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元指数和美股维持高位，大宗商品黄金和原油也较为坚挺。年末美国大选尘埃落定、特朗普强势回归，为中美关系带来新的挑战。国内方面，在偏弱的经济情势下宏观政策稳增长态度明确，各项地产、消费、金融市场政策加力托底，适度宽松的货币政策表态也更加积极，政策底基本确立，着力扭转内生需求和增长动能不足的局面。  股票市场方面，全年走势较为波折，上半年风险偏好仍然较低，红利避险类资产表现相对较好，四季度开始市场受政策和情绪驱动开始大幅修复。整体来看，全年红利类指数及科创类指数均有不错收益，沪深300指数上涨14.68%，中证红利指数上涨12.31%，创业板指数上涨13.23%，仅有中小市值指数区间表现不佳。行业层面，银行、非银以及通信、电子相对强势，而医药、食品饮料等消费板块相对偏弱。因子层面，行业中性视角下，全年沪深300内长期符合逻辑的因子均有所表现，价值类因子整体依然较好，同时成长、盈利质量、分析师等因子也阶段性表现突出。就多因子模型而言，在10月市场情绪非理性时alpha较为难做，其余时间基本正常。  沪深300增强基金运用量化Alpha多因子选股模型进行股票筛选和权重配置，在沪深300成分股及备选股内精选业绩和估值相匹配、基本面优质的股票，并严格控制市值、行业等风险暴露，在有限的跟踪误差下力争实现稳定的超越指数的表现。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:13:49.004Z","mo":"展望2025年，外部宏观环境仍较为复杂：国际局势动荡，发达经济体增长放缓，全球资产波动加大，美联储降息进程、特朗普政策、中美关系等均存在一定的不确定性及外部扰动的可能。在此背景下，外需出口或将承压，内需的有效改善是保持经济韧性的关键，“稳增长、优结构”的政策发力方向将愈发凸显，货币政策适度宽松、财政政策更加积极有为，在托底经济的同时持续培育新质生产力、推动产业结构转型升级。　　从资本市场来看，去年四季度开始，市场前期过度悲观的预期已经得到了较大扭转，政策底和市场底可能已经确立，尽管底部已经有所反弹，但经过3-4年较为充分的风险释放，目前市场的整体估值仍然是非常有吸引力的水平，同时叠加基本面的边际改善预期，A股的长期战略配置价值正逐渐体现。从长周期来看，在不确定的环境下，估值有安全边际、经营稳健、基本面优质、有核心竞争力的公司仍有较高的配置价值，有望取得长期稳定的相对收益。基金将继续关注符合常识和逻辑的因子，在投资过程中注重对个股基本面质地的考察，利用量化模型甄选出具备良好经营能力、估值与成长匹配的优质公司，争取为投资者创造好的投资收益。","fund":{"_id":3000000003876,"stockCode":"003876","stockType":"fund","areaCode":"cn","followedNum":94,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2016-12-04T16:00:00.000Z","setUpScale":10000000,"blackenedNum":0,"market":"a","tickerId":3876,"custody":"中国农业银行股份有限公司","name":"华宝沪深300指数增强型发起式证券投资基金","shortName":"华宝沪深300增强策略ETF发起式联接A","fundSecondLevel":"company","lastUpdated":"2026-05-01T21:10:49.551Z","__csrcFundId":1142,"fundStatus":"normal","masterFundFlag":1,"inceptionDate":"2016-12-08T16:00:00.000Z","memoNum":3,"fundCollectionId":4000050220000,"currency":"CNY","masterFundShortName":"华宝沪深300增强","pinyin":"hbhs300zszqxfqszqtzjj","__indexSourceEastMoney":1,"__indexSourceCsi":1,"indexFundFlag":1,"indexId":1000000000300,"managers":[{"stockCode":"db20041018","stockType":"fund_manager","exchange":"fm","tickerId":241213090140,"name":"徐林明"},{"stockCode":"8801624637","stockType":"fund_manager","exchange":"fm","tickerId":2326207530,"name":"王正"}]},"announcement":{"linkText":"华宝沪深300指数增强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=1252673","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec78d7fea5b3eb046cd4c","date":"2024-09-29T16:00:00.000Z","stockId":3000000003876,"sao":"三季度全球宏观及地缘风险依然没有改善的迹象，美国经济不确定性持续，美股市场围绕经济数据波动加大，主要资产价格多表现为震荡，9月美联储本轮加息以来首次降息50基点，俄乌和中东冲突局势未明。