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报告期间，产品一直坚持按照系统化投资的思路运作：50%的沪深300增强模型+50%的中证500增强模型，在此基础上，叠加小幅度的仓位管理、以及沪深300与中证500间的风格轮动，来适当平抑波动。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:21:45.910Z","mo":"展望后市，在美国经济政策变化的背景下海外流动性中期偏宽松，国内结构性增长的亮点逐步显现，同时股市仍然兼具一定的赔率和胜率，市场风险偏好不弱，量化增强类产品的配置价值仍值得关注。本基金将继续坚持系统化投资的运作思路，秉持勤勉尽责，力争为投资者获得有竞争力的超额收益。","fund":{"_id":3000000006160,"stockCode":"006160","stockType":"fund","areaCode":"cn","followedNum":7,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2018-07-24T16:00:00.000Z","setUpScale":724416000,"market":"a","tickerId":6160,"custody":"国泰君安证券股份有限公司","name":"博道启航混合型证券投资基金","shortName":"博道启航混合A","fundSecondLevel":"hybrid","__csrcFundId":5499,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:44.362Z","masterFundFlag":1,"inceptionDate":"2018-08-09T16:00:00.000Z","fundCollectionId":4000051560000,"currency":"CNY","masterFundShortName":"博道启航混合","memoNum":0,"pinyin":"bdqhhhxzqtzjj","managers":[{"stockCode":"j101019647","stockType":"fund_manager","exchange":"fm","tickerId":122313241600,"name":"刘玮明"}]},"announcement":{"linkText":"博道启航混合型证券投资基金2025年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1345455","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9697fea5b3eb0491419","date":"2025-03-30T16:00:00.000Z","stockId":3000000006160,"sao":"2025年一季度，国内风险偏好在DeepSeek带动下明显回暖，恒生指数和北证50表现亮眼。具体来看，恒生指数上涨15.25%、恒生科技上涨20.74%、北证50上涨22.48%；大盘和宽基指数呈现窄幅震荡格局，上证指数下跌0.48%、沪深300下跌1.21%、中证500上涨2.31%、中证1000上涨4.51%。从行业来看，有色、汽车、机械涨幅居前，分别上涨11.34%、11.30%、8.85%，煤炭、商贸零售、非银金融跌幅较大，分别下跌10.70%、7.41%、6.18%。从因子层面来看，一季度科技风格崛起，价值类因子表现承压，基本面类因子先抑后扬，表现居中；市场个股活跃度高，AI量价因子整体表现占优。2月份市场总体呈现出高波风格占主导的特征，导致多因子模型的整体超额表现有一定的波动；3月份随着行情的扩散，模型的超额收益得到逐步修复。在去年10月份和今年2月份的超额波动中，我们一直从组合优化和风控模型的角度探索系统化迭代的方向。对此，我们从风控模型的底层原理出发，通过AI模型重构风险因子体系，进行降维和提纯，再进行更精细的风险暴露的控制，在同样的多因子模型和风险敞口参数下，提升组合的风险收益比和抗回撤能力。报告期间，产品一直坚持按照系统化投资的思路运作：50%的沪深300增强模型+50%的中证500增强模型，在此基础上，叠加小幅度的仓位管理、以及沪深300与中证500间的风格轮动，来适当平抑波动。展望未来，从中期角度而言，股票类资产仍然兼具一定的赔率和胜率，量化增强类产品的配置价值值得关注。本基金将继续坚持系统化投资的运作思路，秉持勤勉尽责，力争为投资者获得有竞争力的超额收益。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:21:45.904Z","fund":{"_id":3000000006160,"stockCode":"006160","stockType":"fund","areaCode":"cn","followedNum":7,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2018-07-24T16:00:00.000Z","setUpScale":724416000,"market":"a","tickerId":6160,"custody":"国泰君安证券股份有限公司","name":"博道启航混合型证券投资基金","shortName":"博道启航混合A","fundSecondLevel":"hybrid","__csrcFundId":5499,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:44.362Z","masterFundFlag":1,"inceptionDate":"2018-08-09T16:00:00.000Z","fundCollectionId":4000051560000,"currency":"CNY","masterFundShortName":"博道启航混合","memoNum":0,"pinyin":"bdqhhhxzqtzjj","managers":[{"stockCode":"j101019647","stockType":"fund_manager","exchange":"fm","tickerId":122313241600,"name":"刘玮明"}]},"announcement":{"linkText":"博道启航混合型证券投资基金2025年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1274071","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9697fea5b3eb0491418","date":"2024-12-30T16:00:00.000Z","stockId":3000000006160,"sao":"2024年全年，股票类资产收益开始回暖，中证800全收益指数上涨15.40%。从行业来看，银行、非银、家电涨幅居前分别为42.84%、33.67%、31.35%，医药、农林牧渔、消费者服务、房地产跌幅较大，跌幅分别为12.83%、9.55%、8.70%、5.40%。从因子层面来看，2024年量化多因子模型遭遇了两波比较大的挑战。第一波是春节前由于市值风格因子收益大幅回撤，超额受到了一定程度的扰动；第二波是三季度末市场企稳回升之后，出现了“短期主导的规律与中长期有效规律相反”的特征，靠捕捉“长期有效规律”来进行定价的多因子模型出现了一定的不适应。博道“指数+”系列产品坚持“双均衡，紧风控”的特色，均衡配置于传统框架多因子模型和AI全流程框架多因子模型，且两套模型均保持在基本面趋势类因子和均值回复类因子之间的均衡配置，总体而言较为平稳地应对了2024年的两波挑战，全年继续为投资者创造了有一定竞争力的超额回报。报告期间，产品一直坚持按照系统化投资的思路运作：50%的沪深300增强模型+50%的中证500增强模型，在此基础上，叠加小幅度的仓位管理、以及沪深300与中证500间的风格轮动，来适当平抑波动。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:21:45.886Z","mo":"展望2025年，我们认为股票类资产依旧兼具胜率和赔率，随着政策的持续发力，以及AI技术革命的持续进展，市场将不乏各类结构性机会，对权益类基金来说是积极有为的窗口期。本基金将继续坚持系统化投资的运作思路，秉持勤勉尽责，力争为投资者获得有竞争力的超额收益。","fund":{"_id":3000000006160,"stockCode":"006160","stockType":"fund","areaCode":"cn","followedNum":7,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2018-07-24T16:00:00.000Z","setUpScale":724416000,"market":"a","tickerId":6160,"custody":"国泰君安证券股份有限公司","name":"博道启航混合型证券投资基金","shortName":"博道启航混合A","fundSecondLevel":"hybrid","__csrcFundId":5499,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:44.362Z","masterFundFlag":1,"inceptionDate":"2018-08-09T16:00:00.000Z","fundCollectionId":4000051560000,"currency":"CNY","masterFundShortName":"博道启航混合","memoNum":0,"pinyin":"bdqhhhxzqtzjj","managers":[{"stockCode":"j101019647","stockType":"fund_manager","exchange":"fm","tickerId":122313241600,"name":"刘玮明"}]},"announcement":{"linkText":"博道启航混合型证券投资基金2024年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1256455","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9697fea5b3eb0491417","date":"2024-09-29T16:00:00.000Z","stockId":3000000006160,"sao":"2024年三季度，市场先抑后扬，在悲观的情绪下受到政策的积极刺激快速反弹，最后几个交易日修复了前期跌幅并创出年内新高。整体来看，沪深300上涨16.07%，中证500上涨16.19%，中证1000上涨16.60%。从行业来看，券商、综合金融、房地产、消费者服务、计算机、传媒等涨幅居前，石油石化、煤炭、电力、农林牧渔、纺织服装、建筑等涨幅居后。从因子层面来看，三季度估值类因子表现持续强势，AI量价因子前期也表现较好，但在季度末的高波动行情中超额有所回撤；在市场对于经济基本面比较悲观的场景下，基本面类因子三季度整体表现平淡。三季度市场最大的特征是波动率水平从极端低快速跃升至极端高的水平，在市场高波动时刻，因子超额波动也容易被放大，指增类产品的超额将遇到一定的挑战。一旦波动率逐步开始收敛，超额收益有望迎来修复。在此背景下，建议可适当提高对超额波动的容忍度。报告期间，产品一直坚持按照系统化投资的思路运作：50%的沪深300增强模型+50%的中证500增强模型，在此基础上，叠加小幅度的仓位管理、以及沪深300与中证500间的风格轮动，来适当平抑波动。展望四季度，美联储进入降息周期，国内政策明显发力，虽然季末连续上涨幅度较大，但从中期维度看，权益市场赔率和胜率依然兼具，是值得积极把握的阶段。本基金将继续坚持系统化投资的运作思路，秉持勤勉尽责，力争为投资者获得有竞争力的超额收益。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:21:45.883Z","fund":{"_id":3000000006160,"stockCode":"006160","stockType":"fund","areaCode":"cn","followedNum":7,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2018-07-24T16:00:00.000Z","setUpScale":724416000,"market":"a","tickerId":6160,"custody":"国泰君安证券股份有限公司","name":"博道启航混合型证券投资基金","shortName":"博道启航混合A","fundSecondLevel":"hybrid","__csrcFundId":5499,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:44.362Z","masterFundFlag":1,"inceptionDate":"2018-08-09T16:00:00.000Z","fundCollectionId":4000051560000,"currency":"CNY","masterFundShortName":"博道启航混合","memoNum":0,"pinyin":"bdqhhhxzqtzjj","managers":[{"stockCode":"j101019647","stockType":"fund_manager","exchange":"fm","tickerId":122313241600,"name":"刘玮明"}]},"announcement":{"linkText":"博道启航混合型证券投资基金2024年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1175939","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9697fea5b3eb0491416","date":"2024-06-29T16:00:00.000Z","stockId":3000000006160,"sao":"2024年上半年，开年在小盘风险暴露、流动性负反馈作用下，市场情绪下降迅速，随后长期资金入市，市场出现V型反弹；二季度PMI边际回落，企业盈利仍然较弱。整体上半年，沪深300上涨0.89%，中证500下跌8.96%，中证1000下跌16.84%，上证指数下跌0.25%，创业板指下跌10.99%，恒生指数上涨3.94%。从行业来看，银行、煤炭、石油石化、家电表现较好，分别上涨了19.19%、12.79%、11.36%、10.77%，消费者服务、计算机、商贸零售、传媒表现较差，分别下跌23.82%、21.62%、21.47%、21.45%。从因子层面来看，由于2024年一季度市场波动率大幅提升，各大类因子表现分化，算法量价类因子在市场规律不明晰的情况下表现较弱，基本面和估值类因子表现较好。二季度市场环境企稳以后，基本面和估值类因子表现持续强势，AI量价表现也震荡上行。风险因子中，市值因子和非线性市值因子在一季度经历了较大的回撤，而通常量化增强类产品为了追求更大的超额空间，一般都会适度承担一定市值敞口的暴露，因此在风险因子高波动环境下，该类产品的运作经历了一次大考。博道“指数+”系列产品对标不同的BETA，为适配不同风险偏好以及不同BETA配置需求的投资者，模型设置的风控参数也有所不同。少部分追求超额弹性、风险因子暴露略高的产品受到了市场环境的影响，超额出现了一定的波动；大部分产品风险因子暴露适中，超额波动较小且修复较快。在这轮市场考验过后，博道“指数+”系列产品在维持均衡的因子配置和较低的风格暴露下正常运行，模型层面我们继续在传统多因子模型和AI全流程多因子模型两套框架下持续迭代。报告期间，产品一直坚持按照系统化投资的思路运作：50%的沪深300增强模型+50%的中证500增强模型，在此基础上，叠加小幅度的仓位管理、以及沪深300与中证500间的风格轮动，来适当平抑波动。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:21:45.879Z","mo":"展望2024年下半年，随着中国地产供求形势和新均衡的形成，我国将从债务驱动的高杠杆增长阶段，逐渐进入到创新驱动的高质量增长时代。对应的资本市场监管和金融统计方式都在发生变化，包括新国九条开启资本市场建设的新篇章、二季度统计局的金融增加值核算方式优化调整等，三中全会也勾勒了包括财税、要素市场化等更深层次的治理框架，相关政策红利可能成为新的投资线索。