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期间，本基金维持配置中信消费风格指数多因子选股增强模型。展望四季度，美联储进入降息周期，国内政策明显发力，虽然季末连续上涨幅度较大，但从中期维度看，权益市场赔率和胜率依然兼具，是值得积极把握的阶段。本基金将继续坚持量化多因子的选股思路，秉持勤勉尽责，力争为投资者获得有竞争力的超额收益。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:42:01.343Z","fund":{"_id":3000000010998,"__csrcFundId":9037,"stockCode":"010998","shortName":"博道消费智航(010998)","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":10998,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:35:47.105Z","status":"normal","name":"博道消费智航股票型证券投资基金","exchange":"jj","inceptionDate":"2021-05-06T16:00:00.000Z","followedNum":10,"fundCollectionId":4000051560000,"currency":"CNY","masterFundShortName":"博道消费智航","memoNum":1,"setUpDate":"2021-05-06T16:00:00.000Z","setUpAssetScale":590493121.54,"setUpShares":590493121.54,"pinyin":"bdxfzhgpxzqtzjj","managers":[{"stockCode":"j101020412","stockType":"fund_manager","exchange":"fm","tickerId":122625254700,"name":"刘兆阳"}]},"announcement":{"linkText":"博道消费智航股票型证券投资基金2024年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1175936","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece297fea5b3eb04e62a5","date":"2024-06-29T16:00:00.000Z","stockId":3000000010998,"sao":"2024年上半年，开年在小盘风险暴露、流动性负反馈作用下，市场情绪下降迅速，随后长期资金入市，市场出现V型反弹；二季度PMI边际回落，企业盈利仍然较弱。整体上半年，沪深300上涨0.89%，中证500下跌8.96%，中证1000下跌16.84%，上证指数下跌0.25%，创业板指下跌10.99%，恒生指数上涨3.94%。从行业来看，银行、煤炭、石油石化、家电表现较好，分别上涨了19.19%、12.79%、11.36%、10.77%，消费者服务、计算机、商贸零售、传媒表现较差，分别下跌23.82%、21.62%、21.47%、21.45%。从因子层面来看，由于2024年一季度市场波动率大幅提升，各大类因子表现分化，算法量价类因子在市场规律不明晰的情况下表现较弱，基本面和估值类因子表现较好。二季度市场环境企稳以后，基本面和估值类因子表现持续强势，AI量价表现也震荡上行。风险因子中，市值因子和非线性市值因子在一季度经历了较大的回撤，而通常量化增强类产品为了追求更大的超额空间，一般都会适度承担一定市值敞口的暴露，因此在风险因子高波动环境下，该类产品的运作经历了一次大考。博道“指数+”系列产品对标不同的BETA，为适配不同风险偏好以及不同BETA配置需求的投资者，模型设置的风控参数也有所不同。少部分追求超额弹性、风险因子暴露略高的产品受到了市场环境的影响，超额出现了一定的波动；大部分产品风险因子暴露适中，超额波动较小且修复较快。在这轮市场考验过后，博道“指数+”系列产品在维持均衡的因子配置和较低的风格暴露下正常运行，模型层面我们继续在传统多因子模型和AI全流程多因子模型两套框架下持续迭代。报告期间，本基金维持配置中信消费风格指数多因子选股增强模型。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:42:01.341Z","mo":"展望2024年下半年，随着中国地产供求形势和新均衡的形成，我国将从债务驱动的高杠杆增长阶段，逐渐进入到创新驱动的高质量增长时代。对应的资本市场监管和金融统计方式都在发生变化，包括新国九条开启资本市场建设的新篇章、二季度统计局的金融增加值核算方式优化调整等，三中全会也勾勒了包括财税、要素市场化等更深层次的治理框架，相关政策红利可能成为新的投资线索。本基金将继续坚持量化多因子的选股思路，秉持勤勉尽责，力争为投资者获得有竞争力的超额收益。","fund":{"_id":3000000010998,"__csrcFundId":9037,"stockCode":"010998","shortName":"博道消费智航(010998)","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":10998,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:35:47.105Z","status":"normal","name":"博道消费智航股票型证券投资基金","exchange":"jj","inceptionDate":"2021-05-06T16:00:00.000Z","followedNum":10,"fundCollectionId":4000051560000,"currency":"CNY","masterFundShortName":"博道消费智航","memoNum":1,"setUpDate":"2021-05-06T16:00:00.000Z","setUpAssetScale":590493121.54,"setUpShares