Amidst the recent robust performance of China's A-share market, led by the hard-tech sector, the Shanghai Composite Index has surpassed the 4,200-point mark, reaching its highest level in nearly a decade. Market sentiment and trading activity have risen accordingly. However, uncertainties persist due to geopolitical tensions in the Middle East and marginal shifts in domestic economic data. Structural characteristics of the market are becoming more pronounced, with accelerated sector rotation and frequent shifts in market themes, making traditional single-sector investment logic difficult to sustain. (Source: Wind, as of May 12, 2026) Concurrently, artificial intelligence technology has achieved a leapfrog breakthrough, deeply integrating into quantitative investment systems and fundamentally restructuring asset pricing logic. This addresses long-standing industry challenges such as stock selection and timing. The market is transitioning from a phase of broad-based beta-driven gains to a new stage of refined alpha-seeking investment. AI-powered quantitative strategies, with their advantages in discipline, breadth of coverage, and data depth, have become a core tool for capturing excess returns and navigating cyclical volatility in fluctuating markets. In this context, the ChinaAMC Intelligent Alpha Panorama Mixed Securities Investment Fund (referred to as ChinaAMC Intelligent Alpha Panorama Mixed, code: 027272) officially launched on May 14. This product uses the CSI All Share Index as its benchmark. Leveraging AI deep learning models, it conducts a "panoramic scan" for stock selection across the entire market, aiming to consistently generate excess returns in complex market environments. It is positioned as a robust equity allocation tool for investors suited to current market conditions. 01. Benchmarking the CSI All Share Index to Capture Market-Wide Alpha As another significant offering from ChinaAMC's quantitative team, the ChinaAMC Intelligent Alpha Panorama Mixed fund is designed with both flexibility and professionalism. Its equity allocation range is set at 60%-95% of fund assets, and it retains the authority to invest 0-50% via the Stock Connect program into Hong Kong-listed stocks, enabling a comprehensive portfolio across both A-share and Hong Kong markets. The selection of the CSI All Share Index as the performance benchmark is underpinned by strategic considerations. This index covers all 31 primary Shenwan industries in the A-share market, with over 5,000 constituent stocks, providing a comprehensive reflection of the overall performance and characteristics of the A-share market. Its ample sample space and large, diversified constituent structure provide a rich pool of stocks for quantitative models to select from, thereby capturing more sources of alpha. Furthermore, the combined weight of its top five industries is approximately 42.9%, and its diversified underlying structure helps mitigate volatility risks associated with high concentration. In an environment of accelerating style rotation, anchoring to the entire market rather than a single market-cap style helps the strategy avoid "missing the market" during shifts between large-cap and small-cap stocks, making it more suitable for the long-term operation of quantitative models. (Source: Wind, as of May 11, 2026) Historically, from its inception (December 31, 2004) to May 11, 2026, this index has achieved a cumulative return of 563.35%, outperforming the CSI 300 Index's return of 393.22% over the same period. Simultaneously, its annualized volatility is 25.38%, lower than that of major indices like the CSI 500 and the Shenzhen Component Index, indicating a superior risk-return profile. (Source: Wind, as of May 11, 2026; annualized volatility calculated weekly. Past performance is not indicative of future results. Detailed notes are at the end.) 02. Deep AI Empowerment, Building an "Adaptive" Moat At the strategy level, the ChinaAMC Intelligent Alpha Panorama Mixed fund uses AI deep learning as its core engine. Relying on ChinaAMC's proprietary quantitative investment research platform, it has constructed a full-chain AI-assisted stock selection system. Regarding data, the fund leverages ChinaAMC's long-accumulated investment research data system to provide multi-dimensional and comprehensive coverage of information including company fundamentals, industry trends, trading behavior, and market sentiment. This supplies high-quality, high-dimensional input for the AI models. Through deep mining of massive data, the models can capture market patterns and potential signals difficult for traditional analysis to detect, laying a solid foundation for subsequent stock selection and return prediction. Regarding the model, it is trained using algorithms to fit real-world objectives and extract meaningful patterns. The model continuously adjusts its parameters based on changes in the market environment, dynamically adapting to shifts such as style rotation and industry cycles, thereby enhancing its stability and adaptability across different market conditions. Regarding risk control, the fund implements a strict risk constraint mechanism. By rigorously controlling tracking error, imposing market-cap neutrality constraints, and managing industry deviations, it decomposes stock risk across multiple dimensions such as industry, market capitalization, volatility, and liquidity. This enables ex-ante risk prediction, controls deviations from the benchmark, and facilitates ex-post risk decomposition and performance tracking, forming a model attribution framework. Notably, this product also employs a floating fee structure that directly links management fees to fund performance. Specifically, for holding periods of less than one year, the fee rate is 1.20%. When the annualized excess return (after deducting performance fees) during the holding period exceeds 6% and the holding period return (after deducting performance fees) is positive, the management fee is set at 1.50%. When the annualized excess return during the holding period is -3% or lower, the fee rate drops to 0.60%. This floating fee design incentivizes the fund management team to persistently generate excess returns. 