⊙本报记者 周宏

ZhouHong ⊙ our reporter

　　A股处于熊市，股票投资还能不能挣到相当的绝对受益？

A share in A bear market，Stock investment can not earn a absolute benefit？

　　这个问题对于富国基金(博客,微博)量化与海外投资部总监李笑薇来说，答案应是“可以，而且挣的不少”。

The problem for the rich fund(blog,Micro bo)Quantitative and overseas investment department director li smile for eu，The answer should be“can，And earn a lot”。

　　借助于高效率的量化投资模型和股指期货对冲工具，富国日前成功运作了业内最大的量化对冲的专户一对多产品（通过招行募集）。第一季结束，产品收益率稳稳的达到3%以上。可观的收益率迅速招来老客户净申购6500余万。总规模接近4亿元。

With the help of efficient quantitative investment model and stock index futures hedging tool，Wells Fargo has successfully run the industry's largest quantitative hedge only door a pair of many products（Through the China merchants bank raise）。The first end of season，The product yields are dominating the above 3%。Considerable return quickly bring old customers net purchase of more than 6500。The total scale of nearly 400 million yuan RMB。

　　所谓的量化对冲产品，指的是以“量化模型”为指导进行股票投资，同时以股指期货对冲其市场风险，分离得到绝对收益的投资产品。这类产品在海外对冲基金相当流行，但在国内则迄今还很罕见。原因很简单，股指期货的投资是近年才向基金开放的。

The so-called quantitative hedge products，Refers to is“Quantitative model”As a guide for stock investment，At the same time with stock index futures hedge its market risk，Separation get absolute income investment products。This kind of products in overseas hedge funds are very popular，But in our country, it has so far is very rare。The reason is very simple，Stock index futures investment is only in recent years to the fund open。

　　运作到8月7日，富国的这支量化产品的收益率已经上升到3.2%。以此而论，似乎大有赶超10%的年收益率门槛的可能。

Operation to August 7,，Rich countries with this quantitative product yields have risen to 3.2%。In this，Seem to catch up with a 10% annual return of threshold of may。

　　量化对冲产品能否创出名堂取决于“两道关”，首先是能否制造出一个合格的绝对收益产品，其次则是产品的收益是否达到吸引人的地步。

Quantitative hedge products can create depends on it“Two close”，The first is whether you could make a qualified absolute revenue product，Second, is the product of whether the gains to attract the wicked。

　　以行业内不多的几个参与者而言，两个类似的券商产品在过去3个月的同期收益率大概在1%~2%之间，这样的话，年复合收益率大约在5%以下，和银行理财产品不相上下了。另外一些私募以定向增发为基础打造的对冲产品，短期内收益也不佳。

In the industry to a handful of participants，Two similar brokers products in the past three months over the same period yield probably between 1% ~ 2%，so，The year compound rate of return about below 5%，And bank financing products the same。Other private to additional directional basis build hedge products，In the short term profit is not beautiful。

　　李笑薇坦承，富国这支量化专户的产品，操作上依然借助过去两年较为成功的富国的量化投资模型外，以这个模型为基础的富国沪深300指数增强基金是过去两年多，指数增强类基金的收益率第一名。另外，该基金累积的月胜率（战胜指数的次数）近80%以上，今年的月胜率更达到100%，遥遥领先同行的50%的月胜率水平。

Li wei admitted to laugh，Rich countries with the quantitative only door products，Operation still with the aid of the past two years is relatively successful rich-world quantitative investment model outside，In this model as the foundation of Wells Fargo csi 300 index increase fund is the past two years，Index increase funds rate of return on the first place。In addition，The fund on the accumulation of losing（Victory over the number of index）Nearly 80% above，This year's conference on more reached 100%，Lead colleague's 50% of the month the level of losing。

　　“考虑到收益的需要，我们把期望收益率和波动率、净值最大回撤率指标都有所放宽，把组合的进攻性释放的更加明显。”李笑薇说。

“Considering the need of income，We put the expected rate of return and the volatility、Net value maximum retracement rate index have to relax，The combination of offensive release more obvious。”Li wei said smile。

　　从业内第一名的富国沪深300指数增强、到业内第一支的量化对冲产品，李笑薇的下一个产品又指向哪里呢？

From the first name in the rich countries csi 300 index increase、The first team to the quantitative hedge products，Li wei smile of a product and point to where？

　　李笑薇说，目前的方向依然是朝着绝对收益的方向继续开拓。比如，按照不同的“杠杆水平”，开拓不同种类的绝对收益产品。

Li wei said smile，The current direction is still toward the direction of the absolute earnings continue to expand。For example，According to the different“Lever level”，Develop different kinds of absolute income products。

　　当然，她也非常关注未来融资融券的大门能否进一步拓宽。“如果有了更方便、低廉的融券，那么我们的模型未来不仅可以通过挑选好股票获得超额收益，也可以通过卖出部分不好的股票获得超额收益。这样的话，我们的产品的收益也许可以更上一层楼了。”

Of course，She is very concerned about the future margin gate can be further widening。“If there are more convenient、Low securities，Then we model the future can not only through the chosen stock obtain excess earnings，Can also sell part bad stock obtain excess earnings。so，Our product income may be more on a layer of floor。”