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有望在低位企稳，利润率边际改善的信号或更为清晰，需警惕上游成本快速上行带来的扰动。资金面来看，居民存量存款到期后的再配置需求叠加市场风险偏好抬升，预计将持续为股票市场注入增量资金；但同时也需关注资金面波动对股市的扰动，以及市场波动率快速上行背后的交易风险。当前市场对基本面共振的诉求显著提升，投资布局仍需关注基本面逻辑的板块。","fund":{"_id":3000000000961,"stockCode":"000961","stockType":"fund","areaCode":"cn","followedNum":293,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2015-01-18T16:00:00.000Z","setUpScale":10230000,"blackenedNum":0,"market":"a","tickerId":961,"custody":"招商证券股份有限公司","name":"天弘沪深300交易型开放式指数证券投资基金联接基金","shortName":"天弘沪深300ETF联接(000961)","fundSecondLevel":"company","lastUpdated":"2026-06-30T17:41:41.502Z","__csrcFundId":2413,"fundStatus":"normal","masterFundFlag":1,"inceptionDate":"2015-01-19T16:00:00.000Z","fundCollectionId":4000050430000,"currency":"CNY","masterFundShortName":"天弘沪深300ETF联接","pinyin":"thhs300jyxkfszszqtzjjljjj","__indexSourceEastMoney":1,"__indexSourceCsi":1,"memoNum":1,"indexId":1000000000300,"etfFundFlag":1,"feederFundFlag":1,"indexFundFlag":1,"managers":[{"stockCode":"db20572968","stockType":"fund_manager","exchange":"fm","tickerId":325189610,"name":"陈瑶"}]},"announcement":{"linkText":"天弘沪深300交易型开放式指数证券投资基金联接基金2025年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1455135","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec2afd4369c9c836de254","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-27T16:00:00.000Z","stockId":3000000000961,"sao":"本基金由原天弘沪深300指数型发起式证券投资基金转型而来。截至本报告期末，本基金主要持有天弘沪深300ETF及指数成分股，仍采用被动复制策略，其目标为跟踪效果与直接持有指数成分股的效果一致。报告期内本基金秉承合规第一、风控第一的原则，在运作过程中严格遵守基金合同，对指数基金采取被动复制的方式跟踪指数，力争基金净值增长率与基准指数间的高度正相关和跟踪误差最小化。出于基金充分投资、减少交易成本、降低跟踪误差的需要，基于谨慎原则，报告期内本基金运用股指期货工具对基金投资组合进行管理。根据风险管理的原则，本基金在报告期内运用股指期货工具旨在提高投资效率，控制基金投资组合风险水平，力求更好地实现本基金的投资目标。控制联接基金跟踪误差的前提是控制ETF基金的跟踪误差，报告期内，本基金跟踪误差的来源主要是申购赎回、打新以及ETF对指数的跟踪误差。当由于申赎等情况可能对指数跟踪效果带来影响时，本基金坚持既定的指数化投资策略，对指数基金采取被动复制与组合优化相结合的方式跟踪指数。在ETF的跟踪误差管理上，我们坚持指数化投资原则，同时紧密跟踪成分股的权息事件，及时有效处理，避免权重偏离造成跟踪误差的扩大，争取保障联接基金的跟踪效果。报告期内，本联接基金整体运行平稳。","lastUpdated":"2026-03-09T12:53:03.456Z","fund":{"_id":3000000000961,"stockCode":"000961","stockType":"fund","areaCode":"cn","followedNum":293,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2015-01-18T16:00:00.000Z","setUpScale":10230000,"blackenedNum":0,"market":"a","tickerId":961,"custody":"招商证券股份有限公司","name":"天弘沪深300交易型开放式指数证券投资基金联接基金","shortName":"天弘沪深300ETF