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稳定。东兴宸瑞的投资策略侧重于组合的构建而非择时，底层的选股逻辑主要基于基本面多因子模型，采用分散化投资理念，重点关注兼具估值和成长性的公司。通过模型筛选，重点选择成长性好，盈利能力强的公司，结合估值预期形成投资组合。2025年一季度量化选股模型有效地抓住了结构性机会，净值相对基准指数取得了一定的超额收益。同时，组合构建过程中的风险控制模块发挥了极大的作用，将我们的回撤控制在一个较低的水平。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:46:30.780Z","fund":{"_id":3000000012297,"__csrcFundId":9337,"stockCode":"012297","shortName":"东兴宸瑞量化混合(012297)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12297,"masterFundFlag":1,"lastUpdated":"2026-04-30T23:14:55.177Z","status":"normal","exchange":"jj","name":"东兴宸瑞量化混合型证券投资基金","fundCollectionId":4000051940000,"inceptionDate":"2021-06-29T16:00:00.000Z","followedNum":7,"currency":"CNY","masterFundShortName":"东兴宸瑞量化混合","setUpDate":"2021-06-29T16:00:00.000Z","setUpAssetScale":133154981.55,"setUpShares":133154981.55,"pinyin":"dxcrlhhhxzqtzjj","managers":[{"stockCode":"8801399247","stockType":"fund_manager","exchange":"fm","tickerId":2624155370,"name":"张旭"},{"stockCode":"j101020700","stockType":"fund_manager","exchange":"fm","tickerId":242518252970,"name":"邢嫣然"}]},"announcement":{"linkText":"东兴宸瑞量化混合型证券投资基金2025年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1269759","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf367fea5b3eb04f8c1c","date":"2024-12-30T16:00:00.000Z","stockId":3000000012297,"sao":"2024年权益市场波动加大，指数经历二次探底后在三季度末迎来反转行情，全年主要宽基指数均录得双位数涨幅。但整体来看，指数的上涨主要集中在9月下旬的几个交易日，且全年获得正收益的个股占比并未过半，市场赚钱机会并不突出。这种市场环境确实对量化交易带来了较大的挑战，我们在策略上也进行了进一步的迭代优化，保证超额收益的整体稳定。东兴宸瑞的投资策略依旧侧重于组合的构建而非择时，底层的选股逻辑为主要基于基本面多因子模型，坦白而言，2024年基于基本面的投资逻辑面临较大的压力，主要是特定市场环境下短期市场底层的驱动因素并非业绩驱动，在这种情况下，我们组合构建过程中的风险控制模块发挥了极大的作用，将我们的回撤控制在一个较低的水平。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:46:30.777Z","mo":"展望2025年，我们认为权益市场的机会将多于2024年。总结看，市场有利的条件有以下几个：首先，去年9月份政策出现比较大的积极变化，在部署2025年经济工作时，把提升包括消费物价和资产价格的广义通胀水平放到了更高的位置。过去几年，物价指数偏低，居民消费意愿不足。因此这次政策着力于斩断价格下跌的循环，无论是房地产的止跌企稳还是资本市场的平稳发展，都具有积极的意义。2025年，实现价格指数的正向恢复趋势是较为确定的，这就能为市场运行提供一个比较好的环境；其次是中观产业的机会，过去几年市场机会不多的另外一个原因是2021年一些行业的估值过于透支，而市场又缺乏新的增量产业，因此没有比较好的主线投资机会。但目前来看，我们看到一方面过去比较贵的行业，现在估值都到了历史比较低的水平，即使考虑到业绩增速的中枢回落，配置价值也是比较好的。另一方面，随着新一轮AI产业浪潮的来临，国内在大模型、半导体、人形机器人、AI应用等多个领域都实现了比较好的突破，紧跟国际先进的技术水平，这会给市场带来很多明确的投资机会；最后，对于资本市场自身而言，随着各项改革措施的落地，A股市场更加注重股东回报，投融资将更加均衡，这对于恢复投资者信心，助力市场长期平稳发展是有重要意义的，能够吸引更多的资金进入到市场中。