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型开放式指数证券投资基金发起式联接基金2025年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1269984","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece6d7fea5b3eb04eae1a","date":"2024-12-30T16:00:00.000Z","stockId":3000000011316,"sao":"本基金由原天弘创业板300指数型发起式证券投资基金转型而来。截至本报告期末，本基金主要持有天弘创业板300ETF及指数成分股，仍采用被动复制策略，其目标为跟踪效果与直接持有指数成分股的效果一致。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的方式跟踪指数，追求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。控制联接基金跟踪误差的前提是控制ETF基金的跟踪误差。报告期内，本基金跟踪误差的来源主要是申购赎回、打新、成分股调整以及ETF对指数的跟踪误差。当由于申赎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组合优化相结合的方式跟踪指数。在ETF的跟踪误差管理上，我们坚持指数化投资原则，同时紧密跟踪成分股的权息事件，及时有效处理，避免权重偏离造成跟踪误差的扩大，争取保障联接基金的跟踪误差。报告期内，本联接基金整体运行平稳。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:43:09.226Z","mo":"2025年中国经济GDP增速目标可能维持在5%左右。尽管全球经济地缘政治的不确定性增加，但中国经济基本面修复的弹性仍存，当前基建投资保持稳定，房地产市场的止跌回稳初现迹象，消费修复依然是2025年的主要看点。政策方面，预计宏观政策基调整体仍维持宽松，政策核心仍是稳增长。财政政策方面，预计2025年广义财政赤字率有可能提升，货币政策适度宽松，降息和降准的概率仍然存在。对股票市场而言，2025年仍然存在一定不确定因素，包括中美关系博弈、经济基本面修复的成色、政策预期的波动等。短期来看，市场整体的情绪在年初偏保守防御，市场关注的焦点在于美国关税政策和国内的政策应对，如两会的政策窗口期。中长期来看，驱动股票市场表现更为核心的变量来自于经济基本面的实质改善，而在此之前，市场也会重点关注稳增长政策的发力情况。因此2025年，我们认为股票市场与政策的联动性仍然较高。我们认为2025年仍有政策窗口期值得期待，同时也期待基本面数据去验证政策的实施效果。","fund":{"_id":3000000011316,"__csrcFundId":8991,"stockCode":"011316","shortName":"天弘创业板300ETF发起式联接(011316)","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":11316,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:45:19.801Z","status":"normal","name":"天弘创业板300交易型开放式指数证券投资基金发起式联接基金","exchange":"jj","inceptionDate":"2021-05-06T16:00:00.000Z","followedNum":2,"fundCollectionId":4000050430000,"currency":"CNY","masterFundShortName":"天弘创业板300ETF发起式联接","setUpDate":"2021-05-06T16:00:00.000Z","setUpAssetScale":8516411.8,"setUpShares":8516411.8,"pinyin":"thcyb300jyxkfszszqtzjjfqsljjj","etfFundFlag":1,"feederFundFlag":1,"indexFundFlag":1,"managers":[{"stockCode":"db20572968","stockType":"fund_manager","exchange":"fm","tickerId":325189610,"name":"陈瑶"}]},"announcement":{"linkText":"天弘创业板300交易型开放式指数证券投资基金发起式联接基金2024年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1252238","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece6d7fea5b3eb04eae19","date":"2024-09-29T16:00:00.000Z","stockId":3000000011316,"sao":"本基金由原天弘创业板300指数型发起式证券投资基金转型而来。截至本报告期末，本基金主要持有天弘创业板300ETF及指数成分股，仍采用被动复制策略，其目标为跟踪效果与直接持有指数成分股的效果一致。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的方式跟踪指数，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。控制联接基金跟踪误差的前提是控制ETF基金的跟踪误差。报告期内，本基金跟踪误差的来源主要是申购赎回、打新以及ETF对指数的跟踪误差。当由于申赎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组合优化相结合的方式跟踪指数。在ETF的跟踪误差管理上，我们坚持指数化投资原则，同时紧密跟踪成分股的权息事件，及时有效处理，避免权重偏离造成跟踪误差的扩大，保障联接基金的跟踪误差。报告期内，本联接基金整体运行平稳。