国内方面，三季度经济数据继续承压，9月下旬一系列提振经济和资本市场的货币和财政政策逐步推出，政治局会议表态超预期，政策底基本确立。  股票市场方面，三季度市场主要受到政策驱动以9月24日为分水岭呈现前低后高的走势。区间累计来看，三季度科技成长类指数以及非银金融指数涨幅较高，红利价值类指数涨幅靠后，报告期沪深300指数上涨16.07%，中证红利指数上涨6.43%，中证2000指数上涨17.67%，创业板指数上涨29.21%。行业层面，证券、保险、房地产、计算机、半导体等较为强势，而煤炭、石油石化、公用事业等走势较弱。因子层面，行业中性视角下，三季度沪深300内长期符合逻辑的基本面因子多数表现正常，价值、成长、盈利质量等因子累计录得正超额，但技术面因子中低波、低换手因子跑输，市场呈现高波、高换手风格，主因9月底的短期暴涨行情中因子表现较为异常，后续预计随着情绪的降温市场回归理性，因子表现也会回归正常。  沪深300增强基金运用量化Alpha多因子选股模型进行股票筛选和权重配置，在沪深300成分股及备选股内精选业绩和估值相匹配、基本面优质的股票，并严格控制市值、行业等风险暴露，在有限的跟踪误差下力争实现稳定的超越指数的表现。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:13:49.001Z","fund":{"_id":3000000003876,"stockCode":"003876","stockType":"fund","areaCode":"cn","followedNum":94,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2016-12-04T16:00:00.000Z","setUpScale":10000000,"blackenedNum":0,"market":"a","tickerId":3876,"custody":"中国农业银行股份有限公司","name":"华宝沪深300指数增强型发起式证券投资基金","shortName":"华宝沪深300增强策略ETF发起式联接A","fundSecondLevel":"company","lastUpdated":"2026-05-01T21:10:49.551Z","__csrcFundId":1142,"fundStatus":"normal","masterFundFlag":1,"inceptionDate":"2016-12-08T16:00:00.000Z","memoNum":3,"fundCollectionId":4000050220000,"currency":"CNY","masterFundShortName":"华宝沪深300增强","pinyin":"hbhs300zszqxfqszqtzjj","__indexSourceEastMoney":1,"__indexSourceCsi":1,"indexFundFlag":1,"indexId":1000000000300,"managers":[{"stockCode":"db20041018","stockType":"fund_manager","exchange":"fm","tickerId":241213090140,"name":"徐林明"},{"stockCode":"8801624637","stockType":"fund_manager","exchange":"fm","tickerId":2326207530,"name":"王正"}]},"announcement":{"linkText":"华宝沪深300指数增强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=1172511","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec78c7fea5b3eb046cd4b","date":"2024-06-29T16:00:00.000Z","stockId":3000000003876,"sao":"2024年上半年全球宏观及地缘风险依然没有改善的迹象，美联储降息预期延后，俄乌和中东冲突局势未明，前期强势的资产依然表现较好，美元指数和美股维持高位，大宗商品黄金和原油也较为坚挺。国内方面，上半年经济数据显示信贷社融疲软，内需消费整体偏弱，生产端景气度平平，外需及出口韧性较强、形成一定支撑，物价有所回暖。货币政策更加兼顾内外均衡，在稳汇率的目标下，政策基调维持稳健灵活，市场利率短期下行空间有限。基于当前复杂的内外形势，政策将更加落实到发展新质生产力、结构调整优化、防范化解风险等固本培元、高质量发展的方向上。  股票市场方面，上半年市场风险偏好仍然较低，红利避险类资产表现相对较好，但多数指数下跌。整体来看，上半年大盘金融类和红利稳定类指数明显优于中小盘、消费及成长类指数，报告期沪深300指数略涨0.89%，中证红利指数上涨7.75%，中证2000指数下跌23.28%，创业板指数下跌10.99%。行业层面，银行、煤炭、家用电器、公用事业、石油石化等稳定高股息板块相对强势，但医药、食品饮料、计算机以及地产链走势较弱。因子层面，行业中性视角下，上半年沪深300内的长期符合逻辑的因子均有所表现，价值类因子依然较好，同时成长、盈利质量、分析师等因子也录得正超额。另外（大）市值因子表现也非常突出。  沪深300增强基金运用量化Alpha多因子选股模型进行股票筛选和权重配置，在沪深300成分股及备选股内精选业绩和估值相匹配、基本面优质的股票，并严格控制市值、行业等风险暴露，在有限的跟踪误差下力争实现稳定的超越指数的表现。