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，占全指数盈利比约30%。许多以人工智能主题和科技为主的行业领涨，包括芯片制造商、电力公司和科技基础设施公司在内的人工智能主题都再次跑赢大盘。　　展望后市，结构性牛市的发展道路并不是一条直线，过去两年的牛市是由人工智能能力建设的直接受益者主导。在可预见的未来，这种情况可能还会持续下去。但最终，牛市的持续需要进行驱动力转换，即让下游的技术/人工智能的“用户”从当前的人工智能承诺中获益，助力其达成增长和盈利指标。　　标普500指数代表的美国大盘股具有结构性牛市的核心特征。其中，以人工智能基础设施建设为代表的科技股，具有高估值高成长的特征，正在影响我们对估值与历史比较的看法。与历史比，当前指数静态估值处于历史的上沿，但考虑到科技股业绩的高增长，当前高估值有一定合理性。长期投资者对美股高估值的疑虑挥之不去，但是，认识和理解当前的结构性特征有助于减轻估值问题的压力。在接受结构性观点的同时，也需要考虑周期性和其他短期因素，不要忽视潜在的经济状况、货币和财政政策的影响。我们坚定地认为，长期基本面最终决定美国股市的走向。中期，从人工智能推动者到人工智能采用者的逐步过渡仍将是热门话题和关注焦点。此外，还包括那些传统的股票市场驱动因素，例如货币政策、经济/宏观发展以及最近的政府政策将如何影响市场。人工智能的建设可能会在未来一两年内继续作为关键的市场驱动力。除此以外，关键的转变将是向人工智能/技术的“用户”在AI应用落地方向的传导以及传统的商业模式如何整合人工智能方面的进展。人工智能高投入之后的盈利可见性是未来值得关注的焦点。美股的风险在于人工智能建设进入后期阶段，但很难证明人工智能投资的回报。　　本基金在报告期内持续采取被动复制的投资策略，紧密跟踪指数表现。报告期间，管理人严格依据指数成分股的变动信息进行股票组合的调整，基于申购赎回情况增减股票组合，保持股票资产权重处于90%左右仓位区间。    本报告期摩根标普500指数(QDII)人民币A份额净值增长率为：6.34%，同期业绩比较基准收益率为：6.65%；　　摩根标普500指数(QDII)人民币C份额净值增长率为：6.26%，同期业绩比较基准收益率为：6.65%。","lastUpdated":"2026-03-09T13:59:53.998Z","fund":{"_id":3000000017641,"__csrcFundId":12471,"stockCode":"017641","shortName":"摩根标普500指数(QDII)人民币A","masterFundShortName":"摩根标普500指数发起式(QDII)","fundSecondLevel":"QDII","stockType":"fund","areaCode":"cn","market":"a","tickerId":17641,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-10T17:09:27.746Z","status":"normal","exchange":"jj","fundCollectionId":4000050380000,"inceptionDate":"2023-04-05T16:00:00.000Z","name":"摩根标普500指数型发起式证券投资基金(QDII)","setUpDate":"2023-04-05T16:00:00.000Z","setUpAssetScale":22596532.49,"setUpShares":22596532.49,"followedNum":129,"pinyin":"mgbp500zsxfqszqtzjj(qdii)","memoNum":15,"__indexSourceEastMoney":1,"indexFundFlag":1,"indexId":101000000006472,"managers":[{"stockCode":"8801318784","stockType":"fund_manager","exchange":"fm","tickerId":2610080160,"name":"张军"}]},"announcement":{"linkText":"摩根标普500指数型发起式证券投资基金(QDII)2025年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1380982","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2597fea5b3eb052c9d4","date":"2025-06-29T16:00:00.000Z","stockId":3000000017641,"sao":"2025年上半年，标普500指数在2月创新高后回落，一季度指数下跌4.59%，为2022年四季度以来的最大单季跌幅。科技龙头股的回调和特朗普关税政策叠加削弱了经济增长预期，推升了市场避险情绪，是指数回调的主要原因。DeepSeek的出现引发投资人重新估算对AI未来的资本开支，发现可能难以匹配科技龙头股调整前的过高估值。因此这轮科技股的下跌主要是估值下修，而非盈利不达预期。　　进入二季度，标普500指数在4月初回落后触底反弹，收于年内新高。　　