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运行分析本季度基金严格按照量化模型运作，努力在控制风险的基础上追求超额收益。","lastUpdated":"2026-03-09T14:03:11.770Z","fund":{"_id":3000000019722,"__csrcFundId":13764,"stockCode":"019722","masterFundShortName":"中银量化选股混合发起","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":19722,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:28:45.452Z","status":"normal","exchange":"jj","shortName":"中银量化选股混合发起(019722)","name":"中银量化选股混合型发起式证券投资基金","fundCollectionId":4000050400000,"pinyin":"zylhxghhxfqszqtzjj","setUpAssetScale":10941151.62,"setUpDate":"2024-06-16T16:00:00.000Z","setUpShares":10941151.62,"inceptionDate":"2024-06-20T16:00:00.000Z","followedNum":5,"managers":[{"stockCode":"db20358580","stockType":"fund_manager","exchange":"fm","tickerId":262608154320,"name":"赵志华"}]},"announcement":{"linkText":"中银量化选股混合型发起式证券投资基金2025年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1457139","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed31f7fea5b3eb0538341","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-27T16:00:00.000Z","stockId":3000000019722,"sao":"1.宏观经济分析国外经济方面，贸易关税扰动边际缓和，全球GDP增速小幅反弹，但中长期不确定性上升。二季度美国GDP环比折年率从一季度-0.6%回升至3.8%，亚特兰大联储GDPNow预估三季度GDP环比折年率最新值为3.8%，显示贸易关税扰动边际缓和，经济增速有所修复。但9月美国ISM制造业PMI为49%，仍处于荣枯线以下，服务业PMI环比大幅回落至50%；欧元区9月制造业PMI初值49.5%，重回荣枯线以下，其中德国制造业PMI从8月49.8%进一步下滑至48.5%；欧元区服务业PMI为51.4%，但法国制造业和服务业PMI双双下滑，综合PMI为48.4%，其收缩速度创5月来最快；PMI作为领先指标指示中长期全球增长不确定仍较高。货币政策方面，美联储9月降息25bp，欧央行和日本央行三季度维持政策利率不变，符合市场预期。市场普遍预测美联储年内还有1-2次降息空间，但欧央行货币政策宽松周期或已接近尾声，不过考虑到美对欧洲加征关税对欧洲出口需求的负面冲击仍存，后市欧洲央行仍存降息可能性。国内经济方面，三季度经济增速较二季度有所回落，但整体仍保持相对良好态势。价格方面，CPI与PPI在低位徘徊。具体来看，中采制造业PMI连续六个月维持在荣枯线以下，9月值较6月值上升0.1个百分点至49.8%。8月工业增加值同比增长5.2%，较6月回落1.6个百分点，但仍保持在较高增速。从经济增长动力来看，消费增速放缓，8月社会消费品零售总额增速较6月值回落1.4个百分点至3.4%。投资中基建、制造业投资增速回落，房地产投资延续负增长，8月固定资产投资累计同比增速较6月回落2.3个百分点至0.5%。通胀方面，8月CPI同比增速较6月回落0.5个百分点至-0.4%。PPI负值收窄，8月同比增速较6月回升0.7个百分点至-2.9%。2.市场回顾股票市场方面，本季度上证综指上涨12.73%，中证100上涨20.56 %，沪深300上涨17.9 %，中证500上涨25.31%，中证1000上涨19.17%，中证2000上涨14.31%，创业板指数上涨50.4 %，中证红利指数上涨0.94%。本季度行业分化较大，中信一级行业通信上涨50.2% ，电子上涨44.49%，有色金属上涨44.06%，电力设备及新能源上涨41.06%；跌幅居前的行业中信一级行业综合下跌9.03% ，银行下跌8.66%。3. 运行分析上半年基金严格按照量化指数增强模型运作，较为严格的控制了行业和风格偏离，努力在控制风险的基础上追求超额收益。","lastUpdated":"2026-03-09T14:03:11.767Z","fund":{"_id":3000000019722,"__csrcFundId":13764,"stockCode":"019722","masterFundShortName":"中银量化选股混合发起","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":19722,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:28:45.452Z","status":"normal","exchange":"jj","shortName