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济结构，而不能总依靠外需发力，虽然注重外需可能是短期的现实妥协，但不能低估我们转向扩大内需、全面共同富裕的决心。“宽货币”与“宽财政”的政策组合在短期内预计仍将延续，这为权益市场营造了相对友好的宏观环境，尽管政策支持的边际力度有所下降，但这本身亦处于合理范围之内。　　年初市场曾对契合产业政策方向、短期仅有宏大叙事的板块展现出极高热情，动量效应显著。经过一线监管及时引导降温后，相关板块显著回落。相信这样更有助于市场持久稳健地支持这些符合国家长期战略的重点产业、未来产业相关公司的发展。今年以来连续外部地缘冲突进一步加剧了市场风险偏好回落。这为大资金更加抱团各项历史标准均处于周期高点的相关板块找到一个交易博弈的理由。与此同时，从股价表现看不少高股息价值类资产也获得了更多投资者的认同。虽然涨幅远比不上抱团品种。其所蕴含的潜在客观现实是：纵观古今中外的，很多公认的天才也不能规避价格泡沫的伤害。跑得快往往到不了终点。　　在具体的基金投资策略与操作上，我们始终坚持行业均衡配置与深度价值选股的核心原则，始终聚焦于估值合理、基本面扎实的优质标的。我们会保持策略的灵活性，若市场所热衷的产业“叙事”在未来得到基本面的证实，我们将在其风险收益比进入具有吸引力的合适区间后，重新将其纳入重点关注的视野。在实际组合管理层面，我们将持续优化持仓结构，保持行业的均衡配置。　　总结而言，短期市场仍可能沿着表观“高胜率”的方向进行资产配置，动量效应的影响依然显著。但长期来看，资产价格的坚实支撑必然来自于基本面的最终兑现与估值的合理匹配。本基金在目前流动性充裕、但风险偏好复杂多变的市场环境中，将继续坚持稳健的投资策略，耐心等待包括红利资产在内的各类资产其性价比回归至具有吸引力的水平。目前从AH溢价率看，一些A股相对于港股性价比逐渐提高，尤其是高股息品种。我们会根据实际情况进行相应交易。","lastUpdated":"2026-04-22T15:37:42.453Z","fund":{"_id":3000000010673,"__csrcFundId":8647,"stockCode":"010673","shortName":"兴全中证800六个月持有指数(010673)","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":10673,"masterFundFlag":1,"lastUpdated":"2026-05-22T17:15:30.522Z","status":"normal","name":"兴全中证800六个月持有期指数增强型证券投资基金","exchange":"jj","followedNum":32,"inceptionDate":"2021-02-08T16:00:00.000Z","fundCollectionId":4000050310000,"currency":"CNY","masterFundShortName":"兴全中证800六个月持有指数","setUpDate":"2021-02-08T16:00:00.000Z","setUpAssetScale":2502409679.69,"setUpShares":2502409679.69,"pinyin":"xqzz800lgycyqzszqxzqtzjj","__indexSourceEastMoney":1,"__indexSourceCsi":1,"indexFundFlag":1,"indexId":1000000000906,"managers":[{"stockCode":"8801348011","stockType":"fund_manager","exchange":"fm","tickerId":1917104070,"name":"申庆"},{"stockCode":"db20802688","stockType":"fund_manager","exchange":"fm","tickerId":262406216730,"name":"张晓峰"}]},"announcement":{"linkText":"兴全中证800六个月持有期指数增强型证券投资基金2026年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1478762","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecddd7fea5b3eb04e0f09","date":"2025-12-30T16:00:00.000Z","declarationDate":"2026-01-21T16:00:00.000Z","stockId":3000000010673,"sao":"四季度，市场继续呈现“宽资金、弱信贷”的特征。社会融资结构进一步向财政端倾斜，房地产产业链修复仍面临挑战，尚未出现明显起色。相比之下，高新技术行业维持较高景气，这一分化亦体现于商品市场：黑色系商品表现相对疲弱，而有色金属则走势强劲。若将经济图景简化为“黑色链”与“有色链”两大板块，可见当前二者发展态势截然不同，形成鲜明对比。　　A股投资呈现一定的“创投化”倾向，市场对短期内难以证伪、且受政策鼓励的宏大叙事主线表现出较强追捧热情。短期来看，这些领域流动性高度充裕，有助于推动直接融资，为务实企业提供金融支持；但长期而言，仅靠题材叙事难以维持高估值，相关行业必须实现技术突破与收入切实增长，才能真正立足市场。　　权益方面，科技赛道在三季度过度活跃后，于四季度进入震荡整固，价值类资产则获得一定修复空间。在内需仍显疲软的背景下，宽货币与宽财政政策短期难以转向，权益市场依然处于相对友好的政策环境。与此同时，债券收益率随权益市场企稳而继续上行。我们更希望这反映的是市场对实体经济投资回报改善的预期，而非单纯交易性资金对动量的追逐。从股债性价比角度看，债券配置价值有所提升，但短期内市场仍可能沿确定性（动量）逻辑进行配置。若债券收益率上行准确预示实体经济回报改善，则DCF模型中分子端的提升可抵消分母上行的影响，权益估值未必承压。　　投资策略上，本基金始终坚持行业均衡与价值选股原则。在当前流动性改善、风险偏好上升的背景下，价值类资产的“进攻性”有所欠缺，但我们认为无论哪种风格的资产，长期稳定价格终将向DCF贴现值收敛。尽管题材交易短期难以证伪，但中长期仍需经历证实或证伪的过程，投资不在一时，在长期由乐观者定价的A股市场，尤需保持警惕。在此，感谢长期认可本产品投资策略，并坚守本产品的持有人。实际操作中，本基金将继续保持行业均衡，聚焦基本面稳健、估值合理的标的，动态优化组合。