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寻找本轮经济复苏的主导力量。展望后市，我们认为现在对市场风格的判断还不太明朗，需要等待一季度企业经营数据的情况，以及财政政策落地的细节方向。在这之前的空窗期中，市场的风格和行业轮动主要反映了筹码的流动，比较难以做出预判，我们将精力聚焦在中长期基本面研究上，我们看好盈利能力稳定且估值相对历史低估的投资机会，在经济周期复苏、估值企稳的市场环境下会有相对更好的表现。","declarationDate":"2024-04-19T16:00:00.000Z","lastUpdated":"2026-03-09T14:01:48.434Z","fund":{"_id":3000000018663,"__csrcFundId":12783,"stockCode":"018663","shortName":"中欧国证2000指数增强(018663)","masterFundShortName":"中欧国证2000指数增强","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":18663,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T17:13:14.698Z","status":"normal","exchange":"jj","fundCollectionId":4000050570000,"name":"中欧国证2000指数增强型证券投资基金","inceptionDate":"2023-07-17T16:00:00.000Z","setUpDate":"2023-07-17T16:00:00.000Z","followedNum":1,"setUpAssetScale":342646381.98,"setUpShares":342646381.98,"pinyin":"zogz2000zszqxzqtzjj","__indexSourceEastMoney":1,"__indexSourceCni":1,"indexFundFlag":1,"indexId":1000000399303,"managers":[{"stockCode":"db20829239","stockType":"fund_manager","exchange":"fm","tickerId":172520223870,"name":"钱亚婷"},{"stockCode":"j101020150","stockType":"fund_manager","exchange":"fm","tickerId":1920254530,"name":"宋婷"}]},"announcement":{"linkText":"中欧国证2000指数增强型证券投资基金2024年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1075186","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2cc7fea5b3eb053341d","date":"2023-12-30T16:00:00.000Z","stockId":3000000018663,"sao":"回顾去年，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底部区间。市场走势较弱，但我们相信“均值回归”的规律依然存在。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。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已在2023年确认，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。  本基金是以国证2000指数为基准的指数增强基金，对标基准保持了相对均衡的风格和行业配置，跟踪误差控制在合理范围内。我们的选股以基本面投资方法为主，也就是以企业盈利和竞争力为主要选股依据。我们看好在产业转型过程中的专精特新企业，它们发挥着至关重要的作用。这些企业专注于特定领域，追求技术和产品的专业化、精细化，同时注重创新和新技术的应用，成为推动产业升级和优化经济结构的重要力量。“产业转型升级”目标的提出已有十多年的历史，随着房地产市场的调整和长效机制的建立，我国经济增长的驱动力正在转向创新驱动，这一转变体现了我国对经济高质量发展的追求，同时也会遇到“转型期”的挑战。体现在投资上的影响是，我们会看到原有的旧产业在收缩期会遭遇业绩波动的风险，引发估值体系的变化，以及旧的定价规律的失效，这也是我们在进行历史量化建模时需要注意的。同时，新崛起的产业也孕育着更丰富的投资机会，体现在行业配置上，我们特别注重挖掘在电子、机械设备、基础化工、医药生物行业中的小盘成长公司的投资机会。需要补充说明的是，我们看好的小盘风格不是过去两年大火的“微盘”风格，而是相对更有基本面，市值介于微盘和中盘之间的股票。“微盘”投资策略一般集中在30亿市值以下的股票，选股逻辑主要依赖量价等技术指标，方法论容易被传统量化资金模仿和跟随，核心赚的还是博弈的钱。我们希望从基本面选股逻辑出发，在被主流投资市场疏漏的小盘领域选择质地优秀的公司，借助量化模型的高效率来实现价值发现的功能。并且在持股的过程中，陪伴小盘股成长。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:01:48.432Z","mo":"宏观经济方面，经济整体处于向好趋势中。年初M1同比高增长，新增社融符合市场平均预期，政府债融资同比明显改善。