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单季度新高，显示外资对中国资产配置意愿回升。量化视角来看，一季度市场成交活跃波动较大，量价因子在该市场行情下超额收益显著；基本面类因子相对弱势，没有一直延续去年的良好表现。从风格因子表现来看，3月份初风格收益迎来全面反弹，一季度整体来看，残差波动率、低流动性、高贝塔因子表现不错，估值、盈利、杠杆因子表现相对弱势。  本基金以偏股混合型基金的行业配置为锚定，对标基准保持了相对均衡的风格和行业配置，整体表现为中盘平衡风格。展望后市，面对市场不确定性加剧的现状，我们将风险敞口的管控调整得更为严谨。一方面，严格监控组合风险因子暴露，合理控制行业偏离度，争取让策略在波动市况中维持风险与收益的平衡；另一方面，持续推进模型更新迭代。深度校验行业模型结果与基本面逻辑的一致性，去伪存真优化模型输入；同时，基于市场特征演变，强化模型对量价因子主导行情的适配性，提升策略在延续波动环境中的超额收益挖掘能力。通过风险把控与模型优化的双向发力，助力量化策略在复杂市场中追求更稳健的表现。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:53:39.403Z","fund":{"_id":3000000014701,"__csrcFundId":11119,"stockCode":"014701","shortName":"中欧量化动能混合(014701)","masterFundShortName":"中欧量化动能混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14701,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:19:32.264Z","status":"normal","exchange":"jj","name":"中欧量化动能混合型证券投资基金","inceptionDate":"2022-05-23T16:00:00.000Z","followedNum":9,"fundCollectionId":4000050570000,"setUpDate":"2022-05-23T16:00:00.000Z","setUpAssetScale":397871013.51,"setUpShares":397871013.51,"pinyin":"zolhdnhhxzqtzjj","managers":[{"stockCode":"db20344158","stockType":"fund_manager","exchange":"fm","tickerId":1710169900,"name":"曲径"}]},"announcement":{"linkText":"中欧量化动能混合型证券投资基金2025年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1277018","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0e37fea5b3eb0514902","date":"2024-12-30T16:00:00.000Z","stockId":3000000014701,"sao":"2024年市场走势呈现显著的“回升”特征。前三季度，由于宏观经济弱复苏、微观主体预期偏谨慎等多重因素影响，市场情绪持续承压。具体而言，社会消费品零售总额增速放缓，反映出消费端复苏动能不足；制造业PMI长期徘徊于荣枯线下方，企业资本开支意愿明显收缩。在此背景下，具备稳定现金流和较高股息率的红利资产备受资金青睐。9月中旬成为市场的重要转折点，内外部因素共振驱动市场情绪迎来修复。外部因素方面，全球流动性拐点得以确认，美联储超预期降息50个基点，正式开启宽松周期。人民币汇率的贬值压力有效缓解，吸引部分结汇资金回流境内，市场流动性显著改善。汇率压力缓解为国内政策调控打开了空间，政策重心转向“加强逆周期调节”。9月24日，国务院新闻办发布会上，央行宣布了一系列超预期的宽松政策组合拳，包括降低存款准备金率，以及下调存量房贷利率，统一房贷最低首付比例等措施，旨在降低实体经济融资成本，稳定房地产市场。此外，央行还创设了新的货币政策工具，以支持股票市场稳定发展。12月召开的中央政治局会议为2025年经济工作定下了积极基调，强调“实施更加积极有为的宏观政策，加强超常规逆周期调节”，并明确提出实施“更加积极”的财政政策和“适度宽松”的货币政策。随后的中央经济工作会议进一步明确了“超常规逆周期调节”的思路，提出提高财政赤字率、适时降准降息等举措，这些政策信号为经济复苏注入强心剂。在报告期内，我们以偏股混合型基金的量化特征作为抓手，保持了均衡的风格和行业配置，整体表现为中大盘成长风格。操作上，高配部分模型预测的景气行业，在行业内采用基本面因子结合量价因子的多维度综合打分，对个股进行配置，构成基金投资组合，力争获取超越基准的回报。","declarationDate":"2025-01-16T16:00:00.000Z","lastUpdated":"2026-03-09T13:53:39.400Z","mo":"展望未来，我国经济运行主要受内生因素主导，需要重点跟踪宏观政策的传导效率及其对各行业基本面的持续性改善程度。从政策组合来看，货币环境为估值扩张提供了良好基础，但市场能否持续向好的关键在于财政政策的有效接力。只有财政端发力，才能更好地提振企业的盈利能力，夯实市场上行基础。12月政治局会议和中央经济工作会议对明年政策定调积极，强调实施“更加积极”的财政政策和“适度宽松”的货币政策，有效提振了经济增长预期与市场风险偏好。从市场节奏研判，A股能否开启持续性反弹行情，核心要素在于关注后续财政政策的落地节奏和实施力度。