本基金将继续坚持系统化投资的运作思路，秉持勤勉尽责，力争为投资者获得有竞争力的超额收益。","fund":{"_id":3000000006160,"stockCode":"006160","stockType":"fund","areaCode":"cn","followedNum":7,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2018-07-24T16:00:00.000Z","setUpScale":724416000,"market":"a","tickerId":6160,"custody":"国泰君安证券股份有限公司","name":"博道启航混合型证券投资基金","shortName":"博道启航混合A","fundSecondLevel":"hybrid","__csrcFundId":5499,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:44.362Z","masterFundFlag":1,"inceptionDate":"2018-08-09T16:00:00.000Z","fundCollectionId":4000051560000,"currency":"CNY","masterFundShortName":"博道启航混合","memoNum":0,"pinyin":"bdqhhhxzqtzjj","managers":[{"stockCode":"j101019647","stockType":"fund_manager","exchange":"fm","tickerId":122313241600,"name":"刘玮明"}]},"announcement":{"linkText":"博道启航混合型证券投资基金2024年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1148280","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9697fea5b3eb0491415","date":"2024-03-30T16:00:00.000Z","stockId":3000000006160,"sao":"2024年一季度，市场经历V型超跌反弹。整体一季度，沪深300上涨3.10%，中证500下跌2.64%，中证1000下跌7.58%，上证指数上涨2.23%，创业板指下跌3.87%，恒生指数下跌2.97%。从行业来看，高股息类板块表现较好，石油石化、家电、银行、煤炭、有色，分别上涨了12.05%、10.79%、10.78%、10.23%、9.46%，医药、电子、房地产、计算机、基础化工表现较差，分别下跌11.85%、10.18%、9.34%、8.79%、7.89%。从因子层面来看，由于2024年一季度市场波动率大幅提升，各大类因子表现分化，算法量价类因子在市场规律不明晰的情况下表现较弱，基本面和估值类因子表现较好。风险因子中，市值因子和非线性市值因子在一季度经历了较大的回撤，而通常量化增强类产品为了追求更大的超额空间，一般都会适度承担一些市值敞口的暴露，因此在风险因子高波动环境下，该类产品的运作经历了一次大考。博道“指数+”系列产品对标不同的BETA，为适配不同风险偏好以及不同BETA配置需求的投资者，模型设置的风控参数也有所不同。少部分追求超额弹性，风格因子暴露略高的产品受到了市场环境的影响，超额出现了一定的波动；大部分产品风格因子暴露适中，超额波动较小且修复较快。在这轮市场考验过后，博道“指数+”系列产品的模型迭代也将在较低的风格暴露前提下持续进行，以追求越来越高的PURE ALPHA含量。报告期间，产品一直坚持按照系统化投资的思路运作：50%的沪深300增强模型+50%的中证500增强模型，在此基础上，叠加小幅度的仓位管理、以及沪深300与中证500间的风格轮动，来适当平抑波动。展望2024年二季度，1-2月经济数据超预期，意味着在政策支持下有一些来自于工业生产、制造业投资方面的结构性亮点浮现；而利润数据的底部向上也一定程度上预示着上市公司盈利增速企稳或许不远，虽然在长期结构性问题的背景下预期很难大幅改善，但整体利润增速负增长的显著拖累在今年或许不会出现，叠加增量长线资金带给非理性大幅下跌的政策期权，或意味着大盘指数的下行风险比较有限。本基金将继续坚持系统化投资的运作思路，秉持勤勉尽责，力争为投资者获得有竞争力的超额收益。","declarationDate":"2024-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:21:45.872Z","fund":{"_id":3000000006160,"stockCode":"006160","stockType":"fund","areaCode":"cn","followedNum":7,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2018-07-24T16:00:00.000Z","setUpScale":724416000,"market":"a","tickerId":6160,"custody":"国泰君安证券股份有限公司","name":"博道启航混合型证券投资基金","shortName":"博道启航混合A","fundSecondLevel":"hybrid","__csrcFundId":5499,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:44.362Z","masterFundFlag":1,"inceptionDate":"2018-08-09T16:00:00.000Z","fundCollectionId":4000051560000,"currency":"CNY","masterFundShortName":"博道启航混合","memoNum":0,"pinyin":"bdqhhhxzqtzjj","managers":[{"stockCode":"j101019647","stockType":"fund_manager","exchange":"fm","tickerId":122313241600,"name":"刘玮明"}]},"announcement":{"linkText":"博道启航混合型证券投资基金2024年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1073771","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9697fea5b3eb0491414","date":"2023-12-30T16:00:00.000Z","stockId":3000000006160,"sao":"2023年，国内经济和海外流动性两大因素主导市场波动，各指数在低估区域继续弱势。全年沪深300下跌11.38%，中证500下跌7.42%，中证1000下跌6.28%，上证指数下跌3.70%，创业板指下跌19.41%，恒生指数下跌13.82%。从行业来看，通信、传媒、煤炭表现较好，分别上涨了24.78%、19.84%、13.39%，消费者服务、房地产、电力设备新能源表现较差，分别下跌41.18%、24.80%、24.65%。从因子层面来看，2023年是个非“典型”年份，基本面类的因子全年表现都相对弱势，在传统容易有所表现的二、三季度并未录得较好超额，在容易波动的四季度反而表现相对平稳；而估值因子和量价因子因表征反转逻辑，在存量博弈的2023年持续表现亮眼。博道“指数+”系列产品在相对均衡的因子权重配置下，持续深耕底层大类因子的有效迭代，全年超额表现较好。2023年二季度开始，博道量化团队进行了AI全流程投资模型的研发，并在三季度陆续开始在各量化产品中进行运用，10月底开始，传统框架多因子模型与AI全流程多因子模型以各自约一半的权重参与博道“指数+”系列产品的实盘。报告期间，产品一直坚持按照系统化投资的思路运作：50%的沪深300增强模型+50%的中证500增强模型，在此基础上，叠加小幅度的仓位管理、以及沪深300与中证500间的风格轮动，来适当平抑波动。