联接(000961)","fundSecondLevel":"company","lastUpdated":"2026-06-30T17:41:41.502Z","__csrcFundId":2413,"fundStatus":"normal","masterFundFlag":1,"inceptionDate":"2015-01-19T16:00:00.000Z","fundCollectionId":4000050430000,"currency":"CNY","masterFundShortName":"天弘沪深300ETF联接","pinyin":"thhs300jyxkfszszqtzjjljjj","__indexSourceEastMoney":1,"__indexSourceCsi":1,"memoNum":1,"indexId":1000000000300,"etfFundFlag":1,"feederFundFlag":1,"indexFundFlag":1,"managers":[{"stockCode":"db20572968","stockType":"fund_manager","exchange":"fm","tickerId":325189610,"name":"陈瑶"}]},"announcement":{"linkText":"天弘沪深300交易型开放式指数证券投资基金联接基金2025年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1373704","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec2afd4369c9c836de253","date":"2025-06-29T16:00:00.000Z","stockId":3000000000961,"sao":"本基金由原天弘沪深300指数型发起式证券投资基金转型而来。截至本报告期末，本基金主要持有天弘沪深300ETF及指数成分股，仍采用被动复制策略，其目标为跟踪效果与直接持有指数成分股的效果一致。报告期内本基金秉承合规第一、风控第一的原则，在运作过程中严格遵守基金合同，对指数基金采取被动复制的方式跟踪指数，力争基金净值增长率与基准指数间的高度正相关和跟踪误差最小化。出于基金充分投资、减少交易成本、降低跟踪误差的需要，基于谨慎原则，报告期内本基金运用股指期货工具对基金投资组合进行管理。根据风险管理的原则，本基金在报告期内运用股指期货工具旨在提高投资效率，控制基金投资组合风险水平，力求更好地实现本基金的投资目标。控制联接基金跟踪误差的前提是控制ETF基金的跟踪误差，报告期内，本基金跟踪误差的来源主要是申购赎回、打新、成分股调整以及ETF对指数的跟踪误差。当由于申赎等情况可能对指数跟踪效果带来影响时，本基金坚持既定的指数化投资策略，对指数基金采取被动复制与组合优化相结合的方式跟踪指数。在ETF的跟踪误差管理上，我们坚持指数化投资原则，同时紧密跟踪成分股的权息事件，及时有效处理，避免权重偏离造成跟踪误差的扩大，争取保障联接基金的跟踪效果。报告期内，本联接基金整体运行平稳。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T12:53:03.449Z","mo":"从海外经济来看，下半年全球经济复苏的压力增大，同时美国通胀预期仍存，美元继续走弱，经济不确定性在于关税谈判的情况、美联储何时重启降息以及地缘政治风险。对2026年的经济预测，IMF认为海外主要经济体实际GDP增速将较2025年上升。国内的宏观环境，出口由于关税不确定性，预计6、7月“抢出口”、“抢转口”对我国出口还有支撑，但由于关税压力下全球制造业周期走弱，预计三季度中后段开始一直到明年初，出口可能会有一定压力。但当前关税并未实质性损害我国出口竞争力，明年年中左右我国出口可能跟随全球经济周期、外需的修复而企稳回升。消费方向，下半年1380亿国补资金陆续到位，支撑消费。投资：地产景气仍在下滑，需要政策呵护。新增专项债剔除其他用途后，用于基建的金额相比2024年总体平稳。制造业方向，今年以来政策反复提及反内卷，我们认为反内卷是A股制造业改革的中长期主线，重点关注各个行业具体方案落地情况。综合来看，当前的宏观环境处于稳步修复，同时有增量政策托底的阶段，对资本市场形成较为温和的投资环境。与此同时，资金面保持适度宽松，股票市场微观流动性比较充裕，股市成交活跃，流动性环境整体利好股票市场。整体上，我们对股票市场的观点偏积极，成长和价值板块均有表现机会。","fund":{"_id":3000000000961,"stockCode":"000961","stockType":"fund","areaCode":"cn","followedNum":293,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2015-01-18T16:00:00.000Z","setUpScale":10230000,"blackenedNum":0,"market":"a","tickerId":961,"custody":"招商证券股份有限公司","name":"天弘沪深300交易型开放式指数证券投资基金联接基金","shortName":"天弘沪深300ETF联接(000961)","fundSecondLevel":"company","lastUpdated":"2026-06-30T17:41:41.502Z","__csrcFundId":2413,"fundStatus":"normal","masterFundFlag":1,"inceptionDate":"2015-01-19T16:00:00.000Z","fundCollectionId":4000050430000,"currency":"CNY","masterFundShortName":"天弘沪深300ETF联接","pinyin":"thhs300jyxkfszszqtzjjljjj","__indexSo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原天弘沪深300指数型发起式证券投资基金转型而来。截至本报告期末，本基金主要持有天弘沪深300ETF及指数成分股，仍采用被动复制策略，其跟踪效果与直接持有指数成分股的效果一致。报告期内本基金秉承合规第一、风控第一的原则，在运作过程中严格遵守基金合同，对指数基金采取被动复制的方式跟踪指数，保证基金净值增长率与基准指数间的高度正相关和跟踪误差最小化。控制联接基金跟踪误差的前提是控制ETF基金的跟踪误差，报告期内，本基金跟踪误差的来源主要是申购赎回、打新、成分股调整以及ETF对指数的跟踪误差。当由于申赎等情况可能对指数跟踪效果带来影响时，本基金坚持既定的指数化投资策略，对指数基金采取被动复制与组合优化相结合的方式跟踪指数。在ETF的跟踪误差管理上，我们坚持指数化投资原则，同时紧密跟踪成分股的权息事件，及时有效处理，避免权重偏离造成跟踪误差的扩大，保障联接基金的跟踪效果。报告期内，本联接基金整体运行平稳。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T12:53:03.406Z","mo":"当前股票市场已回调到较低位。从中长期看当前股票市场的底部区域特征还是较为明确的，一来政策底的信号已经明确，此次7月政治局会议以来的政策频出可以说是政策底的再确认。当前各种政策仍在不断接续。政策实施效果上，随着量变逐渐积累到质变，我们认为后续大概率能够看到政策实施的效果。另一方面，近几年来，股票市场多轮下探已经对底部进行了多次试探。虽然经济底还尚未确认，宏观经济层面仍然存在一些不确定因素，包括宏观经济增长压力、外需可能回落、地缘政治风险等等，但无疑当前的指数点位也处于较低位置。展望2024年的宏观经济和股票市场，我们认为有以下几个方面值得期待：1、经济修复的势头有待观察，可能较今年更强：在持续的地产政策下，2024年地产的拖累有望缓解。2024年政策将继续合力配合，货币政策精准有效，降准降息仍可期；财政政策适度加力，提质增效，具体观察政策稳增长加力的情况。2、美联储开始讨论降息，市场已经开始预期降息交易。若2024年美联储进入降息趋势，那么国内货币政策空间进一步打开，外资流入，助力中国国内资产表现。3、悲观预期已经使股票市场回落到比较低的区间，如果磨底时间继续拉长，那么底部会更加坚实。一旦宏观层面有一定催化剂，那么市场反弹力度是值得期待的。","fund":{"_id":3000000000961,"stockCode":"000961","stockType":"fund","areaCode":"cn","followedNum":293,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2015-01-18T16:00:00.000Z","setUpScale":10230000,"blackenedNum":0,"market":"a","tickerId":961,"custody":"招商证券股份有限公司","name":"天弘沪深300交易型开放式指数证券投资基金联接基金","shortName":"天弘沪深300ETF联接(000961)","fundSecondLevel":"company","lastUpdated":"2026-06-30T17:41:41.502Z","__csrcFundId":2413,"fundStatus":"normal","masterFundFlag":1,"inceptionDate":"2015-01-19T16:00:00.000Z","fundCollectionId":4000050430000,"currency":"CNY","masterFundShortName":"天弘沪深300ETF联接","pinyin":"thhs300jyxkfszszqtzjjljjj","__indexSourceEastMoney":1,"__indexSourceCsi":1,"memoNum":1,"indexId":1000000000300,"etfFundFlag":1,"feederFundFlag":1,"indexFundFlag":1,"managers":[{"stockCode":"db20572968","stockType":"fund_manager","exchange":"fm","tickerId":325189610,"name":"陈瑶"}]},"announcement":{"linkText":"天弘沪深300交易型开放式指数证券投资基金联接基金2023年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1053502","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec2afd4369c9c836de24c","date":"2023-09-29T16:00:00.000Z","stockId":3000000000961,"sao":"本基金由原天弘沪深300指数型发起式证券投资基金转型而来。