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7月降息的可能性提升，市场开始反弹。总体来看，2025年上半年上证综指上涨2.76%，沪深300上涨0.03%，创业板指上涨0.53%，中证500指数上涨3.31%。在投资管理上，本基金采用量化和人工管理相结合的方法，处理基金日常运作中的大额申购和赎回等事件，合理安排仓位及头寸，将跟踪误差控制在合理水平，努力为投资者提供更合格的投资工具。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:03:23.440Z","mo":"展望下半年，市场逐步向好的条件在持续累积。随着稳定资本市场政策逐步深入人心，市场对于阶段性宏观数据扰动有所免疫，风险偏好有望提升。伴随着反内卷政策的出台，市场对于短期可能存在的需求回落担忧也将缓解，着眼未来，在减少资本开支的大背景下，上游周期和中游制造产能过剩情况均有望持续好转，企业盈利有望逐步改善。与此同时，在中美谈判持续推进和国内外AI模型持续发展的背景下，科技也有望进一步打开估值空间。","fund":{"_id":3000000019897,"__csrcFundId":13231,"stockCode":"019897","masterFundShortName":"富国中证沪港深创新药产业ETF发起式联接","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":19897,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-22T17:15:42.938Z","status":"normal","exchange":"jj","shortName":"富国中证沪港深创新药产业ETF发起式联接(019897)","fundCollectionId":4000050100000,"name":"富国中证沪港深创新药产业交易型开放式指数证券投资基金发起式联接基金","setUpAssetScale":11183403.41,"setUpDate":"2023-11-09T16:00:00.000Z","setUpShares":11183403.41,"inceptionDate":"2023-11-09T16:00:00.000Z","pinyin":"fgzzhgscxycyjyxkfszszqtzjjfqsljjj","followedNum":3,"__indexSourceEastMoney":1,"__indexSourceCsi":1,"etfFundFlag":1,"feederFundFlag":1,"indexFundFlag":1,"indexId":1000000931409,"managers":[{"stockCode":"db20517860","stockType":"fund_manager","exchange":"fm","tickerId":31105170350,"name":"蔡卡尔"}]},"announcement":{"linkText":"富国中证沪港深创新药产业交易型开放式指数证券投资基金发起式联接基金二0二五年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1351254","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed32b7fea5b3eb0538f0e","date":"2025-03-30T16:00:00.000Z","stockId":3000000019897,"sao":"2025年初，由于前期政策逐步见效需要时间，市场整体缺乏催化，与此同时，外部关税担忧给全球风险资产带来扰动，市场迎来快速调整。临近春节，随着国内顺利完成2024年增长目标、大部分业绩利空落地后，市场风险偏好开始修复。春节后，市场以AI为核心开启了新一轮上行，内外资共振流入重估中国资产。国内大模型的出现，缩小了市场对于中美AI发展前景的认知差异，促使市场根据全球AI产业链的格局进行重新定价，引发了中国AI产业链的价值重估。同时，春节消费回暖、1月金融数据“开门红”、地产销售价格改善等信号验证国内基本面开局平稳，为市场风险偏好提供支撑。经历春节以来的主线聚焦、行情加速上行后，AI行情出现阶段性过热，叠加美国经济放缓、关税等问题再度扰动全球风险偏好，对于以AI为代表的高估值资产影响更为显著，板块整体迎来调整。随着两会积极的政策定调、以及一系列更加聚焦需求侧、民生侧的政策密集落地，市场由前期AI板块的“一枝独秀”，逐步扩散至消费、金融、周期等低位顺周期板块。3月下旬以来，随着国内各类经济数据公布，市场逐步进入“看现实”的阶段，叠加4月业绩期和海外关税政策落地的窗口逐步临近，市场做多情绪有所放缓，转为观望态势。总体来看，2025年1季度上证综指下跌0.48%，沪深300下跌1.21%，创业板指下跌1.77%，中证500指数上涨2.31%。在投资管理上，本基金采用量化和人工管理相结合的方法，处理基金日常运作中的大额申购和赎回等事件，合理安排仓位及头寸，将跟踪误差控制在合理水平，努力为投资者提供更合格的投资工具。