2025年市场主要的不确定性来自外围，但考虑到国内政策已经做了较为充足的应对准备，因此外围的变化对市场的影响预计将会可控。","fund":{"_id":3000000012297,"__csrcFundId":9337,"stockCode":"012297","shortName":"东兴宸瑞量化混合(012297)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12297,"masterFundFlag":1,"lastUpdated":"2026-04-30T23:14:55.177Z","status":"normal","exchange":"jj","name":"东兴宸瑞量化混合型证券投资基金","fundCollectionId":4000051940000,"inceptionDate":"2021-06-29T16:00:00.000Z","followedNum":7,"currency":"CNY","masterFundShortName":"东兴宸瑞量化混合","setUpDate":"2021-06-29T16:00:00.000Z","setUpAssetScale":133154981.55,"setUpShares":133154981.55,"pinyin":"dxcrlhhhxzqtzjj","managers":[{"stockCode":"8801399247","stockType":"fund_manager","exchange":"fm","tickerId":2624155370,"name":"张旭"},{"stockCode":"j101020700","stockType":"fund_manager","exchange":"fm","tickerId":242518252970,"name":"邢嫣然"}]},"announcement":{"linkText":"东兴宸瑞量化混合型证券投资基金2024年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1246401","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf367fea5b3eb04f8c1b","date":"2024-09-29T16:00:00.000Z","stockId":3000000012297,"sao":"三季度是A股转折的季度，在经济数据继续走弱的背景下，指数一开始延续阴跌走势，估值等各项指标均不断走低，接近历史大底水平。9月24日，金融“一揽子”政策落地，支持实体经济和资本市场的力度超预期。之后，政治局会议超预期部署经济工作，会议强调要加大财政货币政策力度，同时指出促进房地产市场“止跌回稳”。美联储9月超预期降息50bp后，人民币企稳，国内政策空间顺势打开。整体看，本次“一揽子”货币和金融政策宽松力度为近年少见，政治局会议对地产的表态同样超预期，为资本市场释放出明确的拐点信号。受政策提振，市场风险偏好在9月最后一周快速修复攀升，沪指自2700点附近强势攀升突破3300点，演绎了一轮内外资共振的可观修复行情。从整个季度来看，黎明前长时间的黑暗确实是消磨了投资者最后的信心。在9月底市场出现转折之前，两市成交量一度低于5000亿元。成交量的萎靡使得大部分个股在丧失流动性的情况下，股价无差别阴跌，估值向下不断脱离基本面。而资金继续抱团少部分个股，权重股享受流动性溢价。“924”为序幕的一系列增量政策出台时，市场在连续三年多时间的调整后，估值已经处于历史大底水平，筹码结构干净，多数投资者已经在漫长的等待中离开市场。因此“924”政策超预期落地后，指数在抛压极小的情况下迅速攀升。虽然这让市场估值得以快速修复，但对于投资者来说，并不能及时调整仓位。量化投资过去几年在A股市场逐步生根发芽，成为越来越多投资人的选择，管理规模也不断攀升。长期看，量化基金在中国大概率也是会继续发展壮大的。但由于行业竞争确实在加剧，差异化发展就显得非常有必要。未来，在大的投资框架上，东兴基金量化团队仍将继续采用基本面量化投资方法。就具体的技术细节，我们将不断升级迭代，通过不断地升级迭代策略，以保持策略的持续竞争性，迎接量化投资的新时代。当下没有任何意义去质疑政策的拐点信号，短期实际利率偏高的问题会随着政策利率的走低以及通胀预期的恢复逐步解决，长期的挑战依然存在，但当下正朝着正确的方向前进。未来发挥“一揽子”政策的具体效果，还需要财政政策协同配合。在政策已经出现明显变化下，A股中期的逻辑已经发生转变，当下仍是战略性布局机会。但短期需要等待市场波动逐步放缓，交易层面拥挤的压力缓解。同时，关注财政政策的跟进以及高频数据的改善。A股第一阶段估值修复后，第二阶段预计将围绕基本面改善的主线进行交易。东兴宸瑞的投资策略依旧侧重于组合的构建而非择时，底层的选股逻辑为主要基于基本面多因子模型。未来，随着市场风险偏好的修复及稳定，预计业绩将重新成为市场驱动的主要因素，届时我们基本面量化模型优势将明显凸显。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:46:30.774Z","fund":{"_id":3000000012297,"__csrcFundId":9337,"stockCode":"012297","shortName":"东兴宸瑞量化混合(012297)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12297,"masterFundFlag":1,"lastUpdated":"2026-04-30T23:14:55.177Z","status":"normal","exchange":"jj","name":"东兴宸瑞量化混合型证券投资基金","fundCollectionId":4000051940000,"inc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较小。