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 国内经济方面，四季度经济增速边际有所放缓。11月工业增加值同比增长4.8%，较9月回落1.7个百分点。从经济增长动能来看，出口增速边际回落但仍保持在较高增速。价格方面，通胀读数温和回升，11月CPI同比增速较9月回升1.0个百分点至0.7%，11月PPI同比增速较9月回升0.1个百分点至-2.2%。尽管目前部分经济数据短期有所走弱，但中国经济的整体发展质量仍然维持稳中有升的趋势，科技创新、产业升级与内需潜力释放仍在不断进行和强化过程中，中国经济仍然呈现出很强的活力与韧性。四季度A股市场维持偏强态势，上证指数在3800-4050点区间强势震荡，季度收益率为2.22%。市值风格上，权重股与微盘股表现占优，三季度表现强势的创业板与科创板有所回调。央企在我国经济体系中占据重要地位，集中在关系国家安全和国民经济命脉的关键领域，承担产业链链长职能，承接国家重大战略部署。近年来，央企分红相关政策密集出台，引导央企上市公司增加现金分红频次、优化现金分红节奏、提高现金分红比例，推动央企从“规模导向”转向“价值创造”。中证央企红利50指数集央企的稳健经营与红利策略的高股息于一身，顺应政策主题，追求稳健分红。2025年四季度，中证央企红利50指数上涨1.76%，超越中证红利指数涨幅。2.\t投资策略和运作情况分析本基金在报告期内严格遵守基金合同约定，采用完全复制策略跟踪指数，在因基金申赎导致基金资产发生变动时，根据市场的流动性情况采用量化模型优化交易以降低冲击成本和减小跟踪误差。本报告期内，本基金跟踪误差主要来自于申购赎回变动等情况导致的变化。报告期内，本基金整体运作平稳，日均跟踪偏离度及年化跟踪误差均控制在合同约定范围内，运作过程未发生风险。","lastUpdated":"2026-03-09T14:03:56.233Z","fund":{"_id":3000000020251,"__csrcFundId":13722,"stockCode":"020251","masterFundShortName":"中银中证央企红利50指数","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":20251,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:43:03.339Z","status":"normal","exchange":"jj","shortName":"中银中证央企红利50指数(020251)","name":"中银中证央企红利50指数型证券投资基金","fundCollectionId":4000050400000,"inceptionDate":"2024-03-21T16:00:00.000Z","setUpAssetScale":214750835.51,"setUpDate":"2024-03-21T16:00:00.000Z","setUpShares":214750835.51,"pinyin":"zyzzyqhl50zsxzqtzjj","followedNum":6,"memoNum":1,"indexFundFlag":1,"managers":[{"stockCode":"8801399035","stockType":"fund_manager","exchange":"fm","tickerId":261026158080,"name":"赵建忠"},{"stockCode":"j101020198","stockType":"fund_manager","exchange":"fm","tickerId":1214252500,"name":"李念"}]},"announcement":{"linkText":"中银中证央企红利50指数型证券投资基金2025年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1457272","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed34c7fea5b3eb053ae9a","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-27T16:00:00.000Z","stockId":3000000020251,"sao":"1.\t宏观经济与市场回顾国外经济方面，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。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。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%。三季度债市整体下跌，结构上信用债相对表现更好。其中，中债总财富指数下跌0.97%，中债银行间国债财富指数下跌1.19%，中债企业债总财富指数上涨0.1%。在收益率曲线方面，国债收益率曲线走势陡峭化。其中，10年国债收益率（中债）从1.65%上行21.36bps至1.86%，30年国债收益率（中债）从1.86%上升38.5bps至2.25%，10年期国开收益率（中债）从1.69%上行34.72bps至2.04%。股票市场方面，三季度上证综指上涨12.73%，代表大盘股表现的沪深300指数上涨17.9%，中小板综合指数上涨21.69%，创业板综合指数上涨30.01%，中证红利指数上涨0.94%。面临外部事件频发带来的不确定性，红利资产在市场波动中展现出一定韧性，胜率优势获得一定体现。国内利率处于历史较低区间，高股息策略具备性价比。央企在我国经济体系中占据重要地位，集中在关系国家安全和国民经济命脉的关键领域。当前，政策引导央企上市公司增加现金分红频次、优化现金分红节奏、提高现金分红比例。A股建立长期投资市场生态，A股上市公司整体分红意愿提升，为红利风格提供了较为坚实的基础。中证央企红利50指数集央企的稳健经营与红利策略的高股息于一身，在当前低利率和市场波动的情形下，具有相对稳健的收益特征。2025年三季度，中证央企红利50指数上涨8.03%，超越中证红利指数涨幅。截至三季度末，中证央企红利50指数股息率为4.39%，显著高于A股平均水平。2.\t投资策略和运作情况分析本基金在报告期内严格遵守基金合同约定，采用完全复制策略跟踪指数，在因基金申赎导致基金资产发生变动时，根据市场的流动性情况采用量化模型优化交易以降低冲击成本和减小跟踪误差。