我们会持续跟踪市场风格因子特征，争取控制组合风险因子暴露，力争让量化组合的超额收益更为平稳。","fund":{"_id":3000000014701,"__csrcFundId":11119,"stockCode":"014701","shortName":"中欧量化动能混合(014701)","masterFundShortName":"中欧量化动能混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14701,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:19:32.264Z","status":"normal","exchange":"jj","name":"中欧量化动能混合型证券投资基金","inceptionDate":"2022-05-23T16:00:00.000Z","followedNum":9,"fundCollectionId":4000050570000,"setUpDate":"2022-05-23T16:00:00.000Z","setUpAssetScale":397871013.51,"setUpShares":397871013.51,"pinyin":"zolhdnhhxzqtzjj","managers":[{"stockCode":"db20344158","stockType":"fund_manager","exchange":"fm","tickerId":1710169900,"name":"曲径"}]},"announcement":{"linkText":"中欧量化动能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=1258048","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0e37fea5b3eb0514901","date":"2024-09-29T16:00:00.000Z","stockId":3000000014701,"sao":"回顾前3季度，在9底前，上证指数回调至2020年以来的低点，全A的交易量也屡创新低，市场冷淡主要反应了投资人对企业经营和居民消费的信心较为不足，受益于低风险偏好的红利板块，受到资金青睐。在9月底，上述情绪环境发生了较大变化。外部环境来看，美联储超预期降息，缓解了人民币的汇率压力，促进结汇资金回流境内，市场流动性有所改善；9月最后一周，三大金融管理部门宣布了一系列金融地产支持政策，中央政治局会议再次强调努力完成全年经济社会发展目标，并提出要加大财政货币政策逆周期调节力度。推出的一揽子政策，有利于促进国内经济企稳。在内外部有利的政策环境下，A股指数迎来全面反弹，市场的风险偏好快速修复。在报告期内，我们以偏股混合型基金的量化特征作为抓手，保持了均衡的风格和行业配置，整体表现为中大盘的成长风格。操作上，高配部分模型预测的景气行业，在行业内采用基本面因子结合量价因子的多维度综合打分，对个股进行配置，构成基金投资组合，力争获取超越基准的回报。  展望未来，我们认为短期可能会有一个筹码流动、价格波动的过程，但拉长视野，我们看好内需方向高质量企业的估值修复机会。制造业、互联网、生物医药、泛消费行业里，有不少具有长期竞争力和护城河的企业，在过去一段时间，受到经济周期的影响，净利润增速出现放缓甚至下滑，同时在过去两年“减量博弈”的二级市场里，股权筹码被卖出“挤兑”，造成了显著低估的估值。但是许多高质量企业的资产负债表并没有受损，仍然保持了合理的杠杆水平、良好的利润率、健康的应收和存货结构。我们相信这些企业可以穿越经济周期，因此在市场极度悲观且估值足够便宜的时候，可以坚持持有这样企业的股票，等待市场预期改善后的第一波估值修复机会。如果经济周期在政策周期的驱动下复苏向上，这样高质量企业也或将具有稳健的增长机会。 从量化角度来看，基本面因子今年持续强势，有显著的超额收益机会。今年以来表现最突出的是价值因子，其通常包括低市盈率、低市净率、高股息率等特点，倾向于选择估值便宜的股票。在宏观发生大幅转向的环境下，随着风险偏好的提升，这类防守型因子的收益发生回撤；同时，我们也看到和未来预期强相关的分析师因子、成长因子，表现强势。丰富因子库产生了互补的效果，力争让量化组合的超额收益更为平稳。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:53:39.398Z","fund":{"_id":3000000014701,"__csrcFundId":11119,"stockCode":"014701","shortName":"中欧量化动能混合(014701)","masterFundShortName":"中欧量化动能混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14701,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:19:32.264Z","status":"normal","exchange":"jj","name":"中欧量化动能混合型证券投资基金","inceptionDate":"2022-05-23T16:00:00.000Z","followedNum":9,"fundCollectionId":4000050570000,"setUpDate":"2022-05-23T16:00:00.000Z","setUpAssetScale":397871013.51,"setUpShares":397871013.51,"pinyin":"zolhdnhhxzqtzjj","managers":[{"stockCode":"db20344158","stockType":"fund_manager","exchange":"fm","tickerId":1710169900,"name":"曲径"}]},"announcement":{"linkText":"中欧量化动能混合型证券投资基金2024年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1179144","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0e37fea5b3eb0514900","date":"2024-06-29T16:00:00.000Z","stockId":3000000014701,"sao":"回顾上半年，A股市场呈现震荡趋势，上证指数于2月初下探至2020年以来的低点，随后在3月至5月有所反弹，但在半年末重新跌破3000点大关。