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指数增强策略操作。本基金通过投资约束和数量化控制，按照基金合同的要求，使用定量分析等技术，分析和应对导致基金跟踪误差的因素，积极应对市场的剧烈变化，努力将基金的跟踪误差控制在较低水平下，实现增强策略，达到产生相对基准超额收益的投资目的。报告期内基金较好的完成了跟踪目标的同时，各类模型运行稳定。　　　　2023年3季度，A股市场震荡下跌。国内经济延续底部恢复状态，经济数据逐步企稳但仍需继续改善，投资人风险偏好依然较弱。但是“政策底”的确立，市场估值分位数较低，以及长端美债上限空间有限等因素，也预示着“市场底”或将逐步形成。　　从风格角度来看，Q3低估值风格表现突出，短期依然有望延续。同时，成长风格当前已处于高赔率阶段。后续以相对均衡的风格配置，更多关注结构性机会，应对当前偏震荡的市场环境。　　随着未来稳增长政策的不断落地，上市公司业绩的不断兑现，沪深300的配置性价比将会逐步凸显，同时一些行业增速与估值相匹配的行业依然有较大投资机会。","declarationDate":"2023-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T14:09:57.472Z","fund":{"_id":3000000166802,"stockCode":"166802","stockType":"fund","areaCode":"cn","followedNum":28,"status":"normal","exchange":"jj","fundType":"lof_etf","ipoDate":"2018-08-19T16:00:00.000Z","setUpScale":null,"blackenedNum":0,"market":"a","tickerId":166802,"custody":"华夏银行股份有限公司","name":"浙商沪深300指数增强型证券投资基金（LOF）","shortName":"浙商沪深300指数增强（LOF）(166802)","fundSecondLevel":"company","lastUpdated":"2026-05-01T17:12:42.927Z","__csrcFundId":3181,"fundStatus":"normal","masterFundFlag":1,"inceptionDate":"2012-05-06T16:00:00.000Z","fundCollectionId":4000050630000,"currency":"CNY","masterFundShortName":"浙商沪深300指数增强（LOF）","pinyin":"zshs300zszqxzqtzjj(lof)","__indexSourceEastMoney":1,"__indexSourceCsi":1,"indexFundFlag":1,"lofFundFlag":1,"indexId":1000000000300,"managers":[{"stockCode":"j101020452","stockType":"fund_manager","exchange":"fm","tickerId":182608250760,"name":"饶祖华"}]},"announcement":{"linkText":"浙商沪深300指数增强型证券投资基金（LOF）2023年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=985870","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed4b57fea5b3eb054eb1b","date":"2023-06-29T16:00:00.000Z","stockId":3000000166802,"sao":"本基金在报告期内，按照沪深 300 指数增强策略操作。本基金通过投资约束和数量化控制，按照基金合同的要求，使用定量分析等技术，分析和应对导致基金跟踪误差的因素，积极应对市场的剧烈变化，努力将基金的跟踪误差控制在较低水平下，实现增强策略，达到产生相对基准超额收益的投资目的。报告期内基金较好的完成了跟踪目标的同时，各类模型运行稳定。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T14:09:57.469Z","mo":"对公募量化产品来说，特别是以基本面量化策略为主要超额来源的产品，今年以来在策略超额方面的压力是相对较大的，市场状态的变化对策略的迭代提出了更多的挑战。一方面，绩优白马股往往宏观敞口更大，更加容易受到整体经济环境的影响。反应在市场上，投资者寻找宏观敞口相对较小的股票，例如做市值下沉、选择专精特新标的等。另外一方面，经济较弱的场景下，很难有某个产业链有持续的基本面业绩支撑，阶段性的行情更多是由估值修复驱动，市场呈现出快速轮动的状态，这对策略的换手率、信号灵敏度都提出了更高的要求。在这种市场环境下，我们提升了模型的精细度，增加了总体换手率，以增强组合对市场短期变化的敏感度。同时，我们改进了生产范式，进一步提升了AI技术在生产中的应用，从而提升策略迭代效率。对于我们来说，如何在坚持基本面量化为主要研发方向的情况下，不断进行策略迭代以配适市场环境，是一个长期持续解决的核心课题。　　2023年2季度，A股市场呈现震荡下跌的走势，反应了投资人对国内经济未来复苏节奏的担忧。但是我们也看到了一些积极的信号，例如库存周期进入了被动去库的中后期，居民中长期贷款数据出现了边际改善。从边际思维出发，我们觉得当下可以更加乐观一些，未来向上的概率大于向下的概率。　　