目前AH股溢价率从显著压缩逐渐走扩，我们也将关注其中相对价值交易机会。","lastUpdated":"2026-03-09T13:40:45.209Z","fund":{"_id":3000000010673,"__csrcFundId":8647,"stockCode":"010673","shortName":"兴全中证800六个月持有指数(010673)","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":10673,"masterFundFlag":1,"lastUpdated":"2026-05-22T17:15:30.522Z","status":"normal","name":"兴全中证800六个月持有期指数增强型证券投资基金","exchange":"jj","followedNum":32,"inceptionDate":"2021-02-08T16:00:00.000Z","fundCollectionId":4000050310000,"currency":"CNY","masterFundShortName":"兴全中证800六个月持有指数","setUpDate":"2021-02-08T16:00:00.000Z","setUpAssetScale":2502409679.69,"setUpShares":2502409679.69,"pinyin":"xqzz800lgycyqzszqxzqtzjj","__indexSourceEastMoney":1,"__indexSourceCsi":1,"indexFundFlag":1,"indexId":1000000000906,"managers":[{"stockCode":"8801348011","stockType":"fund_manager","exchange":"fm","tickerId":1917104070,"name":"申庆"},{"stockCode":"db20802688","stockType":"fund_manager","exchange":"fm","tickerId":262406216730,"name":"张晓峰"}]},"announcement":{"linkText":"兴全中证800六个月持有期指数增强型证券投资基金2025年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1457377","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecddd7fea5b3eb04e0f08","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-27T16:00:00.000Z","stockId":3000000010673,"sao":"1、三季度资金面及宏观经济分析　　资金面保持宽松：三季度资金面继续维持宽松状态，但信贷需求整体一般，社融存量中的政府债占比不断上升，反映出经济现实依然较弱。　　经济现实偏弱：宏观经济数据显示政策刺激效果减弱，特别是地产链数据表现不佳。三季度PMI（采购经理指数）仍未突破50，表明内外需仍面临挑战。　　“新质生产力”赛道表现较好：尽管整体经济偏弱，但少数“新质生产力”赛道表现出较强的活力，成为经济中的亮点。　　政策面变化：政策面开始加大力度倡导“反内卷”，这给一些原本基本面较弱的行业带来了改善预期。　　2、权益市场表现　　极致分化的科技赛道行情：三季度权益市场主要表现为科技赛道的“主线”行情，受海外AI龙头加大资本开支（capex）的刺激，国内相关资产出现一轮剧烈的估值提升。　　增量博弈环境：三季度的指数上涨显然意味着存在增量资金，市场呈现出增量博弈的特征，但增量资金的具体来源及其稳定性仍需进一步观察。　　交易拥挤风险：由于“主线”鲜明，交易拥挤的风险也随之增加。　　债券收益率变化：债券收益率在二季度关税冲击后接近前期低位，避险资金流入明显。但随着权益市场风险收益比的改善，债券收益率重新上行。一方面分母会对资产定价有一定拖累，另一方面债券收益率上升也意味着实体回报可能预期改善，尤其是“反内卷”政策效果可期。　　权益与债券风险收益比边际变化：随着924以来普涨行情，目前权益与债券的风险收益比出现边际变化，权益市场的风险收益比有所改善，有望进一步吸引中长期配置资金入市。尽管我们测算AH证券化率已接近110%，但对权益市场整体并不悲观。随着居民存款重新流入市场，权益类资产的相对配置价值将上升，中国版401K循环有望启动。　　3、投资策略　　行业均衡与价值选股：始终坚持行业均衡与价值选股策略，尽管上季度对极端分化的赛道行情认识不足导致有一定跑输，但相信市场长期是称重机，不合理的估值终将回归合理水平。　　操作思路：保持行业均衡，关注估值合理、基本面稳健的标的，持续动态优化组合。","lastUpdated":"2026-03-09T13:40:45.207Z","fund":{"_id":3000000010673,"__csrcFundId":8647,"stockCode":"010673","shortName":"兴全中证800六个月持有指数(010673)","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":10673,"masterFundFlag":1,"lastUpdated":"2026-05-22T17:15:30.522Z","status":"normal","name":"兴全中证800六个月持有期指数增强型证券投资基金","exchange":"jj","followedNum":32,"inceptionDate":"2021-02-08T16:00:00.000Z","fundCollectionId":4000050310000,"currency":"CNY","masterFundShortName":"兴全中证800六个月持有指数","setUpDate":"2021-02-08T16:00:00.000Z","setUpAssetScale":2502409679.69,"setUpShares":2502409679.69,"pinyin":"xqzz800lgycyqzszqxzqtzjj","__indexSourceEastMoney":1,"__indexSourceCsi":1,"indexFundFlag":1,"indexId":1000000000906,"managers":[{"stockCode":"8801348011","stockType":"fund_manager","exchange":"fm","tickerId":1917104070,"name":"申庆"},{"stockCode":"db20802688","stockType":"fund_manager","exchange":"fm","tickerId":262406216730,"name":"张晓峰"}]},"announcement":{"linkText":"兴全中证800六个月持有期指数增强型证券投资基金2025年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1381195","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecddd7fea5b3eb04e0f07","date":"2025-06-29T16:00:00.000Z","stockId":3000000010673,"sao":"2025 年上半年虽然仍是“强预期、弱现实”，但预期本身比往年更“强”，现实也没有那么“弱”，所以市场走得并不差。  　　