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　　回顾本年度的运作，本基金于2025年1月初结束封闭期，我们增加了主动风险敞口，并将主要的主动风险预算置于个股选择上，整体一季度内组合超额收益累积超过2%，且个股选择是超额收益的主要贡献来源。4月7日美国对等关税造成股票市场大幅回撤，投资者情绪也随之波动， 随后大量宽基ETF资金托底。我们也做出了积极应对：减少了组合的主动风险敞口，增加了对指数权重股的配置，以减少自由选股部分未受到市场托举造成的拖累。此外，短暂增持适量现金以应对投资者申赎需求。本基金超额收益在4月小幅回撤后由5月开始显著修复，策略在二季度整体表现稳定。2025年三季度，市场的高斜率窄幅上涨对本基金选股效果带来明显影响，尤其是通信板块。叠加三季度A股展现为情绪主导的牛市，模型端质量类信号和价值类信号的表现欠佳也对超额收益形成负贡献，因此整体三季度本基金的相对表现不理想。进入四季度，市场的涨速有所缓和，波动开始放大，且10月地缘政治的博弈再现，投资者趋于谨慎，情绪类信号表现开始回撤。我们再次降低了主动风险敞口，并在模型层面对信号集进行了一系列改进。此外，在现有模型的基础上我们亦增加了若干新的优化措施，例如补充了新的另类数据信号，增加了机器学习模型的敏感性，运用主题机器人强化对市场主题的识别等，上述努力取得了一定效果，本基金在选股上的有效性也逐步增强，组合的超额收益也自11月开始显著修复，四季度整体跑赢了业绩比较基准。整体而言，2025年组合虽小幅跑输业绩比较基准，但我们对于系统化模型的方法论，以及中长期量化选股的投资逻辑仍抱有坚定信心。未来我们将保持对市场的紧密跟踪，积极应对，力争为投资者获取持续的超额回报。","lastUpdated":"2026-03-31T13:14:09.507Z","mo":"2026年，我们对股票市场维持积极观点：沪深300指数当前市净率在近10年均值附近，市盈率也仍有上行空间，长期权益风险溢价仍比理论中枢便宜，投资者风险偏好的逐步上升也可能促使长期风险溢价降低。此外，低利率市场环境大概率延续，这也使得权益资产以及股票的现金流价值进一步凸显，增量资金可期。拉长时间线，我们认为当前若得到下述几个因素助推，A股有望迎来全面牛市：　　1)流动性充沛。美国持续降息带来流动性外溢，我国的货币政策进一步放开，进行降息以及继续增量购买国债（QE）。流动性极度充沛的低利率环境下，股票会成为投资者不得不追逐现金流价值的资产类别。　　2)股票盈利以及现金流的实际提升和兑现。2025年A股市场的上涨中，涨幅大部分来自于估值拔升，盈利增长的驱动有限，因此业绩的兑现对于2026年牛市的持续性以及是否能超越前高非常重要。　　3)增量刺激政策适时推出、且力度达到甚至超过市场预期。2026作为十五五规划的开局之年，各类政策力度值得期待。　并且经济基本面仍处于修复过程中，现金流及GDP的增长也需要政策的提振。　　4)中美以及其他有重要经贸往来的国家地区，地缘政治缓和且减少黑天鹅事件。当然，这类风险无法完全避免，所以要求投资组合在各类风险敞口上有分散性，出现风险事件后可以快速、灵活应对。　　具体方向上而言，我们认为科技仍是重要领域，近年来中国科技行业在模型以及应用端均树立了自主创新能力，尽管2025年部分标的已有明显涨幅，但AI浪潮对各行各业的改造远未完成，产业进展及创新预计仍将活跃，且部分资产相较于美国科技股估值仍有明显折价；此外，全球产业链重构下，供需格局的边际变化叠加宏观层面的多重驱动因素也为资源品带来投资机遇。另外，扩内需政策的托举、消费活力的修复及具备吸引力的估值水平也使得A股中的消费板块值得关注。","fund":{"_id":3000000022366,"__csrcFundId":14452,"stockCode":"022366","masterFundShortName":"贝莱德沪深300指数增强","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":22366,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"贝莱德沪深300指数增强(022366)","lastUpdated":"2026-06-12T17:11:46.631Z","name":"贝莱德沪深300指数增强型证券投资基金","pinyin":"bldhs300zszqxzqtzjj","fundCollectionId":4000052060000,"setUpAssetScale":376262468,"setUpDate":"2024-11-25T16:00:00.000Z","setUpShares":376262468,"inceptionDate":"2024-11-28T16:00:00.000Z","__indexSourceEastMoney":1,"__indexSourceCsi":1,"followedNum":1,"indexFundFlag":1,"indexId":1000000000300,"managers":[{"stockCode":"j101019930","stockType":"fund_manager","exchange":"fm","tickerId":232410243660,"name":"王晓京"}]},"announcement":{"linkText":"贝莱德沪深300指数增强型证券投资基金2025年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1458439","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3c57fea5b3eb05413d9","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-27T16:00:00.000Z","stockId":3000000022366,"sao":"在产品运作层面，截至2025年9月30日，本基金三季度取得了收益率14.42%（A类）及14.30%（C类），但相较于业绩比较基准的超额收益为负。