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内新高。整体来看，沪深300上涨16.07%，中证500上涨16.19%，中证1000上涨16.60%。从行业来看，券商、综合金融、房地产、消费者服务、计算机、传媒等涨幅居前，石油石化、煤炭、电力、农林牧渔、纺织服装、建筑等涨幅居后。从因子层面来看，三季度估值类因子表现持续强势，AI量价因子前期也表现较好，但在季度末的高波动行情中超额有所回撤；在市场对于经济基本面比较悲观的场景下，基本面类因子三季度整体表现平淡。三季度市场最大的特征是波动率水平从极端低快速跃升至极端高的水平，在市场高波动时刻，因子超额波动也容易被放大，指增类产品的超额将遇到一定的挑战。一旦波动率逐步开始收敛，超额收益有望迎来修复。在此背景下，建议可适当提高对超额波动的容忍度。报告期间，本基金维持配置中证红利指数多因子选股增强模型。展望四季度，美联储进入降息周期，国内政策明显发力，虽然季末连续上涨幅度较大，但从中期维度看，权益市场赔率和胜率依然兼具，是值得积极把握的阶段。本基金将继续坚持量化多因子的选股思路，秉持勤勉尽责，力争为投资者获得有竞争力的超额收益。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T14:02:24.312Z","fund":{"_id":3000000019124,"__csrcFundId":13096,"stockCode":"019124","masterFundShortName":"博道红利智航股票","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":19124,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:15:42.203Z","status":"normal","exchange":"jj","shortName":"博道红利智航股票(019124)","fundCollectionId":4000051560000,"name":"博道红利智航股票型证券投资基金","setUpAssetScale":202896047.39,"setUpDate":"2023-10-30T16:00:00.000Z","setUpShares":202896047.39,"inceptionDate":"2023-11-02T16:00:00.000Z","pinyin":"bdhlzhgpxzqtzjj","followedNum":8,"memoNum":1,"managers":[{"stockCode":"j101019647","stockType":"fund_manager","exchange":"fm","tickerId":122313241600,"name":"刘玮明"},{"stockCode":"j101020412","stockType":"fund_manager","exchange":"fm","tickerId":122625254700,"name":"刘兆阳"}]},"announcement":{"linkText":"博道红利智航股票型证券投资基金2024年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1175980","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2f07fea5b3eb0535960","date":"2024-06-29T16:00:00.000Z","stockId":3000000019124,"sao":"2024年上半年，开年在小盘风险暴露、流动性负反馈作用下，市场情绪下降迅速，随后长期资金入市，市场出现V型反弹；二季度PMI边际回落，企业盈利仍然较弱。整体上半年，沪深300上涨0.89%，中证500下跌8.96%，中证1000下跌16.84%，上证指数下跌0.25%，创业板指下跌10.99%，恒生指数上涨3.94%。从行业来看，银行、煤炭、石油石化、家电表现较好，分别上涨了19.19%、12.79%、11.36%、10.77%，消费者服务、计算机、商贸零售、传媒表现较差，分别下跌23.82%、21.62%、21.47%、21.45%。从因子层面来看，由于2024年一季度市场波动率大幅提升，各大类因子表现分化，算法量价类因子在市场规律不明晰的情况下表现较弱，基本面和估值类因子表现较好。二季度市场环境企稳以后，基本面和估值类因子表现持续强势，AI量价表现也震荡上行。风险因子中，市值因子和非线性市值因子在一季度经历了较大的回撤，而通常量化增强类产品为了追求更大的超额空间，一般都会适度承担一定市值敞口的暴露，因此在风险因子高波动环境下，该类产品的运作经历了一次大考。博道“指数+”系列产品对标不同的BETA，为适配不同风险偏好以及不同BETA配置需求的投资者，模型设置的风控参数也有所不同。少部分追求超额弹性、风险因子暴露略高的产品受到了市场环境的影响，超额出现了一定的波动；大部分产品风险因子暴露适中，超额波动较小且修复较快。在这轮市场考验过后，博道“指数+”系列产品在维持均衡的因子配置和较低的风格暴露下正常运行，模型层面我们继续在传统多因子模型和AI全流程多因子模型两套框架下持续迭代。报告期间，本基金维持配置中证红利指数多因子选股增强模型。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T14:02:24.309Z","mo":"展望2024年下半年，随着中国地产供求形势和新均衡的形成，我国将从债务驱动的高杠杆增长阶段，逐渐进入到创新驱动的高质量增长时代。