本报告期内，本基金跟踪误差主要来自于申购赎回变动等情况导致的变化。报告期内，本基金整体运作平稳，日均跟踪偏离度及年化跟踪误差均控制在合同约定范围内，运作过程未发生风险。","lastUpdated":"2026-03-09T14:03:56.230Z","fund":{"_id":3000000020251,"__csrcFundId":13722,"stockCode":"020251","masterFundShortName":"中银中证央企红利50指数","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":20251,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:43:03.339Z","status":"normal","exchange":"jj","shortName":"中银中证央企红利50指数(020251)","name":"中银中证央企红利50指数型证券投资基金","fundCollectionId":4000050400000,"inceptionDate":"2024-03-21T16:00:00.000Z","setUpAssetScale":214750835.51,"setUpDate":"2024-03-21T16:00:00.000Z","setUpShares":214750835.51,"pinyin":"zyzzyqhl50zsxzqtzjj","followedNum":6,"memoNum":1,"indexFundFlag":1,"managers":[{"stockCode":"8801399035","stockType":"fund_manager","exchange":"fm","tickerId":261026158080,"name":"赵建忠"},{"stockCode":"j101020198","stockType":"fund_manager","exchange":"fm","tickerId":1214252500,"name":"李念"}]},"announcement":{"linkText":"中银中证央企红利50指数型证券投资基金2025年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1377846","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed34c7fea5b3eb053ae99","date":"2025-06-29T16:00:00.000Z","stockId":3000000020251,"sao":"1. 宏观经济与市场分析2025年上半年，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。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。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%。价格方面，CPI与PPI在低位徘徊。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%。上半年债市整体上涨，结构上信用债表现好于利率债。其中，中债总财富指数上涨0.74%，中债银行间国债财富指数上涨0.85%，中债企业债总财富指数上涨1.35%。在收益率曲线方面，国债收益率曲线走势平坦化。其中，10年国债收益率从1.68%下行2.83bps至1.65%，10年期国开收益率从1.73%下行3.63bps至1.69%。股票市场方面，上半年上证综指上涨2.76%，代表大盘股表现的沪深300指数上涨0.03%。中证央企红利50指数紧密融合了央企和红利双主题概念，体现出一定的双主题优势。面临外部事件频发的不确定性，红利资产在市场波动中展现出一定韧性，胜率优势获得一定体现。国内利率中枢下行，处于历史较低区间，高股息策略具备性价比。当前，A股市场整体分红意愿提升，为红利风格提供了较为坚实的基础。央企作为我国资本市场的分红主力，从历年数据来看，中央和地方国有企业累计分红总额屡创新高，分红金额占全市场比值一直保持在较高水平。2. 运行分析本基金严格遵守基金合同，采用完全复制策略跟踪指数，在因指数权重调整或基金申赎发生变动时，根据市场的流动性情况采用量化模型优化交易以降低冲击成本和减少跟踪误差。本报告期内，本基金跟踪误差主要来自于申购赎回变动、基准指数权重定期调整等情况导致的变化。报告期内，本基金整体运作平稳，日均跟踪偏离度及年化跟踪误差均控制在合同约定范围内，运作过程未发生风险。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:03:56.227Z","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。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。权益方面，三季度来看，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。长期来看政策护航A股市场，后续有望延续稳中向好态势。市场逐步复苏过程中，也需警惕企业盈利不及预期、海外市场波动以及政策落地效果的不确定性。中证央企红利50指数成分兼具央企主题特性与红利资产特点，有望受益于市场政策并在资金轮动中，体现出较高的胜率水平。本基金将继续严格按照契约规定，采用完全复制投资策略，被动跟踪指数，保持跟踪误差在较小范围内。