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te":"2022-06-29T16:00:00.000Z","stockId":3000000008396,"sao":"2022年上半年，受俄乌冲突引发的持续高企的通胀及美联储加息节奏加快影响，海外主要市场指数全线下跌，标普500下跌20.58%，纳斯达克下跌29.51%，法国CAC40下跌17.20%，德国DAX指数下跌19.52%，日经225下跌8.33%，香港恒生指数下跌6.57%，英国富时100指数下跌2.92%。A股主要指数也普遍下跌，价值风格表现相对占优。汇率方面，美元兑人民币相比上年末大涨5.04%，人民币呈现出相对贬值趋势。债券市场方面，10年期国债收益率与上年末相比，略升4.5个BP，6月底收益率为2.820%；美国债10年期收益率和上年末相比大幅上行146个BP，6月底收益率为2.98%，全球流动性处于紧缩周期。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:09.543Z","mo":"展望下半年，海外经济面临衰退风险，特别是目前深受能源危机困扰的欧洲。相比之下，国内经济虽同样面临较大增长压力，但政策端的空间也很大，国内经济下半年整体处于筑底回升趋势。从流动性看，本轮美联储的加息仍未结束，海外流动性整体处于紧缩状态。在当前错综复杂的宏观环境中，国内下半年流动性整体仍然将维持宽松状态。我们对下半年A股市场并不悲观，预计下半年A股市场仍然以结构性机会为主。","fund":{"_id":3000000008396,"areaCode":"cn","stockType":"fund","stockCode":"008396","tickerId":8396,"fundSecondLevel":"company","status":"normal","exchange":"jj","name":"博时中证500交易型开放式指数证券投资基金发起式联接基金","shortName":"博时中证500ETF联接(008396)","custody":"招商银行股份有限公司","fundType":"stock","ipoDate":"2019-12-11T16:00:00.000Z","setUpScale":37912200,"lastUpdated":"2026-06-12T17:11:50.952Z","__csrcFundId":6960,"fundStatus":"normal","market":"a","masterFundFlag":1,"inceptionDate":"2019-12-29T16:00:00.000Z","followedNum":22,"fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时中证500ETF联接","setUpDate":"2019-12-29T16:00:00.000Z","pinyin":"bszz500jyxkfszszqtzjjfqsljjj","__indexSourceEastMoney":1,"__indexSourceCsi":1,"etfFundFlag":1,"feederFundFlag":1,"indexFundFlag":1,"indexId":1000000000905,"managers":[{"stockCode":"db20349326","stockType":"fund_manager","exchange":"fm","tickerId":2317150130,"name":"万琼"}]},"announcement":{"linkText":"博时中证500交易型开放式指数证券投资基金发起式联接基金2022年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=785893","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb9d7fea5b3eb04b8ef9","date":"2022-03-30T16:00:00.000Z","stockId":3000000008396,"sao":"2022年一季度，受美联储加息及俄乌冲突引发的通胀预期影响，海外主要市场指数多数下跌，标普500下跌4.95%，纳斯达克下跌9.10%，法国CAC40下跌6.89%，德国DAX指数下跌9.25%，日经225下跌3.37%，香港恒生指数下跌5.99%，仅英国富时100指数上涨1.78%。国内A股指数普遍下跌，价值风格表现占优，成长与科技板块表现较弱。汇率方面，美元兑人民币相比去年底跌0.47%，人民币延续升值趋势。债券市场方面，10年期国债收益率与去年底基本持平，3月底收益率为2.788%；美国债10年期收益率和去年底相比大幅上行80个BP，3月底收益率为2.32%，全球流动性进入紧缩周期。展望2022年二季度，宏观上，海外方面，俄乌冲突对市场影响仍大，近期有整体向缓和发展趋势，但即便情况缓解，海外通胀压力仍会处于高位，与此同时，美联储等央行收缩货币政策会导致流动性趋紧，增长预期预计也会趋于下降；国内方面，大概率将处于稳信用、宽货币和增长预期逐渐改善的状态，近期散发疫情对增长预期的冲击大概率已经过去。判断市场机会需紧扣稳增长政策下的企稳改善和上市公司的盈利预期变化，适当保持仓位的灵活性，把握结构性机会。风格上均衡配置大盘和中小盘。