Core Viewpoint - The core viewpoint emphasizes the integration of passive investment automation and active investment systematization, focusing on providing returns to investors regardless of the investment management style [1][11][15]. Group 1: Active Automation of Index Investment - Active definition of beta involves proactively creating index products that identify profitable beta directions for investors, such as participating in A50 and A500 indices and iterating dividend indices based on market changes [2][12]. - Active selection of actions is crucial during the passive product's construction, component adjustment, and large redemption periods, where fund managers collaborate with research teams to optimize operations [2][20]. - Active choice of inaction is also important; the company does not provide redundant liquidity, ensuring that product activity reflects genuine customer demand and social responsibility [2][18]. Group 2: Systematization of Active Quantitative Investment - The establishment of a closed-loop management quantitative research platform integrates all factor research, strategy formation, model building, and trading instructions, enhancing team collaboration [3][35]. - The investment research process is defined by data and scientific methods, focusing on hypothesis testing and objective analysis rather than subjective opinions [3][40]. - A multi-asset and multi-strategy manual is created and implemented within the system, transforming individual insights into shared wisdom within the investment process [3][39]. Group 3: Cultural Aspects - The company promotes a culture of openness, inclusivity, and teamwork, which is essential for building a robust systematic investment approach and empowering fund managers [3][44][50]. - The culture encourages diverse perspectives and provides support for fund managers facing performance pressures, fostering a stable investment environment [46][51]. Group 4: Investment Strategy Insights - Long-term profitability is viewed as the realization of belief, mid-term profitability as the realization of understanding, and short-term profitability as the realization of technique, highlighting the importance of identifying suitable investment windows [4][48]. - The company believes that in a rapidly evolving market, the speed of discovering beta and returning alpha has increased, necessitating greater effort from investors to adapt [10][37]. Group 5: Future Market Outlook - The company sees significant opportunities in the Hong Kong stock market and emphasizes the importance of innovative pharmaceuticals and dividend themes as key investment directions [37][38].

21世纪经济报道记者易妍君 广州报道市场风险偏好回升背景下，私募证券投资基金日益活跃。 根据私募排排网最新统计，今年前4个月，已有1372家私募证券投资基金管理人备案了新产品，累计备 案私募证券产品3491只，较2024年同期的2515只增长了38.81%。其中，4月新备案的私募证券产品数量 达到1170只，创下近24个月内单月最高纪录。 值得一提的是，伴随A股市场流动性回暖，量化策略逐渐成为市场主流策略之一。特别是以指数增强 （简称"指增"）为代表的股票量化策略颇受机构青睐。例如，今年以来，包括黑翼资产、宽德私募、世 纪前沿在内，多家"百亿"（管理规模超过100亿元以上，下同）私募均备案了A500指数增强产品。 "量化策略在私募领域的应用广度与深度持续拓展，已发展成为投资者资产配置的核心组成部分。"融智 投资FOF基金经理李春瑜向21世纪经济报道记者指出，随着市场参与者数量快速增长，量化行业竞争日 趋白热化，倒逼各机构通过构建差异化策略体系、强化技术研发投入和完善风险管理机制来提升核心竞 争力。 量化私募产品占比接近44% 2025年以来，A股市场逐步企稳，投资者情绪有所回暖，私募基金行业则掀起了备案新产品 ...