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总体而言，我们认为当前权益市场的收益风险比依然占优，具备中长期配置价值。当然也应认识到，无论是宽基指数还是细分行业指数，其未来走势在幅度、节奏和时间窗口上的预测始终面临不确定性。在这样的环境下，建立一套基于概率思维的投资框架，通常比押注式策略更具韧性，也更可能带来良好的投资体验。因此，我们鼓励投资者在基金配置中采取长期视角，注重业绩与估值的匹配关系及收益风险比，同时在投资时点与品种选择上保持适度分散，从而更有效地对冲不确定性，力争稳健积累长期收益，并充分发挥复利效应。","fund":{"_id":3000000015037,"__csrcFundId":10853,"stockCode":"015037","shortName":"天弘MSCI中国A50互联互通指数(015037)","masterFundShortName":"天弘MSCI中国A50互联互通指数","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":15037,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:27:45.857Z","status":"normal","exchange":"jj","name":"天弘MSCI中国A50互联互通指数证券投资基金","fundCollectionId":4000050430000,"inceptionDate":"2022-02-21T16:00:00.000Z","followedNum":5,"setUpDate":"2022-02-21T16:00:00.000Z","setUpAssetScale":17329457.77,"setUpShares":17329457.77,"pinyin":"thmscizga50hlhtzszqtzjj","indexFundFlag":1,"managers":[{"stockCode":"db20572968","stockType":"fund_manager","exchange":"fm","tickerId":325189610,"name":"陈瑶"}]},"announcement":{"linkText":"天弘MSCI中国A50互联互通指数证券投资基金2025年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1340734","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1187fea5b3eb0517ee4","date":"2025-03-30T16:00:00.000Z","stockId":3000000015037,"sao":"报告期内，市场以结构性行情为主，走势出现了一定分化。具体来说，根据万得数据统计：中证全指上涨1.60%，沪深300下跌1.21%，中证500上涨2.31%，创业板指下跌1.77%，中证1000上涨4.51%。本基金投资策略所跟踪的MSCI中国A50互联互通指数下跌0.83%。报告期内，基金管理人根据基金合同约定，以坚持被动指数化投资为原则进行基金的投资运作，并通过自研的指数基金投资管理系统对基金的投资流程进行持续监控及优化，将基金的跟踪误差及跟踪偏离度控制在了合理水平。投资策略方面，本基金作为一只跟踪MSCI中国A50互联互通指数的被动指数产品，基金管理人将运用指数化投资策略，紧密跟踪基准，在严格控制基金的日均跟踪偏离度和年化跟踪误差的前提下，力争获取与业绩基准相似的投资收益。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:54:32.048Z","fund":{"_id":3000000015037,"__csrcFundId":10853,"stockCode":"015037","shortName":"天弘MSCI中国A50互联互通指数(015037)","masterFundShortName":"天弘MSCI中国A50互联互通指数","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":15037,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:27:45.857Z","status":"normal","exchange":"jj","name":"天弘MSCI中国A50互联互通指数证券投资基金","fundCollectionId":4000050430000,"inceptionDate":"2022-02-21T16:00:00.000Z","followedNum":5,"setUpDate":"2022-02-21T16:00:00.000Z","setUpAssetScale":17329457.77,"setUpShares":17329457.77,"pinyin":"thmscizga50hlhtzszqtzjj","indexFundFlag":1,"managers":[{"stockCode":"db20572968","stockType":"fund_manager","exchange":"fm","tickerId":325189610,"name":"陈瑶"}]},"announcement":{"linkText":"天弘MSCI中国A50互联互通指数证券投资基金2025年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1270029","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1187fea5b3eb0517ee3","date":"2024-12-30T16:00:00.000Z","stockId":3000000015037,"sao":"报告期内，市场整体企稳回升，全年来看，多数宽基指数取得了正收益，但市场在风格及结构上体现出了一定的分化。