":590493121.54,"pinyin":"bdxfzhgpxzqtzjj","managers":[{"stockCode":"j101020412","stockType":"fund_manager","exchange":"fm","tickerId":122625254700,"name":"刘兆阳"}]},"announcement":{"linkText":"博道消费智航股票型证券投资基金2024年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1148277","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece297fea5b3eb04e62a4","date":"2024-03-30T16:00:00.000Z","stockId":3000000010998,"sao":"2024年一季度，市场经历V型超跌反弹。整体一季度，沪深300上涨3.10%，中证500下跌2.64%，中证1000下跌7.58%，上证指数上涨2.23%，创业板指下跌3.87%，恒生指数下跌2.97%。从行业来看，高股息类板块表现较好，石油石化、家电、银行、煤炭、有色，分别上涨了12.05%、10.79%、10.78%、10.23%、9.46%，医药、电子、房地产、计算机、基础化工表现较差，分别下跌11.85%、10.18%、9.34%、8.79%、7.89%。从因子层面来看，由于2024年一季度市场波动率大幅提升，各大类因子表现分化，算法量价类因子在市场规律不明晰的情况下表现较弱，基本面和估值类因子表现较好。风险因子中，市值因子和非线性市值因子在一季度经历了较大的回撤，而量化增强类产品为了追求更大的超额空间，一般都会适度承担一些市值敞口的暴露，因此在风险因子高波动环境下，该类产品的运作经历了一次大考。博道“指数+”系列产品对标不同的BETA，为适配不同风险偏好以及不同BETA配置需求的投资者，模型设置的风控参数也有所不同。少部分追求超额弹性，风格因子暴露略高的产品受到了市场环境的影响，超额出现了一定的波动；大部分产品风格因子暴露适中，超额波动较小且修复较快。在这轮市场考验过后，博道“指数+”系列产品的模型迭代也将在较低的风格暴露前提下持续进行，以追求越来越高的PURE ALPHA含量。报告期间，本基金维持配置中信消费风格指数多因子选股增强模型。展望2024年二季度，1-2月经济数据超预期，意味着在政策支持下有一些来自于工业生产、制造业投资方面的结构性亮点浮现；而利润数据的底部向上也一定程度上预示着上市公司盈利增速企稳或许不远，虽然在长期结构性问题的背景下预期很难大幅改善，但整体利润增速负增长的显著拖累在今年或许不会出现，叠加增量长线资金带给非理性大幅下跌的政策期权，或意味着大盘指数的下行风险比较有限。本基金将继续坚持量化多因子的选股思路，秉持勤勉尽责，力争为投资者获得有竞争力的超额收益。","declarationDate":"2024-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:42:01.338Z","fund":{"_id":3000000010998,"__csrcFundId":9037,"stockCode":"010998","shortName":"博道消费智航(010998)","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":10998,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:35:47.105Z","status":"normal","name":"博道消费智航股票型证券投资基金","exchange":"jj","inceptionDate":"2021-05-06T16:00:00.000Z","followedNum":10,"fundCollectionId":4000051560000,"currency":"CNY","masterFundShortName":"博道消费智航","memoNum":1,"setUpDate":"2021-05-06T16:00:00.000Z","setUpAssetScale":590493121.54,"setUpShares":590493121.54,"pinyin":"bdxfzhgpxzqtzjj","managers":[{"stockCode":"j101020412","stockType":"fund_manager","exchange":"fm","tickerId":122625254700,"name":"刘兆阳"}]},"announcement":{"linkText":"博道消费智航股票型证券投资基金2024年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1073768","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece297fea5b3eb04e62a3","date":"2023-12-30T16:00:00.000Z","stockId":3000000010998,"sao":"2023年，国内经济和海外流动性两大因素主导市场波动，各指数在低估区域继续弱势。全年沪深300下跌11.38%，中证500下跌7.42%，中证1000下跌6.28%，上证指数下跌3.70%，创业板指下跌19.41%，恒生指数下跌13.82%。从行业来看，通信、传媒、煤炭表现较好，分别上涨了24.78%、19.84%、13.39%，消费者服务、房地产、电力设备新能源表现较差，分别下跌41.18%、24.80%、24.65%。从因子层面来看，2023年是个非“典型”年份，基本面类的因子全年表现都相对弱势，在传统容易有所表现的二、三季度并未录得较好超额，在容易波动的四季度反而表现相对平稳；而估值因子和量价因子因表征反转逻辑，在存量博弈的2023年持续表现亮眼。博道“指数+”系列产品在相对均衡的因子权重配置下，持续深耕底层大类因子的有效迭代，全年超额表现较好。2023年二季度开始，博道量化团队进行了AI全流程投资模型的研发，并在三季度陆续开始在各量化产品中进行运用，10月底开始，传统框架多因子模型与AI全流程多因子模型以各自约一半的权重参与博道“指数+”系列产品的实盘。