1. 起点：去年底调整后估值回到合理区间。  　　2. 催化：以 DeepSeek 为代表的“AI 爆款”点燃史上最强春季躁动，A/H 共振，成交激增。  　　3. 冲击：突发关税事件重创风险偏好，但充裕的流动性迅速修复情绪，行情“V”型反转。  　　短期：估值已抬升却看不到新的显性风险；降准降息+类平准资金把尾部风险压到极低。  　　长期：流动性只能“投票”，最终要靠 ROE“称重”。更高的估值水平能否站稳，关键看盈利能否匹配。  　　在尾部风险骤降的当下，需要冷静回答三个核心问题：  　　1. 资本化率距离历史顶部还有多少空间？  　　2. 资本化率继续抬升要靠哪些路径？  　　3. 当前价格里包含了多少一次性重估、包含了多少对 ROE 修复的定价？  　　想清楚上述三点，才能对下一阶段形成清晰的投资立场。  　　操作上，我们维持“行业与风格总体均衡、行业内做相对综合价值比较”的策略，运行良好，将继续坚持。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:40:45.204Z","mo":"关于宏观，不做细节预测，只根据逻辑判断大致方向，并随局势应变。展望 2025 下半年，抢出口红利退坡后，内需将成为更核心的驱动。PPI 连续 30 余月负增长后，均值回归的引力正在累积，企业利润率有望随之温和修复；叠加海外步入降息通道，国内流动性环境可继续改善。  　　关于市场，上半年“强预期、弱现实”的剧本基本兑现，但 DeepSeek 等催化剂显著抬升了风险偏好。当前负债结构仍显脆弱：代表长钱、理性钱的主动权益产品未见明显流入，而两融等短线博弈资金一旦过热即构成潜在波动源。我们此前判断——“无风险收益率下行+监管着力提升投资者获得感，将推动超额储蓄向权益资产再配置，为市场引入长期稳定资金”——虽然有所兑现，后续持续性与规模值得更高更久期待。","fund":{"_id":3000000010673,"__csrcFundId":8647,"stockCode":"010673","shortName":"兴全中证800六个月持有指数(010673)","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":10673,"masterFundFlag":1,"lastUpdated":"2026-05-22T17:15:30.522Z","status":"normal","name":"兴全中证800六个月持有期指数增强型证券投资基金","exchange":"jj","followedNum":32,"inceptionDate":"2021-02-08T16:00:00.000Z","fundCollectionId":4000050310000,"currency":"CNY","masterFundShortName":"兴全中证800六个月持有指数","setUpDate":"2021-02-08T16:00:00.000Z","setUpAssetScale":2502409679.69,"setUpShares":2502409679.69,"pinyin":"xqzz800lgycyqzszqxzqtzjj","__indexSourceEastMoney":1,"__indexSourceCsi":1,"indexFundFlag":1,"indexId":1000000000906,"managers":[{"stockCode":"8801348011","stockType":"fund_manager","exchange":"fm","tickerId":1917104070,"name":"申庆"},{"stockCode":"db20802688","stockType":"fund_manager","exchange":"fm","tickerId":262406216730,"name":"张晓峰"}]},"announcement":{"linkText":"兴全中证800六个月持有期指数增强型证券投资基金2025年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1344703","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecddd7fea5b3eb04e0f06","date":"2025-03-30T16:00:00.000Z","stockId":3000000010673,"sao":"一季度资金面呈现一定收紧态势，主要受季节性因素及权益市场波动影响。与此同时，债券市场结束此前的单边上涨走势，收益率出现宽幅震荡。这一变化反映了市场对宏观经济政策调整的敏感性，以及资金流动方向的不确定性。宏观经济数据显示，政策刺激效果逐步显现，PMI数据连续回升至50以上，表明经济活动正在回暖。然而，我们需要清醒的认识到当前经济仍处于“固本培元”阶段，政策刺激消费与培育新质生产力并行，短期内经济复苏仍需政策支持。　　权益市场在一季度初期表现为极致的结构性行情，在科技突破下，标签化的主题炒作现象较为突出。部分板块因政策利好或市场情绪推动而出现快速上涨，但增量资金基础并不稳固，可能主要依赖两融资金推动，显示出市场资金的短期化特征。随着美国对等关税预期的上升，市场风险偏好快速下降，投资者情绪转向谨慎。尤其是4月初，受超预期的对等关税政策及我国反制措施的影响，风险偏好急剧下降，上证指数单日跌幅达7%，市场波动性显著增加。　　债券收益率方面，一季度单边下降趋势被打破，收益率呈现宽幅震荡。然而，随着市场风险偏好的急剧下降，债券收益率接近前期低位，显示出避险资金的流入效应。从权益资产的机会成本来看，债券收益率的下降降低了权益资产的配置成本。尽管企业盈利仍处于下行趋势，但当前A股总市值占名义GDP的比重仅为六成左右，更具有穿越周期特性的“巴菲特指标”显示A股估值相对合理，具有长期配置价值。作为一个人均收入稳步上升的人口大国，我们相信我国内需潜力巨大，在合理的政策下，有望部分甚至全部对冲贸易摩擦带来的出口压力。此外，超预期的所谓“对等关税”也浇灭了妥协的幻想，有助于形成共识，提高凝聚力，团结一切可团结的力量，我们相信政策对各类经济主体的友好程度将不断上升。　　在投资策略上，我们坚持行业均衡与价值选股的策略。正如前期所料，过低的AH溢价率降低了H股的性价比，但随着近期市场风险偏好的下降，AH溢价率有所修复，H股的性价比逐步回升。这一变化为投资者提供了新的配置机会。综合来看，当前市场环境下，权益资产的长期配置价值依然显著，我们的操作思路仍是在保持行业均衡的前提下，关注估值合理、基本面稳健的标的，同时灵活运用可转换债券、H股在内的各种工具进行套利交易，优化组合收益。