03. Steered by a Quantitative Expert, with a Proven Track Record of Outperformance The proposed fund manager, Sun Meng, holds a Bachelor's degree in Physics from Peking University and a Master's degree in Electrical Engineering from the University of California, Los Angeles (UCLA). He possesses 12 years of securities industry experience and over 6 years of public fund management experience. He currently serves as the Head of the Quantitative Investment Department at ChinaAMC, managing public fund assets exceeding RMB 24 billion. (Source: ChinaAMC, custodian bank verified, AUM as of December 31, 2025.) Sun Meng specializes in the research and development of AI algorithm models and the construction of quantitative index enhancement strategies. He has mature strategies in areas such as AI algorithms, risk models, and portfolio optimization, with extensive portfolio management experience. He focuses on quantitative investment, using innovative AI algorithms to uncover market opportunities. The products he has managed have historically led their peers and demonstrated significant long-term excess returns. His representative fund, ChinaAMC Intelligent Alpha Pioneer A, has achieved a net value growth rate of 60.12% since inception, compared to a benchmark return of 2.35% over the same period, resulting in an excess return of 57.77%. Furthermore, the ChinaAMC CSI 500 Index Enhanced A fund, which he also manages, had a net value growth rate of 142.12% since its inception as of December 31, 2025, outperforming its benchmark by 97.42 percentage points (the benchmark return was 44.70%). It ranked 1st out of 97 comparable products over the past five years according to Galaxy Securities, providing strong evidence of the effectiveness of AI quantitative strategies. (Source: Fund periodic reports, custodian bank verified, data as of December 31, 2025. ChinaAMC Intelligent Alpha Pioneer was established on December 15, 2021. ChinaAMC CSI 500 Index Enhanced A was established on March 25, 2020. Past fund performance is not indicative of future results. The performance of other funds managed by the manager does not guarantee the performance of this fund. Detailed notes are at the end.) According to Sun Meng, ChinaAMC employs a three-layer investment architecture for AI-assisted quantitative investing. The first layer is the data perception layer, which uses algorithms to integrate real-time market data including industry data, financial information, and policy news. It also utilizes large language model technology to process unstructured data such as news, research reports, financial statements, and social media sentiment. The second layer is the model recognition layer, where AI algorithms analyze historical market data to summarize investment patterns and promptly identify investment opportunities arising from market mispricing. The third layer is the decision optimization layer, which constructs investment portfolios by balancing expected returns, expected risks, and transaction costs. It also monitors portfolio risk in real-time during trading hours and conducts ex-post portfolio performance attribution analysis. Sun Meng also notes that regarding investment philosophy, he believes in the power of data and systems. The goal is not to pursue short-term speculative profits but to create long-term, stable excess returns for investors through scientific methods. "AI technology can help process massive data, discover investment patterns difficult for humans to detect, and reduce subjective, emotionally-driven decisions. However, final investment decisions are still made by humans. Our quantitative investment team will combine market understanding with investment research experience to continuously refine, iterate, and optimize the AI system." 04. Over Two Decades of Dedication, with Significant Advantages in Team, Research, and Systems The competition in quantitative investment ultimately boils down to team strength and long-term accumulation. After more than two decades of dedicated development, ChinaAMC has grown into a leading force in quantitative investment within the industry. In 2004, ChinaAMC launched China's first ETF, the SSE 50 ETF, establishing a pioneering advantage in index investment. In 2005, it established a Quantitative Investment Department, one of the earliest independent quantitative teams in the industry. Over the following years, the team continuously iterated and innovated: in 2017, it proactively engaged in cooperation with internationally renowned AI teams, initiating intelligent investment projects to explore AI applications in investment from multiple dimensions; in 2018, it proposed time-varying attention models and reinforcement learning to address industry rotation issues; in 2019, it began transforming AI technology into product strategies and launched live AI-powered investment products; in 2025, the company further optimized its quantitative investment structure by establishing a dedicated Quantitative Investment Department with 22 full-time quantitative researchers. Core team members have an average industry experience exceeding 12 years, forming a deep-experienced, technically solid, and innovation-driven quantitative team. Simultaneously, it has built multiple parallel strategy development lines, comprehensively covering strategies such as quantitative index enhancement, quantitative hedging, quantitative private fund FOFs, and Smart Beta. Notably, in the field of index enhancement, ChinaAMC has long been at the forefront of the industry. It emphasizes the diversity of quantitative strategies and low correlation between strategies, actively deploying AI and machine learning algorithm models to optimize investment strategies. As of the end of 2025, ChinaAMC managed 22 active quantitative