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年中国经济总体呈V型走势，万得数据显示，四个季度GDP同比增速分别为5.3%、4.7%、4.6%和5.4%，全年GDP同比增速为5.0%。结构上，三驾马车呈现显著分化：出口引擎超预期发力，投资维持托底作用，消费复苏动能仍显不足。出口表现超预期，2024年中国出口规模达到25.45万亿元，同比增长7.1%，同时产品结构优化升级，高科技产品增速较高，如集成电路出口同比增长17.4%，一举成为出口额最高的单一商品。投资相对稳定，全国固定资产投资同比增长3.2%，其中基建投资同比增速为9.19%，中央与地方投资分化明显；制造业投资同比增速9.2%，仍有一定韧性；航空航天设备和电子设备制造等高端领域持续领跑。消费整体较为低迷，居民消费受到当期收入增速放缓和收入及就业预期不稳、预防性储蓄动机较强等影响，居民人均消费支出累计实际同比增速降至5.10%。股票市场方面，2024年A股市场波动较大，整体呈现出W型的走势。具体赛道中，金融赛道和科技赛道表现较为亮眼；具体行业中，银行、非银金融等金融行业受益政策和高股息涨幅居前，通信、电子和计算机等科技行业受益AI涨幅靠前；具体风格中，价值风格领先成长风格，大盘风格也大幅跑赢小盘风格。展望2025年，中国有望通过一系列政策措施，推动经济高质量发展。出口方面，受高基数和潜在关税影响，出口增速预计有所回落，但也存在结构性机遇，比如半导体、船舶、新三样等重点商品出口有望保持良好表现。消费方面，消费品“以旧换新”等政策继续发力，有望提振居民消费需求，同时股票和房地产市场回暖，助力居民和企业资产负债表好转，也有望拉动微观主体的消费能力和意愿。投资方面，随着五年12 万亿的化债，地方基建投资增速回升，另外随着房地产市场止跌回稳，房地产投资也有望好转。股票方面，国际政治变动可能会对市场产生影响，但受益于政策红利的持续释放、增量资金的入市和经济基本面的改善，市场有望进一步企稳回升。政策方面，货币和财政双宽松格局有望维持，后续有望进一步降息降准，财政赤字率提高后惠民生、促消费等各项财政支出也有望顺利实施；资金方面，在近期推动中长期资金入市的多项政策下，险资和养老资金有望加大A股配置，带来客观的增量资金；基本面方面，随着前期各项政策逐步落地，新质生产力稳步发展，经济基本面有望迎来持续改善。从大势来看，全A整体估值水平不高，积极影响因素较多，市场下行风险不大，2025年市场有望进一步企稳回升，对全年保持乐观。具体行业赛道方面，2024年汽车智能化渗透率进一步提升，在华为、造车新势力的带动下，智能化相关的应用场景不断落地，如城际交通、自动泊车、代客泊车等。各地也陆续开放高等级智能驾驶的试行区域，在政策上提供支持。展望明年，随着新车型智能化配置的不断提升以及价格的下探，或能触达更多消费群体。另外国内大模型、智能驾驶等AI算法的突破，将带动科技板块进入新的景气周期。汽车智能化普及速度大大加强。本基金将持续跟踪汽车智能化渗透率及相关企业业绩兑现情况，并密切关注技术迭代及相关政策法规落地进程对整车厂商产销数据和板块景气度的边际影响。本基金为被动指数基金，我们将通过严谨的投资管理流程和精细的数量化模型，以及勤勉尽责的工作态度，恪守指数化投资的宗旨，力求实现对标的指数的有效跟踪，为持有人提供与基准相近的收益。投资者可以根据自身对证券市场的判断及投资风格，借助投资本基金参与市场。","fund":{"_id":3000000010955,"__csrcFundId":8561,"stockCode":"010955","shortName":"天弘中证智能汽车(010955)","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":10955,"masterFundFlag":1,"lastUpdated":"2026-05-22T17:15:37.401Z","status":"normal","name":"天弘中证智能汽车主题指数型发起式证券投资基金","exchange":"jj","followedNum":13,"inceptionDate":"2021-01-18T16:00:00.000Z","fundCollectionId":4000050430000,"currency":"CNY","masterFundShortName":"天弘中证智能汽车","setUpDate":"2021-01-18T16:00:00.000Z","setUpAssetScale":106506090.62,"setUpShares":106506090.62,"pinyin":"thzzznqcztzsxfqszqtzjj","__