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"managers":[{"stockCode":"db20875672","stockType":"fund_manager","exchange":"fm","tickerId":2525220080,"name":"姚艺"},{"stockCode":"j101020468","stockType":"fund_manager","exchange":"fm","tickerId":241806252240,"name":"邢儒风"}]},"announcement":{"linkText":"中邮绝对收益策略定期开放混合型发起式证券投资基金2025年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1274582","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6437fea5b3eb04552ce","date":"2024-12-30T16:00:00.000Z","stockId":3000000002224,"sao":"2024年初，A股市场大幅下跌，尤其是中小股票受到各种资金面的影响，出现了一定的流动性危机，股价出现了非基本面导致的非理性下跌；春节之后，流动性危机解除，压制市场的资金面利空因素不复存在，市场企稳反弹，尤其以中小股票反弹幅度较大。经历了一季度的剧烈波动之后，2季度到3季度市场波动率下降，趋势走弱，无论是消费、医药、新能源、电子等传统成长股，还是前期强势的低估值高股息板块，均取得了不小的跌幅。9月24日之后，受宏观政策影响，A股市场出现了短期快速上涨，尤其是金融、消费、计算机等前期受到基本面压制的板块暴力反弹，市场绝大多数行业都实现了较大的涨幅。11月以来，主要指数区间震荡，消费、医药、制造等大板块表现不佳，科技板块表现出色。　　整体来看，2024年是行情巨大波动的一年，9月份之前大盘、价值风格明显占优，9月份之后小盘、成长、反转等风格占优。　　本基金主要通过量化多因子模型构建股票多头组合，并通过持有股指期货空头对冲股票投资组合的系统性风险，从而将多头组合相对指数的超额收益转化为绝对收益。股票投资组合在报告期内主要以沪深300指数为基准，控制行业、市值等风险因子的敞口。今年市场风格结构差异较大，增加了超额收益的获取难度，加大了超额收益的波动。为应对风格和因子的大幅波动，本基金维持了相对均衡的因子配置，注重股票组合与基准的风格偏离控制，降低超额收益的波动风险，另一方面本基金严格控制了股票与股指期货的敞口暴露，降低了因市场的下跌而造成的基金收益的损失。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:08:19.390Z","mo":"展望2025年，从外围环境看，国际贸易摩擦影响出口，美债收益率可能较长时间处在高位，一定程度上会对国际资金形成抽水效应。从国内基本面来看，今年应该是政策不断发力的一年，提高居民收入、提振社会消费等政策会不断出台，经济将会稳中有升。综合起来看，我们对今年的权益市场保持乐观，人工智能科技革命叠加宏观流动性宽松，市场全年将会表现较好，但今年国际环境、贸易摩擦等容易对市场造成一定的冲击，市场波动率也将会保持在高位。","fund":{"_id":3000000002224,"__csrcFundId":4380,"stockCode":"002224","name":"中邮绝对收益策略定期开放混合型发起式证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":2224,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T18:22:59.381Z","status":"normal","exchange":"jj","shortName":"中邮绝对收益策略定期开放混合(002224)","inceptionDate":"2015-12-29T16:00:00.000Z","followedNum":4,"fundCollectionId":4000050540000,"currency":"CNY","masterFundShortName":"中邮绝对收益策略定期开放混合","pinyin":"zyjdsycldqkfhhxfqszqtzjj","managers":[{"stockCode":"db20875672","stockType":"fund_manager","exchange":"fm","tickerId":2525220080,"name":"姚艺"},{"stockCode":"j101020468","stockType":"fund_manager","exchange":"fm","tickerId":241806252240,"name":"邢儒风"}]},"announcement":{"linkText":"中邮绝对收益策略定期开放混合型发起式证券投资基金2024年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1248788","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6437fea5b3eb04552cd","date":"2024-09-29T16:00:00.000Z","stockId":3000000002224,"sao":"三季度市场波动剧烈。9月底之前，市场连续阴跌，无论是消费、医药、新能源、电子等传统成长股，还是前期强势的低估值高股息板块，均取得了不小的跌幅。9月24日，央行、金管局、证监会举办联合发布会，提出一揽子稳楼市、提振市场的举措。9月26日政治局会议要求推出“加大财政货币政策逆周期调节力度”、“促进房地产市场止跌回稳”、“努力提振资本市场”等重大举措，一举增强了市场信心和热情，A股市场出现了短期快速上涨，尤其是金融、消费、计算机等前期受到基本面压制的板块暴力反弹，市场绝大多数行业都实现了较大的涨幅。　　展望四季度，从外围环境看，美国就业数据强劲，美联储降息存在一定的不确定性，美债收益率可能阶段性走高；美国大选在即，选情变化可能会对市场带来一定的冲击；国际局势不确定性较大，局地冲突有可能扩大，容易对A股风险偏好以及相关板块带来一定的影响。从国内基本面来看，三季度经济表现不佳，经济提振政策有望在四季度发力，具体的落地节奏和实际效果还需要继续观察。综合来看，我们认为四季度权益市场波动率将维持较高水平，整体有望震荡走高，业绩稳健、估值较低的资产将会表现较好，有较好的盈利增长预期的成长板块也将会有较好的表现。　　