":"中银量化选股混合发起(019722)","name":"中银量化选股混合型发起式证券投资基金","fundCollectionId":4000050400000,"pinyin":"zylhxghhxfqszqtzjj","setUpAssetScale":10941151.62,"setUpDate":"2024-06-16T16:00:00.000Z","setUpShares":10941151.62,"inceptionDate":"2024-06-20T16:00:00.000Z","followedNum":5,"managers":[{"stockCode":"db20358580","stockType":"fund_manager","exchange":"fm","tickerId":262608154320,"name":"赵志华"}]},"announcement":{"linkText":"中银量化选股混合型发起式证券投资基金2025年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1375755","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed31f7fea5b3eb0538340","date":"2025-06-29T16:00:00.000Z","stockId":3000000019722,"sao":"1.宏观经济分析    国外经济方面，关税扰动导致全球工业生产和商品贸易前置，经济活跃度提振，但服务业延续放缓态势。全球通胀粘性逐渐消退，关税取而代之成为全球通胀的新主线。美国2025年6月制造业PMI较2024年12月读数下降0.3个百分点至49%，2025年6月服务业PMI较2024年12月回落3.3个百分点至50.8%，2025年6月CPI同比增速较2024年12月回落0.2个百分点至2.7%，2025年6月失业率较2024年12月持平在4.1%，美联储上半年未调整政策利率。    国内经济方面，上半年经济整体保持良好态势，消费和出口动能较为强劲，投资增速有所回落。价格方面，CPI与PPI在低位徘徊。具体来看，中采制造业PMI方面，2025年 6月值较2024年12月值下降0.4个百分点至49.7%。2025年6月工业增加值同比增长6.8%，较2024年12月值回升0.6个百分点。从经济增长动力来看，消费增速加快，2025年 6月社会消费品零售总额增速较2024年12月值抬升1.1个百分点至4.8%。投资中基建、制造业投资保持较高增速，房地产投资延续负增长，2025年 6月固定资产投资累计同比增速较2024年12月值回落0.4个百分点至2.8%。通胀方面，CPI保持稳定，2025年 6月同比增速0.1%，与2024年12月值持平。PPI负值小幅走阔，2025年 6月同比增速较2024年12月值回落1.3个百分点至-3.6%。2.市场回顾股票市场方面，上半年上证综指上涨2.76%，沪深300上涨0.03%，中证500上涨3.31%，中证1000上涨6.69%，中证2000上涨15.24%，创业板指数上涨0.53%。上半年行业方面分化较大，中信一级行业综合金融上涨33.09，有色金属上涨18.22%，银行上涨15.9%，传媒上涨14.1% ；与此同时，煤炭下跌10.77 %，房地产下跌5.97 %，食品饮料下跌下跌5.87% ，石油石化下跌4.13% 3. 运行分析上半年基金严格按照量化指数增强模型运作，较为严格的控制了行业和风格偏离，努力在控制风险的基础上追求超额收益。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:03:11.763Z","mo":"展望下半年，海外宏观方面，基准情形下特朗普政策不确定性将走向收敛，随着有利于增长的减税和监管放松等措施逐步落地，美国经济在周期惯性下继续走弱但不至于衰退，通胀将出现一轮一次性和结构化的上行过程，叠加以降息为代表的货币宽松仍在路上，呈现“增长温和放缓，通胀阶段性上行”状态。国内宏观方面，预计能顺利完成全年增速目标，经济节奏前高后低，通胀读数预计有所抬升。政策重心转向提升增长的“质”，主要路径为调结构、防风险和补短板，中长期看我国将促开放积极构建全球产业链新格局，预计全年出口小幅正增。服务消费或将成为下一阶段促内需消费的重要抓手，预计消费维持较高增速。债务压力缓解，央地合力有望抬升基建增速水平，预计基建保持较高增速。在外需回落背景下，预计制造业投资增速小幅回落。全年地产销售降幅边际收窄，节奏前高后低。地产投资在GDP占比持续下降，拖累减轻。权益方面，三季度我们继续看好分母端因素对市场的驱动，无风险利率与股市风险溢价的降低将继续引发居民与非银机构对权益资产配置的提升，中长期资金有望进一步入市，预计微观资金面将保持充裕。短期市场在流动性的支撑下有望维持高位震荡。预计企业盈利延续筑底走势，下半年增速边际小幅回升。本基金将严格按照契约规定，依据量化模型进行投资，在行业和风格等方面约束较为严格。投资过程中，我们维持较为稳定的仓位，持仓数量较多投资较为分散。