◎记者 马嘉悦 "中东、新加坡、欧洲……近一年我频繁飞国外，因为那里有大量配置中国资产的需求。"一位百亿级量 化私募创始人的经历，在私募业颇具代表性。 据私募排排网统计，截至2月9日，当前持有香港9号牌照的内地私募证券投资基金管理人已超130家，较 去年同期增加逾40家。与此同时，多家私募创始人在开年以来与外资的交流中，感受到全球资金增配中 国的意愿逐步增强。 用业内人士的话来说，私募出海从来不仅是扩圈，更是全球资本版图重构下的顺势而为。在这场浪潮 中，中国私募将进一步积聚站在全球舞台的力量。 私募出海趋势已成 135家，是持有香港9号牌照的内地私募证券投资基金管理人最新数字，也是迄今为止的最高数字。 私募排排网最新数据显示，截至2026年2月9日，当前持有香港9号牌照的内地私募证券投资基金管理 人，较去年同期增加了41家。其中，规模在50亿元以上的私募数量达62家，是私募出海的主力军。 "这些年去香港拿9号牌的私募越来越多，有的已经耕耘海外业务多年初见规模，有的则是为了公司未来 的全球规划做准备。"沪上某业内人士感慨称。 灵均投资透露，公司已在香港和新加坡分别设立办公室，作为出海的"桥头堡"，面向境外合格投 ...

Asset Performance - The report indicates a strong performance in equities and commodities, with A-shares and precious metals leading the gains[11] - The Shanghai Composite Index saw a weekly increase of 1.88% and a year-to-date increase of 21.49%[12] - The CSI 500 Index experienced a weekly rise of 4.03% and a year-to-date increase of 34.49%[12] Market Expectations - The U.S. GDP for Q3 2025 grew at an annualized rate of 4.3%, significantly above the expected 3.3%[19] - The offshore RMB exchange rate broke the 7.00 mark, enhancing the attractiveness of RMB-denominated assets[23] - The report anticipates continued strength in risk assets due to expectations of U.S. economic downturn and policy easing[22] Strategy Recommendations - The report recommends a bullish stance on A-shares, commodities, and gold, with a focus on mid-cap blue-chip stocks and sectors such as non-ferrous metals, basic chemicals, and telecommunications[28] - It suggests monitoring A-share equity-related index enhancement strategies and commodity-related CTA strategies[54] Risk Considerations - The report highlights potential extreme risk events, such as U.S.-China relations and unexpected global geopolitical events, which could disrupt historical patterns[4] - It also notes the risk of quantitative indicators becoming ineffective, as historical data may not reliably predict future outcomes[4]

Group 1 - The core issue involves fraudulent activities where individuals impersonate the founder and employees of Shanghai Liangpai Investment Management Co., Ltd. to deceive investors into downloading illegal apps for stock recommendations and scams [1][4] - Liangpai Investment has issued a formal statement condemning these illegal actions, which not only harm investors' rights but also damage the company's reputation [1] - The company has reported these fraudulent activities to law enforcement agencies [1] Group 2 - Liangpai Investment is registered with the Asset Management Association of China and offers private equity fund management services, with all products available for verification on the association's official website [4] - The company has never conducted any illegal training activities or live teaching sessions, and any solicitation for investment under its name is considered fraudulent [4] - As of now, Liangpai Investment has not developed or issued any trading software, and all related software is unrelated to the company and created by fraudsters [5] Group 3 - Liangpai Investment was established in 2019 and transitioned to asset management after obtaining its private fund manager license in September 2020 [5] - The company currently manages over 10 billion in assets and offers various product lines, including index enhancement strategies, neutral strategies, and CTA strategies [5]

Core Viewpoint - The article discusses the latest developments and strategies of JQAI in the context of the AI era, emphasizing the importance of attracting top AI talent and the implementation of AI-driven investment research strategies [2][3]. Group 1: AI Talent Acquisition and Engagement - JQAI recently participated as a sponsor in NeurIPS 2025 to connect with top global AI talent, leveraging the event to engage with researchers who have achieved significant results in AI [2]. - The company aims to continuously attract and unite top AI talent globally as part of its investment research focus [3]. Group 2: AI-Driven Investment Research - JQAI is committed to exploring AI-driven investment research, focusing on building a fully controllable investment research system and investing in high-performance computing resources [3]. - The company has developed a new technology engine with over 400,000 CPU cores and over 200 petabytes of GPU resources, creating a cloud-native distributed investment research platform [3]. - The proportion of factors derived from AI methodologies in JQAI's factor mining has increased from approximately 20% at the beginning of 2024 to over 60% currently, indicating a significant shift towards AI applications in investment processes [3]. Group 3: Quantitative Stock Selection Strategy - JQAI's quantitative stock selection strategy differs from traditional index-enhanced strategies by not setting specific style constraints against benchmark indices, allowing for greater flexibility in utilizing predictive models [4]. - The quantitative stock selection strategy is designed to dynamically adapt to market conditions, addressing challenges in index-enhanced investment strategies [5]. Group 4: Market Adaptability - The article uses an analogy comparing the A-share market to a lake, where the quantitative stock selection strategy is likened to a sonar-equipped fishing boat that can navigate to areas with higher excess returns, unlike index-enhanced strategies that are limited to specific regions [5].

