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15.16%, 中证500下跌11.47%, 中证1000下跌12.45%。总体来说，中小盘风格强于大盘风格，今年四五月份反弹相对较强的消费板块与新能源板块都有较大幅度回调，资源品板块受全球能源价格上涨影响持续走强。当前市场下跌的主要因素主要由国内外不利的宏观环境等因素所致。首先，国内疫情反复对经济和基本面有一定影响。其次，美联储近期的加息进程导致全球股票市场的回调。第三，持续的地缘政治冲突对市场带来负面影响，主要体现在全球能源价格上涨。报告期内，经过整体回调，市场上大量个股的估值水平都回到了合理甚至被低估的区间，不同板块和不同个股的业绩出现了较大分化。我们认为分化将是未来一段时期市场的状态，在分化的市场环境中，有两类机会值得把握：其一，估值修复的机会。由于前期对市场的预期较差导致很多个股被情绪化地抛售，造成其估值跌至一个非理性的区间。我们预计随着市场情绪的修复，这部分个股的估值将得到修复。其二，业绩增长确定性强的个股是稀缺性的投资机会。虽然从板块的层面很难找到业绩整体亮眼的板块。但各板块内总有表现亮眼的个股存在：一方面，由于这些公司的内生增长性强，在总需求走弱的市场环境下依然可以维持适当增长并扩大市场份额；另一方面，这些公司的业务受疫情影响较小，依然可以维持过去的平均增速。我们认为上述个股大量存在于医药、计算机、建材、军工及大消费板块中，值得本基金深入研究、精挑细选并坚定持有。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:51:46.314Z","fund":{"_id":3000000014020,"__csrcFundId":10354,"stockCode":"014020","shortName":"诺德量化先锋(014020)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14020,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:02:00.105Z","status":"normal","exchange":"jj","name":"诺德量化先锋一年持有期混合型证券投资基金","fundCollectionId":4000050560000,"masterFundShortName":"诺德量化先锋","inceptionDate":"2022-01-10T16:00:00.000Z","followedNum":4,"setUpDate":"2022-01-10T16:00:00.000Z","setUpAssetScale":152091960.79,"setUpShares":152091960.79,"pinyin":"ndlhxfyncyqhhxzqtzjj","managers":[{"stockCode":"8801604158","stockType":"fund_manager","exchange":"fm","tickerId":230814182670,"name":"王恒楠"}]},"announcement":{"linkText":"诺德量化先锋一年持有期混合型证券投资基金2022年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=805912","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0727fea5b3eb050d2e9","date":"2022-06-29T16:00:00.000Z","stockId":3000000014020,"sao":"2022年上半年，A股主流宽基指数多数收跌，上证指数下跌6.63%报3398.62点，深证成指下跌13.2%，创业板指下跌15.41%。上证50和沪深300分别下跌6.59%和9.22%；小盘股指数中证500、中证1000跌幅较大，分别为-12.30%、-12.67%。美股三大指数跌幅较大，道指跌幅15.31%，标普500指数跌幅20.58%，纳指跌幅最大29.51%。截至2022年6月30日，A股融资融券余额为16,033.31亿元，较2022年1月28日的17132.10减少1098.79亿元。从行业表现来看，2022年上半年申万一级行业中除煤炭涨幅高达31.38%外，均为负收益，其中，跌幅较大的四个行业分别为电子（-24.46%）、计算机（-23.64%）、传媒（-22.25%）、国防军工（-20.05%）。报告期内，本基金在2022年一季度市场剧烈下挫期间经历了大幅回撤，本基金在一季度对去年四季度业绩表现不佳的白马股进行了切换，增配了性价比高的小盘成长股及银行地产板块中有良好成长性的个股，配置风格从大盘成长转向大盘中盘成长。本基金在二季度保持高仓位运行，配置结构上布局了银行、地产、军工板块，其他行业较之前没有大幅变动，医药、计算机板块仍是主要配置方向，分布比较均衡。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:51:46.309Z","mo":"受俄乌冲突影响，油价的快速上涨对短期通胀影响较大，美欧央行仍处于快速加息阶段以控制高通胀，以历史加息周期来看，本轮加息将于2022年年底进入尾声。受疫情冲击，2022年上半年国内经济探底，外贸数据较为亮眼，货物贸易进出口总值19.8万亿元，同比增长9.4%；出口11.14万亿元，增长13.2%；进口8.66万亿元，增长4.8%。