products with a total AUM of RMB 23.8 billion. Several of these products have consistently led their peers, providing strong validation of the practical value of AI quantitative strategies through solid performance. (Source: Wind, as of December 31, 2025) Currently, public fund quantitative investing has entered a new era of technology-driven systematic investment. AI-empowered, all-market quantitative strategies are becoming a preferred choice for participating in the long-term growth of China's equity market while avoiding single-style risks. The launch of the ChinaAMC Intelligent Alpha Panorama Mixed fund is timely, offering investors seeking a balance between long-term returns and risk diversification a noteworthy allocation option. Risk Disclosure: Specific Risk Disclosure: This fund is a mixed-asset fund, with 60%-95% of fund assets invested in stocks. Its expected risk and expected return are lower than those of equity funds but higher than those of ordinary bond funds and money market funds. This fund may also invest in the Hong Kong securities market through the Stock Connect program. In addition to general investment risks similar to those faced by domestic securities investment funds, such as market volatility risk, this fund will also face special investment risks including exchange rate risk and Hong Kong market risk. Custodian Fee: 0.20%; Management Fee: For holding periods of less than one year, 1.20%; if the annualized excess return relative to the performance benchmark (after deducting performance fees) during the holding period exceeds 6% and the holding period return (after deducting performance fees) is positive, the management fee is confirmed at an annual rate of 1.50%; if the annualized excess return relative to the performance benchmark during the holding period is -3% or lower, the management fee is confirmed at an annual rate of 0.60%; in other cases, the management fee is confirmed at an annual rate of 1.20%.
Data Source: Fund periodic reports, custodian bank verified, December 31, 2025. ChinaAMC CSI 500 Index Enhanced A was established on March 25, 2020. Product performance benchmark: CSI 500 Index Return * 95% + RMB Demand Deposit Interest Rate (after tax) * 5%. The fund's full fiscal year performance (benchmark performance) for 2021-2025 was: 30.07% (14.83%), -10.41% (-19.30%), 3.18% (-7.01%), 9.53% (5.40%), 31.23% (28.81%). Past fund performance is not indicative of future results. This fund is a stock index enhanced fund, classified as a medium-to-high risk, medium-to-high return securities investment fund. Its expected risk and return are higher than those of mixed funds, bond funds, and money market funds. Ranking data from Galaxy Securities, as of December 31, 2025, ranking category: Enhanced Broad Market Index Equity Funds (Class A). Fund evaluation results do not predict future performance. Data Source: Fund periodic reports, custodian bank verified, December 31, 2025. ChinaAMC Intelligent Alpha Pioneer was established on December 15, 2021. Sun Meng has managed the product since its inception. Product performance benchmark: CSI 500 Index Return * 95% + Bank Demand Deposit Interest Rate (after tax) * 5%. The fund's performance (benchmark performance) for the full fiscal years since inception (2022-2025) was: -0.32% (-19.30%), 11.34% (-7.01%), 3.75% (5.40%), 37.08% (28.81%). Past fund performance is not indicative of future results. The performance of other funds managed by the manager does not guarantee the performance of this fund. Fund evaluation results are not a prediction of future performance and should not be considered investment advice. Risk Disclosures: 1. This fund is a mixed-asset fund. Its long-term average risk and expected return are lower than those of equity funds but higher than those of money market funds and bond funds. It is classified as medium-to-high risk (R4). The specific risk rating result is subject to the rating provided by the fund manager and sales institutions. 2. Before investing in this fund, investors should carefully read the fund's "Fund Contract," "Prospectus," "Key Facts Statement," and other legal documents to fully understand the fund's risk-return characteristics and product features. Based on their own investment objectives, investment horizon, investment experience, and asset status, investors should fully consider their own risk tolerance. After understanding the product and sales suitability opinions, they should make rational judgments and prudent investment decisions independently, bearing investment risks themselves. 3. The fund manager reminds investors of the "buyer beware" principle of fund investment. After making an investment decision, investors are responsible for any investment risks arising from the fund's operation, fluctuations in the fund's listed trading price, and changes in the fund's net asset value. 4. The fund manager does not guarantee that this fund will be profitable, nor does it guarantee a minimum return. The fund's past performance is not indicative of its future results. The performance of other funds managed by the fund manager does not guarantee the performance of this fund. 5. The China Securities Regulatory Commission's registration of this fund does not indicate its substantive judgment or guarantee of the fund's investment value, market prospects, or returns, nor does it indicate that investing in this fund is risk-free. 6. The views in this material are for reference only and do not constitute any substantive advice, commitment, or legal document for investors. 7. This product is issued and managed by ChinaAMC. As a distributing agent, China Merchants Bank does not bear responsibility for the product's investment and redemption. 8. The views in this material are for reference only and do not constitute any substantive advice or commitment for investors, nor are they legal documents. The market involves risks, and investment requires caution.
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