三季度，本基金投资策略没有变化，继续沿用之前的量化多因子选股模型，基本面因子为主，主要从沪深300指数成分股中精选股票组成投资组合，力求股票组合与指数保持较小的跟踪误差，以降低超额收益的波动；股指期货对冲方面，本基金根据不同股指期货合约的基差水平，灵活选择合适的股指期货合约进行对冲，力求整体对冲组合的收益最大化。另外本基金亦会根据市场环境，精选估值低、风险小的可转债进行投资，在控制整体波动的情况下力求提高基金的整体收益。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:08:19.387Z","fund":{"_id":3000000002224,"__csrcFundId":4380,"stockCode":"002224","name":"中邮绝对收益策略定期开放混合型发起式证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":2224,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T18:22:59.381Z","status":"normal","exchange":"jj","shortName":"中邮绝对收益策略定期开放混合(002224)","inceptionDate":"2015-12-29T16:00:00.000Z","followedNum":4,"fundCollectionId":4000050540000,"currency":"CNY","masterFundShortName":"中邮绝对收益策略定期开放混合","pinyin":"zyjdsycldqkfhhxfqszqtzjj","managers":[{"stockCode":"db20875672","stockType":"fund_manager","exchange":"fm","tickerId":2525220080,"name":"姚艺"},{"stockCode":"j101020468","stockType":"fund_manager","exchange":"fm","tickerId":241806252240,"name":"邢儒风"}]},"announcement":{"linkText":"中邮绝对收益策略定期开放混合型发起式证券投资基金2024年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1180459","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6437fea5b3eb04552cc","date":"2024-06-29T16:00:00.000Z","stockId":3000000002224,"sao":"今年一月份，A股市场大幅下跌，尤其是中小股票受到各种资金面的影响，出现了一定的流动性危机，股价出现了非基本面导致的非理性下跌；春节之后，流动性危机解除，压制市场的资金面利空因素不复存在，市场企稳反弹，尤其以中小股票反弹幅度较大。A股市场在经历了一季度的快速下跌以及强力反弹的大波动行情之后，二季度波动率逐渐下降，行情回归于板块及个股的基本面变化。二季度以来，伴随着全球局势的不确定性加大，市场更加重视上市公司短期盈利的确定性，更相信现实而不是远景，业绩波动小、估值便宜的电力、煤炭、银行、交运等红利板块明显占优，而业务尚处于发展期或激烈竞争期的板块表现较差，由于居民普遍降低未来收入预期，减少当下支出，故而消费板块也表现较差。　　本基金主要通过量化多因子模型构建股票多头组合，并通过持有股指期货空头对冲股票投资组合的系统性风险，从而将多头组合相对指数的超额收益转化为绝对收益。股票投资组合在报告期内主要以沪深300指数为基准，控制行业、市值等风险因子的敞口。今年以来市场风格结构差异较大，增加了超额收益的获取难度，加大了超额收益的波动。为应对风格和因子的大幅波动，本基金维持了相对均衡的因子配置，注重股票组合与基准的风格偏离控制，降低超额收益的波动风险，另一方面本基金严格控制了股票与股指期货的敞口暴露，降低了因市场的下跌而造成的基金收益的损失。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-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本季度，在股票投资方面，本基金沿用之前的量化多因子选股模型，从沪深300指数成分股中精选股票组成投资组合，并力求股票组合与沪深300指数保持较小的跟踪误差，合理控制偏离风险；股指期货对冲方面，本基金根据不同股指期货合约的基差水平，灵活选择合适的股指期货合约进行对冲，力求整体对冲组合的收益最大化。","declarationDate":"2023-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:08:19.371Z","fund":{"_id":3000000002224,"__csrcFundId":4380,"stockCode":"002224","name":"中邮绝对收益策略定期开放混合型发起式证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":2224,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T18:22:59.381Z","status":"normal","exchange":"jj","shortName":"中邮绝对收益策略定期开放混合(002224)","inceptionDate":"2015-12-29T16:00:00.000Z","followedNum":4,"fundCollectionId":4000050540000,"currency":"CNY","masterFundShortName":"中邮绝对收益策略定期开放混合","pinyin":"zyjdsycldqkfhhxfqszqtzjj","managers":[{"stockCode":"db20875672","stockType":"fund_manager","exchange":"fm","tickerId":2525220080,"name":"姚艺"},{"stockCode":"j101020468","stockType":"fund_manager","exchange":"fm","tickerId":241806252240,"name":"邢儒风"}]},"announcement":{"linkText":"中邮绝对收益策略定期开放混合型发起式证券投资基金2023年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=888995","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6437fea5b3eb04552c6","date":"2022-12-30T16:00:00.000Z","stockId":3000000002224,"sao":"今年市场经历了“W型”行情，个股波动明显比前两年增大。