美国4月2日宣布了远超市场预期的对等关税计划，主要贸易伙伴的关税水平上涨了约10%-49%不等，引发股指下跌。美国劳动力市场暂未表露出受关税升级和市场风险情绪恶化预期带来的拖累，年初以来经济基本面的良好表现再次束缚了美联储的操作空间，鲍威尔继续表态美联储仍需观望，待经济形势明朗化再考虑进一步行动。而美国公布的一系列经济数据提振了市场信心，美国总体经济背景似乎有利于美联储采取宽松政策。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:59:53.996Z","mo":"展望后市，由于近期的波动主要源于对全球宏观经济的担忧和科技股估值下修风险，标普500指数在今年剩余时间的走势取决于这两个方面的最新消息。美国政府政策议程的不确定性导致企业和家庭都持“观望”态度，使消费者更加谨慎。鉴于家庭和企业的资产负债表看起来都相对健康，这种行为应该与美国经济活动放缓而非衰退相一致。但如果政策不确定性开始损害劳动力市场，衰退风险或将上升。　　特朗普的贸易保护主义与美联储的抗通胀目标形成政策冲突，导致市场在“滞胀交易”与“衰退交易”间摇摆。对于美国联邦基金利率未来的水平，当前的利率市场定价到2025年底，美联储或有2-3次降息。指数的估值进一步扩张的可能性不大，但是正回报的公司范围或将扩大，因为在降息环境下，一些杠杆率较高的低估值公司会获益更多。　　本基金在报告期内持续采取被动复制的投资策略，紧密跟踪指数表现。报告期间，管理人严格依据指数成分股的变动信息进行股票组合的调整，基于申购赎回情况增减股票组合，保持股票资产权重处于90%以上的高仓位区间。","fund":{"_id":3000000017641,"__csrcFundId":12471,"stockCode":"017641","shortName":"摩根标普500指数(QDII)人民币A","masterFundShortName":"摩根标普500指数发起式(QDII)","fundSecondLevel":"QDII","stockType":"fund","areaCode":"cn","market":"a","tickerId":17641,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-10T17:09:27.746Z","status":"normal","exchange":"jj","fundCollectionId":4000050380000,"inceptionDate":"2023-04-05T16:00:00.000Z","name":"摩根标普500指数型发起式证券投资基金(QDII)","setUpDate":"2023-04-05T16:00:00.000Z","setUpAssetScale":22596532.49,"setUpShares":22596532.49,"followedNum":129,"pinyin":"mgbp500zsxfqszqtzjj(qdii)","memoNum":15,"__indexSourceEastMoney":1,"indexFundFlag":1,"indexId":101000000006472,"managers":[{"stockCode":"8801318784","stockType":"fund_manager","exchange":"fm","tickerId":2610080160,"name":"张军"}]},"announcement":{"linkText":"摩根标普500指数型发起式证券投资基金(QDII)2025年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1345639","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2597fea5b3eb052c9d3","date":"2025-03-30T16:00:00.000Z","stockId":3000000017641,"sao":"报告期内标普500指数在2月创新高后回落，一季度指数下跌4.59%，为2022年四季度以来的最大单季跌幅。　　科技龙头股的回调和特朗普关税政策叠加消弱了经济增长预期，推升了市场避险情绪，是指数回调的主要原因。DeepSeek的出现引发投资人重新估算对AI未来的资本开支，难以匹配调整前的科技龙头股的过高估值。因此这轮科技股的下跌主要是估值下修，而非盈利不达预期。　　特朗普执政后密集推出一系列关税政策。关税影响表现在对供应链的冲击，将导致汽车、电子等行业成本上升，标普500成分股中跨国企业盈利预期下调。同时，关税也可能使2025年美国通胀率上行，GDP增速下降。　　3月美联储会议维持利率在4.25%-4.5%不变，但将2025年GDP增长预期从2.1%下调至1.7%，核心PCE通胀预期从2.5%上调至2.8%，暗示降息可能提前至下半年。　　展望后市，由于近期的波动源于对全球经济的宏观担忧和科技股估值下修风险，标普500指数在今年剩余时间的走势取决于这两个方面的最新消息。美国政府政策议程的不确定性导致企业和家庭都持“观望”态度，使消费者更加谨慎。鉴于家庭和企业的资产负债表看起来都相对健康，这种行为应该与美国经济活动放缓而非衰退相一致。但如果政策不确定性开始损害劳动力市场，衰退风险将上升。　　