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度不及预期后出现了持续下跌。市场风格方面，2023年中小价值的风格依然有所延续，成长风格依然被压制。行业方面，汽车、通信整体环境良性变化的格局在资本市场已经有所反应，业绩较好的行业股价出现有明显的支撑。前期市场关注的中特估及人工智能在2季度走势开始分化，也逐步进入逻辑去伪存真与个股业绩观察的阶段，预期未来同涨同跌的局面会更少。当前货币政策的边际变化依然较为良性温和，市场对下半年政策的再发力及政府债务规模的扩张依然有所期待。上市企业2季报披露的财务数据依然有压力，但现金流稳定，ROE尚可的领域可能具备超额收益的基础。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:14:35.279Z","mo":"展望下半年，权益市场当前的低点可能演化为走势筑底后阶段性反弹的格局，主题投资可能会有所淡化。策略端方面，产品维持在紧跟中证500指数的背景下重点关注财务数据边际有明显改善的行业和个股。整体策略相对基准偏好中盘均衡风格，在控制风险的基础上力争为产品争取更优的超额收益。","fund":{"_id":3000000004192,"stockCode":"004192","stockType":"fund","areaCode":"cn","followedNum":37,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2017-03-05T16:00:00.000Z","setUpScale":332857000,"market":"a","tickerId":4192,"custody":"中国银行股份有限公司","name":"招商中证500指数增强型证券投资基金","shortName":"招商中证500指数(004192)","fundSecondLevel":"company","lastUpdated":"2026-05-08T17:15:20.104Z","__csrcFundId":1713,"fundStatus":"normal","masterFundFlag":1,"inceptionDate":"2017-05-16T16:00:00.000Z","fundCollectionId":4000050210000,"currency":"CNY","masterFundShortName":"招商中证500指数","pinyin":"zszz500zszqxzqtzjj","__indexSourceEastMoney":1,"__indexSourceCsi":1,"indexFundFlag":1,"indexId":1000000000905,"managers":[{"stockCode":"db20428982","stockType":"fund_manager","exchange":"fm","tickerId":420211920,"name":"邓童"}]},"announcement":{"linkText":"招商中证500指数增强型证券投资基金2023年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=960074","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7bb7fea5b3eb0470956","date":"2023-03-30T16:00:00.000Z","stockId":3000000004192,"sao":"报告期内，中证500指数走势较为强势，主因中小市值风格在一季度较为受到市场关注，除此之外的多个主题与500指数内个股阶段性形成共振对指数走势走强也间接提供了支撑。板块方面，与ChatGPT等主题高度契合的板块有较多的阶段性表现，而之前高景气度的诸多热点相对褪色。当前货币政策的边际变化较为良性温和，阶段性超预期的鸽派表现对中小盘指数行情脉冲式波动也提供了一定的支持。展望下一季度，市场的快速上涨可能随着年报和1季报的披露逐步有所平复，但市场预期的焦点及逻辑的兑现可能还有较长时间可以印证，未必在一季度数据披露后有剧烈反应，反而半年报可能对市场的情绪冲击会更大。策略端方面，产品维持在紧跟中证500指数的背景下，均衡关注财务数据边际明显改善与估值适中的行业和个股，但由于盈利因子、分析师因子等部分因子表现不及预期，本季度超额收益表现不佳，后续将维持均衡的因子暴露以期为产品争取更优的超额收益。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:14:35.276Z","fund":{"_id":3000000004192,"stockCode":"004192","stockType":"fund","areaCode":"cn","followedNum":37,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2017-03-05T16:00:00.000Z","setUpScale":332857000,"market":"a","tickerId":4192,"custody":"中国银行股份有限公司","name":"招商中证500指数增强型证券投资基金","shortName":"招商中证500指数(004192)","fundSecondLevel":"company","lastUpdated":"2026-05-08T17:15:20.104Z","__csrcFundId":1713,"fundStatus":"normal","masterFundFlag":1,"inceptionDate":"2017-05-16T16:00:00.000Z","fundCollectionId":4000050210000,"currency":"CNY","masterFundShortName":"招商中证500指数","pinyin":"zszz500zszqxzqtzjj","__indexSourceEastMoney":1,"__indexSourceCsi":1,"indexFundFlag":1,"indexId":1000000000905,"managers":[{"stockCode":"db20428982","stockType":"fund_manager","exchange":"fm","tickerId":420211920,"name":"邓童"}]},"announcement":{"linkText":"招商中证500指数增强型证券投资基金2023年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=885181","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7bb7fea5b3eb0470955","date":"2022-12-30T16:00:00.000Z","stockId":3000000004192,"sao":"回顾2022年，中证500指数出现了较大的调整，市场波动率较以往有较大的抬升，全年地缘政治复杂化、疫情反复、美联储加息等冲击反复作用于资本市场，市场情绪的快速波动也造成了行情的较大扰动。市场风格方面，虽然阶段性成长行情弹性依然很强，但2022年主流风格依然指向价值；行业方面，高景气度行业全年依然有阶段性表现，但是整体优势淡化明显。当前市场的主要矛盾在疫情管理“乙类乙管”的方针下，市场的不确定性担忧大幅消散，关注点聚焦于后疫情时代疫情对上市公司ROE真实影响的评估。当前货币政策的边际变化依然较为良性温和。板块方面，ROE能不被后疫情多个因素侵蚀甚至有所抬升的行业可能会有明显的超额收益，TMT及消费依然是重点观察的行业及板块。策略端方面，产品维持在紧跟中证500指数的背景下重点关注财务数据边际有明显改善的行业和个股。整体策略风格特点上相对基准适当偏好中盘均衡以期为产品争取更优的超额收益。","declarationDate":"2023-01-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:14:35.273Z","mo":"展望未来这一趋势尚未有明显变化的迹象，对于市场企稳及今年宏观经济的增长依然有良性影响。上半年在乐观情绪扩散的背景下，叠加对经济复苏的市场乐观看法可能依然有成长风格的偏好出现，但需要关注2-3季度经济数据及上市公司的财报数据是否能兑现当前的乐观情绪，以及预期差是否会较大可能明显影响年中至下半年的市场行情，具有不确定性。考虑到潜在的通胀风险，综合而言上市公司可能因为无需担忧受疫情控制而带来的营运确定性的增加呈现稳估值或者抬估值，但降盈利的格局。","fund":{"_id":3000000004192,"stockCode":"004192","stockType":"fund","areaCode":"cn","followedNum":37,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2017-03-05T16:00:00.000Z","setUpScale":332857000,"market":"a","tickerId":4192,"custody":"中国银行股份有限公司","name":"招商中证500指数增强型证券投资基金","shortName":"招商中证500指数(004192)","fundSecondLevel":"company","lastUpdated":"2026-05-08T17:15:20.104Z","__csrcFundId":1713,"fundStatus":"normal","masterFundFlag":1,"inceptionDate":"2017-05-16T16:00:00.000Z","fundCollectionId":4000050210000,"currency":"CNY","masterFundShortName":"招商中证500指数","pinyin":"zszz500zszqxzqtzjj","__indexSourceEastMoney":1,"__indexSourceCsi":1,"indexFundFlag":1,"indexId":1000000000905,"managers":[{"stockCode":"db20428982","stockType":"fund_manager","exchange":"fm","tickerId":420211920,"name":"邓童"}]},"announcement":{"linkText":"招商中证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=868360","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7bb7fea5b3eb0470954","date":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