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宽松，政策工具组合更加多元协调，为实体经济提供了有力支撑；科技领域亮点频现，人工智能持续快速演进，相关应用不断落地，国产替代进程稳步推进；中国装备在国际市场上屡获突破，彰显出中国制造体系化能力的持续跃升，为中国资产的中长期重估奠定了深层基础。因此，尽管短期内摩擦与不确定性依然存在，但中国经济的韧性正不断增强，增长潜力也在逐步释放。证券市场方面，我们对2025年下半年的A股市场持相对乐观态度：一方面，从估值和股息率等维度来看，价值板块在当前的大类资产配置中具备较强吸引力，尤其在无风险收益率下行的背景下，有望获得更多增量资金的青睐，这一底层逻辑将在较长周期内持续奏效；另一方面，成长板块尽管已出现一定结构性上涨，但仍将持续受益于高端制造业全球竞争力的提升以及国内人工智能领域的技术突破。随着市场风险偏好逐步修复，相关领域仍存在系统性估值提升的空间。 总体而言，我们认为当前权益市场的收益风险比依然占优，具备中长期配置价值。当然也应认识到，无论是宽基指数还是细分行业指数，其未来走势在幅度、节奏和时间窗口上的预测始终面临不确定性。在这样的环境下，建立一套基于概率思维的投资框架，通常比押注式策略更具韧性，也更可能带来良好的投资体验。因此，我们鼓励投资者在基金配置中采取长期视角，注重业绩与估值的匹配关系及收益风险比，同时在投资时点与品种选择上保持适度分散，从而更有效地对冲不确定性，力争稳健积累长期收益，并充分发挥复利效应。","fund":{"_id":3000000001556,"stockCode":"001556","stockType":"fund","areaCode":"cn","followedNum":304,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2015-06-28T16:00:00.000Z","setUpScale":10000000,"market":"a","tickerId":1556,"custody":"招商证券股份有限公司","name":"天弘中证500指数增强型证券投资基金","shortName":"天弘中证500指数增强A","fundSecondLevel":"company","lastUpdated":"2026-04-10T17:08:24.325Z","__csrcFundId":4150,"fundStatus":"normal","masterFundFlag":1,"inceptionDate":"2015-06-29T16:00:00.000Z","fundCollectionId":4000050430000,"currency":"CNY","masterFundShortName":"天弘中证500指数增强","memoNum":2,"pinyin":"thzz500zszqxzqtzjj","__indexSourceEastMoney":1,"__indexSourceCsi":1,"indexFundFlag":1,"indexId":1000000000905,"managers":[{"stockCode":"db20295018","stockType":"fund_manager","exchange":"fm","tickerId":2503140530,"name":"杨超"}]},"announcement":{"linkText":"天弘中证500指数增强型证券投资基金2025年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1340582","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec59d7fea5b3eb0449951","date":"2025-03-30T16:00:00.000Z","stockId":3000000001556,"sao":"报告期内，市场以结构性行情为主，走势出现了一定分化。具体来说，根据万得数据统计：中证全指上涨1.60%，沪深300下跌1.21%，中证500上涨2.31%，创业板指下跌1.77%，中证1000上涨4.51%。报告期内，基金以基准指数为投资基础，通过选股模型围绕基准进行持续优化，力争在基准的行业分布内精选基本面更为优质的标的，并在结构化风险模型和优化器的辅助下构建收益风险比更具优势的投资组合。受益于上述策略的有效性，基金在报告期内取得了一定程度的超额收益。投资策略方面，本基金作为股票型指数增强基金，在对基准指数进行有效跟踪的基础上，通过对市场结构及公司基本面的持续跟踪分析，利用量化选股模型及优化策略积极抽样组合，力争在控制跟踪误差的同时为投资者提供高于业绩比较基准的投资收益。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:05:33.341Z","fund":{"_id":3000000001556,"stockCode":"001556","stockType":"fund","areaCode":"cn","followedNum":304,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2015-06-28T16:00:00.000Z","setUpScale":10000000,"market":"a","tickerId":1556,"custody":"招商证券股份有限公司","name":"天弘中证500指数增强型证券投资基金","shortName":"天弘中证500指数增强A","fundSecondLevel":"company","lastUpdated":"2026-04-10T17:08:24.325Z","__csrcFundId":4150