特朗普的贸易保护主义与美联储的抗通胀目标形成政策冲突，导致市场在“滞胀交易”与“衰退交易”间摇摆。对于美国联邦基金利率未来的水平，当前的利率市场定价到2025年底，美联储或有2-3次降息。指数的估值进一步扩张的可能性不大，但是正回报的公司范围或将扩大，因为在降息环境下，一些杠杆率较高的低估值公司会获益更多。　　本基金在报告期内持续采取被动复制的投资策略，紧密跟踪指数表现。报告期间，管理人严格依据指数成分股的变动信息进行股票组合的调整，基于申购赎回情况增减股票组合，保持股票资产权重处于90%以上的高仓位区间。    本报告期摩根标普500指数(QDII)人民币A份额净值增长率为：-4.38%，同期业绩比较基准收益率为:-4.48%;　　摩根标普500指数(QDII)人民币C份额净值增长率为：-4.46%，同期业绩比较基准收益率为:-4.48%。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:59:53.993Z","fund":{"_id":3000000017641,"__csrcFundId":12471,"stockCode":"017641","shortName":"摩根标普500指数(QDII)人民币A","masterFundShortName":"摩根标普500指数发起式(QDII)","fundSecondLevel":"QDII","stockType":"fund","areaCode":"cn","market":"a","tickerId":17641,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-10T17:09:27.746Z","status":"normal","exchange":"jj","fundCollectionId":4000050380000,"inceptionDate":"2023-04-05T16:00:00.000Z","name":"摩根标普500指数型发起式证券投资基金(QDII)","setUpDate":"2023-04-05T16:00:00.000Z","setUpAssetScale":22596532.49,"setUpShares":22596532.49,"followedNum":129,"pinyin":"mgbp500zsxfqszqtzjj(qdii)","memoNum":15,"__indexSourceEastMoney":1,"indexFundFlag":1,"indexId":101000000006472,"managers":[{"stockCode":"8801318784","stockType":"fund_manager","exchange":"fm","tickerId":2610080160,"name":"张军"}]},"announcement":{"linkText":"摩根标普500指数型发起式证券投资基金(QDII)2025年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1277055","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2597fea5b3eb052c9d2","date":"2024-12-30T16:00:00.000Z","stockId":3000000017641,"sao":"报告期内，标普500指数整体呈现震荡上行趋势。尽管在2024年4月出现短暂回调，但市场随后重拾涨势，并于第四季度创下新高。推动指数上涨的主要因素包括：一是美国经济增长超出预期，尽管美联储实施了紧缩的货币政策，但经济并未陷入衰退；二是2024年第一季度美股公司盈利普遍超预期，这显著提振了投资者信心；三是人工智能相关概念持续走强，尤其是半导体行业表现尤为突出。在美联储政策方面，2024年初议息会议后市场对2024年再次加息的担忧有所缓解，更多地转向期待2024年下半年降息1次或2次。然而，美国就业数据的疲软和通胀率的回落趋势显示美国经济增速正在放缓。基于这些因素，美联储在距离上次加息14个月后，于2024年9月宣布降息50个基点至4.75%-5%区间。美联储官员强调，不希望看到美国经济进一步疲软，并表示利率将保持在较为宽松的水平。进入2024年第四季度后，市场迎来美国总统大选结果，特朗普再次当选总统。“特朗普交易”现象随即出现，其政策主张包括放松监管、减税及贸易保护主义等，这些因素对市场的影响主要体现在美元走强、黄金价格稳定以及利率和通胀预期上行等方面。然而，美联储主席鲍威尔的鹰派言论却让市场感到意外，其表明未来降息幅度和时机存在不确定性，甚至不排除重新加息的可能性。受此影响，美债收益率上扬，美股出现回调。本基金在报告期内持续采取被动复制的投资策略，紧密跟踪指数表现。报告期间，管理人严格依据指数成分股的变动信息进行股票组合的调整，基于申购赎回情况增减股票组合，保持股票资产权重处于90%以上的高仓位区间。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:59:53.990Z","mo":"展望后市，我们预计美国联邦基金利率在2025年底可能达到3.9%左右。尽管如此，我们认为美国经济“软着陆”的可能性仍然存在。就市场估值而言，指数进一步扩张的空间较为有限，但正回报的公司范围或有所扩大。