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body_diff: "[{\"diffs\":[[1,\"<html>\\\r\\\n<head>\\\r\\\n  <title>A500指增，还可以买</title>\\\r\\\n  <basefont face=\\\"微软雅黑\\\" size=\\\"2\\\" />\\\r\\\n  <meta http-equiv=\\\"Content-Type\\\" content=\\\"text/html;charset=utf-8\\\" />\\\r\\\n  <meta name=\\\"exporter-version\\\" content=\\\"YXBJ Windows/608924 (zh-CN, DDL); Windows/10.0.0 (Win64); EDAMVersion=V2;\\\"/>\\\r\\\n  <meta name=\\\"content-class\\\" content=\\\"yinxiang.peso.superNote\\\"/>\\\r\\\n  <meta name=\\\"application-data:yinxiang.noteLayout\\\" content=\\\"{\\\"lineSpace\\\":\\\"recommend\\\",\\\"paragraphSpace\\\":\\\"recommend\\\"}\\\"/>\\\r\\\n  <style>\\\r\\\n\\tbody, td {\\\r\\\n\\t  font-family: 微软雅黑;\\\r\\\n\\t  font-size: 12pt;\\\r\\\n\\t}\\\r\\\n  </style>\\\r\\\n</head>\\\r\\\n<body>\\\r\\\n<a name=\\\"46550\\\"></a>\\\r\\\n<h1>A500指增，还可以买</h1>\\\r\\\n\\\r\\\n<div><span style=\\\"\\\"><div style=\\\"max-width: 700px;\\\"><p></p><div style=\\\"--en-blockquote: true; box-sizing: border-box; border-left: 3px solid #b4c0cc; background-position: initial initial; background-repeat: initial initial;\\\"><div>原文链接: <a href=\\\"https://mp.weixin.qq.com/s?__biz=MzAxNjUxMDAxNQ==&amp;mid=2650421833&amp;idx=1&amp;sn=ae8760149d16f7f238ab619e49f21f39&amp;chksm=825ca9eb78a066ea64e31de81fe17a68eba32a2b65d22a27cc711a878f6ad1970990991212fc&amp;mpshare=1&amp;scene=1&amp;srcid=0905ukiM2knY9bjucsX4bF32&amp;sharer_shareinfo=333c0969d54a8c40bd2bc1afcdd54f12&amp;sharer_shareinfo_first=333c0969d54a8c40bd2bc1afcdd54f12#rd\\\"><span>https://mp.weixin.qq.com/s?__biz=MzAxNjUxMDAxNQ==&amp;mid=265042...</span></a></div></div><p></p><div style=\\\"\\\"><div><div><div><span style=\\\"\\\">原创</span><span> 你们的厂长大大 </span><span><a style=\\\"\\\"> i资管工厂 </a></span><span><em></em></span></div><div style=\\\"\\\"><div style=\\\"text-align: center;\\\"><img src=\\\":/8d50b6d0df694a3c9fd3df98c2a209ad\\\" type=\\\"image/png\\\" data-filename=\\\"640.png\\\" style=\\\"--en-marks: %7B%22align%22%3A%22center%22%7D; width: auto;\\\" width=\\\"auto\\\"/></div><div style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: 0.544px; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; color: rgb(34, 34, 34); background-color: rgb(255, 255, 255);\\\"><div style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; display: inline-block; width: 578px; vertical-align: top; height: auto;\\\"><div style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; transform: translate3d(0px, 0px, 0px); text-align: center;\\\"><div style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; display: inline-block; width: 578px; height: 120px; vertical-align: top; overflow-y: auto;\\\"><div style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; overflow-x: hidden;\\\"><div style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; display: inline-block; width: 555.778px; vertical-align: top;\\\"><div style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word;\\\"><div style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; text-align: justify; color: rgb(178, 178, 178); letter-spacing: 0px;\\\"><p style=\\\"-webkit-tap-highlight-color: transparent; outline: 0; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; clear: both; min-height: 1em; color: rgba(0,0,0,0.5); letter-spacing: 0.544px; widows: 1; __visibility: visible;\\\"><span style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; __visibility: visible;\\\"><span><span style=\\\"\\\">厂长提醒：本文内容仅对合格投资人开放！</span></span></span></p><p style=\\\"-webkit-tap-highlight-color: transparent; outline: 0; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; clear: both; min-height: 1em; color: rgba(0,0,0,0.5); letter-spacing: 0.544px; widows: 1; __visibility: visible;\\\"><span style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; __visibility: visible;\\\"><span><span style=\\\"\\\"></span></span></span></p><p style=\\\"-webkit-tap-highlight-color: transparent; outline: 0; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; clear: both; min-height: 1em; color: rgba(0,0,0,0.5); letter-spacing: 0.544px; widows: 1; __visibility: visible;\\\"><span style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; __visibility: visible;\\\"><span><span style=\\\"\\\">私募基金的合格投资者，是指具备相应风险识别能力和风险承担能力，投资于单只私募基金的金额不低于100万元，并且符合这些相关标准的单位和个人：</span></span></span></p><p style=\\\"-webkit-tap-highlight-color: transparent; outline: 0; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; clear: both; min-height: 1em; color: rgba(0,0,0,0.5); letter-spacing: 0.544px; widows: 1; __visibility: visible;\\\"><span style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; __visibility: visible;\\\"><span><span style=\\\"\\\"></span></span></span></p><p style=\\\"-webkit-tap-highlight-color: transparent; outline: 0; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; clear: both; min-height: 1em; color: rgba(0,0,0,0.5); letter-spacing: 0.544px; widows: 1; __visibility: visible;\\\"><span style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; __visibility: visible;\\\"><span><span style=\\\"\\\">（一）净资产不低于1000万元的单位；</span></span></span></p><p style=\\\"-webkit-tap-highlight-color: transparent; outline: 0; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; clear: both; min-height: 1em; color: rgba(0,0,0,0.5); letter-spacing: 0.544px; widows: 1; __visibility: visible;\\\"><span style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; __visibility: visible;\\\"><span><span style=\\\"\\\">（二）金融资产不低于300万元或者最近三年个人年均收入不低于50万元的个人。</span></span></span></p><p style=\\\"-webkit-tap-highlight-color: transparent; outline: 0; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; clear: both; min-height: 1em; color: rgba(0,0,0,0.5); letter-spacing: 0.544px; widows: 1; __visibility: visible;\\\"><span style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; __visibility: visible;\\\"><span><span style=\\\"\\\"></span></span></span></p><p style=\\\"-webkit-tap-highlight-color: transparent; outline: 0; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; clear: both; min-height: 1em; color: rgba(0,0,0,0.5); letter-spacing: 0.544px; widows: 1; __visibility: visible;\\\"><span style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; __visibility: visible;\\\"><span><span style=\\\"\\\">说明下，金融资产包括银行存款、股票、债券、基金份额、资产管理计划、银行理财产品、信托计划、保险产品、期货权益等。最后，私募基金风险大，文章内容仅供参考交流，不构成投资建议哦~</span></span></span></p></div></div></div></div></div></div></div></div><div><span><br/></span></div><div style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: 0.544px; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; color: rgb(34, 34, 34); background-color: rgb(255, 255, 255); text-align: center;\\\"><span style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; __visibility: visible;\\\"><strong style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; letter-spacing: 0.544px; color: rgb(0, 122, 170); __visibility: visible;\\\"><span style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; __visibility: visible; letter-spacing: 0.578px;\\\"><span style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; __visibility: visible;\\\">还在低位的指数</span></span></strong><span style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; __visibility: visible;\\\"><br/></span></span></div><div style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: 0.544px; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; color: rgb(34, 34, 34); text-align: center; background-color: rgb(255, 255, 255);\\\"><span style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; color: rgb(205, 0, 0); __visibility: visible;\\\"><strong style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; __visibility: visible;\\\"><span style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; __visibility: visible;\\\"></span></strong><strong style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; __visibility: visible;\\\"></strong></span><span style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; __visibility: visible;\\\"><img src=\\\":/6b050385a2764bacb16489111fa0dae0\\\" type=\\\"image/png\\\" data-filename=\\\"640.png\\\" alt=\\\"图片\\\" style=\\\"--en-marks: %7B%22align%22%3A%22center%22%7D; -webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; vertical-align: bottom; height: auto; __visibility: visible; width: auto;\\\" width=\\\"auto\\\"/></span></div><div style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: 0.544px; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; color: rgb(34, 34, 34); text-align: center; background-color: rgb(255, 255, 255);\\\"><span style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; __visibility: visible;\\\"><br/></span></div><div><span><span style=\\\"\\\">量化指增产品中，A500指增目前是厂长关注较高的，最主要的原因是A500本身质地好，今年又没怎么涨，估值还比较低。</span></span></div><div><span><span style=\\\"\\\">横向对比来看，A500的市盈率低于标普500、日经225和上证指数等。</span></span></div><div><span><span style=\\\"color: rgb(205, 0, 0); font-weight: bold;\\\">纵对比向来看，A500目前的市盈率处于历史低位。