作为基金管理者，我们将一如既往地依靠团队的努力和智慧，力争为投资人创造应有的回报。","fund":{"_id":3000000019722,"__csrcFundId":13764,"stockCode":"019722","masterFundShortName":"中银量化选股混合发起","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":19722,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:28:45.452Z","status":"normal","exchange":"jj","shortName":"中银量化选股混合发起(019722)","name":"中银量化选股混合型发起式证券投资基金","fundCollectionId":4000050400000,"pinyin":"zylhxghhxfqszqtzjj","setUpAssetScale":10941151.62,"setUpDate":"2024-06-16T16:00:00.000Z","setUpShares":10941151.62,"inceptionDate":"2024-06-20T16:00:00.000Z","followedNum":5,"managers":[{"stockCode":"db20358580","stockType":"fund_manager","exchange":"fm","tickerId":262608154320,"name":"赵志华"}]},"announcement":{"linkText":"中银量化选股混合型发起式证券投资基金2025年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1342789","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed31f7fea5b3eb053833f","date":"2025-03-30T16:00:00.000Z","stockId":3000000019722,"sao":"1.宏观经济分析国外经济方面，全球主要经济体分化。年初以来美国在特朗普政策不确定性的扰动下，经济前景偏弱，而欧洲和日本经济显示出有所走强的特征。全球通胀继续边际回落，整体仍在去通胀中。美国3月制造业PMI较2024年12月下降0.3个百分点至49%，2月服务业PMI较2024年12月回落0.6个百分点至53.5%，2月CPI同比较2024年12月回落0.1个百分点至2.8%，2月失业率较2024年12月持平在4.1%，美联储一季度未调整政策利率。欧元区经济表现分化，3月欧元区制造业PMI较2024年12月抬升3.5个百分点至48.6%，3月服务业PMI较2024年12月回落1.2个百分点至50.4%，3月欧元区调和CPI同比增速较2024年12月回落0.2个百分点至2.2%，2月欧元区失业率6.1%较2024年12月回落0.1个百分点，一季度欧央行两次降息共50bps。日本一季度经济延续温和复苏，2月CPI同比较2024年12月抬升0.1个百分点至3.7%，3月制造业PMI较2024年12月回落1.2个百分点至48.4%，3月服务业PMI较2024年12月回落1.4个百分点至49.5%，一季度日央行加息25bps。国内经济方面，一季度经济稳中向好，社零和投资修复，出口增速放缓。价格方面，CPI与PPI在低位徘徊。具体来看，中采制造业PMI连续两个月维持在荣枯线以上，3月值较2024年12月值走高0.4个百分点至50.5%。1-2月工业增加值同比增长5.9%，较2024年12月回落0.3个百分点，但仍保持在较高增速。从经济增长动力来看，消费持续修复，1-2月社会消费品零售总额增速较2024年12月值抬升0.3个百分点至4%。投资中基建投资增速加快，制造业投资保持高增速，房地产投资延续负增长，1-2月固定资产投资累计同比增速较2024年1-12月回升0.9个百分点至4.1%。通胀方面，CPI在春节错位影响下转负，2月同比增速从2024年12月的0.1%回落0.8个百分点至-0.7%，PPI负值小幅收窄，2月同比增速从2024年12月的-2.3%回升0.1个百分点至-2.2%。2.市场回顾股票市场方面，本季度上证综指下跌0.48%，中证100上涨0.11%，沪深300下跌1.21%，中证500上涨2.31%，中证1000上涨4.51%，中证2000上涨7.08%，创业板指数下跌1.77%，中证红利指数下跌3.11%。本季度行业分化较大，中信一级行业有色金属上涨11.34% ，汽车上涨11.3%，机械上涨8.85%，计算机上涨7.87%；跌幅居前的行业中信一级行业煤炭下跌10.7% ，商贸零售下跌7.41%，非银行金属下跌6.18%，石油石化下跌5.93%。3. 运行分析  在基金投资策略上，我们坚持按量化模型投资，投资较为分散。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:03:11.760Z","fund":{"_id":3000000019722,"__csrcFundId":13764,"stockCode":"019722","masterFundShortName":"中银量化选股混合发起","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":19722,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:28:45.452Z","status":"normal","exchange":"jj","shortName":"中银量化选股混合发起(019722)","name":"中银量化选股混合型发起式证券投资基金","fundCollectionId":4000050400000,"pinyin":"zylhxghhxfqszqtzjj","setUpAssetScale":10941151.62,"setUpDate":"2024-06-16T16:00:00.000Z","setUpShares":10941151.62,"inceptionDate":"2024-06-20T16:00:00.000Z","