随着未来稳增长政策的不断落地，上市公司业绩的不断兑现，沪深300的配置性价比将会逐步凸显，同时一些行业增速与估值相匹配的行业依然有较大投资机会。","fund":{"_id":3000000166802,"stockCode":"166802","stockType":"fund","areaCode":"cn","followedNum":28,"status":"normal","exchange":"jj","fundType":"lof_etf","ipoDate":"2018-08-19T16:00:00.000Z","setUpScale":null,"blackenedNum":0,"market":"a","tickerId":166802,"custody":"华夏银行股份有限公司","name":"浙商沪深300指数增强型证券投资基金（LOF）","shortName":"浙商沪深300指数增强（LOF）(166802)","fundSecondLevel":"company","lastUpdated":"2026-05-01T17:12:42.927Z","__csrcFundId":3181,"fundStatus":"normal","masterFundFlag":1,"inceptionDate":"2012-05-06T16:00:00.000Z","fundCollectionId":4000050630000,"currency":"CNY","masterFundShortName":"浙商沪深300指数增强（LOF）","pinyin":"zshs300zszqxzqtzjj(lof)","__indexSourceEastMoney":1,"__indexSourceCsi":1,"indexFundFlag":1,"lofFundFlag":1,"indexId":1000000000300,"managers":[{"stockCode":"j101020452","stockType":"fund_manager","exchange":"fm","tickerId":182608250760,"name":"饶祖华"}]},"announcement":{"linkText":"浙商沪深300指数增强型证券投资基金（LOF）2023年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=966063","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed4b57fea5b3eb054eb1a","date":"2023-03-30T16:00:00.000Z","stockId":3000000166802,"sao":"本基金在报告期内，按照沪深 300 指数增强策略操作。本基金通过投资约束和数量化控制，按照基金合同的要求，使用定量分析等技术，分析和应对导致基金跟踪误差的因素，积极应对市场的剧烈变化，努力将基金的跟踪误差控制在较低水平下，实现增强策略，达到产生相对基准超额收益的投资目的。报告期内基金较好的完成了跟踪目标的同时，各类模型运行稳定。　　2023年1季度，沪深300指数先涨后跌。一月份延续2022年11月的这波反弹行情，持续上涨。二三月份，市场对23年经济修复强度预期边际下调，指数呈现回调的走势。但是经济复苏的方向是没有改变的，我们依然对2023年的权益市场保持乐观。　　受益于中特估值体系，沪深300中的大盘国企，特别是科创板中的代表先进生产力方向的公司，出现了明显的估值修复。我们认为该趋势再未来会延续，相关公司值得持续关注。TMT板块短期处于高交易拥挤状态，一定程度上增加了指数的波动，我们通过构建针对性的模型，保持组合跟踪误差处于合理可控的状态。　　行业角度来看，医药、电子板块中的一些细分赛道，仍然处于赔率、胜率双优的状态，具有较高的配置性价比。电新板块在估值端有明显的消化，等待后续业绩逐步企稳后，会逐步进入高性价比配置区域。　　一季度绩优股票普遍表现不佳，对基本面策略的表现产生了一定压力。基于历史上的日历效应，随着财报季的到来，市场有望提升对基本面逻辑的关注度。风格上看，成长风格有望相对占优。当前成长风格相对于价值风格跑输的幅度处于历史极值附近，后续可能出现均值回复。　　随着未来稳增长政策的不断落地，上市公司业绩的不断兑现，沪深300的配置性价比将会逐步凸显，同时一些行业增速与估值相匹配的行业依然有较大投资机会。","declarationDate":"2023-04-19T16:00:00.000Z","lastUpdated":"2026-03-09T14:09:57.466Z","fund":{"_id":3000000166802,"stockCode":"166802","stockType":"fund","areaCode":"cn","followedNum":28,"status":"normal","exchange":"jj","fundType":"lof_etf","ipoDate":"2018-08-19T16:00:00.000Z","setUpScale":null,"blackenedNum":0,"market":"a","tickerId":166802,"custody":"华夏银行股份有限公司","name":"浙商沪深300指数增强型证券投资基金（LOF）","shortName":"浙商沪深300指数增强（LOF）(166802)","fundSecondLevel":"company","lastUpdated":"2026-05-01T17:12:42.927Z","__csrcFundId":3181,"fundStatus":"normal","masterFundFlag":1,"inceptionDate":"2012-05-06T16:00:00.000Z","fundCollectionId":4000050630000,"currency":"CNY","masterFundShortName