</span></span></div><div><span><img src=\\\":/b5bf92b37e6249f1a11f842d66ed1540\\\" type=\\\"image/png\\\" data-filename=\\\"640.png\\\" alt=\\\"图片\\\" style=\\\"--en-marks: %7B%22align%22%3A%22center%22%7D; width: auto;\\\" width=\\\"auto\\\"/></span></div><div><span><span style=\\\"\\\">今年市场的分化很大，微盘涨幅超57%，中证2000涨幅30%+，而大盘和中盘为主的A500，今年涨幅只有13.43%。</span><span style=\\\"color: rgb(136, 136, 136);\\\">（数据来源：同花顺iFind，截至2025.8.27）</span></span></div><div><span><span style=\\\"\\\">当下公募定价权偏弱，增量资金，主要还是来自险资和散户，包括大盘风格在内的杠铃策略，仍然是主流。</span></span></div><div><span><span style=\\\"\\\">杠铃策略中，我们可以用</span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"\\\">中证2000成交额/中证A500成交额，作为市场风格的观察信号。</span></span></div><div><p style=\\\"-webkit-tap-highlight-color: transparent; outline: 0; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; clear: both; min-height: 1em; white-space: normal;\\\"><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"\\\">从历史看，</span><span style=\\\"color: rgb(205, 0, 0); font-weight: bold;\\\">2023年11月，中证2000成交额/中证A500成交额达峰1.41后，小盘/大盘的超额收益后续逐渐达到顶点。</span></span></p><p style=\\\"-webkit-tap-highlight-color: transparent; outline: 0; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; clear: both; min-height: 1em; white-space: normal;\\\"><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><br/></span></p><p style=\\\"-webkit-tap-highlight-color: transparent; outline: 0; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; clear: both; min-height: 1em; white-space: normal;\\\"><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"\\\">而今年，</span><span style=\\\"color: rgb(205, 0, 0); font-weight: bold;\\\">中证2000指数成交额/中证A500指数成交额，已经在5月28日阶段性达到峰值(1.6)。</span></span></p></div><div><div><span><img src=\\\":/235ebef7a4194191a49965c220139548\\\" type=\\\"image/png\\\" data-filename=\\\"640.png\\\" alt=\\\"图片\\\" style=\\\"--en-marks: %7B%22align%22%3A%22center%22%7D; -webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; vertical-align: middle; height: auto; width: auto; __visibility: visible;\\\" width=\\\"auto\\\"/></span></div><p style=\\\"-webkit-tap-highlight-color: transparent; outline: 0; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; clear: both; min-height: 1em; white-space: normal;\\\"><strong><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><br/></span></strong></p><p style=\\\"-webkit-tap-highlight-color: transparent; outline: 0; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; clear: both; min-height: 1em; white-space: normal;\\\"><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"\\\">所以按此判断，</span><span style=\\\"color: rgb(205, 0, 0); font-weight: bold;\\\">后面大盘风格是有补涨空间的。</span></span><span style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word;\\\"><br/></span></p><p style=\\\"-webkit-tap-highlight-color: transparent; outline: 0; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; clear: both; min-height: 1em; white-space: normal;\\\"><span style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word;\\\"><br/></span></p><p style=\\\"-webkit-tap-highlight-color: transparent; outline: 0; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; clear: both; min-height: 1em; white-space: normal;\\\"><span style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word;\\\"><span style=\\\"\\\">相比沪深300，A500有更多的科技成长属性，风格均衡，波动率更高，属于增强策略的理想标的。</span></span></p><p style=\\\"-webkit-tap-highlight-color: transparent; outline: 0; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; clear: both; min-height: 1em; white-space: normal;\\\"><span style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word;\\\"><br/></span></p><div style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: 0.544px; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; color: rgb(34, 34, 34); background-color: rgb(255, 255, 255); text-align: center;\\\"><span style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; __visibility: visible;\\\"><strong style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; letter-spacing: 0.544px; color: rgb(0, 122, 170); __visibility: visible;\\\"><span style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; __visibility: visible; letter-spacing: 0.578px;\\\"><span style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; __visibility: visible;\\\">超额怎么了？