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:09.540Z","fund":{"_id":3000000008396,"areaCode":"cn","stockType":"fund","stockCode":"008396","tickerId":8396,"fundSecondLevel":"company","status":"normal","exchange":"jj","name":"博时中证500交易型开放式指数证券投资基金发起式联接基金","shortName":"博时中证500ETF联接(008396)","custody":"招商银行股份有限公司","fundType":"stock","ipoDate":"2019-12-11T16:00:00.000Z","setUpScale":37912200,"lastUpdated":"2026-06-12T17:11:50.952Z","__csrcFundId":6960,"fundStatus":"normal","market":"a","masterFundFlag":1,"inceptionDate":"2019-12-29T16:00:00.000Z","followedNum":22,"fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时中证500ETF联接","setUpDate":"2019-12-29T16:00:00.000Z","pinyin":"bszz500jyxkfszszqtzjjfqsljjj","__indexSourceEastMoney":1,"__indexSourceCsi":1,"etfFundFlag":1,"feederFundFlag":1,"indexFundFlag":1,"indexId":1000000000905,"managers":[{"stockCode":"db20349326","stockType":"fund_manager","exchange":"fm","tickerId":2317150130,"name":"万琼"}]},"announcement":{"linkText":"博时中证500交易型开放式指数证券投资基金发起式联接基金2022年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=725353","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb9d7fea5b3eb04b8ef8","date":"2021-12-30T16:00:00.000Z","stockId":3000000008396,"sao":"2021 年全球新冠疫情仍在反复，全球流动性仍延续前一年的宽松状态。 A股全年处于震荡上行态势，结构性风格切换较为显著。春节之前，A股延续上年行情，核心资产大涨；春节之后到3月底，受美债收益率快速上行带来的货币收紧预期，核心资产回调，低估值躁动；随着美债收益率下行叠加国内货币宽松预期，4月至7月底，科技成长板块回归，随后8月至9月大宗商品价格飙升，资源股表现抢眼；9月至年末，商品价格回落，A股整体震荡。全年来看，滞涨与高景气板块齐头并进，小盘相对更占优，其中偏大盘的上证50下跌10.06%、沪深300指数下跌5.20%，偏小盘的中证500和中证1000分别上涨15.58%、20.52%，偏成长风格的创业板指、科创50分别上涨12.02%、0.37%。行业方面，中信一级行业表现分化明显，其中表现居前的是电力设备及新能源、基础化工、有色金属、煤炭、钢铁，涨幅分别为50.41%、48.05%、46.39%、44.67%、41.75%，跌幅较为靠前的行业是消费者服务、非银金融、家电、房地产、农林牧渔，跌幅分别为24.45%、20.41%、18.57%、9.63%、6.67%。","declarationDate":"2022-01-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:09.538Z","mo":"展望2022年，新冠疫情将会逐步常态化，多国逐步放开防控限制，未来疫情对全球经济影响将会减弱。从全球流动性上来看，海外央行都开始收紧流动性。美联储Taper靴子落地，市场预期3月加息，美国货币政策逐步常态化；其他国家也开始逐步加息。国内经济方面，稳增长政策发力、疫情逐步缓解两大宏观主线向好，将拉动经济内生性改善。通胀方面，终端消费回暖、猪价周期性回升，中国CPI中枢逐步上移，且总体可控，同时，全球供需缺口收窄，中国PPI将步入回落周期。在通胀总体可控以及稳增长稳信用的大方向下，需要财政政策和货币政策协调联动，稳健偏松的货币政策配合财政政策发力，流动性保持合理充裕。 我们认为2022年A股在稳增长、货币相对宽松的整体背景下，将呈现出震荡及结构性行情。","fund":{"_id":3000000008396,"areaCode":"cn","stockType":"fund","stockCode":"008396","tickerId":8396,"fundSecondLevel":"company","status":"normal","exchange":"jj","name":"博时中证500交易型开放式指数证券投资基金发起式联接基金","shortName":"博时中证500ETF联接(008396)","custody":"招商银行股份有限公司","fundType":"stock","ipoDate":"2019-12-11T16:00:00.000Z","setUpScale":37912200,"lastUpdated":"2026-06-12T17:11:50.952Z","__csrcFundId":6960,"fundStatus":"normal","market":"a","masterFundFlag":1,"inceptionDate":"2019-12-29T16:00:00.000Z","followedNum":22,"fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