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:40:45.201Z","fund":{"_id":3000000010673,"__csrcFundId":8647,"stockCode":"010673","shortName":"兴全中证800六个月持有指数(010673)","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":10673,"masterFundFlag":1,"lastUpdated":"2026-05-22T17:15:30.522Z","status":"normal","name":"兴全中证800六个月持有期指数增强型证券投资基金","exchange":"jj","followedNum":32,"inceptionDate":"2021-02-08T16:00:00.000Z","fundCollectionId":4000050310000,"currency":"CNY","masterFundShortName":"兴全中证800六个月持有指数","setUpDate":"2021-02-08T16:00:00.000Z","setUpAssetSc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　　市场在一季度呈现V型反转的趋势，期初“雪球敲入”等事件引发的连锁反应对市场产生较大扰动，但随后在相对稳健的年初经济数据下企稳。作为大类资产的权益资产，期间有一定反弹，但性价比仍处于历史相对较高水平。从估值上看，权益市场风险溢价一度触碰到5年极值水平，目前也仍处于很低的历史分位数；从政策面看，重要会议显示出对于科技创新的重视程度很高，需要重点关注“新质生产力”的发展方向，另一方面地产政策也基本正常化，但需求仍需要时间修复。综上，我们仍坚持上季度的观点，目前经济仍在适应后地产时代的结构性变迁，经济正在走向高质量转型，并且从年初以来的经济数据可以看到这种转型初见成效，经济对地产开始脱敏。考虑到当前估值水平与股债相对性价比，我们仍认为当前时点可能是长期战略性配置的机遇期。随着上市公司股东回报意识的进一步强化，我们相信当前估值状态的A股具有长期配置价值。此外，当前AH溢价率较高，对于AH两地上市的公司而言，港股可能更具有相对估值优势。　　在具体操作上，我们坚持保持总体行业和风格均衡前提下的行业内相对综合价值比较的选股策略，以降低整体组合的下方波动并不断累积超额收益。考虑到较高的AH溢价率，我们将适度关注H股替代相应A股的机会。","declarationDate":"2024-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:40:45.191Z","fund":{"_id":3000000010673,"__csrcFundId":8647,"stockCode":"010673","shortName":"兴全中证800六个月持有指数(010673)","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":10673,"masterFundFlag":1,"lastUpdated":"2026-05-22T17:15:30.522Z","status":"normal","name":"兴全中证800六个月持有期指数增强型证券投资基金","exchange":"jj","followedNum":32,"inceptionDate":"2021-02-08T16:00:00.000Z","fundCollectionId":4000050310000,"currency":"CNY","masterFundShortName":"兴全中证800六个月持有指数","setUpDate":"2021-02-08T16:00:00.000Z","setUpAssetScale":2502409679.69,"setUpShares":2502409679.69,"pinyin":"xqzz800lgycyqzszqxzqtzjj","__indexSourceEastMoney":1,"__indexSourceCsi":1,"indexFundFlag":1,"indexId":1000000000906,"managers":[{"stockCode":"8801348011","stockType":"fund_manager","exchange":"fm","tickerId":1917104070,"name":"申庆"},{"stockCode":"db20802688","stockType":"fund_manager","exchange":"fm","tickerId":262406216730,"name":"张晓峰"}]},"announcement":{"linkText":"兴全中证800六个月持有期指数增强型证券投资基金2024年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1075562","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecddd7fea5b3eb04e0f01","date":"2023-12-30T16:00:00.000Z","stockId":3000000010673,"sao":"2023年是值得被铭记的一年，全年呈现宏观交易和主题交易交替主导市场的格局，博弈强度明显高于以往。年初市场主流观点对宏观交易的预期较强，但主流观点对诸如政策和名义回报率等方面的判断并不准确，而海外超预期的科技突破也直接将市场的关注点从宏观转向主题。回顾全年，年初市场在经历2022年的调整后风险溢价率较高，而投资者对于疫后复苏也给予较高的预期，一定程度上也得到数据验证，导致风险偏好短期快速上升。但随后更多的宏观数据显示复苏呈现较强的结构性特征，地产链总体偏弱，出口链虽然好于预期但也多少受到海外库存周期的扰动，市场风险偏好再次逐渐回落。至于科技主题方面的投资则一如既往充满挑战，情绪从乐观到回归理性往往是几个月甚至几周的时间，对交易能力要求较高。　　在具体操作上，我们依然坚持在保持总体行业和风格均衡前提下的行业内相对综合价值比较的选股策略，并积极把握各种确定性的超额收益甚至绝对收益。总体上2023年的市场风格较为贴合本产品长期稳定坚持的价值投资风格，取得较好效果。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:40:45.187Z","mo":"关于宏观经济，我们之前的判断基本准确，2023年是过渡性的一年，经济增长诉求较强，但过程面临诸多挑战。年初对地产链复苏低于预期的担忧成为现实，而出口链由于结构变化而好于预期，但多少仍受到海外库存周期的负面影响。同时，在低基数条件下，实现经济目标并不过于困难，最终数据也好于年初目标。