</span></span></strong><span style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; __visibility: visible;\\\"><br/></span></span></div><div style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: 0.544px; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; color: rgb(34, 34, 34); text-align: center; background-color: rgb(255, 255, 255);\\\"><span style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; color: rgb(205, 0, 0); __visibility: visible;\\\"><strong style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; __visibility: visible;\\\"><span style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; __visibility: visible;\\\"></span></strong><strong style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; __visibility: visible;\\\"></strong></span><span style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; __visibility: visible;\\\"><img src=\\\":/7531c90bb9c14a3ebbc3d8f00703f617\\\" type=\\\"image/png\\\" data-filename=\\\"640.png\\\" alt=\\\"图片\\\" style=\\\"--en-marks: %7B%22align%22%3A%22center%22%7D; -webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; vertical-align: bottom; height: auto; __visibility: visible; width: auto;\\\" width=\\\"auto\\\"/></span></div><p style=\\\"-webkit-tap-highlight-color: transparent; outline: 0; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; clear: both; min-height: 1em; white-space: normal;\\\"><span><br/></span></p><p style=\\\"-webkit-tap-highlight-color: transparent; outline: 0; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; clear: both; min-height: 1em; white-space: normal;\\\"><span><span style=\\\"\\\">说完了贝塔，再来看下超额方面。</span></span></p></div><div><span><span style=\\\"\\\">眼下、无论是量化指增还是全市场选股，都在面临超额下滑的问题。</span></span></div><div><span><span style=\\\"\\\">除了微盘下跌，风格切换的原因，一个核心因素是指数中的成分股分化，涨幅集中在少数股票上，大部分成分股跑不赢指数，导致超额获取难度加大。</span></span></div><div><span><span style=\\\"color: rgb(205, 0, 0); font-weight: bold;\\\">所以这是市场环境不适合大部分管理人做超额，而不是选股策略出现了问题。</span></span></div><div><span><span style=\\\"\\\">像去年2月以及924行情中的第一周，也曾出现类似的现象。</span></span></div><div><span><span style=\\\"\\\">而除了这两个月较为极端的行情，</span><span style=\\\"color: rgb(205, 0, 0); font-weight: bold;\\\">去年的其他月份，超额稳定性都是比较高的。超额回撤后，往往能够快速修复。</span></span><span><br/></span></div><div><span><span style=\\\"\\\">像924行情那波，第二周，</span></span><span><span style=\\\"\\\">量化的超额就恢复到正常水平。</span></span></div><div style=\\\"text-align: center;\\\"><span><img src=\\\":/d73446afe3c848848ff474be4f9c7ac6\\\" type=\\\"image/png\\\" data-filename=\\\"640.png\\\" style=\\\"--en-marks: %7B%22align%22%3A%22center%22%7D; width: auto;\\\" width=\\\"auto\\\"/><span style=\\\"color: rgb(136, 136, 136);\\\">图片来源：浙商资管</span></span></div><div><span><span style=\\\"\\\">将时间拉长一些来看，超额水平高低，还是要看市场的成交量和波动率。</span></span></div><div><span><span style=\\\"\\\">今年成交量一度突破3万亿，波动率也维持在较高水平，如果后面个股分化没那么大，还是非常有利于量化做出超额的。</span></span></div><div><span><span style=\\\"\\\">这个是一些投资人对近期行情的留言看法，厂长也是比较赞同的。</span></span></div><div style=\\\"text-align: center;\\\"><img src=\\\":/0a66ccdb98584d5db6baad5c6bc422f4\\\" type=\\\"image/png\\\" data-filename=\\\"640.png\\\" style=\\\"--en-marks: %7B%22align%22%3A%22center%22%7D; width: auto;\\\" width=\\\"auto\\\"/></div><div style=\\\"text-align: center;\\\"><img src=\\\":/5fc08eb99aac4536b5ec63613a251569\\\" type=\\\"image/png\\\" data-filename=\\\"640.png\\\" style=\\\"--en-marks: %7B%22align%22%3A%22center%22%7D; width: auto;\\\" width=\\\"auto\\\"/></div><div style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: 0.544px; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; color: rgb(34, 34, 34); background-color: rgb(255, 255, 255); text-align: center;\\\"><span style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; __visibility: visible;\\\"><strong style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; letter-spacing: 0.544px; color: rgb(0, 122, 170); __visibility: visible;\\\"><span style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; __visibility: visible; letter-spacing: 0.578px;\\\"><span style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; __visibility: visible;\\\">独一档的A500指增</span></span></strong><span style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; __visibility: visible;\\\"><br/></span></span></div><div style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: 0.544px; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; color: rgb(34, 34, 34); text-align: center; background-color: rgb(255, 255, 255);\\\"><span style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; color: rgb(205, 0, 0); __visibility: visible;\\\"><strong style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; __visibility: visible;\\\"><span style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; __visibility: visible;\\\"></span></strong><strong