followedNum":5,"managers":[{"stockCode":"db20358580","stockType":"fund_manager","exchange":"fm","tickerId":262608154320,"name":"赵志华"}]},"announcement":{"linkText":"中银量化选股混合型发起式证券投资基金2025年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1272545","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed31f7fea5b3eb053833e","date":"2024-12-30T16:00:00.000Z","stockId":3000000019722,"sao":"1.宏观经济分析全球宏观方面，2024年总需求增速整体放缓，总供给延续扩张，全球通胀压力缓解。全球财政回归正常化，欧美经济体普遍步入降息周期。2024年美国经济韧性仍存，通胀波动下行，美联储开启降息。欧元区经济全年温和复苏，区内经济增长分化，通胀水平震荡回落，欧央行全年降息135bp。日本“工资-物价”现良性循环迹象，初步走出通缩，经济活力有所增强，日央行于3月退出负利率开启加息周期。2024年国内经济温和修复，全年实现5%的GDP增速目标。分部门来看，出口成为支撑2024年增长的重要因素；投资方面，地产投资负拖累仍存，而制造业投资表现强劲、广义基建投资同比增速亦有回升；消费动能回落。通胀方面，CPI在消费需求疲软等因素带动下整体偏弱，PPI同比全年仍处于负值区间，但跌幅较2023年收窄。货币政策定调转为“适度宽松”，财政政策定调“更加积极”。2.市场回顾2024 年上证指数走势呈现出明显的先抑后扬态势。年初受微盘股大幅下跌，雪球产品敲入等因素影响上涨指数大幅下跌，指数一度跌破 2700 点，此后市场总体维持宽幅震荡。 9月 24 日金融三部委推出一揽子刺激政策，叠加中央政治局会议确立促进房地产止跌回稳等政策基调，上证指数在 9 月 24 日 - 10 月 8 日 6 个交易日反弹26.95%，并在 10 月 8 日两市刷新历史成交额记录。2024年全年上证指数上涨12.67%，沪深300上涨14.68%，中证500上涨5.46%，中证1000上涨1.2%，创业板指数上涨13.23%，中证红利指数涨12.31%。中信一级行业涨幅居前的分别为银行42.84%，非银行金融33.67%、家电31.35% ，涨幅靠后的分别为综合-19.07 %，医药-12.83 %，农林牧渔-9.55%，行业间分化非常明显。3. 运行分析本基金严格按照量化模型运作，努力在控制风险的基础上获取超越偏股基金指数的超额收益。","declarationDate":"2025-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:03:11.756Z","mo":"展望2025年，美国经济软着陆仍是基准情形，预计全年实际GDP增速在潜在增速附近，受政策扰动或出现阶段性恶化和改善的交替，极端情形下局部时点衰退风险可能放大。全年或“间歇式”降息，货币政策决策继续高度依赖当期经济数据和金融市场状况。欧洲经济延续区域分化和弱复苏，欧洲央行或加快降息步伐以助力增长。日本经济或延续小幅增长，但内外部不确定性增加；货币政策或继续小幅收紧，但节奏和幅度或偏谨慎。2025年在外部不确定性加剧的背景下，我国政策重心或将转向需求侧，国内政策有望加码对冲。预计政策组合拳有望推动消费增速回升；投资方面基建投资增速有望加快、制造业有望维持中高增速、地产投资拖累或趋于收敛；出口对经济的拉动或面临压力。我国预计将实施更加积极的财政政策和适度宽松的货币政策，经济增速有望平稳，平减指数有望转正。权益方面， 我们认为2025年权益市场有望继续上行，但波动或将放大。盈利方面，财政与货币政策均延续宽松，在价格周期见底的支撑下，全A非金融盈利增速震荡上行，有望获得正增长。流动性方面，中美货币政策有望共振宽松，宏观流动性维持充裕，微观资金面有望维持增量资金环境，保险资金有望继续贡献增量，外资与居民储蓄的入市仍值得关注。风险偏好方面，特朗普上台加大经济的外部风险，但国内稳增长政策或进一步加码，中美政策博弈将是核心风险扰动因素。","fund":{"_id":3000000019722,"__csrcFundId":13764,"stockCode":"019722","masterFundShortName":"中银量化选股混合发起","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":19722,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:28:45.452Z","status":"normal","exchange":"jj","shortName":"中银量化选股混合发起(019722)","name":"中银量化选股混合型发起式证券投资基金","fundCollectionId":4000050400000,"pinyin":"zylhxghhxfqszqtzjj","setUpAssetScale":10941151.62,"setUpDate":"2024-06-16T16:00:00.000Z","setUpShares":10941151.62,"inceptionDate":"2024-06-20T16:00:00.000Z","followedNum":5,"managers":[{"stockCode":"db20358580","stockType":"fund_manager","exchange":"fm","tickerId":262608154320,"name":"赵志华"}]},"announcement":{"linkText":"中银量化选股混合型发起式证券投资基金2024年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1254018","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed31f7fea5b3eb053833d","date":"2024-09-29T16:00:00.000Z","stockId":3000000019722,"sao":"1.