Core Viewpoint - The article highlights the recent market focus on Hainan and Fujian, driven by policy benefits and strategic positioning, leading to significant investment opportunities in these regions [2]. Group 1: Hainan and Fujian Market Dynamics - Hainan Free Trade Port is nearing full operation, with concentrated policy benefits being released, attracting over 300 private equity firms to the region [2]. - Fujian is gaining attention due to improved cross-strait relations and strategic policies, including tax incentives and fund aggregation, which are attracting private equity investments [2]. - As of November 2025, there are 242 private equity managers based in Fujian, with only two firms managing between 5-10 billion [2]. Group 2: Performance of Private Equity Firms in Fujian - The top ten private equity firms in Fujian for the year 2023 have a performance threshold of ***%, with seven firms located in Xiamen [3]. - The average return for private equity products in Fujian from January to November 2023 is 23.18%, with a total scale of 121.31 billion [2]. Group 3: Top Performing Private Equity Firms - The leading private equity firm in Fujian is 壹点纳锦, achieving a remarkable performance of ***% [5]. - 中闽汇金 ranks second with a performance of ***%, focusing on industries aligned with national economic development [6]. - 深圳量道投资, managing over 50 billion, has a notable return of ***%, with a strong emphasis on quantitative investment strategies [7]. Group 4: Strategy Performance - The average return for stock strategies in Fujian is 28.55%, outperforming major A-share indices [8]. - The top three stock strategy products are managed by 丹金恒信, 行必达, and 壹点纳锦, all achieving returns above ***% [9]. Group 5: Multi-Asset and Derivative Strategies - Multi-asset strategy products in Fujian have an average return of 15.72%, with the top products from 厦门证道 and 明实 [11]. - The average return for futures and derivatives strategies is 8.52%, with 深圳量道投资 leading the category [13].

Core Viewpoint - Quantitative investment is transitioning from a marginal role to a mainstream strategy in the volatile A-share market, with Shenzhen Liangdao Investment leveraging its strong quantitative technology foundation and systematic strategy framework to advance in the competitive asset management industry [2]. Company Overview - Shenzhen Liangdao Investment was established in April 2015, with a founding team that has been dedicated to quantitative investment and algorithmic trading since 2010. The company has research centers in Xiamen, Beijing, and Shanghai, and its core personnel have over 10 years of experience in quantitative strategy research and risk control [2]. - The name "Liangdao" signifies the "path of quantitative investment," reflecting a deep understanding of the essence of investment—finding the optimal solution between returns and risks [2]. Performance Highlights - Liangdao Investment's quantitative stock and CTA (Commodity Trading Advisor) products have shown outstanding performance this year. As of September 30, 2025, its "Liangdao Shunfeng No. 1 A-class share" and "Liangdao Chengfeng No. 1 A-class share" ranked in the top 10 for excess returns among similar-sized institutions in their respective strategies [3]. - The "Liangdao CTA Selected No. 17 A-class" product achieved a return of ***%, ranking 4th among private equity firms with over 5 billion in assets [3]. Differentiation Strategies - The company attributes its performance to four key differentiating features: 1. Low correlation with the market, achieved through an independent research system and various machine learning models, resulting in an average correlation of 0.40 with excess returns [8]. 2. Utilization of GNN (Graph Neural Network) technology to uncover hidden style rotation opportunities through dynamic relationships between stocks [8]. 3. A unique alternative database that enhances the robustness and stability of price-volume factors in event-driven markets [8]. 4. A specialized risk control system that combines the Barra system with A-share characteristics, such as additional controls for dividends and micro-cap stocks [8]. AI Model Optimization - Liangdao Investment has made significant improvements to its AI models, focusing on input layer optimization and dynamic graph structure construction, which sets it apart from traditional models [10]. - The company employs AI and machine learning algorithms to explore non-linear relationships between factors and returns, enhancing the ability to capture hidden signals from unstructured data [10]. Risk Control Mechanisms - The company's risk control strategy encompasses pre-trade, in-trade, and post-trade measures, ensuring comprehensive oversight throughout the investment process [12]. - Pre-trade controls involve constraints on major style factors and market characteristics, while in-trade controls utilize third-party systems to monitor trading activities [13][14]. - Post-trade controls are implemented through a self-built system that analyzes account holdings and ensures consistency with investment strategies [15]. Market Adaptation Strategies - To adapt to the rapidly changing styles and themes in the A-share market, Liangdao Investment has developed a "multi-dimensional, multi-model" investment system that allows for quick responses to market changes [16]. - The company regularly updates its factor versions and model training to incorporate the latest market characteristics, ensuring its strategies remain relevant [16]. Future AI Strategy - Liangdao Investment's future AI strategy focuses on four main areas: enhancing AI applications in strategy development, strengthening data mining and analysis capabilities, optimizing risk control systems, and cultivating AI talent [21].