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A股市场三个月均有不小幅度的上涨。2020年第一个月初市场表现较好，科技成长股票迎来一波估值提升，但在一月底二月份国内突然爆发新冠疫情,市场风险偏好大幅下降造成早期涨幅较大的科技股大幅回落。3月份之后市场随着欧美疫情的恶化，市场经历了进一步大幅下跌。进入第二季度市场在三个月均有不小幅度的上涨。2020年四月初市场表现较好，科技成长股票迎来一波估值修复，伴随着全球疫情数据触底转好市场风险偏大幅提升造成早期回调幅度较大的科技股大幅反弹。6月份之后市场随着经济数据超预期，市场经历了进一步大幅上涨。我们组合一直以估值，成长和盈利做为最重要的因子指标，从量化模型筛选出的行业中，基金2020年上半年主要配置在消费电子，5G基建,面板和半导体领域。华商电子行业上半年收益34.04%。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:28:23.136Z","mo":"下半年我们认为中国经济数据和全球后疫情恢复情况将是决定市场走向的两个关键因素，因此我们会密切关注逐步发布的国内经济和全球疫情数据和外围市场表现从而对投资组合进行调整。同时疫情恢复结果将也会对市场有一定影响，但是同时疫情将会是一个一次性冲击的过程，在风险事件发生的同时我们也可以预期到国家会做出相应的政策调整来对冲疫情对国家经济的影响。所以下半年度我们持中性谨慎态度，组合的仓位会保持在中高水平。基于历史数据的量化模型挑选出了成长，盈利和波动率做为有效的选股因子。根据量化模型的选股结果我们也会对投资组合也进行了调整，将主要配置在消费电子，面板和半导体领域。","fund":{"_id":3000000007685,"stockCode":"007685","stockType":"fund","areaCode":"cn","followedNum":18,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2019-09-01T16:00:00.000Z","setUpScale":877789000,"market":"a","tickerId":7685,"custody":"中国建设银行股份有限公司","name":"华商电子行业量化股票型发起式证券投资基金","shortName":"华商电子行业量化股票发起式(007685)","fundSecondLevel":"company","__csrcFundId":6519,"fundStatus":"normal","lastUpdated":"2026-04-30T20:51:43.098Z","masterFundFlag":1,"inceptionDate":"2019-09-16T16:00:00.000Z","fundCollectionId":4000050510000,"currency":"CNY","masterFundShortName":"华商电子行业量化股票发起式","pinyin":"hsdzhylhgpxfqszqtzjj","managers":[{"stockCode":"db20646994","stockType":"fund_manager","exchange":"fm","tickerId":10406180050,"name":"艾定飞"}]},"announcement":{"linkText":"华商电子行业量化股票型发起式证券投资基金2020年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=463337","linkType":"PDF","source":"csrc_pdf"}}]}