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:21:45.869Z","mo":"展望2024年，基于赔率的视角，股市股权风险溢价再度达到2倍标准差的水平，债券市场的期限利率和信用利差也已经被压到极致；基于胜率的视角，我们监测的股票市场基本面从时间和空间的角度都已大概率接近底部。虽然很难精准预测股债资产溢价何时回归，但方向是明确的，耐心更加可贵。本基金将继续坚持系统化投资的运作思路，秉持勤勉尽责，力争为投资者获得有竞争力的超额收益。","fund":{"_id":3000000006160,"stockCode":"006160","stockType":"fund","areaCode":"cn","followedNum":7,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2018-07-24T16:00:00.000Z","setUpScale":724416000,"market":"a","tickerId":6160,"custody":"国泰君安证券股份有限公司","name":"博道启航混合型证券投资基金","shortName":"博道启航混合A","fundSecondLevel":"hybrid","__csrcFundId":5499,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:44.362Z","masterFundFlag":1,"inceptionDate":"2018-08-09T16:00:00.000Z","fundCollectionId":4000051560000,"currency":"CNY","masterFundShortName":"博道启航混合","memoNum":0,"pinyin":"bdqhhhxzqtzjj","managers":[{"stockCode":"j101019647","stockType":"fund_manager","exchange":"fm","tickerId":122313241600,"name":"刘玮明"}]},"announcement":{"linkText":"博道启航混合型证券投资基金2023年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1054022","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9697fea5b3eb0491413","date":"2023-09-29T16:00:00.000Z","stockId":3000000006160,"sao":"2023年三季度，市场情绪仍然较为低迷，沪深300下跌3.98%，中证500下跌5.13%，中证1000下跌7.92%，创业板指下跌9.53%，恒生指数下跌5.85%。从行业来看，煤炭、非银、石油石化、银行、房地产表现较好，分别上涨了10.37%、6.48%、5.79%、5.20%、1.55%，传媒、计算机、电力设备及新能源、国防军工表现较差，分别下跌14.19%、13.88%、13.53%、9.32%。从因子层面来看，三季度各类型因子表现再度分化，基本面动量类因子并未迎来传统的三季度行情，7月份大幅回撤，8、9月份有所修复，而量价和价值类因子则持续表现较好。博道“指数+”系列产品在相对均衡的因子权重配置下，7月份超额有所回撤，8、9月份超额收益总体修复。今年二季度开始博道量化团队进行了AI全流程投资模型的研发，并在三季度陆续开始在各量化产品中进行运用，以与传统框架下的模型形成一定的差异化互补。报告期间，产品一直坚持按照系统化投资的思路运作：50%的沪深300增强模型+50%的中证500增强模型，在此基础上，叠加小幅度的仓位管理、以及沪深300与中证500间的风格轮动，来适当平抑波动。展望四季度，从长期配置角度而言，以沪深300加权ROE和PB来看，当前ROE处于周期底部初现企稳回升迹象，PB处于历史较低水平。以加权股权风险溢价指标ERP（即E/P-10年期国债收益率）来看，当前处于接近2倍标准差的高位，仅略低于2018年底，具备较长周期的配置价值。从短期来看，市场预期上市公司收入已经修正到历史新低的水平，利润也已经修正到历次周期底部附近，估值同样也修正到底部较便宜的位置，在当前位置不应该再过度悲观。本基金将继续坚持系统化投资的运作思路，秉持勤勉尽责，力争为投资者获得有竞争力的超额收益。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:21:45.866Z","fund":{"_id":3000000006160,"stockCode":"006160","stockType":"fund","areaCode":"cn","followedNum":7,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2018-07-24T16:00:00.000Z","setUpScale":724416000,"market":"a","tickerId":6160,"custody":"国泰君安证券股份有限公司","name":"博道启航混合型证券投资基金","shortName":"博道启航混合A","fundSecondLevel":"hybrid","__csrcFundId":5499,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:44.362Z","masterFundFlag":1,"inceptionDate":"2018-08-09T16:00:00.000Z","fundCollectionId":4000051560000,"currency":"CNY","masterFundShortName":"博道启航混合","memoNum":0,"pinyin":"bdqhhhxzqtzjj","managers":[{"stockCode":"j101019647","stockType":"fund_manager","exchange":"fm","tickerId":122313241600,"name":"刘玮明"}]},"announcement":{"linkText":"博道启航混合型证券投资基金2023年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/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回顾2022年的市场，资金面呈现减量博弈的局面，市场交易的基调是“强反转、弱动量”。在多因子体系的分类中，从性质大类上区分，可以分为追逐“景气动量”的基本面动量类因子（景气成长类、超预期类），以及“交易衰减型”的反转类因子（大部分的量价类、价值类因子）。在过去一年的市场格局中，反转类因子全年表现出色，基本面动量类因子除二季度以外均表现羸弱，尤其是四季度进一步遭遇了较大的回撤。由于我们将更多的因子权重配置在了过往长期表现较为出色的基本面动量类因子上，因此产品业绩超额表现不尽如人意。在此期间，我们更加紧密地进行了模型的升级迭代，一方面改进基本面动量类型的因子，除了注重“进攻性”，在因子逻辑上也加入“安全性”的考量；另一方面对于反转类因子也加大研发投入，在AI算法量价因子上进行了较为全面的改进。报告期间，产品一直坚持按照系统化投资的思路运作：50%的沪深300增强模型+50%的中证500增强模型，在此基础上，叠加小幅度的仓位管理、以及沪深300与中证500间的风格轮动，来适当平抑波动。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:21:45.857Z","mo":"展望2023年，我们将在更加均衡的因子权重配置下，通过不断提升底层大类因子有效性，致力于为投资者提供长期有竞争力的超额收益。