截至本报告期末，本基金主要持有天弘沪深300ETF及指数成分股，仍采用被动复制策略，其跟踪效果与直接持有指数成分股的效果一致。报告期内本基金秉承合规第一、风控第一的原则，在运作过程中严格遵守基金合同，对指数基金采取被动复制的方式跟踪指数，保证基金净值增长率与基准指数间的高度正相关和跟踪误差最小化。控制联接基金跟踪误差的前提是控制ETF基金的跟踪误差，报告期内，本基金跟踪误差的来源主要是申购赎回、打新以及ETF对指数的跟踪误差。当由于申赎等情况可能对指数跟踪效果带来影响时，本基金坚持既定的指数化投资策略，对指数基金采取被动复制与组合优化相结合的方式跟踪指数。在ETF的跟踪误差管理上，我们坚持指数化投资原则，同时紧密跟踪成分股的权息事件，及时有效处理，避免权重偏离造成跟踪误差的扩大，保障联接基金的跟踪效果。报告期内，本联接基金整体运行平稳。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T12:53:03.398Z","fund":{"_id":3000000000961,"stockCode":"000961","stockType":"fund","areaCode":"cn","followedNum":293,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2015-01-18T16:00:00.000Z","setUpScale":10230000,"blackenedNum":0,"market":"a","tickerId":961,"custody":"招商证券股份有限公司","name":"天弘沪深300交易型开放式指数证券投资基金联接基金","shortName":"天弘沪深300ETF联接(000961)","fundSecondLevel":"company","lastUpdated":"2026-06-30T17:41:41.502Z","__csrcFundId":2413,"fundStatus":"normal","masterFundFlag":1,"inceptionDate":"2015-01-19T16:00:00.000Z","fundCollectionId":4000050430000,"currency":"CNY","masterFundShortName":"天弘沪深300ETF联接","pinyin":"thhs300jyxkfszszqtzjjljjj","__indexSourceEastMoney":1,"__indexSourceCsi":1,"memoNum":1,"indexId":1000000000300,"etfFundFlag":1,"feederFundFlag":1,"indexFundFlag":1,"managers":[{"stockCode":"db20572968","stockType":"fund_manager","exchange":"fm","tickerId":325189610,"name":"陈瑶"}]},"announcement":{"linkText":"天弘沪深300交易型开放式指数证券投资基金联接基金2023年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=987593","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec2afd4369c9c836de24b","date":"2023-06-29T16:00:00.000Z","stockId":3000000000961,"sao":"本基金由原天弘沪深300指数型发起式证券投资基金转型而来。截至本报告期末，本基金主要持有天弘沪深300ETF及指数成分股，仍采用被动复制策略，其跟踪效果与直接持有指数成分股的效果一致。报告期内本基金秉承合规第一、风控第一的原则，在运作过程中严格遵守基金合同，对指数基金采取被动复制的方式跟踪指数，保证基金净值增长率与基准指数间的高度正相关和跟踪误差最小化。控制联接基金跟踪误差的前提是控制ETF基金的跟踪误差，报告期内，本基金跟踪误差的来源主要是申购赎回、打新、成分股调整以及ETF对指数的跟踪误差。当由于申赎等情况可能对指数跟踪效果带来影响时，本基金坚持既定的指数化投资策略，对指数基金采取被动复制与组合优化相结合的方式跟踪指数。在ETF的跟踪误差管理上，我们坚持指数化投资原则，同时紧密跟踪成分股的权息事件，及时有效处理，避免权重偏离造成跟踪误差的扩大，保障联接基金的跟踪效果。报告期内，本联接基金整体运行平稳。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T12:53:03.390Z","mo":"今年上半年股票市场在两重预期差中展开弱势震荡行情。