市场整体表现较为疲软，尤其是消费和医药板块下跌较多，年初的微盘股释放风险，发生较大调整，也加剧了市场风险偏好收缩。对比来看，受益于低风险情绪的高股息板块，如银行、公共事业等，具有明显防守属性，受到资金青睐，成为上半年重要“避风港”。同时，出口占比较高的公司，受益于全球通胀和中国制造的比较优势，在上半年也有相对较好的表现。  从量化角度来看，基本面因子今年持续强势，有显著的超额收益。基本面因子中，表现最突出的是价值因子，其通常包括低市盈率、低市净率、高股息率等特点，倾向于选择估值便宜的股票。在宏观经济结构调整的大背景下，投资者更倾向于投资确定性更高的资产，因此低估值、高股息的价值风格表现相对较好。而传统的交易型量价因子在上半年表现不及预期。量价因子的表现与市场的交易活跃度有密切的关联，市场交易越活跃，量价因子就越有效。随着市场风险偏好下降，叠加对高频交易的逐步规范，市场成交量在上半年逐月下降，全A的成交量在6月底回落到7000亿以下，这也解释了量价因子近期表现较弱，而基本面类因子较强的原因。在报告期内，我们以偏股混合型基金的量化特征作为抓手，保持了均衡的风格和行业配置，整体表现为中大盘的成长风格。操作上，本基金采用了另类数据，在选股上也加大了的出口竞争力相关因子的占比，个股和行业在出口和出海维度上有所超配，构成基金投资组合。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:53:39.395Z","mo":"展望下半年，市场仍处于修复期，地产政策放开的力度和影响还需观察。在结构调整，经济驱动力从传统行业向“新质生产力”转型的过程中，必然要经历低增速的一段转型期，市场难有一蹴而就的景气趋势投资机会。然而，我们认为依然有不少结构化的投资机会。其中我们最看好出口链相关的各类企业。海外高通胀环境，叠加二季度库存较低，欧美国家有回补存货的需要，相关公司或将享受较为景气的外部经营环境，受益行业包括部分轻工行业和家用电器；同时，全球政治的不确定环境下，中国制造的稳定输出，将成为全球产业链稳定的基石，受益行业包括通用设备、机械制造等；此外，由于中国制造的竞争力持续提升，在制造端的低成本和产品端的高竞争力，也为优质企业创造了全球机会，典型行业为整车制造、电力设备等，尤其值得关注。","fund":{"_id":3000000014701,"__csrcFundId":11119,"stockCode":"014701","shortName":"中欧量化动能混合(014701)","masterFundShortName":"中欧量化动能混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14701,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:19:32.264Z","status":"normal","exchange":"jj","name":"中欧量化动能混合型证券投资基金","inceptionDate":"2022-05-23T16:00:00.000Z","followedNum":9,"fundCollectionId":4000050570000,"setUpDate":"2022-05-23T16:00:00.000Z","setUpAssetScale":397871013.51,"setUpShares":397871013.51,"pinyin":"zolhdnhhxzqtzjj","managers":[{"stockCode":"db20344158","stockType":"fund_manager","exchange":"fm","tickerId":1710169900,"name":"曲径"}]},"announcement":{"linkText":"中欧量化动能混合型证券投资基金2024年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1153029","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0e37fea5b3eb05148ff","date":"2024-03-30T16:00:00.000Z","stockId":3000000014701,"sao":"回顾一季度，宏观经济稳中有升，1-2月全国规模以上工业企业利润总额同比增长10.2%，3月PMI为50.8%，环比上升1.7个百分点，说明了制造业景气度复苏向好。同时政策基调偏积极，财政政策偏向于鼓励“新质生产力”的发展，而对传统地产行业依然保持定力，政策风格的延续性较强。同时，股票市场经历了比较大的振幅，流动性冲击推动着指数寻找低位。但我们相信中长期视角下，好的投资回报往往起始于类似的低位。我国的经济发展处于新旧产业逐步切换的过程中，在新能源、新材料、智能制造等产业链各环节中，有许多细分赛道存在国产替代或者渗透率提升的投资机会。从宽基指数的估值相对位置来看，无论是市盈率还是市净率，都在比较低位的区间。    在报告期内，我们以偏股混合型基金的量化特征作为抓手，保持了均衡的风格和行业配置，整体表现为中大盘的成长风格。我们遵循基本面逻辑驱动叠加数据赋能的投资方式，以企业未来一个季度到一年的业绩为抓手，期待的是业绩持续景气，或者业绩的反转超过了市场预期，而带来的股价上涨的收益。