本基金将继续坚持系统化投资的运作思路，秉持勤勉尽责，力争为投资者获得有竞争力的超额收益。","fund":{"_id":3000000006160,"stockCode":"006160","stockType":"fund","areaCode":"cn","followedNum":7,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2018-07-24T16:00:00.000Z","setUpScale":724416000,"market":"a","tickerId":6160,"custody":"国泰君安证券股份有限公司","name":"博道启航混合型证券投资基金","shortName":"博道启航混合A","fundSecondLevel":"hybrid","__csrcFundId":5499,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:44.362Z","masterFundFlag":1,"inceptionDate":"2018-08-09T16:00:00.000Z","fundCollectionId":4000051560000,"currency":"CNY","masterFundShortName":"博道启航混合","memoNum":0,"pinyin":"bdqhhhxzqtzjj","managers":[{"stockCode":"j101019647","stockType":"fund_manager","exchange":"fm","tickerId":122313241600,"name":"刘玮明"}]},"announcement":{"linkText":"博道启航混合型证券投资基金2022年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=871804","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9697fea5b3eb049140f","date":"2022-09-29T16:00:00.000Z","stockId":3000000006160,"sao":"2022年三季度，股市受到经济修复放缓、外部流动性收缩和海外事件性冲击的影响，呈现下跌走势，沪深300下跌15.16%，中证500下跌11.47%，创业板指下跌18.56%，恒生指数下跌21.21%。从行业来看，煤炭、电力、石油石化、房地产、交通运输表现较好，其中煤炭实现正增长，建材、电子、传媒、医药、基础化工板块表现较差，其中建材板块跌幅超过20%。从因子表现来看，估值类因子强势，其他类型因子表现较弱。国内经济复苏动能较弱，三季度的经济指数都较为低迷，虽然信贷脉冲继续加速，但私人部门信贷需求仍较弱。同时，市场风险偏好也受到海外流动性和海外事件性冲击的影响，2022年8月中下旬到9月底股汇压力较大；与此同时，受债市对于宽信用的担忧以及中美利差倒挂程度进一步加深的影响，债市也同时回调，10年期国债收益率回升明显。报告期间，产品一直坚持按照系统化投资的思路运作：50%的沪深300增强模型+50%的中证500增强模型，在此基础上，叠加小幅度的仓位管理、以及沪深300与中证500间的风格轮动，来适当平抑波动。今年三季度出现的估值收缩，实际上反映了对经济前景的悲观预期，不仅担忧短期盈利下修，还担忧地缘政治带来的风险，但当前权益资产的风险溢价已足够，意味着中期市场大概率在极端悲观后否极泰来。对长期国际关系和增长潜力的担忧确有其事，但短期市场往往被悲观情绪裹挟导致反应过度；实际来看，站在全球竞争格局的角度，海外事件性冲击不仅带来了风险，也给了我们长期机会，市场否极泰来的时点还是在于盈利充分下修后的基本面边际改善，从而带来悲观情绪扭转，风险偏好提升，此时，宏观叙事的担忧也将有所减轻。本基金将继续坚持系统化投资的运作思路，秉持勤勉尽责，力争为投资者获得有长期竞争力的超额收益。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:21:45.854Z","fund":{"_id":3000000006160,"stockCode":"006160","stockType":"fund","areaCode":"cn","followedNum":7,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2018-07-24T16:00:00.000Z","setUpScale":724416000,"market":"a","tickerId":6160,"custody":"国泰君安证券股份有限公司","name":"博道启航混合型证券投资基金","shortName":"博道启航混合A","fundSecondLevel":"hybrid","__csrcFundId":5499,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:44.362Z","masterFundFlag":1,"inceptionDate":"2018-08-09T16:00:00.000Z","fundCollectionId":4000051560000,"currency":"CNY","masterFundShortName":"博道启航混合","memoNum":0,"pinyin":"bdqhhhxzqtzjj","managers":[{"stockCode":"j101019647","stockType":"fund_manager","exchange":"fm","tickerId":122313241600,"name":"刘玮明"}]},"announcement":{"linkText":"博道启航混合型证券投资基金2022年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=806391","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9697fea5b3eb049140e","date":"2022-06-29T16:00:00.000Z","stockId":3000000006160,"sao":"2022年上半年，多数指数为负收益，沪深300下跌9.22%，中证500下跌12.30%，创业板指数下跌15.41%；从行业来看，煤炭表现一枝独秀，成长行业虽然二季度有所反弹，但上半年整体仍然跌幅较大。从因子表现来看，一季度价值和量价类因子表现较好，二季度基本面趋势类型的因子尤其是成长因子表现较好。上半年市场波动较大，A股呈现“V”形走势。外部因素叠加对全球大类资产都造成重大影响，压制了风险资产的估值，市场风险偏好下行，特别是长久期成长股受到更明显的制约。4月，美联储加速引导加息缩表预期，而国内经济基本面受到疫情冲击，市场盈利预期较为悲观，估值达到历史底部。5月以来，随着国内疫情管控取得一定成效，尤其6月起上海全面推动复工复产，市场情绪逐步修复，疫情后的“复苏”逻辑有所演绎，政策鼓励和支持的汽车消费，以及景气度比较高的成长板块，表现较为亮眼。报告期间，产品一直坚持按照系统化投资的思路运作：50%的沪深300增强模型+50%的中证500增强模型，在此基础上，叠加小幅度的仓位管理、以及沪深300与中证500间的风格轮动，来适当平抑波动。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:21:45.852Z","mo":"展望未来，在政策支持同时经济内生修复的背景下，经济基本面和盈利增长将迎来一段时间的环比改善，这种宏观环境的好处在于，大部分行业都能找到向好的信号，市场情绪会相对较好，胜率可期；同时，从配置的角度而言，我们计算的两种标准化估值，一种用市盈率来衡量，一种用指数与宏观经济基本面的比价来衡量，均显示现在大致处于1倍标准差左右的较便宜的位置，对于长期配置也是较有吸引力的。本基金管理人将继续坚持系统化投资的运作思路，秉持勤勉尽责，力争为投资者获得有长期竞争力的超额收益。","fund":{"_id":3000000006160,"stockCode":"006160","stockType":"fund","areaCode":"cn","followedNum":7,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2018-07-24T16:00:00.000Z","setUpScale":724416000,"market":"a","tickerId":6160,"custody":"国泰君安证券股份有限公司","name":"博道启航混合型证券投资基金","shortName":"博道启航混合A","fundSecondLevel":"hybrid","__csrcFundId":5499,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:44.362Z","masterFundFlag":1,"inceptionDate":"2018-08-09T16:00:00.000Z","fundCollectionId":4000051560000,"currency":"CNY","masterFundShortName":"博道启航混合","memoNum":0,"pinyin":"bdqhhhxzqtzjj","managers":[{"stockCode":"j101019647","stockType":"fund_mana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，工业增加值等生产指标出现明显的边际下行，供需矛盾下，使得价格进一步上行，整体经济呈现出类滞胀格局。