报告期间，本基金维持配置中信消费风格指数多因子选股增强模型。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:42:01.335Z","mo":"展望2024年，基于赔率的视角，股市股权风险溢价再度达到2倍标准差的水平，债券市场的期限利率和信用利差也已经被压到极致；基于胜率的视角，我们监测的股票市场基本面从时间和空间的角度都已大概率接近底部。虽然很难精准预测股债资产溢价何时回归，但方向是明确的，耐心更加可贵。本基金将继续坚持量化多因子的选股思路，秉持勤勉尽责，力争为投资者获得有竞争力的超额收益。","fund":{"_id":3000000010998,"__csrcFundId":9037,"stockCode":"010998","shortName":"博道消费智航(010998)","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":10998,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:35:47.105Z","status":"normal","name":"博道消费智航股票型证券投资基金","exchange":"jj","inceptionDate":"2021-05-06T16:00:00.000Z","followedNum":10,"fundCollectionId":4000051560000,"currency":"CNY","masterFundShortName":"博道消费智航","memoNum":1,"setUpDate":"2021-05-06T16:00:00.000Z","setUpAssetScale":590493121.54,"setUpShares":590493121.54,"pinyin":"bdxfzhgpxzqtzjj","managers":[{"stockCode":"j101020412","stockType":"fund_manager","exchange":"fm","tickerId":122625254700,"name":"刘兆阳"}]},"announcement":{"linkText":"博道消费智航股票型证券投资基金2023年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1054019","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece297fea5b3eb04e62a2","date":"2023-09-29T16:00:00.000Z","stockId":3000000010998,"sao":"2023年三季度，市场情绪仍然较为低迷，沪深300下跌3.98%，中证500下跌5.13%，中证1000下跌7.92%，创业板指下跌9.53%，恒生指数下跌5.85%。从行业来看，煤炭、非银、石油石化、银行、房地产表现较好，分别上涨了10.37%、6.48%、5.79%、5.20%、1.55%，传媒、计算机、电力设备及新能源、国防军工表现较差，分别下跌14.19%、13.88%、13.53%、9.32%。从因子层面来看，三季度各类型因子表现再度分化，基本面动量类因子并未迎来传统的三季度行情，7月份大幅回撤，8、9月份有所修复，而量价和价值类因子则持续表现较好。博道“指数+”系列产品在相对均衡的因子权重配置下，7月份超额有所回撤，8、9月份超额收益总体修复。今年二季度开始博道量化团队进行了AI全流程投资模型的研发，并从三季度开始陆续在各量化产品中进行运用，以与传统框架下的模型形成一定的差异化互补。报告期间，本基金维持配置中信消费风格指数多因子选股增强模型，产品在本报告期间略微跑输了业绩比较基准。展望四季度，从长期配置角度而言，以沪深300加权ROE和PB来看，当前ROE处于周期底部初现企稳回升迹象，PB处于历史较低水平。以加权股权风险溢价指标ERP（即E/P-10年期国债收益率）来看，当前处于接近2倍标准差的高位，仅略低于2018年底，具备较长周期的配置价值。从短期来看，市场预期上市公司收入已经修正到历史新低的水平，利润也已经修正到历次周期底部附近，估值同样也修正到底部较便宜的位置，在当前位置不应该再过度悲观。本基金将继续坚持量化多因子的选股思路，秉持勤勉尽责，力争为投资者获得有竞争力的超额收益。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:42:01.332Z","fund":{"_id":3000000010998,"__csrcFundId":9037,"stockCode":"010998","shortName":"博道消费智航(010998)","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":10998,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:35:47.105Z","status":"normal","name":"博道消费智航股票型证券投资基金","exchange":"jj","inceptionDate":"2021-05-06T16:00:00.000Z","followedNum":10,"fundCollectionId":4000051560000,"currency":"CNY","masterFundShortName":"博道消费智航","memoNum":1,"setUpDate":"2021-05-06T16:00:00.000Z","setUpAssetScale":590493121.54,"setUpShares":590493121.54,"pinyin":"bdxfzhgpxzqtzjj","managers":[{"stockCode":"j101020412","stockType":"fund_manager","exchange":"fm","tickerId":122625254700,"name":"刘兆阳"}]},"announcement":{"linkText":"博道消费智航股票型证券投资基金2023年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=989131","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece297fea5b3eb04e62a1","date":"2023-06-29T16:00:00.000Z","stockId":3000000010998,"sao":"2023年上半年，市场先扬后抑，呈现出较强的小市值风格。