其中，相较于业绩比较基准，忽略风格因子，完全按照行业及个股切分进行估算，三季度本基金对银行的低配以及对非银金融、传媒、医药生物板块的选股和超配对超额收益带来的正向拉动居前；电子、通信及有色金属等板块为组合超额收益的主要拖累。此外，本基金三季度已开始运用股指期货的投资优化组合的现金管理、更灵活的调节股票风险敞口，截至三季度末，股指期货的投资对于本基金整体运作带来了积极的贡献。 回顾本季度的运作，相对表现的不理想主要来自于两方面：一方面，8月股票市场的上涨斜率较高但宽度较窄，几乎仅围绕着科技类资产中特定的细分板块上涨，这对本基金在通信行业的选股效果有明显的影响，尽管我们对通信行业维持了超配，选股仍拖累了组合的超额收益。但随着9月以来市场迎来一定震荡调整，这一拖累也有所改善。 另一方面，本季度在情绪主导的牛市下，模型端质量类信号和价值类信号的表现欠佳也对超额收益形成负贡献。但考虑到近期市场的变化，股票资产的波动率或增加。本基金在投资方法论上不对风格因子、行业进行过度主动风险押注的做法或将在未来市场的切换中体现出韧性。此外，回顾过往的牛市特征，当市场普涨阶段告一段落后，个股表现的分化大概率会增加，进入更利于个股选择投资的环境，我们将继续坚持严格的系统化投资方法论和风险控制机制，通过广泛筛选个股力争为投资者获取超额回报。      市场层面，今年前期权益市场涨幅超前，但更多的是在投资者情绪提升下的估值抬升。房地产交易量和价格近几个月仍有下行压力，8月的通胀数据也低于预期，虽然权益市场表现突出，经济基本面仍面临一定挑战。展望后市，基本面的增长乏力，尤其房地产市场的弱势，将在相当一段时间内锚定一个低利率环境，低利率环境迫使投资者增加风险偏好到有正现金流的资产，而低利率下的现金流价值也正是股票资产最重要的性质。 并且，美元降息重启叠加中国适度宽松的货币政策，我们判断市场仍会保持充沛的流动性。政策导向上对于资本市场的重视及呵护也将对股票投资者情绪给予持续的支撑。所以我们对于整体股票市场，尤其是大中盘资产依旧持积极态度，在12-36个月的维度上，维持中期牛市的判断。短期地缘方面，关税扰动再起或引发新的波动，策略上我们将维持向业绩基准战术性倾斜，调节组合的主动风险暴露，同时持续关注中美双方的互动进展，积极应对。","lastUpdated":"2026-03-09T14:05:57.081Z","fund":{"_id":3000000022366,"__csrcFundId":14452,"stockCode":"022366","masterFundShortName":"贝莱德沪深300指数增强","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":22366,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"贝莱德沪深300指数增强(022366)","lastUpdated":"2026-06-12T17:11:46.631Z","name":"贝莱德沪深300指数增强型证券投资基金","pinyin":"bldhs300zszqxzqtzjj","fundCollectionId":4000052060000,"setUpAssetScale":376262468,"setUpDate":"2024-11-25T16:00:00.000Z","setUpShares":376262468,"inceptionDate":"2024-11-28T16:00:00.000Z","__indexSourceEastMoney":1,"__indexSourceCsi":1,"followedNum":1,"indexFundFlag":1,"indexId":1000000000300,"managers":[{"stockCode":"j101019930","stockType":"fund_manager","exchange":"fm","tickerId":232410243660,"name":"王晓京"}]},"announcement":{"linkText":"贝莱德沪深300指数增强型证券投资基金2025年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1376814","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3c57fea5b3eb05413d8","date":"2025-06-29T16:00:00.000Z","stockId":3000000022366,"sao":"在产品运作层面，贝莱德沪深300指数增强基金，自成立以来至2025年2季度末累计超额收益(与业绩比较基准【沪深300指数收益率×95%+银行活期存款利率(税后)×5%】相比) 达到3.19% (A类)以及2.94% (C类) 。