报告期间，本产品一直坚持按照系统化投资的思路运作：50%的沪深300增强模型+50%的中证500增强模型，在此基础上，叠加小幅度的仓位管理、以及沪深300与中证500间的风格轮动，来适当平抑波动。展望四季度，财政政策伴随专项债加快发行将逐渐发力，预计货币政策将予以配合，整体从紧信用向稳信用甚至宽信用过渡；货币层面，受制于目前大宗商品价格高企，中小企业成本压力凸显，同时地产领域信用风险有所暴露，预计整体基调稳中偏松。此外，地产政策的严控边际可能也会有所缓和，但在三道红线、贷款集中度等政策框架下力度不可高估，叠加基建温和反弹，消费在疫情反复下修复困难，预计经济增长和企业盈利将稳中趋缓。本基金管理人将继续坚持系统化投资的运作思路，秉持勤勉尽责，力争为投资者获得有竞争力的超额收益。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:21:45.844Z","fund":{"_id":3000000006160,"stockCode":"006160","stockType":"fund","areaCode":"cn","followedNum":7,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2018-07-24T16:00:00.000Z","setUpScale":724416000,"market":"a","tickerId":6160,"custody":"国泰君安证券股份有限公司","name":"博道启航混合型证券投资基金","shortName":"博道启航混合A","fundSecondLevel":"hybrid","__csrcFundId":5499,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:44.362Z","masterFundFlag":1,"inceptionDate":"2018-08-09T16:00:00.000Z","fundCollectionId":4000051560000,"currency":"CNY","masterFundShortName":"博道启航混合","memoNum":0,"pinyin":"bdqhhhxzqtzjj","managers":[{"stockCode":"j101019647","stockType":"fund_manager","exchange":"fm","tickerId":122313241600,"name":"刘玮明"}]},"announcement":{"linkText":"博道启航混合型证券投资基金2021年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=656785","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9697fea5b3eb049140a","date":"2021-06-29T16:00:00.000Z","stockId":3000000006160,"sao":"2021年上半年，国内经济受到疫情散发和春节假期的影响有所波动，但结构不平衡在二季度开始有所收敛，\"需求（消费、就业）恢复，生产降温\"。此外，市场对通胀的关注度明显提升，一季度通胀预期升温对市场产生明显冲击，但在国内外二季度政策偏鸽派的背景下，市场有所修复。整体来看，沪深300上涨0.24%，中证500上涨6.93%，创业板指数上涨17.22%。从行业来看，电气设备、钢铁、化工等涨幅居前，家用电器、非银金融、国防军工等下跌明显。从因子表现来看，上半年市场经历了两次大的风格切换，春节前基本面类表现比较好，春节后估值量价因子出现大幅反弹，而在二季度，则是基本面类因子维持持续强势。从经济基本面看，我国去年四季度GDP同比增长6.5%，超市场预期且超过潜在增速水平，但整体结构不平衡仍然明显，这种不平衡在一季度有所延续，但二季度开始逐渐步入收敛态势，出口和投资仍保持韧性，消费就业持续改善。通胀方面，在全球经济复苏的背景下，尤其是一季度疫苗和美国财政刺激落地后，美国疫情后经济快速复苏的趋势逐渐明朗，大宗商品价格显著上涨，全球流动性收紧预期有所强化，美债收益率快速上行，对全球长久期资产估值形成压制，股市风格从前期的极致转向均衡。但到二季度，由于就业数据低于预期，市场对QE Taper提前到来的担忧有所减轻，市场明显修复。展望后续，美国通胀上行风险较大，群体免疫和救助退坡可能加速美国就业修复，美联储三季度引导QE Taper的概率较大，而国内通胀相对可控，虽然二季度单月PPI突破9%，但主要是由于低基数和疫情供需缺口，政府以保供作为抑制大宗商品价格的抓手，短期流动性仍将处于相对宽松状态。 报告期间，本产品一直坚持按照系统化投资的思路运作：50%的沪深300增强模型+50%的中证500增强模型，在此基础上，叠加小幅度的仓位管理、以及沪深300与中证500间的风格轮动，来适当平抑波动。","declarationDate":"2021-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:21:45.841Z","mo":"展望未来，货币政策在信用上的\"正常化\"逐渐步入尾声，后续预计以稳为主，意味着估值收缩的压力相对可控；央行7月15日全面降准释放长期资金约1万亿元，同时缩量续作MLF，此次续作维持操作利率不变，表明货币政策也并未真正转向宽松。同时，政府债券发行明显后置，在经济尤其是外需较为强劲的背景下，政府\"弹药留足\"，下半年财政腾挪空间较大，经济大幅下行概率不大，意味着企业盈利仍有支撑。本基金将继续坚持系统化投资的运作思路，秉持勤勉尽责，力争为投资者获得有竞争力的超额收益。","fund":{"_id":3000000006160,"stockCode":"006160","stockType":"fund","areaCode":"cn","followedNum":7,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2018-07-24T16:00:00.000Z","setUpScale":724416000,"market":"a","tickerId":6160,"custody":"国泰君安证券股份有限公司","name":"博道启航混合型证券投资基金","shortName":"博道启航混合A","fundSecondLevel":"hybrid","__csrcFundId":5499,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:44.362Z","masterFundFlag":1,"inceptionDate":"2018-08-09T16:00:00.000Z","fundCollectionId":4000051560000,"currency":"CNY","masterFundShortName":"博道启航混合","memoNum":0,"pinyin":"bdqhhhxzqtzjj","managers":[{"stockCode":"j101019647","stockType":"fund_manager","exchange":"fm","tickerId":122313241600,"name":"刘玮明"}]},"announcement":{"linkText":"博道启航混合型证券投资基金2021年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=633909","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9697fea5b3eb0491409","stockId":3000000006160,"sao":"2021年一季度，经济虽受疫情散发和春节因素影响有所波动，但整体经济修复的方向未变，同时，通胀预期有所升温，市场对全球流动性收紧有所担忧，一季度市场波动较大，春节后各大指数出现回调，具体而言，一季度沪深300下跌3.13%，中证500下跌1.78%，创业板指下跌7.00%。