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海外经济方面，2024年美国积极的财政和宽松的货币政策共同支撑其国内经济。随着美国通胀开始降温，9月美联储启动了降息，年内累计降息100BP，2024年财年财政赤字率达到了6.6%，高于2023年的6.2%。在宽松货币政策和积极财政政策下，短期美国经济还难言衰退。此外，特朗普赢得了美国总统大选，需要关注未来中美关系及特朗普对华政策变化。从A股市场看，全年市场震荡走高。2024年，上证指数涨幅为12.7%，沪深300为14.7%，中证800为12.2%。其中，924以来中小成长风格弹性更大，创业板指涨幅为39.9%，中证1000为33.3%，中证800为23.7%。行业板块方面，根据中信一级行业分类，2024年表现靠前的板块是银行、非银、家电、通信、交运，靠后的板块是医药、农林牧渔、消费者服务、房地产、食品饮料。其中，924以来成长行业表现更强，计算机、商贸零售、电子、综合金融和传媒涨幅靠前。总体而言，全年市场结构性机会不少，中小成长和红利策略轮流表现占优，前期主要是高股息红利相关行业走强，924新政以后TMT相关科技板块表现更好。港股方面，全年港股市场经过年初的下跌后逐渐企稳，9月随着国内一揽子经济政策出台，逐渐走出上行趋势。2024年，恒生指数涨幅17.67%，恒生科技指数为18.70%。港股的互联网、新能源车、半导体等成长板块表现较好。本基金是目标ETF的联接基金，主要投资于目标ETF。报告期内，本基金结合申购赎回情况进行日常操作，力争控制跟踪误差和跟踪偏离度在较低的水平上。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:05:09.764Z","mo":"从全球经济看，2025年美国财政刺激力度依然不弱，叠加降息周期还没结束，居民和企业部门资产负债表相对健康，短期美国经济还难言衰退。不过，随着特朗普关税、移民、减税等政策落地，美国通胀压力可能会抬升，美联储的降息节奏和幅度可能还存在变数，经济也存在滞胀风险。同时，美国债务上限问题依旧困扰财政政策，下半年国债发行冲击可能导致美债收益率冲高，这对全球金融市场、各类资产都将产生较为显著的影响，未来需要密切跟踪。从市场方向看，当前中国经济持续修复，随着924以来一系列政策出台，官方积极回应市场的关切，市场信心已较大改善，上证指数震荡走高，2024年第4季度GDP增速也超预期增长，相关政策对经济有提振作用。在最新中央经济工作会议中，提出了“稳住楼市股市”、“创新金融工具，维护金融市场稳定”等，我们认为国内资本市场风险可控、积极可为。展望未来，我们对中国资产充满信心，将积极跟踪国内政策和经济的变化，把握投资机会。关于港股市场，人工智能领域持续发生技术突破，国内互联网龙头上调AI基建资本开支，推动AI芯片、云计算及大模型应用需求激增。港股科技板块市盈率处于历史相对低位，具备较强吸引力。","fund":{"_id":3000000021464,"__csrcFundId":14055,"stockCode":"021464","masterFundShortName":"海富通中证港股通科技ETF发起联接","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":21464,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"海富通中证港股通科技ETF发起联接(021464)","lastUpdated":"2026-05-01T17:12:59.964Z","name":"海富通中证港股通科技交易型开放式指数证券投资基金发起式联接基金","pinyin":"hftzzggtkjjyxkfszszqtzjjfqsljjj","fundCollectionId":4000050250000,"setUpAssetScale":10208712.13,"setUpDate":"2024-06-11T16:00:00.000Z","setUpShares":10208712.13,"inceptionDate":"2024-06-13T16:00:00.000Z","followedNum":2,"__indexSourceEastMoney":1,"__indexSourceCsi":1,"etfFundFlag":1,"feederFundFlag":1,"indexFundFlag":1,"indexId":1000000931573,"managers":[{"stockCode":"8801411712","stockType":"fund_manager","exchange":"fm","tickerId":42408161720,"name":"杜晓海"},{"stockCode":"j101020270","stockType":"fund_manager","exchange":"fm","tickerId":231414262240,"name":"王宁宁"}]},"announcement":{"linkText":"海富通中证港股通科技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=1258746","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3957fea5b3eb053f38f","date":"2024-09-29T16:00:00.000Z","stockId":3000000021464,"sao":"国内经济方面，2024年三季度国内经济整体维持弱修复状态。从经济领先指标看，三季度社融和M1增速仍持续回落，经济内需仍显疲弱。从经济增长动力上看，三季度受益于低基数出口保持较高增长，但国内地产未显著回暖，市场信心不足，内需消费和投资较疲弱，全社会风险偏好较低。从政策思路看，三中全会明确了国内政策坚持高质量发展，长期看依然要保持战略定力；短期看，市场关切得到积极回应，9月下旬一系列增量政策出台，短期宏观政策有望加码。海外经济方面，美国经济边际走弱但还难言衰退。三季度美国就业数据开始出现恶化迹象，美联储货币政策关注的重点也从通胀转向了就业，从而在9月启动了超预期的50BP降息。美国经济主要靠消费拉动，8月美国零售超预期，美国消费依然有韧性。另外，目前美国大选依旧胶着，未来需继续跟踪相关进展。从行情主线看，三季度以来市场持续调整。但是，随着9月24日国新办新闻发布会释放了政策暖意，降低存量房贷利率和首付比例以支持地产，创设新工具支持资本市场发展，9月26日中共中央政治局会议分析研究当前经济形势和经济工作，将宏观政策放在更重要的位置，并提出“加力推出增量政策”、“提振资本市场”等，市场信心显著提振。在此背景下，市场做多情绪被激发，迎来了直线拉涨行情，前期超跌的板块迎来了大幅上涨。港股方面，三季度恒生指数上涨19.27%，恒生科技指数上涨33.69%，港股的互联网、新能源车、半导体等成长板块涨幅较高。资金方面，随着美联储降息落地，海外资金在三季度回流港股市场，未来的指数交易机会有望随着国内经济的进一步复苏而提升。本基金是目标ETF的联接基金，主要投资于目标ETF。报告期内，本基金结合申购赎回情况进行日常操作，力争控制跟踪误差和跟踪偏离度在较低的水平上。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T14:05:09.761Z","fund":{"_id":3000000021464,"__csrcFundId":14055,"stockCode":"021464","masterFundShortName":"海富通中证港股通科技ETF发起联接","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":21464,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"海富通中证港股通科技ETF发起联接(021464)","lastUpdated":"2026-05-01T17:12:59.964Z","name":"海富通中证港股通科技交易型开放式指数证券投资基金发起式联接基金","pinyin":"hftzzggtkjjyxkfszszqtzjjfqsljjj","fundCollectionId":4000050250000,"setUpAssetScale":10208712.13,"setUpDate":"2024-06-11T16:00:00.000Z","setUpShares":10208712.13,"inceptionDate":"2024-06-13T16:00:00.000Z","followedNum":2,"__indexSourceEastMoney":1,"__indexSourceCsi":1,"etfFundFlag":1,"feederFundFlag":1,"indexFundFlag":1,"indexId":1000000931573,"managers":[{"stockCode":"8801411712","stockType":"fund_manager","exchange":"fm","tickerId":42408161720,"name":"杜晓海"},{"stockCode":"j101020270","stockType":"fund_manager","exchange":"fm","tickerId":231414262240,"name":"王宁宁"}]},"announcement":{"linkText":"海富通中证港股通科技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=1179944","linkType":"PDF","source":"csrc_pdf"}}]}