Core Viewpoint - Lingjun Investment has faced significant challenges following regulatory measures in early 2024, prompting a deep reflection and reform in its operational and governance structures to ensure survival and competitiveness in the quantitative investment industry [2][3][4]. Group 1: Company Challenges and Reforms - The company experienced its most severe crisis since its establishment due to the "2·19 incident," which led to a three-day trading restriction on its products [2][3]. - In response to the crisis, Lingjun Investment initiated comprehensive reforms focusing on cultural and governance improvements, establishing a "co-management + specialization" collaborative mechanism [3][4]. - The leadership structure was redefined, with Cai Meijie overseeing cultural and governance aspects while Ma Zhiyu focused on research and investment strategies [4]. Group 2: Compliance and Risk Management Enhancements - The company has implemented a systematic overhaul of its compliance and risk management frameworks, embedding risk control parameters into all trading strategies to ensure adherence to regulatory requirements [5][6]. - A dual-layered risk control mechanism has been established, integrating strategy-level controls with comprehensive system-level rules to mitigate risks effectively [6][7]. - All trading activities are now monitored under a unified risk management framework, allowing for cross-product risk analysis and compliance oversight [6]. Group 3: Focus on Fundamental Factor Research - Lingjun Investment has been deepening its research into fundamental factors since 2015, recognizing their growing importance in evaluating corporate value and enhancing strategy resilience [8][9]. - The company aims to expand its fundamental factor research by exploring new industry-specific factors and refining existing ones to improve their quality and effectiveness [9]. Group 4: Performance and Strategy Adjustments - The quantitative strategies of Lingjun Investment have shown strong performance, with average returns of 11.50% and 14.85% for private equity quantitative stock selection strategies and the CSI 1000 index enhancement strategy, respectively, in the first half of the year [10]. - The company has adjusted its product line to focus on its leading quantitative stock selection strategies while also expanding its index enhancement products to meet diverse investor needs [10][11]. - Recent strategy upgrades have balanced long-term signals with short-term predictive capabilities, enhancing the company's adaptability to market fluctuations and contributing to its strong performance [11].