2024年全国GDP目标增速在5%左右，地方稳增长压力依旧，因此PSL投放支持“三大工程”的政策效值得跟踪观察。  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，当前各个指数都处于历史估值的底部区域，中长期投资的回报空间值得乐观。  展望2024年，我们看好宏观经济的温和复苏，经济增长的驱动力转向创新驱动，体现了我国高质量发展的要求，在这种环境下，人工智能、新能源产业技术升级、工业自动化等新兴产业的活跃度高于传统周期产业。","fund":{"_id":3000000018663,"__csrcFundId":12783,"stockCode":"018663","shortName":"中欧国证2000指数增强(018663)","masterFundShortName":"中欧国证2000指数增强","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":18663,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T17:13:14.698Z","status":"normal","exchange":"jj","fundCollectionId":4000050570000,"name":"中欧国证2000指数增强型证券投资基金","inceptionDate":"2023-07-17T16:00:00.000Z","setUpDate":"2023-07-17T16:00:00.000Z","followedNum":1,"setUpAssetScale":342646381.98,"setUpShares":342646381.98,"pinyin":"zogz2000zszqxzqtzjj","__indexSourceEastMoney":1,"__indexSourceCni":1,"indexFundFlag":1,"indexId":1000000399303,"managers":[{"stockCode":"db20829239","stockType":"fund_manager","exchange":"fm","tickerId":172520223870,"name":"钱亚婷"},{"stockCode":"j101020150","stockType":"fund_manager","exchange":"fm","tickerId":1920254530,"name":"宋婷"}]},"announcement":{"linkText":"中欧国证2000指数增强型证券投资基金2023年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1057577","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2cc7fea5b3eb053341c","date":"2023-09-29T16:00:00.000Z","stockId":3000000018663,"sao":"回顾三季度，随着一系列宏观调控政策不断落地，实体部门逐渐回暖，制造业PMI连续3个月改善，并在9月到达扩张区间，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。传统顺周期方面，购买首套房贷款“认房不用认贷”政策推出后，二手房成交量略微转暖，但还未传导到房地产销售和新开工数据上，因此上游资源品需求不足，PPI相对较弱，有利于中游制造业复苏和战略新兴产业的表现。展望未来一个季度，我们对经济进一步企稳向好保有信心。本基金是以国证2000指数为基准的指数增强产品，对标基准在行业上保持了相对均衡配置，跟踪误差控制在合理范围内。我们看好国证2000指数为代表的小盘风格，这是因为从宏观角度来看，当前经济还未全面复苏，宽松的货币环境不会改变，同时PPI位置较低，利好有投资扩产需求的小盘成长股。从产业微观角度来看，我国的经济发展处于新旧产业逐步切换的过程中，在战略新兴产业的各环节中，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。在三季度的建仓期间，我们主要把精力聚焦在三个方面的工作上。首先是建仓节奏，我们在考虑个股流动性的前提下，依据现有模型的当前选股信号，在一个月里稳步加仓。其次是数据收集，8-9月是企业半年度经营数据逐步披露的时点，此外还有行业分析师对产业和个股基本面变化的跟踪数据。最后是中观周期定位和行业比较，其中核心关注的是传统周期例如地产、消费电子和中游制造业它们分别所处的周期位置，以及当前的复苏节奏。我们的投资方法是以企业未来一个季度到一年的业绩为抓手，赚的是业绩持续景气，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，是基本面逻辑驱动叠加数据赋能的投资方式。我们希望从基本面选股逻辑出发，在被主流投资市场疏漏的小盘领域选择质地优秀的公司，借助量化模型的高效率来实现价值发现的功能，并且在持股的过程中，陪伴公司成长。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T14:01:48.429Z","fund":{"_id":3000000018663,"__csrcFundId":12783,"stockCode":"018663","shortName":"中欧国证2000指数增强(018663)","masterF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