这主要是因为在降息环境下，杠杆率较高且估值偏低的公司或将有更多受益机会。因此，投资者应保持投资组合的分散性和灵活性，标普500这样的宽基指数值得关注。后续需要重点关注2025年特朗普政府的政策动向及其对市场的影响。本基金将继续采用完全复制策略跟踪业绩基准，并根据基金申购赎回情况及时进行组合调整。","fund":{"_id":3000000017641,"__csrcFundId":12471,"stockCode":"017641","shortName":"摩根标普500指数(QDII)人民币A","masterFundShortName":"摩根标普500指数发起式(QDII)","fundSecondLevel":"QDII","stockType":"fund","areaCode":"cn","market":"a","tickerId":17641,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-10T17:09:27.746Z","status":"normal","exchange":"jj","fundCollectionId":4000050380000,"inceptionDate":"2023-04-05T16:00:00.000Z","name":"摩根标普500指数型发起式证券投资基金(QDII)","setUpDate":"2023-04-05T16:00:00.000Z","setUpAssetScale":22596532.49,"setUpShares":22596532.49,"followedNum":129,"pinyin":"mgbp500zsxfqszqtzjj(qdii)","memoNum":15,"__indexSourceEastMoney":1,"indexFundFlag":1,"indexId":101000000006472,"managers":[{"stockCode":"8801318784","stockType":"fund_manager","exchange":"fm","tickerId":2610080160,"name":"张军"}]},"announcement":{"linkText":"摩根标普500指数型发起式证券投资基金(QDII)2024年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1256369","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2597fea5b3eb052c9d1","date":"2024-06-29T16:00:00.000Z","stockId":3000000017641,"sao":"报告期内标普500指数持续上涨，在四月短暂回调后重拾涨势，再创指数历史新高。指数上涨的推动因素包括：1、美国经济增速超预期，紧缩的货币尚未使经济陷入衰退。2、美股的2024年第1季度报告结果显示公司盈利超市场预期，提振了投资者情绪。3、AI相关龙头企业持续带动美股人工智能相关概念大幅上涨，美股半导体相关行业表现较好。FOMC会议后市场不再担忧今年会再次加息，而是倾向于期待今年下半年的1次或2次降息。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:59:53.987Z","mo":"展望后市，我们依然认为美国的经济软着陆会发生，只不过较去年底时的判断的不同之处在于，经济衰退的时间可能来得比预料晚一些，衰退幅度也可能比较轻。通胀率在今年预计仍将保持在美联储的目标值2%以上，这意味着高利率水平也会维持。在5%以上的无风险利率水平下，强劲的就业市场或将难以维持。信贷收缩必然会引导到企业经营活动的收缩，从而影响未来的盈利情况。我们需要综合评估美股上涨动能，高市盈率以及前10大权重股占比的高集中度的可持续性，建议投资者保持投资组合的灵活度和多样性。本基金采用完全复制的策略跟踪业绩基准，并根据基金申购赎回的情况，及时进行组合调整。","fund":{"_id":3000000017641,"__csrcFundId":12471,"stockCode":"017641","shortName":"摩根标普500指数(QDII)人民币A","masterFundShortName":"摩根标普500指数发起式(QDII)","fundSecondLevel":"QDII","stockType":"fund","areaCode":"cn","market":"a","tickerId":17641,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-10T17:09:27.746Z","status":"normal","exchange":"jj","fundCollectionId":4000050380000,"inceptionDate":"2023-04-05T16:00:00.000Z","name":"摩根标普500指数型发起式证券投资基金(QDII)","setUpDate":"2023-04-05T16:00:00.000Z","setUpAssetScale":22596532.49,"setUpShares