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AI公司发布ChatGPT产品的影响，计算机、传媒、通信、电子等行业涨幅较大，房地产、消费者服务、综合等行业跌幅居前。本基金一季度跑赢基准，超额收益稳步上行。超额收益主要来源于部分低估值股票的估值修复及部分事件驱动的股票获利了结，一季度的表现符合去年四季度判断，策略端无调整计划。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:07:17.014Z","fund":{"_id":3000000001917,"stockCode":"001917","stockType":"fund","areaCode":"cn","followedNum":298,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2016-02-17T16:00:00.000Z","setUpScale":243046000,"market":"a","tickerId":1917,"custody":"中国银行股份有限公司","name":"招商量化精选股票型发起式证券投资基金","shortName":"招商量化精选股票发起式A","fundSecondLevel":"company","__csrcFundId":4528,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:38.633Z","masterFundFlag":1,"inceptionDate":"2016-03-14T16:00:00.000Z","fundCollectionId":4000050210000,"currency":"CNY","masterFundShortName":"招商量化精选股票发起式","memoNum":25,"pinyin":"zslhjxgpxfqszqtzjj","managers":[{"stockCode":"db20069308","stockType":"fund_manager","exchange":"fm","tickerId":2316100160,"name":"王平"}]},"announcement":{"linkText":"招商量化精选股票型发起式证券投资基金2023年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=884440","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6057fea5b3eb0450b91","date":"2022-12-30T16:00:00.000Z","stockId":3000000001917,"sao":"本基金的量化选股策略相对于基准指数获得了18.01%的超额收益，前8个月策略超额收益率稳步上行，后四个月出现了两波较大幅度的回撤，一波出现在9月，幅度3.41%，一波出现在11-12月，幅度4.18%，主要原因是地产政策及防疫政策的调整干扰了市场，短期吸引非常多的资金流向相关主题。由于回撤幅度依旧在合理范围之类，因此后续暂无调整策略的计划，预计在相关政策冲击过后，市场会恢复常态。","declarationDate":"2023-01-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:07:17.011Z","mo":"回顾2022年，受俄乌冲突、美元加息、疫情冲击等因素影响，基准指数中证500指数震荡下行，全年下跌20.31%，投资者预期及情绪的极不稳定造成了市场波动率加大。行业方面，电子、综合金融、计算机、国防军工等行业跌幅超过24%，煤炭、消费者服务、交通运输获得了正收益。展望2023年，影响过去一年的重大因素都有了边际上的改善，美元加息进入尾声、新型冠状病毒感染调整为乙类乙管，房地产政策积极调整，再叠加上积极的财政政策和适度宽松的货币政策，实体经济会逐步步入复苏通道，企业盈利改善的确定性较高。投资者信心也将逐步恢复，预计A股市场也将震荡上行。行业方面，前期调整比较充分的生物医药、电子、汽车零配件等行业风险收益比更优。","fund":{"_id":3000000001917,"stockCode":"001917","stockType":"fund","areaCode":"cn","followedNum":298,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2016-02-17T16:00:00.000Z","setUpScale":243046000,"market":"a","tickerId":1917,"custody":"中国银行股份有限公司","name":"招商量化精选股票型发起式证券投资基金","shortName":"招商量化精选股票发起式A","fundSecondLevel":"company","__csrcFundId":4528,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:38.633Z","masterFundFlag":1,"inceptionDate":"2016-03-14T16:00:00.000Z","fundCollectionId":4000050210000,"currency":"CNY","masterFundShortName":"招商量化精选股票发起式","memoNum":25,"pinyin":"zslhjxgpxfqszqtzjj","managers":[{"stockCode":"db20069308","stockType":"fund_manager","exchange":"fm","tickerId":2316100160,"name":"王平"}]},"announcement":{"linkText":"招商量化精选股票型发起式证券投资基金2022年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=866857","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6057fea5b3eb0450b90","date":"2022-09-29T16:00:00.000Z","stockId":3000000001917,"sao":"三季度，中证500指数震荡下行，跌幅11.47%，煤炭为上涨的行业，电力及公用事业、石油石化、房地产跌幅较小，建材、电子、传媒等行业跌幅较大。