时中证500ETF联接","setUpDate":"2019-12-29T16:00:00.000Z","pinyin":"bszz500jyxkfszszqtzjjfqsljjj","__indexSourceEastMoney":1,"__indexSourceCsi":1,"etfFundFlag":1,"feederFundFlag":1,"indexFundFlag":1,"indexId":1000000000905,"managers":[{"stockCode":"db20349326","stockType":"fund_manager","exchange":"fm","tickerId":2317150130,"name":"万琼"}]},"announcement":{"linkText":"博时中证500交易型开放式指数证券投资基金发起式联接基金2021年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=709590","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb9d7fea5b3eb04b8ef7","date":"2021-09-29T16:00:00.000Z","stockId":3000000008396,"sao":"2021年3季度经济从K型复苏逐步走向均衡复苏，基本面和企业盈利有韧性；PPI同比高位保持一定韧性，CPI同比整体仍在较低水平；流动性或边际收敛但整体仍充裕，信用环境趋稳但有一定结构出清压力，关注标志性违约事件风险；政策方面跨周期调控，公平与效率并举，重心继续从软科技转向硬科技；资金配置权益趋势不变，市场情绪较高，估值结构性分化明显。市场表现方面，国内A股呈现机构性行情，中小盘风格表现较强，而核心资产与科技板块回调明显。汇率方面，美元兑人民币与二季度末几乎持平。债券市场方面，10年期国债收益率下行20个BP，9月底收益率为2.878%，美国债10年期收益率略有上升，9月底为1.520%，全球流动性仍处于宽松状态。 展望2021年第4季度，宏观上，全球疫情反复而疫后刺激政策的逐步退潮，全球经济扩张动能环比有所放缓，短期韧性主要表现在出口与高端制造两个方面。通胀方面，四季度预计仍是维持CPI低位、PPI高位，前三季度成本传导机制较为顺畅，但经济下行压力的明显加大，成本传导不畅，影响制造业盈利。货币政策方面，宽货币、稳信用是四季度货币政策的主基调，资金面将延续目前稳中偏松的基调。 A股上市公司3季报继续保持较好增长,但受宏观经济增长动能减弱的影响，盈利增速存在下滑的可能，同时受大宗品价格上涨影响，产业盈利结构分化。预计A股仍呈现结构性行情。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:09.535Z","fund":{"_id":3000000008396,"areaCode":"cn","stockType":"fund","stockCode":"008396","tickerId":8396,"fundSecondLevel":"company","status":"normal","exchange":"jj","name":"博时中证500交易型开放式指数证券投资基金发起式联接基金","shortName":"博时中证500ETF联接(008396)","custody":"招商银行股份有限公司","fundType":"stock","ipoDate":"2019-12-11T16:00:00.000Z","setUpScale":37912200,"lastUpdated":"2026-06-12T17:11:50.952Z","__csrcFundId":6960,"fundStatus":"normal","market":"a","masterFundFlag":1,"inceptionDate":"2019-12-29T16:00:00.000Z","followedNum":22,"fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时中证500ETF联接","setUpDate":"2019-12-29T16:00:00.000Z","pinyin":"bszz500jyxkfszszqtzjjfqsljjj","__indexSourceEastMoney":1,"__indexSourceCsi":1,"etfFundFlag":1,"feederFundFlag":1,"indexFundFlag":1,"indexId":1000000000905,"managers":[{"stockCode":"db20349326","stockType":"fund_manager","exchange":"fm","tickerId":2317150130,"name":"万琼"}]},"announcement":{"linkText":"博时中证500交易型开放式指数证券投资基金发起式联接基金2021年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=654316","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb9d7fea5b3eb04b8ef6","date":"2021-06-29T16:00:00.000Z","stockId":3000000008396,"sao":"过去持续多时的“白马抱团”行情，在今年上半年逐渐出现瓦解松动，市场风格在上半年也出现了较大的波动。整体看，以创业板为代表的中小盘成长风格表现最好。创业板指上半年上涨17.2%，中证500上涨6.93%，而沪深300只微涨0.24%，上证50则下跌3.9%。