2022年上半年国内固定资产投资同比增长了6.1%，其中6月单月的基建投资同比增幅达12%，单月新增专项债发行达13,724亿元，为经济的稳定提供了重要支撑。消费数据较为疲软，其中必需消费品的支出保持稳定增长，而可选消费品存有持续表现低迷的态势。但在人均收入保持增长和汽车购置税减免等消费刺激政策的驱动下，消费数据存在较大的修复空间，6月社零同比增长3.1%，反弹初见端倪，6月PMI指数50.2，于三月后首次站上荣枯线。制造业需求有望快速修复，CPI温和上行，除输入性通胀能源、油料、汇率等影响，国内自身面临新一轮猪周期，随着经济的爬坡，PPI向CPI传导加强。货币政策持续维持合理充裕，整体看来，我们对于未来市场的判断为震荡中前行，继续维持结构性行情。","fund":{"_id":3000000014020,"__csrcFundId":10354,"stockCode":"014020","shortName":"诺德量化先锋(014020)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14020,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:02:00.105Z","status":"normal","exchange":"jj","name":"诺德量化先锋一年持有期混合型证券投资基金","fundCollectionId":4000050560000,"masterFundShortName":"诺德量化先锋","inceptionDate":"2022-01-10T16:00:00.000Z","followedNum":4,"setUpDate":"2022-01-10T16:00:00.000Z","setUpAssetScale":152091960.79,"setUpShares":152091960.79,"pinyin":"ndlhxfyncyqhhxzqtzjj","managers":[{"stockCode":"8801604158","stockType":"fund_manager","exchange":"fm","tickerId":230814182670,"name":"王恒楠"}]},"announcement":{"linkText":"诺德量化先锋一年持有期混合型证券投资基金2022年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=784340","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0727fea5b3eb050d2e8","date":"2022-03-30T16:00:00.000Z","stockId":3000000014020,"sao":"在刚刚过去的一季度，市场剧烈下挫，新成立的量化先锋，由于处在建仓期，目前仓位不到70%，净值下跌了个位数，跑赢市场。一月份以来，大家都可以看出市场出现了流动性主导的下跌行情。然而，跌到了什么位置？什么板块相对安全或者具有反弹机会？这些方面争议很大。我个人的想法是，不要做太远的预期，走一步看一步，用数据来说话。一季度在操作上减掉了一些四季度业绩比较不理想的白马股，增配了一些性价比较高的小盘成长股，以及银行地产板块中个别具有良好成长性的个股。总体来讲，配置风格由过去的大盘成长走向了大盘中盘成长。我认为，成长性还是在这个宏观不确定性加剧的阶段里最重要的性质。由于经历了一个季度的下跌，医药、计算机、消费中很多个股已经性价比比较理想，一旦有些超预期的业绩表现，戴维斯双击可以预期；而中盘成长风格今年表现依然可圈可点，我认为在流动性比较紧张的时期依然具备配置价值。地产与银行在稳经济预期下表现较强，但在估值走高后需要警惕回调风险。量化先锋中配置了几个点的港股，在之前剧烈下跌过程中配进去的，随着未来行业政策风险逐步退去，有望带来反弹；但港股的逻辑与A股差异较大，所以经过审慎考虑，未予以过多配置。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:51:46.306Z","fund":{"_id":3000000014020,"__csrcFundId":10354,"stockCode":"014020","shortName":"诺德量化先锋(014020)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14020,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:02:00.105Z","status":"normal","exchange":"jj","name":"诺德量化先锋一年持有期混合型证券投资基金","fundCollectionId":4000050560000,"masterFundShortName":"诺德量化先锋","inceptionDate":"2022-01-10T16:00:00.000Z","followedNum":4,"setUpDate":"2022-01-10T16:00:00.000Z","setUpAssetScale":152091960.79,"setUpShares":152091960.79,"pinyin":"ndlhxfyncyqhhxzqtzjj","managers":[{"stockCode":"8801604158","stockTy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