前4个月受到全球流动性收缩以及国内经济预期走弱的影响，股票市场出现了连续性、大幅度的下跌；4月底以来随着疫情形势逐步缓解，“稳增长”政策不断落地，经济复苏预期走强，市场迎来了较大幅度的反弹。三季度到四季度初，全球流动性超预期收缩，美联储及欧洲央行大幅加息，全球经济衰退风险加大，而国内受到疫情影响，经济修复较弱，A股又出现了一轮持续的下跌。12月起，疫情防控放松，美联储加息节奏减缓，投资者对经济的修复及消费的复苏预期回升，市场主要指数均有所反弹，尤以前期跌幅较大的消费板块反弹较多。全年来看，价值风格明显占优，成长风格大幅落后于估值低盈利好的低估值风格；小市值风格强于中大市值风格，一致预期较强的股票弱于市场关注度较低的股票。本基金主要通过量化多因子模型构建股票多头组合，并通过持有股指期货空头对冲股票投资组合的系统性风险，从而将多头组合相对指数的超额收益转化为绝对收益。股票投资组合在报告期内主要以沪深300指数为基准，控制行业、市值等风险因子的敞口。今年市场风格切换较快并且幅度较大，增加了超额收益的获取难度，加大了超额收益的波动。为应对风格和因子的快速切换，本基金维持了相对均衡的因子配置，注重股票组合与基准的风格偏离控制，降低超额收益的波动风险，另一方面本基金严格控制了股票与股指期货的敞口暴露，降低了因市场的下跌而造成的基金收益的损失。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:08:19.368Z","mo":"展望2023年，我们认为疫情对经济生活的影响逐步弱化，中国经济有望实现可观的增长，随着消费场景逐步正常化，全社会消费也将迎来复苏。但另一方面，过去几年疫情对市场主体的资产负债表影响较大，大家对未来的收入预期普遍下调，叠加处在高位的上游原材料价格所带来的高成本，造成市场主体的投资信心较弱，经济修复难以一蹴而就，需要较长的时间来增强信心，恢复到既往的轨道上来。从货币政策来看，全年有望维持相对宽松的环境，利率维持在偏低位置，市场中短期内的流动性无忧；我们对全年的股票市场相对乐观，在经历了去年的大幅下跌之后，大多数的股票估值得到了一定的压缩，部分板块及个股的估值性价比已经很高，但从整个市场来看，今年盈利压力仍然较大，难有大的全面行情，更多的是局部机会，所以今年对阿尔法的挖掘要胜过对贝塔的把握。","fund":{"_id":3000000002224,"__csrcFundId":4380,"stockCode":"002224","name":"中邮绝对收益策略定期开放混合型发起式证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":2224,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T18:22:59.381Z","status":"normal","exchange":"jj","shortName":"中邮绝对收益策略定期开放混合(002224)","inceptionDate":"2015-12-29T16:00:00.000Z","followedNum":4,"fundCollectionId":4000050540000,"currency":"CNY","masterFundShortName":"中邮绝对收益策略定期开放混合","pinyin":"zyjdsycldqkfhhxfqszqtzjj","managers":[{"stockCode":"db20875672","stockType":"fund_manager","exchange":"fm","tickerId":2525220080,"name":"姚艺"},{"stockCode":"j101020468","stockType":"fund_manager","exchange":"fm","tickerId":241806252240,"name":"邢儒风"}]},"announcement":{"linkText":"中邮绝对收益策略定期开放混合型发起式证券投资基金2022年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=868901","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6437fea5b3eb04552c5","date":"2022-09-29T16:00:00.000Z","stockId":3000000002224,"sao":"本基金主要通过量化多因子模型构建股票多头组合，并通过持有股指期货空头对冲股票投资组合的系统性风险，从而将多头组合相对指数的超额收益转化为绝对收益。 三季度，在股票投资方面，本基金根据自主研发的量化多因子选股模型从沪深 300 指数成分股中精选股票组成投资组合，并力求股票组合与沪深300指数保持一定范围内的跟踪误差，合理控制偏离风险；股指期货对冲方面，本基金根据不同股指期货合约的基差水平，灵活选择合适的股指期货合约进行对冲，力求整体对冲组合的收益最大化。三季度，全球流动性收缩，美联储及欧洲央行大幅加息，全球经济衰退风险加大，而国内受到疫情影响需求不足，经济修复较弱，A股市场出现了连续性、大幅度的下跌。风格上来看，本季度成长风格波动较大，尤其是景气度较高的成长行业下跌较多；本季度小市值风格先强后弱，大盘价值风格整体表现稍强。本季度由于市场风格波动较大，多因子选股模型相对沪深300指数的超额收益也遇到了一定的回撤，同时股指期货的基差快速收敛，故而本基金在本季度净值波动有所加大。三季度末，股指期货基差处在合适水平，因此我们维持了相对较高的股票仓位。