宏观经济分析国外经济方面，增长回归中性水平，但分化依然明显，主要经济体经济周期参差不齐，美欧日分别呈现软着陆、弱复苏、再通胀的不同特征。全球通胀整体继续回落，部分新兴经济体通胀抬头。主要经济体正式进入新一轮降息周期。美国8月CPI同比较6月回落0.4个百分点至2.6%，9月制造业PMI较6月回落1.3个百分点至47.2%，9月服务业PMI较6月抬升6.1个百分点至54.9%，8月失业率较6月持平于4.1%，美联储在9月将政策目标利率下调50bps至5.0%。欧元区经济表现分化，8月欧元区失业率较6月回落0.1个百分点至6.4%，9月欧元区制造业PMI较6月回落0.8个百分点至45%，服务业PMI较6月回落1.4个百分点至51.4%，欧央行在9月降息25bps。日本三季度经济延续温和复苏，8月CPI同比较6月抬升0.2个百分点至3.0%，9月制造业PMI较6月回落0.3个百分点至49.7%，9月服务业PMI较6月回升3.7个百分点至53.1%，日本央行7月超预期加息后表态称通胀已得到缓解，暂缓加息进程。综合来看，降息周期从预期到陆续落地，高利率的滞后影响还将在一段时间内制约全球经济复苏动能。国内经济方面，经济内生修复动能仍待提振，国内经济数据边际走弱，出口与制造业韧性较强，基建投资与消费走弱，地产维持负增长，CPI与PPI在低位徘徊。具体来看，三季度领先指标中采制造业PMI维持在荣枯线以下，9月值较6月值走高0.3个百分点至49.8%，8月工业增加值同比增长4.5%，较6月回落0.8个百分点。从经济增长动力来看，出口仍有韧性，而投资与消费均偏弱：8月美元计价出口增速较6月回升0.1个百分点至8.7%，8月社会消费品零售总额增速较6月回升0.1个百分点至2.1%，基建投资偏弱，制造业投资维持韧性，房地产投资延续负增长，1-8月固定资产投资累计同比增速较1-6月回落0.5个百分点至3.4%。通胀方面，CPI维持在低位，8月同比增速从6月的0.2%小幅提振0.4个百分点至0.6%，PPI负值小幅走阔，8月同比增速从6月的-0.8%回落1个百分点至-1.8%。2.市场回顾股票市场方面，三季度上证综指上涨12.44%，中证100上涨16.66%，沪深300上涨16.07%，中证500上涨16.19%，中证1000上涨16.6%，中证2000上涨17.67%，创业板指数上涨29.21%，中证红利指数上涨6.43%。二季度行业分化较大，中信一级行业非银金融上涨43.8% ，综合金融上涨42.57%，房地产上涨28.06%，消费者服务上涨24.82%；涨跌落后的行业中信一级行业石油石化上涨2.47% ，煤炭上涨4.54%，电力及公用事业上涨5.77%，农林牧渔上涨9.39%。3. 运行分析   截止三季末，在基金的建仓期内我们采取了稳步建仓的策略，努力控制建仓期内基金的净值波动风险。在基金投资策略上，我们坚持按量化模型投资，投资较为分散。","declarationDate":"2024-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T14:03:11.753Z","fund":{"_id":3000000019722,"__csrcFundId":13764,"stockCode":"019722","masterFundShortName":"中银量化选股混合发起","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":19722,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:28:45.452Z","status":"normal","exchange":"jj","shortName":"中银量化选股混合发起(019722)","name":"中银量化选股混合型发起式证券投资基金","fundCollectionId":4000050400000,"pinyin":"zylhxghhxfqszqtzjj","setUpAssetScale":10941151.62,"setUpDate":"2024-06-16T16:00:00.000Z","setUpShares":10941151.62,"inceptionDate":"2024-06-20T16:00:00.000Z","followedNum":5,"managers":[{"stockCode":"db20358580","stockType":"fund_manager","exchange":"fm","tickerId":262608154320,"name":"赵志华"}]},"announcement":{"linkText":"中银量化选股混合型发起式证券投资基金2024年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1169868","linkType":"PDF","source":"csrc_pdf"}}]}