沪深300下跌0.75%，中证500上涨2.29%，中证1000上涨5.10%，创业板指下跌5.61%，恒生指数下跌4.37%。从行业来看，通信、传媒、计算机表现较好，分别上涨45.4%、43.4%、32.3%，消费者服务、房地产、农林牧渔表现较差，分别下跌27.9%、14.1%、9.2%。从因子层面来看，一季度因子表现延续去年四季度的格局，呈现强反转弱动量的格局，基本面动量类因子表现较差，估值和量价因子表现出色，二季度以来各类型因子均表现较好，景气类因子修复明显，弹性略大一些。博道“指数+”系列产品在相对均衡的因子权重配置下，一季度超额总体走平，二季度以来超额收益表现较好，逐渐体现出一季度多因子选股模型几项重要升级后的效果。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:42:01.329Z","mo":"展望下半年，尽管市场在中长期担忧下对短周期拐点越来越谨慎，需要更多的数据和更持续的改善做验证，但权益资产当前处于赔率和胜率都较高的底部区域，经济慢慢进入到低库存状态，一旦有需求端的边际利好出现，市场将有较为敏感的反应，因此，我们对权益资产维持积极的态度。本基金将继续坚持量化多因子的选股思路，秉持勤勉尽责，力争为投资者获得有竞争力的超额收益。","fund":{"_id":3000000010998,"__csrcFundId":9037,"stockCode":"010998","shortName":"博道消费智航(010998)","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":10998,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:35:47.105Z","status":"normal","name":"博道消费智航股票型证券投资基金","exchange":"jj","inceptionDate":"2021-05-06T16:00:00.000Z","followedNum":10,"fundCollectionId":4000051560000,"currency":"CNY","masterFundShortName":"博道消费智航","memoNum":1,"setUpDate":"2021-05-06T16:00:00.000Z","setUpAssetScale":590493121.54,"setUpShares":590493121.54,"pinyin":"bdxfzhgpxzqtzjj","managers":[{"stockCode":"j101020412","stockType":"fund_manager","exchange":"fm","tickerId":122625254700,"name":"刘兆阳"}]},"announcement":{"linkText":"博道消费智航股票型证券投资基金2023年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=963603","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece297fea5b3eb04e62a0","date":"2023-03-30T16:00:00.000Z","stockId":3000000010998,"sao":"2023年一季度，进入1月股市即反弹，然后步入震荡，一季度沪深300上涨4.63%，中证500上涨8.11%，创业板指上涨2.25%，恒生指数上涨3.13%。从行业来看，计算机、传媒、通信表现较好，分别增长38.7%、34.23%、28.88%，房地产、消费者服务表现较差，分别下跌6.21%、5.29%。从因子层面来看，一季度延续了2022年四季度的格局，依旧展现出强反转效应和弱基本面动量效应，估值和量价因子表现非常出色，表征业绩景气度的成长预期类因子表现较差。同时一季度小市值效应显著，越能够受益于市值下沉的选股模型表现越好，量价类因子越能发挥效应的选股域表现越好。博道指数+系列产品维持了相对均衡的因子权重配置。报告期间，本基金维持配置中信消费风格指数多因子选股增强模型，产品在本报告期间跑赢了业绩比较基准。展望二季度，预计政策保持定力，经济延续复苏，利润增速拐点有望出现，对权益类资产是相对友好的环境。风格层面，预计市场关注的焦点会更加关注当期业绩景气情况。本基金管理人将继续坚持量化多因子的选股思路，秉持勤勉尽责，力争为投资者获得有竞争力的超额收益。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:42:01.327Z","fund":{"_id":3000000010998,"__csrcFundId":9037,"stockCode":"010998","shortName":"博道消费智航(010998)","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":10998,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:35:47.105Z","status":"normal","name":"博道消费智航股票型证券投资基金","exchange":"jj","inceptionDate":"2021-05-06T16:00:00.000Z","followedNum":10,"fundCollectionId":4000051560000,"currency":"CNY","masterFundShortName":"博道消费智航","