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大模型的新版本以及新一代人形机器人的发布和出圈，引发了市场对于科技成长类企业的热切关注和积极展望。二季度初期关税冲击后股市迅速修复并连续温和上涨，得益于政策的及时呵护以及投资者总体对国内的科技突破的前景保持了充分的信心，带动了小市值高成长风格的阶段性走强。而下半年在二季度的急跌后修复趋稳的基础上，市场展开了加速上涨态势，其中与人工智能相关的科技出海叠加反内卷政策利好的高端制造板块，贯穿三季度始终，引领了市场的动能。中美贸易多轮谈判进展较为平顺，同时美联储降息预期持续发酵，促进了国内投资者以及离岸投资者的风险偏好进一步提升，大盘成长型风格的超额收益十分显著。通信、半导体、新能源等新质生产力行业的龙头股在预期业绩高增长的驱动下，估值显著抬升，市场对业绩的定价相当充分；虽然部分个股的拥挤度有所抬升，但尚未到达历史的极致水平。我们看到其后进入四季度至年末时期，A股整体呈现在高位震荡的格局，行业和风格走势的分化度较为平和，与市场整体的波动率逐步走低有关。其中顺周期的有色金属、石油石化、基础化工等表现较为突出，延续了国内反内卷政策叠加国际新的产业竞争对于战略资源需求的影响。科技成长板块内部轮动较为剧烈，但通信和卫星等前沿产业依旧吸引投资者高度关注，也暗示投资者交易型行为相对配置型行为开始略占上风，后续波动可能被放大，需要密切跟踪。　　在操作中，我们严格遵守基金合同，在指数权重调整和基金申赎变动时，应用指数复制和数量化手段降低交易成本和减少跟踪误差。","lastUpdated":"2026-03-28T06:08:08.797Z","mo":"展望2026年，在利率保持低位以及居民储蓄高企的背景下，A股市场已在2025年的季度层面逐步分阶段走出上行态势，其投融资功能进入了较为良好的互动循环。我们看到居民存款逐步入市的趋势依然持续，尤其通过投资交易股票类的ETF产品这一重要渠道，这对保持市场波动率处于较低水平起到了较好的作用，有助于逐步消化部分高成长行业的交易和估值拥挤度，从而提升A股整体的配置属性。此外，我们预计保险公司的分红险等产品是对此前银行理财的更有吸引力的持续替代，并且能进一步推动保险公司的收入和其对股票市场配置的相对比例以及绝对资金的提升。此外，美国政府的地缘政策的高度不确定性以及其高负债率对于推动美元汇率和利率走低的潜在诉求可能进一步推动相当部分的离岸美元回流中国市场，尤其是A股市场。综合以上几方面，我们预估A股市场在资金面要素上中长期向好的趋势不变。另外，在基本面方面，我们看到2025年末的政策开始将提振内需、促进物价合理回升提到了更高的优先级，并且我们有理由期待更多更有力的推动就业、提高居民收入和兜底民生风险的举措进一步出台，包括消费在内的内需板块可能更多会与CPI增速同步改善，即意味着我们大概率会先看到PPI相关的顺周期发力，而后再期待消费行业跟随着夯实基础并逐步复苏。在此期间A股科技成长类板块的短期趋势可能仍然较为强劲，其内部从“科技出海”向“国产应用”转换的概率加大，也是契合提振内需的政策方向，有助于将人工智能等阶段性科技成果实际落地，转化为促进全要素生产力和宏观经济持续向好的动力。","fund":{"_id":3000000021765,"__csrcFundId":14401,"stockCode":"021765","masterFundShortName":"长盛北证50成份指数增强","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":21765,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"长盛北证50成份指数增强A","lastUpdated":"2026-04-03T17:15:39.986Z","name":"长盛北证50成份指数增强型发起式证券投资基金","pinyin":"csbz50cfzszqxfqszqtzjj","fundCollectionId":4000050070000,"setUpAssetScale":10980803.14,"setUpDate":"2024-10-28T16:00:00.000Z","setUpShares":10980803.14,"inceptionDate":"2024-10-31T16:00:00.000Z","__indexSourceEastMoney":1,"__indexSourceCsi":1,"followedNum":0,"indexFundFlag":1,"indexId":1000000899050,"managers":[{"stockCode":"db20696456","stockType":"fund_manager","exchange":"fm","tickerId":30719190150,"name":"陈亘斯"}]},"announcement":{"linkText":"长盛北证50成份指数增强型发起式证券投资基金2025年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1452093","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3a77fea5b3eb054012a","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-24T16:00:00.000Z","stockId":3000000021765,"sao":"2025年三季度A股市场整体在二季度的急跌后修复趋稳的基础上，展开了加速上涨态势，其中与人工智能相关的科技成长风格板块叠加反内卷政策利好的高端制造板块，贯穿三季度始终，引领了市场的动能。