展望 2024年，最大的不同是不再面临低基数的条件，或许意味着逆周期政策需要更好的发力。考虑到人口长期趋势以及资本边际回报下降，单纯靠堆积生产要素拉动经济的传统发展模式无论是客观条件还是实际效果都不再是个最佳选择，而如何提高全要素生产力则成为我国中长期战略的重要课题，需要对后地产时代转型过程中的波折保持定力。　　关于市场，全年的走势大致符合“强预期、弱现实”环境下的特征，不过下半年市场对于“弱现实“的悲观程度超出我们的预期，可能一方面市场参与者结构并不如之前预料的稳定，另一方面在最近2-3年的产能投资周期中，部分行业产能投放降低了名义回报率。当然，与2023年初相比，目前进一步上升的风险溢价给投资者额外增加了估值保护，而进一步下降的中长期无风险收益率也大幅降低了持股的机会成本。虽然风险偏好未必能够短期扭转，但不断下降的无风险收益使得股债性价比不断往权益一端倾斜，相信在此过程中有望重新迎来长期资金。","fund":{"_id":3000000010673,"__csrcFundId":8647,"stockCode":"010673","shortName":"兴全中证800六个月持有指数(010673)","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":10673,"masterFundFlag":1,"lastUpdated":"2026-05-22T17:15:30.522Z","status":"normal","name":"兴全中证800六个月持有期指数增强型证券投资基金","exchange":"jj","followedNum":32,"inceptionDate":"2021-02-08T16:00:00.000Z","fundCollectionId":4000050310000,"currency":"CNY","masterFundShortName":"兴全中证800六个月持有指数","setUpDate":"2021-02-08T16:00:00.000Z","setUpAssetScale":2502409679.69,"setUpShares":2502409679.69,"pinyin":"xqzz800lgycyqzszqxzqtzjj","__indexSourceEastMoney":1,"__indexSourceCsi":1,"indexFundFlag":1,"indexId":1000000000906,"managers":[{"stockCode":"8801348011","stockType":"fund_manager","exchange":"fm","tickerId":1917104070,"name":"申庆"},{"stockCode":"db20802688","stockType":"fund_manager","exchange":"fm","tickerId":262406216730,"name":"张晓峰"}]},"announcement":{"linkText":"兴全中证800六个月持有期指数增强型证券投资基金2023年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1056645","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecddd7fea5b3eb04e0f00","date":"2023-09-29T16:00:00.000Z","stockId":3000000010673,"sao":"三季度资金面边际收紧，偏弱的预期使得资金利率持续下降，不过季末利率中枢明显抬升，可能和汇率承压有关。从宏观经济看，大体上延续弱复苏的路径，值得关注的是9月数据出现一些边际改善信号。权益市场三季度情绪偏悲观，主题投资特征明显，缺乏“主线”。　　目前市场总体估值偏低，经济温和复苏，作为大类资产的权益资产，性价比相对于二季度进一步提升。从估值上看，权益市场风险溢价三季度仍接近极值水平，从性价比看权益对债券的相对优势也在扩大；从基本面看，三季度末已出现一定的改善信号，工业企业盈利重回正增长，PMI也重回50以上；从政策面看，三季度政策力度明显加强，地产链政策边际放松，资本市场也迎来一系列长期有利的相关政策，有望在中长期的维度重塑一、二级市场市场供求关系和上市公司治理行为，提升投资者信心。综上，我们认为：目前经济正在适应后地产时代的结构性变迁，我国拥有强大的制造业优势和工程师红利，虽然短期结构调整会有阵痛，但不会改变长期竞争优势，考虑到估值，当前时点可能是长期战略性配置的机遇期。　　在具体操作上，我们坚持保持总体行业和风格均衡前提下的行业内相对综合价值比较的选股策略，以降低整体组合的下方波动并不断累积超额收益。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:40:45.185Z","fund":{"_id":3000000010673,"__csrcFundId":8647,"stockCode":"010673","shortName":"兴全中证800六个月持有指数(010673)","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":10673,"masterFundFlag":1,"lastUpdated":"2026-05-22T17:15:30.522Z","status":"normal","name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剧烈波动影响居民风险偏好，使得居民资产再配置的节奏可能受到一定扰动，行为模式上可能更倾向于高抛低吸，市场更难出现正反馈式的单边行情；另一方面目前相对宽松的流动性环境和不断降低的无风险收益率有助于提升权益资产的相对吸引力，风险溢价有望降低。  在具体操作上，我们依然坚持在保持总体行业和风格均衡前提下的行业内相对综合价值比较的选股策略，并积极把握各种确定性的超额收益甚至绝对收益。一方面偏向价值的投资组合在类似一季度的逆风中防御性相对较强，另一方面通过更具性价比的方式对“赛道”类资产进行配置。在相对均衡的环境下，市场上不同投资目标的参与者（绝对收益vs相对收益）也很容易交易出偏离合理估值的价格，有助于指数增强策略发掘相对收益交易机会。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:40:45.171Z","mo":"上半年随着海内外不确定性因素不断涌现，国内政策取向日益多元化，投资者需要站在更高的视角，从价值理性的角度思考问题，而不能冒着过度简化的风险，仅基于工具理性进行推断。上半年疫情冲击弱于2020年，体现了经济的韧性，也为5月以来的复苏交易奠定良好基础。展望下半年，复苏持续性面临不确定性。随着海外衰退预期上升，货币政策不断收紧，外需存在走弱的风险，需要通过扩大内需加以对冲。