具体来说，根据万得数据统计：中证全指上涨7.43%，沪深300上涨14.68%，中证500上涨5.46%，创业板指上涨13.23%，中证1000上涨1.20%。本基金投资策略所跟踪的MSCI中国A50互联互通指数上涨17.34%。报告期内，基金管理人根据基金合同约定，以坚持被动指数化投资为原则进行基金的投资运作，并通过自研的指数基金投资管理系统对基金的投资流程进行持续监控及优化，将基金的跟踪误差及跟踪偏离度控制在了合理水平。投资策略方面，本基金作为一只跟踪MSCI中国A50互联互通指数的被动指数产品，基金管理人将运用指数化投资策略，紧密跟踪基准，在严格控制基金的日均跟踪偏离度和年化跟踪误差的前提下，力争获取与业绩基准相似的投资收益。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:54:32.046Z","mo":"展望2025年，尽管宏观经济仍然面临居民有效需求不足、部分行业经营压力增大等挑战，但在政策持续发力与结构性调整不断深化的背景下，有望迎来拐点并呈现积极变化。政策层面：财政政策或将更加积极，赤字率的提升及超长期特别国债的发行将为经济运行提供有力支撑；货币政策有望保持宽松，降准降息仍有一定空间，各类创新工具的运用也将为金融市场提供必要的流动性保障，并增强实体经济活力。经济结构调整层面：传统行业在市场出清的过程中进一步磨底，而高端制造业凭借规模效应的积累和技术迭代的加速，有望持续扩大全球竞争优势。同时，人工智能技术在取得“从零到一”的突破后，产业应用进程将加快，算力的普及和算法的优化将不断降低大模型的使用门槛，持续催生可落地的应用场景。科技赋能的深化不仅将推动经济结构优化，还可能孕育出若干具有长期增长潜力的重要投资机会。证券市场方面，我们对2025年的A股市场持相对乐观态度，并认为市场的积极因素仍在逐步积累：一方面，价值板块从估值、股息率等角度衡量，在大类资产中已具备较好的配置优势，特别是在无风险收益率下行的过程中有望吸引增量配置资金；另一方面，成长板块将持续受益于高端制造业全球竞争力的提升以及国内人工智能领域的科技突破，在风险偏好修复的过程中可能实现系统性的估值提升。此外，金融政策的支持以及创新型流动性工具的应用，也将为市场注入新的活力。总体而言，我们认为当前权益市场的收益风险比占优，具备中长期持有价值。当然，我们也应认识到，无论是宽基指数还是细分行业指数，准确预测其变化的幅度、速率以及时间窗口始终存在较大挑战，面对市场的不确定性，一套以概率思维为指导的投资框架和应对方法，往往比依赖单一结果的押注式预测更加有效，也更有可能带来良好的投资体验。因此，我们鼓励投资者一方面以更长期的视角进行基金配置，更多考虑业绩与估值的匹配程度以及收益风险比，同时另一方面在投资时机以及投资品种上进行适度分散化，以更好的对冲风险，力争实现收益的长期积累，并更充分的发挥复利效应。","fund":{"_id":3000000015037,"__csrcFundId":10853,"stockCode":"015037","shortName":"天弘MSCI中国A50互联互通指数(015037)","masterFundShortName":"天弘MSCI中国A50互联互通指数","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":15037,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:27:45.857Z","status":"normal","exchange":"jj","name":"天弘MSCI中国A50互联互通指数证券投资基金","fundCollectionId":4000050430000,"inceptionDate":"2022-02-21T16:00:00.000Z","followedNum":5,"setUpDate":"2022-02-21T16:00:00.000Z","setUpAssetScale":17329457.77,"setUpShares":17329457.77,"pinyin":"thmscizga50hlhtzszqtzjj","indexFundFlag":1,"managers":[{"stockCode":"db20572968","stockType":"fund_manager","exchange":"fm","tickerId":325189610,"name":"陈瑶"}]},"announcement":{"linkText":"天弘MSCI中国A50互联互通指数证券投资基金2024年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1252296","linkType":"PDF","source":"csrc_pdf"}},{"_id":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指导的行之有效的应对方法，也许比更依赖单一结果的押注式预测更加具有现实意义。