从行业来看，钢铁、公用事业、银行、休闲服务等涨幅居前，国防军工、非银、通讯等下跌明显。从因子表现来看，春节前盈利预期因子表现比较好，春节后估值量价因子出现大幅反弹，因子轮动比较极端。经济基本面来看，中国2020年四季度GDP同比增长6.5%，超市场预期且超过潜在增速水平，预计后续经济虽会受到信用扩张放缓的影响，但全球经济复苏，出口高景气的背景下整体仍将处于较高景气区间。通胀方面，在全球经济复苏的背景下，大宗商品价格显著上涨，全球流动性收紧预期有所强化，美债收益率快速上行，对全球长久期资产估值形成压制，股市风格从前期的极致核心资产转向均衡。政策方面，由于全球经济都处于复苏通道，今年货币政策退出的确定性较强，美联储货币政策是海外主要风险因素，就国内政策而言，其退出相较全球较为领先，有一定的缓冲空间，但后续仍需关心\"稳杠杆\"和\"紧信用\"的力度，以及通胀上行叠加名义增长冲高所带来的货币政策微调风险，不过整体仍然以\"稳\"为主，系统性影响相对可控。报告期间，产品一直坚持按照系统化投资的思路运作：50%的沪深300增强模型+50%的中证500增强模型，在此基础上，叠加小幅度的仓位管理、以及沪深300与中证500间的风格轮动，来适当平抑波动。展望二季度，企业主动补库存正在进行中，而产业升级、全球供应链重塑和碳中和有望引领资本开支周期向上，经济增长和企业盈利延续高景气，虽然全球宽松政策退潮，股票估值可能承压，但把握风格平衡，寻找估值与盈利增长速度及空间匹配度高的投资机会仍然可为。本基金管理人将继续坚持系统化投资的运作思路，秉持勤勉尽责，力争为投资者获得有竞争力的超额收益。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:21:45.838Z","fund":{"_id":3000000006160,"stockCode":"006160","stockType":"fund","areaCode":"cn","followedNum":7,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2018-07-24T16:00:00.000Z","setUpScale":724416000,"market":"a","tickerId":6160,"custody":"国泰君安证券股份有限公司","name":"博道启航混合型证券投资基金","shortName":"博道启航混合A","fundSecondLevel":"hybrid","__csrcFundId":5499,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:44.362Z","masterFundFlag":1,"inceptionDate":"2018-08-09T16:00:00.000Z","fundCollectionId":4000051560000,"currency":"CNY","masterFundShortName":"博道启航混合","memoNum":0,"pinyin":"bdqhhhxzqtzjj","managers":[{"stockCode":"j101019647","stockType":"fund_manager","exchange":"fm","tickerId":122313241600,"name":"刘玮明"}]},"announcement":{"linkText":"博道启航混合型证券投资基金2021年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=573690","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9697fea5b3eb0491408","stockId":3000000006160,"sao":"2020年，虽然受到新冠疫情的冲击，但权益市场在流动性呵护下表现较好，各大指数涨幅均较大，其中，沪深300上涨27.21%，中证500上涨20.87%，创业板上涨64.96%。从行业来看，休闲服务、电器设备等，涨幅超过80%；房地产、通信、建筑装饰和纺织服装等表现欠佳。因子表现来看，2020年大类因子之间的收益轮动激烈程度超过往年，常见的阿尔法因子越来越呈现beta化的特征。全年表现最好的因子是预期类因子，其次是盈利类因子，背后对应的是机构和外资青睐个股的持续表现，而均值回归类的因子则表现较差且波动较大，表征景气度的成长类因子在四季度表现较差从而拖累全年的收益。回顾2020年，无论是宏观经济运行和财政货币政策应对，还是大类资产表现，均围绕新冠疫情展开。经济基本面方面，一季度GDP受新冠疫情冲击明显，出现负增长，但二季度在财政货币政策的支持下，地产基建修复较快，投资成为当季GDP的主要支撑，拉动GDP增长5个百分点，充分体现了逆周期政策对经济的支撑。随后，受益于海外供需缺口带来出口超预期，以及经济内生动力增强等因素影响，消费也开始加快修复，增长动力从逆周期力量转变到顺周期力量。四季度以来，经济修复力度比预想更加强劲，11月工业增加值同比7%，服务业生产指数同比增长8%。总体来看，经济复苏的拐点还未到。政策方面，一季度财政货币政策快速出台，两次较大幅度调降逆回购利率，明确\"提高赤字率、发行专项债和特别国债\"三大财政发力点，进入二季度伴随复工复产推进，出口超预期，货币政策逐渐回归中性，信用扩张延续，到年底由于经济复苏较为强劲，大宗商品价格明显上涨，市场对于政策过快退出、信用收缩的担忧有所加剧。 报告期间，本基金一直坚持按照系统化投资的思路运作：50%的沪深300增强模型+50%的中证500增强模型，在此基础上，叠加小幅度的仓位管理、以及沪深300与中证500间的风格轮动，来适当平抑波动。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:21:45.836Z","mo":"展望2021年，由于疫情的常态化存在，部分宏观经济结构中的供给约束并没有完全打开，比如消费和接触性服务业，这意味着经济修复仍有空间，未来伴随供给约束的渐次打开，本轮复苏的持续性有望超过以往经济周期。此外，库存周期和资本开支周期有望向上，可能是投资上值得关注的线索。政策方面，虽然信用拐点略有呈现，但中央经济工作会议定调\"不急转弯\"，意味着政策退出将会是逐步的温和的，稳杠杆将更多的依赖于经济修复，系统性信用收缩风险相对可控。本基金管理人将继续坚持系统化投资的运作思路，秉持勤勉尽责，力争为投资者获得有竞争力的超额收益。","fund":{"_id":3000000006160,"stockCode":"006160","stockType":"fund","areaCode":"cn","followedNum":7,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2018-07-24T16:00:00.000Z","setUpScale":724416000,"market":"a","tickerId":6160,"custody":"国泰君安证券股份有限公司","name":"博道启航混合型证券投资基金","shortName":"博道启航混合A","fundSecondLevel":"hybrid","__csrcFundId":5499,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:44.362Z","masterFundFlag":1,"inceptionDate":"2018-08-09T16:00:00.000Z","fundCollectionId":4000051560000,"currency":"CNY","masterFundShortName":"博道启航混合","memoNum":0,"pinyin":"bdqhhhxzqtzjj","managers":[{"stockCode":"j101019647","stockType":"fund_manager","exchange":"fm","tickerId":122313241600,"name":"刘玮明"}]},"announcement":{"linkText":"博道启航混合型证券投资基金2020年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=557826","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9697fea5b3eb0491407","stockId":3000000006160,"sao":"2020年三季度，国内经济延续修复态势，各大指数继续上涨，具体而言，沪深300上涨10.17%，中证500上涨5.59%，创业板指上涨5.60%。