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:43:09.223Z","fund":{"_id":3000000011316,"__csrcFundId":8991,"stockCode":"011316","shortName":"天弘创业板300ETF发起式联接(011316)","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":11316,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:45:19.801Z","status":"normal","name":"天弘创业板300交易型开放式指数证券投资基金发起式联接基金","exchange":"jj","inceptionDate":"2021-05-06T16:00:00.000Z","followedNum":2,"fundCollectionId":4000050430000,"currency":"CNY","masterFundShortName":"天弘创业板300ETF发起式联接","setUpDate":"2021-05-06T16:00:00.000Z","setUpAssetScale":8516411.8,"setUpShares":8516411.8,"pinyin":"thcyb300jyxkfszszqtzjjfqsljjj","etfFundFlag":1,"feederFundFlag":1,"indexFundFlag":1,"managers":[{"stockCode":"db20572968","stockType":"fund_manager","exchange":"fm","tickerId":325189610,"name":"陈瑶"}]},"announcement":{"linkText":"天弘创业板300交易型开放式指数证券投资基金发起式联接基金2024年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1173026","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece6d7fea5b3eb04eae18","date":"2024-06-29T16:00:00.000Z","stockId":3000000011316,"sao":"本基金由原天弘创业板300指数型发起式证券投资基金转型而来。截至本报告期末，本基金主要持有天弘创业板300ETF及指数成分股，仍采用被动复制策略，目标为跟踪效果与直接持有指数成分股的效果一致。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的方式跟踪指数，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。控制联接基金跟踪误差的前提是控制ETF基金的跟踪误差。报告期内，本基金跟踪误差的来源主要是申购赎回、打新、成分股调整以及ETF对指数的跟踪误差。当由于申赎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组合优化相结合的方式跟踪指数。在ETF的跟踪误差管理上，我们坚持指数化投资原则，同时紧密跟踪成分股的权息事件，及时有效处理，避免权重偏离造成跟踪误差的扩大，保障联接基金的跟踪误差。报告期内，本联接基金整体运行平稳。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:43:09.221Z","mo":"当前由于地产风险及景气度的滑落，居民端对于收入和就业前景的预期，在投资和消费两端，都尚未观测到明确能够支撑经济强修复的持续动能，宏观基本面修复的持续性仍然有待观察，市场整体情绪也处于较为谨慎收敛的状态，市场缺乏可投资的相对高收益资产。市场对资产欠配问题的关注度在上升。随着近年来利率的持续下行，高收益资产逐渐减少，债券的期限利差和信用利差快速收窄，资金具有一定的欠配压力。我们认为，资产欠配问题的持续可能会倒逼资金的风险偏好在可接受的范围内进行有限扩张，扩散到股票市场，对部分赛道形成资金支撑，若宏观经济存在更加明确的利好催化，那么这一趋势可能更加明显。基于这一逻辑，我们认为股票市场在2024年下半年从风格上看，更可能的趋势是大小盘并重，先大后小，互相轮动。防御型的红利赛道仍是资金的关注点之一，资产欠配情形下，风险偏好的有限扩张与红利赛道契合。但与此同时，也需要关注在持续上涨后，实际股息率的变化可能带来这一赛道的向外扩散或短期修正。同时，具有相对确定性的主题投资机会，也是在市场风险偏好未明显提升时的一个投资主线。从中长期看，当前股票市场的底部区域特征还是较为明确的，政策底的信号已经明确，各种政策仍在不断接续，当前的指数点位已经处于较低位置。中长期我们可以对中国经济的修复更加乐观一些。","fund":{"_id":3000000011316,"__csrcFundId":8991,"stockCode":"011316","shortName":"天弘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"exchange":"fm","tickerId":325189610,"name":"陈瑶"}]},"announcement":{"linkText":"天弘创业板300交易型开放式指数证券投资基金发起式联接基金2023年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=887729","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece6d7fea5b3eb04eae12","date":"2022-12-30T16:00:00.000Z","stockId":3000000011316,"sao":"本基金由原天弘创业板300指数型发起式证券投资基金转型而来。截至本报告期末，本基金主要持有天弘创业板300ETF及指数成分股，仍采用被动复制策略，其跟踪效果与直接持有指数成分股的效果一致。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的方式跟踪指数，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。控制联接基金跟踪误差的前提是控制ETF基金的跟踪误差。报告期内，本基金跟踪误差的来源主要是申购赎回、打新、成分股调整以及ETF对指数的跟踪误差。当由于申赎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组合优化相结合的方式跟踪指数。在ETF的跟踪误差管理上，我们坚持指数化投资原则，同时紧密跟踪成分股的权息事件，及时有效处理，避免权重偏离造成跟踪误差的扩大，保障联接基金的跟踪误差。报告期内，本联接基金整体运行平稳。","declarationDate":"2023-01-27T16:00:00.000Z","lastUpdated":"2026-03-09T13:43:09.205Z","mo":"2022年全年来看，制约经济和股票市场表现的国内因素主要是地产融资困境带来的经济连锁反应以及疫情在经济社会生活形成拖累，当前这两大负面因素都有了好转。