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":3000000020251,"__csrcFundId":13722,"stockCode":"020251","masterFundShortName":"中银中证央企红利50指数","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":20251,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:43:03.339Z","status":"normal","exchange":"jj","shortName":"中银中证央企红利50指数(020251)","name":"中银中证央企红利50指数型证券投资基金","fundCollectionId":4000050400000,"inceptionDate":"2024-03-21T16:00:00.000Z","setUpAssetScale":214750835.51,"setUpDate":"2024-03-21T16:00:00.000Z","setUpShares":214750835.51,"pinyin":"zyzzyqhl50zsxzqtzjj","followedNum":6,"memoNum":1,"indexFundFlag":1,"managers":[{"stockCode":"8801399035","stockType":"fund_manager","exchange":"fm","tickerId":261026158080,"name":"赵建忠"},{"stockCode":"j101020198","stockType":"fund_manager","exchange":"fm","tickerId":1214252500,"name":"李念"}]},"announcement":{"linkText":"中银中证央企红利50指数型证券投资基金2025年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1346896","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed34c7fea5b3eb053ae98","date":"2025-03-30T16:00:00.000Z","stockId":3000000020251,"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. 市场回顾一季度A股市场整体呈现震荡分化格局。主要指数表现分化，中证A100指数累计微涨0.11%，沪深300指数下跌1.21%，科创50指数上涨3.42%。行业层面结构性特征显著，有色金属（+11.96%）、汽车（+11.40%）和机械设备（+10.61%）受益于新质生产力政策推动领涨，而煤炭、商贸零售等周期板块受需求疲弱影响跌幅居前。3月下旬出现风格切换，资金向大盘蓝筹迁移。政策面多空交织，国内央行释放降准降息信号支撑市场流动性，但美国对华加征关税等外部冲击加剧波动。资金在防御与成长板块间轮动，市场在政策预期与基本面验证间寻求平衡。3. 投资策略和运行分析本报告期为基金的正常运作期。我们严格遵守基金合同，采用完全复制策略跟踪指数，在因指数权重调整或基金申赎发生变动时，根据市场的流动性情况采用量化模型优化交易以降低冲击成本和减少跟踪误差。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:03:56.225Z","fund":{"_id":3000000020251,"__csrcFundId":13722,"stockCode":"020251","masterFundShortName":"中银中证央企红利50指数","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":20251,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:43:03.339Z","status":"normal","exchange":"jj","shortName":"中银中证央企红利50指数(020251)","name":"中银中证央企红利50指数型证券投资基金","fundCollectionId":4000050400000,"inceptionDate":"2024-03-21T16:00:00.000Z","setUpAssetScale":214750835.51,"setUpDate":"2024-03-21T16:00:00.000Z","setUpShares":214750835.51,"pinyin":"zyzzyqhl50zsxzqtzjj","followedNum":6,"memoNum":1,"indexFundFlag":1,"managers":[{"stockCode":"8801399035","stockType":"fund_manager","exchange":"fm","tickerId":261026158080,"name":"赵建忠"},{"stockCode":"j101020198","stockType":"fund_manager","exchange":"fm","tickerId":1214252500,"name":"李念"}]},"announcement":{"linkText":"中银中证央企红利50指数型证券投资基金2025年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1272041","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed34c7fea5b3eb053ae97","date":"2024-12-30T16:00:00.000Z","stockId":3000000020251,"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、行情回顾2024年A股市场在多因素交织下呈现分化态势。一季度市场在地缘风险、基金赎回等因素冲击下下跌，但春节后在政策利好下触底反弹。二季度市场因内外需改善预期小幅提升，但5月中旬后因基本面预期下修持续调整，大盘价值风格占优。三季度初市场因经济预期走弱加速调整，9月下旬政策利好推动消费、房地产等领域反弹。四季度在政策支持下市场稳中有进，消费、成长、金融地产等板块回暖，科技领域成为热点。3. 运行分析本报告期为基金的正常运作期。我们严格遵守基金合同，采用完全复制策略跟踪指数，在因指数权重调整或基金申赎发生变动时，根据市场的流动性情况采用量化模型优化交易以降低冲击成本和减少跟踪误差。","declarationDate":"2025-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:03:56.222Z","mo":"展望2025年，A股市场有望延续稳中向好的态势。政策持续发力将为市场提供有力支撑，经济复苏预期增强也将提升投资者信心。