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   中央财经委会议释放“反内卷”信号，随后工信部强调将实施新一轮钢铁、有色金属、石化、建材等十大重点行业稳增长工作方案。上轮稳增长着力于稳增长、扩需求，而本轮稳增长或将着力于调结构、优供给和淘汰落后产能。扩需求和淘汰落后产能并不冲突，对钢铁这类外部性强而长期亏损、作为制造业的基础而原材料和产业链利润大部分在海外、在PPI占比高而大幅跌价的行业而言，当前由于产能过剩引发的矛盾更具紧迫性。 自2021年以来，“弱需求”和“强成本”一直是限制钢铁企业盈利的两大核心矛盾，其根源是钢铁产能过剩。虽然“反内卷”信号后，钢铁板块股价已有反应，但当前整体板块仍处于低配置、低预期、低估值阶段，随着行业协同控供给去产能的深入，未来钢铁行业竞争格局有望稳中趋好，在供给变革预期、需求边际改善背景下，行业利润或有所修复，叠加当前部分公司已经处于价值低估区域，整个板块值得高度关注，具有短期结构性、中长期战略性的投资机遇。本基金将积极应对各种因素对指数跟踪效果带来的冲击，努力将跟踪误差控制在基金合同规定的范围内，力争使投资者充分分享钢铁行业的长期收益。","fund":{"_id":3000000168203,"stockCode":"168203","stockType":"fund","areaCode":"cn","followedNum":34,"status":"normal","exchange":"sz","fundType":"stock","ipoDate":"2015-05-26T16:00:00.000Z","setUpScale":223382000,"blackenedNum":0,"market":"a","tickerId":168203,"custody":"海通证券股份有限公司","name":"国联国证钢铁行业指数型证券投资基金","shortName":"国联钢铁(168203)","fundSecondLevel":"company","lastUpdated":"2026-05-08T17:15:53.397Z","__csrcFundId":4104,"fundStatus":"normal","masterFundFlag":1,"inceptionDate":"2015-06-18T16:00:00.000Z","fundCollectionId":4000050820000,"currency":"CNY","masterFundShortName":"国联钢铁","pinyin":"glgzgthyzsxzqtzjj","__indexSourceEastMoney":1,"__indexSourceCni":1,"indexFundFlag":1,"indexId":1000000399440,"lofFundFlag":1,"managers":[{"stockCode":"8801617737","stockType":"fund_manager","exchange":"fm","tickerId":32425197430,"name":"陈薪羽"},{"stockCode":"db20918939","stockType":"fund_manager","exchange":"fm","tickerId":403237430,"name":"杜超"}]},"announcement":{"linkText":"国联国证钢铁行业指数型证券投资基金2025年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1348216","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed9017fea5b3eb059abe8","date":"2025-03-30T16:00:00.000Z","stockId":3000000168203,"sao":"2025年一季度，国证钢铁行业指数上涨6.29%。本基金严格按照基金合同的各项要求，采取完全复制的被动式指数基金管理策略。虽然申赎等因素对指数基金管理带来了一定影响，本基金仍保持了对指数的有效跟踪。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:28:17.818Z","fund":{"_id":3000000168203,"stockCode":"168203","stockType":"fund","areaCode":"cn","followedNum":34,"status":"normal","exchange":"sz","fundType":"stock","ipoDate":"2015-05-26T16:00:00.000Z","setUpScale":223382000,"blackenedNum":0,"market":"a","tickerId":168203,"custody":"海通证券股份有限公司","name":"国联国证钢铁行业指数型证券投资基金","shortName":"国联钢铁(168203)","fundSecondLevel":"company","lastUpdated":"2026-05-08T17:15:53.397Z","__csrcFundId":4104,"fundStatus":"normal","masterFundFlag":1,"inceptionDate":"2015-06-18T16:00:00.000Z","fundCollectionId":4000050820000,"currency":"CNY","masterFundShortName":"国联钢铁","pinyin":"glgzgthyzsxzqtzjj","__indexSourceEastMoney":1,"__indexSourceCni":1,"indexFundFlag":1,"indexId":1000000399440,"lofFundFlag":1,"managers":[{"stockCode":"8801617737","stockType":"fund_manager","exchange":"fm","tickerId":32425197430,"name":"陈薪羽"},{"stockCode":"db20918939","stockType":"fund_manager","exchange":"fm","tickerId":403237430,"name":"杜超"}]},"announcement":{"linkText":"国联国证钢铁行业指数型证券投资基金2025年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1276294","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed9017fea5b3eb059abe7","date":"2024-12-30T16:00:00.000Z","stockId":3000000168203,"sao":"2024年全年，国证钢铁行业指数上涨1.26%。