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、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":3000000015896,"__csrcFundId":11323,"stockCode":"015896","shortName":"天弘中证细分化工产业主题ETF联接A","masterFundShortName":"天弘中证细分化工产业主题ETF联接","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":15896,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-03T17:15:33.594Z","status":"normal","exchange":"jj","name":"天弘中证细分化工产业主题交易型开放式指数证券投资基金联接基金","inceptionDate":"2022-06-16T16:00:00.000Z","fundCollectionId":4000050430000,"followedNum":4,"setUpDate":"2022-06-16T16:00:00.000Z","setUpAssetScale":5250676.86,"setUpShares":5250676.86,"pinyin":"thzzxfhgcyztjyxkfszszqtzjjljjj","__indexSourceEastMoney":1,"__indexSourceCsi":1,"etfFundFlag":1,"feederFundFlag":1,"indexFundFlag":1,"indexId":1000000000813,"managers":[{"stockCode":"j101020112","stockType":"fund_manager","exchange":"fm","tickerId":171903251020,"name":"祁世超"}]},"announcement":{"linkText":"天弘中证细分化工产业主题指数型发起式证券投资基金2022年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=870241","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed1897fea5b3eb051f16b","date":"2022-09-29T16:00:00.000Z","stockId":3000000015896,"sao":"报告期内，国内遭遇疫情多发散发以及极端天气等超预期因素影响，经济恢复进程受到一定程度制约，同时，国际环境日趋紧张复杂，主要发达经济体为应对通胀高企而不断收紧货币政策，导致全球经济下行压力增大，风险资产价格普遍下跌。在上述背景下，三季度国内权益市场也遭遇了不同程度回撤，具体来说：中证全指下跌13.44%，沪深300下跌15.16%，中证500下跌11.47%，创业板指下跌18.56%，中证1000下跌12.45%。本基金投资策略所跟踪的中证细分化工产业主题指数下跌17.23%。报告期内，基金管理人根据基金合同约定进行建仓，并以坚持被动指数化投资为原则进行基金的投资运作。报告期内基金跟踪误差来源主要是：1）基金申购赎回；2）新股申购。投资策略方面，本基金作为一只跟踪中证细分化工产业主题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":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:56:25.555Z","fund":{"_id":3000000015896,"__csrcFundId":11323,"stockCode":"015896","shortName":"天弘中证细分化工产业主题ETF联接A","masterFundShortName":"天弘中证细分化工产业主题ETF联接","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":15896,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-03T17:15:33.594Z","status":"normal","exchange":"jj","name":"天弘中证细分化工产业主题交易型开放式指数证券投资基金联接基金","inceptionDate":"2022-06-16T16:00:00.000Z","fundCollectionId":4000050430000,"followedNum":4,"setUpDate":"2022-06-16T16:00:00.000Z","setUpAssetScale":5250676.86,"setUpShares":5250676.86,"pinyin":"thzzxfhgcyztjyxkfszszqtzjjljjj","__indexSourceEastMoney":1,"__indexSourceCsi":1,"etfFundFlag":1,"feederFundFlag":1,"indexFundFlag":1,"indexId":1000000000813,"managers":[{"stockCode":"j101020112","stockType":"fund_manager","exchange":"fm","tickerId":171903251020,"name":"祁世超"}]},"announcement":{"linkText":"天弘中证细分化工产业主题指数型发起式证券投资基金2022年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=805421","linkType":"PDF","source":"csrc_pdf"}}]}