window.pageData = {"stock":{"_id":3000000016343,"name":"招商中证银行指数证券投资基金","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","fundStatus":"normal","indexFundFlag":1,"classificationFlag":null,"stockCode":"016343","tickerId":16343,"shortName":"招商中证银行指数E","currency":"CNY","exchange":"jj","fundCollectionId":4000050210000,"inceptionDate":"2022-07-26T16:00:00.000Z","followedNum":0,"status":"normal","masterFundFlag":null,"activeFundFlag":null,"closedEnd":null,"etfFundFlag":null,"feederFundFlag":null,"lofFundFlag":null,"pensionTargetFlag":null,"pinyin":"zszzyhzszqtzjj","fundCollection":{"exchange":"jjgs","stockType":"fund_collection","stockCode":"50210000","tickerId":50210000,"name":"招商基金管理有限公司"},"managers":[{"name":"侯昊","stockType":"fund_manager","stockCode":"db20376719","exchange":"fm","tickerId":808172690},{"name":"窦福成","stockType":"fund_manager","stockCode":"j101020622","exchange":"fm","tickerId":40603255960}],"hotMetrics":{"fss":{"stockId":3000000016343,"type":"fss","f_s_s_d":"2024-06-29T16:00:00.000Z","f_ins_h_s_r":0,"f_ind_h_s_r":1,"f_h_a":5511,"f_h_s_a":2649,"f_ind_h_s_r_c_hy":0,"f_ins_h_s_r_c_hy":0,"f_ind_h_s_r_c_1y":0,"f_ins_h_s_r_c_1y":0,"last_data_date":"2025-06-29T16:00:00.000Z"},"fpr":{"stockId":3000000016343,"type":"fpr","f_p_r_fys_ssc":5566,"f_p_r_fys_ssrp":0.9180592991913746,"f_p_r_m1_ssc":5789,"f_p_r_m1_ssrp":0.9269177608845888,"f_p_r_m3_ssc":5662,"f_p_r_m3_ssrp":0.7578166401695814,"f_p_r_m6_ssc":5361,"f_p_r_m6_ssrp":0.871455223880597,"f_p_r_y1_ssc":4608,"f_p_r_y1_ssrp":0.9324940308226611,"f_p_r_y2_ssc":3506,"f_p_r_y2_ssrp":0.7329529243937233,"f_cagr_p_r_fs_ssc":5858,"f_cagr_p_r_fs_ssrp":0.4918900460986853,"f_p_r_y3_ssc":2868,"f_p_r_y3_ssrp":0.4593651900941751},"fp":{"stockId":3000000016343,"type":"fp","f_p_r_fys":-0.04584578601315015,"f_p_r_m1":-0.004365995135033551,"f_p_r_m3":-0.005482524453304549,"f_p_r_m6":-0.05695043421752222,"f_cagr_p_r_fs":0.09875699481120614,"f_p_r_d1":-0.008749020632018767,"f_p_r_y1":0.017334777898159404,"f_p_r_y2":0.27959919839679337,"last_data_date":"2026-05-06T16:00:00.000Z","f_p_r_y3":0.35947879407256367},"ff":{"stockId":3000000016343,"type":"ff","f_m_f":5356175,"f_m_f_r":0.01,"f_c_f":1071235,"f_c_f_r":0.002,"f_m_a_c_f":6427410,"f_m_a_c_f_r":0.012,"f_m_c_f_d":"2024-06-29T16:00:00.000Z","f_c_fr":0.002,"f_fr_d":"2026-03-08T16:00:00.000Z","f_m_fr":0.01,"f_mac_fr":0.012},"f_nlacan":{"stockId":3000000016343,"type":"f_nlacan","f_nv_d":"2026-05-06T16:00:00.000Z","f_nv":1.5963,"f_nv_cr":-0.0029979389169945136},"f_as":{"stockId":3000000016343,"type":"f_as","f_tas":31548199.2669,"f_tas_d":"2026-03-30T16:00:00.000Z"}},"masterSlaveFunds":[{"_id":3000000161723,"stockCode":"161723","stockType":"fund","areaCode":"cn","followedNum":213,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2015-05-03T16:00:00.000Z","setUpScale":889992000,"market":"a","tickerId":161723,"custody":"中信银行股份有限公司","name":"招商中证银行指数证券投资基金","shortName":"招商中证银行指数(161723)","fundSecondLevel":"company","memoNum":1,"lastUpdated":"2026-05-01T17:12:51.035Z","__csrcFundId":3955,"fundStatus":"normal","masterFundFlag":1,"inceptionDate":"2015-05-19T16:00:00.000Z","fundCollectionId":4000050210000,"currency":"CNY","masterFundShortName":"招商中证银行指数","pinyin":"zszzyhzszqtzjj","__indexSourceEastMoney":1,"__indexSourceCsi":1,"indexFundFlag":1,"indexId":1000000399986},{"_id":3000000014028,"name":"招商中证银行指数证券投资基金","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","exchange":"jj","fundStatus":"normal","indexFundFlag":1,"classificationFlag":null,"stockCode":"014028","tickerId":14028,"shortName":"招商中证银行指数C","currency":"CNY","__csrcFundId":3955,"lastUpdated":"2026-05-01T17:11:02.693Z","inceptionDate":"2021-10-27T16:00:00.000Z","fundCollectionId":4000050210000,"followedNum":2,"status":"normal","masterFundFlag":null,"activeFundFlag":null,"closedEnd":null,"etfFundFlag":null,"feederFundFlag":null,"lofFundFlag":null,"pensionTargetFlag":null,"pinyin":"zszzyhzszqtzjj","__indexSourceEastMoney":1,"indexId":1000000399986}],"shareholdings":[{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000161723,"stockId":600036,"holdings":3778186,"marketCap":148558273,"netValueRatio":0.1355,"quarterlyChange":-0.042075079592597375,"stock":{"stockCode":"600036","exchange":"sh","stockType":"company","tickerId":600036,"name":"招商银行"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000161723,"stockId":601166,"holdings":5635441,"marketCap":106058999,"netValueRatio":0.0967,"quarterlyChange":-0.07953466286799638,"stock":{"stockCode":"601166","exchange":"sh","stockType":"company","tickerId":601166,"name":"兴业银行"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000161723,"stockId":601398,"holdings":10769202,"marketCap":82276703,"netValueRatio":0.075,"quarterlyChange":-0.036569987389659775,"stock":{"stockCode":"601398","exchange":"sh","stockType":"company","tickerId":601398,"name":"工商银行"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000161723,"stockId":601288,"holdings":9563925,"marketCap":64078297,"netValueRatio":0.0584,"quarterlyChange":-0.12760416666666685,"stock":{"stockCode":"601288","exchange":"sh","stockType":"company","tickerId":601288,"name":"农业银行"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000161723,"stockId":601328,"holdings":8878513,"marketCap":62149591,"netValueRatio":0.0567,"quarterlyChange":-0.034482758620689724,"stock":{"stockCode":"601328","exchange":"sh","stockType":"company","tickerId":601328,"name":"交通银行"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000161723,"stockId":600919,"holdings":4887000,"marketCap":53366040,"netValueRatio":0.0487,"quarterlyChange":0.08363455953533516,"stock":{"stockCode":"600919","exchange":"sh","stockType":"company","tickerId":600919,"name":"江苏银行"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000161723,"stockId":600000,"holdings":4433971,"marketCap":45137824,"netValueRatio":0.0412,"quarterlyChange":-0.18167202572347296,"stock":{"stockCode":"600000","exchange":"sh","stockType":"company","tickerId":600000,"name":"浦发银行"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