本基金三季度下跌5.67%，相对于中证500指数有近5%的超额，期间相对于中证500指数的最大回撤为2.49%，回撤有所加大但依旧在合理区间内，策略表现略有下滑，超额收益主要来自于部分低估值股票受事件驱动后的上涨。目前来看，策略端还没有调整的计划。","declarationDate":"2022-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:07:17.008Z","fund":{"_id":3000000001917,"stockCode":"001917","stockType":"fund","areaCode":"cn","followedNum":298,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2016-02-17T16:00:00.000Z","setUpScale":243046000,"market":"a","tickerId":1917,"custody":"中国银行股份有限公司","name":"招商量化精选股票型发起式证券投资基金","shortName":"招商量化精选股票发起式A","fundSecondLevel":"company","__csrcFundId":4528,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:38.633Z","masterFundFlag":1,"inceptionDate":"2016-03-14T16:00:00.000Z","fundCollectionId":4000050210000,"currency":"CNY","masterFundShortName":"招商量化精选股票发起式","memoNum":25,"pinyin":"zslhjxgpxfqszqtzjj","managers":[{"stockCode":"db20069308","stockType":"fund_manager","exchange":"fm","tickerId":2316100160,"name":"王平"}]},"announcement":{"linkText":"招商量化精选股票型发起式证券投资基金2022年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=803883","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6057fea5b3eb0450b8f","date":"2022-06-29T16:00:00.000Z","stockId":3000000001917,"sao":"报告期内，国内经济增长压力大，货币政策相对宽松。A股市场先抑后扬，沪深300指数下跌9.22%，中证500指数下跌12.3%，中证1000指数下跌12.67%，创业板指数下跌15.41%。从行业来看，煤炭、消费者服务、交通运输表现较好获得正收益，电子、传媒、综合金融跌幅较大且跌幅均超过20%。从因子角度来看，1-4月下跌价值因子明显占优，5-6月反弹阶段成长因子明显占优。本基金股票投资策略主要使用量化选股策略，使用量化模型评估资产定价、控制风险和优化交易，并基于模型结果，结合市场环境和股票特性，精选个股构成投资组合，以追求超越业绩比较基准表现的业绩水平。 报告期内,本基金投资运作较为稳定，股票仓位总体维持在 94%左右的水平。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:07:17.005Z","mo":"2022年是宏观经济较为复杂的一年，上半年在外围环境复杂，通胀压力抬升的背景下，疫情反复加剧了中国经济的挑战，地区区域冲突与美国货币政策紧缩的持续发酵也对国内宏观经济政策的调整造成了一定的掣肘。但回顾二季度的经济数据，中国庞大的经济规模及经济韧性依然展现出了超预期的整体实力，进出口数据亮眼，工业规模增速并没有出现失控的情况，就业数据面临压力的同时也在逐步改善。展望2022年下半年，地产行业的相关政策、宏观经济稳增长的财政政策、新能源及数字经济等新生产力及新经济行业的支持政策可能都有所期待，更大力度的政策前置有持续推进的可能，宏观经济稳中求进。关于证券市场，对于高景气度行业的持续关注和业绩兑现依然是下半年在市场风险偏好恢复后的主要关注重点。当前整体权益市场相对全球而言估值水平依然具有吸引力，而对于下半年政策发力带来的上市企业资产负债表的改善及部分高景气度行业持续发力的预期可能会影响市场情绪。预计三季度的权益市场主要关注半年报的财务数据，同时困境反转也会阶段性推动部分行业有所表现，整体市场的下行空间和概率都不高，而上行高度还要取决于上市企业的利润情况，目前来看温性中和的财务数据概率较高，市场整体ROE水平在今年疫情背景下压力较大但预计行业分化会比较明显。