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正抢跑的降息预期，美联储3月降息的概率不足50%，美元美债再次反弹。尽管月末超预期降准、地产政策优化以及资本市场政策密集出台使得权重股带领市场短暂反弹，但雪球敲入、私募强制平仓等消息面和资金面负反馈仍在持续，中小盘股票继续探底，TMT、军工、医药等成长板块跌幅居前。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。2月初资金面负反馈加剧，市场出现恐慌性下跌。汇金等机构借道ETF加大入市力度，同时入市品种扩大至中证500、中证1000、中证2000为代表的中小盘ETF。流动性风险解除、筹码压力显著缓解，市场迎来技术性反弹。节后在春节消费数据超预期、1月金融数据“开门红”，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。3月，市场重新进入以景气和政策为驱动的修复期，指数围绕关键点位震荡。一方面，两会定调全年政策思路，虽然狭义赤字率并未如超市场预期，但增长目标定在5%左右、广义财政扩张、新质生产力及大规模设备更新等产业端政策具备想象空间，有效稳定资本市场预期，驱动市场在三月中上旬延续修复；另一方面，1-2月国内经济仍呈现结构性复苏，工业生产、制造业投资、消费、CPI等超预期修复。经过前期大幅上涨后，投资者关注点重回现实，市场在三月下旬做多动能减弱，沪指一度下挫至3000点以下，但月末在政策预期催化下回到3000点上。总体来看，2024年1季度上证综指上涨2.23%，沪深300上涨3.1%，创业板指下跌3.87%，中证500指数下跌2.64%。在投资管理上，本基金采取完全复制的被动式指数基金管理策略，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。","declarationDate":"2024-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:48:07.682Z","fund":{"_id":3000000012801,"__csrcFundId":10460,"stockCode":"012801","shortName":"富国中证医药50ETF联接(012801)","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":12801,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-08T17:15:29.267Z","status":"normal","exchange":"jj","name":"富国中证医药50交易型开放式指数证券投资基金联接基金","fundCollectionId":4000050100000,"followedNum":23,"masterFundShortName":"富国中证医药50ETF联接","inceptionDate":"2021-12-23T16:00:00.000Z","setUpDate":"2021-12-23T16:00:00.000Z","setUpAssetScale":64178391.67,"setUpShares":64178391.67,"pinyin":"fgzzyy50jyxkfszszqtzjjljjj","__indexSourceEastMoney":1,"__indexSourceCsi":1,"memoNum":1,"etfFundFlag":1,"feederFundFlag":1,"indexFundFlag":1,"indexId":1000000931140,"managers":[{"stockCode":"db20087030","stockType":"fund_manager","exchange":"fm","tickerId":231212153210,"name":"王乐乐"}]},"announcement":{"linkText":"富国中证医药50交易型开放式指数证券投资基金联接基金二0二四年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1075682","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf977fea5b3eb04ff5b4","date":"2023-12-30T16:00:00.000Z","stockId":3000000012801,"sao":"2023年初以来，随着主要城市疫情高峰过去，疫情对经济的冲击逐步减小，投资者对2023年经济复苏预期变动更加乐观，A股迎来开门红。进入3月，由于两会政府工作报告公布的GDP增速目标低于市场预期，市场迎来一轮快速调整。4月以来，由于3月PMI验证经济进一步向好，提振市场信心。在经济弱复苏，流动性宽裕的背景下，人工智能相关板块迎来加速上涨。石油化工、建筑等板块在中特估及一带一路等主题概念的驱动下也迎来靓丽表现。进入5月中旬，由于金融、通胀数据均回落，指向经济内生动能不强，复苏斜率放缓压制市场情绪，同时海外银行业危机和债务违约风险持续发酵，引发市场担忧加剧，各板块均迎来快速调整。2023下半年以来，由于国内经济增长压力仍然较大，二季度GDP数据不及预期，人民币贬值压力再度加大，市场出现调整。7月末，随着政治局会议超预期释放利好，美联储如期加息25bps但表态偏鸽，指数强势回升。进入8月，由于7月多项经济金融数据超预期回落，政治局会议后政策出台密度和力度不及预期，同时美债收益率大幅攀升、美联储连续放鹰等外部冲击持续，北向资金大幅流出。