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:08:19.365Z","fund":{"_id":3000000002224,"__csrcFundId":4380,"stockCode":"002224","name":"中邮绝对收益策略定期开放混合型发起式证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":2224,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T18:22:59.381Z","status":"normal","exchange":"jj","shortName":"中邮绝对收益策略定期开放混合(002224)","inceptionDate":"2015-12-29T16:00:00.000Z","followedNum":4,"fundCollectionId":4000050540000,"currency":"CNY","masterFundShortName":"中邮绝对收益策略定期开放混合","pinyin":"zyjdsycldqkfhhxfqszqtzjj","managers":[{"stockCode":"db20875672","stockType":"fund_manager","exchange":"fm","tickerId":2525220080,"name":"姚艺"},{"stockCode":"j101020468","stockType":"fund_manager","exchange":"fm","tickerId":241806252240,"name":"邢儒风"}]},"announcement":{"linkText":"中邮绝对收益策略定期开放混合型发起式证券投资基金2022年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=810060","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6437fea5b3eb04552c4","date":"2022-06-29T16:00:00.000Z","stockId":3000000002224,"sao":"本基金主要通过量化多因子模型构建股票多头组合，并通过持有股指期货空头对冲股票投资组合的系统性风险，从而将多头组合相对指数的超额收益转化为绝对收益。股票投资组合在报告期内主要以沪深300指数为基准，控制行业、市值等风险因子的敞口。今年前4月，受到全球流动性收缩以及国内经济预期走弱的影响，股票市场出现了连续性、大幅度的下跌；4月底以来随着疫情形势逐步缓解，国家“稳增长”政策不断落地，经济复苏预期走强，市场迎来了较大幅度的反弹，尤其以新能源车、光伏、风电等为代表的需求端处于快速增长并且前期下跌较多的景气板块上涨较多，上半年市场经历了深V行情，个股波动明显比前两年增大。风格上来看，4月份之前价值风格和低波动风格明显跑赢成长风格，小市值风格明显跑赢大市值风格，而4月底以来，成长风格反弹较多，明显跑赢价值风格，低波动风格则落后于市场。今年上半年风格切换较快并且幅度较大，增加了超额收益的获取难度，加大了超额收益的波动。为应对风格和因子的快速切换，本基金上半年维持了相对均衡的因子配置，注重股票组合与基准的风格偏离控制，降低超额收益的波动风险，另一方面本基金严格控制了股票与股指期货的敞口暴露，降低了因市场的下跌而造成的基金收益的损失。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:08:19.362Z","mo":"展望下半年，我们认为市场在经历了大幅度、快速的反弹上涨之后，上半年因为疫情影响以及经济走弱预期所导致的过度下跌基本上已经完成了修复，下半年市场走势将依赖经济恢复及货币政策的影响。从行业板块和风格角度来看，下半年市场将趋向于均衡，行业边际向好幅度较大的行业将会有超额收益，个股层面的分化仍将持续，基本面向好、成长性高的股票仍将优于基本面变化较小、成长性较低的股票。","fund":{"_id":3000000002224,"__csrcFundId":4380,"stockCode":"002224","name":"中邮绝对收益策略定期开放混合型发起式证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":2224,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T18:22:59.381Z","status":"normal","exchange":"jj","shortName":"中邮绝对收益策略定期开放混合(002224)","inceptionDate":"2015-12-29T16:00:00.000Z","followedNum":4,"fundCollectionId":4000050540000,"currency":"CNY","masterFundShortName":"中邮绝对收益策略定期开放混合","pinyin":"zyjdsycldqkfhhxfqszqtzjj","managers":[{"stockCode":"db20875672","stockType":"fund_manager","exchange":"fm","tickerId":2525220080,"name":"姚艺"},{"stockCode":"j101020468","stockType":"fund_manager","exchange":"fm","tickerId":241806252240,"name":"邢儒风"}]},"announcement":{"linkText":"中邮绝对收益策略定期开放混合型发起式证券投资基金2022年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=787977","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6437fea5b3eb04552c3","date":"2022-03-30T16:00:00.000Z","stockId":3000000002224,"sao":"本基金主要通过量化多因子模型构建股票多头组合，并通过持有股指期货空头对冲股票投资组合的系统性风险，从而将多头组合相对指数的超额收益转化为绝对收益。 一季度，在股票投资方面，本基金根据自主研发的量化多因子选股模型从沪深 300 指数成分股中精选股票组成投资组合，并力求股票组合与沪深300指数保持一定范围内的跟踪误差，合理控制偏离风险；股指期货对冲方面，本基金根据不同股指期货合约的基差水平，灵活选择合适的股指期货合约进行对冲，力求整体对冲组合的收益最大化。今年一季度，受全球流动性收缩和地缘冲突风险的影响，市场风险偏好大幅降低，A股市场呈现了单边下行的态势，前期涨幅较大的高景气赛道的成长股大幅下跌，而估值较低、前期涨幅不显著的价值风格则表现出了相对优势，整个一季度市场呈现了一定的分化格局。同时一季度股指期货的基差处于合理水平，因此我们维持了较高的股票仓位，多因子选股模型相对沪深300指数的超额收益也相对稳定。