一重预期差是经济修复的预期差，1季度股票市场在强政策刺激下对经济强修复的预期走高，但随着经济数据的验证，经济修复预期收敛，股票市场开始回调。另一重预期差是，在经济数据不及预期，需求未见明显修复的情形下，市场对稳增长政策加码的预期增强，但由于政策的定力超预期，市场陷入悲观情形，2季度股票市场继续走弱。上半年，股票市场以中特估、AI的主题投资机会为主，缺乏可扩散的投资主线，也侧面反映出市场的悲观情绪，风险偏好收敛到相对确定的主题投资板块。期间由于预期的摆动，股票市场中成长、顺周期板块来回震荡，快速切换，总体操作难度加大。汇率方面也有所反应。今年上半年人民币汇率面临贬值压力，我们认为人民币汇率的贬值压力主要反映的是对国内经济修复的悲观情绪。进入下半年，我们认为下半年股票市场下跌空间较为有限，同时存在行情演绎的可能契机。一方面股票市场由于悲观情绪已经有了明显的回调，部分板块甚至回落到去年10月底的市场低点附近。从宏观环境上比较，去年10月底处于市场极度悲观，地产政策和疫情防控政策未放松优化的状态；而今年经济尽管修复的节奏较慢，但总体仍在修复，地产风险有所化解，同比GDP经济增速增长；另一方面汇率也已经逼近7.3的关口，不排除后续可能出台维持人民币汇率稳定的举措，当前人民币汇率已经兑现了对经济和政策力度悲观的预期，我们认为人民币汇率不具备继续大幅贬值的基础。除此之外，7月再次迎来政策窗口期，不排除若有较为积极的超预期政策出台，那么市场可能迎来一波风险偏好修复的反弹行情。并且下半年的经济内在修复动能如果持续显现，那么也将有利于缓解及逆转当前的悲观情绪。从中长期看，我们仍然看好中长期股票市场的表现。当前股票市场的底部区域特征还是较为明确的，一来政策底的信号已经明确。另一方面，近几年来，股票市场多轮下探已经对底部进行了多次试探。虽然经济底还尚未确认，宏观经济层面仍然存在一些不确定因素，包括宏观经济增长压力、外需可能回落、地缘政治风险等等，但无疑当前的指数点位也处于较低位置。因此中长期我们可以对中国经济的修复以及股票市场的表现更加乐观一些。","fund":{"_id":3000000000961,"stockCode":"000961","stockType":"fund","areaCode":"cn","followedNum":293,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2015-01-18T16:00:00.000Z","setUpScale":10230000,"blackenedNum":0,"market":"a","tickerId":961,"custody":"招商证券股份有限公司","name":"天弘沪深300交易型开放式指数证券投资基金联接基金","shortName":"天弘沪深300ETF联接(000961)","fundSecondLevel":"company","lastUpdated":"2026-06-30T17:41:41.502Z","__csrcFundId":2413,"fundStatus":"normal","masterFundFlag":1,"inceptionDate":"2015-01-19T16:00:00.000Z","fundCollectionId":4000050430000,"currency":"CNY","masterFundShortName":"天弘沪深300ETF联接","pinyin":"thhs300jyxkfszszqtzjjljjj","__indexSourceEastMoney":1,"__indexSourceCsi":1,"memoNum":1,"indexId":1000000000300,"etfFundFlag":1,"feederFundFlag":1,"indexFundFlag":1,"managers":[{"stockCode":"db20572968","stockType":"fund_manager","exchange":"fm","tickerId":325189610,"name":"陈瑶"}]},"announcement":{"linkText":"天弘沪深300交易型开放式指数证券投资基金联接基金2023年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=963180","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec2afd4369c9c836de24a","date":"2023-03-30T16:00:00.000Z","stockId":3000000000961,"sao":"本基金由原天弘沪深300指数型发起式证券投资基金转型而来。截至本报告期末，本基金主要持有天弘沪深300ETF及指数成分股，仍采用被动复制策略，其跟踪效果与直接持有指数成分股的效果一致。报告期内本基金秉承合规第一、风控第一的原则，在运作过程中严格遵守基金合同，对指数基金采取被动复制的方式跟踪指数，保证基金净值增长率与基准指数间的高度正相关和跟踪误差最小化。控制联接基金跟踪误差的前提是控制ETF基金的跟踪误差，报告期内，本基金跟踪误差的来源主要是申购赎回、打新以及ETF对指数的跟踪误差。