":"浙商沪深300指数增强（LOF）","pinyin":"zshs300zszqxzqtzjj(lof)","__indexSourceEastMoney":1,"__indexSourceCsi":1,"indexFundFlag":1,"lofFundFlag":1,"indexId":1000000000300,"managers":[{"stockCode":"j101020452","stockType":"fund_manager","exchange":"fm","tickerId":182608250760,"name":"饶祖华"}]},"announcement":{"linkText":"浙商沪深300指数增强型证券投资基金（LOF）2023年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=879247","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed4b57fea5b3eb054eb19","date":"2022-12-30T16:00:00.000Z","stockId":3000000166802,"sao":"本基金在报告期内，按照沪深 300 指数增强策略操作。本基金通过投资约束和数量化控制，按照基金合同的要求，使用定量分析等技术，分析和应对导致基金跟踪误差的因素，积极应对市场的剧烈变化，努力将基金的跟踪误差控制在较低水平下，实现增强策略，达到产生相对基准超额收益的投资目的。报告期内基金较好的完成了跟踪目标的同时，各类模型运行稳定。","declarationDate":"2023-01-17T16:00:00.000Z","lastUpdated":"2026-03-09T14:09:57.463Z","mo":"2022年全年，沪深300整体呈现震荡下跌的走势。自22年11月份以来，受益于国内政策的调整以及海外加息周期的放缓，指数出现了底部反弹。2022年11月初对应的指数点位，预期是中长期的底部区域，2023年相对更加乐观。　　行业上来看，当前大多数板块在估值水平上都调整比较充分，随着后续国内经济的恢复，预期会有一波估值修复。其中，电子板块处于赔率、胜率双优的状态，具有较高的配置性价比。 　　从风格角度来看，目前价值风格相对于成长风格的超额收益处于2倍标准差之外，我们认为未来大概率会回复，成长风格短期有望表现更佳。短期来看，强预期弱现实的状态会持续，预期反转等量价因子会有持续表现。　　随着未来稳增长政策的不断落地，上市公司业绩的不断兑现，沪深300的配置性价比将会逐步凸显，同时一些行业增速与估值相匹配的行业依然有较大投资机会。","fund":{"_id":3000000166802,"stockCode":"166802","stockType":"fund","areaCode":"cn","followedNum":28,"status":"normal","exchange":"jj","fundType":"lof_etf","ipoDate":"2018-08-19T16:00:00.000Z","setUpScale":null,"blackenedNum":0,"market":"a","tickerId":166802,"custody":"华夏银行股份有限公司","name":"浙商沪深300指数增强型证券投资基金（LOF）","shortName":"浙商沪深300指数增强（LOF）(166802)","fundSecondLevel":"company","lastUpdated":"2026-05-01T17:12:42.927Z","__csrcFundId":3181,"fundStatus":"normal","masterFundFlag":1,"inceptionDate":"2012-05-06T16:00:00.000Z","fundCollectionId":4000050630000,"currency":"CNY","masterFundShortName":"浙商沪深300指数增强（LOF）","pinyin":"zshs300zszqxzqtzjj(lof)","__indexSourceEastMoney":1,"__indexSourceCsi":1,"indexFundFlag":1,"lofFundFlag":1,"indexId":1000000000300,"managers":[{"stockCode":"j101020452","stockType":"fund_manager","exchange":"fm","tickerId":182608250760,"name":"饶祖华"}]},"announcement":{"linkText":"浙商沪深300指数增强型证券投资基金（LOF）2022年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=867645","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed4b57fea5b3eb054eb18","date":"2022-09-29T16:00:00.000Z","stockId":3000000166802,"sao":"本基金在报告期内，按照沪深300指数增强策略操作。本基金通过投资约束和数量化控制，按照基金合同的要求，使用定量分析等技术，分析和应对导致基金跟踪误差的因素，积极应对市场的剧烈变化，努力将基金的跟踪误差控制在较低水平下，实现增强策略，达到产生相对基准超额收益的投资目的。报告期内基金较好的完成了跟踪目标的同时，各类模型运行稳定。  2022年3季度，沪深300整体呈现单边走势，从指数点位来看，处于今年4月份的低点附近。从FED指标来看，沪深300已经进入高性价比阶段。  