000161723,"stockId":1,"holdings":3229722,"marketCap":35785319,"netValueRatio":0.0326,"quarterlyChange":-0.028921998247151026,"stock":{"stockCode":"000001","exchange":"sz","stockType":"company","tickerId":1,"name":"平安银行"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000161723,"stockId":2142,"holdings":1099200,"marketCap":33470640,"netValueRatio":0.0305,"quarterlyChange":0.08401566393734461,"stock":{"stockCode":"002142","exchange":"sz","stockType":"company","tickerId":2142,"name":"宁波银行"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000161723,"stockId":601229,"holdings":3310311,"marketCap":32805182,"netValueRatio":0.0299,"quarterlyChange":-0.01881188118811883,"stock":{"stockCode":"601229","exchange":"sh","stockType":"company","tickerId":601229,"name":"上海银行"}}],"bondHoldings":[{"_id":"69e8fc771398d7984300467f","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000161723,"stockCode":"019773","stockName":"25国债08","holdings":25000,"marketCap":2533186,"netValueRatio":0.0023,"lastUpdated":"2026-04-22T16:51:03.213Z"}]},"list":[{"_id":"69e8ed061398d79843fea525","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","stockId":3000000161723,"sao":"基金运作方面，报告期内，中证银行全收益指数下跌2.73%，本基金采用指数跟踪的方式，运作较为稳定，我们会努力在控制跟踪误差的情况下创造收益。报告期内，沪深300全收益指数下跌3.70%，中证红利全收益指数上涨4.39%，中证科技100全收益指数下跌0.97%，风格上红利好于成长。报告期内最重要的事情是地缘政治冲突事件，受到霍尔木兹海峡封锁的影响，布伦特原油价格从冲突爆发前的70美元/桶附近上涨到报告期末站稳在100美元/桶以上（20260228-20260331）。受到的原油价格暴涨的影响，美联储货币政策预期发生明显变化，全球各类资产，包括美股、美债、黄金和比特币都遭遇不同程度的下跌。当前来看，10年期美债利率仍在4.3%附近，油价还在100美元/桶以上，短期风险仍未解除；中证银行指数作为高股息行业，报告期末其市盈率为6.97倍，股息率为4.50%，在当前低风险偏好时期，其防御属性或更具相对优势。","lastUpdated":"2026-04-22T15:45:10.417Z","fund":{"_id":3000000161723,"stockCode":"161723","stockType":"fund","areaCode":"cn","followedNum":213,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2015-05-03T16:00:00.000Z","setUpScale":889992000,"market":"a","tickerId":161723,"custody":"中信银行股份有限公司","name":"招商中证银行指数证券投资基金","shortName":"招商中证银行指数(161723)","fundSecondLevel":"company","memoNum":1,"lastUpdated":"2026-05-01T17:12:51.035Z","__csrcFundId":3955,"fundStatus":"normal","masterFundFlag":1,"inceptionDate":"2015-05-19T16:00:00.000Z","fundCollectionId":4000050210000,"currency":"CNY","masterFundShortName":"招商中证银行指数","pinyin":"zszzyhzszqtzjj","__indexSourceEastMoney":1,"__indexSourceCsi":1,"indexFundFlag":1,"indexId":1000000399986,"managers":[{"stockCode":"db20376719","stockType":"fund_manager","exchange":"fm","tickerId":808172690,"name":"侯昊"},{"stockCode":"j101020622","stockType":"fund_manager","exchange":"fm","tickerId":40603255960,"name":"窦福成"}]},"announcement":{"linkText":"招商中证银行指数证券投资基金2026年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1480420","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed48e7fea5b3eb054c18d","date":"2025-12-30T16:00:00.000Z","declarationDate":"2026-01-20T16:00:00.000Z","stockId":3000000161723,"sao":"2025年四季度中证银行指数上涨5.3%，关于本基金的运作，仓位维持在94.5%左右的水平，基本完成了对基准的跟踪。市场的风险偏好在今年下半年已经明显抬升，而银行股作为高分红代表性板块，更加适合低风险偏好的市场环境；银行股股息率相对于其他投资机会来说性价比有限。连续几年银行板块有明显超额和风险偏好抬升但经济又处在弱复苏阶段时，银行投资难度明显加大。另外报告期内市场整体呈现震荡走势格局，2025年中央经济工作会议强调扩大内需的重要性，市场阶段性对促消费稳投资预期有所上升，年底受益于十五五规划发布、宽基ETF资金流入，以及对春季行情预期等因素影响市场走势相对较强，成长方向走势有所分化，商业航天走出强势行情，行业层面分化依然较大，申万一级行业中有色金属、石油石化、通信、国防军工、轻工制造等行业走势较强，医药生物、房地产、美容护理、计算机、传媒等行业跌幅较前。","lastUpdated":"2026-03-09T14:09:18.960Z","fund":{"_id":3000000161723,"stockCode":"161723","stockType":"fund","areaCode":"cn","followedNum":213,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2015-05-03T16:00:00.000Z","setUpScale":889992000,"market":"a","tickerId":161723,"custody":"中信银行股份有限公司","name":"招商中证银行指数证券投资基金","shortName":"招商中证银行指数(161723)","fundSecondLevel":"company","memoNum":1,"lastUpdated":"2026-05-01T17:12:51.035Z","__csrcFundId":3955,"fundStatus":"normal","masterFundFlag":1,"inceptionDate":"2015-05-19T16:00:00.000Z","fundCollectionId":4000050210000,"currency":"CNY","masterFundShortName":"招商中证银行指数","pinyin":"zszzyhzszqtzjj","__indexSourceEastMoney":1,"__indexSourceCsi":1,"indexFundFlag":1,"indexId":1000000399986,"managers":[{"stockCode":"db20376719","stockType":"fund_manager","exchange":"fm","tickerId":808172690,"name":"侯昊"},{"stockCode":"j101020622","stockType":"fund_manager","exchange":"fm","tickerId":40603255960,"name":"窦福成"}]},"announcement":{"linkText":"招商中证银行指数证券投资基金2025年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1459870","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed48e7fea5b3eb054c18c","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-26T16:00:00.000Z","stockId":3000000161723,"sao":"中证银行指数三季度下跌10.24%，仓位基本上维持在94.5%左右，运作上保持了一定程度的稳定，基本完成了对基准的跟踪。报告期内，财政政策与货币政策协同发力以稳增长，资本市场在相关支持政策与经济高质量转型驱动下表现活跃。其中，财政政策较为积极，聚焦民生与转型，而货币政策方面，宽松导向，精准滴灌。市场表现来看，资本市场保持充裕的流动性，投资热情活跃，结构性机会突出。就申万一级行业来看，行业表现涨跌不一。其中，通信、电子、电力设备、有色金属行业涨幅居前。而银行、交通运输、石油石化行业表现较为疲软。","lastUpdated":"2026-03-09T14:09:18.957Z","fund":{"_id":3000000161723,"stockCode":"161723","stockType":"fund","areaCode":"cn","followedNum":213,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2015-05-03T16:00:00.000Z","setUpScale":889992000,"market":"a","tickerId":161723,"custody":"中信银行股份有限公司","name":"招商中证银行指数证券投资基金","shortName":"招商中证银行指数(161723)","fundSecondLevel":"company","memoNum":1,"lastUpdated":"2026-05-01T17:12:51.035Z","__csrcFundId":3955,"fundStatus":"normal","masterFundFlag":1,"inceptionDate":"2015-05-19T16:00:00.000Z","fundCollectionId":4000050210000,"currency":"CNY","masterFundShortName":"招商中证银行指数","pinyin":"zszzyhzszqtzjj","__indexSourceEastMoney":1,"__indexSourceCsi":1,"indexFundFlag":1,"indexId":1000000399986,"managers":[{"stockCode":"db20376719","stockType":"fund_manager","exchange":"fm","tickerId":808172690,"name":"侯昊"},{"stockCode":"j101020622","stockType":"fund_manager","exchange":"fm","tickerId":40603255960,"name":"窦福成"}]},"announcement":{"linkText":"招商中证银行指数证券投资基金2025年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1369895","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed48e7fea5b3eb054c18b","date":"2025-06-29T16:00:00.000Z","stockId":3000000161723,"sao":"2025年上半年中证银行指数上涨12.98%，仓位基本上维持在94.5%左右，运作上保持了一定程度的稳定，基本完成了对基准的跟踪。