indexSourceEastMoney":1,"__indexSourceCsi":1,"indexFundFlag":1,"indexId":1000000930721,"managers":[{"stockCode":"j101020112","stockType":"fund_manager","exchange":"fm","tickerId":171903251020,"name":"祁世超"}]},"announcement":{"linkText":"天弘中证智能汽车主题指数型发起式证券投资基金2024年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1252231","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece207fea5b3eb04e586a","date":"2024-09-29T16:00:00.000Z","stockId":3000000010955,"sao":"报告期内本基金秉承合规第一、风控第一的原则，在运作过程中严格遵守基金合同，对指数基金采取被动复制策略跟踪指数，完全复制指数，力争基金净值增长率与基准指数间的高度正相关和跟踪误差最小化。报告期内，本基金跟踪误差和超额收益的来源主要是申购赎回导致的仓位偏离、标的指数样本股调整导致的结构偏离、打新和成分股分红收益四方面因素。当由于申赎、成分股停牌或新股锁定等情况可能对指数跟踪效果带来影响时，本基金坚持既定的指数化投资策略，对指数基金采取被动复制与基于风险控制的组合优化相结合的方式跟踪指数，在保证跟踪误差可控的前提下实现了相对基准指数的正向偏离。报告期内，本基金整体运行平稳。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:41:52.166Z","fund":{"_id":3000000010955,"__csrcFundId":8561,"stockCode":"010955","shortName":"天弘中证智能汽车(010955)","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":10955,"masterFundFlag":1,"lastUpdated":"2026-05-22T17:15:37.401Z","status":"normal","name":"天弘中证智能汽车主题指数型发起式证券投资基金","exchange":"jj","followedNum":13,"inceptionDate":"2021-01-18T16:00:00.000Z","fundCollectionId":4000050430000,"currency":"CNY","masterFundShortName":"天弘中证智能汽车","setUpDate":"2021-01-18T16:00:00.000Z","setUpAssetScale":106506090.62,"setUpShares":106506090.62,"pinyin":"thzzznqcztzsxfqszqtzjj","__indexSourceEastMoney":1,"__indexSourceCsi":1,"indexFundFlag":1,"indexId":1000000930721,"managers":[{"stockCode":"j101020112","stockType":"fund_manager","exchange":"fm","tickerId":171903251020,"name":"祁世超"}]},"announcement":{"linkText":"天弘中证智能汽车主题指数型发起式证券投资基金2024年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1173021","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece207fea5b3eb04e5869","date":"2024-06-29T16:00:00.000Z","stockId":3000000010955,"sao":"报告期内本基金秉承合规第一、风控第一的原则，在运作过程中严格遵守基金合同，对指数基金采取被动复制策略跟踪指数，完全复制指数，力争基金净值增长率与基准指数间的高度正相关和跟踪误差最小化。报告期内，本基金跟踪误差和超额收益的来源主要是申购赎回导致的仓位偏离、标的指数样本股调整导致的结构偏离、打新、成分股分红和转融通券息收益五方面因素。