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:03:23.437Z","fund":{"_id":3000000019897,"__csrcFundId":13231,"stockCode":"019897","masterFundShortName":"富国中证沪港深创新药产业ETF发起式联接","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":19897,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-22T17:15:42.938Z","status":"normal","exchange":"jj","shortName":"富国中证沪港深创新药产业ETF发起式联接(019897)","fundCollectionId":4000050100000,"name":"富国中证沪港深创新药产业交易型开放式指数证券投资基金发起式联接基金","setUpAssetScale":11183403.41,"setUpDate":"2023-11-09T16:00:00.000Z","setUpShares":11183403.41,"inceptionDate":"2023-11-09T16:00:00.000Z","pinyin":"fgzzhgscxycyjyxkfszszqtzjjfqsljjj","followedNum":3,"__indexSourceEastMoney":1,"__indexSourceCsi":1,"etfFundFlag":1,"feederFundFlag":1,"indexFundFlag":1,"indexId":1000000931409,"managers":[{"stockCode":"db20517860","stockType":"fund_manager","exchange":"fm","tickerId":31105170350,"name":"蔡卡尔"}]},"announcement":{"linkText":"富国中证沪港深创新药产业交易型开放式指数证券投资基金发起式联接基金二0二五年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1276640","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed32b7fea5b3eb0538f0d","date":"2024-12-30T16:00:00.000Z","stockId":3000000019897,"sao":"2024年开年以来，国内悲观预期加速释放，海外修正抢跑的降息预期，资金和情绪的负反馈导致市场调整加速。2月，随着国内经济与政策预期得到重新修正，风险偏好改善驱动市场快速反弹。在海外AI技术迎来突破等信息刺激下，A股迎来大幅反弹，月末沪指成功站上3000点。4月末，美国降息预期推后下非美货币普遍贬值，而人民币汇率抗跌走出独立行情，中国资产在全球的配置性价比和逻辑开始凸显，引发外资回流。业绩期进入尾声后，内资风险偏好抬升，合力推动沪指突破3100点。6月进入验证期，国内经济复苏再度放缓，PMI回落枯荣线以下、信用扩张疲软、经济“供强需弱”特征延续。接连落空的预期验证放大悲观情绪，沪指连续调整至3000点以下。下半年，进入7月，市场提前交易美国大选风险，海外科技大盘股、金属商品等前期表现较好资产出现下跌，压制全球市场风险偏好。9月18日美联储以50bp开启降息周期，为国内宽松打开空间。9月24日国内宽松即刻跟进，9月26日中央政治局会议罕见在9月讨论经济问题，全面聚焦增长，加力推出增量政策、实施有力度的降息、促进房地产市场止跌回稳、提振资本市场等积极表述超出市场预期，明确释放了政策全力聚焦稳增长，且后续仍有增量政策加力的积极信号，市场迎来大幅上涨。10月国庆假期回归后，市场对后续政策力度和微观流动性的预期回归理性，短期超涨后经历大波动。11月，美国大选等重要大事集中落地，海外扰动与内部积极因素交织，市场区间震荡。进入12月，随着两大重磅会议定调落地，市场风格迎来切换，前期高位股、小微盘股开始回落，市场风格逐步向大盘、红利倾斜，前期极致的风格分化持续收敛。总体来看，2024年全年上证综指上涨12.67%，沪深300上涨14.68%，创业板指上涨13.23%，中证500指数上涨5.46%。在投资管理上，本基金采用量化和人工管理相结合的方法，处理基金日常运作中的大额申购和赎回等事件，合理安排仓位及头寸，将跟踪误差控制在合理水平，努力为投资者提供更合格的投资工具。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:03:23.435Z","mo":"展望2025年，在更加积极有为的宏观政策基调下，国内基本面有望逐步修复，预计市场呈现出螺旋式震荡上行的特征。从政策面看，如财政政策能够持续加码，有效提振内需，将改善企业盈利。从资金面看个人投资者和长期机构将有望成为增量资金主要来源。过去几年国内居民储蓄存款持续积累，随着市场投资环境逐步修复，可能使国内居民和全球资金对A股配置需求有更积极的边际变化。","fund":{"_id":3000000019897,"__csrcFundId":13231,"stockCode":"019897","masterFundShortName":"富国中证沪港深创新药产业ETF发起式联接","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":19897,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-22T17:15:42.938Z","status":"normal","excha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