对于银行板块来说，暨4月存贷款差额较3月的阶段性高位有小幅下降后，5月存贷款差额再创新高。人民币贷款余额同比增速延续趋势性向下，在地产销售偏弱、去年同期防空转低基数的背景下，贷款增长仍偏弱，居民贷款基本持平，企业贷款同比少增，结构上票据冲量减少，实体融资需求仍显平淡，今年以来政府债的发行为社融提供了趋势性的支撑，5月社融主要的支撑项仍是政府债券。而受非银存款增长和低基数影响，存款同比增速边际上行。负债端成本优化对冲LPR下调影响，息差降幅有望继续收窄。银行板块或将进入上涨的下半场,选股出现明显下沉。板块目前股息率已经下行至4%,随着以及风险偏好的提振,银行板块作为类债类资产配置性价比在发生变化，同时作为底层资产非常重要的部分大幅波动可能性较低。","declarationDate":"2025-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T14:09:18.954Z","mo":"受业绩集中披露和关税博弈升级影响，市场经历了剧烈波动，伴随着系列政策组合拳的发力和关税谈判取得的初步进展，市场风险偏好逐渐修复，A股主要宽基指数在5月初回到关税冲击前水平。但由于特朗普关税政策反复无常加上伊以冲突扩散引发全球地缘政治风险加剧，全球预期不明，5月中旬以来市场情绪处于偏弱阶段，换手率和成交额持续下行，指数走势偏震荡。从行业表现上来看，结构特征较为明显，板块轮动速度较快，行情缺乏主线。从全球资产比较角度，美国相较新兴市场相对收益达到历史极值，美元指数也处于历史高位，历史上二者长期呈现明显的正相关。美元下行周期的开始利好新兴市场表现，中国在其中占比27.5%，外资配置中国资产的意愿正在提升中，再次面临长期拐点。三季度市场驱动的关键因素一是全球和国内增长的不确定性，关税交易影响逐步降低，但实际谈判结果仍难预判，国内经济基准情景在下半年出现走弱，盈利预测仍存在波动风险，二是美联储是否转向偏鸽，美联储是否降息决定全球风险偏好是否在三季度进一步提升，我们认为美债利率中期仍会在通胀和降息中反复博弈，利率路径先上后下或先下后上可能带来资产价格的相应波动，但长期来看，美国财政扩张对增长推动效应小于通胀，利率仍会维持在偏高水平。短期市场影响宽基指数中，杠铃策略两端皆创历史新高，极致缩圈后存在调整修正风险。值得关注的是，高ROE指数超额盈利与超额收益背离达到历史极值，在杠铃策略超额收益持续3年之后，建议配置结构向高ROE资产做均衡。港股相对A股的表现优异是长期资金开始流入的开始，有望在后续持续推动高ROE资产的回归。","fund":{"_id":3000000161723,"stockCode":"161723","stockType":"fund","areaCode":"cn","followedNum":213,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2015-05-03T16:00:00.000Z","setUpScale":889992000,"market":"a","tickerId":161723,"custody":"中信银行股份有限公司","name":"招商中证银行指数证券投资基金","shortName":"招商中证银行指数(161723)","fundSecondLevel":"company","memoNum":1,"lastUpdated":"2026-05-01T17:12:51.035Z","__csrcFundId":3955,"fundStatus":"normal","masterFundFlag":1,"inceptionDate":"2015-05-19T16:00:00.000Z","fundCollectionId":4000050210000,"currency":"CNY","masterFundShortName":"招商中证银行指数","pinyin":"zszzyhzszqtzjj","__indexSourceEastMoney":1,"__indexSourceCsi":1,"indexFundFlag":1,"indexId":1000000399986,"managers":[{"stockCode":"db20376719","stockType":"fund_manager","exchange":"fm","tickerId":808172690,"name":"侯昊"},{"stockCode":"j101020622","stockType":"fund_manager","exchange":"fm","tickerId":40603255960,"name":"窦福成"}]},"announcement":{"linkText":"招商中证银行指数证券投资基金2025年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1338711","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed48e7fea5b3eb054c18a","date":"2025-03-30T16:00:00.000Z","stockId":3000000161723,"sao":"中证银行指数一季度上涨1.84%，仓位基本上维持在94.5%左右，运作上保持了一定程度的稳定，基本完成了对基准的跟踪。大行注资落地，整体而言上市银行营收降幅持续收敛，拨备反哺平滑盈利；展望2025年,我们认为影响板块基本面的核心因素依然来自国内经济修复进程，随着2024年9月以来稳增长政策的密集出台,实体企业与个人有效需求的改善值得期待。","declarationDate":"2025-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:09:18.951Z","fund":{"_id":3000000161723,"stockCode":"161723","stockType":"fund","areaCode":"cn","followedNum":213,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2015-05-03T16:00:00.000Z","setUpScale":889992000,"market":"a","tickerId":161723,"custody":"中信银行股份有限公司","name":"招商中证银行指数证券投资基金","shortName":"招商中证银行指数(161723)","fundSecondLevel":"company","memoNum":1,"lastUpdated":"2026-05-01T17:12:51.035Z","__csrcFundId":3955,"fundStatus":"normal","masterFundFlag":1,"inceptionDate":"2015-05-19T16:00:00.000Z","fundCollectionId":4000050210000,"currency":"CNY","masterFundShortName":"招商中证银行指数","pinyin":"zszzyhzszqtzjj","__indexSourceEastMoney":1,"__indexSourceCsi":1,"indexFundFlag":1,"indexId":1000000399986,"managers":[{"stockCode":"db20376719","stockType":"fund_manager","exchange":"fm","tickerId":808172690,"name":"侯昊"},{"stockCode":"j101020622","stockType":"fund_manager","exchange":"fm","tickerId":40603255960,"name":"窦福成"}]},"announcement":{"linkText":"招商中证银行指数证券投资基金2025年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1266695","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed48e7fea5b3eb054c189","date":"2024-12-30T16:00:00.000Z","stockId":3000000161723,"sao":"2024年中证银行指数上涨34.71%，是表现较好的板块。银行板块表现强势主要受益于资金面和基本面的双重驱动。从资金面来看，被动指数基金、北向资金和保险是今年买入银行的重要增量资金。从基本面来看,银行业绩长期稳定，拨备安全垫充足,助力业绩平滑周期波动,分红率稳中有升。预计 2025 年信贷、社融多；虽息差仍面临下行压力,幅度或小于 2024 年。新一轮化债以及地产止跌回稳,银行信用风险预期改善。化债背景下,银行股中长期估值有望迎来重塑。关于本基金的运作，仓位维持在94.5%左右的水平，基本完成了对基准的跟踪。","declarationDate":"2025-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:09:18.949Z","mo":"2024年从价值与成长风格看，大盘价值风格已经连续多年战胜大盘成长风格，大盘成长所处的位置几乎已经接近过去十年底部区域。成长风格的反弹可能性变大。但目前成长的反弹主要还是围绕主题概念，基于盈利驱动的成长始终表现一般；如果大盘成长要走出较大级别的行情，则会带动高盈利资产的复苏。2024年A股经历了重要转折：前三季度宏观数据逐步转弱，盈利周期连续13个季度下滑，市场风格呈现大盘、红利占优的格局；三季度末，随着重磅政策的推出，经济预期扭转，投资者对盈利周期回升的信心增强，市场在三季度末出现了猛烈的修复，风格再度平衡，小盘、成长风格重新占优。2025年权益投资决定性因素是国内经济政策力度、海外经济周期；本轮产能利用率下行期进入尾声，产能周期拐点渐近：2025年有望开启补库周期。产能/库存周期拐点后企业盈利可能进入改善周期，预计随着政策效果的逐步显现，2025年业绩可能逐季改善。","fund":{"_id":3000000161723,"stockCode":"161723","stockType":"fund","areaCode":"cn","followedNum":213,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2015-05-03T16:00:00.000Z","setUpScale":889992000,"market":"a","tickerId":161723,"custody":"中信银行股份有限公司","name":"招商中证银行指数证券投资基金","shortName":"招商中证银行指数(161723)","fundSecondLevel":"company","memoNum":1,"lastUpdated":"2026-05-01T17:12:51.035Z","__csrcFundId":3955,"fundStatus":"normal","masterFundFlag":1,"inceptionDate":"2015-05-19T16:00:00.000Z","fundCollectionId":4000050210000,"currency":"CNY","masterFundShortName":"招商中证银行指数","pinyin":"zszzyhzszqtzjj","__indexSourceEastMoney":1,"__indexSourceCsi":1,"indexFundFlag":1,"indexId":1000000399986,"managers":[{"stockCode":"db20376719","stockType":"fund_manager","exchange":"fm","tickerId":808172690,"name":"侯昊"},{"stockCode":"j101020622","stockType":"fund_manager","exchange":"fm","tickerId":40603255960,"name":"窦福成"}]},"announcement":{"linkText":"招商中证银行指数证券投资基金2024年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1249044","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed48e7fea5b3eb054c188","date":"2024-09-29T16:00:00.000Z","stockId":3000000161723,"sao":"中证银行指数三季度上涨9.17%，本基金运作上保持了一定程度的稳定，股票仓位维持在94.5%左右水平，基本完成了对基准的跟踪。存量房贷利率调整及降息政策已经落地，银行作为高股息标的依然有很强的配置价值。