因此，我们亦鼓励投资者一方面以更长期的视角进行基金配置，更多考虑业绩与估值的匹配程度以及收益风险比，同时另一方面在投资时机以及投资品种上进行一定的分散化处理，以更好的进行风险对冲，最终力争实现收益的长期积累并更充分的发挥复利效应。","fund":{"_id":3000000015037,"__csrcFundId":10853,"stockCode":"015037","shortName":"天弘MSCI中国A50互联互通指数(015037)","masterFundShortName":"天弘MSCI中国A50互联互通指数","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":15037,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:27:45.857Z","status":"normal","exchange":"jj","name":"天弘MSCI中国A50互联互通指数证券投资基金","fundCollectionId":4000050430000,"inceptionDate":"2022-02-21T16:00:00.000Z","followedNum":5,"setUpDate":"2022-02-21T16:00:00.000Z","setUpAssetScale":17329457.77,"setUpShares":17329457.77,"pinyin":"thmscizga50hlhtzszqtzjj","indexFundFlag":1,"managers":[{"stockCode":"db20572968","stockType":"fund_manager","exchange":"fm","tickerId":325189610,"name":"陈瑶"}]},"announcement":{"linkText":"天弘MSCI中国A50互联互通指数证券投资基金2023年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=963338","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1187fea5b3eb0517edc","date":"2023-03-30T16:00:00.000Z","stockId":3000000015037,"sao":"2023年一季度，在经济复苏预期下，投资者信心普遍修复，市场亦整体呈现震荡上行趋势，但结构上有所分化。具体来说：中证全指上涨6.67%，沪深300上涨4.63%，中证500上涨8.11%，创业板指上涨2.25%，中证1000上涨9.46%。本基金投资策略所跟踪的MSCI中国A50互联互通指数上涨1.25%。报告期内，基金管理人根据基金合同约定，以坚持被动指数化投资为原则进行基金的投资运作，并通过部门自研的指数基金投资管理系统对基金的投资流程进行持续监控及优化，将基金的跟踪误差及跟踪偏离度控制在了合理水平。报告期内基金跟踪误差及偏离度来源主要是：1）基金申购赎回；2）基准指数样本股调整；3）新股申购。投资策略方面，本基金作为一只跟踪MSCI中国A50互联互通指数的被动指数产品，基金管理人将运用指数化投资策略，紧密跟踪基准，在严格控制基金的日均跟踪偏离度和年化跟踪误差的前提下，力争获取与业绩基准相似的投资收益。","declarationDate":"2023-04-22T16:00:00.000Z","lastUpdated":"2026-03-09T13:54:32.024Z","fund":{"_id":3000000015037,"__csrcFundId":10853,"stockCode":"015037","shortName":"天弘MSCI中国A50互联互通指数(015037)","masterFundShortName":"天弘MSCI中国A50互联互通指数","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":15037,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:27:45.857Z","status":"normal","exchange":"jj","name":"天弘MSCI中国A50互联互通指数证券投资基金","fundCollectionId":4000050430000,"inceptionDate":"2022-02-21T16:00:00.000Z","followedNum":5,"setUpDate":"2022-02-21T16:00:00.000Z","setUpAssetScale":17329457.77,"setUpShares":17329457.77,"pinyin":"thmscizga50hlhtzszqtzjj","indexFundFlag":1,"managers":[{"stockCode":"db20572968","stockType":"fund_manager","exchange":"fm","tickerId":325189610,"name":"陈瑶"}]},"announcement":{"linkText":"天弘MSCI中国A50互联互通指数证券投资基金2023年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=887806","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1187fea5b3eb0517edb","date":"2022-12-30T16:00:00.000Z","stockId":3000000015037,"sao":"2022年，权益市场一方面遭遇国内及国际众多超预期事件冲击，另一方面受到全球经济放缓、外资流动性收紧、国内增长偏缓等系统性因素制约，导致投资者预期转弱、风险偏好降低，虽然二季度及四季度出现阶段性上涨，但从全年维度来看，A股仍普遍遭遇了较大回撤。