memoNum":1,"setUpDate":"2021-05-06T16:00:00.000Z","setUpAssetScale":590493121.54,"setUpShares":590493121.54,"pinyin":"bdxfzhgpxzqtzjj","managers":[{"stockCode":"j101020412","stockType":"fund_manager","exchange":"fm","tickerId":122625254700,"name":"刘兆阳"}]},"announcement":{"linkText":"博道消费智航股票型证券投资基金2023年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=882067","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece297fea5b3eb04e629f","date":"2022-12-30T16:00:00.000Z","stockId":3000000010998,"sao":"2022年市场波动较大，海外主线是地缘政治冲突和美联储紧缩下的滞胀主题，除美元现金、部分大宗商品和商品货币外，美元计价下多数资产呈现负回报；国内主线是地产下行和疫情干扰下，增长低于预期，债券市场表现好于股票。全年来看，煤炭板块一枝独秀，涨幅达到17.52%，电子、综合金融、计算机、传媒、建材等板块跌幅较大。 回顾2022年的市场，资金面呈现减量博弈的局面，市场交易的基调是“强反转、弱动量”。在多因子体系的分类中，从性质大类上区分，可以分为追逐“景气动量”的基本面动量类因子（景气成长类、超预期类），以及“交易衰减型”的反转类因子（大部分的量价类、价值类因子）。在过去一年的市场格局中，反转类因子全年表现出色，基本面动量类因子除二季度以外均表现羸弱，尤其是四季度进一步遭遇了较大的回撤。由于我们将更多的因子权重配置在了过往长期表现较为出色的基本面动量类因子上，因此产品业绩超额表现不尽如人意。在此期间，我们更加紧密地进行了模型的升级迭代，一方面改进基本面动量类型的因子，除了注重“进攻性”，在因子逻辑上也加入“安全性”的考量；另一方面对于反转类因子也加大研发投入，在AI算法量价因子上进行了较为全面的改进。报告期间，本基金维持配置中信消费风格指数多因子选股增强模型，受选股因子适应性的影响，产品在本报告期间跑输了业绩比较基准。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:42:01.324Z","mo":"展望2023年，我们将在更加均衡的因子权重配置下，通过不断提升底层大类因子有效性，致力于为投资者提供长期有竞争力的超额收益。本基金将继续坚持量化多因子的选股思路，秉持勤勉尽责，力争为投资者获得有竞争力的超额收益。","fund":{"_id":3000000010998,"__csrcFundId":9037,"stockCode":"010998","shortName":"博道消费智航(010998)","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":10998,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:35:47.105Z","status":"normal","name":"博道消费智航股票型证券投资基金","exchange":"jj","inceptionDate":"2021-05-06T16:00:00.000Z","followedNum":10,"fundCollectionId":4000051560000,"currency":"CNY","masterFundShortName":"博道消费智航","memoNum":1,"setUpDate":"2021-05-06T16:00:00.000Z","setUpAssetScale":590493121.54,"setUpShares":590493121.54,"pinyin":"bdxfzhgpxzqtzjj","managers":[{"stockCode":"j101020412","stockType":"fund_manager","exchange":"fm","tickerId":122625254700,"name":"刘兆阳"}]},"announcement":{"linkText":"博道消费智航股票型证券投资基金2022年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=871801","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece297fea5b3eb04e629e","date":"2022-09-29T16:00:00.000Z","stockId":3000000010998,"sao":"2022年三季度，股市受到经济修复放缓、外部流动性收缩和海外事件性冲击的影响，呈现下跌走势，沪深300下跌15.16%，中证500下跌11.47%，创业板指下跌18.56%，恒生指数下跌21.21%。从行业来看，煤炭、电力、石油石化、房地产、交通运输表现较好，其中煤炭实现正增长，建材、电子、传媒、医药、基础化工板块表现较差，其中建材板块跌幅超过20%。从因子表现来看，估值类因子强势，其他类型因子表现较弱。国内经济复苏动能较弱，三季度的经济指数都较为低迷，虽然信贷脉冲继续加速，但私人部门信贷需求仍较弱。同时，市场风险偏好也受到海外流动性和海外事件性冲击的影响，2022年8月中下旬到9月底股汇压力较大；与此同时，受债市对于宽信用的担忧以及中美利差倒挂程度进一步加深的影响，债市也同时回调，10年期国债收益率回升明显。报告期间，本基金维持配置中信消费风格指数多因子选股增强模型。今年三季度出现的估值收缩，实际上反映了对经济前景的悲观预期，不仅担忧短期盈利下修，还担忧地缘政治带来的风险，但当前权益资产的风险溢价已足够，意味着中期市场大概率在极端悲观后否极泰来。