基础与金融Foundations and finance
先理解对象与假设Understand the objects and assumptions
Python、数据与时间契约、数学统计、市场、估值和资产定价。Python, data and timing contracts, mathematics, statistics, markets, valuation, and asset pricing.
量化金融与系统化研究双语课程A Bilingual Course in Quantitative Finance and Systematic Research
从理解模型，到完成研究。Understand models.Build research.
在浏览器逐章阅读 45 章教材，切换中英文、搜索全文，读懂公式与代码。Read all 45 chapters in your browser. Switch languages, search the full text, and follow the equations and code.
收益率与复利Returns and compounding
定义与条件DEFINITION AND CONDITIONS
先假定没有外部入金或提款，所有投资现金流都正确归入账户。简单收益定义为First assume no external deposits or withdrawals and that all investment cash flows are assigned correctly to the account. Simple return is defined as
V 有货币单位，Rₜ 无量纲；期初财富 Vₜ₋₁ > 0。V has currency units; Rₜ is dimensionless. Starting wealth Vₜ₋₁ > 0.
直觉：百分比的分母会变化Intuition: the percentage denominator changes
100+50%→150−50%→75
两期百分比相加为0，账户却亏25%。The two percentages sum to zero, yet the account loses 25%.
45章节Chapters
6实践项目Applied projects
1Capstone
中文 / EN共享代码，两种语言Shared code, two languages
一套课程，两种学习方式。One course. Read and practice.
正文讲清原理，练习册帮你独立推导与练习。四册均为完整 PDF，覆盖章节、项目与 Capstone。The textbook explains the principles. The workbook turns them into independent practice. Each complete PDF includes chapters, projects, and the Capstone.
TEXTBOOK
中文正文
概念、推导与完整示例。Concepts, derivations, and worked examples.
打开 PDFOpen PDFTEXTBOOK
English textbook
用英文阅读完整课程。The complete course in English.
打开 PDFOpen PDFWORKBOOK
中文练习册
主动回忆、练习与同章答案。Active recall, exercises, and same-chapter answers.
打开 PDFOpen PDFWORKBOOK
English Workbook
用英文练习、推导和核对。Practice, derive, and check in English.
打开 PDFOpen PDFPDF 在 GitHub 仓库中打开，访问权限沿用仓库设置。PDFs open in the GitHub repository and require repository access.
沿着研究问题向前走。Follow the research question.
从基础到假设，再到验证和实现。先修关系决定顺序，研究问题决定工具。Move from foundations to hypotheses, validation, and implementation. Prerequisites guide the sequence; the research question guides the tools.
信号与组合Signals and portfolios
把直觉变成假设Turn intuition into hypotheses
时间序列、协整、波动率、投资组合与 Alpha 信号。Time series, cointegration, volatility, portfolios, and alpha signals.
验证与实现Validation and implementation
检验，再作判断Test before drawing conclusions
回测偏差、样本外验证、风险、成本、执行、金融机器学习与研究工程。Backtest biases, out-of-sample validation, risk, costs, execution, financial machine learning, and research engineering.
把知识带进六个项目。Put the ideas to work.
围绕明确的问题组织计算，用账本、基线与样本外结果检查实现。Organize calculations around explicit questions. Check implementations through ledgers, baselines, and out-of-sample results.
金融数据分析Financial data analysis
收益、财富、波动与回撤。Returns, wealth, volatility, and drawdown.
CAPM 与 Fama-FrenchCAPM and Fama-French
回归、因子暴露与统计推断。Regression, factor exposure, and inference.
组合优化Portfolio optimization
滚动估计、样本外基准与成本。Rolling estimates, out-of-sample baselines, and costs.
多因子股票策略Multi-factor equity strategy
信号时序、历史股票池与稳健性。Signal timing, historical universes, and robustness.
配对交易Pairs trading
训练内筛选与自融资样本外账本。Training-window selection and self-financing ledgers.
机器学习 AlphaMachine-learning alpha
按日期切分，训练内拟合，比较基线。Date-based splits, training-only fitting, and baselines.
Capstone
完成一项可复现研究Complete a reproducible study
连接研究问题、时间契约、协议、执行与报告。负结果也可以形成合格研究。Connect the question, timing contracts, protocol, execution, and report. Negative results can also pass.
从一个账本开始运行。Start with an execution ledger.
先跑通第 35 章构造示例，再按导读逐步推进。中英文 Notebook 的代码单元一致。Run Chapter 35’s constructed example, then follow the guide. Chinese and English Notebooks share identical code cells.
Notebook 导读Notebook guide在仓库根目录执行。锁文件对应 macOS arm64 / CPython 3.14.7，其他平台尚未验证。安装依赖可能联网，默认教学执行离线。Run from the repository root. The lock file targets macOS arm64 / CPython 3.14.7; other platforms are unverified. Installation may use the network; default teaching execution is offline.
Terminal
python3 -m venv .venv
.venv/bin/python -m pip install -r requirements-macos-arm64-py314.lock
.venv/bin/python -m ipykernel install --prefix .venv --name python3 --display-name 'Reader Python'
.venv/bin/python run_notebook.py editions/zh/notebooks/ch35_execution_ledger_constructed.ipynb学习时，随时回来查。Keep these within reach.
练习设计来源Exercise design credit
本课程练习册的部分练习设计与版式借鉴了北极甜虾（Polaris）的 loom-notes LaTeX 模板，并按本课程教学目标选择和调整，并非完整套用其模板。Parts of the workbook’s exercise design and layout draw on the loom-notes LaTeX template by 北极甜虾 (Polaris), selectively adapted to this course’s learning goals. The course does not use the template in full.
来源与致谢Attribution and acknowledgements参与和支持 QuantWeftContribute and support QuantWeft
提交学习反馈Send learning feedback
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支持课程维护Support course maintenance
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仓库目前为私有；提交 GitHub Issue 或 PR 需要有仓库访问权限。The repository is private. GitHub issues and pull requests require repository access.
教材版本、验证范围与数据说明Edition, validation, and data scope
本站介绍 2026-10-19 已接受的本地正式双语版。页面设计不代表重新运行教材、Notebook 或研究。This site introduces the accepted local formal bilingual edition of October 19, 2026. Website work does not constitute a new textbook, Notebook, or research validation run.
默认路线使用构造数据，不分发 French 市场数据，真实市场研究未执行。历史结果与证据缺口按原记录保留。The default route uses constructed data. French market data are not distributed, and real-market research has not been run. Historical results and evidence gaps retain their recorded scope.