近期，隨著全球晶片與人工智慧相關股票的拋售潮，中國量化對沖基金遭遇了嚴重的淨值回撤。其中，由DeepSeek創始人梁文鋒創立的幻方量化（High-Flyer Asset Management）旗下的一隻基金在上週下跌了15.7%。

這波市場動盪主要歸因於人工智慧概念股在今年早些時候大漲後迅速暴跌。北京的涵德投資（HanTak Investment Management）旗下類似基金也損失了約16.1%，這凸顯了量化模型在面對多種指標同時走弱時的脆弱性。

面對極端市場環境與不斷縮水的超額回報，超過十家中國對沖基金已宣布動用自有資金申購自家產品，以提振投資者信心。例如，靈均投資與阿爾法基金等機構近日紛紛承諾巨額自購。（關鍵數字：2）

Recently, Chinese quantitative hedge funds have experienced severe drawdowns following a global selloff in chip and artificial intelligence-related stocks. Notably, a fund managed by High-Flyer Asset Management, founded by DeepSeek's Liang Wenfeng, slumped 15.7% last week.

This market turmoil was primarily driven by the rapid plunge of AI concept stocks after their strong rally earlier this year. A similar fund at Beijing-based HanTak Investment Management also lost an estimated 16.1%, highlighting the vulnerability of quantitative models when multiple factors weaken simultaneously.

In response to the extreme market environment and shrinking excess returns, more than ten Chinese hedge funds have announced plans to subscribe to their own products using proprietary money to boost investor confidence. For instance, firms like Lingjun Investment and Alpha2Fund have recently committed substantial amounts for self-purchases.