E-mail: business@quenchingtech.com

点淬简介(Introduction)

点淬针对中国的股票及商品期货市场进行研究,探讨在非强势有效市场情况下如何使用量化投资方法实现长期持续稳定增值。这些量化投资策略划分为主动式及被动式两大投资方式。

QuenchingTech studies Chinese equity and commodity futures markets. Independent of any brokerage firm, bank or insurance company, QuenchingTech offers client driven, unbiased investment advice on both passively and actively managed investing. With ample industrial experience and exceptional academic research, QuenchingTech is able to help clients to seek high risk adjusted performance in the long term.

被动式投资(Passive Management)

点淬被动式投资系统采用指数追踪技术复制目标指数的收益曲线,同时利用优化手段提高资产组合的额外回报,使其收益优于指数收益。指数追踪技术利用计算机算法从市场的中小盘股中挑选股票并分配权重,以复制标的指数收益的统计特征为目标。指数追踪与指数复制(即复制指数成份股及成份权重)的概念不同,指数追踪具有成本低,选择样本范围大,使用灵活(如考虑风险厌恶程度、集成增强型指数化投资策略)的优点。

QuenchingTech employs a technique called index tracking to perform passive management. The goal of index tracking is same as the one of many passive management methods, mainly index replication, which seeks to match risk and return of a benchmark, e.g. a market index, without forecasting prices. However, it should be noted that index tracking is distinguish from index replication, by tracking stylized facts of benchmark returns, instead of replicating a benchmark’s compositions and weights.

主动式投资(Active Management)

点淬主动式投资使用前沿的私募对冲基金管理手段,包括了相对价值、趋势跟踪和套利三大类。由于这三类收益的相关性不高,使用主动式投资的管理者期望在不同的市场环境下获得稳定回报。

  • 相对价值(市场中性) — 我们使用自主研发的相对价值投资系统对金融品种进行评分(基于统计指标及基本面指标),根据评分结果选取相对强弱的股票或者期货品种构建多头和空头头寸以对冲市场风险,以求在任何市场环境下均能获得稳定收益。
  • 期货套利(统计套利) — 我们的期货套利系统在产业链里具有相关性的不同商品期货品种间,或者同一品种不同交割期合约间进行套利,它利用定价误差搭建多空头寸,最终获取定价恢复正常后的价差收益。
  • 趋势(及反趋势)交易 — 我们的趋势跟踪系统以价格走势为决策基础,当资产价格变动时,参与产生影响趋势的交易。反趋势交易利用反转指标发现趋势的转折信号,建立反向头寸或者获利了结。

QuenchingTech uses a variety of in-depth quantitative analysis strategies. Hedge fund managers usually use these strategies to achieve above-average returns, such strategies including relative value investment, statistical arbitrage, and trend following.

  • Relative value investment – We employ a unique relative-value investment scoring system to construct market-neutral portfolios that consisting of equities, index futures, commodity futures, bond futures. The financial investment scoring system is developed using inputs from technical analysis, fundamental analysis, and statistical analysis.
  • Statistical arbitrage – In statistical arbitrage, we seek to take advantage of price differentials between related financial instruments, such as commodity futures, by simultaneously buying and selling two different securities (e.g. Soy bean oil and Palm oil), thereby allowing investors to potentially profit from the mispricing of the two securities.
  • Trend following and Counter-trend – Our trend following trading system aims to invest in the direction of the long-term trend of a commodity, interest rate, exchange rate or equity index. Our counter-trend trading system looks to sell short-term overbought levels and buy short-term oversold levels.