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非金融开始回升，市场的重估逻辑有望从流动性驱动到增长潜力驱动。　　海外方面，从美国调整关税政策以来，市场开始担忧美国的债务问题，资金开始向相对低估的非美市场流入，欧洲首先受益比较明显，国内近期人民币相对其他非美货币开始补涨，汇率从7.35左右升值到7.16左右，利好海外投资者的流入。海外投资者普遍对中国经济和消费的逐步复苏持积极态度，中国核心资产的估值仍然在全球范围内相对低估，消费政策预期等催化下配置型外资有望进一步回流中国核心资产。","fund":{"_id":3000000021177,"__csrcFundId":13826,"stockCode":"021177","masterFundShortName":"摩根中证A50ETF发起式联接","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":21177,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-10T17:08:29.780Z","status":"normal","exchange":"jj","shortName":"摩根中证A50ETF发起式联接A","setUpAssetScale":2903594.99,"setUpDate":"2024-04-02T16:00:00.000Z","setUpShares":2903594.99,"inceptionDate":"2024-04-02T16:00:00.000Z","name":"摩根中证A50交易型开放式指数证券投资基金发起式联接基金","fundCollectionId":4000050380000,"followedNum":4,"memoNum":1,"pinyin":"mgzza50jyxkfszszqtzjjfqsljjj","__indexSourceEastMoney":1,"__indexSourceCsi":1,"etfFundFlag":1,"feederFundFlag":1,"indexFundFlag":1,"indexId":1000000930050,"managers":[{"stockCode":"db20921871","stockType":"fund_manager","exchange":"fm","tickerId":82425239440,"name":"韩秀一"}]},"announcement":{"linkText":"摩根中证A50交易型开放式指数证券投资基金发起式联接基金2025年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1345745","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3837fea5b3eb053e40f","date":"2025-03-30T16:00:00.000Z","stockId":3000000021177,"sao":"截至2025年3月31日，今年中证A50指数小幅上涨0.39%，同期上证50下跌0.71%，沪深300下跌1.21%。今年市场呈现出明显的结构化行情。今年市场开年时出现下跌，从跨年12.31到1.6是连跌四个交易日，中证A50下跌5%。DeepSeek的出现推动了春节以来的行情，科技强于消费，成长强于价值，港股强于A股。而由于风格的切换，市场整体倾向成长风格的股票，中证A50相对上证50、沪深300相对受益。　　3月以来，A股呈现“先抑后扬”态势，沪指于3月14日突破3400点，创年内新高，风格趋于均衡，大盘相对小盘、价值相对成长修复，前期领涨的科技板块出现回调，资金转向消费、红利等低估值蓝筹。中共中央办公厅、国务院办公厅印发的《提振消费专项行动方案》首次在促消费文件中强调稳股市、稳楼市，并提出相应举措，努力让老百姓的消费底气更足、预期更稳、信心更强。中证A50将会受益于诸多提振消费的政策，有望率先看到利润端企稳反弹。截止到2025年一季度末，中证A50 指数最新估值回落到17.4倍左右，股息率2.7%附近，仍然处于合理区间。本基金采用被动投资的方法跟踪标的指数，争取跟踪误差保持在合理范围内。　　展望后市，随着全国两会后各项政策逐步落地，经济恢复动能逐步增强，蓝筹类股票有望走出震荡上行的行情。2025年1月22日，为了增加长期资本参与股市，中央金融办、证监会等六部门印发《关于推动中长期资金入市工作的实施方案》，方案明确提出了两项量化目标，保费的30%投于股市，公募持仓在未来三年内每年至少增长10%。这部分政策将利好核心资产的估值提升。在短期增量政策真空、政策落地效果逐步兑现的宏观环境下，核心资产的短期相对价值提升。我们认为有望看到2025年核心资产率先在利润端企稳反弹，加之中证A50指数目前估值和股息保护仍相当有竞争力。　　海外方面美国经济放缓，同时DeepSeek催动美国例外主义破损，资金有望从估值较高的美股流向相对低估的非美市场，配置型外资转向净流入。海外投资者普遍对中国经济和消费的逐步复苏持更积极态度，中国核心资产的估值仍然在全球范围内相对低估，消费政策预期等催化下配置型海外资金有望进一步回流中国核心资产。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:04:51.453Z","fund":{"_id":3000000021177,"__csrcFundId":13826,"stockCode":"021177","masterFundShortName":"摩根中证A50ETF发起式联接","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":21177,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-10T17:08:29.780Z","status":"normal","exchange":"jj","shortName":"摩根中证A50ETF发起式联接A","setUpAssetScale":2903594.99,"setUpDate":"2024-04-02T16:00:00.000Z","setUpShares":2903594.99,"inceptionDate":"2024-04-02T16:00:00.000Z","name":"摩根中证A50交易型开放式指数证券投资基金发起式联接基金","fundCollectionId":4000050380000,"followedNum":4,"memoNum":1,"pinyin":"mgzza50jyxkfszszqtzjjfqsljjj","__indexSourceEastMoney":1,"__indexSourceCsi":1,"etfFundFlag":1,"feederFundFlag":1,"indexFundFlag":1,"indexId":1000000930050,"managers":[{"stockCode":"db20921871","stockType":"fund_manager","exchange":"fm","tickerId":82425239440,"name":"韩秀一"}]},"announcement":{"linkText":"摩根中证A50交易型开放式指数证券投资基金发起式联接基金2025年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1277044","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3837fea5b3eb053e40e","date":"2024-12-30T16:00:00.000Z","stockId":3000000021177,"sao":"2024年A股市场经历了波澜壮阔的一年，年初市场经历结构化行情，部分衍生品和杠杆产品的短期杠杆迅速下降，使得中小盘股票短期巨震，核心资产类股票先行企稳震荡上涨。中证A50受益于其核心资产的属性，指数先稳健上涨，后近几个月受到经济弱复苏，企业盈利疲弱的影响，导致中证A50指数出现回落。同时外部环境不确定性也在加剧，8月初因为日本央行加息预期，全球市场出现巨震。9月24日以来连续的“政策组合拳”密集落地之下，市场风险偏好快速修复。市场从悲观情绪中扭转主要有三大因素，一是资本市场政策红利超预期，二是政策以需求侧为发力重点，三是宏观政策逆周期调节力度超预期。市场在密集组合拳之下，9月24日到10月8日期间大幅反弹，市场青睐成长风格的核心资产，期间中证A50指数反弹33.07%。 国务院国资委12月印发了《关于改进和加强中央企业控股上市公司市值管理工作的若干意见》。《意见》共九条，其中特别指出引导控股上市公司牢固树立投资者回报意识，增加现金分红频次、优化现金分红节奏、提高现金分红比例；推动中央企业和控股上市公司建立常态化股票回购增持机制，规范减持行为，积极解决控股上市公司长期破净问题。该意见在“国九条”的基础上，对中央企业提出了更高的股东回报的要求，公司通过提升分红的稳定性和派息率的水平来回馈股东。我们有望看到以央国企为主的核心资产估值逻辑重塑。受益于“国九条”在内的重磅政策对核心资产的推动，以及中证A50指数优选各行业龙头，2024年全年中证A50全收益指数上涨19.18%，跑赢沪深300、中证500、中证1000等宽基指数。截止到2024年末，中证A50 指数最新估值回落到17.8倍左右，股息率2.7%附近，仍然处于合理区间。 本基金采用被动投资的方法跟踪标的指数，争取跟踪误差保持在合理范围内。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:04:51.445Z","mo":"在短期增量政策真空、政策落地效果逐步兑现的宏观环境下，核心资产的短期相对价值提升。我们认为有望看到2025年核心资产率先在利润端企稳反弹，加之中证A50指数目前估值和股息保护仍相当有竞争力。海外方面，美联储降息周期启动，随着海外流动性压力的缓解，影响海外投资者配置A股的负面因素将逐步得到缓解。外资仓位的回补或将驱动资金持续回流中国。","fund":{"_id":3000000021177,"__csrcFundId":13826,"stockCode":"021177","masterFundShortName":"摩根中证A50ETF发起式联接","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":21177,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-10T17:08:29.780Z","status":"normal","exchange":"jj","shortName":"摩根中证A50ETF发起式联接A","setUpAssetScale":2903594.99,"setUpDate":"2024-04-02T16:00:00.000Z","setUpShares":2903594.99,"inceptionDate":"2024-04-02T16:00:00.000Z","name":"摩根中证A50交易型开放式指数证券投资基金发起式联接基金","fundCollectionId":4000050380000,"followedNum":4,"memoNum":1,"pinyin":"mgzza50jyxkfszszqtzjjfqsljjj","__indexSourceEastMoney":1,"__indexSourceCsi":1,"etfFundFlag":1,"feederFundFlag":1,"indexFundFlag":1,"indexId":1000000930050,"managers":[{"stockCode":"db20921871","stockType":"fund_manager","exchange":"fm","tickerId":82425239440,"name":"韩秀一"}]},"announcement":{"linkText":"摩根中证A50交易型开放式指数证券投资基金发起式联接基金2024年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1255884","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3837fea5b3eb053e40d","date":"2024-09-29T16:00:00.000Z","stockId":3000000021177,"sao":"今年以来，中证A50指数先稳健上涨，后近几个月受到国内经济弱复苏，企业盈利疲弱的负面因素压制，导致中证A50指数出现回落。同时外部环境不确定性也在加剧，8月初因为日本央行加息预期，全球市场出现巨震。9月24日以来连续的“政策组合拳”密集落地之下，市场风险偏好快速修复。市场从悲观情绪中扭转主要有三大因素，一是资本市场政策红利超预期，二是政策以需求侧为发力重点，三是宏观政策逆周期调节力度超预期。截至三季度末，中证A50指数最新估值18倍左右，仍然处于合理区间。从估值层面来看，当前主要宽基指数仍仅修复至历史中位数附近。从PE估值看，创业板指、中证500、中证1000、深证成指仍低于历史中位数。PB估值看，上述指数均低于历史中位数。运作方面，三季度末，市场风险偏好快速复苏，市场大幅上涨，联接基金多次出现大额申购，从申购到基金可用头寸需要两个交易日，所以造成仓位被动降低，导致基金在短期与基准指数偏离放大。