24年银行业绩持续筑底，但银行板块会受益于自身资产质量改善和边际变化预期影响。","declarationDate":"2024-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T14:09:18.946Z","fund":{"_id":3000000161723,"stockCode":"161723","stockType":"fund","areaCode":"cn","followedNum":213,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2015-05-03T16:00:00.000Z","setUpScale":889992000,"market":"a","tickerId":161723,"custody":"中信银行股份有限公司","name":"招商中证银行指数证券投资基金","shortName":"招商中证银行指数(161723)","fundSecondLevel":"company","memoNum":1,"lastUpdated":"2026-05-01T17:12:51.035Z","__csrcFundId":3955,"fundStatus":"normal","masterFundFlag":1,"inceptionDate":"2015-05-19T16:00:00.000Z","fundCollectionId":4000050210000,"currency":"CNY","masterFundShortName":"招商中证银行指数","pinyin":"zszzyhzszqtzjj","__indexSourceEastMoney":1,"__indexSourceCsi":1,"indexFundFlag":1,"indexId":1000000399986,"managers":[{"stockCode":"db20376719","stockType":"fund_manager","exchange":"fm","tickerId":808172690,"name":"侯昊"},{"stockCode":"j101020622","stockType":"fund_manager","exchange":"fm","tickerId":40603255960,"name":"窦福成"}]},"announcement":{"linkText":"招商中证银行指数证券投资基金2024年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1170053","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed48e7fea5b3eb054c187","date":"2024-06-29T16:00:00.000Z","stockId":3000000161723,"sao":"2024年上半年中证银行指数上涨17.25%，是上半年表现较好的板块，仓位维持在94.5%，运作上保持了一定程度的稳定，基本完成了对基准的跟踪。银行beta行情一般取决于经济预期，资产荒背景下银行作为高分红资产有其配置价值。行业二季度息差下行放缓，预计资产规模增速有所放缓，资产质量总体稳健，银行股具有稳健和防御性、同时兼具高股息和国有金融机构的投资属性。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T14:09:18.943Z","mo":"2024年上半年全球经济表现出强劲的韧性；在通胀趋缓的背景下,全球主要央行在2024年上半年开始放宽货币政策；展望未来,我们预计 2024年下半年全球经济增长将保持稳定。从资产表现看,市场正从防御板块中向外扩散、寻找新方向。风险偏好会逐渐修复，市场风格也将从防御状态向高景气、高ROE方向扩散。股票市场：盈利方面,预计创业板盈利逐季改善,全A有所改善;估值方面,创业板仍在底部,除周期风格外其余风格接近数次市场底。行业配置方面,建议重视红利资产、优质出海和成长性主题三条主线。","fund":{"_id":3000000161723,"stockCode":"161723","stockType":"fund","areaCode":"cn","followedNum":213,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2015-05-03T16:00:00.000Z","setUpScale":889992000,"market":"a","tickerId":161723,"custody":"中信银行股份有限公司","name":"招商中证银行指数证券投资基金","shortName":"招商中证银行指数(161723)","fundSecondLevel":"company","memoNum":1,"lastUpdated":"2026-05-01T17:12:51.035Z","__csrcFundId":3955,"fundStatus":"normal","masterFundFlag":1,"inceptionDate":"2015-05-19T16:00:00.000Z","fundCollectionId":4000050210000,"currency":"CNY","masterFundShortName":"招商中证银行指数","pinyin":"zszzyhzszqtzjj","__indexSourceEastMoney":1,"__indexSourceCsi":1,"indexFundFlag":1,"indexId":1000000399986,"managers":[{"stockCode":"db20376719","stockType":"fund_manager","exchange":"fm","tickerId":808172690,"name":"侯昊"},{"stockCode":"j101020622","stockType":"fund_manager","exchange":"fm","tickerId":40603255960,"name":"窦福成"}]},"announcement":{"linkText":"招商中证银行指数证券投资基金2024年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1150107","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed48e7fea5b3eb054c186","date":"2024-03-30T16:00:00.000Z","stockId":3000000161723,"sao":"中证银行指数一季度上涨10.81%，是一季度表现较好的板块，仓位维持在94.5%，运作上保持了一定程度的稳定；一季度整个偏红利的资产表现优异，2024年银行业绩持续筑底，但在资产质量稳健预期下，高分红个股仍受市场青睐。","declarationDate":"2024-04-18T16:00:00.000Z","lastUpdated":"2026-03-09T14:09:18.940Z","fund":{"_id":3000000161723,"stockCode":"161723","stockType":"fund","areaCode":"cn","followedNum":213,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2015-05-03T16:00:00.000Z","setUpScale":889992000,"market":"a","tickerId":161723,"custody":"中信银行股份有限公司","name":"招商中证银行指数证券投资基金","shortName":"招商中证银行指数(161723)","fundSecondLevel":"company","memoNum":1,"lastUpdated":"2026-05-01T17:12:51.035Z","__csrcFundId":3955,"fundStatus":"normal","masterFundFlag":1,"inceptionDate":"2015-05-19T16:00:00.000Z","fundCollectionId":4000050210000,"currency":"CNY","masterFundShortName":"招商中证银行指数","pinyin":"zszzyhzszqtzjj","__indexSourceEastMoney":1,"__indexSourceCsi":1,"indexFundFlag":1,"indexId":1000000399986,"managers":[{"stockCode":"db20376719","stockType":"fund_manager","exchange":"fm","tickerId":808172690,"name":"侯昊"},{"stockCode":"j101020622","stockType":"fund_manager","exchange":"fm","tickerId":40603255960,"name":"窦福成"}]},"announcement":{"linkText":"招商中证银行指数证券投资基金2024年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1066448","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed48e7fea5b3eb054c185","date":"2023-12-30T16:00:00.000Z","stockId":3000000161723,"sao":"2023年中证银行指数下跌7.27%，是跌幅较少的板块；2023 年银行股涨跌幅分化明显，板块估值区间全面收敛，高估值、高持仓、高预期的白马银行股受经济周期影响估值大幅收缩，低估值银行股反弹。在经济降速+结构转型的宏观背景下，银行业绩增速的差异明显收敛，而低估值通常代表低预期，同时享有高股息率作为确定性收益，更符合当前市场风格。交易逻辑上，高估值银行股的机构持仓重，也是股价下跌的主因。银行股是经济大周期品种。短期来看，目前经济仍处于复苏早期，尽管“政策底”已经反复确立，但复苏仍需要更长时间。下一步关注经济周期的核心变量依然是房地产市场何时企稳，以及出口能否回暖。短期内，银行业可能继续面临资产荒和净息差持续收窄的压力。关于本基金的运作，仓位维持在94.5%左右的水平，基本完成了对基准的跟踪。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T14:09:18.937Z","mo":"2023年A股震荡走弱，下半年以来波动扩大。分阶段来看：（1）年初，防疫政策优化和地产政策出台使经济快速修复成为市场共识，加之2月经济数据普遍好于预期、人工智能技术革新催化，A股出现小波反弹；（2）3月以后，广义财政赤字同比回落，消费、投资等经济数据不及市场预期，强复苏预期走弱，市场横盘震荡；（3）8月至今，增长和政策预期担忧持续升温，尽管7月下旬政治局会议后政策密集出台，但A股仍震荡回落；（4）10月下旬以来，随着财政部宣布增发万亿国债，叠加中美关系预期缓和，A股一度边际反弹，但后续经济基本面偏弱令市场再度承压。2023年主要宽基指数下跌，其中中小盘风格相对占优。展望2024年盈利角度上，PMI与工业企业库存走弱，CPI与PPI同比也有所回落，表明当前需求恢复仍需进一步巩固，及实际利率水平处于偏高的状态。1月中央经济工作会议表态“以进促稳、先立后破”，并指出“积极的财政政策要适度加力、提质增效，稳健的货币政策要灵活适度、精准有效”。2024年预计银行全行业信贷增量同比持平或略少，优质区域银行同比多增。息差继续收窄，降幅小于2023年，且主要体现在上半年，下半年有望边际企稳。资产质量保持稳定。当前正处于政策底和经济底之间，2022年底至今，银行业的政策风险基本出清，政策底确认。2024年，期待经济底、业绩底依次出现，经济底主要关注PPI、PMI、M1等核心指标，业绩底则意味着息差底和营收增速底。大行和精选优质区域性银行都可能存在机会。","fund":{"_id":3000000161723,"stockCode":"161723","stockType":"fund","areaCode":"cn","followedNum":213,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2015-05-03T16:00:00.000Z","setUpScale":889992000,"market":"a","tickerId":161723,"custody":"中信银行股份有限公司","name":"招商中证银行指数证券投资基金","shortName":"招商中证银行指数(161723)","fundSecondLevel":"company","memoNum":1,"lastUpdated":"2026-05-01T17:12:51.035Z","__csrcFundId":3955,"fundStatus":"normal","masterFundFlag":1,"inceptionDate":"2015-05-19T16:00:00.000Z","fundCollectionId":4000050210000,"currency":"CNY","masterFundShortName":"招商中证银行指数","pinyin":"zszzyhzszqtzjj","__indexSourceEastMoney":1,"__indexSourceCsi":1,"indexFundFlag":1,"indexId":1000000399986,"managers":[{"stockCode":"db20376719","stockType":"fund_manager","exchange":"fm","tickerId":808172690,"name":"侯昊"},{"stockCode":"j101020622","stockType":"fund_manager","exchange":"fm","tickerId":40603255960,"name":"窦福成"}]},"announcement":{"linkText":"招商中证银行指数证券投资基金2023年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1057086","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed48e7fea5b3eb054c184","date":"2023-09-29T16:00:00.000Z","stockId":3000000161723,"sao":"银行指数三季度上涨1.44%，仓位维持在94.5%，运作上保持了一定程度的稳定；银行板块营收减速，利润加速。