对应的资本市场监管和金融统计方式都在发生变化，包括新国九条开启资本市场建设的新篇章、二季度统计局的金融增加值核算方式优化调整等，三中全会也勾勒了包括财税、要素市场化等更深层次的治理框架，相关政策红利可能成为新的投资线索。本基金将继续坚持量化多因子的选股思路，秉持勤勉尽责，力争为投资者获得有竞争力的超额收益。","fund":{"_id":3000000019124,"__csrcFundId":13096,"stockCode":"019124","masterFundShortName":"博道红利智航股票","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":19124,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:15:42.203Z","status":"normal","exchange":"jj","shortName":"博道红利智航股票(019124)","fundCollectionId":4000051560000,"name":"博道红利智航股票型证券投资基金","setUpAssetScale":202896047.39,"setUpDate":"2023-10-30T16:00:00.000Z","setUpShares":202896047.39,"inceptionDate":"2023-11-02T16:00:00.000Z","pinyin":"bdhlzhgpxzqtzjj","followedNum":8,"memoNum":1,"managers":[{"stockCode":"j101019647","stockType":"fund_manager","exchange":"fm","tickerId":122313241600,"name":"刘玮明"},{"stockCode":"j101020412","stockType":"fund_manager","exchange":"fm","tickerId":122625254700,"name":"刘兆阳"}]},"announcement":{"linkText":"博道红利智航股票型证券投资基金2024年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1148298","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2f07fea5b3eb053595f","date":"2024-03-30T16:00:00.000Z","stockId":3000000019124,"sao":"2024年一季度，市场经历V型超跌反弹。整体一季度，沪深300上涨3.10%，中证500下跌2.64%，中证1000下跌7.58%，上证指数上涨2.23%，创业板指下跌3.87%，恒生指数下跌2.97%。从行业来看，高股息类板块表现较好，石油石化、家电、银行、煤炭、有色，分别上涨了12.05%、10.79%、10.78%、10.23%、9.46%，医药、电子、房地产、计算机、基础化工表现较差，分别下跌11.85%、10.18%、9.34%、8.79%、7.89%。从因子层面来看，由于2024年一季度市场波动率大幅提升，各大类因子表现分化，算法量价类因子在市场规律不明晰的情况下表现较弱，基本面和估值类因子表现较好。风险因子中，市值因子和非线性市值因子在一季度经历了较大的回撤，而量化增强类产品为了追求更大的超额空间，一般都会适度承担一些市值敞口的暴露，因此在风险因子高波动环境下，该类产品的运作经历了一次大考。博道“指数+”系列产品对标不同的BETA，为适配不同风险偏好以及不同BETA配置需求的投资者，模型设置的风控参数也有所不同。少部分追求超额弹性，风格因子暴露略高的产品受到了市场环境的影响，超额出现了一定的波动；大部分产品风格因子暴露适中，超额波动较小且修复较快。在这轮市场考验过后，博道“指数+”系列产品的模型迭代也将在较低的风格暴露前提下持续进行，以追求越来越高的PURE ALPHA含量。报告期间，本基金维持配置中证红利指数多因子选股增强模型。展望2024年二季度，1-2月经济数据超预期，意味着在政策支持下有一些来自于工业生产、制造业投资方面的结构性亮点浮现；而利润数据的底部向上也一定程度上预示着上市公司盈利增速企稳或许不远，虽然在长期结构性问题的背景下预期很难大幅改善，但整体利润增速负增长的显著拖累在今年或许不会出现，叠加增量长线资金带给非理性大幅下跌的政策期权，或意味着大盘指数的下行风险比较有限。本基金将继续坚持量化多因子的选股思路，秉持勤勉尽责，力争为投资者获得有竞争力的超额收益。","declarationDate":"2024-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:02:24.306Z","fund":{"_id":3000000019124,"__csrcFundId":13096,"stockCode":"019124","masterFundShortName":"博道红利智航股票","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":19124,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:15:42.203Z","status":"normal","exchange":"jj","shortName":"博道红利智航股票(019124)","fundCollectionId":4000051560000,"name":"博道红利智航股票型证券投资基金","setUpAssetScale":202896047.39,"setUpDate":"2023-10-30T16:00:00.000Z","setUpShares":202896047.39,"inceptionDate":"2023-11-02T16:00:00.000Z","pinyin":"bdhlzhgpxzqtzjj","followedNum":8,"memoNum":1,"managers":[{"stockCode":"j101019647","stockType":"fund_manager","exchange":"fm","tickerId":122313241600,"name":"刘玮明"},{"stockCode":"j101020412","stockType":"fund_manager","exchange":"fm","tickerId":122625254700,"name":"刘兆阳"}]},"announcement":{"linkText":"博道红利智航股票型证券投资基金2024年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1073806","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2f07fea5b3eb053595e","date":"2023-12-30T16:00:00.000Z","stockId":3000000019124,"sao":"2023年，国内经济和海外流动性两大因素主导市场波动，各指数在低估区域继续弱势。全年沪深300下跌11.38%，中证500下跌7.42%，中证1000下跌6.28%，上证指数下跌3.70%，创业板指下跌19.41%，恒生指数下跌13.82%。从行业来看，通信、传媒、煤炭表现较好，分别上涨了24.78%、19.84%、13.39%，消费者服务、房地产、电力设备新能源表现较差，分别下跌41.18%、24.80%、24.65%。从因子层面来看，2023年是个非“典型”年份，基本面类的因子全年表现都相对弱势，在传统容易有所表现的二、三季度并未录得较好超额，在容易波动的四季度反而表现相对平稳；而估值因子和量价因子因表征反转逻辑，在存量博弈的2023年持续表现亮眼。博道“指数+”系列产品在相对均衡的因子权重配置下，持续深耕底层大类因子的有效迭代，全年超额表现较好。2023年二季度开始，博道量化团队进行了AI全流程投资模型的研发，并在三季度陆续开始在各量化产品中进行运用，10月底开始，传统框架多因子模型与AI全流程多因子模型以各自约一半的权重参与博道“指数+”系列产品的实盘。本基金成立于2023年10月31日，报告期间本基金处于建仓期，考虑到市场处于高性价比的投资区间，采取了快速建仓的策略，配置基于中证红利指数的增强模型。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:02:24.304Z","mo":"展望2024年，基于赔率的视角，股市股权风险溢价再度达到2倍标准差的水平，债券市场的期限利率和信用利差也已经被压到极致；基于胜率的视角，我们监测的股票市场基本面从时间和空间的角度都已大概率接近底部。虽然很难精准预测股债资产溢价何时回归，但方向是明确的，耐心更加可贵。本基金将继续坚持量化多因子的选股思路，秉持勤勉尽责，力争为投资者获得有竞争力的超额收益。","fund":{"_id":3000000019124,"__csrcFundId":13096,"stockCode":"019124","masterFundShortName":"博道红利智航股票","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":19124,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:15:42.203Z","status":"normal","exchange":"jj","shortName":"博道红利智航股票(019124)","fundCollectionId":4000051560000,"name":"博道红利智航股票型证券投资基金","setUpAssetScale":202896047.39,"setUpDate":"2023-10-30T16:00:00.000Z","setUpShares":202896047.39,"inceptionDate":"2023-11-02T16:00:00.000Z","pinyin":"bdhlzhgpxzqtzjj","followedNum":8,"memoNum":1,"managers":[{"stockCode":"j101019647","stockType":"fund_manager","exchange":"fm","tickerId":122313241600,"name":"刘玮明"},{"stockCode":"j101020412","stockType":"fund_manager","exchange":"fm","tickerId":122625254700,"name":"刘兆阳"}]},"announcement":{"linkText":"博道红利智航股票型证券投资基金2023年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1054036","linkType":"PDF","source":"csrc_pdf"}}]}