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Company Overview - Zhicheng Zhuoyuan was established on June 19, 2017, and focuses on quantitative investment, with a current active management scale exceeding 16 billion yuan [4] - The company aims to create a top-tier domestic private equity fund management company that benchmarks against overseas quantitative hedge funds [4][5] - The company has a clear and stable equity structure, with the actual controller holding over 80% of the shares, ensuring efficient decision-making [6] Development History - The company was founded in 2014, with its first quantitative hedge strategy achieving real performance in 2014 [4] - By 2022, the management scale exceeded 10 billion yuan, and as of now, it has surpassed 16 billion yuan [4] Core Investment Philosophy - The investment philosophy is based on statistical arbitrage, assuming that future market behavior will resemble past patterns, allowing for the estimation of future price expectations [5] - The strategy involves ranking stocks based on expected returns and adjusting positions to maintain a portfolio with a higher expected return than the market index [5] Core Team and Advantages - The core team, led by investment director Shi Fan, consists of members with strong backgrounds in finance and quantitative analysis, primarily graduates from Peking University [7] - The investment team has over 10 years of localized quantitative management experience, with a low correlation between their models and market trends, allowing for stable alpha generation [15][37] Investment Strategy and Product Line - The company offers two main types of quantitative products: market-neutral and quantitative long strategies [4] - The investment strategy is characterized by a focus on short-cycle, low-frequency trading, aiming for stable returns while managing risk effectively [41] Risk Control - The company has established a comprehensive risk management system that includes pre-trade, intra-trade, and post-trade risk controls [31][32][33] - The risk management framework is integrated into the investment strategy, allowing for dynamic adjustments based on market conditions [32][33] Core Advantages - The company emphasizes a cautious approach to scaling, prioritizing returns and volatility over aggressive growth [41] - The unique investment research system integrates traditional fund management processes with modern factor-based research, enhancing efficiency and innovation [42] Awards and Recognition - Zhicheng Zhuoyuan has received multiple awards, including the 2023 China Private Equity Golden Bull Award for "Best Quantitative Multi-Strategy Private Fund Manager" [44][45]

Core Viewpoint - The A-share market experienced significant volatility in the first half of 2025, leading investors to prioritize the balance of returns and risks when selecting stock strategy products. The Sharpe ratio emerged as a crucial metric for evaluating risk-return profiles of these products [2]. Summary by Relevant Sections Overall Performance - In the first half of 2025, there were 2,891 stock strategy products with a displayed Sharpe ratio, achieving an average return of 12.4% and an average Sharpe ratio of 1.57. The products managed by private equity firms with a scale of 10-20 billion showed the highest average return at 16.39% [2][3]. Performance by Company Size - **100 Billion and Above**: - 420 products with a total scale of 632.37 billion, average return of 11.40%, and a Sharpe ratio of 2.03 [3]. - **50-100 Billion**: - 196 products with a total scale of 244.84 billion, average return of 12.12%, and a Sharpe ratio of 1.97 [3]. - **20-50 Billion**: - 258 products with a total scale of 267.26 billion, average return of 11.78%, and a Sharpe ratio of 1.85 [3]. - **10-20 Billion**: - 309 products with a total scale of 267.01 billion, average return of 16.39%, and a Sharpe ratio of 1.57 [3]. - **5-10 Billion**: - 422 products with a total scale of 250.14 billion, average return of 11.60%, and a Sharpe ratio of 1.50 [3]. - **0-5 Billion**: - 1,286 products with a total scale of 434.97 billion, average return of 12.19%, and a Sharpe ratio of 1.32 [3]. Top Products by Performance - The article highlights the top-performing stock strategy products across different company sizes, focusing on those with returns above the average and high Sharpe ratios. Notable products include: - **100 Billion and Above**: Quantitative long products dominated the top 10, with notable managers from Stable Investment and Wide De Private Equity [4][6]. - **50-100 Billion**: The top products were primarily subjective long and quantitative long strategies, with significant contributions from Qianyan Private Equity [8][10]. - **20-50 Billion**: Quantitative long products were most prevalent, with top managers from Jiuming Investment and Zhao Rong Hui Li Private Equity [13][15]. - **10-20 Billion**: A mix of subjective long products, with top managers from Xiangmu Asset and Haokun Shengfa Asset [18][21]. - **5-10 Billion**: Quantitative long products led the rankings, with top managers from Yangshi Asset and Zeyuan Investment [22][25]. - **0-5 Billion**: Quantitative long products were also prominent, with two products from Guangzhou Tianzhanhan making the top five [26][27].