整体而言，展望今年下半年，市场波动的下限预计会有所提高。","fund":{"_id":3000000001917,"stockCode":"001917","stockType":"fund","areaCode":"cn","followedNum":298,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2016-02-17T16:00:00.000Z","setUpScale":243046000,"market":"a","tickerId":1917,"custody":"中国银行股份有限公司","name":"招商量化精选股票型发起式证券投资基金","shortName":"招商量化精选股票发起式A","fundSecondLevel":"company","__csrcFundId":4528,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:38.633Z","masterFundFlag":1,"inceptionDate":"2016-03-14T16:00:00.000Z","fundCollectionId":4000050210000,"currency":"CNY","masterFundShortName":"招商量化精选股票发起式","memoNum":25,"pinyin":"zslhjxgpxfqszqtzjj","managers":[{"stockCode":"db20069308","stockType":"fund_manager","exchange":"fm","tickerId":2316100160,"name":"王平"}]},"announcement":{"linkText":"招商量化精选股票型发起式证券投资基金2022年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=782633","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6057fea5b3eb0450b8e","date":"2022-03-30T16:00:00.000Z","stockId":3000000001917,"sao":"一季度，中证500指数震荡下行，跌幅达到14.06%，其中电子、军工、电力设备及新能源等行业跌幅较大，煤炭、地产、银行表现较好。本基金一季度下跌3.3%，跑赢基准8%，超额收益时间序列上的分布比较均衡，组合行业配置整体比较均衡，超额收益主要来自于低估值行业和个股的修复，同时伴随高估值行业的持续调整。目前来看，上游的盈利能力依旧很强，低估值板块有望继续修复，策略端依旧维持现有策略的配置。","declarationDate":"2022-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:07:17.002Z","fund":{"_id":3000000001917,"stockCode":"001917","stockType":"fund","areaCode":"cn","followedNum":298,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2016-02-17T16:00:00.000Z","setUpScale":243046000,"market":"a","tickerId":1917,"custody":"中国银行股份有限公司","name":"招商量化精选股票型发起式证券投资基金","shortName":"招商量化精选股票发起式A","fundSecondLevel":"company","__csrcFundId":4528,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:38.633Z","masterFundFlag":1,"inceptionDate":"2016-03-14T16:00:00.000Z","fundCollectionId":4000050210000,"currency":"CNY","masterFundShortName":"招商量化精选股票发起式","memoNum":25,"pinyin":"zslhjxgpxfqszqtzjj","managers":[{"stockCode":"db20069308","stockType":"fund_manager","exchange":"fm","tickerId":2316100160,"name":"王平"}]},"announcement":{"linkText":"招商量化精选股票型发起式证券投资基金2022年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=723420","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6057fea5b3eb0450b8d","date":"2021-12-30T16:00:00.000Z","stockId":3000000001917,"sao":"报告期内，基准指数中证500震荡上行，收盘上涨15.58%，本基金A份额报告期内上涨28.5%，相对中证500全年取得了近13.7%的超额收益，略低于前两年取得的年度超额收益率。全年来看，策略出现了两波回撤，一波是春节前茅指数大幅上涨的同时中小市值公司的普跌，第二波是出现在9-10月周期类行业超涨后的大幅回调。两次大幅度的回撤均是市场定价的偏差，随后市场均进行了反方向的修复，所以本年度并未对策略进行大范围的调整，只是进行了小幅度的迭代。从因子回报层面来看，结合当前全球加息的宏观背景，我们继续看好价值类因子的修复，对盈利因子的回报持相对谨慎的态度。","declarationDate":"2022-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:07:17.000Z","mo":"2021年制造业PMI数值在3月份见顶后呈现持续回落态势，11月份有所回升。总体经济走弱的同时，经济结构不均衡的问题依然突出，出口一枝独秀，制造业投资改善但幅度有限，基建投资、消费持续弱势，地产投资面临考验。从投向实体经济的流动性角度看，代表性指标社融存量增速得益于央行在二季度末、三季度初的积极鼓励政策和财政地方债发力后置等因素自10月开始企稳回升。价格方面，CPI同比呈现温和上扬趋势，PPI同比因为供给侧受限而在10月达到13.5%的超高水平、之后受政策保供稳价影响开始逐步回落。当前来看，2022年经济下行压力依旧存在，后续需观察稳增长政策的进一步落地。此外考虑到目前经济仍处于回落周期中，PPI对CPI的传导相对滞后，预计PPI后续开始回落，CPI将继续上升。2021年中盘凭借优异的盈利优势，全年跑赢大盘风格。