尽管2023年可能面临外需下滑的压力，但地产和消费是国内经济修复的两大看点。地产政策自2022年底密集出台，并且有了较为明显的突破，通过改善房地产企业融资环境，需求端、供给端和保交楼三管齐下，促进房地产市场平稳健康发展。我们认为2023年仍然存在政策继续发力的空间。疫情方面，随着疫情政策的放开，国内经济经历短期阵痛，但经济的恢复动能较强。随着疫情放开，社交场景重启，消费大概率呈现回暖趋势，助力经济修复。整体上我们认为，当前股票市场的底部区域特征还是较为明确的，一来政策底的信号已经较为明确，经济修复的预期已经开始演绎。另一方面，近几年来，股票市场多轮下探已经对底部进行了多次试探，我们认为当前股票市场整体已经是到了底部区域。当然经济底还尚未确认，宏观经济层面仍然存在一些不确定因素，包括宏观经济增长压力、疫情短期的影响、外需可能回落等等。因此短期我们的态度是不悲观，但谨慎乐观。如果把时间放长一些，我们认为，我们可以对中国经济的修复和股票市场的表现更加乐观一些。","fund":{"_id":3000000011316,"__csrcFundId":8991,"stockCode":"011316","shortName":"天弘创业板300ETF发起式联接(011316)","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":11316,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:45:19.801Z","status":"normal","name":"天弘创业板300交易型开放式指数证券投资基金发起式联接基金","exchange":"jj","inceptionDate":"2021-05-06T16:00:00.000Z","followedNum":2,"fundCollectionId":4000050430000,"currency":"CNY","masterFundShortName":"天弘创业板300ETF发起式联接","setUpDate":"2021-05-06T16:00:00.000Z","setUpAssetScale":8516411.8,"setUpShares":8516411.8,"pinyin":"thcyb300jyxkfszszqtzjjfqsljjj","etfFundFlag":1,"feederFundFlag":1,"indexFundFlag":1,"managers":[{"stockCode":"db20572968","stockType":"fund_manager","exchange":"fm","tickerId":325189610,"name":"陈瑶"}]},"announcement":{"linkText":"天弘创业板300交易型开放式指数证券投资基金发起式联接基金2022年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=870177","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece6d7fea5b3eb04eae11","date":"2022-09-29T16:00:00.000Z","stockId":3000000011316,"sao":"本基金由原天弘创业板300指数型发起式证券投资基金转型而来。截至本报告期末，本基金主要持有天弘创业板300ETF及指数成分股，仍采用被动复制策略，其跟踪效果与直接持有指数成分股的效果一致。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的方式跟踪指数，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。控制联接基金跟踪误差的前提是控制ETF基金的跟踪误差。报告期内，本基金跟踪误差的来源主要是申购赎回、打新以及ETF对指数的跟踪误差。当由于申赎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组合优化相结合的方式跟踪指数。在ETF的跟踪误差管理上，我们坚持指数化投资原则，同时紧密跟踪成分股的权息事件，及时有效处理，避免权重偏离造成跟踪误差的扩大，保障联接基金的跟踪误差。报告期内，本联接基金整体运行平稳。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:43:09.203Z","fund":{"_id":3000000011316,"__csrcFundId":8991,"stockCode":"011316","shortName":"天弘创业板300ETF发起式联接(011316)","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":11316,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:45:19.801Z","status":"normal","name":"天弘创业板300交易型开放式指数证券投资基金发起式联接基金","exchange":"jj","inceptionDate":"2021-05-06T16:00:00.000Z","followedNum":2,"fundCollectionId":4000050430000,"currency":"CNY","masterFundShortName":"天弘创业板300ETF发起式联接","setUpDate":"2021-05-06T16:00:00.000Z","setUpAssetScale":8516411.8,"setUpShares":8516411.8,"pinyin":"thcyb300jyxkfszszqtzjjfqsljjj","etfFundFlag":1,"feederFundFlag":1,"indexFundFlag":1,"managers":[{"stockCode":"db20572968","stockType":"fund_manager","exchange":"fm","tickerId":325189610,"name":"陈瑶"}]},"announcement":{"linkText":"天弘创业板300交易型开放式指数证券投资基金发起式联接基金2022年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=805367","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece6d7fea5b3eb04eae10","date":"2022-06-29T16:00:00.000Z","stockId":3000000011316,"sao":"本基金由原天弘创业板300指数型发起式证券投资基金转型而来。