2024 年起的监管政策压缩了高频 T0 策略的 Alpha 空间，倒逼管理人从高频博弈转向中低频基本面因子挖掘，2025 年产品平均换手率普遍下降。叠加指数成分股质量提升，量化指增也从短期交易工具，升级为具备长期资产配置价 值的产品，完成从规模扩张到策略与价值逻辑的双重重塑。 基金管理人与量化指增策略体系介绍 qqqqqqqqqqqqqqqqqqq 量化指增产品市场分析 近年量化指增是权益市场的核心热门赛道，其市场规模从 2020 年的 958.50 亿元快速扩张至 2025 年的超 2500 亿元， 同时呈现"头部集中、平均规模抬升"的结构特征，头部产品规模不断向上突破。 永赢基金管理有限公司是宁波银行与新加坡华侨银行旗下机构合资设立的中外资基金公司，截至 2025 年三季度，其 管理规模超 6200 亿元。以固收类产品为核心，占比超 78%，股混型产品规模稳步增长，业务布局多元且稳健。 其量化指增产品体系分为三类：常规宽基指增（跟踪沪深 300 等指数，以"核心+卫星"策略融合多因子与基本面方 法，挖掘持续超额收益）、特殊基准指增（针对中证 A500、科创 100 等定制增强，匹配指数风格并严控风险）、 ...

Core Insights - The index business has seen significant growth, with Yongying Fund achieving a total ETF management scale of 26.8 billion yuan as of October 23, 2025, representing a more than fourfold increase since the beginning of the year [1][11] - Yongying Fund has successfully launched various ETFs, including the first bond ETF and innovative satellite and general aviation ETFs, with the gold stock ETF surpassing 13 billion yuan, becoming the first in China to reach this milestone [1][11] - In the index enhancement sector, Yongying Fund's performance is notable, with the Yongying Shanghai Stock Exchange Sci-Tech Innovation Board 100 Index Enhanced A yielding a 73.06% return over the past year, outperforming its benchmark by 12.08% [1][12] Product Strategy - Yongying Fund's index enhancement strategy emphasizes meticulous operations, focusing on incremental gains for investors. The team employs methods such as new stock subscriptions and stock index futures to enhance returns while controlling risks [2] - The investment operation of Yongying's enhancement products relies on a unique quantitative research system, integrating fundamental logic and AI technology to create a multi-strategy framework that is verifiable and adaptable [2] Technological Empowerment - The success of Yongying Fund's index enhancement business is attributed to its robust technological capabilities, having developed five leading research systems, including the Qianxing Fixed Income Research System and the Mingjing Risk Management System, both of which have received awards from the central bank [3][13] - The company has made significant investments in AI computing power and large models like DeepSeek, enhancing its quantitative investment capabilities in terms of market opportunities and fund tracking [3] Future Outlook - Yongying Fund aims to continuously improve its product offerings and research capabilities, aspiring to create a comprehensive "product shelf" that provides suitable tools or combinations for investors in any market environment [4] - The company has established 13 ETF products covering various themes and indices and has filed for additional index products, including those focused on AI, internet sectors, and chemical industries, to enrich its product portfolio for future business expansion [4]

Core Viewpoint - Yongying Fund has achieved significant growth in its index business, leveraging a unique differentiated layout and quantitative research system, resulting in a distinctive development path in the burgeoning market [2]. Group 1: Performance and Growth - As of October 23, 2025, Yongying Fund's total ETF management scale reached 26.8 billion, growing over four times since the beginning of the year [2]. - The company launched its first bond ETF and saw its innovative satellite ETF and general aviation ETF each surpass 1 billion, while its gold stock ETF exceeded 13 billion, becoming the first gold stock ETF in China to reach this milestone [2][14]. - The Yongying Shanghai Stock Exchange Science and Technology Innovation Board 100 Index Enhanced A fund achieved a one-year return of 73.06%, with an excess return of 12.08% compared to its benchmark [2][14]. Group 2: Investment Strategy - The investment strategy of Yongying's index enhancement funds emphasizes a growth-oriented stock selection model, focusing on technology growth to stabilize excess returns while increasing yield flexibility [3]. - The company employs a meticulous operational approach, aiming to accumulate small profits for investors through strategies like new stock subscriptions and risk stock exclusions [3]. - Yongying's index enhancement products utilize a unique quantitative research system, combining fundamental logic and AI technology to create a multi-strategy framework that is verifiable and iterative [3]. Group 3: Technological Empowerment - Yongying Fund's success in index enhancement is supported by its advanced technology, having developed five leading research systems, including the Qianxing Fixed Income Research System and the Mingjing Risk Management System, both awarded by the central bank [5]. - The company has made significant investments in AI computing power and large models like DeepSeek, enhancing its quantitative investment capabilities [5]. - The team is focusing on deepening machine learning and other cutting-edge technologies to strengthen its competitive advantage in the index enhancement sector [5]. Group 4: Future Outlook - Yongying Fund aims to continuously improve its product offerings and research capabilities, aspiring to create a comprehensive "product shelf" to provide suitable tools or combinations for investors in any market environment [6]. - The company has established 13 ETF products covering various themes and indices and has filed for multiple new index products, including those focused on AI and the chemical industry, to enrich its product portfolio [6].