从行业来看，电气设备、综合和电子等涨幅居前，休闲服务下跌。因子表现来看，基本面类的因子在9月份遭遇了较大的回撤，估值因子和量价因子收益快速修复并创出新高，因子表现分化较大。 二季度GDP增速为3.2%，好于预期，投资和净出口对GDP的贡献突出。进入三季度，由于生产端在二季度修复较快，修复节奏略有放缓，但仍然保持在较高水平，8月工业增加值同比增长5.6%，累计实现转正。需求端，经济呈现加速恢复的态势，前期贡献较大的地产虽然受到政策边际影响，但三季度的商品房销售和地产投资仍然保持韧性；基建受雨水影响，工期进度较慢，增速较之前边际走弱，但企业经营预期展望积极，黑色产业链备货和投资较为积极。在此背景下，政策略显收敛，但因为经济内生修复，实体融资需求改善，叠加政府债券发行，8月金融数据超预期，对经济向上修复的弹性形成支撑。 报告期间，本基金一直坚持按照系统化投资的思路运作：50%的沪深300增强模型+50%的中证500增强模型，在此基础上，叠加小幅度的仓位管理、以及沪深300与中证500间的风格轮动，来适当平抑波动。展望四季度，消费有望回到正常水平，经济内生修复动能有望增强，GDP增速有望回到合理区间。政策方面，由于外围风险有一定不确定性，并有全年保就业的目标，整体货币政策预计仍将保持合理充裕，消费、制造业投资等内生经济修复情况可能是需要关注的重点。本基金管理人将继续坚持系统化投资的运作思路，秉持勤勉尽责的态度，力争为投资者获得有竞争力的超额收益。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-27T16:00:00.000Z","lastUpdated":"2026-03-09T13:21:45.832Z","fund":{"_id":3000000006160,"stockCode":"006160","stockType":"fund","areaCode":"cn","followedNum":7,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2018-07-24T16:00:00.000Z","setUpScale":724416000,"market":"a","tickerId":6160,"custody":"国泰君安证券股份有限公司","name":"博道启航混合型证券投资基金","shortName":"博道启航混合A","fundSecondLevel":"hybrid","__csrcFundId":5499,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:44.362Z","masterFundFlag":1,"inceptionDate":"2018-08-09T16:00:00.000Z","fundCollectionId":4000051560000,"currency":"CNY","masterFundShortName":"博道启航混合","memoNum":0,"pinyin":"bdqhhhxzqtzjj","managers":[{"stockCode":"j101019647","stockType":"fund_manager","exchange":"fm","tickerId":122313241600,"name":"刘玮明"}]},"announcement":{"linkText":"博道启航混合型证券投资基金2020年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=490233","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9697fea5b3eb0491406","stockId":3000000006160,"sao":"2020年上半年，各大指数均上涨，具体而言，沪深300上涨1.64%，中证500上涨11.33%，创业板上涨35.60%。从行业来看，医药生物、休闲服务、电子、食品饮料等涨幅居前，采掘、银行和非银等跌幅较大。因子表现来看，表征业绩景气度的基本面类因子表现较好，表征均值回复类的因子在上半年一直横盘震荡，期间经历了较大的回撤。2020年开年，受到疫情冲击，2月经济按下\"暂停键\"，一季度国内GDP增速出现负增长。3月开始，伴随复工复产的逐步推进，各项经济指标逐月修复。制造业PMI连续4个月在荣枯线以上，非制造业PMI连续4个月回升；4月工业增加值转正，5月服务业生产指数，限额以上零售和商品零售转正，投资增速继续回升，工业利润由负转正。政策方面，在疫情深度冲击经济的背景下，各国政府纷纷发力，2月中国综合运用降准降息，3月美联储动用各种工具稳定流动性，并出台了大规模的财政扩张政策，市场的恐慌情绪得到缓解，伴随经济的逐渐修复，市场明显反弹。报告期间，本基金一直坚持按照系统化投资的思路运作：50%的沪深300增强模型+50%的中证500增强模型，在此基础上，叠加小幅度的仓位管理、以及沪深300与中证500间的风格轮动，来适当平抑波动。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:21:45.829Z","mo":"展望下半年，国内各项经济活动大概率向近年均值水平逐步回归，全年经济增速有望达到2-3%。政策方面，我们预计货币政策的合理宽松将维持，\"积极的财政政策会更加积极有为\"。本基金管理人将继续坚持系统化投资的运作思路，秉持勤勉尽责的态度，力争为投资者获得有竞争力的超额收益。","fund":{"_id":3000000006160,"stockCode":"006160","stockType":"fund","areaCode":"cn","followedNum":7,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2018-07-24T16:00:00.000Z","setUpScale":724416000,"market":"a","tickerId":6160,"custody":"国泰君安证券股份有限公司","name":"博道启航混合型证券投资基金","shortName":"博道启航混合A","fundSecondLevel":"hybrid","__csrcFundId":5499,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:44.362Z","masterFundFlag":1,"inceptionDate":"2018-08-09T16:00:00.000Z","fundCollectionId":4000051560000,"currency":"CNY","masterFundShortName":"博道启航混合","memoNum":0,"pinyin":"bdqhhhxzqtzjj","managers":[{"stockCode":"j101019647","stockType":"fund_manager","exchange":"fm","tickerId":122313241600,"name":"刘玮明"}]},"announcement":{"linkText":"博道启航混合型证券投资基金2020年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=462126","linkType":"PDF","source":"csrc_pdf"}}]}