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:08:19.360Z","fund":{"_id":3000000002224,"__csrcFundId":4380,"stockCode":"002224","name":"中邮绝对收益策略定期开放混合型发起式证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":2224,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T18:22:59.381Z","status":"normal","exchange":"jj","shortName":"中邮绝对收益策略定期开放混合(002224)","inceptionDate":"2015-12-29T16:00:00.000Z","followedNum":4,"fundCollectionId":4000050540000,"currency":"CNY","masterFundShortName":"中邮绝对收益策略定期开放混合","pinyin":"zyjdsycldqkfhhxfqszqtzjj","managers":[{"stockCode":"db20875672","stockType":"fund_manager","exchange":"fm","tickerId":2525220080,"name":"姚艺"},{"stockCode":"j101020468","stockType":"fund_manager","exchange":"fm","tickerId":241806252240,"name":"邢儒风"}]},"announcement":{"linkText":"中邮绝对收益策略定期开放混合型发起式证券投资基金2022年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=729801","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6437fea5b3eb04552c2","date":"2021-12-30T16:00:00.000Z","stockId":3000000002224,"sao":"本基金主要通过量化多因子模型构建股票多头组合，并通过持有股指期货空头对冲股票投资组合的系统性风险，从而将多头组合相对指数的超额收益转化为绝对收益。股票投资组合在报告期内主要以沪深300指数为基准，控制行业、市值等风险因子的敞口。2021年，市场风格发生多次切换，从因子角度观察，市场主要是在龙头股、赛道股代表的成长、机构持仓、动量等因子与周期、价值股代表的估值、波动、反转因子之间的博弈。演绎路径是：一季度初至春节前，龙头股延续2020年四季度强势，春节过后，市场风格切换，强势股快速杀跌，估值因子修复；临近一季报和年报披露期，强势股反弹，直至二季度末，新能源、汽车等成长性行业超额收益显著，市场风格较为稳定；三季度，市场风格切换，伴随商品价格上涨，周期行业股价快速上行，强势股再次杀跌；四季度，市场从季度初的成长风格，在12月份又切换到价值风格。一方面，市场风格在2021年发生快速切换，风格动量较难捕捉；另一方面，负基差在三、四季度的大幅波动也提升了对冲策略的运作难度。为了应对以上情况，本基金根据市场情况灵活调整对冲策略仓位，当市场风格频繁切换时，组合维持中低仓位运行；此外，在量化模型使用时，采用多模型方式，降低单一策略阶段性失效的风险，在组合预期收益波动较大时，以控制净值回撤为首要目标。","declarationDate":"2022-01-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:08:19.357Z","mo":"展望2022年，我们认为经济增长放缓的压力不断增大，货币政策整体趋于宽松，利率仍会维持在偏低位置，中短期内市场流动性无忧；另一方面，“疫情”对经济社会的影响会逐步下降，全球经济贸易逐步恢复。我们认为今年的股票市场会更趋于均衡，近年来大幅上涨的景气板块面临估值高的压力比较大，板块内个股会有较大分化，没有持续增长的业绩支撑的个股可能面临较大回调压力，业绩不断兑现的股票仍有机会不断上涨；而前几年受“疫情”影响较大的板块今年会迎来一定的修复，同时估值受压制的低估值板块今年也有望受到资金青睐，估值因子有望获得一定程度的修复。","fund":{"_id":3000000002224,"__csrcFundId":4380,"stockCode":"002224","name":"中邮绝对收益策略定期开放混合型发起式证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":2224,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T18:22:59.381Z","status":"normal","exchange":"jj","shortName":"中邮绝对收益策略定期开放混合(002224)","inceptionDate":"2015-12-29T16:00:00.000Z","followedNum":4,"fundCollectionId":4000050540000,"currency":"CNY","masterFundShortName":"中邮绝对收益策略定期开放混合","pinyin":"zyjdsycldqkfhhxfqszqtzjj","managers":[{"stockCode":"db20875672","stockType":"fund_manager","exchange":"fm","tickerId":2525220080,"name":"姚艺"},{"stockCode":"j101020468","stockType":"fund_manager","exchange":"fm","tickerId":241806252240,"name":"邢儒风"}]},"announcement":{"linkText":"中邮绝对收益策略定期开放混合型发起式证券投资基金2021年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=702699","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6437fea5b3eb04552c1","date":"2021-09-29T16:00:00.000Z","stockId":3000000002224,"sao":"本基金主要通过量化多因子模型构建股票多头组合，并通过持有股指期货空头对冲股票投资组合的系统性风险，从而将多头组合相对指数的超额收益转化为绝对收益。 