【本文发表在《清华金融评论》9月刊】 

1.中国资产证券化业务发展迅速

我国资产证券化业务自2013年开始有了非常大的发展。到2017年上半年，累计发行总量已接近2.5万亿（图1），年发行量跃居亚洲第一。特别是，自从2016年下半年以来，企业资产证券化的发行额已经超过了企业债，并且将两者差距在2017年上半年进一步扩大（图2）。[2] 我们知道，在美国债券市场，资产证券化是仅仅次于国债的第二大债券，其发行量长期以来一直远高于企业债（图3）。[3] 在中国，资产证券化在短短的10年发展之后也实现了这一状态，成绩亮丽。

图1.我国资...

导读

· 如何辨别好的和差的量化交易策略？

· 运气对于基金经理的投资回报有多大作用？

· 如何防止自己把钱交给一个“猴子”管理？

· 为什么说大部分量化基金经理都是骗人的？

随着计算机编程在金融投资中得到越来越广泛的应用，量化交易也越来越得到大家的关注。据华尔街日报报道，在过去20年，量化基金的数量和管理的资产规模有了大幅度增长。股票指数期货交易中，超过7成为量化交易。国际外汇期货交易中，量化交易量大约占到8成以上。

那么到底什么是量化交易？它和传统的基金投资策略有何不同？依靠电脑程...

Bottom line: Google's campaign to build a China-based artificial intelligence team is at least partly designed to woo Beijing, as part of its broader effort to get permission to open a China-based Google Play app store.

Google Play edging towards China?

In the latest signal of its move back to China, Internet titan Google (Nasdaq: GOOG) is apparently on a hiring spree in Beijing that looks aimed at building up an artificial intelligence (AI) team in the world's largest on...

Bottom line: BYD's new order from Shenzhen shows its continued reliance on state support for new energy vehicle sales, while its new monorail product could become a cash cow in 1-2 years if the technology works well.

BYD gets new order from Shenzhen, launches monorail

Futuristic transport company BYD (HKEx: 1211; 002594) is in a couple of headlines as the new work week begins, seeking to show its potential and justify why people like billionaire investor Warren Buffet sh...

大宗商品交易的国际格局

海外商品交易业务模式的核心是全球各类大宗商品发展多年所形成的做市商机制和场外衍生品交易市场，这与我国境内目前参照CME所实行的集中交易、逐日盯市的交易机制区别较大。两种机制各有优劣：我国境内的期货交易所流动性较好、价格和客户持仓较透明、交易活跃度高、交易和清算电子化程度高，但许多期货品种散户占比过大、与现货关联不够紧密、价格容易被操纵、波动较大；海外的大宗商品交易充分发挥做市商及场外衍生品作用，其中产业客户占比较高、与现货关联较紧密、交易品种较齐全、市场深度较大、持仓情况...

Bottom line: Jumei could formally abandon its stalled buyout plan soon, putting more downward pressure on its stock, while iKang needs to enter serious negotiations with two bidders for the company.

Jumei, iKang under pressure over stalled buyouts

Ever wonder what happened to a handful of buyout plans for US-listed Chinese companies that were announced more than two years ago but never got completed? That's certainly not a question that keeps most of us up at nights, but...

Bottom line: Samsung's new $7 billion investment in a chip expansion in Xi'an should help to earn big government goodwill, which could help position its smartphone division for a rebound in China.

Samsung expands chip chip plant

A major new China investment by chip maker Samsung (Seoul: 005930) is spotlighting just how important the market has become to the company, and South Korean companies in general, and how they are trying to play into Beijing's agendas to maintain ...

[摘要] 历史总是在重复自己，你却总不认识它

还记得2015年4月底，那震耳欲聋的“4000点是牛市起点”吗？太阳底下无新鲜事，历史总是在重复自己：2017年8月20日，任教主在新财富杂志以一篇10万+大声鼓噪“史诗级”的“新周期”牛市来了。“史诗级”这个华丽辞藻绝非我的明褒暗贬，乃是任教主自己的原话。

1.沽名钓誉的史诗级操作，不应让追高的散户做筹码，让我用量化分析KO它

今年以来，对于以黑色系为代表的大宗商品，周期股的强势，市场需要一个自圆其说的解释，于是任教主的“新周期”粉墨登场，一时间成为今年以来最火的经济热...

Bottom line: Best Inc is likely to make its New York IPO in the next two weeks, but its shares will price in the middle of their range and debut weakly due to stiff competition in the logistics sector.

Best Inc. raises IPO target

It's been a quiet year so far for major Chinese IPOs in New York, but all that looks set to change soon with several major offerings coming down the pipeline. One of those is in the headlines as we head into the end of August, with word that Bes...

Bottom line: The rumored departure of LeEco's mobile chief is likely to be followed by the official closure of its smartphone division and sale of its Coolpad stake by the end of October.

LeEco mobile head reportedly resigns

As we approach the first anniversary of the crisis that has seen the rapid demise of LeEco (Shenzhen: 300104), the latest headlines are hinting at the imminent unraveling of the former video superstar's smartphone business. The headlines I'm referring...