对于沈显兵的不幸辞世，启林投资管理层及全体员工表示最沉痛的哀悼和最深切的怀念，对沈显兵多年 来所做出的重要贡献致以最诚挚的感谢，并向沈显兵的家人表示最深切的慰问。 2月2日晚，启林投资发布公告称，公司创始合伙人沈显兵于2月2日10时36分与世长辞，享年40岁。 资料显示，沈显兵1986年8月出生于湖北，毕业于中国科学技术大学物理学专业，曾任职于科大讯飞、 易炬信息科技以及上海顶间通信科技。自2015年起参与启林投资的创建及后续运营管理工作，担任创始 合伙人。 当前正处于数据+AI驱动的技术革命浪潮起点，无论是海外一线对冲基金还是国内顶级量化机构，过去 几年在AI等新技术的应用和研究上都持续投入发力，这一趋势仍将持续。 王鸿勇曾表示，量化投资在新技术应用领域仍有较大空间，若不能拥抱这一趋势，机构或将面临长期竞 争力缺失的风险。目前，启林投资在拥抱新技术、投资科创方面形成了一套自己的体系。 据王鸿勇介绍，首先，启林投资的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1000ETF为主。这两个宽基指数涵盖了众多科技成分股，通过长期 配置，启林投资持续为上市科技公 ...

Multi-Strategy Performance - A-share equity strategies and commodity CTA strategies are currently dominant, with A-share equity strategies showing continued opportunities for allocation[7] - The index enhancement strategy has seen a rebound, with the median excess return for public funds turning positive[10] - Private CTA strategies remain strong, benefiting from trends in precious metals like gold and silver, as well as increased volatility in non-ferrous metals[29] Bank Wealth Management Performance - Overall, bank wealth management products have positive returns, with significant gains in commodity and equity products, but overall scale has not expanded[32] - Cash management products increased by 0.02%, while fixed income products rose by 0.06%, and mixed products saw a 0.24% increase, indicating strong performance relative to historical data[33] - The scale of cash management products decreased by 0.09%, and fixed income products saw a reduction of 0.04%, reflecting a general trend of declining scale across most categories[39] Risk Considerations - Extreme risk events, such as US-China relations and unexpected global geopolitical events, could disrupt historical statistical patterns[4] - The risk of quantitative indicators failing, as historical data may not effectively guide future performance, is a concern[4]

Group 1 - The "Starry Navigation Plan" aims to create a leading private equity empowerment platform focused on technology innovation and fostering a positive cycle between technology, capital, and the real economy [1] - The plan emphasizes the importance of private equity firms in supporting technology innovation and local economic services, particularly those with state-owned backgrounds [1] - The research team engaged with Qilin Investment to explore how quantitative investment can assist in technology innovation and the mutual empowerment paths between private equity and technology enterprises [1] Group 2 - Qilin Investment, founded in 2015, integrates technology into its investment approach, viewing itself as a financial technology company [2] - Over 80% of Qilin Investment's managed assets are in index-enhanced strategies, primarily focusing on the CSI 500 ETF and CSI 1000 ETF, which include numerous technology stocks [2] - The firm has developed a unique system for investing in technology innovation, focusing on the characteristics of technology companies and optimizing models to capture their growth trajectories and risk features [2][3] Group 3 - Qilin Investment employs artificial intelligence and machine learning algorithms throughout its quantitative investment process, enhancing its ability to understand and participate in technological innovation [3] - The company has made significant investments in compliance and risk control, ensuring that its operations adhere to regulatory requirements while utilizing advanced technologies [4] - Qilin Investment collaborates with top universities for talent development and aims to provide investors with sustainable returns through education and long-term investment strategies [4] Group 4 - The "Starry Navigation Plan" aligns with national strategies encouraging technology innovation, recognizing the synergy between quantitative private equity and technology enterprises [5] - Qilin Investment's research and development investment intensity surpasses that of many listed technology companies, facilitating potential collaboration [5] - The plan aims to foster diverse exchanges between quantitative institutions and technology enterprises, ultimately creating a beneficial cycle among technology, capital, and the real economy [5][6] Group 5 - The "Starry Navigation Plan" staff highlighted Qilin Investment's comprehensive capabilities in practicing technology finance, maintaining compliance, and contributing to society [6] - As China transitions to high-quality economic development, quantitative investment is becoming a crucial link between capital markets and technology innovation [6] - Qilin Investment's practices demonstrate that rigorous models, advanced technology, and a long-term investment perspective can create value for investors while empowering technology enterprises and supporting national strategies [6]

● 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]