截至本报告期末，本基金主要持有天弘创业板300ETF及指数成分股，仍采用被动复制策略，其跟踪效果与直接持有指数成分股的效果一致。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的方式跟踪指数，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。控制联接基金跟踪误差的前提是控制ETF基金的跟踪误差。报告期内，本基金跟踪误差的来源主要是申购赎回、打新、成分股调整以及ETF对指数的跟踪误差。当由于申赎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组合优化相结合的方式跟踪指数。在ETF的跟踪误差管理上，我们坚持指数化投资原则，同时紧密跟踪成分股的权息事件，及时有效处理，避免权重偏离造成跟踪误差的扩大，保障联接基金的跟踪误差。报告期内，本联接基金整体运行平稳。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:43:09.200Z","mo":"上半年股票市场受到内外多方面因素的影响，包括俄乌冲突、美联储加息、疫情、国内经济增长压力等，整体波动和回撤幅度较大。当前，股票市场更多的关注国内宏观经济修复情况。宏观经济方面，国内经历了3-5月的疫情影响，随着疫情得到逐步控制，复工的环比修复也已基本结束，但经济景气度偏弱，疫情仍存在散点反复，固定资产投资和出口景气度的恢复相对较慢，房地产销售仍有压力，消费需求仍较疲软。政策方面，值得注意的是，三季度开始，CPI的上行可能对货币政策形成一定制约。6月社融放量超预期，信贷冲量上行，结构改善，但这一定程度上与6月份地产积压的购房需求释放，以及政府债券集中发行激发基建融资需求等因素有关。信贷结构是否持续改善仍需要观察。社融方面，今年的专项债额度已经基本发行完，下半年政府债券对社融的支撑减弱，还需要关注是否有增量的财政政策工具。整体上，我们认为下半年政策大概率仍将继续维持稳增长的方向，同时不排除新的稳增长政策加码的可能，我们相信，随着政策的实施和见效，经济将继续走出逐步修复的态势。对股票市场而言，我们认为，下半年稳增长板块仍有一定看点。股票市场在见到政策的持续效果之前，可能波动会加大，但随着稳增长的效果呈现，股票市场仍有一定的行情演绎。","fund":{"_id":3000000011316,"__csrcFundId":8991,"stockCode":"011316","shortName":"天弘创业板300ETF发起式联接(011316)","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":11316,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:45:19.801Z","status":"normal","name":"天弘创业板300交易型开放式指数证券投资基金发起式联接基金","exchange":"jj","inceptionDate":"2021-05-06T16:00:00.000Z","followedNum":2,"fundCollectionId":4000050430000,"currency":"CNY","masterFundShortName":"天弘创业板300ETF发起式联接","setUpDate":"2021-05-06T16:00:00.000Z","setUpAssetScale":8516411.8,"setUpShares":8516411.8,"pinyin":"thcyb300jyxkfszszqtzjjfqsljjj","etfFundFlag":1,"feederFundFlag":1,"indexFundFlag":1,"managers":[{"stockCode":"db20572968","stockType":"fund_manager","exchange":"fm","tickerId":325189610,"name":"陈瑶"}]},"announcement":{"linkText":"天弘创业板300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=785013","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece6d7fea5b3eb04eae0f","date":"2022-03-30T16:00:00.000Z","stockId":3000000011316,"sao":"本基金由原天弘创业板300指数型发起式证券投资基金转型而来。截至本报告期末，本基金主要持有天弘创业板300ETF及指数成分股，仍采用被动复制策略，其跟踪效果与直接持有指数成分股的效果一致。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的方式跟踪指数，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。控制联接基金跟踪误差的前提是控制ETF基金的跟踪误差，报告期内，本基金跟踪误差的来源主要是申购赎回、打新以及ETF对指数的跟踪误差。当由于申赎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组合优化相结合的方式跟踪指数。在ETF的跟踪误差管理上，我们坚持指数化投资原则，同时紧密跟踪成分股的权息事件，及时有效处理，避免权重偏离造成跟踪误差的扩大，保障联接基金的跟踪误差。报告期内，本联接基金整体运行平稳。