消费和科技领域有望继续受益于政策红利，成为市场主线。同时，全球经济环境的改善也将为市场带来新的机遇，投资者也需关注外部不确定性因素的扰动。本基金将严格按照契约规定，采用完全复制投资策略，被动跟踪指数，保持跟踪误差在较小范围内。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":3000000020251,"__csrcFundId":13722,"stockCode":"020251","masterFundShortName":"中银中证央企红利50指数","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":20251,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:43:03.339Z","status":"normal","exchange":"jj","shortName":"中银中证央企红利50指数(020251)","name":"中银中证央企红利50指数型证券投资基金","fundCollectionId":4000050400000,"inceptionDate":"2024-03-21T16:00:00.000Z","setUpAssetScale":214750835.51,"setUpDate":"2024-03-21T16:00:00.000Z","setUpShares":214750835.51,"pinyin":"zyzzyqhl50zsxzqtzjj","followedNum":6,"memoNum":1,"indexFundFlag":1,"managers":[{"stockCode":"8801399035","stockType":"fund_manager","exchange":"fm","tickerId":261026158080,"name":"赵建忠"},{"stockCode":"j101020198","stockType":"fund_manager","exchange":"fm","tickerId":1214252500,"name":"李念"}]},"announcement":{"linkText":"中银中证央企红利50指数型证券投资基金2024年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1253314","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed34c7fea5b3eb053ae96","date":"2024-09-29T16:00:00.000Z","stockId":3000000020251,"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. 市场回顾季度初由于金融信贷数据持续创新低且经济预期走弱导致市场加速调整。9月下旬，多项政策直指消费、房地产、信贷等关键环节，包括降低存量房贷利率、促进房地产市场止跌回稳、降低存款准备金率等，这些政策有利于风险资产的溢价和居民消费回暖，短期增长预期逆转，市场出现一轮较集中的反弹。从各行业来看，非银金融（41.67%）、房地产（33.05%）、综合（31.2%）等行业表现较好，煤炭（1.24%）、石油石化（2%）、公用事业（2.95%）等行业表现落后。最终，沪深300等权指数涨跌幅度为15.87%；中证100涨跌幅16.66%；上证国企指数涨跌幅8.15%，中证800指数涨跌16.1%，央企红利50指数涨跌9.24%。3. 投资策略和运行分析本报告期为基金的正常运作期。我们严格遵守基金合同，采用完全复制策略跟踪指数，在因指数权重调整或基金申赎发生变动时，根据市场的流动性情况采用量化模型优化交易以降低冲击成本和减少跟踪误差。","declarationDate":"2024-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T14:03:56.219Z","fund":{"_id":3000000020251,"__csrcFundId":13722,"stockCode":"020251","masterFundShortName":"中银中证央企红利50指数","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":20251,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:43:03.339Z","status":"normal","exchange":"jj","shortName":"中银中证央企红利50指数(020251)","name":"中银中证央企红利50指数型证券投资基金","fundCollectionId":4000050400000,"inceptionDate":"2024-03-21T16:00:00.000Z","setUpAssetScale":214750835.51,"setUpDate":"2024-03-21T16:00:00.000Z","setUpShares":214750835.51,"pinyin":"zyzzyqhl50zsxzqtzjj","followedNum":6,"memoNum":1,"indexFundFlag":1,"managers":[{"stockCode":"8801399035","stockType":"fund_manager","exchange":"fm","tickerId":261026158080,"name":"赵建忠"},{"stockCode":"j101020198","stockType":"fund_manager","exchange":"fm","tickerId":1214252500,"name":"李念"}]},"announcement":{"linkText":"中银中证央企红利50指数型证券投资基金2024年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1169839","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed34c7fea5b3eb053ae95","date":"2024-06-29T16:00:00.000Z","stockId":3000000020251,"sao":"1、宏观经济分析国外经济方面，上半年全球发达国家通胀多回落，经济动能在限制性利率水平下趋弱。美国通胀波动回落，经济动能有所减弱，失业率升高，6月CPI同比较2023年12月回落0.4个百分点至3.0%，6月制造业PMI较2023年12月抬升1.4个百分点至48.5%，6月服务业PMI较2023年12月回落1.7个百分点至48.8%，6月失业率较2023年12月抬升0.4个百分点至4.1%，美联储在上半年维持政策目标利率在5.5%高位不变。欧元区经济表现分化，服务业表现依然好于制造业，5月失业率较2023年12月回落0.1个百分点至6.0%，6月制造业PMI较2023年12月回升1.4个百分点至45.8%，6月服务业PMI较2023年12月抬升4.0个百分点至52.8%，欧央行在6月转为降息、当月降息25bps。日本经济延续复苏不过斜率偏慢，通胀小幅抬升，6月CPI同比较2023年12月抬升0.2个百分点至2.8%，6月制造业PMI较2023年12月回升2.1个百分点至50.0%，6月服务业PMI较2023年12月回落2.1个百分点至49.4%，日本央行退出负利率政策。综合来看，全球经济下半年仍有一定下行压力，在欧央行开启降息周期后，美联储货币政策也有望转向放松。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，上半年领先指标中采制造业PMI在荣枯线附近波动，6月值较2023年12月值走高0.5个百分点至49.5%，同步指标工业增加值6月同比增长5.3%，较2023年12月回落1.5个百分点。从经济增长动力来看，出口仍有韧性，而投资与消费均走弱：6月美元计价出口增速较2023年12月回升6.5个百分点至8.6%，6月社会消费品零售总额增速较2023年12月回落5.4个百分点至2.0%，基建投资走弱，制造业投资提振，房地产投资延续负增长，1-6月固定资产投资增速较2023年末回升0.9个百分点至3.9%。通胀方面，CPI维持在低位，6月同比增速从2023年12月的-0.3%小幅提振0.5个百分点至0.2%，PPI负值收窄，6月同比增速从2023年12月的-2.7%回升1.9个百分点至-0.8%。2、行情回顾年初市场信心走弱、地缘风险上升叠加公募基金赎回压力大、雪球产品敲入等因素共振，各大指数下跌较多。2月受到汇金等资金增持和监管政策的利好影响，流动性带来的冲击被逐步消化，市场在春节前开始呈现触底反弹的态势；再加上AI领域的催化，市场情绪转好。期间强势的红利和成长板块有所回调，而两会政策相关的机会和受益于内外需改善的板块表现相对较好。5月中旬以来基本面预期下修，三季度外需可能回落，叠加投资者担心国内高频经济数据反映出的需求不振和对政策效果的疑虑，市场持续调整。从风格来看，大盘价值相对占优。从各行业来看，银行（17.02%）、煤炭（11.96%）、公用事业（11.76%）等行业表现较好，综合（-33.34%）、计算机（-24.88%）、商贸零售（-24.59%）等行业跌幅较大。最终，沪深300等权指数涨跌幅度为-1.52%；中证100涨跌幅1.44%；上证国企指数涨跌幅7.81%，中证800指数涨跌-1.76%，央企红利50指数涨跌11.07%。3. 运行分析我们严格遵守基金合同，采用完全复制策略跟踪指数，在因指数权重调整或基金申赎发生变动时，根据市场的流动性情况采用量化模型优化交易以降低冲击成本和减少跟踪误差。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T14:03:56.216Z","mo":"展望下半年，A股市场预计将在构建底部形态的同时，展现结构性投资机会。市场整体估值合理，建议投资者关注大市值、低估值企业；科技板块因政策支持和新质生产力的推动，有望成为增长点。同时也需警惕企业盈利不及预期、海外市场波动以及政策落地效果的不确定性。在资产荒背景下，红利板块的稳定股息和潜在资本利得使其成为重要的配置方向。出海板块和科技产业链也因应全球经济形势和国内政策导向而受到关注。本基金将严格按照契约规定，采用完全复制投资策略，被动跟踪指数，保持跟踪误差在较小范围内。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":3000000020251,"__csrcFundId":13722,"stockCode":"020251","masterFundShortName":"中银中证央企红利50指数","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":20251,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T02:43:03.339Z","status":"normal","exchange":"jj","shortName":"中银中证央企红利50指数(020251)","name":"中银中证央企红利50指数型证券投资基金","fundCollectionId":4000050400000,"inceptionDate":"2024-03-21T16:00:00.000Z","setUpAssetScale":214750835.51,"setUpDate":"2024-03-21T16:00:00.000Z","setUpShares":214750835.51,"pinyin":"zyzzyqhl50zsxzqtzjj","followedNum":6,"memoNum":1,"indexFundFlag":1,"managers":[{"stockCode":"8801399035","stockType":"fund_manager","exchange":"fm","tickerId":261026158080,"name":"赵建忠"},{"stockCode":"j101020198","stockType":"fund_manager","exchange":"fm","tickerId":1214252500,"name":"李念"}]},"announcement":{"linkText":"中银中证央企红利50指数型证券投资基金2024年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1151835","linkType":"PDF","source":"csrc_pdf"}}]}