,"fundStatus":"normal","masterFundFlag":1,"inceptionDate":"2015-06-29T16:00:00.000Z","fundCollectionId":4000050430000,"currency":"CNY","masterFundShortName":"天弘中证500指数增强","memoNum":2,"pinyin":"thzz500zszqxzqtzjj","__indexSourceEastMoney":1,"__indexSourceCsi":1,"indexFundFlag":1,"indexId":1000000000905,"managers":[{"stockCode":"db20295018","stockType":"fund_manager","exchange":"fm","tickerId":2503140530,"name":"杨超"}]},"announcement":{"linkText":"天弘中证500指数增强型证券投资基金2025年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1269901","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec59d7fea5b3eb0449950","date":"2024-12-30T16:00:00.000Z","stockId":3000000001556,"sao":"报告期内，市场整体企稳回升，全年来看，多数宽基指数取得了正收益，但市场在风格及结构上体现出了一定的分化。具体来说，根据万得数据统计：中证全指上涨7.43%，沪深300上涨14.68%，中证500上涨5.46%，创业板指上涨13.23%，中证1000上涨1.20%。报告期内，基金以基准指数为投资基础，通过选股模型围绕基准进行持续优化，力争在基准的行业分布内精选基本面更为优质的标的，并在结构化风险模型和优化器的辅助下构建收益风险比更具优势的投资组合。受益于上述策略的有效性，基金在报告期内取得了一定程度的超额收益。投资策略方面，本基金作为股票型指数增强基金，在对基准指数进行有效跟踪的基础上，通过对市场结构及公司基本面的持续跟踪分析，利用量化选股模型及优化策略积极抽样组合，力争在控制跟踪误差的同时为投资者提供高于业绩比较基准的投资收益。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:05:33.338Z","mo":"展望2025年，尽管宏观经济仍然面临居民有效需求不足、部分行业经营压力增大等挑战，但在政策持续发力与结构性调整不断深化的背景下，有望迎来拐点并呈现积极变化。政策层面：财政政策或将更加积极，赤字率的提升及超长期特别国债的发行将为经济运行提供有力支撑；货币政策有望保持宽松，降准降息仍有一定空间，各类创新工具的运用也将为金融市场提供必要的流动性保障，并增强实体经济活力。经济结构调整层面：传统行业在市场出清的过程中进一步磨底，而高端制造业凭借规模效应的积累和技术迭代的加速，有望持续扩大全球竞争优势。同时，人工智能技术在取得“从零到一”的突破后，产业应用进程将加快，算力的普及和算法的优化将不断降低大模型的使用门槛，持续催生可落地的应用场景。科技赋能的深化不仅将推动经济结构优化，还可能孕育出若干具有长期增长潜力的重要投资机会。证券市场方面，我们对2025年的A股市场持相对乐观态度，并认为市场的积极因素仍在逐步积累：一方面，价值板块从估值、股息率等角度衡量，在大类资产中已具备较好的配置优势，特别是在无风险收益率下行的过程中有望吸引增量配置资金；另一方面，成长板块将持续受益于高端制造业全球竞争力的提升以及国内人工智能领域的科技突破，在风险偏好修复的过程中可能实现系统性的估值提升。此外，金融政策的支持以及创新型流动性工具的应用，也将为市场注入新的活力。总体而言，我们认为当前权益市场的收益风险比占优，具备中长期持有价值。当然，我们也应认识到，无论是宽基指数还是细分行业指数，准确预测其变化的幅度、速率以及时间窗口始终存在较大挑战，面对市场的不确定性，一套以概率思维为指导的投资框架和应对方法，往往比依赖单一结果的押注式预测更加有效，也更有可能带来良好的投资体验。因此，我们鼓励投资者一方面以更长期的视角进行基金配置，更多考虑业绩与估值的匹配程度以及收益风险比，同时另一方面在投资时机以及投资品种上进行适度分散化，以更好的对冲风险，力争实现收益的长期积累，并更充分的发挥复利效应。","fund":{"_id":3000000001556,"stockCode":"001556","stockType":"fund","areaCode":"cn","followedNum":304,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2015-06-28T16:00:00.000Z","setUpScale":10000000,"market":"a","tickerId":1556,"custody":"招商证券股份有限公司","name":"天弘中证500指数增强型证券投资基金","shortName":"天弘中证500指数增强A","fundSecondLevel":"company","lastUpdated":"2026-04-10T17:08:24.325Z","__csrcFundId":4150,"fundStatus":"normal","masterFundFlag":1,"inceptionDate":"2015-06-29T16:00:00.000Z","fundCollectionId":4000050430000,"currency":"CNY","masterFundShortName":"天弘中证500指数增强","memoNum":2,"pinyin":"thzz500zszqxzqtzjj","__indexSourceEastMoney":1,"__indexSourceCsi":1,"indexFundFlag":1,"indexId":1000000000905,"managers":[{"stockCode":"db20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收益。