操作上，适度高配模型预测的景气行业，通过基本面驱动和数据赋能的选股方式，力争获取超越基准的超额回报。","declarationDate":"2024-04-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:53:39.392Z","fund":{"_id":3000000014701,"__csrcFundId":11119,"stockCode":"014701","shortName":"中欧量化动能混合(014701)","masterFundShortName":"中欧量化动能混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14701,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:19:32.264Z","status":"normal","exchange":"jj","name":"中欧量化动能混合型证券投资基金","inceptionDate":"2022-05-23T16:00:00.000Z","followedNum":9,"fundCollectionId":4000050570000,"setUpDate":"2022-05-23T16:00:00.000Z","setUpAssetScale":397871013.51,"setUpShares":397871013.51,"pinyin":"zolhdnhhxzqtzjj","managers":[{"stockCode":"db20344158","stockType":"fund_manager","exchange":"fm","tickerId":1710169900,"name":"曲径"}]},"announcement":{"linkText":"中欧量化动能混合型证券投资基金2024年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1075136","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0e37fea5b3eb05148fe","date":"2023-12-30T16:00:00.000Z","stockId":3000000014701,"sao":"回顾2023年，市场指数呈现出先扬后抑的走势，同时市场风格的结构性分化较大，上半年以通信、传媒、计算机为代表的TMT行业受益于全球AI技术爆发的催化，下半年高分红和价值风格具有相对收益，市场指数回调到历史估值的低位区间。但我们相信“均值回归”的规律依然存在。从A股的估值水平来看，无论是市盈率还是市净率，都在比较低位的区间。经济周期是驱动市场周期的内在动力，工业增加值和工业企业利润同比增速的拐点或已在2023年出现，同时，上市公司的盈利拐点（用整体法计算的净利润同比增速的拐点）也有望在2023年第4季度的财报中确认。其次，市场的情绪周期也在低位。投资者情绪就像钟摆，引发市场的估值从过高到过低的两个端点来回摆动。每当钟摆接近极端点的时候，极度悲观或者乐观的情绪无以为继，钟摆的运动方向发生反转。此时的市场上，风险规避类的投资策略占优，对公司业绩预期过于谨慎，而周期反转的力量也蕴含其中，可以更加乐观起来。我国的经济发展处于新旧产业逐步切换的过程中，在新能源、新材料、智能制造等产业链各环节中，有许多细分赛道存在国产或者渗透率提升的投资机会。当前，优质公司的基本面投资的安全边际更加坚实，展望未来，我们对权益市场保有信心。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:53:39.387Z","mo":"我国的经济发展处于新旧产业逐步切换的过程中，在新能源、新材料、智能制造等产业链各环节中，有许多细分赛道存在国产或者渗透率提升的投资机会，经济整体处于向好趋势中。展望2024年初，新增社融符合市场预期，政府债融资同比明显改善。2024年全国GDP目标增速或在5%左右。在稳增长目标下，相信“三大工程”政策的持续推出，将对经济形成有效助力。证券市场方面，促进资本市场平稳健康发展政策频出，一方面是强调宏观政策取向一致性，加强了协调配合。二是推动中长期资金入市。三是提高上市公司质量和投资价值。同时，整体A股已经调整较长周期，优质公司的估值安全边际更加坚实，我们对权益市场保有信心。  在报告期内，我们以偏股混合型基金的量化特征作为抓手，保持了分散的持仓、均衡的行业配置，整体表现为中大盘的成长风格。我们遵循基本面逻辑驱动叠加数据赋能的投资方式，以企业未来一个季度到一年的业绩为抓手，以提高对行业和个股判断的前瞻性。2023年很多基本面驱动的模型，与技术指标量化相比，超额收益都不甚理想。我们必须承认，任何一种寻找Alpha方式，都有顺风或逆风的市场环境。我们认为，如果盲目追求短期最强势的量化风格，往往难以避免过度拥挤。常识来看，任何一种短期看起来完美的策略，必然承担着某种未暴露的风险。我们将潜心专注在自己擅长的领域，通过基本面模型，相信优秀企业的利润增长，终会体现在股价上，力争创造长期合理的超额回报。","fund":{"_id":3000000014701,"__csrcFundId":11119,"stockCode":"014701","shortName":"中欧量化动能混合(014701)","masterFundShortName":"中欧量化动能混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14701,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:19:32.264Z","status":"normal","exchange":"jj","name":"中欧量化动能混合型证券投资基金","inceptionDate":"