--- title: "Focusing on \"gold, silver, and jewelry,\" the \"other side\" of Huansquare Quantitative is emerging" type: "News" locale: "en" url: "https://longbridge.com/en/news/243749666.md" description: "What is the reason?" datetime: "2025-06-09T16:05:38.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/243749666.md) - [en](https://longbridge.com/en/news/243749666.md) - [zh-HK](https://longbridge.com/zh-HK/news/243749666.md) --- # Focusing on "gold, silver, and jewelry," the "other side" of Huansquare Quantitative is emerging Huanfang Quantitative, a name both familiar and unfamiliar. This quantitative giant created by Liang Wenfeng once held a prestigious position in China's quantitative fund circle—being the first quantitative company to break the 100 billion scale in the industry. However, since the rise of DeepSeek this year, it has gradually faded into the background, becoming extremely low-key. As Liang Wenfeng's focus shifted to large models, Huanfang Quantitative also slowly "faded out" from the spotlight. But it is undeniable that it remains a strong player in the industry. This is due to its history, its strength, and the undeniable importance of AI in the future of quantitative finance. Surprisingly, this investment institution, which has been deeply endowed with "quantitative" genes since its inception, has a team that frequently appears on the research lists of listed companies, covering a wide range of research areas. Clearly, this quantitative giant has many unknown "other sides." ## Research Footprints Exposed According to statistics from Dongfang Caifu: as of May 29, 2025, Huanfang Quantitative has appeared 17 times on the research lists of listed companies this year (based on announcement dates). The listed companies and industries that Huanfang Quantitative focuses on are quite diverse. Firstly, the technology and information technology industry, including Guanglianda (digital construction software), Chen'an Technology (public safety software), and Luxshare Precision (consumer electronics connectors, etc.). Secondly, in the resource sector, such as Jinshi Resources (fluorspar resources), Shenghe Resources (rare earth and zirconium-titanium resources), Shanjin International (gold and other precious metal resources), Xinjian Energy (coal power energy), and Sangang Mingguang (steel production), etc. Thirdly, in the medical field, related companies include Xiangsheng Medical (ultrasound medical imaging equipment). Fourthly, in the consumer industry, involving jewelry retail, MCLON. ## Focus on "Gold, Silver, and Jewelry" Observant individuals will notice that among the listed companies researched by the Huanfang team this year, companies in the resource sector account for a significant proportion. These include not only gold and precious metals, steel, and coal but also jewelry, rare earths, and fluorspar, indicating a relatively rich breadth of research. Generally speaking, when an investment institution researches listed companies, it not only has direct investment assessment purposes but also involves the need for macro fundamentals and industry chain research verification; research does not equate to buying logic. Regarding Huanfang's research footprints, this move may reflect a line of research on economic cycle switching or investment demand mapping in the new energy industry chain and large consumption sectors. ## "Core Figures" Frequently Active In the research footprints of Huanfang Quantitative regarding the aforementioned companies, specific information about the researchers has emerged, involving two "frequently appearing" individuals. The following two individuals are both registered practitioners within Huanfang Quantitative: The first is Xu Zhengwu, who previously worked at Shanghai Congrong Investment, a private equity firm skilled in macro top-down strategies with a scale of billions The second is Xu Chenghui, who worked at Noah Fund and Huabao Fund in his early years. According to industry news, around 2020, Huansheng Quantitative established a research team for listed companies, recruiting several talents from research institutes of securities firms such as China International Capital Corporation and fund institutions. It is said that this move aimed to explore new genes from a subjective research perspective and contribute to its own quantitative models. Under the above measures, Huansheng Quantitative subsequently launched a series of track-type products such as the CSI New Energy Index Enhanced and the CSI Information Index Enhanced, capturing industry-specific profit opportunities. In addition, a considerable portion of the product names filed by Huansheng does not reveal specific strategies and does not indicate index enhancement or full market stock selection. It remains unclear whether this part may involve products containing "subjective stock selection elements." According to Private Equity Ranking, the fund manager of Huansheng CSI Information Index Enhanced Research Selected No. 1 was previously registered as Xu Zhengwu. Due to limited information, we cannot ascertain whether Xu Zhengwu still manages the aforementioned products. According to the latest filing information, the related products are still in operation. ## The "Shrinking" Huansheng Quantitative Since the explosive popularity of DeepSeek at the beginning of the year, the market's "positioning" of Huansheng Quantitative has remained in a state of "elusiveness." The actual controller of DeepSeek is Liang Wenfeng, who founded a quantitative investment team under the name Huansheng in his early years and officially registered the entity "Ningbo Huansheng Quantitative Investment Management Partnership (Limited Partnership)" in 2016. Especially since the beginning of 2018, high-frequency trading has shone brightly in the A-share market, leading to the saying "North Jiukun, South Huansheng." Moreover, the core creative team of Huansheng Quantitative consists entirely of Zhejiang University graduates, which is distinctly different from the "returnee" gene of other leading quantitative institutions. From 2019 to 2021, Huansheng, along with many large quantitative firms, experienced a rapid expansion phase, even becoming the first quantitative firm to approach a scale of 100 billion. In this context, Huansheng became the first private equity firm in the industry to break through product offerings, not only laying out traditional index enhancement and commodity futures CTA strategies but also venturing into many popular industry track-type products. However, by the end of 2021, the excess return level of Huansheng Quantitative began to fall to the lower end among the hundred billion private equity firms, leading to a contraction in scale. Although some strategies of Huansheng have returned to the top position in the past year, its asset management scale has continued to shrink. There are claims in the industry that Huansheng Quantitative's asset management scale (excluding proprietary trading) has dropped to around 20 billion. As of the latest, Huansheng Quantitative is still classified as a hundred billion-level private equity institution on the filing page of the Asset Management Association of China. Combining the aforementioned points, a question remains: As Huansheng continues to shrink its external client asset management product line, how large is the scale of the "subjective element" teams and products still remaining? 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