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益率突破3%，美联储加快货币紧缩的幅度和进度，市场从担忧通胀转变为担忧衰退，美股上半年持续下跌。国内方面，疫情反复是最大的扰动因素，国务院联防机制明确“疫情防控从严，动态清零不动摇不放松”。上半年，国内政策始终以“稳增长”为主，财政政策积极发力，货币环境偏宽松，各地相继采取常态化的核酸检测，随着疫情出现改善，各地积极复工复产复市，经济基本面进入疫后复苏阶段，市场悲观预期得到修复，A股在4月底开启反弹，相较海外市场走出了一波独立行情。2022年上半年，中证500指数先抑后扬，在一季度疫情较为严峻时，市场情绪低落，指数跌幅达到28.88%，随着疫情得到控制，经济复苏态势逐渐明朗，指数也迎来一波超跌反弹，截至6月30日，中证500指数从年内低点反弹23.31%，最终上半年下跌12.30%。中证500指数行业权重分布相对均衡，但行业收益贡献分化明显，收益贡献排序靠前的是煤炭、交通运输和石油石化，排序靠后的是电子、计算机和国防军工。风格方面，在中证500下跌时价值因子表现较好，指数超跌反弹时，成长因子占优。报告期内模型运行平稳，我们坚持追求长期稳健的超额收益，借助风险模型，在风格因子和行业上约束组合相对中证500指数的风险暴露，追求跟踪误差控制下的超额收益。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:11:55.298Z","mo":"展望2022年下半年，俄乌冲突对全球经济运行产生了深远影响，已经扩散到粮食安全、能源供应、金融体系和产业供应链等多个方面，影响全球经济增长预期。海外通胀高企，美国货币政策已经进入紧缩周期，国际能源和粮食价格或将保持高位，美国GDP连续两个季度环比下降，经济存在衰退的风险。国内方面，进入下半年，随着核酸检测常态化持续，疫情防控与经济增长之间的统筹将会做得更好，疫情后经济修复是下半年国内经济核心驱动因素，经济工作基调是“稳中求进”，侧重于对“质”的要求，“不会为了过高增长目标而出台超大规模刺激措施、超发货币、预支未来”。叠加海外需求在美联储加息周期下面临下行压力，下半年宏观政策将聚焦于扩大内需，货币将保持流动性合理充裕，并加大对企业的信贷支持，以稳定市场主体。在以稳为主的基调下，市场系统性风险不大，仍然以结构性机会为主。","fund":{"_id":3000000003241,"stockCode":"003241","stockType":"fund","areaCode":"cn","followedNum":9,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2016-08-28T16:00:00.000Z","setUpScale":1511940000,"market":"a","tickerId":3241,"custody":"中国工商银行股份有限公司","name":"创金合信量化发现灵活配置混合型证券投资基金","shortName":"创金合信量化发现混合(003241)","fundSecondLevel":"hybrid","__csrcFundId":799,"fundStatus":"normal","lastUpdated":"2026-04-30T18:49:08.096Z","masterFundFlag":1,"inceptionDate":"2016-09-26T16:00:00.000Z","fundCollectionId":4000050990000,"currency":"CNY","masterFundShortName":"创金合信量化发现混合","pinyin":"cjhxlhfxlhpzhhxzqtzjj","managers":[{"stockCode":"db20830519","stockType":"fund_manager","exchange":"fm","tickerId":122006212410,"name":"李添峰"},{"stockCode":"db20875181","stockType":"fund_manager","exchange":"fm","tickerId":82408222100,"name":"黄小虎"}]},"announcement":{"linkText":"创金合信量化发现灵活配置混合型证券投资基金2022年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=779651","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec71b7fea5b3eb0464ced","date":"2022-03-30T16:00:00.000Z","stockId":3000000003241,"sao":"2022年一季度，海内外环境复杂性不确定性加剧，部分事件明显超出预期，世界经济复苏放缓，全球粮食、能源等大宗商品市场大幅波动。海外方面，俄乌战争爆发，推动大宗商品价格急速上涨，全球经济面临滞涨风险。在持续高通胀背景下，美联储当前主要任务是控通胀，有可能加快加息和缩表进度，美债收益率快速上行。国内方面，疫情在多地反复，多个城市相继采用“静态管理模式”，坚持动态清零政策，目标是以最小化代价实现最大的防疫效果，但客观上造成经济循环畅通遇到一些制约，新的下行压力进一步加大。为了应对国内外的复杂形势，“稳增长”在一段时期内将是政策主线，各部门、各地方陆续落地相关政策，统筹稳增长、调结构、推改革，切实稳住宏观经济大盘。大类资产方面，原油价格大幅上涨，美元指数、黄金小幅上行，美股、A股震荡下行。国内股市风格方面，价值风格大幅跑赢成长风格。2022年一季度，中证500指数震荡下行，行业间收益率分化比较明显。业绩基准指数成份股内，收益贡献排序靠前的行业是煤炭、房地产、银行，收益贡献排序靠后的行业是电子、电力设备、国防军工。 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