Research Index Portfolio Construction / 投研指数化

Research index portfolio construction is the 中欧瑞博 process described in A股的春夏秋冬：种树、种粮、种菜. [[WuWeizhi|吴伟志]] says the firm builds industry indexes, with each current industry index containing ten stocks, and also asks researchers to build personal indexes with ranking and weight choices.

The purpose is to connect research to investment behavior. An analyst who has weak presentation style can still show judgment through an index, while a strong speaker cannot rely only on narrative if the resulting basket fails. The process therefore makes research output more measurable and gives investment committees a more concrete object for discussion.

The concept sits between Passive Investing and active stock selection. It borrows index-like execution and comparison from passive methods while retaining [[MAPERInvestmentResearchFramework|MAPER]]-style company judgment, sector expertise, and discretionary portfolio construction.

Key Claims

• Index construction turns research from commentary into a portfolio-shaped claim.
• Ranking and weights force analysts to compare opportunity cost, not only describe favorite companies.
• Industry indexes can reduce the gap between sector research and actual portfolio allocation.
• The process can combine active research depth with some passive-like discipline, but it still depends on analyst judgment and review.
• A research index gives the organization a shared artifact for investment-committee discussion, performance review, and process learning.

Connections

• 中欧瑞博 / Zhongou Ruibo, 吴伟志 / Wu Weizhi, and Institutional Investor Process Discipline / 机构投资者流程纪律 - firm, speaker, and organizational process.
• MAPER Investment Research Framework, Growth Investing / 成长投资, and Value Investing - research inputs to the index.
• Passive Investing, Quantitative Investing, Position Sizing, and Asset Allocation - portfolio construction and implementation context.
• Investment Strategy Fit / 投资策略适配 and Multi-Strategy Allocation - strategy boundaries the index process can help preserve.