本基金严格按照基金合同的各项要求，采取完全复制的被动式指数基金管理策略。虽然申赎等因素对指数基金管理带来了一定影响，本基金仍保持了对指数的有效跟踪。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:28:17.815Z","mo":"回顾2024年，A股在全球经济滞胀与地缘政治扰动中走出独立行情，政策托底与经济弱复苏形成市场主线逻辑。全年经历四次关键政策发力窗口，进一步确定了逆周期调节框架，尽管宽基指数回升，但年内较大的波动反映了风险偏好的极致分层。AI产业链为代表的科技主线（主要呼应美股AI浪潮）、困境反转的周期/医药/先进制造都不同程度上获超额收益，而年底传统高股息红利资产超额收益收敛，显示资金从防御性配置转向对成长beta的捕捉。展望2025年，将是周期拐点与产业跃迁交织的一年，宏观经济层面，温和复苏下内需扩张和结构性改革是经济增长主驱动力。政策工具箱扩容：2025年将延续\"超常规逆周期调节\"思路，广义财政赤字率或突破4%，专项债扩容与特别国债续作形成组合拳，M2增速维持10%以上以对冲信用收缩。内外周期错位：美联储降息周期开启与中国政策宽松周期形成共振，但需警惕美国第二轮关税对中国出口依赖型行业的冲击（个人用品、汽车零部件），不过电子设备等国产替代领域有望形成对冲力量。 市场趋势从估值修复迈向盈利驱动：2024年市场辅助信号（包括成交量萎缩、市场估值低、融资端趋严，股票型基金发行遇冷等）和政策信号已经确立，基本面信号或在2025年看到，市场振幅收窄但结构性机会扩散，核心驱动从\"政策预期差\"转向\"利润周期验证\"。2025年A股将步入“慢变量改善+快变量催化” 的全新阶段。在这个阶段，投资者需要在政策的韧性和产业的裂变中挖掘结构红利。市场的核心矛盾将从预期博弈转向基本面验证，因此，我们需要以产业周期的视角来布局那些供给端深度重构的细分领域，这样才能在新的市场生态中捕获超额收益。投资机会上关注供给出清与新兴产业双轮动，但不是所有的成长都能买，不是所有的外需都要卖，不是所有的红利都要拿。科技成长和高端制造是未来中长期配置的主要方向，但在中观层面还需要考虑择时的机会。当市场预期较高时，要多思考其中的不确定性；而当市场预期较为谨慎时，我们不妨更积极些。当前钢铁板块处于低配置、低预期、低估值阶段， 未来钢铁行业竞争格局有望稳中趋好，在供给变革预期、需求边际改善背景下，行业利润或有所修复，叠加当前部分公司已经处于价值低估区域，整个板块值得高度关注，具有短期结构性、中长期战略性的投资机遇。本基金将积极应对各种因素对指数跟踪效果带来的冲击，努力将跟踪误差控制在基金合同规定的范围内，力争使投资者充分分享钢铁行业的长期收益。","fund":{"_id":3000000168203,"stockCode":"168203","stockType":"fund","areaCode":"cn","followedNum":34,"status":"normal","exchange":"sz","fundType":"stock","ipoDate":"2015-05-26T16:00:00.000Z","setUpScale":223382000,"blackenedNum":0,"market":"a","tickerId":168203,"custody":"海通证券股份有限公司","name":"国联国证钢铁行业指数型证券投资基金","shortName":"国联钢铁(168203)","fundSecondLevel":"company","lastUpdated":"2026-05-08T17:15:53.397Z","__csrcFundId":4104,"fundStatus":"normal","masterFundFlag":1,"inceptionDate":"2015-06-18T16:00:00.000Z","fundCollectionId":4000050820000,"currency":"CNY","masterFundShortName":"国联钢铁","pinyin":"glgzgthyzsxzqtzjj","__indexSourceEastMoney":1,"__indexSourceCni":1,"indexFundFlag":1,"indexId":1000000399440,"lofFundFlag":1,"managers":[{"stockCode":"8801617737","stockType":"fund_manager","exchange":"fm","tickerId":32425197430,"name":"陈薪羽"},{"stockCode":"db20918939","stockType":"fund_manager","exchange":"fm","tickerId":403237430,"name":"杜超"}]},"announcement":{"linkText":"国联国证钢铁行业指数型证券投资基金2024年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1246922","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed9017fea5b3eb059abe6","date":"2024-09-29T16:00:00.000Z","stockId":3000000168203,"sao":"2024年三季度，国证钢铁行业指数上涨10.70%。