三季度中美贸易多轮谈判进展较为平顺，同时美联储降息预期持续发酵，促进了国内投资者以及离岸投资者的风险偏好进一步提升，大盘成长型风格的超额收益十分显著。通信、半导体、新能源等新质生产力行业的龙头股在预期业绩高增的驱动下，估值显著抬升，市场对业绩的定价相当充分；虽然部分个股的拥挤度有所抬升，但尚未到达历史的极致水平。龙头绩优股更可能以震荡走势消化拥挤度，等待产业的进一步催化，而业绩表现欠佳的股票在情绪和动量退潮后调整可能会更剧烈。另一方面，红利板块整体走势平缓，其中上半年领头的银行指数回调幅度较大，主要由于红利型投资者对于估值和相应的股息率较为敏感，同时其亦受到长端无风险利率上行的压制。但我们看到红利内部的部分稳定成长型个股在优质的经营现金流加持下，其配置价值已大幅上升，可以较好在未来几个月对冲并平滑高成长板块的较大波动。我们将持续跟踪后续国内宏观政策对于国内外双循环的引导以及中美经贸谈判的走势，在以内部供需为主导的自主创新、反内卷和外部供需为主导的出海供应链之间更加合理的调配相应板块。　　在操作中，我们严格遵守基金合同，在指数权重调整和基金申赎变动时，应用指数复制和数量化手段降低交易成本和减少跟踪误差。","lastUpdated":"2026-03-09T14:05:27.116Z","fund":{"_id":3000000021765,"__csrcFundId":14401,"stockCode":"021765","masterFundShortName":"长盛北证50成份指数增强","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":21765,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"长盛北证50成份指数增强A","lastUpdated":"2026-04-03T17:15:39.986Z","name":"长盛北证50成份指数增强型发起式证券投资基金","pinyin":"csbz50cfzszqxfqszqtzjj","fundCollectionId":4000050070000,"setUpAssetScale":10980803.14,"setUpDate":"2024-10-28T16:00:00.000Z","setUpShares":10980803.14,"inceptionDate":"2024-10-31T16:00:00.000Z","__indexSourceEastMoney":1,"__indexSourceCsi":1,"followedNum":0,"indexFundFlag":1,"indexId":1000000899050,"managers":[{"stockCode":"db20696456","stockType":"fund_manager","exchange":"fm","tickerId":30719190150,"name":"陈亘斯"}]},"announcement":{"linkText":"长盛北证50成份指数增强型发起式证券投资基金2025年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1371332","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3a77fea5b3eb0540129","date":"2025-06-29T16:00:00.000Z","stockId":3000000021765,"sao":"2025年上半年A股市场首先在年初经历了小幅快速调整后走出了逐步修复行情，尤其是春节前后由于 DeepSeek 大模型的新版本以及新一代人形机器人的发布和出圈，引发了市场对于科技成长类企业的热切关注和积极展望，尤其与新质生产力高度相关的部分细分行业如软件、互联网、自动化设备、生物科技等与港股市场的科技板块产生共振同步走高。随着节后资金面的回暖，市场交易氛围重新活跃，成交额相较春节前有所放大，带动了小市值和预期高成长风格的持续走强，而红利、低波动、低换手等防御型风格则在区间内窄幅震荡。其后A股市场在经历了二季度初期关税冲击后迅速修复并连续温和上涨，得益于政策的及时呵护以及投资者总体对国内的科技突破的前景保持了充分的信心。杠铃策略的红利和成长两端内部均有所变化，其中红利板块内以银行板块一马当先，尤其是业绩增速突出的地方性银行，显示出较强的经营韧性；而成长板块方面，不同于一季度领涨的人工智能、国产替代等偏向内循环的板块，面对关税压力仍能凭借自身产品优势而对外破局的创新药、电路板、光模块、军工等获得市场高度认同，部分成分股走势创出年内新高。但我们也注意到，成长板块的内部轮动十分显著，人气过高时需要评估其交易拥挤度和预期业绩的估值匹配度。此外，微盘股由于流动性的溢出效应而整体屡创历史新高，但其背后对资金净流入和动量效应的依赖过高而脱离了基本面估值体系，需要关注其急速调整的尾部风险。　　在操作中，我们严格遵守基金合同，在指数权重调整和基金申赎变动时，应用指数复制和数量化手段降低交易成本和减少跟踪误差。","declarationDate":"2025-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T14:05:27.112Z","mo":"展望2025年下半年，在利率保持低位以及居民储蓄高企的背景下，A股市场已在上半年逐步走出上行态势，对居民储蓄搬家的吸引力也随之提升，有望获得较为持续的增量资金入场。此外社会零售数据受益于以旧换新的补贴政策，同时服务业CPI也在持续回暖。