当前市场成交量处于较为低迷的状态，观望情绪较浓。复盘历史来看，在经济复苏前期以及熊市下跌阶段，大金融板块往往会产生一定的超额收益。在复苏阶段的超额来源于对经济改善的预期，熊市下跌阶段的超额来源于金融股更加抗跌。当前大金融板块已具有较高的配置价值，处于赔率较优的状态。并且随着国内大会的召开以及美联储加息的不断兑现，事件性冲击的逐步缓解以及内外部格局的逐步清晰，会带来胜率上的不断提升。另外，医药板块也具有很高的性价比，不管是从估值、交易热度、机构持仓比例角度来看，当前都处于较低位置，可以逐步增加配置比例。  从风格角度来看，近期小盘股呈现明显弱于大盘股的态势。大盘股在前期先行下跌，近期的表现也相对于小盘股更加抗跌。我们认为四季度市值风格表现上有望更加均衡，大盘股的超额收益表现相对于前期会有所改善。  随着未来稳增长政策的不断落地，上市公司业绩的不断兑现，沪深300的配置性价比将会逐步凸显，同时一些行业增速与估值相匹配的行业依然有较大投资机会。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T14:09:57.461Z","fund":{"_id":3000000166802,"stockCode":"166802","stockType":"fund","areaCode":"cn","followedNum":28,"status":"normal","exchange":"jj","fundType":"lof_etf","ipoDate":"2018-08-19T16:00:00.000Z","setUpScale":null,"blackenedNum":0,"market":"a","tickerId":166802,"custody":"华夏银行股份有限公司","name":"浙商沪深300指数增强型证券投资基金（LOF）","shortName":"浙商沪深300指数增强（LOF）(166802)","fundSecondLevel":"company","lastUpdated":"2026-05-01T17:12:42.927Z","__csrcFundId":3181,"fundStatus":"normal","masterFundFlag":1,"inceptionDate":"2012-05-06T16:00:00.000Z","fundCollectionId":4000050630000,"currency":"CNY","masterFundShortName":"浙商沪深300指数增强（LOF）","pinyin":"zshs300zszqxzqtzjj(lof)","__indexSourceEastMoney":1,"__indexSourceCsi":1,"indexFundFlag":1,"lofFundFlag":1,"indexId":1000000000300,"managers":[{"stockCode":"j101020452","stockType":"fund_manager","exchange":"fm","tickerId":182608250760,"name":"饶祖华"}]},"announcement":{"linkText":"浙商沪深300指数增强型证券投资基金（LOF）2022年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=806268","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed4b57fea5b3eb054eb17","date":"2022-06-29T16:00:00.000Z","stockId":3000000166802,"sao":"本基金在报告期内，按照沪深300指数增强策略操作。本基金通过投资约束和数量化控制，按照基金合同的要求，使用定量分析等技术，分析和应对导致基金跟踪误差的因素，积极应对市场的剧烈变化，努力将基金的跟踪误差控制在较低水平下，实现增强策略，达到产生相对基准超额收益的投资目的。报告期内基金较好的完成了跟踪目标的同时，各类模型运行稳定，取得了一定的超额收益。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:09:57.458Z","mo":"2022年2季度，沪深300整体呈现V形走势。从风格上来看，并没有显著强势的风格，价值成长表现比较平衡。随着后期美联储加息逐步落地，此前对大盘成长风格的估值压制有望持续缓解。后期在均衡配置的基础上，可以对成长风格可以更加乐观一些。  行业维度来看，目前医药板块已经调整比较充分，处于战略性布局机会的阶段。消费板块有望受益于下半年的需求复苏，一些供需得到改善的板块具有较好的投资机会。TMT板块当前处于低估值低拥挤的高赔率阶段，但是还需等待行业盈利企稳确认拐点。  5月份以来市场快速反弹，短期来看一些热门赛道已经比较拥挤，有一定的估值消化需求。但是随着未来稳增长政策的不断落地，上市公司业绩的不断兑现，沪深300的配置性价比将会逐步凸显，同时一些行业增速与估值相匹配的行业依然有较大投资机会。","fund":{"_id":3000000166802,"stockCode":"166802","stockType":"fund","areaCode":"cn","followedNum":28,"status":"normal","exchange":"jj","fundType":"lof_etf","ipoDate":"2018-08-19T16:00:00.000Z","setUpScale":null,"blackenedNum":0,"market":"a","tickerId":166802,"custody":"华夏银行股份有限公司","name":"浙商沪深300指数增强型证券投资基金（LOF）