投资策略方面，本基金作为股票型指数增强基金，在对基准指数进行有效跟踪的基础上，通过对市场结构及公司基本面的持续跟踪分析，利用量化选股模型及优化策略积极抽样组合，力争在控制跟踪误差的同时为投资者提供高于业绩比较基准的投资收益。","declarationDate":"2023-01-27T16:00:00.000Z","lastUpdated":"2026-03-09T13:05:33.315Z","mo":"展望2023年，我们认为国内宏观经济环境将步入复苏通道并拾级而上，市场流动性料将保持充裕，伴随生产生活全面恢复，货币端向信用端的传导将更为顺畅，并促进实体融资需求逐步改善。总体而言，投资、生产、消费活动有望企稳回升，并进入相互促进的正向循环，居民和企业的预期及信心亦将伴随这一过程而逐步修复。虽然外部环境仍存在高度的不确定性，并可能对我国经济带来超预期扰动，但是国内需求扩大、产业数字化转型加速、民营经济不断恢复发展等众多积极因素仍将推动经济运行整体好转。基于国内巨大的消费市场、完善的产业链配套、持续的科技创新以及丰富的政策发力空间，我们对2023年的宏观经济环境持乐观态度，并对中国经济的中长期韧性和发展潜力抱有充分的信心。证券市场方面，我们认为A股已具备较好的投资价值：一方面，随着防疫政策优化、国内经济活动复苏以及海外加息节奏趋缓，前期制约市场向上运行的不确定因素多数已边际好转；另一方面，经历过去一年的调整出清，市场估值已具备吸引力，投资的收益风险比明显改善。中长期看，在国内经济复苏、投资者信心修复的过程中，上市公司业绩有望逐步回稳，市场风险偏好亦将有所提升。同时，在国内流动性相对充裕以及海外通胀压力预期好转的背景下，A股料将迎来增量配置资金。总体来说，我们对国内证券市场在2023年的表现持相对乐观的态度。但是，也应看到当市场整体运行在波动率较大的区间时，无论是宽基指数还是细分行业指数，预测其变化的幅度、速率以及时间窗口的难度仍然较大，当未知因素变多时，一套以概率思维为指导的行之有效的应对方法，也许比更依赖单一结果的押注式预测更加具有现实意义。因此，我们亦鼓励投资者一方面以更长期的视角进行基金配置，更多考虑业绩与估值的匹配程度以及收益风险比，同时另一方面在投资时机以及投资品种上进行一定的分散化处理，以更好的进行风险对冲，最终争取实现收益的长期积累并更充分的发挥复利效应。","fund":{"_id":3000000001556,"stockCode":"001556","stockType":"fund","areaCode":"cn","followedNum":304,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2015-06-28T16:00:00.000Z","setUpScale":10000000,"market":"a","tickerId":1556,"custody":"招商证券股份有限公司","name":"天弘中证500指数增强型证券投资基金","shortName":"天弘中证500指数增强A","fundSecondLevel":"company","lastUpdated":"2026-04-10T17:08:24.325Z","__csrcFundId":4150,"fundStatus":"normal","masterFundFlag":1,"inceptionDate":"2015-06-29T16:00:00.000Z","fundCollectionId":4000050430000,"currency":"CNY","masterFundShortName":"天弘中证500指数增强","memoNum":2,"pinyin":"thzz500zszqxzqtzjj","__indexSourceEastMoney":1,"__indexSourceCsi":1,"indexFundFlag":1,"indexId":1000000000905,"managers":[{"stockCode":"db20295018","stockType":"fund_manager","exchange":"fm","tickerId":2503140530,"name":"杨超"}]},"announcement":{"linkText":"天弘中证500指数增强型证券投资基金2022年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=870105","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec59d7fea5b3eb0449947","date":"2022-09-29T16:00:00.000Z","stockId":3000000001556,"sao":"报告期内，国内遭遇疫情多发散发以及极端天气等超预期因素影响，经济恢复进程受到一定程度制约，同时，国际环境日趋紧张复杂，主要发达经济体为应对通胀高企而不断收紧货币政策，导致全球经济下行压力增大，风险资产价格普遍下跌。在上述背景下，三季度国内权益市场也遭遇了不同程度回撤，具体来说：中证全指下跌13.44%，沪深300下跌15.16%，中证500下跌11.47%，创业板指下跌18.56%，中证1000下跌12.45%。