Our research model outperformed this month.We reached a second peak in 2023, with four weeks of positive Alpha in a consistent market trend and sector rotation. Under short-term, tumultuous market, Alpha collapse swiftly; but, without external intervention, the market will revert to its normal pattern, then research model will eventually buildup of positive return.

By the end of Nov 2023, all main index in China’s market had fallen, while China qQuant managers posted higher average Alpha than in 2022,suggests the market was less effective. As economy recovers and market corrects,we estimate the average Alpha of China Qquant managers will still surpass 10% in 2024.