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策略端方面，产品在紧跟中证1000指数的背景下选择稳健均衡的风格搭配，主要以平衡风格为主，不进行风格暴露以期为产品争取更优的超额收益。","declarationDate":"2024-04-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:14:35.776Z","fund":{"_id":3000000004194,"stockCode":"004194","stockType":"fund","areaCode":"cn","followedNum":62,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2017-01-16T16:00:00.000Z","setUpScale":200974000,"market":"a","tickerId":4194,"custody":"中国银行股份有限公司","name":"招商中证1000指数增强型证券投资基金","shortName":"招商中证1000指数增强A","fundSecondLevel":"company","lastUpdated":"2026-04-17T17:12:06.600Z","__csrcFundId":1488,"fundStatus":"normal","masterFundFlag":1,"inceptionDate":"2017-03-02T16:00:00.000Z","fundCollectionId":4000050210000,"currency":"CNY","masterFundShortName":"招商中证1000指数增强","pinyin":"zszz1000zszqxzqtzjj","memoNum":3,"__indexSourceEastMoney":1,"__indexSourceCsi":1,"indexFundFlag":1,"indexId":1000000000852,"managers":[{"stockCode":"db20812820","stockType":"fund_manager","exchange":"fm","tickerId":326214300,"name":"蔡振"}]},"announcement":{"linkText":"招商中证1000指数增强型证券投资基金2024年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1066054","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7bb7fea5b3eb0470a02","date":"2023-12-30T16:00:00.000Z","stockId":3000000004194,"sao":"回顾2023年，中证1000指数出现了小幅调整，年内市场波动率有所收窄。受地产产业链整体低迷的拖累，工业企业利润持续萎靡不振，我们可以看到中证1000指数虽然持续下行，指数静态市盈率反而不断上升，这种指数特征容易反向影响投资者的信心。但随着经济周期的上行，工业企业利润也将逐渐修复，与此伴生的现象可能就是指数上行反而能够维持市盈率的不变，甚至是市盈率的不断下降。如果看市净率，中证1000指数2023年底的估值分位数处于历史5%左右的水平，处于明显低估的区域。市场风格方面，在基本面恢复逊于预期且外部环境复杂化的背景下，资产安全边际继续是权益市场关注点，价值风格明显强势，极致价值的红利风格受到资金高度关注且表现出延续的态势。行业方面，价值属性与分红能力阶段性成为重点关注且是市场的一条核心主线。产品运作期内，通过不同投资方法的搭配互补，同时基本实现相对基准指数在市值、行业等多个风险上的中性，组合超额收益的波动较小。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:14:35.773Z","mo":"展望2024年，经济增速应该大概率依然处于合理区间，达成政府工作目标的难度不高，但政策是否加大力度的可能性依然有待观察，而市场情绪弱化的转变需要有明晰信号作为引线。当前中国的货币环境依然较为复杂，中美息差，汇率压力，通胀水平是否能恢复到合理区间等都是市场的重点关注。考虑到2024年美联储降息的确定性较高，但幅度尚不好评估，其对我国货币政策的影响也需要时间观察。企业盈利端，对于未来的展望依然可以稍显乐观，2024年初市场波动及流动性压力带来的情绪上的影响可能在2-3季度后有所消散，届时配合经济数据的逐步披露，市场信心有逐步恢复的基础。考虑到2023年12月的工业企业利润相对1-11月有明显改善，若趋势得以延续在2024年的一季报披露时可能会被权益市场给与更高的正面反馈。行业上，石油、煤炭及其他燃料加工业利润增速提升最为明显，2024年可能格局会有所延续。策略端方面，产品维持在紧跟中证1000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。","fund":{"_id":3000000004194,"stockCode":"004194","stockType":"fund","areaCode":"cn","followedNum":62,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2017-01-16T16:00:00.000Z","setUpScale":200974000,"market":"a","tickerId":4194,"custody":"中国银行股份有限公司","name":"招商中证1000指数增强型证券投资基金","shortName":"招商中证1000指数增强A","fundSecondLevel":"company","lastUpdated":"2026-04-17T17:12:06.600Z","__csrcFundId":1488,"fundStatus":"normal","masterFundFlag":1,"inceptionDate":"2017-03-02T16:00:00.000Z","fundCollectionId":4000050210000,"currency":"CNY","masterFundShortName":"招商中证1000指数增强","pinyin":"zszz1000zszqxzqtzjj","memoNum":3,"__indexSourceEastMoney":1,"__indexSourceCsi":1,"indexFundFlag":1,"indexId":1000000000852,"managers":[{"stockCode":"db20812820","stockType":"fund_manager","exchange":"fm","tickerId":326214300,"name":"蔡振"}]},"announcement":{"linkText":"招商中证1000指数增强型证券投资基金2023年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1055134","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7bb7fea5b3eb0470a01","date":"2023-09-29T16:00:00.000Z","stockId":3000000004194,"sao":"报告期内，中证1000指数走势较弱，主因一是对于宏观经济复苏不及预期的兑现，二是上市公司企业盈利上半年低于预期，三是资金流动在美国加息背景下有所反复。