从行业看，周期板块整体表现最好，按照中信行业分类，钢铁、基础化工涨幅超过20%，煤炭、有色金属也有15%以上的涨幅。另外，处于高景气度的电力设备和新能源行业上半年涨幅也超过了20%。上半年虽然国内以及全球疫情出现了一定的反复，特别是印度出现了Delta变异毒株，但整体看不管是国内还是全球经济从疫情中逐渐复苏仍是主线。上半年国内经济延续了去年下半年以来良好的增长状态，上半年GDP同比增长12.7%，相比2019年两年平均增长5.3%。规模以上工业增加值同比增加15.90%，两年平均增长6.5%。6月的PMI为50.9，自去年3月以来持续保持在50以上。货币政策上半年保持稳健，但在7月央行超预期降准后，市场对流动性的预期发生了一定的变化，市场流动性整体处于较为充裕的状态。房地产市场仍然面临来自政策较大的压力。","declarationDate":"2021-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:09.532Z","mo":"展望下半年，预计随着疫苗的逐步普及，受疫情影响中断的海外产能逐步恢复，支撑疫情后中国经济超预期增长的出口面临边际放缓，同时，上半年大宗商品等原材料价格大幅上涨对企业经营造成的压力，也将在下半年逐渐体现。但下半年流动性相比上半年会更加充裕。在流动性边际宽松，而增速边际放缓的宏观背景下，预计下半年A股主要延续上半年的震荡格局，部分受益国家政策未来能维持高增速的板块以及部分基本面良好的低估值板块存在结构性机会。","fund":{"_id":3000000008396,"areaCode":"cn","stockType":"fund","stockCode":"008396","tickerId":8396,"fundSecondLevel":"company","status":"normal","exchange":"jj","name":"博时中证500交易型开放式指数证券投资基金发起式联接基金","shortName":"博时中证500ETF联接(008396)","custody":"招商银行股份有限公司","fundType":"stock","ipoDate":"2019-12-11T16:00:00.000Z","setUpScale":37912200,"lastUpdated":"2026-06-12T17:11:50.952Z","__csrcFundId":6960,"fundStatus":"normal","market":"a","masterFundFlag":1,"inceptionDate":"2019-12-29T16:00:00.000Z","followedNum":22,"fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时中证500ETF联接","setUpDate":"2019-12-29T16:00:00.000Z","pinyin":"bszz500jyxkfszszqtzjjfqsljjj","__indexSourceEastMoney":1,"__indexSourceCsi":1,"etfFundFlag":1,"feederFundFlag":1,"indexFundFlag":1,"indexId":1000000000905,"managers":[{"stockCode":"db20349326","stockType":"fund_manager","exchange":"fm","tickerId":2317150130,"name":"万琼"}]},"announcement":{"linkText":"博时中证500交易型开放式指数证券投资基金发起式联接基金2021年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=633451","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb9d7fea5b3eb04b8ef5","stockId":3000000008396,"sao":"市场回顾：2021年第一季度，行情方面，海外主要市场指数多数上涨，标普500上涨5.77%，纳斯达克上涨2.78%，日经225上涨6.32%，英国富时100上涨3.92%，法国CAC40上涨9.29%，德国DAX指数上涨9.40%，香港恒生指数上涨4.21%。国内A股方面主要指数表现较弱，整体处于下跌趋势，其中偏大盘的上证50下跌2.78%、沪深300指数下跌3.13%，偏小盘的中证500下跌1.78%，中证1000下跌5.31%，而偏科技的指数的创业板指下跌7.00%，科创50下跌10.39%。行业方面，中信一级行业中表现居前的是钢铁、电力及公用事业、银行、建筑、建材，涨幅分别为15.52%、11.21%、10.78%、7.82%、6.45%，跌幅较为靠前的行业是国防军工、非银行金融、通信、计算机、汽车，跌幅分别为18.91%、12.55%、10.30%、10.12%、9.31%。汇率方面，人民币连续贬值趋势中止，全月微升0.26%。债券市场方面，10年期国债收益率上行5个BP，月底收益率为3.19%，美国债10年期收益率大幅上行63个BP，月底收益率为1.744%，导致全球金融市场大幅波动。展望2021年二季度，全球经济复苏预期，发达国家疫苗接种稳步推进中，预计今年6-7月英、美就可以实现70%的疫苗覆盖率，率先经济重启。疫苗普及加速与1.9万亿财政刺激落地推动美国Q2、Q3强势复苏，美国补库存行至中程，上半年继续为中国出口提供拉动力，出口上半年景气能够大致维持。国内经济表现整体维持高景气，环比动能逐渐触顶后温和回落，CPI将到达阶段性高点，PPI同比逐渐触顶。流动性上，美债利率依然易上难下，国内信用环境逐渐实质性收紧。