当由于申赎等情况可能对指数跟踪效果带来影响时，本基金坚持既定的指数化投资策略，对指数基金采取被动复制与组合优化相结合的方式跟踪指数。在ETF的跟踪误差管理上，我们坚持指数化投资原则，同时紧密跟踪成分股的权息事件，及时有效处理，避免权重偏离造成跟踪误差的扩大，保障联接基金的跟踪效果。报告期内，本联接基金整体运行平稳。","declarationDate":"2023-04-22T16:00:00.000Z","lastUpdated":"2026-03-09T12:53:03.382Z","fund":{"_id":3000000000961,"stockCode":"000961","stockType":"fund","areaCode":"cn","followedNum":293,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2015-01-18T16:00:00.000Z","setUpScale":10230000,"blackenedNum":0,"market":"a","tickerId":961,"custody":"招商证券股份有限公司","name":"天弘沪深300交易型开放式指数证券投资基金联接基金","shortName":"天弘沪深300ETF联接(000961)","fundSecondLevel":"company","lastUpdated":"2026-06-30T17:41:41.502Z","__csrcFundId":2413,"fundStatus":"normal","masterFundFlag":1,"inceptionDate":"2015-01-19T16:00:00.000Z","fundCollectionId":4000050430000,"currency":"CNY","masterFundShortName":"天弘沪深300ETF联接","pinyin":"thhs300jyxkfszszqtzjjljjj","__indexSourceEastMoney":1,"__indexSourceCsi":1,"memoNum":1,"indexId":1000000000300,"etfFundFlag":1,"feederFundFlag":1,"indexFundFlag":1,"managers":[{"stockCode":"db20572968","stockType":"fund_manager","exchange":"fm","tickerId":325189610,"name":"陈瑶"}]},"announcement":{"linkText":"天弘沪深300交易型开放式指数证券投资基金联接基金2023年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=887605","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec2afd4369c9c836de249","date":"2022-12-30T16:00:00.000Z","stockId":3000000000961,"sao":"本基金由原天弘沪深300指数型发起式证券投资基金转型而来。截至本报告期末，本基金主要持有天弘沪深300ETF及指数成分股，仍采用被动复制策略，其跟踪效果与直接持有指数成分股的效果一致。报告期内本基金秉承合规第一、风控第一的原则，在运作过程中严格遵守基金合同，对指数基金采取被动复制的方式跟踪指数，保证基金净值增长率与基准指数间的高度正相关和跟踪误差最小化。控制联接基金跟踪误差的前提是控制ETF基金的跟踪误差，报告期内，本基金跟踪误差的来源主要是申购赎回、打新、成分股调整以及ETF对指数的跟踪误差。当由于申赎等情况可能对指数跟踪效果带来影响时，本基金坚持既定的指数化投资策略，对指数基金采取被动复制与组合优化相结合的方式跟踪指数。在ETF的跟踪误差管理上，我们坚持指数化投资原则，同时紧密跟踪成分股的权息事件，及时有效处理，避免权重偏离造成跟踪误差的扩大，保障联接基金的跟踪效果。报告期内，本联接基金整体运行平稳。","declarationDate":"2023-01-27T16:00:00.000Z","lastUpdated":"2026-03-09T12:53:03.375Z","mo":"2022年全年来看，制约经济和股票市场表现的国内因素主要是地产融资困境带来的经济连锁反应以及疫情在经济社会生活形成拖累，当前这两大负面因素都有了好转。尽管2023年可能面临外需下滑的压力，但地产和消费是国内经济修复的两大看点。地产政策自2022年底密集出台，并且有了较为明显的突破，通过改善房地产企业融资环境，需求端、供给端和保交楼三管齐下，促进房地产市场平稳健康发展，我们认为2023年仍然存在政策继续发力的空间。疫情方面，随着疫情政策的放开，国内经济经历短期阵痛，但经济的恢复动能较强。随着疫情放开，社交场景重启，消费大概率呈现回暖趋势，助力经济修复。整体上我们认为，当前股票市场的底部区域特征还是较为明确的，一来政策底的信号已经较为明确，经济修复的预期已经开始演绎。另一方面，近几年来，股票市场多轮下探已经对底部进行了多次试探，我们认为当前股票市场整体已经是到了底部区域。当然经济底还尚未确认，宏观经济层面仍然存在一些不确定因素，包括宏观经济增长压力、疫情短期的影响、外需可能回落等等。