中国量化投资领域今年以来已有18只基金各自管理超过100亿元人民币（15亿美元）的资产，凸显出该行业即使在监管趋严的环境下，仍能创造具有竞争力的投资回报。
China’s quantitative investing sector has produced 18 funds managing more than 10 billion yuan (US$1.5 billion) in assets each so far this year, underlining the industry’s ability to generate competitive returns despite a tight regulatory environment.
这些机构只是中国159只单只管理资产规模超过100亿元的对冲基金中的一部分，并正受益于全球第二大股市由科技热潮推动的增长势头。
The firms are among 159 Chinese hedge funds overseeing more than 10 billion yuan in assets each, riding the technology-driven momentum in the world’s second-largest stock market.
据金融数据提供商万得（Wind）统计，新加入这一行列的机构包括AXQ Capital、Hopeseek Fund和Huanian Fund。
Among the new entrants to the club were AXQ Capital, Hopeseek Fund and Huanian Fund, according to financial data provider Wind.
经济研究机构Gavekal Dragonomics中国研究副总监克里斯托弗·贝多尔表示：“如今许多量化基金的表现都极为出色。”
“Many quant funds are now doing exceptionally well,” said Christopher Beddor, deputy China research director at economic research firm Gavekal Dragonomics.
贝多尔说：“在岸股票市场的成熟度低于全球主要市场，因此量化基金通过部署最初在海外开发的系统化交易策略，往往能够获得稳健回报。”
“Onshore equity markets are less sophisticated than major global markets,” Beddor said, so “quant funds can often generate solid returns by deploying systematic trading strategies that were first developed abroad”.
由于存款利率较低且房地产市场表现疲弱，更多中国投资者正转向金融资产。法国兴业银行（Natixis）经济学家Gary Ng表示，中国投资者正越来越看好对冲基金。
More Chinese investors are moving into financial assets due to low deposit rates and weak real estate performanceGary Ng, Natixis Gary Ng, economist at investment bank Natixis, said Chinese investors increasingly view hedge funds favourably.
量化基金也正变得更加容易参与。中国券商，如Sinolink Securities和申万宏源证券，已开始通过手机应用推广量化交易服务，使符合条件的投资者可以申请接入中国的量化交易平台。
Quant funds are also becoming more accessible. Chinese brokerages, such as Sinolink Securities and Shenwan Hongyuan Securities, have started promoting quant trading services through their mobile apps, allowing eligible investors to apply for access to China’s quant trading platforms.
尽管量化基金能够带来具有竞争力的回报，贝多尔表示，中国的监管环境仍可能“非常棘手”。
Despite the quant funds’ competitive returns, China could be “a very tricky regulatory environment”, Beddor said.
贝多尔说，尽管“中国金融监管机构比其他主要市场的监管机构更重视市场结果”，但如果它们认为相关机构可能加剧市场波动，就“能够而且确实会打击量化基金”。
Even though “China’s financial regulators are much more invested in market outcomes than regulators in other major markets,” they “can and do crack down on quant funds if they feel those firms may be contributing to market volatility”, said Beddor.
不过，贝多尔指出，由中国量化基金幻方量化（High-Flyer）支持的DeepSeek，可能成为政策制定者看待量化基金方式发生转变的标志。
Beddor, however, pointed to DeepSeek, which was backed by Chinese quant fund High-Flyer, as possibly the turning point in how policymakers viewed quant funds.
“DeepSeek是由一家基金打造的，而非传统科技公司，”他说。“它的突破让政策制定者似乎首次意识到，基金行业可以在技术发展中发挥重要作用。”排名前18的量化基金平均用了8.4年时间，管理资产规模才突破100亿元，不过其中有5只不到5年就达到了这一里程碑。
“DeepSeek was created by a fund, not a traditional tech company,” he said. “Its breakthrough was the first time that policymakers seemed to have realised the fund industry could play a serious role in technological development.”The top 18 quant funds took an average of 8.4 years to surpass the 10 billion yuan assets-under-management mark, although five reached the milestone in less than five years.
据中国证券投资基金业协会，截至8月底，中国私募证券投资基金的资产管理规模已超过9万亿元，其中包括量化基金。Tim Yuen Lingk撰文
Chinese private securities investment funds, including but not limited to quant funds, managed more than 9 trillion yuan in assets as of the end of August, according to the Asset Management Association of China. By Tim Yuen Lingk