经济政策延续中央经济工作会议基调，强调连续性，温和转向，促进经济运行在合理区间。关注碳达峰、科技创新和平台经济政策。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:09.529Z","fund":{"_id":3000000008396,"areaCode":"cn","stockType":"fund","stockCode":"008396","tickerId":8396,"fundSecondLevel":"company","status":"normal","exchange":"jj","name":"博时中证500交易型开放式指数证券投资基金发起式联接基金","shortName":"博时中证500ETF联接(008396)","custody":"招商银行股份有限公司","fundType":"stock","ipoDate":"2019-12-11T16:00:00.000Z","setUpScale":37912200,"lastUpdated":"2026-06-12T17:11:50.952Z","__csrcFundId":6960,"fundStatus":"normal","market":"a","masterFundFlag":1,"inceptionDate":"2019-12-29T16:00:00.000Z","followedNum":22,"fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时中证500ETF联接","setUpDate":"2019-12-29T16:00:00.000Z","pinyin":"bszz500jyxkfszszqtzjjfqsljjj","__indexSourceEastMoney":1,"__indexSourceCsi":1,"etfFundFlag":1,"feederFundFlag":1,"indexFundFlag":1,"indexId":1000000000905,"managers":[{"stockCode":"db20349326","stockType":"fund_manager","exchange":"fm","tickerId":2317150130,"name":"万琼"}]},"announcement":{"linkText":"博时中证500交易型开放式指数证券投资基金发起式联接基金2021年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=572761","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb9d7fea5b3eb04b8ef4","stockId":3000000008396,"sao":"2020年全球经济及金融市场一直受新形冠状病毒（COVID-19）影响。疫情于第一季爆发，各国的封城、社交区隔等防疫政策令经济重创，一度动摇全球投资者的信心，全球股市于3月份暴跌。随后各国央行实行大放水，推出异常宽松的货币政策，主要包括减息和量化宽松等措施，成功稳住市场。全球经济也于上半年深度衰退后，在第三季经济也开始反弹，虽然部份国家出现疫情反复，但疫苖研发有进展，股市普遍继续反复向上。截至年底，全球主要市场股指都收复失地，甚至屡创新高。A股方面，受宽松的流动性推动，主流指数全线上涨，偏大盘的上证50上涨18.85%、沪深300指数上涨27.21%，偏小盘的中证500和中证1000分别上涨20.87%、19.39%，而重仓科技和医药的创业板指表现最为抢眼，全年上涨64.96%。行业方面，中信一级行业表现分化明显，其中表现居前的是电力设备及新能源、食品饮料、消费者服务、国防军工、医药，涨幅分别为88.34%、88.06%、81.06%、72.47%、50.40%，跌幅较为靠前的行业是综合金融、房地产、通信、建筑、纺织服装，跌幅分别为18.11%、9.49%、8.72%、6.78%、2.51%。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:09.527Z","mo":"展望2021年，宏观层面，当前疫苗逐渐落地，其效果会慢慢显现带来海外疫情慢慢好转，全球的修复弹性有望逐渐释放。2021年，国内宏观政策保持可持续性，政策环境大起大落的担忧得到实质性缓解，重点关注结构性信用出清压力和微观流动性变化趋势。2021年的核心任务是构建双循环格局，供需两端发力，打造高水平供需动态平衡。供给侧方面以科技自主为支撑，强化国家战略科技力量，增强产业链供应链自主可控能力。需求侧管理重点是摆脱过去靠投资拉动模式，更多依靠消费升级、公共服务等。中美关系方面，新总统上任第一年往往聚焦国内事务，外部处于乐观窗口。我们认为A股将整体波动向上，市场结构较之前相对均衡，企业盈利增速持续好转，基本面或成为市场主要驱动力，内外循环驱动预计将成为主旋律，权益市场仍有较为丰富的机会。重点关注三条主线：（1）从疫情中恢复且受益于通胀的产业，包括有色、化工、金融等周期板块，以及航空、影视、餐饮旅游、医疗等服务业板块；（2）双循环体系+国内经济率先复苏的制造业，包括高端制造、光伏及新能源板块；（3）科技成长仍是应重点关注的方向，短期关注业绩释放的消费电子、军工等板块，长期关注国产替代、自主可控背景下的半导体、新材料等。","fund":{"_id":3000000008396,"areaCode":"cn","stockType":"fund","stockCode":"008396","tickerId":8396,"fundSecondLevel":"company","status":"normal","exchange":"jj","name":"博时中证500交易型开放式指数证券投资基金发起式联接基金","shortName":"博时