2021年前三季度累计沪深300、中证500、中证1000指数的归母净利润增长率分别为22.00%、42.83%和30.14%，中证500盈利增速优势明显，三季度沪深300、中证500与中证1000归母净利润增速分别为-3.62%、23.69%和3.31%，尽管增速较Q2有明显回落，但中证500优势依旧明显。展望2022年，全年来看大盘风格或将更为占优：一方面，2022年经济下行压力加大的环境下市场将进一步追求盈利稳定性，而2022年大盘盈利预期较为稳定，但小盘盈利预期较2021年大幅下行优势不再；另一方面，经历了2021年的持续上行后，中小盘估值性价比已有所下降，而大盘在经历持续震荡后估值性价比逐渐提升，且筹码结构已恢复相对合理。伴随疫情防控体系进一步完善，消费行业有望受益于疫情冲击的边际减弱以及国内稳增长政策的实施，带来估值及业绩修复。","fund":{"_id":3000000001917,"stockCode":"001917","stockType":"fund","areaCode":"cn","followedNum":298,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2016-02-17T16:00:00.000Z","setUpScale":243046000,"market":"a","tickerId":1917,"custody":"中国银行股份有限公司","name":"招商量化精选股票型发起式证券投资基金","shortName":"招商量化精选股票发起式A","fundSecondLevel":"company","__csrcFundId":4528,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:38.633Z","masterFundFlag":1,"inceptionDate":"2016-03-14T16:00:00.000Z","fundCollectionId":4000050210000,"currency":"CNY","masterFundShortName":"招商量化精选股票发起式","memoNum":25,"pinyin":"zslhjxgpxfqszqtzjj","managers":[{"stockCode":"db20069308","stockType":"fund_manager","exchange":"fm","tickerId":2316100160,"name":"王平"}]},"announcement":{"linkText":"招商量化精选股票型发起式证券投资基金2021年年度报告","linkUrl":"http://eid.csrc.gov.cn/fu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钢铁、水泥等产量的增速有明显回升。展望下半年，经济恢复仍未结束，预计信用仍会扩张，但需要关注洪涝对投资生产性需求的阶段性影响。3、报告期内，我国股票市场走势出现大幅波动（万得全A、沪深300、上证50、中证500涨跌幅度分别为6.95%、1.64%、-3.95%、11.33%）。股市呈现先抑后扬的局面，国内外的疫情形势演进成为关键线索；年初受到国内新冠肺炎疫情爆发的影响导致股市出现大幅调整之后，得益于央行及时进行充足流动性投放，使得市场情绪得以快速恢复。但3月中旬开始，疫情在欧美地区出现大面积爆发，处于高位的美股出现大幅调整，使得北上资金出现快速大幅净流出，国内市场再度出现震荡；3月下旬之后随着美联储运用多种非常规政策工具向市场投放充足流动性，同时伴随三轮总计规模达3万亿美元的财政刺激计划的出台，美股快速从低位反弹，也带动北向资金回补国内A股，市场出现震荡攀升，风险偏好缓慢回暖，但整体风格呈现割裂状态；6月底，伴随国内经济数据的持续好转，价值和成长风格之间的估值裂口呈现收敛趋势。从当前内外的宽松流动性环境、国内对于直接融资和资本市场的政策扶持以及居民大类资产配置向权益资产转移趋势的提速的几个因素考虑，下半年股市仍可期待，可继续关注更具行业高景气度和成长空间的科技板块。","fund":{"_id":3000000001917,"stockCode":"001917","stockType":"fund","areaCode":"cn","followedNum":298,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2016-02-17T16:00:00.000Z","setUpScale":243046000,"market":"a","tickerId":1917,"custody":"中国银行股份有限公司","name":"招商量化精选股票型发起式证券投资基金","shortName":"招商量化精选股票发起式A","fundSecondLevel":"company","__csrcFundId":4528,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:38.633Z","masterFundFlag":1,"inceptionDate":"2016-03-14T16:00:00.000Z","fundCollectionId":4000050210000,"currency":"CNY","masterFundShortName":"招商量化精选股票发起式","memoNum":25,"pinyin":"zslhjxgpxfqszqtzjj","managers":[{"stockCode":"db20069308","stockType":"fund_manager","exchange":"fm","tickerId":2316100160,"name":"王平"}]},"announcement":{"linkText":"招商量化精选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=454354","linkType":"PDF","source":"csrc_pdf"}}]}