当由于申赎、成分股停牌或新股锁定等情况可能对指数跟踪效果带来影响时，本基金坚持既定的指数化投资策略，对指数基金采取被动复制与基于风险控制的组合优化相结合的方式跟踪指数，在保证跟踪误差可控的前提下实现了相对基准指数的正向偏离。报告期内，本基金整体运行平稳。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:41:52.163Z","mo":"2024年上半年经济呈现弱复苏格局，3-4月经济旺季恢复的势头在淡季和雨季的影响下未能延续，PMI回落至荣枯线下方。结构上来看，上半年依然呈现生产好于需求、外需好于内需，服务好于实物消费的特点。从生产端来看，工业增加值保持一定的韧性，工业用电量、货运量在今年处于复苏态势。需求端仍呈现有效需求不足的特点，但外需出现明显改善，全球制造业PMI在今年上半年持续处于荣枯线上方，带动出口增速延续了去年年底以来的修复态势。内需方面，地产链是最大的拖累项，销售、投资和新开工均录得两位数的负增速，地产景气度的持续下行一定程度上影响了消费的复苏，消费者信心指数和社会消费品零售处于低位运行。制造业和基建有所分化，制造业投资韧性较强，与出口恢复良好、补库周期有较强关联，同时也受设备更新政策的支撑；基建投资增速逐月下行，反映出财政支出进度偏慢。股票市场方面，2024年上半年呈现探底回升，分化加大的特点，在1月市场加速下跌之后，2月初随着救市政策组合拳的推出，市场迎来超跌反弹，5月中旬之后市场再度开启调整。上半年全部A股估值小幅调整，业绩延续负增长，呈现大盘龙头风格占优的格局，小微盘风格表现较差。从风格和行业表现来看，稳定和金融风格占优，其中银行、煤炭、公用事业涨幅居前，家电、石油石化也有不错的涨幅；成长和消费风格跌幅较大，计算机、商贸零售、社会服务领跌。展望2024年下半年，从经济形势来看，内外需背离的格局预计将延续，一方面外需的韧性较强，欧美发达经济体提前降息有助于进一步夯实全球经济复苏；另一方面内需的改善需要等待地产尤其是房价的企稳。从流动性格局来看，四季度有望迎来中美共振宽松的窗口期，国内降息的空间将打开。从政策导向来看，预计改革与科技创新仍将是下半年的主旋律，新质生产力与产能过剩的破局亦有看点。下半年股票市场预计将呈现结构性行情较为突出的特点。从大势来看，全A估值水平较低叠加托底资金进场，市场下行风险不大，但由于业绩目前处于整固阶段，大幅宽松的条件并不具备，因此指数层面上行的空间也较为有限。具体行业赛道方面，今年上半年汽车智能化快速推进，在华为、造车新势力的带动下，智能化相关的应用场景不断落地，如城际交通、自动泊车、代客泊车等。此外，无人驾驶出租车也逐步进入应用阶段，对整个国内民众的出行带来深刻变化。各地对智能驾驶的政策支持力度也逐步强化。技术迭代方面，智能驾驶逐步向无图方案演进。海外龙头特斯拉加快推进FSD入华，将会加快智能化的普及速度。展望下半年，汽车行业价格战逐步接近尾声，智能化的配置向下普及到低价位车型，渗透率将会再上一个台阶。智能化普及程度与技术迭代成熟度形成正向反馈，推动板块持续高速发展。本基金将持续跟踪汽车智能化渗透率及相关企业业绩兑现情况，并密切关注技术迭代及相关政策法规落地进程对整车厂商产销数据和板块景气度的边际影响。","fund":{"_id":3000000010955,"__csrcFundId":8561,"stockCode":"010955","shortName":"天弘中证智能汽车(010955)","fundSecondLevel":"company","stockType":"fund","areaCo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转融通券息收益五方面因素。当由于申赎、成分股停牌或新股锁定等情况可能对指数跟踪效果带来影响时，本基金坚持既定的指数化投资策略，对指数基金采取被动复制与基于风险控制的组合优化相结合的方式跟踪指数，在保证跟踪误差可控的前提下实现了相对基准指数的正向偏离。报告期内，本基金整体运行平稳。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:41:52.132Z","mo":"今年上半年国内经济受地缘政治因素、海外超预期紧缩以及国内疫情的影响，呈现探底回升的趋势。上半年内需部门表现相对较弱，其中房地产各项指标均呈现两位数以上的同比降幅，落后于其他经济项，基建投资成为少有亮点，在专项债集中发力、财政支出前置的背景下，基建投资增速中枢较去年明显上移。相较而言外需部门表现相对较好，出口虽然一度受到疫情的短暂冲击，但很快在5月恢复至两位数以上增速，制造业投资在能源转型投资、技改等因素的支撑下处于较为景气水平。