中证500ETF联接(008396)","custody":"招商银行股份有限公司","fundType":"stock","ipoDate":"2019-12-11T16:00:00.000Z","setUpScale":37912200,"lastUpdated":"2026-06-12T17:11:50.952Z","__csrcFundId":6960,"fundStatus":"normal","market":"a","masterFundFlag":1,"inceptionDate":"2019-12-29T16:00:00.000Z","followedNum":22,"fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时中证500ETF联接","setUpDate":"2019-12-29T16:00:00.000Z","pinyin":"bszz500jyxkfszszqtzjjfqsljjj","__indexSourceEastMoney":1,"__indexSourceCsi":1,"etfFundFlag":1,"feederFundFlag":1,"indexFundFlag":1,"indexId":1000000000905,"managers":[{"stockCode":"db20349326","stockType":"fund_manager","exchange":"fm","tickerId":2317150130,"name":"万琼"}]},"announcement":{"linkText":"博时中证500交易型开放式指数证券投资基金发起式联接基金2020年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=558823","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb9d7fea5b3eb04b8ef3","stockId":3000000008396,"sao":"2020年三季度，海外主要市场指数有所分化，其中，标普500上涨8.47%，纳斯达克上涨11.02%，日经225上涨4.02%，英国富时100下跌4.92%，法国CAC40下跌2.69%，德国DAX指数上涨3.65%，香港恒生指数下跌3.96%。国内A股方面，基本处于上涨态势。汇率方面，人民币大幅升值，季度涨3.72%。债券市场方面，受经济活动好转预期影响，10年期国债收益率季度上行33个BP，当前收益率为3.15。行情方面，2020年三季度主流指数全线上涨，偏大盘的上证50上涨9.87%、沪深300指数上涨10.17%，偏小盘的中证500上涨5.58%，中证1000上涨4.71%,科创概念指数创业板指在注册制的利好影响下上涨5.60%。行业方面，中信一级行业中表现居前的是国防军工、消费者服务、电力设备及新能源、汽车、食品饮料，涨跌幅分别为32.02%、26.56%、23.69%、20.42%、19.37%，跌幅较为靠前的行业是通信、商贸零售、综合金融、计算机、传媒，跌幅分别为8.03%、3.05%、2.37%、2.06%、1.70%。展望2020年四季度，宏观层面，全球整体增长预期边际有所改善，但疫情仍未见明显好转，负面影响仍在。中美关系方面出现一些积极信号，如央视恢复转播NBA等情况，但台海风险在进一步上升。国内经济方面，据文旅部统计，8天长假期间全国共接待国内游客6.37亿人次，同比恢复79.0%；国内旅游收入4665.6亿元，同比恢复69.9%，经济持续改善可期。货币政策仍将保持适度宽松，但边际上开始逐步回归常态，利率边际上升，未来估值的驱动力有限，盈利影响权重提升，市场结构性机会凸显。我们对A股中长期表现仍偏乐观。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-27T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:09.524Z","fund":{"_id":3000000008396,"areaCode":"cn","stockType":"fund","stockCode":"008396","tickerId":8396,"fundSecondLevel":"company","status":"normal","exchange":"jj","name":"博时中证500交易型开放式指数证券投资基金发起式联接基金","shortName":"博时中证500ETF联接(008396)","custody":"招商银行股份有限公司","fundType":"stock","ipoDate":"2019-12-11T16:00:00.000Z","setUpScale":37912200,"lastUpdated":"2026-06-12T17:11:50.952Z","__csrcFundId":6960,"fundStatus":"normal","market":"a","masterFundFlag":1,"inceptionDate":"2019-12-29T16:00:00.000Z","followedNum":22,"fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时中证500ETF联接","setUpDate":"2019-12-29T16:00:00.000Z","pinyin":"bszz500jyxkfszszqtzjjfqsljjj","__indexSourceEastMoney":1,"__indexSourceCsi":1,"etfFundFlag":1,"feederFundFlag":1,"indexFundFlag":1,"indexId":1000000