除国有行之外的银行利息收入增速收窄，资产质量整体继续改善。展望未来，银行板块具备安全边际，须关注稳增长政策发力。未来优质银行将开启有底线、有弹性的基本面向上趋势，业绩底可能已经出现。一方面，政策端明确表态银行业需保持合理的利润和息差水平，并多次调整存款利率以减轻银行负债端压力。另一方面，8、9 月宏观经济数据出现改善，经济复苏趋势明朗。","declarationDate":"2023-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T14:09:18.935Z","fund":{"_id":3000000161723,"stockCode":"161723","stockType":"fund","areaCode":"cn","followedNum":213,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2015-05-03T16:00:00.000Z","setUpScale":889992000,"market":"a","tickerId":161723,"custody":"中信银行股份有限公司","name":"招商中证银行指数证券投资基金","shortName":"招商中证银行指数(161723)","fundSecondLevel":"company","memoNum":1,"lastUpdated":"2026-05-01T17:12:51.035Z","__csrcFundId":3955,"fundStatus":"normal","masterFundFlag":1,"inceptionDate":"2015-05-19T16:00:00.000Z","fundCollectionId":4000050210000,"currency":"CNY","masterFundShortName":"招商中证银行指数","pinyin":"zszzyhzszqtzjj","__indexSourceEastMoney":1,"__indexSourceCsi":1,"indexFundFlag":1,"indexId":1000000399986,"managers":[{"stockCode":"db20376719","stockType":"fund_manager","exchange":"fm","tickerId":808172690,"name":"侯昊"},{"stockCode":"j101020622","stockType":"fund_manager","exchange":"fm","tickerId":40603255960,"name":"窦福成"}]},"announcement":{"linkText":"招商中证银行指数证券投资基金2023年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=983950","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed48e7fea5b3eb054c183","date":"2023-06-29T16:00:00.000Z","stockId":3000000161723,"sao":"银行指数2023年上半年下跌2.14%，仓位维持在94.5%以上，运作上保持了一定程度的稳定；中间间断地因为风格变化，银行板块有阶段性行情。 银行和经济基本面一样，处于筑底阶段，资产质量稳定，核心变量取决于信贷需求改善的节奏，银行息差仍有小幅下行的可能性但下行幅度有望大幅放缓，息差的拐点取决于信贷需求改善的节奏；随着四五月经济及金融数据连续走弱显示经济恢复动能减弱，市场对稳增长政策期待提升。随着货币政策调整，存款降息一定程度上有助于引导超额储蓄向消费、投资转换，同时进一步降低实体经济融资成本，后续需求端政策发力预期有所增强，进而稳定经济预期，同时有助于边际改善银行基本面情况。目前银行估值处于低位，股息率位于高位，结合宏观经济基本面、需求侧政策预期和银行基本面情况，银行板块有估值修复机会。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T14:09:18.932Z","mo":"经过2023上半年的调整，总量经济相关资产的风险溢价处于历史较低水平，显示市场对经济增长的疲软预期，也隐含了指数进一步深度调整的空间较为有限。央行逆回购利率与MLF、LPR调降、国常会研究提出了“一批政策措施”，并提出具备条件的政策措施要“及时出台、抓紧实施”，预示着后续的市场或将重点关注政策落地力度和效果。下半年宏观环境正在改善，经济存在内生修复迹象，政策预期将继续加码，或为行情回升信号。市场从政策底到市场底将迎来情绪修复。","fund":{"_id":3000000161723,"stockCode":"161723","stockType":"fund","areaCode":"cn","followedNum":213,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2015-05-03T16:00:00.000Z","setUpScale":889992000,"market":"a","tickerId":161723,"custody":"中信银行股份有限公司","name":"招商中证银行指数证券投资基金","shortName":"招商中证银行指数(161723)","fundSecondLevel":"company","memoNum":1,"lastUpdated":"2026-05-01T17:12:51.035Z","__csrcFundId":3955,"fundStatus":"normal","masterFundFlag":1,"inceptionDate":"2015-05-19T16:00:00.000Z","fundCollectionId":4000050210000,"currency":"CNY","masterFundShortName":"招商中证银行指数","pinyin":"zszzyhzszqtzjj","__indexSourceEastMoney":1,"__indexSourceCsi":1,"indexFundFlag":1,"indexId":1000000399986,"managers":[{"stockCode":"db20376719","stockType":"fund_manager","exchange":"fm","tickerId":808172690,"name":"侯昊"},{"stockCode":"j101020622","stockType":"fund_manager","exchange":"fm","tickerId":40603255960,"name":"窦福成"}]},"announcement":{"linkText":"招商中证银行指数证券投资基金2023年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=957935","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed48e7fea5b3eb054c182","date":"2023-03-30T16:00:00.000Z","stockId":3000000161723,"sao":"中证银行指数在一季度下跌2.48%，本基金在报告期内仓位维持在94.5%左右并保持了一定程度的稳定性；市场对于银行整个板块长期逻辑，尤其息差变化会有所担心，展望2023年银行依然会和整个大环境的关联度较高，尤其作为非常重要的转折点，2023年的演绎逻辑将更显出对于宏观预期转折点的特征。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:09:18.929Z","fund":{"_id":3000000161723,"stockCode":"161723","stockType":"fund","areaCode":"cn","followedNum":213,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2015-05-03T16:00:00.000Z","setUpScale":889992000,"market":"a","tickerId":161723,"custody":"中信银行股份有限公司","name":"招商中证银行指数证券投资基金","shortName":"招商中证银行指数(161723)","fundSecondLevel":"company","memoNum":1,"lastUpdated":"2026-05-01T17:12:51.035Z","__csrcFundId":3955,"fundStatus":"normal","masterFundFlag":1,"inceptionDate":"2015-05-19T16:00:00.000Z","fundCollectionId":4000050210000,"currency":"CNY","masterFundShortName":"招商中证银行指数","pinyin":"zszzyhzszqtzjj","__indexSourceEastMoney":1,"__indexSourceCsi":1,"indexFundFlag":1,"indexId":1000000399986,"managers":[{"stockCode":"db20376719","stockType":"fund_manager","exchange":"fm","tickerId":808172690,"name":"侯昊"},{"stockCode":"j101020622","stockType":"fund_manager","exchange":"fm","tickerId":40603255960,"name":"窦福成"}]},"announcement":{"linkText":"招商中证银行指数证券投资基金2023年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=880925","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed48e7fea5b3eb054c181","date":"2022-12-30T16:00:00.000Z","stockId":3000000161723,"sao":"中证银行指数全年下跌8.78%，三季度受外部环境影响下跌较多，银行是顺周期板块，和宏观经济的联动性很强。本基金在运作期间，仓位维持在94.5%左右的水平，基本完成了对基准的跟踪。","declarationDate":"2023-01-17T16:00:00.000Z","lastUpdated":"2026-03-09T14:09:18.926Z","mo":"2022年内外部情况错综复杂，预计2023年上半年的国内大环境是经济向好、稳增长政策延续发力、流动性维持合理充裕，即增长向好叠加利率平稳，市场有望演绎以估值修复为主的震荡向上行情。但由于盈利可能难以大幅改善，不具备全面上涨的条件。预计下半年大环境是国内经济继续稳中向好，然而稳增长政策可能逐步退出、通胀风险逐步显现，流动性可能有所收紧，即增长向好叠加利率上行。