style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; __visibility: visible;\\\"></strong></span><span style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; __visibility: visible;\\\"><img src=\\\":/b0e80923c1ab4c1397d20d4b508a70f1\\\" type=\\\"image/png\\\" data-filename=\\\"640.png\\\" alt=\\\"图片\\\" style=\\\"--en-marks: %7B%22align%22%3A%22center%22%7D; -webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; vertical-align: bottom; height: auto; __visibility: visible; width: auto;\\\" width=\\\"auto\\\"/></span></div><div style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: 0.544px; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; color: rgb(34, 34, 34); text-align: center; background-color: rgb(255, 255, 255);\\\"><span style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; __visibility: visible;\\\"><br/></span></div><div><span><span style=\\\"\\\">目前很多A500指增产品已经成立满半年，厂长也拉了下产品名单和业绩如下。</span></span></div><div><span><span style=\\\"\\\">可以看到，</span><span style=\\\"color: rgb(205, 0, 0); font-weight: bold;\\\">H私募的A500指增，今年以来收益32.3%，超额17.29%，</span></span><span style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word;\\\"><span style=\\\"color: rgb(205, 0, 0); font-weight: bold;\\\">处于领先水平。</span></span></div><div><span><img src=\\\":/e4c3025c911f4b3cbc3ea99bd2362da9\\\" type=\\\"image/png\\\" data-filename=\\\"640.png\\\" style=\\\"--en-marks: %7B%22align%22%3A%22center%22%7D; width: auto;\\\" width=\\\"auto\\\"/></span></div><p style=\\\"-webkit-tap-highlight-color: transparent; outline: 0; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; clear: both; min-height: 1em; color: rgba(0,0,0,0.9); font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: 0.544px; orphans: 2; text-align: justify; text-indent: 0; text-transform: none; widows: 2; word-spacing: 0; -webkit-text-stroke-width: 0; white-space: normal; background-color: rgb(255,255,255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;\\\"><span style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word;\\\"><span style=\\\"\\\">这家私募，是一家头部量化的量化选股团队离职后创办的，团队有管理400亿产品的经验，现在主要是做中低频。所以产品容量上限高，若后续规模扩张，超额持续性也可能比较强。</span></span></p><p style=\\\"-webkit-tap-highlight-color: transparent; outline: 0; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; clear: both; min-height: 1em; color: rgba(0,0,0,0.9); font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: 0.544px; orphans: 2; text-align: justify; text-indent: 0; text-transform: none; widows: 2; word-spacing: 0; -webkit-text-stroke-width: 0; white-space: normal; background-color: rgb(255,255,255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;\\\"><span><span style=\\\"\\\">H私募的A500指增产品，</span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"\\\">持股一般在550只左右，风控非常严格，风格因子一般也不超过0.3个标准差。</span></span></p><p style=\\\"-webkit-tap-highlight-color: transparent; outline: 0; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; clear: both; min-height: 1em; color: rgba(0,0,0,0.9); font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: 0.544px; orphans: 2; text-align: justify; text-indent: 0; text-transform: none; widows: 2; word-spacing: 0; -webkit-text-stroke-width: 0; white-space: normal; background-color: rgb(255,255,255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;\\\"><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"\\\">这个是截至今年8月初，产品的持仓分布情况，可以看到，</span><span style=\\\"color: rgb(205, 0, 0); font-weight: bold;\\\">接近90%的持仓都是在前1800的，小微盘含量极低。</span></span></p><div style=\\\"text-align: center;\\\"><img src=\\\":/9ee218ac8aa24115805e17207b38d5d3\\\" type=\\\"image/png\\\" data-filename=\\\"640.png\\\" style=\\\"--en-marks: %7B%22align%22%3A%22center%22%7D; width: auto; height: 280px;\\\" width=\\\"auto\\\"/></div><p style=\\\"\\\"><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"\\\">该私募的的模型会根据市场环境做出动态调整，</span></span><span style=\\\"color: rgba(0, 0, 0, 0.9); letter-spacing: 0.034em; font-style: normal; font-weight: normal;\\\"><span style=\\\"\\\">开发30+中国风险因子并使用非线性模型提高解释度。成立以来，</span><span style=\\\"color: rgb(205, 0, 0); font-weight: bold;\\\">该产品超额回撤控制在2%以内，整体环境适应性加强。</span></span></p><div><p style=\\\"-webkit-tap-highlight-color: transparent; outline: 0; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; clear: both; min-height: 1em; color: rgba(0,0,0,0.9); font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: 0.544px; orphans: 2; text-align: justify; text-indent: 0; text-transform: none; widows: 2; word-spacing: 0; -webkit-text-stroke-width: 0; white-space: normal; background-color: rgb(255,255,255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;\\\"><span style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word;\\\"><span style=\\\"\\\">9月12日周五，厂长将带领大家前往这家A500指增业绩处于业内头部水平的H私募，与管理人面对面沟通，了解产品的具体运作情况。