2022-05-23T16:00:00.000Z","followedNum":9,"fundCollectionId":4000050570000,"setUpDate":"2022-05-23T16:00:00.000Z","setUpAssetScale":397871013.51,"setUpShares":397871013.51,"pinyin":"zolhdnhhxzqtzjj","managers":[{"stockCode":"db20344158","stockType":"fund_manager","exchange":"fm","tickerId":1710169900,"name":"曲径"}]},"announcement":{"linkText":"中欧量化动能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=1057538","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0e37fea5b3eb05148fd","date":"2023-09-29T16:00:00.000Z","stockId":3000000014701,"sao":"回顾三季度，实体部门逐渐回暖，制造业PMI连续3个月改善，国内企业生产经营活动回升向好。非制造业PMI连续处于荣枯线上方，反映了消费和服务业的景气复苏延续。政策上，8月底资本市场迎来了降印花税，放缓融资等组合拳；地产则迎来了降低首付比例与下调贷款利率的政策托底。我们认为，在当前环境下，财政政策与货币政策都仍有空间，宽松的宏观流动性将维持较长时间。展望未来一个季度，我们对资本市场进一步企稳保有信心。我国的经济发展处于新旧产业逐步切换的过程中，在新能源、新材料、智能制造等产业链各环节中，有许多细分赛道存在国产替代或者渗透率提升的投资机会。行业上，相对看好电子、通信、机械设备等中游制造行业。在报告期内，我们以偏股混合型基金的量化特征作为抓手，保持了均衡的风格和行业配置，整体表现为中大盘的成长风格。我们遵循基本面逻辑驱动叠加数据赋能的投资方式，以企业未来一个季度到一年的业绩为抓手，期待的是业绩持续景气，或者业绩的反转超过了市场预期，而带来的股价上涨的收益。操作上，适度高配模型预测的景气行业，通过基本面驱动和数据赋能的选股方式，力争获取超越基准的超额回报。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:53:39.382Z","fund":{"_id":3000000014701,"__csrcFundId":11119,"stockCode":"014701","shortName":"中欧量化动能混合(014701)","masterFundShortName":"中欧量化动能混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14701,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:19:32.264Z","status":"normal","exchange":"jj","name":"中欧量化动能混合型证券投资基金","inceptionDate":"2022-05-23T16:00:00.000Z","followedNum":9,"fundCollectionId":4000050570000,"setUpDate":"2022-05-23T16:00:00.000Z","setUpAssetScale":397871013.51,"setUpShares":397871013.51,"pinyin":"zolhdnhhxzqtzjj","managers":[{"stockCode":"db20344158","stockType":"fund_manager","exchange":"fm","tickerId":1710169900,"name":"曲径"}]},"announcement":{"linkText":"中欧量化动能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=993319","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0e37fea5b3eb05148fc","date":"2023-06-29T16:00:00.000Z","stockId":3000000014701,"sao":"回顾上半年，市场波动加剧，在宏观经济实现恢复性增长的背景下，各行业景气程度较为分化。非制造业PMI连续处于荣枯线上方，反映了消费和服务业的景气复苏强于制造业。在我国高质量发展的大原则下，对于传统的刺激政策较为克制，避免了大规模的低效投资，财政政策向战略新兴产业倾斜，彰显了产业结构转型的决心。同时，叠加中美交流加深，国际航线的逐步恢复，以及美联储加息进入尾声，我们认为展望未来，应保持比年初更为乐观的心态，在短期波动中逢低布局权益投资。  在报告期内，我们以偏股混合型基金的量化特征作为抓手，保持了均衡的风格和行业配置，整体表现为中大盘的成长风格。我们遵循基本面逻辑驱动叠加数据赋能的投资方式，以企业未来一个季度到一年的业绩为抓手，期待的是业绩持续景气，或者业绩的反转超过了市场预期，而带来的股价上涨的收益。报告期内，我们加深了与行业专家的交流，以提高对行业和个股判断的前瞻性。未来我们将借鉴优秀的主动投资者的较为长期的投资视角，将他们对行业和行业周期的逻辑纳入量化体系内，推动基本面量化策略向更前瞻性的视角演进。今年很多基本面驱动的模型，超额收益都不甚理想。我们必须承认，任何一种寻找Alpha方式，都有顺风的市场环境，也会有逆风市场环境。回顾上半年，微盘股，以及传统技术指标，包括反转因子，都体现了更好的超额收益。但我们认为，如果盲目去追求近期最强势的量化风格，往往切换在了高点。