Aims to maximize the return-risk ratio by combining various low-correlation strategies, making it one of the highest expected return-risk ratio product lines [3]. AI Integration - Inno Asset has fully embraced AI in its strategy development, transitioning from single strategy models to AI-driven multi-strategy frameworks since 2018 [10]. - The Alpha strategy has evolved into a combination model that leverages both AI and traditional multi-factor models to enhance performance in volatile markets [12]. Talent Development - The company emphasizes a "self-cultivation" talent strategy, with over 70% of the core research team developed internally through a structured mentorship and training program [11]. - Incentives include profit-sharing and long-term equity options, fostering a strong alignment between employee interests and company performance [11]. International Expansion - Inno Asset obtained a Hong Kong 4&9 license in September 2023, marking its first step towards internationalization, with plans to develop strategies suitable for global markets [19]. - The firm aims to create scalable strategies that are low correlated with A-shares, focusing on a comprehensive approach involving strategy, data, talent, and systems [19].

Core Insights - Lingjun Investment won the "Golden Bull Private Equity Management Company (Five-Year Stock Strategy)" award, reflecting its strong performance and comprehensive competitiveness in the stock strategy investment research field [1] - The award signifies the company's systematic core competitiveness built through cultural cohesion, governance innovation, risk control upgrades, and strategy iteration [1] Group 1: Performance and Strategy - Lingjun Investment demonstrated resilience and adaptability in a competitive quantitative industry, maintaining stable performance through deep strategy iteration [2] - The company employs a "large-cap model + medium to long-term signals" approach, enhancing short-term forecasting while balancing signals across different time frames [2] - The stable growth in performance is supported by a robust risk control system, which is seen as a prerequisite for sustainable performance [2] Group 2: Risk Control Mechanisms - The company integrates regulatory rules and exchange guidelines into quantifiable parameters to prevent compliance risks from the source [3] - A self-developed trading system incorporates comprehensive risk control rules, creating a dual verification mechanism to prevent human error [3] - Lingjun Investment manages all products collectively, allowing for real-time monitoring of the overall investment portfolio's risk exposure [3] Group 3: Industry Outlook - The future of the quantitative industry is expected to be driven by technology, with AI playing a crucial role in overcoming development bottlenecks [4] - AI technologies will deepen their application in quantitative fields, enhancing strategy precision and adaptability [4] - The focus of competition will shift from strategy construction to the overall management of system engineering and execution frameworks [4] Group 4: Strategy Diversification - The quantitative industry is moving towards diversified and refined strategies to meet the complex market environment and diverse investor needs [5] - New strategies such as CTA and cross-market strategies will enrich investment options, while refined strategies will help avoid homogenization [5] Group 5: Governance and Cultural Transformation - Lingjun Investment has undergone a significant governance structure transformation, shifting from a "clear division" model to a "collaborative and efficient" approach [7] - The new governance model enhances collaboration between investment research and operational functions, eliminating management bottlenecks [7] - The company has developed a cultural system that translates governance concepts into actionable daily guidelines, ensuring effective execution [8] Group 6: Commitment to Long-Term Value - The award reflects industry recognition of Lingjun Investment's commitment to long-term value creation and its ability to adapt during market fluctuations [9] - The company aims to leverage AI technology in investment research and client services to enhance strategy precision and service professionalism [9] - Lingjun Investment emphasizes the importance of maintaining a long-term perspective and continuously evolving to meet market challenges [9]

Core Insights - The primary mission of wealth management institutions is to prevent risks, followed by seeking wealth preservation, appreciation, and inheritance [1] - Wealth management should transcend economic cycles rather than merely predicting or speculating on them [1] - Investment advisors should help clients filter noise, avoid risks, and focus on stable growth channels [1] Group 1 - Zhang Xin Fan emphasized the importance of risk prevention in wealth management, stating that protecting asset safety is the top priority [1] - The future of brokerage wealth management will focus on two main directions: developing a fully entrusted investment advisory model and promoting ETFs as a simple investment method [1] - Investment advisors must possess a deep understanding of wealth management's mission, vision, and the development of the Chinese economy [2] Group 2 - Financial products are crucial for the sustainable development of wealth management, enabling ordinary people to access investment opportunities in emerging sectors like renewable energy and AI [2] - The concept of financial equality is highlighted, as individuals in remote areas can access the same investment opportunities through financial products, despite lacking access to top-tier resources [2]

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]

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 ...

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 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].

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].

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]