展望下半年，从经济形势来看，大概率呈现内需向上、外需向下的格局，但内需向上斜率相对有限，外需向下则具有较强韧性。一方面，内需部门中，上半年相对弱势的地产、消费与服务大概率迎来修复，但修复力度面临一些因素的制约，如疫情的反复、居民购房意愿下滑等，基建投资对经济的拉动作用提升空间相对有限。另一方面，外需部门中，欧美发达经济体开启持续加息，对海外需求有抑制作用，考虑到国内出口的竞争优势依然明显，疫情缓和后的出口-制造链条将呈现缓慢下行趋势。对证券市场而言，受益前期负面因素的缓和、国内经济的复苏以及流动性支持，预计下半年股票市场估值和业绩均有一定支撑。其中国内货币流动性环境较为充裕，经济弱复苏、通胀处于较低水平预计不会带来流动性紧缩担忧，将有利于估值水平进一步抬升。从海外来看，美联储加息斜率最大的时候在二三季度，四季度有望迎来缓和，对于全球权益市场的扰动有望逐步消散。具体行业赛道方面，受益于新能源车渗透率快速提升、自主品牌和华为等科技巨头在智能驾驶、智能座舱领域的持续发力推动技术创新突破及成本下移，我国自主研制的激光雷达、车规芯片、车载基础计算平台均实现了装车应用，同时也进一步提升了市场对智能汽车的认知和需求。伴随下半年深圳智能网联汽车立法落地有望以点带面推动汽车智能化进程全面提速，进一步打开产业链成长空间，预计下半年板块相对占优。本基金将持续跟踪汽车智能化渗透率及相关企业业绩兑现情况，并密切关注技术迭代及上游芯片和零部件价格对整车厂商产销数据和板块景气度边际影响。本基金为被动指数基金，我们将通过严谨的投资管理流程和精细的数量化模型，以及勤勉尽责的工作态度，恪守指数化投资的宗旨，力求实现对标的指数的有效跟踪，为持有人提供与基准相近的收益。投资者可以根据自身对证券市场的判断及投资风格，借助投资本基金参与市场。","fund":{"_id":3000000010955,"__csrcFundId":8561,"stockCode":"010955","shortName":"天弘中证智能汽车(010955)","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":10955,"masterFundFlag":1,"lastUpdated":"2026-05-22T17:15:37.401Z","status":"normal","name":"天弘中证智能汽车主题指数型发起式证券投资基金","exchange":"jj","followedNum":13,"inceptionDate":"2021-01-18T16:00:00.000Z","fundCollectionId":4000050430000,"currency":"CNY","masterFundShortName":"天弘中证智能汽车","setUpDate":"2021-01-18T16:00:00.000Z","setUpAssetScale":106506090.62,"setUpShares":106506090.62,"pinyin":"thzzznqcztzsxfqszqtzjj","__indexSourceEastMoney":1,"__indexSourceCsi":1,"indexFundFlag":1,"indexId":1000000930721,"managers":[{"stockCode":"j101020112","stockType":"fund_manager","exchange":"fm","tickerId":171903251020,"name":"祁世超"}]},"announcement":{"linkText":"天弘中证智能汽车主题指数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=784863","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece207fea5b3eb04e5860","date":"2022-03-30T16:00:00.000Z","stockId":3000000010955,"sao":"报告期内本基金秉承合规第一、风控第一的原则，在运作过程中严格遵守基金合同，对指数基金采取被动复制策略跟踪指数，完全复制指数，保证基金净值增长率与基准指数间的高度正相关和跟踪误差最小化。报告期内，本基金跟踪误差和超额收益的来源主要是申购赎回导致的仓位偏离、标的指数样本股调整导致的结构偏离、打新和转融通券息收益四方面因素。当由于申赎、成分股停牌或新股锁定等情况可能对指数跟踪效果带来影响时，本基金坚持既定的指数化投资策略，对指数基金采取被动复制与基于风险控制的组合优化相结合的方式跟踪指数，在保证跟踪误差可控的前提下实现了相对基准指数的正向偏离。