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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":"2026-03-09T14:04:13.700Z","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":3000000020513,"__csrcFundId":13559,"stockCode":"020513","masterFundShortName":"富国深证50ETF发起式联接","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":20513,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T17:13:21.265Z","status":"normal","exchange":"jj","shortName":"富国深证50ETF发起式联接(020513)","name":"富国深证50交易型开放式指数证券投资基金发起式联接基金","fundCollectionId":4000050100000,"inceptionDate":"2024-01-25T16:00:00.000Z","setUpAssetScale":10052493.58,"setUpDate":"2024-01-22T16:00:00.000Z","setUpShares":10052493.58,"pinyin":"fgsz50jyxkfszszqtzjjfqsljjj","__indexSourceEastMoney":1,"__indexSourceCni":1,"followedNum":0,"etfFundFlag":1,"feederFundFlag":1,"indexFundFlag":1,"indexId":1000000399850,"managers":[{"stockCode":"db20918938","stockType":"fund_manager","exchange":"fm","tickerId":190817236290,"name":"苏华清"}]},"announcement":{"linkText":"富国深证50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=1351263","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed35d7fea5b3eb053beca","date":"2025-03-30T16:00:00.000Z","stockId":3000000020513,"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":"2026-03-09T14:04:13.698Z","fund":{"_id":3000000020513,"__csrcFundId":13559,"stockCode":"020513","masterFundShortName":"富国深证50ETF发起式联接","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":20513,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T17:13:21.265Z","status":"normal","exchange":"jj","shortName":"富国深证50ETF发起式联接(020513)","name":"富国深证50交易型开放式指数证券投资基金发起式联接基金","fundCollectionId":4000050100000,"inceptionDate":"2024-01-25T16:00:00.000Z","setUpAssetScale":10052493.58,"setUpDate":"2024-01-22T16:00:00.000Z","setUpShares":10052493.58,"pinyin":"fgsz50jyxkfszszqtzjjfqsljjj","__indexSourceEastMoney":1,"__indexSourceCni":1,"followedNum":0,"etfFundFlag":1,"feederFundFlag":1,"indexFundFlag":1,"indexId":1000000399850,"managers":[{"stockCode":"db20918938","stockType":"fund_manager","exchange":"fm","tickerId":190817236290,"name":"苏华清"}]},"announcement":{"linkText":"富国深证50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=1276649","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed35d7fea5b3eb053bec9","date":"2024-12-30T16:00:00.000Z","stockId":3000000020513,"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":"2026-03-09T14:04:13.695Z","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":3000000020513,"__csrcFundId":13559,"stockCode":"020513","masterFundShortName":"富国深证50ETF发起式联接","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":20513,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T17:13:21.265Z","status":"normal","exchange":"jj","shortName":"富国深证50ETF发起式联接(020513)","name":"富国深证50交易型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