在本基金封闭期于今年1月初结束后，我们增加了主动风险敞口，并将主要的主动风险预算置于个股选择上。超额收益的贡献度上，个股选择也是主要原因，占整体一季度累计超额收益的绝大部分。在2025年第二季度内沪深300价格指数上升1.25%，本基金超额收益小幅回撤, 但策略整体表现稳定。在4月7日关税造成股票市场大幅波动以及大量ETF资金托底之后，我们减少了组合的主动风险敞口，增加了对指数权重股的配置，以减少自由选股部分未受到市场托举造成的拖累。另外为应对投资者申赎，我们在四月中下旬和五月下旬两次短暂增持了不超过10个百分点的现金。受这些影响，在整个4月组合累计超额收益出现一定幅度的回撤。但随后的5月及6月在股票市场状态以及参与者情绪稳定之后，策略自由选股部分有效性恢复，超额收益也有显著修复。从方法论角度，除去短暂增持现金造成的小幅beta扰动之外，二季度投资组合的主动风险预算基本仍集中于个股选择，对风格和行业层面的主动风险维持了管控。组合成立以来的累计超额收益的绝大部分也来自于个股选择。我们将继续坚持严格的系统化投资方法论和风险控制机制，力争为投资者获取超额收益。宏观层面，一季度宏观经济数据呈现平稳复苏态势，工业增加值及PMI有超越预期的增长，但通胀数据偏弱。第二季度，经历4月份的关税动荡, 5月份日内瓦谈判以及伦敦谈判的进展，使得抢出口的经济活动明显升温，外贸对GDP拉升效果明显。内需方面，全国房地产价格及交易量在二季度环比走弱，但社会消费零售总额以及乘用车销量同比增速健康，持续受到政府以旧换新补贴的提振。二季度通货膨胀CPI月度同比数据仍偏冷，4月5月均维持在-0.1%。PPI指标在4月同比下降2.7%，5月同比下降3.3%。政策层面，三月公布的两会经济目标及政策基本上达到市场预期，在财政刺激力度方面留有余地（尤其是特别国债的发行量）。央行于5月7日宣布降息降准，在市场波动初步平抑之后鼓舞了市场参与者的信心。财政政策方面，除了前置发行之前获批的特别国债和地方债，二季度没有显著增量政策公布。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:05:57.077Z","mo":"今年上半年A股、港股市场整体收涨，市场情绪亦显著提升，其中港股更具有牛市氛围，A股中小盘跑赢大盘，整体日成交量重回1.5万亿水平。走势上而言，国内主要股指在4月7日关税冲击的低点后迅速修复，在本轮关税扰动中展现出了很强的韧性。事实上，全球主要股市例如美国和欧洲，从关税的初始冲击恢复前高的速度也都比较快，上半年全球风险资产的整体表现相对不错。从长期风险溢价模型角度来看，A股大中盘宽基指数以及大多数有显著正现金流价值的股票（红利及自由现金流类）现在仍很便宜，尽管这与很多人的直觉不一致。在保守假设情形下，长期风险溢价小幅向历史均值靠拢，沪深300指数目前或比理论价值中枢便宜大约10%。此外，下半年美联储和中国央行降息的市场预期颇高，资金成本的下降将继续抬升股票理论价值中枢。从模型角度，当前利率债仍然在超前定价降息预期，投资者风险偏好的提升或将边际上带来股票的增量投资。因此，结合理论模型和宏观、政策等非模型因素，我们在1-3年的中期维度对股票市场保持乐观。展望后市，本基金将重点关注以下三类资产：1）红利和自由现金流类资产，包含银行等行业。我们认为低利率环境里股票的现金流价值将对股价带来支撑。这一类资产确定性高，可作为稳定底仓的一部分。2）有新增长曲线的内生消费行业。“以旧换新”刺激下的汽车、电子和家电等行业；反内卷政策下的建材、建筑装饰等行业；社会消费习惯变化带来的从白酒等传统消费转向宠物、潮玩等新消费行业。无论政策使然还是变化使然，那些有新增长曲线并快速反映到现金流或现金流预期里面的公司商业模式和盈利水平成熟，确定性相对高，值得发挥量化信号的挖掘能力去优选布局。3）具有长期增长潜质的板块如AI、医药行业等。这类资产虽然部分短期盈利前景不够明朗，现金流短期甚至可能为负值，但长期维度而言想象空间大、资本投入需求高，叠加低利率环境及充沛的资本，有望涌现出丰富的投资机会。当然，这个领域对于选股提出了较高的要求，我们将通过量价信号以及对文本流、资金流的捕捉，积极寻找市场参与者情绪面的变化。综上，本基金将坚持遵从系统化投资策略，从另类数据、传统数据，甚至政策解读中寻找现金流预期有增长的投资机遇，力争为投资者获取超额收益。","fund":{"_id":3000000022366,"__csrcFundId":14452,"stockCode":"022366","masterFundShortName":"贝莱德沪深300指数增强","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":22366,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"贝莱德沪深300指数增强(022366)","lastUpdated":"2026-06-12T17:11:46.631Z","name":"贝莱德沪深300指数增强型证券投资基金","pinyin":"bldhs300zszqxzqtzjj","fundCollectionId":4000052060000,"setUpAssetScale":376262468,"setUpDate":"2024-11-25T16:00:00.000Z","setUpShares":376262468,"inceptionDate":"2024-11-28T16:00:00.000Z","__indexSourceEastMoney":1,"__indexSourceCsi":1,"followedNum":1,"indexFundFlag":1,"indexId":1000000000300,"managers":[{"stockCode":"j101019930","stockType":"fund_manager","exchange":"fm","tickerId":232410243660,"name":"王晓京"}]},"announcement":{"linkText":"贝莱德沪深300指数增强型证券投资基金2025年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1349506","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3c57fea5b3eb05413d7","date":"2025-03-30T16:00:00.000Z","stockId":3000000022366,"sao":"在产品运作层面，贝莱德沪深300指数增强基金，自成立以来至2025年1季度末累计超额收益(与业绩比较基准【沪深300指数收益率×95%+银行活期存款利率(税后)×5%】相比) 达到3.59% (C类)以及3.74% (A类)，在2025年第一季度内超额收益积累达到2%以上, 策略整体表现稳定。在封闭期于今年1月初结束后，我们增加了主动风险敞口，并将主要的主动风险预算置于个股选择上。超额收益的贡献度上，个股选择也是主要原因，占整体累计超额收益的绝大部分。在本季度内，沪深300价格指数下跌-1.21%，净收益指数下跌-1.01%，本基金A类上涨1.26%，C类上涨1.15%。我们将继续坚持严格的系统化投资策略和风险控制机制，力争为投资者获取超额收益。宏观层面，本季度宏观经济数据呈现平稳复苏态势，但增速从不同经济指标中反映的并不同。工业增加值及PMI有超越预期的增长。1-2月份，规模以上工业增加值同比实际增长5.9%。本季度每月PMI（官方综合）分别为50.1，51.1和51.4。出口在1-2月的数据也较好，与去年同期相比人民币出口额增长3.4%。但通货膨胀CPI月度同比数据明显偏冷，尤其2月CPI同比为-0.7%，PPI指标也偏弱，今年1月、2月在-2.3%至-2.2%。消费角度，整体社会零售总额缓步增长，今年前两个月同比增长4.0%。尽管整体房地产市场仍未形成回升趋势，一线及强二线城市开始出现房产交易量企稳信号。政策层面，三月公布的两会经济目标及政策基本上达到市场预期，在财政刺激力度方面留有余地（尤其是特别国债的发行量）。另外货币政策使用适度宽松表述，并在本季度内降低了MLF的利率引导作用(仍维持该机制流动性工具的作用）。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:05:57.074Z","fund":{"_id":3000000022366,"__csrcFundId":14452,"stockCode":"022366","masterFundShortName":"贝莱德沪深300指数增强","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":22366,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"贝莱德沪深300指数增强(022366)","lastUpdated":"2026-06-12T17:11:46.631Z","name":"贝莱德沪深300指数增强型证券投资基金","pinyin":"bldhs300zszqxzqtzjj","fundCollectionId":4000052060000,"setUpAssetScale":376262468,"setUpDate":"2024-11-25T16:00:00.000Z","setUpShares":376262468,"inceptionDate":"2024-11-28T16:00:00.000Z","__indexSourceEastMoney":1,"__indexSourceCsi":1,"followedNum":1,"indexFundFlag":1,"indexId":1000000000300,"managers":[{"stockCode":"j101019930","stockType":"fund_manager","exchange":"fm","tickerId":232410243660,"name":"王晓京"}]},"announcement":{"linkText":"贝莱德沪深300指数增强型证券投资基金2025年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1273419","linkType":"PDF","source":"csrc_pdf"}}]}