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:43:09.197Z","fund":{"_id":3000000011316,"__csrcFundId":8991,"stockCode":"011316","shortName":"天弘创业板300ETF发起式联接(011316)","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":11316,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:45:19.801Z","status":"normal","name":"天弘创业板300交易型开放式指数证券投资基金发起式联接基金","exchange":"jj","inceptionDate":"2021-05-06T16:00:00.000Z","followedNum":2,"fundCollectionId":4000050430000,"currency":"CNY","masterFundShortName":"天弘创业板300ETF发起式联接","setUpDate":"2021-05-06T16:00:00.000Z","setUpAssetScale":8516411.8,"setUpShares":8516411.8,"pinyin":"thcyb300jyxkfszszqtzjjfqsljjj","etfFundFlag":1,"feederFundFlag":1,"indexFundFlag":1,"managers":[{"stockCode":"db20572968","stockType":"fund_manager","exchange":"fm","tickerId":325189610,"name":"陈瑶"}]},"announcement":{"linkText":"天弘创业板300交易型开放式指数证券投资基金发起式联接基金2022年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=725277","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece6d7fea5b3eb04eae0e","date":"2021-12-30T16:00:00.000Z","stockId":3000000011316,"sao":"本基金由原天弘创业板300指数型发起式证券投资基金转型而来。截至本报告期末，本基金主要持有天弘创业板300ETF及指数成分股，仍采用被动复制策略，其跟踪效果与直接持有指数成分股的效果一致。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的方式跟踪指数，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。控制联接基金跟踪误差的前提是控制ETF基金的跟踪误差，报告期内，本基金跟踪误差的来源主要是申购赎回、打新、成分股调整以及ETF对指数的跟踪误差。当由于申赎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组合优化相结合的方式跟踪指数。在ETF的跟踪误差管理上，我们坚持指数化投资原则，同时紧密跟踪成分股的权息事件，及时有效处理，避免权重偏离造成跟踪误差的扩大，保障联接基金的跟踪误差。报告期内，本联接基金整体运行平稳。","declarationDate":"2022-01-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:43:09.195Z","mo":"2021年一季度以来，受地产端信用风险的爆发、疫情反复以及大宗商品价格上涨等因素的影响，经济压力逐渐显现。2021年末中央经济工作会议确定“稳增长”的主要政策基调。2022年货币政策和财政政策将继续共同发力。货币政策更加看重“防风险”与“稳增长”，1月中旬央行下调MLF和逆回购利率，随后LPR利率调降，其中，5年期的下调体现了对房地产需求端的适度改善。随着地产端信用风险的缓释，以及地产政策的边际改善，2022年地产端的风险将逐步得到缓解。财政政策方面，资金端，地方债发行速度明显加快；项目端，“推动形成实物工作量”。我们认为伴随着财政政策的逐步发力以及低利率支撑将带来经济增长的稳步复苏。对于股票市场而言，美国加息预期可能成为今年股票市场的不确定因素，可能将带来部分板块的估值波动。股票市场的风格分化可能继续延续，但部分板块也回落到了低估值区间，可予以关注。","fund":{"_id":3000000011316,"__csrcFundId":8991,"stockCode":"011316","shortName":"天弘创业板300ETF发起式联接(011316)","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":11316,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:45:19.801Z","status":"normal","name":"天弘创业板300交易型开放式指数证券投资基金发起式联接基金","exchange":"jj","inceptionDate":"2021-05-06T16:00:00.000Z","followedNum":2,"fundCollectionId":4000050430000,"currency":"CNY","masterFundShortName":"天弘创业板300ETF发起式联接","setUpDate":"2021-05-06T16:00:00.000Z","setUpAssetScale":8516411.8,"setUpShares":8516411.8,"pinyin":"thcyb300jyxkfszszqtzjjfqsljjj","etfFundFlag":1,"feederFundFlag":1,"indexFundFlag":1,"managers":[{"stockCode":"db20572968","stockType":"fund_manager","exchange":"fm","tickerId":325189610,"name":"陈瑶"}]},"announcement":{"linkText":"天弘创业板300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=714476","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece6d7fea5b3eb04eae0d","date":"2021-09-29T16:00:00.000Z","stockId":3000000011316,"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的方式跟踪指数，完全复制标的指数，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，本基金跟踪误差的来源主要是申购赎回、打新。当由于申赎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组合优化相结合的方式跟踪指数。报告期内，本基金整体运行平稳。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:43:09.192Z","fund":{"_id":3000000011316,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