Policies to encourage private funds to scale up
New asset management regulations have led to a large amount of bank wealth management funds withdrawing from real estate and entering the secondary market. There is a large amount of funds invested in quantitative private funds.
The bank established a wealth management subsidiary. The new MOM regulations in 2019 are conducive to direct investment in private equity by bank wealth managers;
The refinancing policy of mutual fund has greatly promoted the enrichment of securities sources;

The head effect of the quantitative private fund industry is obvious
In Year 2020, the AUM of quantitative private funds accounts for about 18% of all private funds, which is nearly 4 times compared to this ratio of 4.8% in 2017
The head effect of the quantitative private fund industry is significant: the AMU of top ten teams is more than 350 billion, accounting for 50% of the industry.

What is the proportion of quantitative trading?
Based on estimates from One Securities Firm’s data, quantitative trading account for about 19%
The total AUM of quantitative trading is 1,000 billion
Excluding double counting, the total AUM of quantitative trading is 700 billion
Quantitative trading accounted for 19%

Is there a phenomenon of grouping or chasing hot stocks in quantitative trading?
Quantitative private funds holdings are sufficiently dispersed and have little impact on individual stocks
Median number of shares held: 504
The median market value proportion of the top ten stocks: 11.85%

私募机构化大趋势的政策
资管新规导致大量银行理财资金从地产退出，进入二级市场，有大量资金投向量化私募
银行成立理财子公司。2019年MOM新规，有利于银行理财子直投私募
公募转融券政策，极大的促进了券源的丰富

量化私募行业头部效应明显
2020年量化私募的管理规模在所有证券私募基金中占约18%，近4倍于2017年的4.8%
量化私募行业头部效应显著：排名前十的团队总管理规模超3500亿，占全行业比重的50%

量化交易的占比是多少？
基于某券商数据估算的量化交易占比约19%
量化总规模：10000亿
扣除重复计算权益类量化总规模：7000亿
量化交易占比：19%

量化交易有抱团或者追逐热门股票的现象吗？
量化私募的持仓足够分散，对个股冲击小
持股数量中位数：501只
前十大股票市值占比中位数：11.85%