2023年消费恢复的大方向较为明确，整体而言，今年可关注：高景气成长板块、防疫优化措施预期不断，景气与估值相跟随的部分消费品、稳增长预期下的新老基建领域、互联网平台经济企业。","fund":{"_id":3000000161723,"stockCode":"161723","stockType":"fund","areaCode":"cn","followedNum":213,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2015-05-03T16:00:00.000Z","setUpScale":889992000,"market":"a","tickerId":161723,"custody":"中信银行股份有限公司","name":"招商中证银行指数证券投资基金","shortName":"招商中证银行指数(161723)","fundSecondLevel":"company","memoNum":1,"lastUpdated":"2026-05-01T17:12:51.035Z","__csrcFundId":3955,"fundStatus":"normal","masterFundFlag":1,"inceptionDate":"2015-05-19T16:00:00.000Z","fundCollectionId":4000050210000,"currency":"CNY","masterFundShortName":"招商中证银行指数","pinyin":"zszzyhzszqtzjj","__indexSourceEastMoney":1,"__indexSourceCsi":1,"indexFundFlag":1,"indexId":1000000399986,"managers":[{"stockCode":"db20376719","stockType":"fund_manager","exchange":"fm","tickerId":808172690,"name":"侯昊"},{"stockCode":"j101020622","stockType":"fund_manager","exchange":"fm","tickerId":40603255960,"name":"窦福成"}]},"announcement":{"linkText":"招商中证银行指数证券投资基金2022年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=866487","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed48e7fea5b3eb054c180","date":"2022-09-29T16:00:00.000Z","stockId":3000000161723,"sao":"报告期对指数进行了比较好的跟踪，基本仓位维持在94.5%左右；报告期指数下跌了11.28%，整个板块市净率已经处于非常低的水平，受到大环境影响，零售业务占比较高的银行，其股价跌幅更大。银行板块作为国计民生重要的板块有其配置价值。在过去时间里，其中某些区域，或者有核心竞争优势的公司超额收益更明显；从估值来说，整体板块已经处于配置比较好的位置。","declarationDate":"2022-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T14:09:18.924Z","fund":{"_id":3000000161723,"stockCode":"161723","stockType":"fund","areaCode":"cn","followedNum":213,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2015-05-03T16:00:00.000Z","setUpScale":889992000,"market":"a","tickerId":161723,"custody":"中信银行股份有限公司","name":"招商中证银行指数证券投资基金","shortName":"招商中证银行指数(161723)","fundSecondLevel":"company","memoNum":1,"lastUpdated":"2026-05-01T17:12:51.035Z","__csrcFundId":3955,"fundStatus":"normal","masterFundFlag":1,"inceptionDate":"2015-05-19T16:00:00.000Z","fundCollectionId":4000050210000,"currency":"CNY","masterFundShortName":"招商中证银行指数","pinyin":"zszzyhzszqtzjj","__indexSourceEastMoney":1,"__indexSourceCsi":1,"indexFundFlag":1,"indexId":1000000399986,"managers":[{"stockCode":"db20376719","stockType":"fund_manager","exchange":"fm","tickerId":808172690,"name":"侯昊"},{"stockCode":"j101020622","stockType":"fund_manager","exchange":"fm","tickerId":40603255960,"name":"窦福成"}]},"announcement":{"linkText":"招商中证银行指数证券投资基金2022年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=801613","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed48e7fea5b3eb054c17f","date":"2022-06-29T16:00:00.000Z","stockId":3000000161723,"sao":"报告期对指数进行了比较好的跟踪，基本仓位维持在94.5%左右","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T14:09:18.921Z","mo":"整体来看，上半年经济先抑后扬。5月份以前主要受疫情影响，经济数据明显走弱。随着疫情影响消除，经济持续恢复中。流动性在上半年有所波动，但整体维持在合理充裕的区间内。下半年A股展望：市场运行区间上移。“稳增长”政策落地叠加疫情影响逐步消退，基本面预期最悲观时刻或已然过去。展望下半年，经济预期上修，风险偏好与风险评价积极变化，对A股判断转向乐观，上修上证指数运行区间，回调或是配置良机。","fund":{"_id":3000000161723,"stockCode":"161723","stockType":"fund","areaCode":"cn","followedNum":213,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2015-05-03T16:00:00.000Z","setUpScale":889992000,"market":"a","tickerId":161723,"custody":"中信银行股份有限公司","name":"招商中证银行指数证券投资基金","shortName":"招商中证银行指数(161723)","fundSecondLevel":"company","memoNum":1,"lastUpdated":"2026-05-01T17:12:51.035Z","__csrcFundId":3955,"fundStatus":"normal","masterFundFlag":1,"inceptionDate":"2015-05-19T16:00:00.000Z","fundCollectionId":4000050210000,"currency":"CNY","masterFundShortName":"招商中证银行指数","pinyin":"zszzyhzszqtzjj","__indexSourceEastMoney":1,"__indexSourceCsi":1,"indexFundFlag":1,"indexId":1000000399986,"managers":[{"stockCode":"db20376719","stockType":"fund_manager","exchange":"fm","tickerId":808172690,"name":"侯昊"},{"stockCode":"j101020622","stockType":"fund_manager","exchange":"fm","tickerId":40603255960,"name":"窦福成"}]},"announcement":{"linkText":"招商中证银行指数证券投资基金2022年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=780916","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed48e7fea5b3eb054c17e","date":"2022-03-30T16:00:00.000Z","stockId":3000000161723,"sao":"报告期中证银行指数上涨2.44%，表现出较好的抗跌性和防御性，银行公布的年报数据较好，基本面有支撑，本季度基金基本实现了跟踪指数。","declarationDate":"2022-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:09:18.918Z","fund":{"_id":3000000161723,"stockCode":"161723","stockType":"fund","areaCode":"cn","followedNum":213,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2015-05-03T16:00:00.000Z","setUpScale":889992000,"market":"a","tickerId":161723,"custody":"中信银行股份有限公司","name":"招商中证银行指数证券投资基金","shortName":"招商中证银行指数(161723)","fundSecondLevel":"company","memoNum":1,"lastUpdated":"2026-05-01T17:12:51.035Z","__csrcFundId":3955,"fundStatus":"normal","masterFundFlag":1,"inceptionDate":"2015-05-19T16:00:00.000Z","fundCollectionId":4000050210000,"currency":"CNY","masterFundShortName":"招商中证银行指数","pinyin":"zszzyhzszqtzjj","__indexSourceEastMoney":1,"__indexSourceCsi":1,"indexFundFlag":1,"indexId":1000000399986,"managers":[{"stockCode":"db20376719","stockType":"fund_manager","exchange":"fm","tickerId":808172690,"name":"侯昊"},{"stockCode":"j101020622","stockType":"fund_manager","exchange":"fm","tickerId":40603255960,"name":"窦福成"}]},"announcement":{"linkText":"招商中证银行指数证券投资基金2022年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=723364","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed48e7fea5b3eb054c17d","date":"2021-12-30T16:00:00.000Z","stockId":3000000161723,"sao":"报告期内，A股分行业来看，31个申万一级行业中，21个行业上涨；其中电力设备、有色金属、煤炭、基础化工、钢铁、公用事业等板块涨幅较大；家用电器、非银金融、房地产等行业跌幅相对较大。基金的基准指数中证银行指数报告期内下跌4.41%。报告期内，本基金股票仓位维持在94.5%左右的水平，基本完成了对基准的跟踪。","declarationDate":"2022-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:09:18.916Z","mo":"2021年制造业PMI数值在3月份见顶后呈现持续回落态势，11月份有所回升。总体经济走弱的同时，经济结构不均衡的问题依然突出，出口一枝独秀，制造业投资改善但幅度有限，基建投资、消费持续弱势，地产投资面临考验。从投向实体经济的流动性角度看，代表性指标社融存量增速得益于央行在二季度末、三季度初的积极鼓励政策和财政地方债发力后置等因素自10月开始企稳回升。价格方面，CPI同比呈现温和上扬趋势，PPI同比因为供给侧受限而在10月达到13.5%的超高水平、之后受政策保供稳价影响开始逐步回落。当前来看，2022年经济下行压力依旧存在，后续需观察稳增长政策的进一步落地。此外考虑到目前经济仍处于回落周期中，PPI对CPI的传导相对滞后，预计PPI后续开始回落，CPI将继续上升。2021年中盘凭借优异的盈利优势，全年跑赢大盘风格。2021年前三季度累计沪深300、中证500、中证1000指数的归母净利润增长率分别为22.00%、42.83%和30.14%，中证500盈利增速优势明显，三季度沪深300、中证500与中证1000归母净利润增速分别为-3.62%、23.69%和3.31%，尽管增速较Q2有明显回落，但中证500优势依旧明显。展望2022年，全年来看大盘风格或将更为占优：一方面，2022年经济下行压力加大的环境下市场将进一步追求盈利稳定性，而2022年大盘盈利预期较为稳定，但小盘盈利预期较2021年大幅下行优势不再；另一方面，经历了2021年的持续上行后，中小盘估值性价比已有所下降，而大盘在经历持续震荡后估值性价比逐渐提升，且筹码结构已恢复相对合理。