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和 M1 数据已经看到积极回暖信号。而以 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价表现一支独秀，半导体以及部分周期资产也有较好的表现；而部分消费类龙头资产的盈利增长在2019年以来显著下降，部分医药龙头资产受产业政策或经营困境等影响，改变了市场对于其后续成长的预期，最终体现为股价调整。以盈利增长预期为主要投资逻辑的量化策略在此期间表现良好，取得了显著的超额收益。进入2021年四季度，市场对于高景气板块的盈利能否持续保持高速增长表现出了一定程度的担忧，前期的强势板块和个股出现了调整，受市场短期风格变化的影响，市场中量化策略产品的绝对收益和相对收益普遍出现了调整。全年市场的风格波动较大。本基金去年业绩跑赢了基准，所运用的量化选股因子全年来看契合市场的投资逻辑和风格偏好。前三季度盈利预期因子表现优异，使基金在此区间取得了较为突出的超额收益。进入四季度，量化选股因子普遍出现调整，本基金适应市场变化，降低了组合风险暴露敞口和跟踪误差，并调整量化模型使其更为均衡，一定程度改善了超额收益回调幅度。","declarationDate":"2022-01-23T16:00:00.000Z","lastUpdated":"2026-03-09T14:12:07.738Z","mo":"2022年宏观经济更加复杂化，主要是外部环境的不确定性显著增加，其主要表现在：1）首当其冲的是美联储货币政策收紧，欧洲央行也在快速转向。欧美央行的货币政策调整预期和高通胀的情景，推动利率曲线的整体上扬，将会对全球主要经济体的资产负债表都会产生较大的直接影响，现金流和偿债压力暴露。2）地缘政治秩序和经济产业链的不稳定。从历史经验看，走出长时间的疫情困境后，部分的秩序体系可能都会有一定的破坏与重建。相比较而言，国内的经济环境较为明确，增长动能受房地产周期性的调整压力而弱势下行，但稳增长力度加大，不会有显著风险；货币政策呈现宽松状态；宏观整体上呈现总量盈余弱势，而流动性保持稳定的格局。受到基数效应的影响，预计全年宏观经济前低后稳，上半年货币财政重视稳增长，下半年产业政策重视调结构，高质量稳定发展依旧是经济追求的方向。总结下来，就是外部经济环境呈现典型的滞胀特征，而国内经济呈现一定衰退中后期特征，由此导致国内外的货币政策呈现差异化。而我们认为外部货币政策并不会对国内货币政策产生非常大的影响，一方面我国央行独立性在增强，一方面我国市场容量较大，稳定性和自主性较高。在这样的宏观环境下，A股市场预计在2022年会有较大的波动，一方面是投资者风险偏好受到内外环境影响的巨大波动，一方面是市场对于外部流动性预期的巨大波动。从中期来看，决定市场走势的核心是国内的经济盈余和流动性环境，由于今年是个企业盈利的小年，ROE和利润增速有下行压力，因此，预计今年A股市场全年赚钱效应较过去三年或有下降，指数更多可能呈现低位震荡的走势。结构上，低估值的蓝筹资产有修复，而部分高景气的成长资产可能会穿越，相比过去两年的赛道而言，2022年的选股更为重要。2022年，光大量化核心基金将继续坚持量化策略投资，围绕盈利能力预期的策略主线，兼顾估值水平、动量、流动性、交易拥挤程度等多个维度的考量，精选个股，平衡风险，力争能够取得更好的超额收益，实现基金资产的保值增值。","fund":{"_id":3000000360001,"stockCode":"360001","stockType":"fund","areaCode":"cn","followedNum":21,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2004-07-19T16:00:00.000Z","setUpScale":2543670000,"market":"a","tickerId":360001,"custody":"中国光大银行股份有限公司","name":"光大保德信量化核心证券投资基金","shortName":"光大保德信量化股票A","fundSecondLevel":"company","__csrcFundId":323,"fundStatus":"normal","lastUpdated":"2025-01-01T23:59:53.141Z","masterFundFlag":1,"inceptionDate":"2004-08-26T16:00:00.000Z","fundCollectionId":4000050360000,"currency":"CNY","masterFundShortName":"光大保德信量化股票","pinyin":"gdbdxlhhxzqtzjj","memoNum":2,"managers":[{"stockCode":"8801623928","stockType":"fund_manager","exchange":"fm","tickerId":232312190300,"name":"王卫林"},{"stockCode":"j101019652","stockType":"fund_manager","exchange":"fm","tickerId":261020244630,"name":"朱剑涛"}]},"announcement":{"linkText":"光大保德信量化核心证券投资基金2021年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=714254","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed5377fea5b3eb0557a90","date":"2021-09-29T16:00:00.000Z","stockId":3000000360001,"sao":"2021年第三季度，受到海内外疫情和原材料价格居高不下等因素影响，国内经济增长压力逐渐体现。