日前，"中国银河证券·中国证券报私募行业星耀领航计划"调研团队走进国内知名量化私募机构启林投 资，就量化投资如何助力科技创新、私募与科创企业双向赋能路径以及私募机构的社会责任等议题展开 深入交流，共同探索国有背景私募机构在支持科技创新与服务地方经济中的独特路径。 "星耀领航计划"致力于打造国内最具影响力的科创类私募赋能平台，聚焦挖掘并培育兼具专业投资能力 与合规治理水平的私募管理机构。本次调研旨在推动多元投资理念的行业共享，助力构建科技、资本与 实体经济良性循环的生态体系。 将科技基因融入投资血脉 启林投资成立于2015年，由王鸿勇和两位中国科学技术大学的同学联合创立。公司名称取自《左 传》"筚路蓝缕、以启山林"，寓意创业艰辛与开拓精神。王鸿勇早期从事等离子体计算模拟研究，运用 计算机编程模拟自然世界粒子运动规律，这与量化投资运用数学与计算机研究金融市场规律在方法论上 一脉相承。 "我们本质上将自己视为一家金融科技公司。"王鸿勇在接受中国证券报记者采访时表示。 启林投资在投资科创方面形成了一套自己的体系。首先，产品布局紧密贴合科创导向。公司管理规模中 超过80%为指数增强策略产品，其中以中证500ETF和中证 ...

● 本报记者 刘英杰 日前，"中国银河证券·中国证券报私募行业星耀领航计划"调研团队走进国内知名量化私募机构启林投 资，就量化投资如何助力科技创新、私募与科创企业双向赋能路径以及私募机构的社会责任等议题展开 深入交流，共同探索国有背景私募机构在支持科技创新与服务地方经济中的独特路径。 "星耀领航计划"致力于打造国内最具影响力的科创类私募赋能平台，聚焦挖掘并培育兼具专业投资能力 与合规治理水平的私募管理机构。本次调研旨在推动多元投资理念的行业共享，助力构建科技、资本与 实体经济良性循环的生态体系。 将科技基因融入投资血脉 共筑科创生态圈 在王鸿勇看来，"星耀领航计划"准确把握了国家鼓励科技创新的战略方向，而量化私募本质上是技术驱 动型机构，与科技企业基因相近，双方具备合作基础。 "量化公司在研发投入强度上甚至高于许多上市科技公司，这为双方对话与合作提供了可能。"王鸿勇表 示，期待通过"星耀领航计划"搭建的平台，能够促进量化机构与科创企业之间更多元的交流，包括商业 合作与技术探讨，最终形成科技、资本与实体经济之间的良性循环。 启林投资在投资科创方面形成了一套自己的体系。首先，产品布局紧密贴合科创导向。公司管理规模 ...

Core Viewpoint - Market style rotation is a typical characteristic of A-shares, where no single style can consistently outperform the market. This rotation significantly impacts quantitative long strategies, influencing their excess returns directly [2][3]. Group 1: Impact of Style Rotation - Style rotation serves as a double-edged sword for quantitative long strategies, affecting performance and sustainability. When market style aligns with historical preferences of quantitative models (e.g., small-cap style), strategies can capture significant stock selection alpha, leading to outstanding performance [3]. - In the first half of 2023 and the small-cap market in 2024, many quantitative products achieved considerable returns. However, when market styles reverse sharply (e.g., collective pullback of small-cap stocks in early 2024), quantitative strategies face significant challenges, often resulting in noticeable drawdowns [3]. - Quantitative models rely on historical data to identify patterns. If a particular style (like small-cap) remains dominant, models will increase exposure to that style. A sudden style reversal can lead to the short-term failure of factors based on historical data, causing stock selection alpha to vanish or even turn negative [3]. Group 2: Performance Disparity Among Strategies - Style rotation exacerbates performance disparities among different quantitative products. Funds focusing on different tracks (e.g., 300 index enhancement vs. 1000 index enhancement) or employing varying style constraints or risk control capabilities will exhibit significant performance differences during style shifts [3]. - The average excess return of over 200 quantitative long strategy products under billion-yuan private equity was approximately -1.69%, with only 22.67% showing positive excess returns, indicating a high exposure to small-cap and growth styles [7]. Group 3: Market Conditions and Future Outlook - The market exhibited significant style switching from August to September 2025, driven by macroeconomic changes, capital flows, and policy expectations. The relative performance of broad-based indices reflects the rotation between large-cap and small-cap styles [7]. - The small-cap factor's return volatility has increased, and the average excess drawdown during rapid style transitions typically ranges from 1-4%, with the potential for a higher average excess drawdown of 8-9% in February 2024. However, subsequent recovery trends are generally smooth [11].

Core Viewpoint - The A-share market's strong rebound has significantly boosted investor confidence, leading to explosive growth in the issuance of new private equity products [1][4]. Group 1: Private Equity Product Issuance - In July, the number of registered private equity securities products reached 1,298, a month-on-month increase of 18%, marking a 27-month high [2][3]. - The total number of registered private equity securities products this year has surged over 60% year-on-year, with quantitative strategies performing particularly well and attracting substantial capital inflows [2][4]. - The cumulative number of registered private equity securities products in the first half of the year reached 5,576, with a total registered scale of 184.13 billion yuan [4]. Group 2: Strategy Distribution - Stock strategies dominated the July registrations, accounting for 887 products, or 68.34% of the total, with a month-on-month growth of 24.58% [5][6]. - Multi-asset strategies and futures/derivatives strategies also showed steady growth, with 162 and 125 products registered in July, respectively [9]. Group 3: Market Dynamics - The strong performance of quantitative strategies has led to a rapid increase in management scale for many quantitative private equity firms, with the top ten registered products all belonging to billion-yuan quantitative institutions [2][6]. - The market's rebound and the outstanding performance of quantitative investments have driven significant capital inflows, reflecting a strong demand for asset allocation [4][7].

Group 1 - The private equity securities fund industry has shown strong performance in 2023, with an average return of 2.52% as of April 30, and nearly 70% of products achieving positive returns [1] - Multi-asset strategy products lead the market with an average return of 2.87%, while stock strategy products follow closely with a return of 2.56% [1] - The performance of futures and derivatives strategies, combination fund strategies, and bond strategies also demonstrated strong market adaptability, with average returns of 2.34%, 2.10%, and 1.87% respectively [1] Group 2 - Index enhancement strategies have delivered impressive results, with an average return of 6.42% and an average excess return of 9.10% as of April 30 [2] - Large private equity firms with over 10 billion in assets have achieved an average return of 7.53% in their index enhancement products, with all products realizing positive excess returns [2] - Smaller private equity firms also performed well, with average returns between 6% to 7% across various asset sizes, maintaining excess returns above 9% [2] Group 3 - The strong performance of index enhancement products is attributed to improved market liquidity, increased trading activity, and high market volatility, which create favorable conditions for excess return generation [3] - The unique "dual-drive" advantage of index enhancement strategies allows them to benefit from overall market gains (Beta returns) while also employing refined Alpha strategies to enhance returns [3] - This structure of "market Beta as a foundation, active Alpha as an enhancement" demonstrates significant competitiveness in the current market environment [3]