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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，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":"2026-03-09T14:05:55.788Z","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":3000000022342,"__csrcFundId":14526,"stockCode":"022342","masterFundShortName":"长盛中证红利低波动100指数","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":22342,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"长盛中证红利低波动100指数(022342)","lastUpdated":"2026-05-15T17:12:19.948Z","name":"长盛中证红利低波动100指数型证券投资基金","pinyin":"cszzhldbd100zsxzqtzjj","fundCollectionId":4000050070000,"followedNum":1,"setUpAssetScale":117089176.01,"setUpDate":"2024-12-23T16:00:00.000Z","setUpShares":117089176.01,"inceptionDate":"2024-12-26T16:00:00.000Z","__indexSourceEastMoney":1,"__indexSourceCsi":1,"memoNum":1,"indexFundFlag":1,"indexId":1000000930955,"managers":[{"stockCode":"db20696456","stockType":"fund_manager","exchange":"fm","tickerId":30719190150,"name":"陈亘斯"}]},"announcement":{"linkText":"长盛中证红利低波动100指数型证券投资基金2025年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1349407","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3c37fea5b3eb0541317","date":"2025-03-30T16:00:00.000Z","stockId":3000000022342,"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":"2026-03-09T14:05:55.785Z","fund":{"_id":3000000022342,"__csrcFundId":14526,"stockCode":"022342","masterFundShortName":"长盛中证红利低波动100指数","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":22342,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"长盛中证红利低波动100指数(022342)","lastUpdated":"2026-05-15T17:12:19.948Z","name":"长盛中证红利低波动100指数型证券投资基金","pinyin":"cszzhldbd100zsxzqtzjj","fundCollectionId":4000050070000,"followedNum":1,"setUpAssetScale":117089176.01,"setUpDate":"2024-12-23T16:00:00.000Z","setUpShares":117089176.01,"inceptionDate":"2024-12-26T16:00:00.000Z","__indexSourceEastMoney":1,"__indexSourceCsi":1,"memoNum":1,"indexFundFlag":1,"indexId":1000000930955,"managers":[{"stockCode":"db20696456","stockType":"fund_manager","exchange":"fm","tickerId":30719190150,"name":"陈亘斯"}]},"announcement":{"linkText":"长盛中证红利低波动100指数型证券投资基金2025年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1272780","linkType":"PDF","source":"csrc_pdf"}}]}