进入4季度，由于公布的9月地产数据超预期下行、物价延续走低等引发市场担忧，资金面出现赎回等负反馈，沪指下破3000点。另外，美十年期国债突破新高、巴以冲突等海外风险持续压制全球风险资产。随着中央汇金持续增持ETF，叠加万亿国债增发出台，市场悲观情绪缓解，走出底部反弹态势，沪指重回3000点以上。11月，海外利率快速下行带动市场走出谷底，但国内经济复苏依然偏缓，市场波折震荡。12月，海外抢跑降息预期，但国内经济复苏再次放缓叠加政策预期较低，市场创出年内新低。总体来看，2023年上证综指下跌3.7%，沪深300下跌11.38%，创业板指下跌19.41%，中证500指数下跌7.42%。在投资管理上，我们坚持采取采用量化和人工管理相结合的方法进行投资和风险管理。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:48:07.680Z","mo":"展望2024年，随着年初的快速调整，市场整体风险进一步释放，已具备较高的中长期配置价值。从政策层面看，呵护力度显著提升。其中，央行超预期降准，且下调支农支小再贷款、再贴现利率。房地产政策开始加码发力，“做好经营性物业贷款管理，满足房地产企业合理融资需求”，上海、苏州、广州等地购房政策进一步放开。从估值来看，1月末市场估值处于历史底部，性价比凸显。沪深300指数股权风险溢价再次突破+2x标准差，其估值分位数回落至近十年13%分位附近，创业板指已处于历史估值最底部。从中长期来看，市场具备较高的配置价值。","fund":{"_id":3000000012801,"__csrcFundId":10460,"stockCode":"012801","shortName":"富国中证医药50ETF联接(012801)","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":12801,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-08T17:15:29.267Z","status":"normal","exchange":"jj","name":"富国中证医药50交易型开放式指数证券投资基金联接基金","fundCollectionId":4000050100000,"followedNum":23,"masterFundShortName":"富国中证医药50ETF联接","inceptionDate":"2021-12-23T16:00:00.000Z","setUpDate":"2021-12-23T16:00:00.000Z","setUpAssetScale":64178391.67,"setUpShares":64178391.67,"pinyin":"fgzzyy50jyxkfszszqtzjjljjj","__indexSourceEastMoney":1,"__indexSourceCsi":1,"memoNum":1,"etfFundFlag":1,"feederFundFlag":1,"indexFundFlag":1,"indexId":1000000931140,"managers":[{"stockCode":"db20087030","stockType":"fund_manager","exchange":"fm","tickerId":231212153210,"name":"王乐乐"}]},"announcement":{"linkText":"富国中证医药50交易型开放式指数证券投资基金联接基金二0二三年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1059715","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf977fea5b3eb04ff5b3","date":"2023-09-29T16:00:00.000Z","stockId":3000000012801,"sao":"7月上旬，由于国内经济增长压力仍然较大，二季度GDP数据不及预期，人民币贬值压力再度加大，市场出现调整。月末，随着政治局会议超预期释放利好，美联储如期加息25bps但表态偏鸽，指数强势回升。结构方面，非银、地产、食饮等顺周期板块受政策利好驱动领涨。进入8月，7月多项经济金融数据超预期回落，政治局会议后政策出台密度和力度不及预期，同时美债收益率大幅攀升、美联储连续放鹰等外部冲击持续，北向资金大幅流出。内忧外患下市场单边下行，上证指数一度触及年内低点。月末，随着认房不认贷、存量房贷利率下调、降首付比例，以及活跃资本市场“四支箭”出台显著提升风险偏好，带动市场企稳。9月国内基本面企稳回升迹象明显，其中8月多项经济金融指标出现超预期回升。但海外扰动频繁，多项数据反映美国通胀及经济韧性，美元及美债收益率大幅攀，叠加节前避险情情绪升温，市场整体收跌。总体来看，2023年3季度上证综指下跌2.86%，沪深300下跌3.98%，创业板指下跌9.53%，中证500指数下跌5.13%。在投资管理上，本基金采取完全复制的被动式指数基金管理策略，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。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:48:07.677Z","fund":{"_id":3000000012801,"__csrcFundId":10460,"stockCode":"012801","shortName":"富国中证医药50ETF联接(012801)","fundSecondLeve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