报告期内，在股票投资方面，本基金根据自主研发的量化多因子选股模型以沪深300和中证500指数成分股为基础，构建股票多头组合；三季度，组合净值出现较大波动，回撤主要出现在9月中下旬。一方面，股指期货远期贴水在三季度快速收敛；另一方面，9月中下旬，市场风格突然出现大幅反转，技术因子中的反转因子、换手率、波动等因子收益率突然上升，前期强势的股票出现连续快速下跌。由于量化模型并未对市场风格变化进行及时反应，因此，在基差收敛和市场风格调整的背景下，组合净值在三季度末出现快速回撤。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:08:19.354Z","fund":{"_id":3000000002224,"__csrcFundId":4380,"stockCode":"002224","name":"中邮绝对收益策略定期开放混合型发起式证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":2224,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T18:22:59.381Z","status":"normal","exchange":"jj","shortName":"中邮绝对收益策略定期开放混合(002224)","inceptionDate":"2015-12-29T16:00:00.000Z","followedNum":4,"fundCollectionId":4000050540000,"currency":"CNY","masterFundShortName":"中邮绝对收益策略定期开放混合","pinyin":"zyjdsycldqkfhhxfqszqtzjj","managers":[{"stockCode":"db20875672","stockType":"fund_manager","exchange":"fm","tickerId":2525220080,"name":"姚艺"},{"stockCode":"j101020468","stockType":"fund_manager","exchange":"fm","tickerId":241806252240,"name":"邢儒风"}]},"announcement":{"linkText":"中邮绝对收益策略定期开放混合型发起式证券投资基金2021年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=657783","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6437fea5b3eb04552c0","date":"2021-06-29T16:00:00.000Z","stockId":3000000002224,"sao":"本基金主要通过量化多因子模型构建股票多头组合，并通过持有股指期货空头对冲股票投资组合的系统性风险，从而将多头组合相对指数的超额收益转化为绝对收益。2021年上半年，市场演绎了极致的结构化行情。一季度度初，高盈利、高成长、高机构持仓的行业龙头个股具备明显的alpha收益，市场风格基本上也是2020年的延续，因此，组合净值在年初获得了快速增长。2月中旬，市场风格突然发生变化，从2017年开始就持续走弱的估值、波动率、反转等因子的收益在几个交易日内获得了快速修复，由于前期强势的因子拥挤度很高，且模型超额收益回撤在此期间超过了模型回测期的最大回撤，本基金及时对策略进行了调整，并降低了组合仓位。然而，市场进入3月中旬至一季报年报披露期，前期强势的因子再次修复，由于仓位较低且本基金对原模型进行了调整，导致产品净值迟迟没有突破前期高点。二季度初，市场的情绪逐步稳定，但基差出现快速收敛，产品净值因此出现进一步回撤。二季度末，市场风格趋于稳定，成长、盈利、机构持仓因子恢复动量，市场结构分化从因子端映射到行业端，既新能源、汽车、电子等超额收益明显，市场分化持续加剧，由于担心市场可能出现今年2月末的情况，产品维持中等仓位操作。","declarationDate":"2021-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:08:19.352Z","mo":"展望下半年，我们认为经济增长不断趋缓是大方向，因此货币政策短期难以收紧，利率仍会维持在偏低位置，市场流动性无忧；另一方面，国内外的不确定性较多，首先是“疫情”的不断反复，影响了全球的有效需求，从而影响经济的恢复，其次国际贸易摩擦仍然会时不时对市场风险偏好造成较大的扰动。资金方面，在当前低利率的大环境下，叠加资金进入房地产市场长期受到压制，权益市场仍是相对具有性价比的投资去处，居民资金有望延续入市趋势，另一方面国内经济恢复较好，A股市场相对估值较低，吸引力突出，外资也将继续大幅度流入。","fund":{"_id":3000000002224,"__csrcFundId":4380,"stockCode":"002224","name":"中邮绝对收益策略定期开放混合型发起式证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":2224,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T18:22:59.381Z","status":"normal","exchange":"jj","shortName":"中邮绝对收益策略定期开放混合(002224)","inceptionDate":"2015-12-29T16:00:00.000Z","followedNum":4,"fundCollectionId":4000050540000,"currency":"CNY","masterFundShortName":"中邮绝对收益策略定期开放混合","pinyin":"zyjdsycldqkfhhxfqszqtzjj","managers":[{"stockCode":"db20875672","stockType":"fund_manager","exchange":"fm","tickerId":2525220080,"name":"姚艺"},{"stockCode":"j101020468","stockType":"fund_manager","exchange":"fm","tickerId":241806252240,"name":"邢儒风"}]},"announcement":{"linkText":"中邮绝对收益策略定期开放混合型发起式证券投资基金2021年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=635591","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6437fea5b3eb04552bf","stockId":3000000002224,"sao":"本基金主要通过量化多因子模型构建股票多头组合，并通过持有股指期货空头对冲股票投资组合的系统性风险，从而将多头组合相对指数的超额收益转化为绝对收益。 