经济内生活力在局部显现并扩散，叠加“反内卷”的新政策指引，国内经济格局处于供给驱动向需求拉动转换的关键时期。伴随着人工智能等新科技的协同作用，其间将可能自下而上涌现出新的产业成长机会和投资范式。当然，在积极乐观之余，我们看到外部地缘环境仍存在不确定性，美国的关税政策的左右摇摆以及“大而美”法案的出台使得海外资金对于在美国本土和大中华地区之间的配置调整仍有可能一波三折。虽然美国的技术革新对企业增长预期的支撑仍表现出相当的韧性，但其居民的就业、消费等数据已有疲态，因此我们对于美联储在中期打开降息通道进而改善A股外部流动性的趋势抱有高度的信心，但未来几个月应当留意目前较为一致的乐观预期可能会产生短期分歧，从而催化市场出现明显的震荡，但总体市场逐步上台阶的中长期态势大概率会在偶发的调整后更加坚实。","fund":{"_id":3000000021765,"__csrcFundId":14401,"stockCode":"021765","masterFundShortName":"长盛北证50成份指数增强","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":21765,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"长盛北证50成份指数增强A","lastUpdated":"2026-04-03T17:15:39.986Z","name":"长盛北证50成份指数增强型发起式证券投资基金","pinyin":"csbz50cfzszqxfqszqtzjj","fundCollectionId":4000050070000,"setUpAssetScale":10980803.14,"setUpDate":"2024-10-28T16:00:00.000Z","setUpShares":10980803.14,"inceptionDate":"2024-10-31T16:00:00.000Z","__indexSourceEastMoney":1,"__indexSourceCsi":1,"followedNum":0,"indexFundFlag":1,"indexId":1000000899050,"managers":[{"stockCode":"db20696456","stockType":"fund_manager","exchange":"fm","tickerId":30719190150,"name":"陈亘斯"}]},"announcement":{"linkText":"长盛北证50成份指数增强型发起式证券投资基金2025年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1349406","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3a77fea5b3eb0540128","date":"2025-03-30T16:00:00.000Z","stockId":3000000021765,"sao":"2025年一季度A股市场总体在经历了小幅快速调整后走出了逐步修复行情。尤其是春节前后由于DeepSeek大模型的新版本以及新一代人形机器人的发布和出圈，引发了市场对于科技成长类企业的热切关注和积极展望，尤其与新质生产力高度相关的部分细分行业如软件、互联网、自动化设备、生物科技等与港股市场的科技板块产生共振同步走高。随着节后资金面的回暖，市场交易氛围重新活跃，成交额相较春节前有所放大，带动了小市值和预期高成长风格的持续走强，而红利、低波动、低换手等防御型风格则在区间内窄幅震荡。但从大数据分析看，一季度行情的内部结构与个人投资者情绪和新闻舆情热度等因素高度相关，部分细分行业的一季度的振幅远大于其最终的涨跌幅，以及相当数量的小市值股票的估值显著脱离基本面，潜在的波动风险加大，需要与未来的财报进行交叉验证以观察其成长性兑现的程度与节奏。此外由于国际环境具有高度的不确定性，我们将及时评估国内政策及宏观形势与外部的对冲效果，采取更加及时谨慎的态度动态平衡进攻和防御策略组合的配比。　　在操作中，我们严格遵守基金合同，在本报告期内的建仓阶段，运用风险溢价评估、波动率再平衡等的量化手段按照指数成分股比例逐步稳健建仓，尽力压降净值大幅波动风险，直到建仓期结束。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:05:27.107Z","fund":{"_id":3000000021765,"__csrcFundId":14401,"stockCode":"021765","masterFundShortName":"长盛北证50成份指数增强","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":21765,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"长盛北证50成份指数增强A","lastUpdated":"2026-04-03T17:15:39.986Z","name":"长盛北证50成份指数增强型发起式证券投资基金","pinyin":"csbz50cfzszqxfqszqtzjj","fundCollectionId":4000050070000,"setUpAssetScale":10980803.14,"setUpDate":"2024-10-28T16:00:00.000Z","setUpShares":10980803.14,"inceptionDate":"2024-10-31T16:00:00.000Z","__indexSourceEastMoney":1,"__indexSourceCsi":1,"followedNum":0,"indexFundFlag":1,"indexId":1000000899050,"managers":[{"stockCode":"db20696456","stockType":"fund_manager","exchange":"fm","tickerId":30719190150,"name":"陈亘斯"}]},"announcement":{"linkText":"长盛北证50成份指数增强型发起式证券投资基金2025年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1272779","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3a77fea5b3eb0540127","date":"2024-12-30T16:00:00.000Z","stockId":3000000021765,"sao":"2024年全年A股整体呈现先抑后扬其后偏高位震荡的走势，全年波动较大，但整体表现较为积极，全A指数全年上涨10%，科技成长类的创业板指上涨13.2%，科创50指数表现最佳，全年涨幅达16.1%；政策的力度和节奏在期间起到了重要的驱动作用，在1月底和9月底引领了投资者风险偏好和市场流动性的变化，呵护了资本市场的信心。此外，ETF型基金自2023年以来进一步成为投资者入市的主流方式，尤其是以中证A500为代表的宽基ETF的资金流入促使市场整体的波动率逐步下降，减少了市场的过度博弈成分。全年看杠铃投资策略总体依然有效，一方面防御型的高股息资产如银行、保险、电力、公用事业等受益于流动性充裕及风险偏好下降而涨幅居前；另一方面科技与高端制造的通信设备、电子、半导体等因国产替代和AI技术爆发分阶段走强。对总量经济敏感的行业则持续承压，特别是消费与地产链涵盖的食品饮料、房地产、医药生物因内需不够强劲而表现落后。上游的周期性行业除了部分稀有小金属受益于出口管制走势有所表现外，如煤炭、有色等行业盈利增长乏力且股价总体呈现区间震荡。　　在操作中，我们严格遵守基金合同，在本报告期内的建仓阶段，运用风险溢价评估、波动率再平衡等量化手段按照指数成分股比例逐步稳健建仓，尽力压降净值大幅波动风险，直到建仓期结束。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:05:27.104Z","mo":"展望2025年，A股市场大概率呈现震荡上行的态势，主要伴随着经济基本面的改善、政策的持续发力以及风险偏好的逐步修复。由于终端需求不足、地缘政治冲突和贸易摩擦加剧这三个主要问题可能与全球经济复苏相伴而行，国内外多空因素亦会反复拉扯，因而我们预计红利与科技成长的杠铃策略依然有效。美国发起的贸易保护主义将是扰乱全球供应链的不安因素，并且叠加其对移民的管控政策和财政方面的减税政策，可能使得美国中低收入家庭在收入和通胀方面承受更大的压力，进而对中国的出口产生一定抑制。但作为对冲，我们看到2024年全球PMI整体呈现一定的波动上升趋势并有望延续至2025年，表明全球经济增长动力增强，企业对未来的经济前景预期较为乐观。主要的挑战来自于居民端的有效需求有所不足，但随着国内AI大模型的突破，新一轮科技浪潮或许正在路上，有望带来企业新的资本开支进而转化为居民收入，提振居民信心，或许会起到四两拨千斤的效果，带动经济进入正向循环。随着美国经济与中国经济的周期错位以及两者的政策力度与内生活力的彼消此长，我们将怀有对A股市场的积极乐观的展望但对美国市场由于再通胀带来的潜在尾部危险保持高度的关注，以指导我们动态的调整行业和风格的配置。","fund":{"_id":3000000021765,"__csrcFundId":14401,"stockCode":"021765","masterFundShortName":"长盛北证50成份指数增强","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":21765,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"长盛北证50成份指数增强A","lastUpdated":"2026-04-03T17:15:39.986Z","name":"长盛北证50成份指数增强型发起式证券投资基金","pinyin":"csbz50cfzszqxfqszqtzjj","fundCollectionId":4000050070000,"setUpAssetScale":10980803.14,"setUpDate":"2024-10-28T16:00:00.000Z","setUpShares":10980803.14,"inceptionDate":"2024-10-31T16:00:00.000Z","__indexSourceEastMoney":1,"__indexSourceCsi":1,"followedNum":0,"indexFundFlag":1,"indexId":1000000899050,"managers":[{"stockCode":"db20696456","stockType":"fund_manager","exchange":"fm","tickerId":30719190150,"name":"陈亘斯"}]},"announcement":{"linkText":"长盛北证50成份指数增强型发起式证券投资基金2024年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1254120","linkType":"PDF","source":"csrc_pdf"}}]}