Core Insights - The article discusses the recent trends in the wealth management industry, highlighting the increasing demand for personalized financial services and the impact of technology on service delivery [1] Group 1: Industry Trends - There is a significant shift towards digital platforms in wealth management, with a reported 40% increase in clients using online services over the past year [1] - The industry is witnessing a growing preference for sustainable investment options, with 60% of investors indicating a willingness to invest in ESG (Environmental, Social, and Governance) funds [1] - Competition among wealth management firms is intensifying, with 75% of firms planning to enhance their digital capabilities to attract younger clients [1] Group 2: Company Strategies - Major firms are investing heavily in technology, with an estimated $5 billion allocated to digital transformation initiatives in the next two years [1] - Companies are focusing on client education and engagement, with 80% of firms offering webinars and online resources to help clients understand investment options [1] - There is a trend towards mergers and acquisitions, with 30% of firms considering strategic partnerships to expand their service offerings [1]

Group 1 - The forum titled "'Empowering Trading, Building Ecology' - New Trends in Index Investment" was held in Shanghai, marking the launch of the "Trading Masters Club" [1] - The founder of the "Trading Masters Club," Li Xudong, emphasized the importance of social networks in investment success and aims to foster knowledge sharing and mutual assistance among investors [1] - The club is intended to break down information silos and cultivate a new generation of investment talent, helping young individuals develop systematic trading thinking [1] Group 2 - Li Xin, Chairman of Futures Daily, stated that the media will empower the "Trading Masters Club" from three dimensions: resources, platform, and ecology, transforming information advantages into practical support for traders [2] - Yang Jinghao, Chief Economist at Kangkai Data, discussed the current global economic downturn and suggested that A-shares present allocation opportunities due to asset rotation [2] - Wang Yayun from Xunuo Capital highlighted the unique value of stock index CTA strategies in uncertain markets, noting their potential for absolute returns through long and short trading [2] Group 3 - Over 80% of investors in global CTA strategy funds are institutional investors, including pension funds and sovereign wealth funds, benefiting from low correlation with stock and bond markets [3] - The integration of stock index futures into CTA strategies is beneficial, as their performance shows low correlation with stock index futures, enhancing net value when combined with long-term strategies [3] - The event featured numerous industry leaders and experts who shared their insights and experiences, enriching the discussions on trading strategies [3] Group 4 - The successful launch of the "Trading Masters Club" provides a quality platform for professionals and enthusiasts in the index investment field to collaborate and exchange ideas [4] - The club aims to consolidate industry strength and promote communication and development in index investment, assisting investors in navigating complex market environments [4] - Future activities and seminars will be organized regularly to provide ongoing professional support and quality services to members [4]

Core Insights - Quantitative investment in China has evolved from a niche attempt to an important component of the capital market, with a focus on providing stable returns across market cycles [1][4] - The core of quantitative investment lies in serving investors with different risk preferences and target returns, emphasizing systematic, disciplined, and continuously optimized strategies [1] - The team led by Yang Yanze has achieved positive returns in various strategies despite a challenging market environment in 2023, highlighting the effectiveness of their approach [1] Strategy and Execution - The company prioritizes long-term excess and absolute returns, focusing on markets and sectors where it excels, avoiding subjective bets and relying on historical data and the law of large numbers [4] - There is a strategic shift from high-frequency to medium-low frequency trading due to the increasing difficulty of maintaining long-term stability in high-frequency strategies within the Chinese market [4] - The investment process incorporates rigorous procedures from strategy validation to real execution, emphasizing the importance of teamwork and system collaboration over individual reliance [4] Future Outlook - The company remains optimistic about the future of quantitative investment in China, noting that the current penetration rate is still significantly lower than in mature overseas markets [4] - As data accumulation, trading mechanisms, and regulatory frameworks improve, the capacity and stability of quantitative strategies are expected to enhance [4] - The investment philosophy is centered on focusing on volume and price strategies to capture profits from market volatility, employing systematic and replicable models to achieve stable returns [4]

Report Summary 1. Report Industry Investment Ratings - Index Enhancement Strategy: Recommended for allocation as the excess environment is expected to be relatively strong [3] - CTA Trend Strategy: Recommended for allocation as the market environment is expected to be moderately strong [3] - CTA Arbitrage Strategy: Recommended for allocation as the market environment is expected to be moderately strong [3] 2. Core Views - Index Enhancement Strategy: Three indicators under Alpha significance and two indicators under Alpha stability are strengthening, and the indicator resonance intensity is in an upward range; the excess environment is expected to be relatively strong [3] - CTA Trend Strategy: In July, the investment win - rate is about 74% with a profit - loss ratio of about 2.8, higher than the historical average; 2 macro - environment factors and 3 commodity market factors are favorable [3] - CTA Arbitrage Strategy: In July, the investment win - rate is about 75% with a profit - loss ratio of about 3.0, higher than the historical average; 3 macro - environment factors and 2 commodity market factors are favorable [3] 3. Summary by Related Catalogs Index Enhancement Strategy - Strategy Environment: Relatively strong [5] - Monitoring Framework: Under Alpha significance, trading volume is favorable; under Alpha stability, specific factors are not clearly marked as favorable or unfavorable [5] CTA Trend Strategy - Strategy Environment: Moderately strong, with a favorable factor ratio of 63% [5] - Monitoring Framework: Among macro - environment factors, export value (month - on - month growth rate) is favorable; among commodity market factors, market trend strength, market speculation degree, market rotation speed, and trading concentration are favorable [5] CTA Arbitrage Strategy - Strategy Environment: Moderately strong, with a favorable factor ratio of 63% [5] - Monitoring Framework: Among macro - environment factors, PPI year - on - year growth rate change rate, manufacturing PMI new order index, social financing scale stock year - on - year growth rate are favorable; among commodity market factors, market basis momentum, cross - variety spread change rate, and market spot - futures spread are favorable [5]