中文摘要：

本文从业绩评价和业绩归因两方面，实证研究了我国量化（对冲）基金在发展初期的表现．发现在2010年5月-2012年3月期间：（1）量化对冲产品在收益和风险方面总体优于传统的公募基金、私募基金和券商集合理财产品；（2）券商量化和私募量化业绩表现要优于公募基金量化，具有海外量化背景的基金经理比其他基金经理所管理的产品业绩表现相对较好，市场中性策略和全球宏观策略的业绩表现要优于股票多空策略；（3）量化对冲产品与传统产品相比，同样不具备明显的选股能力和择时能力，但是，不同分类量化对冲产品之间的选股和择时能力存在着一定的差异。

英文摘要：

This paper investigates the performance of China＇s quant（hedge） funds products in their earlier stages, and compares them with three types of traditional products.We find that： firstly, the performance of quant（hedge） products are generally better than that of traditional products, with higher relative return and lower volatility; secondly, among different types of quant（hedge） products, the ones with better performance are the groups of stock dealers and private funds, managers with over- seas quant background, market neutral and global macro strategies; thirdly, same as traditional funds, the quant（hedge） products do not show stock picking ability as well as market timing ability, although some groups are better than others.