展望未来，随着经济复苏和企业盈利预期转暖，叠加美联储降息周期开启外部环境改善，我们认为A股修复行情有望延续。一方面，政策密集落地或将对国内经济和市场预期带来支撑，宽货币配合宽财政政策或将助力经济复苏和企业盈利回暖；另一方面，美联储降息周期启动，随着海外流动性压力的缓解，外资仓位的回补或将驱动资金持续回流中国。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T14:04:51.440Z","fund":{"_id":3000000021177,"__csrcFundId":13826,"stockCode":"021177","masterFundShortName":"摩根中证A50ETF发起式联接","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":21177,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-10T17:08:29.780Z","status":"normal","exchange":"jj","shortName":"摩根中证A50ETF发起式联接A","setUpAssetScale":2903594.99,"setUpDate":"2024-04-02T16:00:00.000Z","setUpShares":2903594.99,"inceptionDate":"2024-04-02T16:00:00.000Z","name":"摩根中证A50交易型开放式指数证券投资基金发起式联接基金","fundCollectionId":4000050380000,"followedNum":4,"memoNum":1,"pinyin":"mgzza50jyxkfszszqtzjjfqsljjj","__indexSourceEastMoney":1,"__indexSourceCsi":1,"etfFundFlag":1,"feederFundFlag":1,"indexFundFlag":1,"indexId":1000000930050,"managers":[{"stockCode":"db20921871","stockType":"fund_manager","exchange":"fm","tickerId":82425239440,"name":"韩秀一"}]},"announcement":{"linkText":"摩根中证A50交易型开放式指数证券投资基金发起式联接基金2024年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1179926","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3837fea5b3eb053e40c","date":"2024-06-29T16:00:00.000Z","stockId":3000000021177,"sao":"A股核心资产估值自2021年后经历了两年多回落，今年2月以来反弹后二季度又有所回落。上半年，中证A50指数微涨0.81%。当前以中证A50指数为代表的核心资产的估值仍然处于底部区域，核心资产的赔率和性价比提升。随着经济逐渐走稳，中期权益机会在增加。一方面，开年以来经济数据平稳向好；5月以来，各地房地产政策释放积极信号，地产风险边际缓和；其次，宏观流动性方面，十年期国债收益率从年初中枢的2.5%下行至最新的2.2%左右，予以权益市场流动性支撑，同时蓝筹宽基指数的股息率仍然在3%左右甚至更高。另外，在企业基本面方面，我们看到一些积极的边际变化，新 “国九条”发布后，政策引导和支持上市公司增强持续回报能力，核心资产的股东回报有望进一步提升，最新的一些的迹象也可以表明核心资产的股东回报意愿在提升，最新的财报也反映出企业经营方面有所改善。通过增强核心资产的持续股东回报，有望看到以中证A50为代表的核心资产的估值逻辑重塑。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T14:04:51.437Z","mo":"展望未来，我们认为在国内经济增长预期改善的背景下，A股修复行情有望继续延续，当前估值具备吸引力的核心资产有望成为阶段性交易主线，代表细分行业龙头的中证A50指数处在一个比较有配置性价比的时点。行业层面，我们认为行业龙头企业具有更好的竞争格局，有望在经济企稳中率先受益。","fund":{"_id":3000000021177,"__csrcFundId":13826,"stockCode":"021177","masterFundShortName":"摩根中证A50ETF发起式联接","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":21177,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-10T17:08:29.780Z","status":"normal","exchange":"jj","shortName":"摩根中证A50ETF发起式联接A","setUpAssetScale":2903594.99,"setUpDate":"2024-04-02T16:00:00.000Z","setUpShares":2903594.99,"inceptionDate":"2024-04-02T16:00:00.000Z","name":"摩根中证A50交易型开放式指数证券投资基金发起式联接基金","fundCollectionId":4000050380000,"followedNum":4,"memoNum":1,"pinyin":"mgzza50jyxkfszszqtzjjfqsljjj","__indexSourceEastMoney":1,"__indexSourceCsi":1,"etfFundFlag":1,"feederFundFlag":1,"indexFundFlag":1,"indexId":1000000930050,"managers":[{"stockCode":"db20921871","stockType":"fund_manager","exchange":"fm","tickerId":82425239440,"name":"韩秀一"}]},"announcement":{"linkText":"摩根中证A50交易型开放式指数证券投资基金发起式联接基金2024年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1150635","linkType":"PDF","source":"csrc_pdf"}}]}