因此短期我们的态度是不悲观，但谨慎乐观。如果把时间放长一些，我们认为，我们可以对中国经济的修复和股票市场的表现更加乐观一些。","fund":{"_id":3000000000961,"stockCode":"000961","stockType":"fund","areaCode":"cn","followedNum":293,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2015-01-18T16:00:00.000Z","setUpScale":10230000,"blackenedNum":0,"market":"a","tickerId":961,"custody":"招商证券股份有限公司","name":"天弘沪深300交易型开放式指数证券投资基金联接基金","shortName":"天弘沪深300ETF联接(000961)","fundSecondLevel":"company","lastUpdated":"2026-06-30T17:41:41.502Z","__csrcFundId":2413,"fundStatus":"normal","masterFundFlag":1,"inceptionDate":"2015-01-19T16:00:00.000Z","fundCollectionId":4000050430000,"currency":"CNY","masterFundShortName":"天弘沪深300ETF联接","pinyin":"thhs300jyxkfszszqtzjjljjj","__indexSourceEastMoney":1,"__indexSourceCsi":1,"memoNum":1,"indexId":1000000000300,"etfFundFlag":1,"feederFundFlag":1,"indexFundFlag":1,"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CPI受到去年猪价高基数的制约，基本上不会成为今年经济和货币政策的一个主要关注点。PPI的环比拐点已经出现了，6月PPI环比转正，PPI和周期品的价格有比较高的相关性，从趋势上看，我们预计PPI下半年同比数据会有一个确定性的回升。6月社融和信贷增速继续提升，居民贷款边际修复明显，企业中长期融资继续向好，社融和贷款增长趋势也表明了政策是鼓励金融资源去支持实体经济的。总体上看，我们看好宏观经济的持续修复。利率方面，当前整体的利率还是处于比较低的一个水平，随着理财产品净值化的趋势推进，对于净值型理财产品，就存在去寻求预期收益率更高的配置需求。另外相比国外的利率水平，中美利差仍保持较高水平，对于外资而言，当经济活动趋于平稳，中国较高的利率水平将吸引更多的外资流入。因此我们看好宏观经济修复背景下A股的表现。","fund":{"_id":3000000000961,"stockCode":"000961","stockType":"fund","areaCode":"cn","followedNum":293,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2015-01-18T16:00:00.000Z","setUpScale":10230000,"blackenedNum":0,"market":"a","tickerId":961,"custody":"招商证券股份有限公司","name":"天弘沪深300交易型开放式指数证券投资基金联接基金","shortName":"天弘沪深300ETF联接(000961)","fundSecondLevel":"company","lastUpdated":"2026-06-30T17:41:41.502Z","__csrcFundId":2413,"fundStatus":"normal","masterFundFlag":1,"inceptionDate":"2015-01-19T16:00:00.000Z","fundCollectionId":4000050430000,"currency":"CNY","masterFundShortName":"天弘沪深300ETF联接","pinyin":"thhs300jyxkfszszqtzjjljjj","__indexSourceEastMoney":1,"__indexSourceCsi":1,"memoNum":1,"indexId":1000000000300,"etfFundFlag":1,"feederFundFlag":1,"indexFundFlag":1,"managers":[{"stockCode":"db20572968","stockType":"fund_manager","exchange":"fm","tickerId":325189610,"name":"陈瑶"}]},"announcement":{"linkText":"天弘沪深300交易型开放式指数证券投资基金联接基金2020年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=460802","linkType":"PDF","source":"csrc_pdf"}}]}