","shortName":"浙商沪深300指数增强（LOF）(166802)","fundSecondLevel":"company","lastUpdated":"2026-05-01T17:12:42.927Z","__csrcFundId":3181,"fundStatus":"normal","masterFundFlag":1,"inceptionDate":"2012-05-06T16:00:00.000Z","fundCollectionId":4000050630000,"currency":"CNY","masterFundShortName":"浙商沪深300指数增强（LOF）","pinyin":"zshs300zszqxzqtzjj(lof)","__indexSourceEastMoney":1,"__indexSourceCsi":1,"indexFundFlag":1,"lofFundFlag":1,"indexId":1000000000300,"managers":[{"stockCode":"j101020452","stockType":"fund_manager","exchange":"fm","tickerId":182608250760,"name":"饶祖华"}]},"announcement":{"linkText":"浙商沪深300指数增强型证券投资基金（LOF）2022年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=785205","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed4b57fea5b3eb054eb16","date":"2022-03-30T16:00:00.000Z","stockId":3000000166802,"sao":"本基金在报告期内，按照沪深300指数增强策略操作。本基金通过投资约束和数量化控制，按照基金合同的要求，使用定量分析等技术，分析和应对导致基金跟踪误差的因素，积极应对市场的剧烈变化，努力将基金的跟踪误差控制在较低水平下，实现增强策略，达到产生相对基准超额收益的投资目的。报告期内基金较好的完成了跟踪目标的同时，各类模型运行稳定，取得了一定的超额收益。  2022年1季度，沪深300整体呈现一个下跌的走势。从风格上来看，低估值风格1季度表现持续强势。同时，成长风格在短期回调后，也取得了一定的超额收益，近期呈现出交替上涨的态势。我们认为接下来这种交替上涨的态势会继续持续，依然维持之前均衡配置的判断。  当前沪深300成本股中，目前医药板块已经调整比较充分，消费板块还需要等待未来估值的进一步消化，而大金融板块则需要等待短期交易冷却后更好的配置机会。随着未来稳增长政策的不断落地，上市公司业绩的不断兑现，沪深300的配置性价比将会逐步凸显，一些行业增速与估值相匹配的行业依然有较大投资机会。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:09:57.455Z","fund":{"_id":3000000166802,"stockCode":"166802","stockType":"fund","areaCode":"cn","followedNum":28,"status":"normal","exchange":"jj","fundType":"lof_etf","ipoDate":"2018-08-19T16:00:00.000Z","setUpScale":null,"blackenedNum":0,"market":"a","tickerId":166802,"custody":"华夏银行股份有限公司","name":"浙商沪深300指数增强型证券投资基金（LOF）","shortName":"浙商沪深300指数增强（LOF）(166802)","fundSecondLevel":"company","lastUpdated":"2026-05-01T17:12:42.927Z","__csrcFundId":3181,"fundStatus":"normal","masterFundFlag":1,"inceptionDate":"2012-05-06T16:00:00.000Z","fundCollectionId":4000050630000,"currency":"CNY","masterFundShortName":"浙商沪深300指数增强（LOF）","pinyin":"zshs300zszqxzqtzjj(lof)","__indexSourceEastMoney":1,"__indexSourceCsi":1,"indexFundFlag":1,"lofFundFlag":1,"indexId":1000000000300,"managers":[{"stockCode":"j101020452","stockType":"fund_manager","exchange":"fm","tickerId":182608250760,"name":"饶祖华"}]},"announcement":{"linkText":"浙商沪深300指数增强型证券投资基金（LOF）2022年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=727296","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed4b57fea5b3eb054eb15","date":"2021-12-30T16:00:00.000Z","stockId":3000000166802,"sao":"本基金在报告期内，按照沪深 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