Financial digitalization and investor institutionalization, where will China's quantitative investment go?

Wind Financial Reporter Wu Si

The wave of digital transformation sweeps all walks of life, and the financial industry has also entered a new era of digital finance with the rise of fintech. Quantitative investment is the product.

According to statistics from the China -foundation Association, in July 2022, there were 34 domestic tens of billions of quantitative private equity, a record high. According to industry estimates, the rapid development trend of quantitative private equity will continue.

What is quantitative investment? What kind of challenges and opportunities will China's quantitative investment face? Recently, the founders and academic experts of many outstanding private equity institutions in Shenzhen and Qingdao gathered in the Jinjialing Financial Area to talk about the future trend of quantitative investment in China.

"Pearls on the top" of fintech

In conceptual speaking, quantitative investment refers to the investment strategy set up by computers to implement the investment strategy set in advance, and the computer will make the investment and sale instruction investment method. The specific operation is to use computer technology to quantitative financial logic, and substituted it in the past for recovery testing to obtain effective investment operation strategies and executes the system. The investment strategy of quantitative transactions is a high -level mathematical model developed by industry professionals (including programmers, statisticsers and investment analysts).

It is understood that the quantitative investment in Europe and the United States started earlier, and the market size and the number of institutions were relatively large; the domestic relative start is relatively late, but it coincides with the boom of machine learning. At present, a large number of institutions in the market have begun to adopt a quantitative investment model.

"Fintech 1.0 stage is digital currency, informationization of financial institutions; phase 2.0 is developed on the platform established on the 1.0 stage, and these businesses are only reflected in the digital age of traditional businesses; fintech has developed to stage 3.0 stage 3.0 Later, using advanced technology to collect, analyze and decide on a large amount of data assets accumulated on the construction platform to help us better distribute assets. At this time Newly developed. Quantitative funds in asset management appeared in the fintech 3.0 stage, which is the new product of the big data finance stage. Quantitative investment is the pearl of the crown of fintech 'crown. " Lin Jianwu, Director of Double -hired Professor, Director of Quantitative Investment Research Center, and founder of Mizuki Boya, told Fengkou Finance.

Fengkou Finance learned that in the A -share market, the relatively mainstream quantitative strategies include Alpha strategy, Smart Beta strategy, arbitrage strategy, CTA strategy, etc. More professional institutional investors often combine the above strategies. For example, the Alphat strategy combines Alpha strategy with T0 strategy, provides the bottom warehouse by the Alpha strategy, and then performs the operation in the bottom warehouse. This Compared with the method of lending margin, the method can reduce the cost brought by the securities margin interest rate.

Quantitative investment ushered in great development

After the quantitative boom in 2015, and the industry baptism before 2018, after 2019, the public offering and integration business opened, and the two -frying target expanded to 1,600. In addition, the rapid development of off -site derivatives, domestic quantitative private equity ushered in new new private placements ushered in new new private equity ushered in new new private equity. One round of development. From the end of 2018 to the end of 2021, the proportion of quantitative private equity accounted for all private equity products, from 3.27%to about 17.30%. During the first half of 2019, 2019, 2019, 2019, and 2012, the overall performance of quantitative products of stocks is also ideal. In early 2022, 29 quantitative private equity has entered the tens of billions of echelons. According to statistics from the China -foundation Association, in July 2022, there were 34 domestic tens of billions of private equity, and the number reached a record high. According to industry estimates, the rapid development trend of quantitative private equity will continue. Quantitativeization ushered in the so -called "3.0" development era.

From the perspective of the industry, the private equity industry has continued its growth since 2020. As of the end of 2021, the management scale reached 6.1 trillion, a year -on -year increase of more than 60 %. According to the statistics of the China -Foundation Association, as of the first quarter of 2022, there were a total of 9117 securities private equity managers who have registered the filing, with a total management scale of 635 trillion. From the perspective of strategy types, the quantitative category of stocks is still the main body, and the strategy types are developed from neutral strategies to index enhancement, quantitative stock selection, and long stocks.

In terms of performance, the performance of the beneficiary index in 2021, the performance of the private equity 500 index of the 500 index has relatively good performance, with an annual excess income of 13%-14%. In 2021, the average yield rate of stock strategies in the entire market was 10.9%, and the median number was 6.3%, of which the average yield and center of the 500th finger -increased product increased products were 28.6%and 29.3%, respectively. better.

It is worth noting that the quantitative investment in the limelight has a significant retreat this year. "In 2021, quantitative investment achieved very beautiful performance. Behind the two parts is superimposed. One is the relatively stable growth of the CSI 500 index. There are three reasons for retracement in quantitative investment. The CSI 500 Index has fallen. Private equity excess itself has a problem with the capacity and the strengthening of the commodity market. "Lin Jianwu said that it is normal for quantitative investment to retreat and twists and turns. It is recommended to consider quantitative hedging and multi -asset allocation this year.

In addition, Guo Xuewen, the founder of Maoyuan Capital, believes that the retracement of quantitative investment this year is actually insufficient investment and research strength, and it cannot support the amount of large funds. To increase the strength of investment and research, we must cultivate professional talents. This is the most important and difficult thing in our current. "At present, there are up to 100 domestic quantitative private equity institutions, and foreign head institutions are 500 to 1,000 people. If you want to increase investment capabilities, the most important thing is to expand and cultivate outstanding professional investment research teams." Guo Xuewen said. Investor's institutional challenge

In fact, from the development of domestic quantitative investment, there is still a lot of room for targeting overseas.

"China's quantitative investment can be divided into four aspects. Mathematical ways are called addition, subtraction, multiplication, plus buying stocks. The law of securities fund is incomplete. It is relatively difficult to margin compared to foreign countries. The cost is relatively high and the amount is relatively small. At the same time, the investment atmosphere of derivatives is relatively strong. There is still a long way to go. "Lin Jianwu admitted.

In the process of domestic quantitative investment development, the two major dividends of data assets and increasingly excellent human resources in infrastructure have gradually released, promoting the increase in industry income and scale. At the same time profound influence.

Wang Hengpeng, general manager of Jukuan Investment, pointed out that quantitative transactions can be divided into two aspects, one is speculative and the other is investment. "In the short term, the amount of retail investors does not affect excess difficulty; in the long run, the core determination element of quantitative investment strategy is the trader's structure. As institutional investors account for more and more In foreign markets, the choice of investment strategies has gradually converged. "

"Investors in my country's capital market have been developing in the direction of institutionalization. The current stage is equivalent to the state of overseas years ago. This advantage is that for private equity institutions, you can refer to foreign countries and think about measures in advance to deal with the market that will appear in the market that will appear in advance. Questions, such as market congestion and style conversion. What we have to do is to learn excellent and mature experience abroad, and make team building well in order to better develop in the future. "Wu Eat, the founder of the century, said.

It is reported that in 2021, the proportion of individual investors' transactions fell to less than 70%for the first time, and the concept of value investment, long -term investment, and rational investment gradually established. "Investors' institutionalization plays an important role in my country's investment formalization and long -term stability." Lin Jianwu said. For quantitative fund managers, in terms of long -term path selection, stock strategies need to deeply integrate fundamental fundamental research; in terms of investment capabilities, they can deploy multi -assets and multi -strategies for investment and research framework; From the pursuit of absolute income to the pursuit of reasonable risk adjustment. For fund investors, multi -strategic decentralized configuration can resist the "trouble of growth".

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