具体来说：中证全指下跌20.32%，沪深300下跌21.63%，中证500下跌20.31%，创业板指下跌29.37%，中证1000下跌21.58%。本基金投资策略所跟踪的MSCI中国A50互联互通指数下跌20.64%。本基金于2022年2月成立，报告期内，基金管理人根据基金合同约定完成建仓，以坚持被动指数化投资为原则进行基金的投资运作，并通过部门自研的指数基金投资管理系统对基金的投资流程进行持续监控及优化，将基金的跟踪误差及跟踪偏离度控制在了合理水平。报告期内基金跟踪误差及偏离度来源主要是：1）基金申购赎回；2）基准指数样本股调整；3）新股申购。投资策略方面，本基金作为一只跟踪MSCI中国A50互联互通指数的被动指数产品，基金管理人将运用指数化投资策略，紧密跟踪基准，在严格控制基金的日均跟踪偏离度和年化跟踪误差的前提下，力争获取与业绩基准相似的投资收益。","declarationDate":"2023-01-27T16:00:00.000Z","lastUpdated":"2026-03-09T13:54:32.021Z","mo":"展望2023年，我们认为国内宏观经济环境将步入复苏通道并拾级而上，市场流动性料将保持充裕，伴随生产生活全面恢复，货币端向信用端的传导将更为顺畅，并促进实体融资需求逐步改善。总体而言，投资、生产、消费活动有望企稳回升，并进入相互促进的正向循环，居民和企业的预期及信心亦将伴随这一过程而逐步修复。虽然外部环境仍存在高度的不确定性，并可能对我国经济带来超预期扰动，但是国内需求扩大、产业数字化转型加速、民营经济不断恢复发展等众多积极因素仍将推动经济运行整体好转。基于国内巨大的消费市场、完善的产业链配套、持续的科技创新以及丰富的政策发力空间，我们对2023年的宏观经济环境持乐观态度，并对中国经济的中长期韧性和发展潜力抱有充分的信心。证券市场方面，我们认为A股已具备较好的投资价值：一方面，随着防疫政策优化、国内经济活动复苏以及海外加息节奏趋缓，前期制约市场向上运行的不确定因素多数已边际好转；另一方面，经历过去一年的调整出清，市场估值已具备吸引力，投资的收益风险比明显改善。中长期看，在国内经济复苏、投资者信心修复的过程中，上市公司业绩有望逐步回稳，市场风险偏好亦将有所提升。同时，在国内流动性相对充裕以及海外通胀压力预期好转的背景下，A股料将迎来增量配置资金。总体来说，我们对国内证券市场在2023年的表现持相对乐观的态度。但是，也应看到当市场整体运行在波动率较大的区间时，无论是宽基指数还是细分行业指数，预测其变化的幅度、速率以及时间窗口的难度仍然较大，当未知因素变多时，一套以概率思维为指导的行之有效的应对方法，也许比更依赖单一结果的押注式预测更加具有现实意义。因此，我们亦鼓励投资者一方面以更长期的视角进行基金配置，更多考虑业绩与估值的匹配程度以及收益风险比，同时另一方面在投资时机以及投资品种上进行一定的分散化处理，以更好的进行风险对冲，最终力争实现收益的长期积累并更充分的发挥复利效应。","fund":{"_id":3000000015037,"__csrcFundId":10853,"stockCode":"015037","shortName":"天弘MSCI中国A50互联互通指数(015037)","masterFundShortName":"天弘MSCI中国A50互联互通指数","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":15037,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:27:45.857Z","status":"normal","exchange":"jj","name":"天弘MSCI中国A50互联互通指数证券投资基金","fundCollectionId":4000050430000,"inceptionDate":"2022-02-21T16:00:00.000Z","followedNum":5,"setUpDate":"2022-02-21T16:00:00.000Z","setUpAssetScale":17329457.77,"setUpShares":17329457.77,"pinyin":"thmscizga50hlhtzszqtzjj","indexFundFlag":1,"managers":[{"stockCode":"db20572968","stockType":"fund_manager","exchange":"fm","tickerId":325189610,"name":"陈瑶"}]},"announcement":{"linkText":"天弘MSCI中国A50互联互通指数证券投资基金2022年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_i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