尽管货币政策依然较为友好，但市场亦担忧在流动性充沛格局下盈利改善尚且不够理想，经济弱势预期的格局不易转变，这直接构成指数行情的压制。风格方面，大小盘差异在今年依然有所突出，主因流动性相对充沛的背景下，蓝筹白马占比较高的宽基指数沪深300指数对流动性不及小盘敏感，且因为ROE稳定更高，预期盈利弹性在复苏背景下可能会小于小盘股。展望下一季度，市场的关注点会逐步落于3季报的微观数据，倘若企业盈利企稳甚至略有改善，那么当前低估值的格局会成为阶段性市场底部，并可能孕育一波小幅反弹。中长期看当前中小盘指数所处的位置不具备下行的空间，看好其长期配置价值，但短期大盘指数可能会迎来阶段性相对走强。策略端方面，产品在紧跟中证1000指数的背景下选择稳健均衡的风格搭配，主要以平衡风格为主，不进行风格暴露以期为产品争取更优的超额收益。","declarationDate":"2023-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:14:35.771Z","fund":{"_id":3000000004194,"stockCode":"004194","stockType":"fund","areaCode":"cn","followedNum":62,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2017-01-16T16:00:00.000Z","setUpScale":200974000,"market":"a","tickerId":4194,"custody":"中国银行股份有限公司","name":"招商中证1000指数增强型证券投资基金","shortName":"招商中证1000指数增强A","fundSecondLevel":"company","lastUpdated":"2026-04-17T17:12:06.600Z","__csrcFundId":1488,"fundStatus":"normal","masterFundFlag":1,"inceptionDate":"2017-03-02T16:00:00.000Z","fundCollectionId":4000050210000,"currency":"CNY","masterFundShortName":"招商中证1000指数增强","pinyin":"zszz1000zszqxzqtzjj","memoNum":3,"__indexSourceEastMoney":1,"__indexSourceCsi":1,"indexFundFlag":1,"indexId":1000000000852,"managers":[{"stockCode":"db20812820","stockType":"fund_manager","exchange":"fm","tickerId":326214300,"name":"蔡振"}]},"announcement":{"linkText":"招商中证1000指数增强型证券投资基金2023年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=985269","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7bb7fea5b3eb0470a00","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整体货币政策基调并未进一步收紧，且全球经济复苏前景良好，市场仍存在结构性的做多机会。需继续关注宏观经济深度复苏，景气度改善的低估值顺周期品种如银行和上游资源股的修复机会；对于新能源、白酒等近期涨幅较大的高景气行业，仍需对于估值和基本面景气度的匹配程度给予更高的筛选要求。","fund":{"_id":3000000004194,"stockCode":"004194","stockType":"fund","areaCode":"cn","followedNum":62,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2017-01-16T16:00:00.000Z","setUpScale":200974000,"market":"a","tickerId":4194,"custody":"中国银行股份有限公司","name":"招商中证1000指数增强型证券投资基金","shortName":"招商中证1000指数增强A","fundSecondLevel":"company","lastUpdated":"2026-04-17T17:12:06.600Z","__csrcFundId":1488,"fundStatus":"normal","masterFundFlag":1,"inceptionDate":"2017-03-02T16:00:00.000Z","fundCollectionId":4000050210000,"currency":"CNY","masterFundShortName":"招商中证1000指数增强","pinyin":"zszz1000zszqxzqtzjj","memoNum":3,"__indexSourceEastMoney":1,"__indexSourceCsi":1,"indexFundFlag":1,"indexId":1000000000852,"managers":[{"stockCode":"db20812820","stockType":"fund_manager","exchange":"fm","tickerId":326214300,"name":"蔡振"}]},"announcement":{"linkText":"招商中证1000指数增强型证券投资基金2021年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=630972","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7bb7fea5b3eb04709f7","stockId":3000000004194,"sao":"报告期内，国内经济恢复良好，政策稳中偏紧。报告期内A股先扬后抑，从行业来看，钢铁、公用事业、银行、休闲服务、建筑装饰等行业板块涨幅为正，国防军工、非银金融、通信、计算机、传媒等行业板块跌幅较大。从因子角度来看，报告期内因子风格变化较大，2月中旬以前是大盘成长风格占优，2月中旬以后是小盘风格占优，且小盘价值风格最强。回顾报告期行情，沪深300指数下跌3.13%，中证500下跌1.78%，中证1000下跌5.31%，创业板指下跌7%。本基金为增强型指数产品，在标的成份股权重基础上根据量化增强模型对行业配置及个股权重等进行主动调整，力争在控制跟踪误差的基础上获取超越标的指数的投资收益。本基金所使用的模型为多因子量化增强模型，具体分析的因子包含价值指标、成长指标、盈利指标、运营指标、一致预期指标和市场行为指标。