2025 年 11 月 26 日 长信量化团队立足深度基本面量 化，产品提供差异化配置价值 权 益 量 化 研 究 相关研究 证券分析师 邓虎 A0230520070003 denghu@swsresearch.com 联系人 邓虎 A0230520070003 denghu@swsresearch.com 证 券 研 究 报 告 请务必仔细阅读正文之后的各项信息披露与声明 ⚫ 长信量化团队梯队建设完备，成员具备深厚的多学科专业背景。团队成立于 2008 年，是 公募行业较早布局量化投资的团队之一，现有成员平均从业年限达 12.8 年，经历了多轮 市场周期考验，成员专业背景覆盖金融工程、数学、计算机等领域。 ⚫ 长信量化构建系统化的投研体系，追求可持续的管理方案。团队立足深度基本面量化，核 心运用多因子 Alpha 模型预测收益，并结合风险模型与交易成本模型进行组合优化。通 过涵盖因子构建、收益预测到绩效归因的完整投研闭环，旨在在严格的风险约束下，实现 可解释、可复制且长期可持续的超额回报。 ⚫ 长信量化产品布局全面，构建了多元产品矩阵。团队产品线涵盖宽基指数增强、行业量化 及主动量化三大类，是业内布局最齐全 ...

Group 1 - The core viewpoint of the article is that the launch of the招商均衡优选混合 fund has been successful, with its fundraising exceeding the set limit of 50 billion RMB on the first day, indicating strong investor interest in equity funds as the market recovers [1][2][5] - The fund's initial fundraising target was set at 50 billion RMB, and it was reported that the actual amount raised on the first day surpassed 70 billion RMB, leading to a proportional allocation to manage the oversubscription [2][5] - The fund aims to provide sustainable long-term returns by balancing market, industry, style, and individual stock volatility, managed by a seasoned fund manager with nearly 12 years of investment research experience [5] Group 2 - The recent performance of the capital market has improved, leading to a resurgence in investor enthusiasm for equity assets, which has positively impacted the sales and issuance of equity funds [5][6] - In August alone, over 10 new actively managed equity funds raised more than 10 billion RMB each, with some exceeding 20 billion RMB, reflecting a broader trend of increasing investor confidence [7][11] - The overall issuance of equity funds in August reached a record high, with 615.47 billion RMB raised, accounting for 60.33% of total fund issuance, marking a significant shift in the market dynamics [11]

Core Viewpoint - The article highlights the successful launch of the招商均衡优选混合 fund, which raised over 70 billion RMB on its first day, exceeding its set limit of 50 billion RMB, indicating strong investor interest in equity funds as the A-share market recovers [2][3][5][6]. Fund Launch and Performance - The招商均衡优选混合 fund officially started its offering on September 2, with an initial subscription deadline set for September 12 [5]. - The fund's management proactively set a fundraising cap of 50 billion RMB to protect investor interests and ensure effective risk management [6][5]. - As the fundraising approached the cap, the fund implemented a proportional allocation method to control the total size effectively [5][6]. Market Context - The recent positive performance of the capital market has led to increased investor enthusiasm for equity assets, contributing to a general recovery in the issuance of equity funds [6]. - The article notes that the热销 of招商均衡优选混合 is part of a broader trend, with multiple equity products experiencing significant demand, particularly those managed by well-known fund managers [9]. Fundraising Statistics - Since August, over 10 actively managed equity funds have raised more than 10 billion RMB, with some exceeding 20 billion RMB [10]. - Notable funds include 易方达价值回报 and 中欧核心智选, both of which surpassed 20 billion RMB in fundraising and concluded their offerings early [10]. - In August alone, 140 new funds were established, totaling 1,020.22 billion units issued, with equity funds accounting for 615.47 billion units, representing 60.33% of the total, marking a monthly record for the year [11].