本基金遵循指数增强投资逻辑，以中证500指数的风险收益特征为投资参考基础，并通过选股模型围绕基准进行持续优化，力争在基准的行业分布内精选基本面更为优质的标的，并在结构化风险模型和优化器的辅助下构建收益风险比更具优势的投资组合。三季度，基金的超额收益出现了一定程度的回撤。指数增强策略并非无风险策略，而是通过对风险因子更加细致的计算和把控以及对中长期有效的选股因子的正向暴露从而力争在较长的时间维度内以更大概率实现超额收益，但是在中短期的时间维度内，策略效果仍可能出现一定的波动及反复，这是概率特征及风险本身的不确定性所决定的。因此，我们亦鼓励投资人以更长的持有期配置指数增强基金，这有利于策略效果的长期积累并能够更好的发挥复利效应。投资策略方面，本基金作为股票型指数增强基金，在对基准指数进行有效跟踪的基础上，通过对市场结构及公司基本面的持续跟踪分析，利用量化选股模型及优化策略积极抽样组合，力争在控制跟踪误差的同时为投资者提供高于业绩比较基准的投资收益。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:05:33.312Z","fund":{"_id":3000000001556,"stockCode":"001556","stockType":"fund","areaCode":"cn","followedNum":304,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2015-06-28T16:00:00.000Z","setUpScale":10000000,"market":"a","tickerId":1556,"custody":"招商证券股份有限公司","name":"天弘中证500指数增强型证券投资基金","shortName":"天弘中证500指数增强A","fundSecondLevel":"company","lastUpdated":"2026-04-10T17:08:24.325Z","__csrcFundId":4150,"fundStatus":"normal","masterFundFlag":1,"inceptionDate":"2015-06-29T16:00:00.000Z","fundCollectionId":4000050430000,"currency":"CNY","masterFundShortName":"天弘中证500指数增强","memoNum":2,"pinyin":"thzz500zszqxzqtzjj","__indexSourceEastMoney":1,"__indexSourceCsi":1,"indexFundFlag":1,"indexId":1000000000905,"managers":[{"stockCode":"db20295018","stockType":"fund_manager","exchange":"fm","tickerId":2503140530,"name":"杨超"}]},"announcement":{"linkText":"天弘中证500指数增强型证券投资基金2022年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=805258","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec59d7fea5b3eb0449946","date":"2022-06-29T16:00:00.000Z","stockId":3000000001556,"sao":"报告期内，市场整体先抑后扬。前四个月，在国内经济承压、疫情反复、海外流动性趋紧、地缘政治变化加剧等众多因素共同作用下，市场风险偏好降低，除个别行业及板块外普遍出现了较大回撤。而自四月底以来，伴随前期困扰市场诸多因素的边际改善，投资者情绪逐步恢复，大多数板块迎来上涨，尤以前期回撤较大的高景气板块上涨幅度更多。但总体而言，多数指数未恢复至年初水位，仍呈现出不同程度的下跌。具体来说，在上半年：中证全指下跌10.37%，沪深300下跌9.22%，中证500下跌12.30%，创业板指下跌15.41%，中证1000下跌12.67%。本基金遵循指数增强投资逻辑，以中证500指数的风险收益特征为投资参考基础，并通过选股模型围绕基准进行持续优化，力争在基准的行业分布内精选基本面更为优质的标的，并在结构化风险模型和优化器的辅助下构建收益风险比更具优势的投资组合。投资策略方面，本基金作为股票型指数增强基金，在对基准指数进行有效跟踪的基础上，通过对市场结构及公司基本面的持续跟踪分析，利用量化选股模型及优化策略积极抽样组合，力争在控制跟踪误差的同时为投资者提供高于业绩比较基准的投资收益。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:05:33.309Z","mo":"展望2022年下半年，我们认为总体经济环境将企稳回升并拾级而上，市场流动性料将保持合理充裕。但应注意到，需求收缩、供给冲击、预期转弱等因素仍将对经济恢复造成一定压力，同时在海外主要经济体货币政策加速收紧、全球通胀高位运行、国内银行间市场利率水平较低的背景之下，流动性进一步大幅边际宽松的空间或相对有限，结构性货币工具可能发挥更大作用。此外，如疫情、地缘政治等内外部阶段性、突发性超预期事件亦可能对经济恢复进程产生扰动。但是，尽管面临较为严峻复杂的内外部环境，经济发展总体而言相对于上半年仍大概率维持复苏向好的回暖态势，这一宏观局面在全球增长放缓、通胀高企、地缘冲突不断的形势之中，显得尤其珍贵。下半年，随着高效统筹疫情防控和社会发展以及一揽子稳增长政策措施的持续落地见效，经济运行的改善值得期待，基于国内巨大的消费市场、完善的产业链配套、持续的科技创新以及丰富的政策发力空间，我们仍对中国经济的中长期韧性和发展潜力抱有信心。证券市场方面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