考虑到地产不确定性较高，基建有望起到更大的托底作用。  目前市场面临的问题是上市公司盈利短期下行压力和流动性宽松下市场风险偏好上升之间的矛盾。虽然从宏观数据看，本轮疫情对经济的冲击弱于2020年初，复苏也更早启动，但从规模以上工业企业盈利看，仍会对二季度上市公司盈利产生一定负面影响。处于转型期的传统经济引擎面临的挑战，也将给相关产业链下半年的盈利带来不确定性。在其他因素保持平稳的假设下，市场表现将取决于盈利预期和风险偏好之间的消长。从居民财富配置的角度看，虽然市场波动对其入市节奏有所扰动，但我们相信随着经济复苏，居民资产再配置仍将是个长期的趋势，有望给市场带来长期稳定资金。  我们坚持之前的判断，历史上任何时期的情绪化高估值品种都会向合理水平回归。从近年来的观察看，选股范式如走马灯一般频繁更换，有效因子经历了从价值、质量到景气度的转变。下一阶段的市场选股范式会发生何种变化，我们无法预判，但“变化”本身是确定的，一旦市场出现某些简单有效的选股因子，往往也意味着某类风格走向极致，本身就意味着风险的集聚。","fund":{"_id":3000000010673,"__csrcFundId":8647,"stockCode":"010673","shortName":"兴全中证800六个月持有指数(010673)","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":10673,"masterFundFlag":1,"lastUpdated":"2026-05-22T17:15:30.522Z","status":"normal","name":"兴全中证800六个月持有期指数增强型证券投资基金","exchange":"jj","followedNum":32,"inceptionDate":"2021-02-08T16:00:00.000Z","fundCollectionId":4000050310000,"currency":"CNY","masterFundShortName":"兴全中证800六个月持有指数","setUpDate":"2021-02-08T16:00:00.000Z","setUpAssetScale":2502409679.69,"setUpShares":2502409679.69,"pinyin":"xqzz800lgycyqzszqxzqtzjj","__indexSourceEastMoney":1,"__indexSourceCsi":1,"indexFundFlag":1,"indexId":1000000000906,"managers":[{"stockCode":"8801348011","stockType":"fund_manager","exchange":"fm","tickerId":1917104070,"name":"申庆"},{"stockCode":"db20802688","stockType":"fund_manager","exchange":"fm","tickerId":262406216730,"name":"张晓峰"}]},"announcement":{"linkText":"兴全中证800六个月持有期指数增强型证券投资基金2022年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=788293","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecddd7fea5b3eb04e0efa","date":"2022-03-30T16:00:00.000Z","stockId":3000000010673,"sao":"一季度资金面整体宽松，随着降准、调降LPR等货币政策的推出与实施，利率水平稳中有降。权益市场整体偏弱，煤炭、地产、银行等低估值行业表现出较强的防御性，而消费电子、军工之类“赛道”资产回撤较大。从1-2月宏观数据看，经济有所企稳，不过随着地缘、疫情等黑天鹅因素的发酵，未来不确定性也有所增强。总体而言，市场一方面表现出风险偏好下降的特征，开始转向低估值高分红的防御性资产，注册制新股的破发风险也有所上升，另一方面博弈特征有所加剧，比如地产、航空酒旅、畜牧业等政策面或基本面有反转预期的行业，今年以来表现不差。  目前看估值较高且交易拥挤的“核心”资产的重估仍在进行中，这是各种因素共同作用的结果，包括海外加息、疫情反复、地缘事件、外资预期变化、绝对收益账户交易行为等，市场信心较为脆弱。当然，虽然目前面临的挑战较多，但我们相信无论是国内循环还是出口端，中国经济将保持韧性，长期向好的基本面没有变，风雨后见彩虹。从估值角度看，我们也倾向于认为A股达到合理偏低的位置，具有一定配置价值，只要保持长期的耐心，权益类资产将会是时间的朋友。  在具体操作上，我们依然坚持在保持总体行业和风格均衡前提下的行业内相对综合价值比较的选股策略，并积极把握各种确定性的超额收益甚至绝对收益，从而尽可能在市场回落过程中降低整体组合的下方波动，同时又能在市场上升过程中紧跟市场。通过合理的转融券出借规模也给组合额外提供一定的增厚。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:40:45.169Z","fund":{"_id":3000000010673,"__csrcFundId":8647,"stockCode":"010673","shortName":"兴全中证800六个月持有指数(010673)","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":10673,"masterFundFlag":1,"lastUpdated":"2026-05-22T17:15:30.522Z","status":"normal","name":"兴全中证800六个月持有期指数增强型证券投资基金","exchange":"jj","followedNum":32,"inceptionDate":"2021-02-08T16:00:00.000Z","fundCollectionId":4000050310000,"currency":"CNY","masterFundShortName":"兴全中证800六个月持有指数","setUpDate":"2021-02-08T16:00:00.000Z","setUpAssetScale":2502409679.69,"setUpShares":2502409679.69,"pinyin":"xqzz800lgycyqzszqxzqtzjj","__indexSourceEastMoney":1,"__indexSourceCsi":1,"indexFundFlag":1,"indexId":1000000000906,"managers":[{"stockCode":"8801348011","stockType":"fund_manager","exchange":"fm","tickerId":1917104070,"name":"申庆"},{"stockCode":"db20802688","stockType":"fund_manager","exchange":"fm","tickerId":262406216730,"name":"张晓峰"}]},"announcement":{"linkText":"兴全中证800六个月持有期指数增强型证券投资基金2022年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=729443","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecddd7fea5b3eb04e0ef9","date":"2021-12-30T16:00:00.000Z","stockId":3000000010673,"sao":"下半年延续了极度分化的结构性行情，使得指数增强依旧成为一件具有挑战性的工作。