伴随疫情防控体系进一步完善，消费行业有望受益于疫情冲击的边际减弱以及国内稳增长政策的实施，带来估值及业绩修复。","fund":{"_id":3000000161723,"stockCode":"161723","stockType":"fund","areaCode":"cn","followedNum":213,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2015-05-03T16:00:00.000Z","setUpScale":889992000,"market":"a","tickerId":161723,"custody":"中信银行股份有限公司","name":"招商中证银行指数证券投资基金","shortName":"招商中证银行指数(161723)","fundSecondLevel":"company","memoNum":1,"lastUpdated":"2026-05-01T17:12:51.035Z","__csrcFundId":3955,"fundStatus":"normal","masterFundFlag":1,"inceptionDate":"2015-05-19T16:00:00.000Z","fundCollectionId":4000050210000,"currency":"CNY","masterFundShortName":"招商中证银行指数","pinyin":"zszzyhzszqtzjj","__indexSourceEastMoney":1,"__indexSourceCsi":1,"indexFundFlag":1,"indexId":1000000399986,"managers":[{"stockCode":"db20376719","stockType":"fund_manager","exchange":"fm","tickerId":808172690,"name":"侯昊"},{"stockCode":"j101020622","stockType":"fund_manager","exchange":"fm","tickerId":40603255960,"name":"窦福成"}]},"announcement":{"linkText":"招商中证银行指数证券投资基金2021年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=711658","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed48e7fea5b3eb054c17c","date":"2021-09-29T16:00:00.000Z","stockId":3000000161723,"sao":"报告期内经济数据较二季度见顶后持续回落，并在9月份回落至枯荣线以下；从流动性情况来看，短端货币市场依然维持宽松，但波动有所加大，投向实体的信用持续回落，企业中长期贷款增速见顶回落。从行业来看，煤炭、公用事业、有色金属、钢铁、化工等行业板块涨幅较大，医药、休闲服务、食品饮料、传媒、家电、纺织服装等行业板块下跌较多。本基金的基准指数中证银行指数报告期内下跌9.57%。关于本基金的运作，股票仓位维持在94.5%左右的水平，基本完成了对基准的跟踪。","declarationDate":"2021-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T14:09:18.913Z","fund":{"_id":3000000161723,"stockCode":"161723","stockType":"fund","areaCode":"cn","followedNum":213,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2015-05-03T16:00:00.000Z","setUpScale":889992000,"market":"a","tickerId":161723,"custody":"中信银行股份有限公司","name":"招商中证银行指数证券投资基金","shortName":"招商中证银行指数(161723)","fundSecondLevel":"company","memoNum":1,"lastUpdated":"2026-05-01T17:12:51.035Z","__csrcFundId":3955,"fundStatus":"normal","masterFundFlag":1,"inceptionDate":"2015-05-19T16:00:00.000Z","fundCollectionId":4000050210000,"currency":"CNY","masterFundShortName":"招商中证银行指数","pinyin":"zszzyhzszqtzjj","__indexSourceEastMoney":1,"__indexSourceCsi":1,"indexFundFlag":1,"indexId":1000000399986,"managers":[{"stockCode":"db20376719","stockType":"fund_manager","exchange":"fm","tickerId":808172690,"name":"侯昊"},{"stockCode":"j101020622","stockType":"fund_manager","exchange":"fm","tickerId":40603255960,"name":"窦福成"}]},"announcement":{"linkText":"招商中证银行指数证券投资基金2021年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=651158","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed48e7fea5b3eb054c17b","date":"2021-06-29T16:00:00.000Z","stockId":3000000161723,"sao":"报告期内，国内经济增长保持较强韧性，货币政策保持中性。报告期内A股表现分化相对较大，从行业来看，电气设备、电子、汽车、综合等行业板块涨幅相对较高，家用电器、农林牧渔、房地产、公用事业等行业板块跌幅较大。本基金跟踪的标的指数中证银行指数报告期内上涨6.15%。关于本基金的运作，股票仓位维持在94.5%左右的水平，基本完成了对基准的跟踪。","declarationDate":"2021-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T14:09:18.910Z","mo":"美国6月非农就业数据远超预期，6月季调后非农就业人口增85万，预期增70万，前值由增55.9万修正为增58.3万；失业率为5.9%，预期5.7%，前值5.8%；平均时薪环比上升0.3%，预期上升0.4%，劳动力市场的更快恢复有望缓解此前的紧张状况，失业率暂时性上升主要因为更多人处于重新回归寻找工作的过程中，预计后续仍将逐步下降；在财政刺激逐步落地、居民储蓄率仍较高的情况下，预计美国整体经济增速仍将较有韧性。欧元区方面,5月零售销售环比增4.6%，显著改善。这主要因为随着疫情的缓解和就业的修复，欧元区居民消费也随之修复；展望下半年，全球经济仍有较强的复苏动能。报告期内，国内制造业PMI均处于荣枯线以上的扩张区间，数值从二季度以来见顶回落，但幅度不大。从需求结构上看，上半年的地产投资增长韧性依然亮眼，制造业投资在企业信心修复和政策鼓励帮扶的背景下进一步向上修复，基建投资虽然2年复合累计增速保持相对平稳，但相较经济总量依然偏弱。社会消费品零售总额所代表的消费也进一步向上修复，出口增速也整体保持强韧。当前经济仍处于较去年修复、短期出现弱势迹象的状态，与此同时结构依然不够均衡，制造业投资和消费还远不及疫情前水平。展望下半年，经济结构分化依然是比总量更为重要的核心问题，预计之后会逐步好转。报告期内，我国股票市场走势呈现宽幅震荡的态势。二季度的A股市场“休养生息”之下，成长与价值、周期与防御等不同风格之间的表现更加均衡。与今年一季度时周期行业独占鳌头所不同的是，海外经济复苏在二季度从预期变为现实，且中国的经济增速回归中长期趋势也得到了基本面的确认。市场在修复了一季度的大起大落后表现平稳，期间各类新旧主题此起彼伏，各类题材和市场风格轮番表现，驱动市场风格在成长和价值间反复徘徊。展望下半年，考虑到国内外整体货币政策基调并未进一步收紧，且全球经济复苏前景良好，市场仍存在结构性的做多机会。","fund":{"_id":3000000161723,"stockCode":"161723","stockType":"fund","areaCode":"cn","followedNum":213,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2015-05-03T16:00:00.000Z","setUpScale":889992000,"market":"a","tickerId":161723,"custody":"中信银行股份有限公司","name":"招商中证银行指数证券投资基金","shortName":"招商中证银行指数(161723)","fundSecondLevel":"company","memoNum":1,"lastUpdated":"2026-05-01T17:12:51.035Z","__csrcFundId":3955,"fundStatus":"normal","masterFundFlag":1,"inceptionDate":"2015-05-19T16:00:00.000Z","fundCollectionId":4000050210000,"currency":"CNY","masterFundShortName":"招商中证银行指数","pinyin":"zszzyhzszqtzjj","__indexSourceEastMoney":1,"__indexSourceCsi":1,"indexFundFlag":1,"indexId":1000000399986,"managers":[{"stockCode":"db20376719","stockType":"fund_manager","exchange":"fm","tickerId":808172690,"name":"侯昊"},{"stockCode":"j101020622","stockType":"fund_manager","exchange":"fm","tickerId":40603255960,"name":"窦福成"}]},"announcement":{"linkText":"招商中证银行指数证券投资基金2021年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=631246","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed48e7fea5b3eb054c17a","stockId":3000000161723,"sao":"报告期内，国内经济恢复良好，政策稳中偏紧。报告期内A股先扬后抑，从行业来看，钢铁、公用事业、银行、休闲服务、建筑装饰等行业板块涨幅为正，国防军工、非银金融、通信、计算机、传媒等行业板块跌幅较大。本基金的基准指数中证银行指数报告期内上涨10.75%。报告期内，本基金股票仓位维持在94.8%左右的水平，基本完成了对基准的跟踪。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:09:18.907Z","fund":{"_id":3000000161723,"stockCode":"161723","stockType":"fund","areaCode":"cn","followedNum":213,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2015-05-03T16:00:00.000Z","setUpScale":889992000,"market":"a","tickerId":161723,"custody":"中信银行股份有限公司","name":"招商中证银行指数证券投资基金","shortName":"招商中证银行指数(161723)","fundSecondLevel":"company","memoNum":1,"lastUpdated":"2026-05-01T17:12:51.035Z","__csrcFundId":3955,"fundStatus":"normal","masterFundFlag":1,"inceptionDate":"2015-05-19T16:00:00.000Z","fundCollectionId":4000050210000,"currency":"CNY","masterFundShortName":"招商中证银行指数","pinyin":"zszzyhzszqtzjj","__indexSourceEastMoney":1,"__indexSourceCsi":1,"indexFundFlag":1,"indexId":1000000399986,"managers":[{"stockCode":"db20376719","stockType":"fund_manager","exchange":"fm","tickerId":808172690,"name":"侯昊"},{"stockCode":"j101020622","stockType":"fund_manager","exchange":"fm","tickerId":40603255960,"name":"窦福成"}]},"announcement":{"linkText":"招商中证银行指数证券投资基金2021年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=571563","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed48e7fea5b3eb054c179","stockId":3000000161723,"sao":"报告期内，受新冠疫情影响，国内经济下滑，货币政策相对宽松。