东兴宸瑞四季度整体表现好于业绩基准及主要宽基指数，我们的选股组合整体继续表现出一定的超额。无论从估值、政策还是企业盈利周期来看，权益市场都是一个较好的投资时点，但市场依旧低于大多数人的预期，背后的原因可能主要还是资金问题，简单来说就是供需失衡，权益市场缺乏持续的入市资金，市场反馈持续处于负循环自我加强过程中。东兴宸瑞的投资策略依旧侧重于组合的构建而非择时，底层的选股逻辑为主要基于基本面多因子模型，坦白而言，过去几个季度基于基本面的投资逻辑面临较大的压力，主要是特定市场环境下短期市场底层的驱动因素并非业绩驱动，在这种情况下，我们组合构建过程中的风险控制模块发挥了极大的作用，将我们的回撤控制在一个较低的水平。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:46:30.766Z","mo":"展望2024年，积极财政政策将继续发力，结构性货币工具将围绕“三大工程”，制造业转型升级等领域精准支持。中央政府“加杠杆”下，基建投资仍将是经济增长重要压舱石。居民部门将继续修复资产负债表，消费延续缓慢复苏走势。但地产投资仍有下行压力，出口面临不确定性。总量经济增速保持稳定下，资本市场仍将面临战略机遇和风险挑战并存的环境。但A股经过三年周期的调整，主要宽基指数估值均已回落至历史较低水平，前期机构重仓行业筹码压力得到消化。同时，2024年是资本市场迈向金融强国建设的起步年，预计资本市场改革将继续推进,相关配套制度也将进一步完善。整体看，权益市场在2024年表现有望好于2023年。","fund":{"_id":3000000012297,"__csrcFundId":9337,"stockCode":"012297","shortName":"东兴宸瑞量化混合(012297)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12297,"masterFundFlag":1,"lastUpdated":"2026-04-30T23:14:55.177Z","status":"normal","exchange":"jj","name":"东兴宸瑞量化混合型证券投资基金","fundCollectionId":4000051940000,"inceptionDate":"2021-06-29T16:00:00.000Z","followedNum":7,"currency":"CNY","masterFundShortName":"东兴宸瑞量化混合","setUpDate":"2021-06-29T16:00:00.000Z","setUpAssetScale":133154981.55,"setUpShares":133154981.55,"pinyin":"dxcrlhhhxzqtzjj","managers":[{"stockCode":"8801399247","stockType":"fund_manager","exchange":"fm","tickerId":2624155370,"name":"张旭"},{"stockCode":"j101020700","stockType":"fund_manager","exchange":"fm","tickerId":242518252970,"name":"邢嫣然"}]},"announcement":{"linkText":"东兴宸瑞量化混合型证券投资基金2023年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1052226","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf367fea5b3eb04f8c17","date":"2023-09-29T16:00:00.000Z","stockId":3000000012297,"sao":"三季度国内一揽子稳增长政策持续落地，主要经济指标出现边际改善，消费方面，因去年低基数叠加国家促消费政策发力，8月社零环比增速改善，消费需求回暖；出口方面，在外部压力的影响下我国外贸逐渐恢复活力，8月出口同比降幅较7月明显收窄；投资方面，制造业投资增速加快，基础设施投资持续增长，但房地产投资持续承压，行业仍处于筑底阶段。整体而言，随着稳增长政策持续落地，宏观经济数据逐步向好，市场对经济复苏的担忧有所减弱，但整体的风险偏好依然偏低，A股呈现弱势震荡走势。东兴宸瑞在投资策略方面采用分散化投资的理念，综合衡量公司的估值和成长，选取具有较好的长期投资价值的股票形成组合。在选股层面，通过多方面筛选，重点选择成长性好，盈利能力强、有一定流动性的公司，结合估值预期形成投资组合。