本基金严格按照基金合同的各项要求，采取完全复制的被动式指数基金管理策略。虽然申赎等因素对指数基金管理带来了一定影响，本基金仍保持了对指数的有效跟踪。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T14:28:17.812Z","fund":{"_id":3000000168203,"stockCode":"168203","stockType":"fund","areaCode":"cn","followedNum":34,"status":"normal","exchange":"sz","fundType":"stock","ipoDate":"2015-05-26T16:00:00.000Z","setUpScale":223382000,"blackenedNum":0,"market":"a","tickerId":168203,"custody":"海通证券股份有限公司","name":"国联国证钢铁行业指数型证券投资基金","shortName":"国联钢铁(168203)","fundSecondLevel":"company","lastUpdated":"2026-05-08T17:15:53.397Z","__csrcFundId":4104,"fundStatus":"normal","masterFundFlag":1,"inceptionDate":"2015-06-18T16:00:00.000Z","fundCollectionId":4000050820000,"currency":"CNY","masterFundShortName":"国联钢铁","pinyin":"glgzgthyzsxzqtzjj","__indexSourceEastMoney":1,"__indexSourceCni":1,"indexFundFlag":1,"indexId":1000000399440,"lofFundFlag":1,"managers":[{"stockCode":"8801617737","stockType":"fund_manager","exchange":"fm","tickerId":32425197430,"name":"陈薪羽"},{"stockCode":"db20918939","stockType":"fund_manager","exchange":"fm","tickerId":403237430,"name":"杜超"}]},"announcement":{"linkText":"国联国证钢铁行业指数型证券投资基金2024年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1178621","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed9017fea5b3eb059abe5","date":"2024-06-29T16:00:00.000Z","stockId":3000000168203,"sao":"2024年上半年，国证钢铁行业指数下跌6.91%。本基金严格按照基金合同的各项要求，采取完全复制的被动式指数基金管理策略。虽然申赎等因素对指数基金管理带来了一定影响，本基金仍保持了对指数的有效跟踪。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T14:28:17.809Z","mo":"宏观层面，世界经济格局步入“大分化”时代，国内与部分海外主要经济体宏观周期联动减弱，在增长、通胀、利率和私人部门杠杆率等维度持续分化。我国与欧美国家之间金融周期的不同步，以及持续大国竞争的贸易摩擦导致中美内部供需失衡，即中国需求不足，美国供给不足。年初至今国内经济有所恢复，但GDP同比增速环比减弱，整体呈现供给恢复好于需求，有效需求不足，微观主体盈利偏弱等问题。展望下半年，经济仍处于疫情后的恢复期，关注三方面问题：（1）地产的走势；（2）居民资产负债表的修复；（3）出口的不确定性。下半年我国物价同比增速有望小幅回升，预计生猪去产能支撑猪价周期上行，内需边际改善；地产由于政策调整带来预期变化，主要关注存量房收储落地力度及节奏。随着二季度业绩低于预期的股票逐渐出清，A股盈利同比增长有望稳步恢复。结构上，边际改善、高成长以及供给侧出清的行业存在投资机会。当前钢铁板块处于低配置、低预期、低估值阶段，随着政策对顺周期板块的刺激，板块需求预期的好转和供给潜在的收缩，或将带来行业盈利和估值的修复。虽然地产新开工面积边际是否有变化，基本面是否改善还有待观察，但传统9月需求旺季仍值得期待，或许不会很强但至少更多钢厂开始盈利。 本基金将积极应对各种因素对指数跟踪效果带来的冲击，努力将跟踪误差控制在基金合同规定的范围内，力争使投资者充分分享钢铁行业的长期收益。","fund":{"_id":3000000168203,"stockCode":"168203","stockType":"fund","areaCode":"cn","followedNum":34,"status":"normal","exchange":"sz","fundType":"stock","ipoDate":"2015-05-26T16:00:00.000Z","setUpScale":223382000,"blackenedNum":0,"market":"a","tickerId":168203,"custody":"海通证券股份有限公司","name":"国联国证钢铁行业指数型证券投资基金","shortName":"国联钢铁(168203)","fundSecondLevel":"company","lastUpdated":"2026-05-08T17:15:53.397Z","__csrcFundId":4104,"fundStatus":"normal","masterFundFlag":1,"inceptionDate":"2015-06-18T16:00:00.000Z","fundCollectionId":4000050820000,"currency":"CNY","masterFundShortName":"国联钢铁","pinyin":"glgzgthyzsxzqtzjj","__indexSourceEastMoney":1,"__indexSourceCni":1,