报告期内A股从行业来看，申万休闲服务、电气设备、食品饮料、国防军工、医药生物板块涨幅较大，房地产、通信、建筑装饰、纺织服装、银行等行业板块跌幅相对较大。本基金的基准指数中证银行指数报告期内下跌4.23%。报告期内，本基金股票仓位维持在94.5%左右的水平，基本完成了对基准的跟踪。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:09:18.904Z","mo":"1、2020年是风险资产大起大落的一年，疫情的演绎以及单边的流动性扩张逻辑主导了全球市场；随着疫苗的逐步接种、以及财政刺激政策的施行，欧美各国将逐渐由2020年的“K型复苏”转向全面复苏；从节奏看，受制于欧美疫苗的接种情况，经济全面恢复的时点更可能在2021年下半年，而相应的宽松货币政策退出则将进一步延后，在温和通胀的假设下，全球或仍将面临较为宽松的融资条件。2021年各国将进入疫后的深度修复期，经济恢复的强度和政策退出节奏之间的博弈将成为主导资产价格波动的主要因素。 2、从国内而言，2020年得益于流动性的宽松以及国内有效的抗疫形势，地产投资和出口部门是主要的经济拉动力量，制造业和消费表现相对较弱。预计2021年地产投资和出口或均呈现前高后低的走势，而制造业和消费部门的恢复情况将成为全年经济整体恢复强度的关键；货币政策方面，在海外疫情仍有较大反复、国内经济恢复仍不均衡以及全球主要央行继续维持超量宽松政策之下，未来一个季度货币政策保持中性的概率较大。3、展望2021年，疫情向好的情况下，对于银行的息差改善和不良率的下降有所预期，所以银行尤其是大行来说会有比较好的配置机会。","fund":{"_id":3000000161723,"stockCode":"161723","stockType":"fund","areaCode":"cn","followedNum":213,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2015-05-03T16:00:00.000Z","setUpScale":889992000,"market":"a","tickerId":161723,"custody":"中信银行股份有限公司","name":"招商中证银行指数证券投资基金","shortName":"招商中证银行指数(161723)","fundSecondLevel":"company","memoNum":1,"lastUpdated":"2026-05-01T17:12:51.035Z","__csrcFundId":3955,"fundStatus":"normal","masterFundFlag":1,"inceptionDate":"2015-05-19T16:00:00.000Z","fundCollectionId":4000050210000,"currency":"CNY","masterFundShortName":"招商中证银行指数","pinyin":"zszzyhzszqtzjj","__indexSourceEastMoney":1,"__indexSourceCsi":1,"indexFundFlag":1,"indexId":1000000399986,"managers":[{"stockCode":"db20376719","stockType":"fund_manager","exchange":"fm","tickerId":808172690,"name":"侯昊"},{"stockCode":"j101020622","stockType":"fund_manager","exchange":"fm","tickerId":40603255960,"name":"窦福成"}]},"announcement":{"linkText":"招商中证银行指数证券投资基金2020年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=554759","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed48e7fea5b3eb054c178","stockId":3000000161723,"sao":"报告期内，经济持续恢复增长；消费需求稳定，投资增长明显，国际贸易好于预期。报告期内A股表现分化相对较大；从行业来看，休闲服务、国防军工、汽车、食品饮料、化工等行业板块涨幅较大，通信、商业贸易、计算机等行业板块略跌。本基金的基准指数中证银行指数报告期内上涨1.52%。关于本基金的运作，股票仓位维持在94.5%左右的水平，基本完成了对基准的跟踪。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T14:09:18.902Z","fund":{"_id":3000000161723,"stockCode":"161723","stockType":"fund","areaCode":"cn","followedNum":213,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2015-05-03T16:00:00.000Z","setUpScale":889992000,"market":"a","tickerId":161723,"custody":"中信银行股份有限公司","name":"招商中证银行指数证券投资基金","shortName":"招商中证银行指数(161723)","fundSecondLevel":"company","memoNum":1,"lastUpdated":"2026-05-01T17:12:51.035Z","__csrcFundId":3955,"fundStatus":"normal","masterFundFlag":1,"inceptionDate":"2015-05-19T16:00:00.000Z","fundCollectionId":4000050210000,"currency":"CNY","masterFundShortName":"招商中证银行指数","pinyin":"zszzyhzszqtzjj","__indexSourceEastMoney":1,"__indexSourceCsi":1,"indexFundFlag":1,"indexId":1000000399986,"managers":[{"stockCode":"db20376719","stockType":"fund_manager","exchange":"fm","tickerId":808172690,"name":"侯昊"},{"stockCode":"j101020622","stockType":"fund_manager","exchange":"fm","tickerId":40603255960,"name":"窦福成"}]},"announcement":{"linkText":"招商中证银行指数分级证券投资基金2020年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=487769","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed48e7fea5b3eb054c177","stockId":3000000161723,"sao":"报告期内，受新冠疫情影响，经济下行压力仍在，货币政策相对宽松。报告期内A股表现分化相对较大，从行业来看，医药卫生、休闲服务、电子、食品饮料、计算机等行业板块涨幅较大，采掘、银行、非银金融、交通运输、钢铁等行业板块跌幅相对较大。本基金的基准指数中证银行指数报告期内下跌14.07%。关于本基金的运作，股票仓位维持在94.5%左右的水平，基本完成了对基准的跟踪。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T14:09:18.899Z","mo":"1、报告期内，随着新冠疫情在中国和海外的相继爆发，全球金融市场的表现一波三折；而全球经济也在逐步解封的过程中缓慢恢复，但整体的力度和持续性仍然存疑，因而积极的财政政策和货币政策仍难以过快退出。美国方面，6月以来，经济重启对生产和就业提振作用显著，但同时疫情在少数区域出现大幅爆发，引发市场对于经济再度陷入封锁的担忧。一方面，PMI较前期明显回升，6月美国Markit制造业PMI由前期39.8升至49.6，服务业PMI由前期37.5升至46.7；生产回暖也带动就业市场缓慢恢复，但消费信心的恢复则十分缓慢，或反映对疫情二次爆发的担忧。欧洲方面，在较好的疫情防控形势的支撑下，这一区域的经济恢复速度也相对较快。6月，欧元区制造业PMI由前期39.4回升至46.9，自5月以来已经连续两月回升；6月欧元区消费者信心指数由上期-18.8回升至-14.7。但由于需求的改善慢于生产和投资恢复，物价仍处于通缩状态，短期内通胀可能仍将处于较低水平。展望下半年，外围较为宽松的流动性环境在下半年仍将得以持续，预计财政政策将成为接力宽信用的主力。2、报告期内，受新冠疫情影响，一季度基本处于停工状态，随着逐步复工，二季度国内经济逐步恢复，恢复情况好于预期。2020年2季度实际GDP同比为3.2%，季调环比11.5%。6月工业增加值同比4.8%，固定资产投资累计同比-3.1%，社会消费品零售总额同比-1.8%。尽管经济全面改善，但居民消费意愿仍有部分压制，二季度名义人均消费支出单季度增速为负，从分项来看，汽车消费仍在回落，但化妆品、通讯器材以及家用电器增速较高。此外固定资产投资方面，地产投资改善相对较快，受到基建地产拉动，钢铁、水泥等产量的增速有明显回升。展望下半年，经济恢复仍未结束，预计信用仍会扩张，但需要关注洪涝对投资生产性需求的阶段性影响。3、报告期内，我国股票市场走势出现大幅波动（万得全A、沪深300、上证50、中证500涨跌幅度分别为6.95%、1.64%、-3.95%、11.33%）。股市呈现先抑后扬的局面，国内外的疫情形势演进成为关键线索；年初受到国内新冠肺炎疫情爆发的影响导致股市出现大幅调整之后，得益于央行及时进行充足流动性投放，使得市场情绪得以快速恢复。但3月中旬开始，疫情在欧美地区出现大面积爆发，处于高位的美股出现大幅调整，使得北上资金出现快速大幅净流出，国内市场再度出现震荡；3月下旬之后随着美联储运用多种非常规政策工具向市场投放充足流动性，同时伴随三轮总计规模达3万亿美元的财政刺激计划的出台，美股快速从低位反弹，也带动北向资金回补国内A股，市场出现震荡攀升，风险偏好缓慢回暖，但整体风格呈现割裂状态；6月底，伴随国内经济数据的持续好转，价值和成长风格之间的估值裂口呈现收敛趋势。从当前内外的宽松流动性环境、国内对于直接融资和资本市场的政策扶持以及居民大类资产配置向权益资产转移趋势的提速的几个因素考虑，下半年股市仍可期待，可继续关注更具行业高景气度和成长空间的科技板块。","fund":{"_id":3000000161723,"stockCode":"161723","stockType":"fund","areaCode":"cn","followedNum":213,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2015-05-03T16:00:00.000Z","setUpScale":889992000,"market":"a","tickerId":161723,"custody":"中信银行股份有限公司","name":"招商中证银行指数证券投资基金","shortName":"招商中证银行指数(161723)","fundSecondLevel":"company","memoNum":1,"lastUpdated":"2026-05-01T17:12:51.035Z","__csrcFundId":3955,"fundStatus":"normal","masterFundFlag":1,"inceptionDate":"2015-05-19T16:00:00.000Z","fundCollectionId":4000050210000,"currency":"CNY","masterFundShortName":"招商中证银行指数","pinyin":"zszzyhzszqtzjj","__indexSourceEastMoney":1,"__indexSourceCsi":1,"indexFundFlag":1,"indexId":1000000399986,"managers":[{"stockCode":"db20376719","stockType":"fund_manager","exchange":"fm","tickerId":808172690,"name":"侯昊"},{"stockCode":"j101020622","stockType":"fund_manager","exchange":"fm","tickerId":40603255960,"name":"窦福成"}]},"announcement":{"linkText":"招商中证银行指数分级证券投资基金2020年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=454949","linkType":"PDF","source":"csrc_pdf"}}]}