我们最终选择坚持中长期有效的Alpha来源，根据自己的禀赋和研究资源，将自己更擅长的基本面逻辑模型更上一层，通过多元量化模型，选择优秀的企业，相信他们的收入和利润增长，会映射到合理的投资回报。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:53:39.379Z","mo":"展望下半年，我们认为宏观经济仍会维持复苏趋势，股债相比，更看好股票的性价比。当前，货币政策较为宽松；财政政策相对稳健，财政工具箱中储备仍多；政策对经济的呵护也愈发明显，逆周期调节在逐步推出。我们认为小盘成长板块和顺周期板块，会有更多投资机会，本基金也将依据量化模型进行配置。","fund":{"_id":3000000014701,"__csrcFundId":11119,"stockCode":"014701","shortName":"中欧量化动能混合(014701)","masterFundShortName":"中欧量化动能混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14701,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:19:32.264Z","status":"normal","exchange":"jj","name":"中欧量化动能混合型证券投资基金","inceptionDate":"2022-05-23T16:00:00.000Z","followedNum":9,"fundCollectionId":4000050570000,"setUpDate":"2022-05-23T16:00:00.000Z","setUpAssetScale":397871013.51,"setUpShares":397871013.51,"pinyin":"zolhdnhhxzqtzjj","managers":[{"stockCode":"db20344158","stockType":"fund_manager","exchange":"fm","tickerId":1710169900,"name":"曲径"}]},"announcement":{"linkText":"中欧量化动能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=966461","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0e37fea5b3eb05148fb","date":"2023-03-30T16:00:00.000Z","stockId":3000000014701,"sao":"一季度，作为业绩的真空期，市场主要跟随预期而波动，从春节前的食品饮料反弹，到二月和三月的TMT和人工智能行情，热点轮动较快。从4月开始，市场将进入年报和一季报的报告期，我们认为，市场有望更加聚焦在基本面的驱动上。从基本面跟踪来看，PMI数据连续3个月站在荣枯线以上，企业信贷等社融指标超预期，结合微观维度调研得到的订单数据，印证了实体企业的复苏。展望二季度，我们的观点是“聚焦实业复苏，在短期波动中逢低布局”。当前市场情绪仍处在去年的阴影中，上市公司整体估值偏低，考虑到宏观经济处于修复初期，我们认为现在正是中长期布局权益市场的难得时点。在报告期内，我们以偏股混合型基金的量化特征作为抓手，保持了均衡的风格和行业配置，整体表现为中大盘的成长风格。操作上，适度高配模型预测的景气行业，通过基本面驱动叠加数据赋能的选股方式，力争获取超越基准的超额回报。","declarationDate":"2023-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:53:39.376Z","fund":{"_id":3000000014701,"__csrcFundId":11119,"stockCode":"014701","shortName":"中欧量化动能混合(014701)","masterFundShortName":"中欧量化动能混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14701,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:19:32.264Z","status":"normal","exchange":"jj","name":"中欧量化动能混合型证券投资基金","inceptionDate":"2022-05-23T16:00:00.000Z","followedNum":9,"fundCollectionId":4000050570000,"setUpDate":"2022-05-23T16:00:00.000Z","setUpAssetScale":397871013.51,"setUpShares":397871013.51,"pinyin":"zolhdnhhxzqtzjj","managers":[{"stockCode":"db20344158","stockType":"fund_manager","exchange":"fm","tickerId":1710169900,"name":"曲径"}]},"announcement":{"linkText":"中欧量化动能混合型证券投资基金2023年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=889999","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0e37fea5b3eb05148fa","date":"2022-12-30T16:00:00.000Z","stockId":3000000014701,"sao":"回顾2022年，在内部经济不确定性和外部国际环境的双重压力之下，A股从年初一路下行。