对长期国际关系和增长潜力的担忧确有其事，但短期市场往往被悲观情绪裹挟导致反应过度；实际来看，站在全球竞争格局的角度，海外事件性冲击不仅带来了风险，也给了我们长期机会，市场否极泰来的时点还是在于盈利充分下修后的基本面边际改善，从而带来悲观情绪扭转，风险偏好提升，此时，宏观叙事的担忧也将有所减轻。本基金将继续坚持量化多因子的选股思路，秉持勤勉尽责，力争为投资者获得有长期竞争力的超额收益。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:42:01.321Z","fund":{"_id":3000000010998,"__csrcFundId":9037,"stockCode":"010998","shortName":"博道消费智航(010998)","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":10998,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:35:47.105Z","status":"normal","name":"博道消费智航股票型证券投资基金","exchange":"jj","inceptionDate":"2021-05-06T16:00:00.000Z","followedNum":10,"fundCollectionId":4000051560000,"currency":"CNY","masterFundShortName":"博道消费智航","memoNum":1,"setUpDate":"2021-05-06T16:00:00.000Z","setUpAssetScale":590493121.54,"setUpShares":590493121.54,"pinyin":"bdxfzhgpxzqtzjj","managers":[{"stockCode":"j101020412","stockType":"fund_manager","exchange":"fm","tickerId":122625254700,"name":"刘兆阳"}]},"announcement":{"linkText":"博道消费智航股票型证券投资基金2022年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=806385","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece297fea5b3eb04e629d","date":"2022-06-29T16:00:00.000Z","stockId":3000000010998,"sao":"2022年上半年，多数指数为负收益，沪深300下跌9.22%，中证500下跌12.30%，创业板指数下跌15.41%；从行业来看，煤炭表现一枝独秀，成长行业虽然二季度有所反弹，但上半年整体仍然跌幅较大。从因子表现来看，一季度价值和量价类因子表现较好，二季度基本面趋势类型的因子尤其是成长因子表现较好。上半年市场波动较大，A股呈现“V”形走势。外部因素叠加对全球大类资产都造成重大影响，压制了风险资产的估值，市场风险偏好下行，特别是长久期成长股受到更明显的制约。4月，美联储加速引导加息缩表预期，而国内经济基本面受到疫情冲击，市场盈利预期较为悲观，估值达到历史底部。5月以来，随着国内疫情管控取得一定成效，尤其6月起上海全面推动复工复产，市场情绪逐步修复，疫情后的“复苏”逻辑有所演绎，政策鼓励和支持的汽车消费，以及景气度比较高的成长板块，表现较为亮眼。报告期间，本基金维持配置中信消费风格指数多因子选股增强模型，受选股因子适应性的影响，产品在本报告期间未能跑赢业绩比较基准。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:42:01.308Z","mo":"展望未来，在政策支持同时经济内生修复的背景下，经济基本面和盈利增长将迎来一段时间的环比改善，这种宏观环境的好处在于，大部分行业都能找到向好的信号，市场情绪会相对较好，胜率可期；同时，从配置的角度而言，我们计算的两种标准化估值，一种用市盈率来衡量，一种用指数与宏观经济基本面的比价来衡量，均显示现在大致处于1倍标准差左右的较便宜的位置，对于长期配置也是较有吸引力的。本基金管理人将继续坚持量化多因子的选股思路，秉持勤勉尽责，力争为投资者获得有长期竞争力的超额收益。","fund":{"_id":3000000010998,"__csrcFundId":9037,"stockCode":"010998","shortName":"博道消费智航(010998)","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":10998,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:35:47.105Z","status":"normal","name":"博道消费智航股票型证券投资基金","exchange":"jj","inceptionDate":"2021-05-06T16:00:00.000Z","followedNum":10,"fundCollectionId":4000051560000,"currency":"CNY","masterFundShortName":"博道消费智航","memoNum":1,"setUpDate":"2021-05-06T16:00:00.000Z","setUpAssetScale":590493121.54,"setUpShares":590493121.54,"pinyin":"bdxfzhgpxzqtzjj","managers":[{"stockCode":"j101020412","stockType":"fund_manager","exchange":"fm","tickerId":122625254700,"name":"刘兆阳"}]},"announcement":{"linkText":"博道消费智航股票型证券投资基金2022年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=785164","linkType":"PDF","source":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