"indexFundFlag":1,"indexId":1000000399440,"lofFundFlag":1,"managers":[{"stockCode":"8801617737","stockType":"fund_manager","exchange":"fm","tickerId":32425197430,"name":"陈薪羽"},{"stockCode":"db20918939","stockType":"fund_manager","exchange":"fm","tickerId":403237430,"name":"杜超"}]},"announcement":{"linkText":"国联国证钢铁行业指数型证券投资基金2024年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1146833","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed9017fea5b3eb059abe4","date":"2024-03-30T16:00:00.000Z","stockId":3000000168203,"sao":"2024年一季度，国证钢铁行业指数上涨1.27%。本基金严格按照基金合同的各项要求，采取完全复制的被动式指数基金管理策略。虽然申赎等因素对指数基金管理带来了一定影响，本基金仍保持了对指数的有效跟踪。","declarationDate":"2024-04-19T16:00:00.000Z","lastUpdated":"2026-03-09T14:28:17.807Z","fund":{"_id":3000000168203,"stockCode":"168203","stockType":"fund","areaCode":"cn","followedNum":34,"status":"normal","exchange":"sz","fundType":"stock","ipoDate":"2015-05-26T16:00:00.000Z","setUpScale":223382000,"blackenedNum":0,"market":"a","tickerId":168203,"custody":"海通证券股份有限公司","name":"国联国证钢铁行业指数型证券投资基金","shortName":"国联钢铁(168203)","fundSecondLevel":"company","lastUpdated":"2026-05-08T17:15:53.397Z","__csrcFundId":4104,"fundStatus":"normal","masterFundFlag":1,"inceptionDate":"2015-06-18T16:00:00.000Z","fundCollectionId":4000050820000,"currency":"CNY","masterFundShortName":"国联钢铁","pinyin":"glgzgthyzsxzqtzjj","__indexSourceEastMoney":1,"__indexSourceCni":1,"indexFundFlag":1,"indexId":1000000399440,"lofFundFlag":1,"managers":[{"stockCode":"8801617737","stockType":"fund_manager","exchange":"fm","tickerId":32425197430,"name":"陈薪羽"},{"stockCode":"db20918939","stockType":"fund_manager","exchange":"fm","tickerId":403237430,"name":"杜超"}]},"announcement":{"linkText":"国联国证钢铁行业指数型证券投资基金2024年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1069772","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed9017fea5b3eb059abe3","date":"2023-12-30T16:00:00.000Z","stockId":3000000168203,"sao":"2023年，A股市场经历了较大的波动，国证钢铁行业指数下跌7.05%。本基金严格按照基金合同的各项要求，采取完全复制的被动式指数基金管理策略。虽然申赎等因素对指数基金管理带来了一定影响，本基金仍保持了对指数的有效跟踪。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:28:17.804Z","mo":"2023 年最大的感受就是预期差以及通过预期差去盈利。年初大部分人都认为疫情结束了，中国经济能够实现快速恢复，预期美元利率会迎来快速的降息过程，全球资本或将从美股流向新兴市场，从国内经济GDP（决定企业盈利）和美国十年期国债利率（决定估值水平）来看，预期都是有利国内市场的，所以当时市场是看好中国资产，特别是权益类资产的。但是意料外出现了一些预期差，大家并没预料到美国经济很强韧，美元利率仍然处于加息过程。2023年上半年的预期差解释了市场的表现，而下半年则在不断下修经济复苏预期中度过。未来 3 至 5 年，各个经济论坛可能会热烈讨论人口问题，人口消费是经济增长的底层支撑。未来在国内整体经济恢复的过程中，不论是政府投资也好，还是企业投资也好，都会更加重视“质量”而不是“总量”和“数量”，精准投放将取代全面放水，接下来工作重点是防风险。因此，2024年或仍然是结构性行情，具体投资操作上建议寻找市场存在预期差的地方。虽然2023 年整体权益市场是不太尽如人意的，但中间仍有一些板块超出大众预期。比如说 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当前处于钢铁需求的淡季，钢铁整体产能过剩需求较弱，目前多地出现供电紧张局面导致限电限产，随着夏季用电高峰的到来，尤其是进入到9月份需求旺季后，行业供需错配有望重现，板块估值有望继续修复。 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