模型构建过程中本基金在以上因子的基础上进一步利用统计分析筛选出针对不同市场环境的有效因子。本基金报告期内投资运作较为稳定，股票仓位稳定在94%左右。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:14:35.744Z","fund":{"_id":3000000004194,"stockCode":"004194","stockType":"fund","areaCode":"cn","followedNum":62,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2017-01-16T16:00:00.000Z","setUpScale":200974000,"market":"a","tickerId":4194,"custody":"中国银行股份有限公司","name":"招商中证1000指数增强型证券投资基金","shortName":"招商中证1000指数增强A","fundSecondLevel":"company","lastUpdated":"2026-04-17T17:12:06.600Z","__csrcFundId":1488,"fundStatus":"normal","masterFundFlag":1,"inceptionDate":"2017-03-02T16:00:00.000Z","fundCollectionId":4000050210000,"currency":"CNY","masterFundShortName":"招商中证1000指数增强","pinyin":"zszz1000zszqxzqtzjj","memoNum":3,"__indexSourceEastMoney":1,"__indexSourceCsi":1,"indexFundFlag":1,"indexId":1000000000852,"managers":[{"stockCode":"db20812820","stockType":"fund_manager","exchange":"fm","tickerId":326214300,"name":"蔡振"}]},"announcement":{"linkText":"招商中证1000指数增强型证券投资基金2021年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=570254","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7bb7fea5b3eb04709f6","stockId":3000000004194,"sao":"报告期内，受新冠疫情影响，国内经济下滑，货币政策相对宽松。报告期内A股从行业来看，申万休闲服务、电气设备、食品饮料、国防军工、医药生物板块涨幅较大，房地产、通信、建筑装饰、纺织服装、银行等行业板块跌幅相对较大。从因子角度来看，报告期内成长类因子占优，回顾报告期行情，沪深300指数上涨27.21%，中证500上涨20.87%，中证1000上涨19.39%，创业板指上涨64.96%。本基金为增强型指数产品，在标的成份股权重基础上根据量化增强模型对行业配置及个股权重等进行主动调整，力争在控制跟踪误差的基础上获取超越标的指数的投资收益。本基金所使用的模型为多因子量化增强模型，具体分析的因子包含价值指标、成长指标、盈利指标、运营指标、一致预期指标和市场行为指标。模型构建过程中本基金在以上因子的基础上进一步利用统计分析筛选出针对不同市场环境的有效因子。本基金会定期对模型的有效性进行检验和更新，以反映市场趋势的变化。报告期内，本基金投资运作较为稳定。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:14:35.739Z","mo":"2020年市场风格整体偏成长，上半年略偏小盘，风格整体不是很明朗，下半年则完全切换为大盘成长行情，风格演绎较为极致。按年收益来看，中证1000指数已经连续5年跑输沪深300指数，上半年中证1000指数涨幅原本领先，但随着下半年主动权益基金的定价权进一步加强，小盘股普涨的行情很快瓦解。小盘风格虽然多年持续低迷，但作为市场风格，无论大市值还是小市值长期均很难带来持续稳定的超额收益，如果小盘风格出现均值回复，中证1000指数的配置价值将尤为凸显。此外，以中证1000指数为代表的中小市值公司中也有许多有望成长为细分行业的龙头企业，通过精选这些性价比较高的个股组合，预期能够获得较好的超额回报。","fund":{"_id":3000000004194,"stockCode":"004194","stockType":"fund","areaCode":"cn","followedNum":62,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2017-01-16T16:00:00.000Z","setUpScale":200974000,"market":"a","tickerId":4194,"custody":"中国银行股份有限公司","name":"招商中证1000指数增强型证券投资基金","shortName":"招商中证1000指数增强A","fundSecondLevel":"company","lastUpdated":"2026-04-17T17:12:06.600Z","__csrcFundId":1488,"fundStatus":"normal","masterFundFlag":1,"inceptionDate":"2017-03-02T16:00:00.000Z","fundCollectionId":4000050210000,"currency":"CNY","masterFundShortName":"招商中证1000指数增强","pinyin":"zszz1000zszqxzqtzjj","memoNum":3,"__indexSourceEastMoney":1,"__indexSourceCsi":1,"indexFundFlag":1,"indexId":1000000000852,"managers":[{"stockCode":"db20812820","stockType":"fund_manager","exchange":"fm","tickerId":326214300,"name":"蔡振"}]},"announcement":{"linkText":"招商中证1000指数增强型证券投资基金2020年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=554589","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7bb7fea5b3eb04709f5","stockId":3000000004194,"sao":"报告期内，经济持续恢复增长；消费需求稳定，投资增长明显，国际贸易好于预期。报告期内A股表现分化相对较大；从行业来看，休闲服务、国防军工、汽车、食品饮料、化工等行业板块涨幅较大，通信、商业贸易、计算机等行业板块略跌。从因子角度来看，报告期内成长类因子依旧占优，回顾报告期行情，沪深300指数上涨10.17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