下半年沪深300、中证500、创业板指的涨幅分别为-5.43%、8.10%、-4.44%，受益于对“专精特新”的扶持，中小市值风格突出，而交易拥挤度较高的“赛道”资产回撤明显。  随着上市公司盈利拐点的确认，以及稳增长预期增强，下半年的市场风格变得更为均衡，无论是高景气的“赛道”资产，还是高ROE稳定成长的“核心”资产，表现均较为一般。中小市值风格虽然相对较强，但波动也较大。之前我们判断高景气类资产的拐点可能由报表低于预期而触发，目前看仅仅情绪扰动，甚至无需低于预期也会导致了相关板块的回调。回头看，下半年表现相对一般的大市值“核心资产”和“高景气资产”两者共同特征是交易拥挤度高，多少都经历过抱团拔估值的正反馈，建立在一致预期上的高估值合理化信仰都给上述资产带来脆弱性。  在具体操作上，我们依然坚持在保持总体行业和风格均衡前提下的行业内相对综合价值比较的选股策略，并积极把握各种确定性的超额收益甚至绝对收益。随着投资策略工具箱的不断扩大，我们有信心在未来复杂多变的市场环境中有效降低整体组合的下方风险，并持续积累更多的超额收益。","declarationDate":"2022-01-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:40:45.166Z","mo":"当前宏观经济面临一定挑战，稳增长成为共识。货币政策进一步发力，央行于年初调降利率，宽信用也有所加码，一月份社融超预期。需要关注海外经济体加息造成的影响。  目前市场面临的问题是拥挤交易之后重归理性。虽然部分“核心”、“赛道”经历年初的调整，估值相对合理化，但一方面钟摆效应可能导致合理估值未必就是最合理的配置时机，另一方面上述资产的“合理”估值仍有很大程度上建立在高度趋同的一致预期上。此外，居民财富再配置的节奏也是重要的影响因素。  我们坚持之前的判断，历史上任何时期的情绪化高估值品种都会向合理水平回归。从投资研究实践看，我们仍认为市场对较为长期的未来并无太强的预测能力。无论是采用超长期预测的“终局”给出乐观的远期估值，还是草木皆兵地对一些政策甚至谣言过度反应，都反映出市场较为浮躁，高度情绪化。作为投资者，我们既要面向未来，努力从经济转型带来的新技术、新产业、新模式中获益，又不能简单地随波逐流，而是要独立思考，从第一性原理出发，进行合乎理性的定价。","fund":{"_id":3000000010673,"__csrcFundId":8647,"stockCode":"010673","shortName":"兴全中证800六个月持有指数(010673)","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":10673,"masterFundFlag":1,"lastUpdated":"2026-05-22T17:15:30.522Z","status":"normal","name":"兴全中证800六个月持有期指数增强型证券投资基金","exchange":"jj","followedNum":32,"inceptionDate":"2021-02-08T16:00:00.000Z","fundCollectionId":4000050310000,"currency":"CNY","masterFundShortName":"兴全中证800六个月持有指数","setUpDate":"2021-02-08T16:00:00.000Z","setUpAssetScale":2502409679.69,"setUpShares":2502409679.69,"pinyin":"xqzz800lgycyqzszqxzqtzjj","__indexSourceEastMoney":1,"__indexSourceCsi":1,"indexFundFlag":1,"indexId":1000000000906,"managers":[{"stockCode":"8801348011","stockType":"fund_manager","exchange":"fm","tickerId":1917104070,"name":"申庆"},{"stockCode":"db20802688","stockType":"fund_manager","exchange":"fm","tickerId":262406216730,"name":"张晓峰"}]},"announcement":{"linkText":"兴全中证800六个月持有期指数增强型证券投资基金2021年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=714682","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecddd7fea5b3eb04e0ef8","date":"2021-09-29T16:00:00.000Z","stockId":3000000010673,"sao":"三季度在超预期降准作用下，资金面较二季度更为宽松，A股也继续延续结构性行情的状态。和二季度相比，中小市值强于大市值的风格得以延续，但“两创”的超额收益大面积回吐。期间在宽松的货币环境下，市场日均成交额显著提高，流动性向部分中小市值股票溢出；另一方面，期间商品大幅上涨，“能耗双控”政策也使得一些高能耗行业生产受限，中小市值公司数量较多的周期行业表现较强，两者可能共同促使了三季度中小市值相对强势的表现。相对而言，经营稳健但业绩缺乏爆发力的消费板块以及受政策影响较大的“两创”板块在三季度表现一般。  历史经验告诉我们任何时期的情绪化高估值品种都会向合理水平回归。三季度“两创”类资产的表现一定程度上印证了我们的观点。从公司治理的角度而言，上市公司存在诸多利益相关者，股东只是其中之一。而不同的文化对于利益相关者之间利益分配有着不同的处理方式，并不能粗率地把股东利益最大化看成普遍原则。其中直接融资主导下的英美模式更重视股东利益，缺陷是一定程度上忽略员工等利益方的合理权益，而间接融资主导下的德国模式通过多元化监事会（来自员工、债权人的成员），有助于实现更均衡的利益分配。