国内经济持续受到消费出行疲软、房地产承压等拖累，市场在年中短暂的反弹后，继续向下调整，整体市场波动较大。而临近年末，宏观环境和经济政策均发生了较大转变，尤其是与“”稳经济，稳消费，稳就业“相关的各类政策的推出，为市场注入了信心。尽管还存在诸多的不确定因素，但是经济中观指标，已经展现出经济筑底向好的迹象，我们认为权益市场进入了较好的配置窗口。本基金持续保持了相对均衡的个股和行业配置，适度高配景气行业，个股选择上以跑赢指数为目标，通过基本面驱动叠加数据赋能的方式，力争获取超越基准的超额回报。面对市场的波动，我们做了一系列的复盘和研究工作，通过和内外部行业分析师的深度交流，理解基本面的变化是否超出了我们模型的预期判断，对行业模型进行回顾和更新迭代。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:53:39.374Z","mo":"展望2023年，从量化的指标上观察，赛道投资和主线投资不甚明朗，历史上类似的市场环境下，自下而上的择股Alpha将更为有优势。中欧基本面量化的投资框架下，我们认为业绩是公司价值的主要抓手，希望获得的是经营持续优异或者业绩逆境反转，而带来的股价上涨的收益。操作上，适度高配景气行业，个股选择上以跑赢指数为目标，通过基本面驱动叠加数据赋能的方式，力争获取超越基准的超额回报。","fund":{"_id":3000000014701,"__csrcFundId":11119,"stockCode":"014701","shortName":"中欧量化动能混合(014701)","masterFundShortName":"中欧量化动能混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14701,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:19:32.264Z","status":"normal","exchange":"jj","name":"中欧量化动能混合型证券投资基金","inceptionDate":"2022-05-23T16:00:00.000Z","followedNum":9,"fundCollectionId":4000050570000,"setUpDate":"2022-05-23T16:00:00.000Z","setUpAssetScale":397871013.51,"setUpShares":397871013.51,"pinyin":"zolhdnhhxzqtzjj","managers":[{"stockCode":"db20344158","stockType":"fund_manager","exchange":"fm","tickerId":1710169900,"name":"曲径"}]},"announcement":{"linkText":"中欧量化动能混合型证券投资基金2022年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=873226","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0e37fea5b3eb05148f9","date":"2022-09-29T16:00:00.000Z","stockId":3000000014701,"sao":"回顾前三季度，国内经济继续受到消费疲软、出口下行、房地产承压的拖累，市场在二季度短暂的快速反弹后，向下调整，同时释放了风险。  展望四季度，我们认为，市场短期波动已经带来较好的布局机会。基本面上来看，经济的三驾马车：地产、消费、出口，都处在历史低位；从市场情绪来看，估值也进入了低位阶段。尽管四季度还存在诸多的不确定性因素，但是观察中观指标，其中社融增速、地产政策、工业用电等都展现出经济向好的迹象。我们认为现在或是中长期投资布局的难得时点。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:53:39.371Z","fund":{"_id":3000000014701,"__csrcFundId":11119,"stockCode":"014701","shortName":"中欧量化动能混合(014701)","masterFundShortName":"中欧量化动能混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14701,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:19:32.264Z","status":"normal","exchange":"jj","name":"中欧量化动能混合型证券投资基金","inceptionDate":"2022-05-23T16:00:00.000Z","followedNum":9,"fundCollectionId":4000050570000,"setUpDate":"2022-05-23T16:00:00.000Z","setUpAssetScale":397871013.51,"setUpShares":397871013.51,"pinyin":"zolhdnhhxzqtzjj","managers":[{"stockCode":"db20344158","stockType":"fund_manager","exchange":"fm","tickerId":1710169900,"name":"曲径"}]},"announcement":{"linkText":"中欧量化动能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=808733","linkType":"PDF","source":"csrc_pdf"}}]}