":22596532.49,"followedNum":129,"pinyin":"mgbp500zsxfqszqtzjj(qdii)","memoNum":15,"__indexSourceEastMoney":1,"indexFundFlag":1,"indexId":101000000006472,"managers":[{"stockCode":"8801318784","stockType":"fund_manager","exchange":"fm","tickerId":2610080160,"name":"张军"}]},"announcement":{"linkText":"摩根标普500指数型发起式证券投资基金(QDII)2024年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1149318","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2597fea5b3eb052c9d0","date":"2023-12-30T16:00:00.000Z","stockId":3000000017641,"sao":"标普500指数在2023年二季度上涨，汽车、半导体、零售和软件等行业板块涨幅居前，电信、能源、公用事业和生物医药等行业下跌。市场经历了5月份的美联储加息25个基点，以及6月份的暂停加息，但美联储主席在6月会后的发言论调偏鹰派，预计2023年内还有1-2次加息，而市场则预期加息已见顶。美国提高了债务上限，有惊无险地避免了潜在的债务违约。标普500指数在10月份的下跌后企稳反弹，股价上涨的推动因素包括：1、美联储逐步放缓加息步伐，降息预期升温，随着流动性压力放缓，长短端美债收益率从高点持续回落，对美股市场构成明显支撑。2、2023年美国经济具备一定韧性，进一步提振了市场情绪。3、以ChatGPT为代表的人工智能（AI）技术迅速发展和应用，带动美股人工智能相关方向年内大幅上涨，美股科技板块表现较好。股市的风险偏好略有改善。股市能有如此强劲表现的原因，基本上有以下三点：1）美国经济增长的持久性。预期中的经济衰退还没有到来，劳动力市场的显著健康状况，为消费和住房提供了保障。2）美国通胀继续呈走低趋势。期待已久的住房通胀下降终于到来了，并且是在没有造成经济创伤性疲软的情况下实现的。3）美国科技公司的优势地位。指数中七大公司几乎贡献了指数的全部涨幅。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:59:53.984Z","mo":"美国2023年四季度实际GDP环比折年率为3.3%，大幅高于市场预期的2%，且经济结构优化；2023年实际GDP年增速为2.5%，高于2022年的1.9%。从环比拉动看，四季度私人消费、政府支出和净出口对GDP的贡献较大，私人投资的拉动明显减弱。具体来看：1）私人消费拉动1.9个百分点，连续成为最大贡献项。其中，服务支出对GDP的拉动扩大0.1个百分点至1.1%，受益于医疗和交通等服务支出的支持；商品消费对GDP的拉动回落0.2个百分点至0.9%。2）政府支出是次要贡献，对GDP的拉动放缓0.4个百分点至0.6%，源于国防支出增速大幅削减。3）净出口对GDP的拉动扩大0.4个百分点至0.4%，其中出口对GDP的贡献有所扩大，受益于原油和金融服务出口增长。4）私人投资对GDP的拉动大幅回落至0.4%，主因住宅投资、私人存货的拉动减弱，非住宅投资拉动小幅增强。我们依然认为美国的经济软着陆会发生，与2022年底时的判断的不同之处在于，经济衰退的时间可能来得比预料晚一些，且衰退幅度比较轻。通胀率在2024年仍将保持在美联储的目标值2%以上，意味着高利率水平也会维持。在5%以上的无风险利率水平下，强劲的就业市场终将难以维持。信贷收缩必然会引导到企业经营活动的收缩，从而影响未来的盈利情况。鉴于市场一致预期较乐观，股价已经提前上涨。进入2024年的估值或难以进一步提升。企业利润虽然已经稳住，但在经济增速不太可能高于2023年的背景下，也难有大幅度扩张。头部7只巨型科技股在2023年的上涨对标普500指数的贡献显著，得益于这7家公司更快的销售增速，更高的利润和再投资率，更强的资产负债表。在经历了2023年大涨后，7家巨头相对于企业493家公司的相对估值偏贵，风险/收益性价比不是特别有吸引力了。地缘政治风险、估值偏高、高利率的后续负面影响还未完全显现等因素提醒我们短期内不宜过分乐观。本基金采用完全复制的策略跟踪业绩基准，并根据基金申购赎回的情况，及时进行组合调整。","fund":{"_id":3000000017641,"__csrcFundId":12471,"stockCode":"017641","shortName":"摩根标普500指数(QDII)人民币A","masterFundShortName":"摩根标普500指数发起式(QDII)","fundSecondLevel":"QDII","stockType":"fund","areaCode":"cn","market":"a","tickerId":17641,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-10T17:09:27.746Z","status":"normal","exchange":"jj","fundCollectionId":4000050380000,"inceptionDate":"2023-04-05T16:00:00.000Z","name":"摩根标普500指数型发起式证券投资基金(QDII)","setUpDate":"2023-04-05T16:00:00.000Z","setUpAssetScale":22596532.49,"setUpShares":22596532.49,"followedNum":129,"pinyin":"mgbp500zsxfqszqtzjj(qdii)","memoNum":15,"__indexSourceEastMoney":1,"indexFundFlag":1,"indexId":101000000006472,"managers":[{"stockCode":"8801318784","stockType":"fund_manager","exchange":"fm","tickerId":2610080160,"name":"张军"}]},"announcement":{"linkText":"摩根标普500指数型发起式证券投资基金(QDII)2023年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1050759","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2597fea5b3eb052c9cf","date":"2023-06-29T16:00:00.000Z","stockId":3000000017641,"sao":"报告期内标普500指数上涨，汽车、半导体、零售和软件等行业板块涨幅居前，电信、能源、公用事业和生物医药等行业下跌。上半年，市场经历了5月份的美联储加息25个基点，以及6月份美联储暂停加息，但美联储主席在6月会后的发言论调偏鹰派，预计年内还有1-2次加息，而市场则预期加息已见顶。美国提高了债务上限，有惊无险地避免了潜在的债务违约。股市的风险偏好略有改善。股市能有如此强劲表现的原因，基本上有以下三点：1）美国经济增长的持久性。预期中的经济衰退还没有到来，美国上半年名义GDP增长了约5.5%。其中，劳动力市场的强劲，为消费和住房提供了保障。2）美国通胀继续呈走低趋势。期待已久的住房通胀下降终于到来，并且是在没有造成经济创伤性疲软的情况下实现的。3）美国科技公司稳固的龙头地位，七大公司几乎贡献了指数的全部涨幅。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:59:53.981Z","mo":"展望后市，我们依然认为美国的经济衰退大概率会发生，较去年底判断的不同之处在于，经济衰退的时间可能来得晚一些，且衰退幅度比较轻。今年通胀率大概率保持在美联储的目标值2%以上，意味着高利率水平也会维持。在5%的无风险利率水平下，强劲的就业市场终将难以维持。信贷收缩必然会引导到企业经营活动的收缩，从而影响未来的盈利情况。本基金采用完全复制的策略跟踪标的指数，并根据基金申购赎回的情况，及时进行组合调整。","fund":{"_id":3000000017641,"__csrcFundId":12471,"stockCode":"017641","shortName":"摩根标普500指数(QDII)人民币A","masterFundShortName":"摩根标普500指数发起式(QDII)","fundSecondLevel":"QDII","stockType":"fund","areaCode":"cn","market":"a","tickerId":17641,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-10T17:09:27.746Z","status":"normal","exchange":"jj","fundCollectionId":4000050380000,"inceptionDate":"2023-04-05T16:00:00.000Z","name":"摩根标普500指数型发起式证券投资基金(QDII)","setUpDate":"2023-04-05T16:00:00.000Z","setUpAssetScale":22596532.49,"setUpShares":22596532.49,"followedNum":129,"pinyin":"mgbp500zsxfqszqtzjj(qdii)","memoNum":15,"__indexSourceEastMoney":1,"indexFundFlag":1,"indexId":101000000006472,"managers":[{"stockCode":"8801318784","stockType":"fund_manager","exchange":"fm","tickerId":2610080160,"name":"张军"}]},"announcement":{"linkText":"摩根标普500指数型发起式证券投资基金(QDII)2023年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=965219","linkType":"PDF","source":"csrc_pdf"}}]}