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:46:30.764Z","fund":{"_id":3000000012297,"__csrcFundId":9337,"stockCode":"012297","shortName":"东兴宸瑞量化混合(012297)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12297,"masterFundFlag":1,"lastUpdated":"2026-04-30T23:14:55.177Z","status":"normal","exchange":"jj","name":"东兴宸瑞量化混合型证券投资基金","fundCollectionId":4000051940000,"inceptionDate":"2021-06-29T16:00:00.000Z","followedNum":7,"currency":"CNY","masterFundShortName":"东兴宸瑞量化混合","setUpDate":"2021-06-29T16:00:00.000Z","setUpAssetScale":133154981.55,"setUpShares":133154981.55,"pinyin":"dxcrlhhhxzqtzjj","managers":[{"stockCode":"8801399247","stockType":"fund_manager","exchange":"fm","tickerId":2624155370,"name":"张旭"},{"stockCode":"j101020700","stockType":"fund_manager","exchange":"fm","tickerId":242518252970,"name":"邢嫣然"}]},"announcement":{"linkText":"东兴宸瑞量化混合型证券投资基金2023年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=987719","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf367fea5b3eb04f8c16","date":"2023-06-29T16:00:00.000Z","stockId":3000000012297,"sao":"一季度，在国内经济全面复苏、美联储加息见顶的预期下，北向资金持续净流入，A股全线上涨。随后美联储加息见顶的预期转向，全球股市大幅波动，叠加美欧银行业危机持续发酵，国内部分高频经济数据有所回落，北向资金净流入放缓，A股呈现震荡调整走势。二季度国内经济复苏斜率放缓，经济高频数据有所回落，消费方面，4月和5月社零虽因去年低基数同比录得较高值，但不及市场预期，且从环比看消费动能有所走弱；出口方面，全球经济放缓对我国出口的抑制作用开始显现，5月出口录得负值，且显著低于市场预期；投资方面，制造业投资保持韧性、基建投资继续维持高增速，但房地产投资在4月和5月连续两个月降幅再次加深。整体而言，内生动力不强、需求驱动不足、美联储加息预期再强化等多重因素叠加，导致市场对经济修复的预期有所下降，A股呈现震荡下行走势。东兴宸瑞在投资策略方面采用分散化投资的理念，综合衡量公司的估值和成长，选取具有较好的长期投资价值的股票形成组合。在选股层面，通过多方面筛选，重点选择成长性好，盈利能力强的公司，结合估值预期形成投资组合。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:46:30.761Z","mo":"往后看，国内货币政策保持稳健，美联储加息周期接近尾声，未来随着人民币贬值压力缓解，北向资金也有望呈现净流入态势。盈利层面，随着稳增长政策的持续发力和内需的不断修复，下半年库存周期有望见底回升，企业盈利也将温和改善。估值层面，从A股主要指数的估值和风险溢价来看，当前市场已反映较多悲观预期，中长期配置性价比较高。整体而言，下半年流动性有望改善，国内经济也将温和复苏，当前A股市场整体估值已降至较低水平，安全边际较高，未来市场表现值得期待。","fund":{"_id":3000000012297,"__csrcFundId":9337,"stockCode":"012297","shortName":"东兴宸瑞量化混合(012297)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12297,"masterFundFlag":1,"lastUpdated":"2026-04-30T23:14:55.177Z","status":"normal","exchange":"jj","name":"东兴宸瑞量化混合型证券投资基金","fundCollectionId":4000051940000,"inceptionDate":"2021-06-29T16:00:00.000Z","followedNum":7,"currency":"CNY","masterFundShortName":"东兴宸瑞量化混合","setUpDate":"2021-06-29T16:00:00.000Z","setUpAssetScale":133154981.55,"setUpShares":133154981.55,"pinyin":"dxcrlhhhxzqtzjj","managers":[{"stockCode":"8801399247","stockType":"fund_manager","exchange":"fm","tickerId":2624155370,"name":"张旭"},{"stockCode":"j101020700","stockType":"fund_manager","exchange":"fm","tickerId":242518252970,"name":"邢嫣然"}]},"announcement":{"linkText":"东兴宸瑞量化混合型证券投资基金2023年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=9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