报告期内，本基金整体运行平稳。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:41:52.130Z","fund":{"_id":3000000010955,"__csrcFundId":8561,"stockCode":"010955","shortName":"天弘中证智能汽车(010955)","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":10955,"masterFundFlag":1,"lastUpdated":"2026-05-22T17:15:37.401Z","status":"normal","name":"天弘中证智能汽车主题指数型发起式证券投资基金","exchange":"jj","followedNum":13,"inceptionDate":"2021-01-18T16:00:00.000Z","fundCollectionId":4000050430000,"currency":"CNY","masterFundShortName":"天弘中证智能汽车","setUpDate":"2021-01-18T16:00:00.000Z","setUpAssetScale":106506090.62,"setUpShares":106506090.62,"pinyin":"thzzznqcztzsxfqszqtzjj","__indexSourceEastMoney":1,"__indexSourceCsi":1,"indexFundFlag":1,"indexId":1000000930721,"managers":[{"stockCode":"j101020112","stockType":"fund_manager","exchange":"fm","tickerId":171903251020,"name":"祁世超"}]},"announcement":{"linkText":"天弘中证智能汽车主题指数型发起式证券投资基金2022年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=725249","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece207fea5b3eb04e585f","date":"2021-12-30T16:00:00.000Z","stockId":3000000010955,"sao":"报告期内本基金秉承合规第一、风控第一的原则，在运作过程中严格遵守基金合同，对指数基金采取被动复制策略跟踪指数，完全复制指数，保证基金净值增长率与基准指数间的高度正相关和跟踪误差最小化。报告期内，本基金跟踪误差和超额收益的来源主要是申购赎回导致的仓位偏离、标的指数样本股调整导致的结构偏离、打新、成分股分红和转融通券息收益五方面因素。当由于申赎、成分股停牌或新股锁定等情况可能对指数跟踪效果带来影响时，本基金坚持既定的指数化投资策略，对指数基金采取被动复制与基于风险控制的组合优化相结合的方式跟踪指数，在保证跟踪误差可控的前提下实现了相对基准指数的正向偏离。报告期内，本基金整体运行平稳。","declarationDate":"2022-01-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:41:52.127Z","mo":"回顾2021年，全年经济前高后低，以出口-制造业投资链条为代表的外需成为经济向上的主要拉动项，而基建、地产投资增速明显放缓，国内消费受到点状疫情的影响仍未恢复至疫情前水平，双减、双控等约束性政策对经济增长造成一定扰动。展望2022年，国内经济有望迎来前低后高走势，上半年预计仍会受到地产下行周期的掣肘，下半年随着前期稳增长政策发力成效的逐步显现，制造业投资、消费与服务有望推动经济的企稳回升。2022年外紧内松的流动性环境已成定局，一方面国内政策宽松的空间已然打开，降准降息的交替进行将为权益市场提供充裕的宏观流动性。另一方面美联储有望在2022年开启本轮紧缩周期，加息与缩表大概率将并行而至，需关注海外收紧对我国货币政策进一步宽松的制约性。2022年股票市场的风险取决于国内地产着陆的性质和美联储加息的节奏和幅度，在全A业绩增速回落的背景下，市场驱动力将从业绩转向估值，指数波动率和振幅将有所加大。预计A股仍将以结构性行情为主，指数级的机会和风险整体可控。符合国家产业政策重点扶持方向、具备长期增长动能的行业将持续获得市场资金的青睐。 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