000905,"managers":[{"stockCode":"db20349326","stockType":"fund_manager","exchange":"fm","tickerId":2317150130,"name":"万琼"}]},"announcement":{"linkText":"博时中证500交易型开放式指数证券投资基金发起式联接基金2020年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=489655","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb9d7fea5b3eb04b8ef2","stockId":3000000008396,"sao":"2020年上半年，受新冠疫情冲击，全球资本市场跌宕起伏，波动较大，多数发达市场收跌。国际方面，美国标普500下跌4.04%，而科技指数纳斯达克指数上涨12.11%，日经225指数下跌5.78%，欧洲股市中英国富时100下跌18.20%，德国DAX指数下跌7.08%，法国CAC40下跌17.43%。香港恒生指数下跌13.35%。国内A股方面，在率先走出新冠疫情后复产复工稳步推进及宽松预期下，市场整体表现尚可。结构上，在复产复工与疫情反复共同交织叠加宽松预期背景下，科技、医药、消费板块共同发力。债券市场方面，同样受疫情和应对经济活动疲软影响，债券收益率震荡下行，10年期国债收益率从3.14下行至2.82。行情方面，2020年上半年，市场整体处于上涨行情，在主流宽基指数中，仅偏大盘的上证50下跌，跌幅为3.95%，而沪深300上涨 1.64%，偏中小盘的中证500上涨 11.33%，中证1000上涨13.52%，科技、医药集中的创业板指表现最好，上涨35.60%。风格指数方面，中盘成长表现最好，上涨18.00%，大盘价值表现最弱，下跌12.62%。行业方面，中信一级行业中，医药、消费者服务、食品饮料、电子、计算机表现最为抢眼，分别上涨41.56%、26.32%、 25.41%、24.22%、22.92%。而石油石化、煤炭、银行、非银金融、房地产下跌，跌幅分别是17.47%、15.53%、13.02%、10.67%、8.54%。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:09.521Z","mo":"展望2020年下半年，海外疫情蔓延出使经济衰退风险持续上升，预计未来美联储将继续保持流动性充盈，在此背景下或推动外资持续流入A股。国内方面，宽松财政政策开始发力，二季度流动性边际有所收紧，但受失业率上行压力，预计央行仍将保持流动性宽松。A股市场风格整体分化尽管有所弥合，高低估值板块差异仍较大，现阶段估值与基本面存在一定背离。我们对A股长期表现偏乐观，但需注意仓位的灵活性，把握结构性机会。投资风格上，围绕内循环等内需主题机会，继续重点配置行业龙头公司，长期配置消费、医药、科技的基础性配置，但需注意高低估值板块估值收敛。结构上把握两条主线，一条主线是关注受益于疫情后的内需恢复的可选消费板块（包括消费者服务、汽车等）和自主可控的科技、医药板块（包括消费电子、云计算、智能家居、医疗设备等）。另一条主线是逐步复苏后存在业绩预期差的周期板块（包括建筑建材、机械、化工等）以及后周期低估值板块（包括银行、非银金融等）。","fund":{"_id":3000000008396,"areaCode":"cn","stockType":"fund","stockCode":"008396","tickerId":8396,"fundSecondLevel":"company","status":"normal","exchange":"jj","name":"博时中证500交易型开放式指数证券投资基金发起式联接基金","shortName":"博时中证500ETF联接(008396)","custody":"招商银行股份有限公司","fundType":"stock","ipoDate":"2019-12-11T16:00:00.000Z","setUpScale":37912200,"lastUpdated":"2026-06-12T17:11:50.952Z","__csrcFundId":6960,"fundStatus":"normal","market":"a","masterFundFlag":1,"inceptionDate":"2019-12-29T16:00:00.000Z","followedNum":22,"fundCollectionId":4000050050000,"currency":"CNY","masterFundShortName":"博时中证500ETF联接","setUpDate":"2019-12-29T16:00:00.000Z","pinyin":"bszz500jyxkfszszqtzjjfqsljjj","__indexSourceEastMoney":1,"__indexSourceCsi":1,"etfFundFlag":1,"feederFundFlag":1,"indexFundFlag":1,"indexId":1000000000905,"managers":[{"stockCode":"db20349326","stockType":"fund_manager","exchange":"fm","tickerId":2317150130,"name":"万琼"}]},"announcement":{"linkText":"博时中证500交易型开放式指数证券投资基金发起式联接基金2020年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=460192","linkType":"PDF","source":"csrc_pdf"}}]}