报告期内，在股票投资方面，本基金根据自主研发的量化多因子选股模型以沪深300和中证500指数成分股为基础，构建股票多头组合；一季度，市场风格可以划分为三个阶段：第一阶段，2月18日前，市场延续2020年四季度末的风格，既高盈利、高成长、高机构持仓的龙头股具备明显的超额收益，但本基金在对因子拥挤度等指标监控的基础上，认为诸如估值、波动率等因子的收益随时可能修复，从而导致净值出现较大波动，因此，采取了以下操作：一方面，适度降低权益仓位；另一方面，应用多模型合成股票池，降低单一模型回撤的风险。第二阶段，2月18日至3月9日，指数快速下跌的同时，市场风格发生反转，估值、波动等因子收益迅速修复；本基金并未对模型进行主观调整，继续维持中低仓位运作。第三阶段，3月10日至3月底，市场进入震荡期，龙头股反弹程度不一，低估值和高盈利、高成长风格进入角力期，模型alpha收益不稳定，但基差水平逐步恶化，策略获取绝对收益的胜率下降，因此，本基金继续通过仓位控制减少净值波动，等待市场风格稳定。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:08:19.345Z","fund":{"_id":3000000002224,"__csrcFundId":4380,"stockCode":"002224","name":"中邮绝对收益策略定期开放混合型发起式证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":2224,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T18:22:59.381Z","status":"normal","exchange":"jj","shortName":"中邮绝对收益策略定期开放混合(002224)","inceptionDate":"2015-12-29T16:00:00.000Z","followedNum":4,"fundCollectionId":4000050540000,"currency":"CNY","masterFundShortName":"中邮绝对收益策略定期开放混合","pinyin":"zyjdsycldqkfhhxfqszqtzjj","managers":[{"stockCode":"db20875672","stockType":"fund_manager","exchange":"fm","tickerId":2525220080,"name":"姚艺"},{"stockCode":"j101020468","stockType":"fund_manager","exchange":"fm","tickerId":241806252240,"name":"邢儒风"}]},"announcement":{"linkText":"中邮绝对收益策略定期开放混合型发起式证券投资基金2021年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=574801","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6437fea5b3eb04552be","stockId":3000000002224,"sao":"本基金主要通过量化多因子模型构建股票多头组合，并通过持有股指期货空头对冲股票投资组合的系统性风险，从而将多头组合相对指数的超额收益转化为绝对收益。 报告期内，在股票投资方面，本基金根据自主研发的量化多因子选股模型从沪深 300 指数成分股中精选股票组成投资组合，并力求股票组合与沪深300指数保持一定范围内的跟踪误差，合理控制偏离风险；股指期货对冲方面，本基金根据不同股指期货合约的基差水平，灵活选择合适的股指期货合约进行对冲，力求整体对冲组合的收益最大化。债券投资方面，本基金以现金替代为目的，主要投资短久期、高等级、高流动性的信用债。下半年，本基金多因子选股模型相对沪深300指数的超额收益比较稳定，另一方面，股指期货的正基差也比较多，所以本基金逐步提高了股票仓位，并且没有主动暴露多头风险敞口，基金净值实现了稳健增长。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:08:19.342Z","mo":"展望 2021年，受到“新冠”疫情影响，为对冲经济下滑风险，货币政策短期难以大幅度收紧，利率仍会维持在偏低位置，市场流动性整体偏向充裕；另一方面，国内外的不确定性较多，首先是各国疫情之后的信用风险是值得关注的问题，另一方面国际贸易摩擦仍然会对市场造成较大的扰动。资金方面，在当前低利率叠加“资产荒”的大环境下，权益市场仍是相对具有性价比的投资去处，居民资金有望延续入市趋势，外资也将继续大幅度流入。","fund":{"_id":3000000002224,"__csrcFundId":4380,"stockCode":"002224","name":"中邮绝对收益策略定期开放混合型发起式证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":2224,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T18:22:59.381Z","status":"normal","exchange":"jj","shortName":"中邮绝对收益策略定期开放混合(002224)","inceptionDate":"2015-12-29T16:00:00.000Z","followedNum":4,"fundCollectionId":4000050540000,"currency":"CNY","masterFundShortName":"中邮绝对收益策略定期开放混合","pinyin":"zyjdsycldqkfhhxfqszqtzjj","managers":[{"stockCode":"db20875672","stockType":"fund_manager","exchange":"fm","tickerId":2525220080,"name":"姚艺"},{"stockCode":"j101020468","stockType":"fund_manager","exchange":"fm","tickerId":241806252240,"name":"邢儒风"}]},"announcement":{"linkText":"中邮绝对收益策略定期开放混合型发起式证券投资基金2020年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=545754","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6437fea5b3eb04552bd","stockId":3000000002224,"sao":"本基金主要通过量化多因子模型构建股票多头组合，并通过持有股指期货空头对冲股票投资组合的系统性风险，从而将多头组合相对指数的超额收益转化为绝对收益。 