货币政策尽管没有收紧，但也未见宽松。在企业层面，中下游行业在需求不足的情况下未能将来自上游的原材料涨价顺利传导，从而导致净利润受损。最终沪深300指数在三季度下跌6.85%。从市场结构来看同时期的中证500指数上涨4.34%，中小盘股票相比大盘蓝筹股表现更佳。本基金采用的量化投资策略主要选择在沪深300指数的成分股中寻找流动性佳、盈利能力强且估值低的股票。在三季度该策略较为有效，基金的收益率战胜了业绩基准。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T14:12:07.735Z","fund":{"_id":3000000360001,"stockCode":"360001","stockType":"fund","areaCode":"cn","followedNum":21,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2004-07-19T16:00:00.000Z","setUpScale":2543670000,"market":"a","tickerId":360001,"custody":"中国光大银行股份有限公司","name":"光大保德信量化核心证券投资基金","shortName":"光大保德信量化股票A","fundSecondLevel":"company","__csrcFundId":323,"fundStatus":"normal","lastUpdated":"2025-01-01T23:59:53.141Z","masterFundFlag":1,"inceptionDate":"2004-08-26T16:00:00.000Z","fundCollectionId":4000050360000,"currency":"CNY","masterFundShortName":"光大保德信量化股票","pinyin":"gdbdxlhhxzqtzjj","memoNum":2,"managers":[{"stockCode":"8801623928","stockType":"fund_manager","exchange":"fm","tickerId":232312190300,"name":"王卫林"},{"stockCode":"j101019652","stockType":"fund_manager","exchange":"fm","tickerId":261020244630,"name":"朱剑涛"}]},"announcement":{"linkText":"光大保德信量化核心证券投资基金2021年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=657611","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed5377fea5b3eb0557a8f","date":"2021-06-29T16:00:00.000Z","stockId":3000000360001,"sao":"2021年上半年，市场宽幅震荡。海外疫情的反复与国内的一系列宏观和产业政策交织在一起，不仅仅形成了大盘的波动，也促成了各个板块之间的相对波动，选股难度加大。在此宏观背景下，市场从担忧通胀到担忧通缩，这造成了一季度行情以周期股为主，到了在二季度的反弹中，又以新能源和半导体为代表的新兴产业反弹居前，以消费为主的核心资产反弹稍弱。最终沪深300指数在上半年微涨0.24%。从市场结构来看同时期的中证500指数上涨6.93%，中小盘股票相比大盘蓝筹股表现更佳。本基金采用的量化投资策略主要选择在沪深300指数的成分股中寻找流动性佳、盈利能力强且估值低的股票。在上半年该策略较为有效，基金的收益率战胜了业绩基准。","declarationDate":"2021-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:12:07.733Z","mo":"展望2021年下半年，宏观和货币政策将延续“稳中有进”的基调。从实体经济来看，下半年或许有趋弱的压力，出口对于经济的拉动也在环比降低。因此政策面以“托”为主，保民生，促改革。在产业政策方面可能有比较大的空间，争取在一些“卡脖子”的环节有所突破。股票市场对于这些改革措施以及融资环境的边际改善都做出了正面的反应，表现出股市结构化特征愈加明显。但另一发面，估值的压力也愈加凸显。高估值的公司受到负面信息和情绪以及基本面的利空影响时股价的下跌相对会更大，这是下半年投资于高估值股票需要关注的。周期板块最好的时刻可能已经过去，但在一些供给受限的行业可能还有机会；消费板块的压力主要来自于公司盈利和持股集中度；科技成长板块无疑是近2年以来的市场热点，它的阻力来自于公司的基本面，不断兑现业绩的科技股是自下而上选股的主要逻辑。总体来看，本基金将继续保持主要在沪深300指数成分股中选股，寻找估值较低且盈利能持续的股票，力争获取超越基准的收益。","fund":{"_id":3000000360001,"stockCode":"360001","stockType":"fund","areaCode":"cn","followedNum":21,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2004-07-19T16:00:00.000Z","setUpScale":254367000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