Quantitative investment and traditional qualitative investment are essentially the same, both of which are based on the theory of inefficient or weakly efficient market. The difference between the two is that quantitative investment management is a "quantitative application of qualitative thinking", with more emphasis on data. Quantitative trading has the following characteristics:

1, discipline Make decisions according to the running results of the model, not by feeling. Discipline can not only restrain human weaknesses such as greed, fear and luck, but also overcome cognitive bias and can be tracked.

2. systematize. The specific performance is "three more". First, a multi-level model, including asset allocation, industry selection and specific asset selection; Second, from multiple perspectives, the core idea of quantitative investment includes macro-cycle, market structure, valuation, growth, profit quality, analyst's profit forecast, market sentiment and so on; The third is multi-data, that is, the processing of massive data.

3. Arbitrage thought. Quantitative investment captures the opportunities brought by mispricing and mispricing through comprehensive and systematic scanning, so as to find out the valuation depression and make profits by buying undervalued assets and selling overvalued assets.

4. Probability wins. First, quantitative investment constantly digs out the expected repetitive laws from historical data and uses them; The second is to win by combining assets, not by a single asset.