报告期内，在股票投资方面，本基金根据自主研发的量化多因子选股模型以沪深300和中证500指数成分股为基础，构建股票多头组合；今年7到8月，股票多头组合相对基准指数的超额收益较为稳定，市场风格的延续性较强，本基金维持较高仓位获取alpha收益；今年9月，市场风格逐步切换，超额收益波动加剧，在基差水平没有明显改善的背景下，为了减小产品净值的回撤，本基金适度降低了权益仓位并严格控制股票组合的风险敞口。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-27T16:00:00.000Z","lastUpdated":"2026-03-09T13:08:19.339Z","fund":{"_id":3000000002224,"__csrcFundId":4380,"stockCode":"002224","name":"中邮绝对收益策略定期开放混合型发起式证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":2224,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T18:22:59.381Z","status":"normal","exchange":"jj","shortName":"中邮绝对收益策略定期开放混合(002224)","inceptionDate":"2015-12-29T16:00:00.000Z","followedNum":4,"fundCollectionId":4000050540000,"currency":"CNY","masterFundShortName":"中邮绝对收益策略定期开放混合","pinyin":"zyjdsycldqkfhhxfqszqtzjj","managers":[{"stockCode":"db20875672","stockType":"fund_manager","exchange":"fm","tickerId":2525220080,"name":"姚艺"},{"stockCode":"j101020468","stockType":"fund_manager","exchange":"fm","tickerId":241806252240,"name":"邢儒风"}]},"announcement":{"linkText":"中邮绝对收益策略定期开放混合型发起式证券投资基金2020年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=492168","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6437fea5b3eb04552bc","stockId":3000000002224,"sao":"本基金主要通过量化多因子模型构建股票多头组合，并通过持有股指期货空头对冲股票投资组合的系统性风险，从而将多头组合相对指数的超额收益转化为绝对收益。 报告期内，在股票投资方面，本基金根据自主研发的量化多因子选股模型以沪深300和中证500指数成分股为基础，构建股票多头组合；今年上半年，股指期货的基差水平跟随市场变化发生了较大幅度的波动，为了提升产品净值的稳定性，首先，本基金以获取alpha收益为核心，严格控制股票多头的beta敞口，以及相对指数在行业、市值等方面的风险敞口；其次，动态监测期货对冲成本，在期货贴水幅度较大时，调整股票仓位。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:08:19.337Z","mo":"展望下半年，供给端有望恢复增长，但需求端增长依然偏弱，故而经济仍处在探底状态，社会总消费难以有效恢复。货币政策方面大概率难以收紧，流动性宽松的环境依然存在，龙头公司有望继续获得资金追捧。","fund":{"_id":3000000002224,"__csrcFundId":4380,"stockCode":"002224","name":"中邮绝对收益策略定期开放混合型发起式证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":2224,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T18:22:59.381Z","status":"normal","exchange":"jj","shortName":"中邮绝对收益策略定期开放混合(002224)","inceptionDate":"2015-12-29T16:00:00.000Z","followedNum":4,"fundCollectionId":4000050540000,"currency":"CNY","masterFundShortName":"中邮绝对收益策略定期开放混合","pinyin":"zyjdsycldqkfhhxfqszqtzjj","managers":[{"stockCode":"db20875672","stockType":"fund_manager","exchange":"fm","tickerId":2525220080,"name":"姚艺"},{"stockCode":"j101020468","stockType":"fund_manager","exchange":"fm","tickerId":241806252240,"name":"邢儒风"}]},"announcement":{"linkText":"中邮绝对收益策略定期开放混合型发起式证券投资基金2020年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=463733","linkType":"PDF","source":"csrc_pdf"}}]}