</span></span></p><p style=\\\"-webkit-tap-highlight-color: transparent; outline: 0; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; clear: both; min-height: 1em; color: rgba(0,0,0,0.9); font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: 0.544px; orphans: 2; text-align: justify; text-indent: 0; text-transform: none; widows: 2; word-spacing: 0; -webkit-text-stroke-width: 0; white-space: normal; background-color: rgb(255,255,255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;\\\"><span style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word;\\\"><span style=\\\"color: rgb(205, 0, 0); font-weight: bold;\\\">需要完整A500指增产品名单，或者想要参加线下尽调会的，可以加我们微信报名，名额有限，先到先得。</span></span></p><div style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; color: rgba(0, 0, 0, 0.9); font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: 0.544px; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; clear: both; min-height: 1em; background-color: rgb(255, 255, 255);\\\"><img src=\\\":/a356f65b5b0d445fa77206e3da1a63bf\\\" type=\\\"image/png\\\" data-filename=\\\"640.png\\\" alt=\\\"图片\\\" style=\\\"--en-marks: %7B%22align%22%3A%22center%22%7D; -webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; vertical-align: bottom; height: auto; __visibility: visible; width: auto;\\\" width=\\\"auto\\\"/></div></div><p style=\\\"-webkit-tap-highlight-color: transparent; outline: 0; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; clear: both; min-height: 1em; color: rgba(0,0,0,0.9); font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: 0.544px; orphans: 2; text-align: justify; text-indent: 0; text-transform: none; widows: 2; word-spacing: 0; -webkit-text-stroke-width: 0; white-space: normal; background-color: rgb(255,255,255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;\\\"><span><span style=\\\"\\\">最后要说下的是，现在量化的市场环境变化很快，而每一种市场环境，都有相对比较适应的管理人。</span></span></p><p style=\\\"-webkit-tap-highlight-color: transparent; outline: 0; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; clear: both; min-height: 1em; color: rgba(0,0,0,0.9); font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: 0.544px; orphans: 2; text-align: justify; text-indent: 0; text-transform: none; widows: 2; word-spacing: 0; -webkit-text-stroke-width: 0; white-space: normal; background-color: rgb(255,255,255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;\\\"><span><span style=\\\"\\\">像这段时间，</span><span style=\\\"color: rgb(205, 0, 0); font-weight: bold;\\\">市场日内波动很大，会非常有利于高频量化做超额。</span></span></p><p style=\\\"-webkit-tap-highlight-color: transparent; outline: 0; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; clear: both; min-height: 1em; color: rgba(0,0,0,0.9); font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: 0.544px; orphans: 2; text-align: justify; text-indent: 0; text-transform: none; widows: 2; word-spacing: 0; -webkit-text-stroke-width: 0; white-space: normal; background-color: rgb(255,255,255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;\\\"><span><span style=\\\"color: rgb(205, 0, 0); font-weight: bold;\\\">像是R私募，</span></span><span style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word;\\\"><span style=\\\"color: rgb(205, 0, 0); font-weight: bold;\\\">7月底对策略进行了优化升级，目前年化换手率提高到250-300倍，</span><span style=\\\"color: rgb(0, 0, 0); font-weight: normal;\\\">增加了日内策略比例，</span></span><span style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word;\\\"><span style=\\\"color: rgb(0, 0, 0); font-weight: normal;\\\">在这种环境下，正可以通过交易获取大量超额。</span></span></p><p style=\\\"-webkit-tap-highlight-color: transparent; outline: 0; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; clear: both; min-height: 1em; color: rgba(0,0,0,0.9); font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: 0.544px; orphans: 2; text-align: justify; text-indent: 0; text-transform: none; widows: 2; word-spacing: 0; -webkit-text-stroke-width: 0; white-space: normal; background-color: rgb(255,255,255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;\\\"><span style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word;\\\"><span style=\\\"color: rgb(0, 0, 0); font-weight: normal;\\\">8.11~8.15，在大部分量化产品负超额的情况下，</span><span style=\\\"color: rgb(205, 0, 0); font-weight: bold;\\\">他们的量化选股产品，却一周就取得8.2%的收益，</span><span style=\\\"color: rgb(0, 0, 0); font-weight: normal;\\\">远超中证2000、中证1000等指数。