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:13:48.999Z","mo":"展望下半年，金融市场仍可能面临一定的挑战：一是国际局势动荡，全球资产波动加大，美联储加息进程、美国大选、俄乌冲突、中美关系等均存在一定的不确定性及外部扰动的可能；二是居民端的资产负债表和现金流量表不同程度上被前两年的下行周期破坏，需要时间修复，内需的释放和产业的升级仍需更大的政策力度推动；三是经济数据的好转以及市场情绪和信心的提振也需要政策和时间，持续低迷的地产和消费、信贷数据，对下半年出口回落的担忧都使市场对经济前景的信心不足。展望下半年，美联储的降息概率逐渐增加，汇率压力有望缓解，货币政策也有了一定的空间，内部稳经济稳增长的政策有望持续加码。  尽管未来仍然存在一定的扰动因素，但A股经过2-3年较为充分的风险释放，估值已回归到非常有吸引力的水平,不必过于悲观。从长周期来看，在不确定的环境下，估值有安全边际、经营稳健、基本面优质、有核心竞争力的公司仍有较高的配置价值，有望取得长期稳定的相对收益。基金将继续关注符合常识和逻辑的因子，在投资过程中注重对个股基本面质地的考察，利用量化模型甄选出具备良好经营能力、估值与成长匹配的优质公司，争取为投资者创造好的投资收益。","fund":{"_id":3000000003876,"stockCode":"003876","stockType":"fund","areaCode":"cn","followedNum":94,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2016-12-04T16:00:00.000Z","setUpScale":10000000,"blackenedNum":0,"market":"a","tickerId":3876,"custody":"中国农业银行股份有限公司","name":"华宝沪深300指数增强型发起式证券投资基金","shortName":"华宝沪深300增强策略ETF发起式联接A","fundSecondLevel":"company","lastUpdated":"2026-05-01T21:10:49.551Z","__csrcFundId":1142,"fundStatus":"normal","masterFundFlag":1,"inceptionDate":"2016-12-08T16:00:00.000Z","memoNum":3,"fundCollectionId":4000050220000,"currency":"CNY","masterFundShortName":"华宝沪深300增强","pinyin":"hbhs300zszqxfqszqtzjj","__indexSourceEastMoney":1,"__indexSourceCsi":1,"indexFundFlag":1,"indexId":1000000000300,"managers":[{"stockCode":"db20041018","stockType":"fund_manager","exchange":"fm","tickerId":241213090140,"name":"徐林明"},{"stockCode":"8801624637","stockType":"fund_manager","exchange":"fm","tickerId":2326207530,"name":"王正"}]},"announcement":{"linkText":"华宝沪深300指数增强型发起式证券投资基金2024年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1143875","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec78c7fea5b3eb046cd4a","date":"2024-03-30T16:00:00.000Z","stockId":3000000003876,"sao":"2024年一季度海外形势仍波折不断，俄乌冲突局势未明，中东波澜再起，同时尽管美联储降息预期因经济数据的韧性而出现波动，但美元指数、美股一季度均出现上涨，另外大宗商品尤其是黄金、原油双双走强。国内方面，整体经济受预期外因素冲击的影响较小，延续去年内生复苏的状态，经济数据均有一定程度的改善，出口及制造业景气度提升、居民出行及大众消费服务业改善是亮点，主要拖累仍在地产链。三月召开的两会也基于当前形势制定了全年经济发展目标，体现了高质量发展、结构优化、稳中有进的政策基调。货币政策依然保持稳健灵活适度。  股票市场方面，一季度市场波动率明显放大，主要是一月份雪球敲入引发的小微盘流动性危机带来的崩塌，后续伴随相关产品的出清和流动性恢复，小微盘在春节后快速反弹。整体来看，一季度大盘类和红利资源类指数优于中小盘、科创成长类指数，报告期沪深300指数上涨3.10%，中证红利指数上涨8.27%，中证2000指数下跌11.05%，创业板指数下跌3.87%。行业层面，银行、家电、公用事业等稳定高股息板块和石油石化、煤炭、有色等资源板块相对强势，通信、汽车也有不错表现，但医药、电子、计算机以及地产链走势较弱。因子层面，一季度沪深300内的长期符合逻辑的因子均有所表现，价值类因子依然较为强势，但同时成长、盈利质量、分析师等因子也开始企稳回升，录得正超额。  