考虑到制度、文化因素，我们认为基于英美模式前提下单纯追寻股东利益最大化的投资策略未必完全适合中国市场，反之，需要更重视中国式ESG，综合考虑上市公司运营过程中的各种外部性影响。当然，这也并不意味着股东回报不重要。  在具体操作上，我们依然坚持在保持总体行业和风格均衡前提下的行业内相对综合价值比较的选股策略，并积极把握各种确定性的超额收益甚至绝对收益，从而尽可能在市场回落过程中降低整体组合的下方波动，同时又能在市场上升过程中紧跟市场。本产品已于三季度内完成建仓，基于长期总结和实践的策略，我们有信心能够在控制下方风险和下方误差的基础上为投资者带来稳健的回报。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:40:45.163Z","fund":{"_id":3000000010673,"__csrcFundId":8647,"stockCode":"010673","shortName":"兴全中证800六个月持有指数(010673)","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":10673,"masterFundFlag":1,"lastUpdated":"2026-05-22T17:15:30.522Z","status":"normal","name":"兴全中证800六个月持有期指数增强型证券投资基金","exchange":"jj","followedNum":32,"inceptionDate":"2021-02-08T16:00:00.000Z","fundCollectionId":4000050310000,"currency":"CNY","masterFundShortName":"兴全中证800六个月持有指数","setUpDate":"2021-02-08T16:00:00.000Z","setUpAssetScale":2502409679.69,"setUpShares":2502409679.69,"pinyin":"xqzz800lgycyqzszqxzqtzjj","__indexSourceEastMoney":1,"__indexSourceCsi":1,"indexFundFlag":1,"indexId":1000000000906,"managers":[{"stockCode":"8801348011","stockType":"fund_manager","exchange":"fm","tickerId":1917104070,"name":"申庆"},{"stockCode":"db20802688","stockType":"fund_manager","exchange":"fm","tickerId":262406216730,"name":"张晓峰"}]},"announcement":{"linkText":"兴全中证800六个月持有期指数增强型证券投资基金2021年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=656983","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecddd7fea5b3eb04e0ef7","date":"2021-06-29T16:00:00.000Z","stockId":3000000010673,"sao":"今年以来极度分化的结构性行情使得以估值和价值为导向的指数增强投资成为一件富有挑战性的工作。上半年中证100、沪深300、中证500、创业板指、科创50的涨幅分别为-2.85%、0.24%、6.93%、17.22%、14.01%，中小市值强于大市值，且以新能源、医药、芯片等板块为代表的“宁”指数明显强于以金融、消费等传统稳定高ROE为特征的“茅”指数。根据我们的统计，主动型公募基金收益分布也呈现比较严重的尖峰、右偏特征。  虽然正如我们所预料的那样，春节前“茅”指数呈现明显泡沫化特征，忽略成长拉升估值并不具有可持续性，但二季度以来“宁”指数的异军突起却超出我们的预期。从近期市场特征看，单纯的质量因子已很难取得超额收益，相对而言成长性预期成为近期的主要矛盾，只有不断超预期的股票才能获得市场青睐，一旦低于预期很容易导致情绪逆转。  在具体操作上，我们依然坚持在总体行业和风格均衡的前提下，采取行业内相对综合价值比较的选股策略，并积极把握各种确定性的超额收益甚至绝对收益，从而尽可能在市场回落过程中降低整体组合的下方波动，同时又能在市场上升过程中紧跟市场。目前看这一策略面临逆风，我们根据市场投资逻辑的演化，虚心向市场学习，努力在风格上避免吃亏，但也不盲目追随热点。","declarationDate":"2021-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:40:45.161Z","mo":"本轮经济上行周期的可能已迎来拐点，下半年出口链、地产链动能可能减弱，稳增长压力逐渐上升，跨周期调整的应对措施也已在路上，7月份超预期降准，且地方债发行节奏有望加快，财政对经济的托底功能有望加强。  目前市场状况与2013年既有相同之处，也有明显的不同。相同之处在于结构性行情鲜明，双创类股票显著跑赢大盘，而主流机构投资者并未充分从中受益，不同之处在于2013年的创业板更多的是小盘成长风格，与目前不乏千亿、万亿市值的双创权重股差异较大，且2013年无风险利率不断抬升，与目前的状况也明显不同。因此，不能简单将当前的结构性行情类比为2013年，尤其是不能忽略宏观背景。  我们坚持之前的判断，历史上任何时期的情绪化高估值品种都会向合理水平回归。从投资研究实践看，市场对较为长期的未来并无太强的预测能力，甚至连短期预测也倾向于线性外推。近期市场对“赛道”类资产的“终局”估值法应用达到极致，某些研究甚至采用几十年后的“终局”估值进行贴现，考虑到我国民营企业平均寿命以及新兴行业内在的技术迭代风险，至少对稳健型投资者而言很难作为合理的买入理由。","fund":{"_id":3000000010673,"__csrcFundId":8647,"stockCode":"010673","shortName":"兴全中证800六个月持有指数(010673)","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":10673,"masterFundFlag":1,"lastUpdated":"2026-05-22T17:15:30.522Z","status":"normal","name":"兴全中证800六个月持有期指数增强型证券投资基金","exchange":"jj","followedNum":32,"inceptionDate":"2021-02-08T16:00:00.000Z","fundColl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