</span></span></p><p style=\\\"-webkit-tap-highlight-color: transparent; outline: 0; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; clear: both; min-height: 1em; color: rgba(0,0,0,0.9); font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: 0.544px; orphans: 2; text-align: justify; text-indent: 0; text-transform: none; widows: 2; word-spacing: 0; -webkit-text-stroke-width: 0; white-space: normal; background-color: rgb(255,255,255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;\\\"><span style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word;\\\"><span style=\\\"\\\">当时就是少数个股涨幅极高，大部分个股跑不过指数，很难通过选股做超额，和这周的市场环境非常相似。</span></span></p><p style=\\\"-webkit-tap-highlight-color: transparent; outline: 0; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; clear: both; min-height: 1em; color: rgba(0,0,0,0.9); font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: 0.544px; orphans: 2; text-align: justify; text-indent: 0; text-transform: none; widows: 2; word-spacing: 0; -webkit-text-stroke-width: 0; white-space: normal; background-color: rgb(255,255,255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;\\\"><span><span style=\\\"\\\">该产品的微盘含量不多，但今年取得了77%+的收益，过去一年收益200%+，非常爆炸。</span></span></p><div style=\\\"text-align: center;\\\"><img src=\\\":/94f4e1a62f6246eabe94636e99b34288\\\" type=\\\"image/png\\\" data-filename=\\\"640.png\\\" style=\\\"--en-marks: %7B%22align%22%3A%22center%22%7D; width: auto;\\\" width=\\\"auto\\\"/></div><p style=\\\"-webkit-tap-highlight-color: transparent; outline: 0; max-width: 100%; clear: both; min-height: 1em; color: rgba(0,0,0,0.9); font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: 0.544px; orphans: 2; text-align: center; text-indent: 0; text-transform: none; widows: 2; word-spacing: 0; -webkit-text-stroke-width: 0; white-space: normal; background-color: rgb(255,255,255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; box-sizing: border-box; overflow-wrap: break-word;\\\"><span style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word;\\\"><span style=\\\"color: rgb(136, 136, 136);\\\">数据来源：火富牛</span></span></p><p style=\\\"-webkit-tap-highlight-color: transparent; outline: 0; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; clear: both; min-height: 1em; color: rgba(0,0,0,0.9); font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: 0.544px; orphans: 2; text-align: justify; text-indent: 0; text-transform: none; widows: 2; word-spacing: 0; -webkit-text-stroke-width: 0; white-space: normal; background-color: rgb(255,255,255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;\\\"><span><span style=\\\"color: rgb(205, 0, 0); font-weight: bold;\\\">我们将中低频的H私募的A500指增产品，和高频的R私募的量化选股产品搭配，</span><span style=\\\"color: rgb(0, 0, 0); font-weight: normal;\\\">可以让组合收益来源更丰富。</span></span></p><p style=\\\"-webkit-tap-highlight-color: transparent; outline: 0; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; clear: both; min-height: 1em; color: rgba(0,0,0,0.9); font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: 0.544px; orphans: 2; text-align: justify; text-indent: 0; text-transform: none; widows: 2; word-spacing: 0; -webkit-text-stroke-width: 0; white-space: normal; background-color: rgb(255,255,255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;\\\"><span><span style=\\\"color: rgb(205, 0, 0); font-weight: bold;\\\">选股暂时带不来超额收益的时候，用交易弥补，</span><span style=\\\"color: rgb(0, 0, 0); font-weight: normal;\\\">这样就能提升组合在不同市场环境下，超额的稳定性。</span></span></p><div><span><span style=\\\"color: rgb(0, 0, 0); font-weight: normal;\\\">想要了解R私募具体情况的朋友，可以加我们好友，解锁路演回放、尽调笔记等资料。</span></span></div><div style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: 0.544px; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: rgb(255, 255, 255); color: rgb(62, 62, 62);\\\"><div style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; letter-spacing: 0.544px;\\\"><div style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; text-align: center;\\\"><div style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; display: inline-block; width: 663.453px; vertical-align: top; border-width: 1px; border-style: solid; border-color: rgb(0, 0, 26); border-radius: 0px;\\\"><div style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word;\\\"><div style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; text-align: left;\\\"><p style=\\\"-webkit-tap-highlight-color: transparent; outline: 0; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; clear: both; min-height: 1em; letter-spacing: 0.544px; text-align: center;\\\"><span style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word;\\\"><strong style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; letter-spacing: 0.544px;\\\"><span style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word;\\\"><span style=\\\"\\\">往期回顾</span></span></strong><span style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word;\\\"><br/></span></span></p><p style=\\\"-webkit-tap-highlight-color: transparent; outline: 0; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; clear: both; min-height: 1em; letter-spacing: 0.544px; text-align: center;\\\"><span style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word;\\\"><br/></span></p><p style=\\\"-webkit-tap-highlight-color: transparent; outline: 0; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; clear: both; min-height: 1em; letter-spacing: 0.544px; text-align: left;\\\"><span style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word;\\\"><span style=\\\"\\\">《</span><a href=\\\"https://mp.weixin.qq.com/s?__biz=MzAxNjUxMDAxNQ==&amp;mid=2650421812&amp;idx=1&amp;sn=172f9cfb7cd00166793d2aa3ece8a1c9&amp;scene=21#wechat_redirect\\\" style=\\\"\\\" target=\\\"_blank\\\"><span style=\\\"\\\">去年赚近40%，今年赚超50%，这家量化管理人绝了！</span></a><span style=\\\"\\\">》</span></span></p><p style=\\\"-webkit-tap-highlight-color: transparent; outline: 0; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; clear: both; min-height: 1em; letter-spacing: 0.544px; text-align: left;\\\"><span style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word;\\\"><span style=\\\"\\\">《</span><a href=\\\"https://mp.weixin.qq.com/s?__biz=MzAxNjUxMDAxNQ==&amp;mid=2650421798&amp;idx=1&amp;sn=4639fe173b6defaebf1aee13b1ab6319&amp;scene=21#wechat_redirect\\\" style=\\\"\\\" target=\\\"_blank\\\"><span style=\\\"\\\">同类前5%，还在红利期的千禧年/世坤系量化</span></a><span style=\\\"\\\">》</span></span></p><p style=\\\"-webkit-tap-highlight-color: transparent; outline: 0; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; clear: both; min-height: 1em; letter-spacing: 0.544px; text-align: left;\\\"><span style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word;\\\"><span style=\\\"\\\">《</span><a href=\\\"https://mp.weixin.qq.com/s?__biz=MzAxNjUxMDAxNQ==&amp;mid=2650421775&amp;idx=1&amp;sn=a08274a6d02bd75d95beed91e5dadf29&amp;scene=21#wechat_redirect\\\" style=\\\"\\\" target=\\\"_blank\\\"><span style=\\\"\\\">超额排名断崖式下跌，衍复也走下神坛？</span></a><span style=\\\"\\\">》</span></span></p></div></div></div></div></div></div><div style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; color: rgba(0, 0, 0, 0.9); font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: 0.544px; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: rgb(255, 255, 255);\\\"><span style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word;\\\"><br/></span></div><div style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; color: rgba(0, 0, 0, 0.9); font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: 0.544px; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; background-color: rgb(255, 255, 255);\\\"><span style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word;\\\"><span style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; letter-spacing: 0.544px; text-align: left;\\\"><span style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word;\\\"><span style=\\\"\\\">因为平台更改了推送规则。如果你不想错过内容，</span></span></span><span style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; letter-spacing: 0.544px; text-align: left; color: rgb(205, 0, 0);\\\"><strong style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word;\\\"><span style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word;\\\"><span style=\\\"\\\">记得点下“赞”和“在看”。</span></span></strong></span><span style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word; letter-spacing: 0.544px; text-align: left;\\\"><span style=\\\"-webkit-tap-highlight-color: transparent; outline: 0px; max-width: 100%; box-sizing: border-box; overflow-wrap: break-word;\\\"><span style=\\\"\\\">这样，每次新文章推送，就会第一时间出现在你的订阅号列表里了。</span></span></span></span></div></div></div><div><div><div><div style=\\\"display: flex; color: rgba(0,0,0,.3);\\\"><div style=\\\"color: rgba(0,0,0,.3);\\\">素材来源官方媒体/网络新闻</div></div></div></div></div></div></div></div></span>\\\n</div></body></html>\\u0000\"]],\"start1\":0,\"start2\":0,\"length1\":0,\"length2\":47531}]"
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