沪深300增强基金运用量化Alpha多因子选股模型和行业配置模型进行股票筛选和权重配置，在沪深300成分股及备选股内精选业绩和估值相匹配、基本面优质的股票，并严格控制市值、行业等风险暴露，在有限的跟踪误差下力争实现稳定的超越指数的表现。","declarationDate":"2024-04-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:13:48.996Z","fund":{"_id":3000000003876,"stockCode":"003876","stockType":"fund","areaCode":"cn","followedNum":94,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2016-12-04T16:00:00.000Z","setUpScale":10000000,"blackenedNum":0,"market":"a","tickerId":3876,"custody":"中国农业银行股份有限公司","name":"华宝沪深300指数增强型发起式证券投资基金","shortName":"华宝沪深300增强策略ETF发起式联接A","fundSecondLevel":"company","lastUpdated":"2026-05-01T21:10:49.551Z","__csrcFundId":1142,"fundStatus":"normal","masterFundFlag":1,"inceptionDate":"2016-12-08T16:00:00.000Z","memoNum":3,"fundCollectionId":4000050220000,"currency":"CNY","masterFundShortName":"华宝沪深300增强","pinyin":"hbhs300zszqxfqszqtzjj","__indexSourceEastMoney":1,"__indexSourceCsi":1,"indexFundFlag":1,"indexId":1000000000300,"managers":[{"stockCode":"db20041018","stockType":"fund_manager","exchange":"fm","tickerId":241213090140,"name":"徐林明"},{"stockCode":"8801624637","stockType":"fund_manager","exchange":"fm","tickerId":2326207530,"name":"王正"}]},"announcement":{"linkText":"华宝沪深300指数增强型发起式证券投资基金2024年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1065192","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec78c7fea5b3eb046cd49","date":"2023-12-30T16:00:00.000Z","stockId":3000000003876,"sao":"2023年海外形势仍波折不断，俄乌冲突局势未明，中东波澜再起，同时美联储加息逐步进入尾声，通胀边际缓解，经济软着陆概率增加，但利率仍维持高位，尚未进入实质降息阶段。国内方面，整体经济受预期外因素冲击的影响较小，主要呈现内生弱修复的状态，全年GDP增长5.2%超越原定的增长目标，初步走出2022年的低谷，是经济恢复发展的一年，但尚未完全修复至预期的增长水平。按照中央经济工作会议的精神，进一步推动经济回升向好仍需要克服一些困难和挑战，主要是有效需求不足、部分行业产能过剩、社会预期偏弱等问题，宏观层面在保持货币政策定力的基础上将在财政产业政策上进一步发力。  股票市场方面，2023年全年延续2022年偏弱的市场走势，且风格的分化进一步加剧。整体来看，价值红利类指数以及小市值类指数表现优于成长类、大盘类指数，报告期沪深300指数下跌11.38%，创业板指数下跌19.41%，中证2000指数上涨5.57%，中证红利指数上涨0.89%。行业层面，石油石化、煤炭等传统高股息资源板块相对强势，通信、计算机、电子作为AI产业方向的代表也有不错表现，但电新、大消费板块以及地产链仍然走势较弱。因子层面，全年沪深300内的因子分化极致，BP、EP、股息率等价值类因子一枝独秀，但成长、盈利、分析师等因子延续2022年的表现，普遍仍构成对超额的拖累。  沪深300增强基金运用量化Alpha多因子选股模型和行业配置模型进行股票筛选和权重配置，在沪深300成分股及备选股内精选业绩和估值相匹配、基本面优质的股票，并严格控制市值、行业等风险暴露，在有限的跟踪误差下力争实现稳定的超越指数的表现。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:13:48.994Z","mo":"展望2024年，经济最困难的时期已经过去，复苏步伐的加快存在诸多有利条件，促消费稳增长将成为宏观政策的主基调，政策表态更为积极，各领域政策推出更加精准密集，有助于市场情绪的修复和信心的提振。中央经济工作会议之后定调更为清晰，强调稳中有进，先立后破。另外证监会也在优化市场制度上不断出台利好举措，比如限制融资减持，鼓励回购分红等，未来不排除政策的进一步加码。但这个过程可能不是一帆风顺一蹴而就的，阶段性仍可能面临一定的挑战：一是国际局势动荡，美联储加息进程、美国大选、俄乌冲突、中美关系等均存在一定的不确定性及外部扰动的可能；二是居民端的资产负债表和现金流量表不同程度上被前两年的下行周期破坏，需要时间修复，内需的释放和产业的升级仍需更大的政策力度推动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