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非金融开始回升，市场的重估逻辑有望从流动性驱动到增长潜力驱动。　　公募基金改革背景下政策强调公募产品相对基准的超额收益，并设立奖惩制度，未来基准指数的重要性有望进一步提升，中证A500作为兼具均衡和代表性的宽基指数，有望看到主动权益基金基准向中证A500转移。中证A500当前PE（TTM）处于近10年中位数附近，显著低于科创50、中证1000、中证2000等指数。　　海外方面，从美国调整关税政策以来，市场开始担忧美国债务的问题，资金开始向相对低估的非美市场流入，欧洲首先受益比较明显，国内近期人民币相对其他非美货币开始补涨，汇率从7.35左右升值到7.16左右，利好海外投资者的流入。海外投资者普遍对中国经济和消费的逐步复苏持积极态度，中国核心资产的估值仍然在全球范围内相对低估，消费政策预期等催化下配置型外资有望进一步回流中国核心资产。","fund":{"_id":3000000022436,"__csrcFundId":14416,"stockCode":"022436","masterFundShortName":"摩根中证A500ETF联接","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":22436,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"摩根中证A500ETF联接A","lastUpdated":"2026-04-03T17:15:32.323Z","name":"摩根中证A500交易型开放式指数证券投资基金联接基金","pinyin":"mgzza500jyxkfszszqtzjjljjj","fundCollectionId":4000050380000,"setUpAssetScale":981915269.68,"setUpDate":"2024-11-10T16:00:00.000Z","setUpShares":981915269.68,"inceptionDate":"2024-11-14T16:00:00.000Z","followedNum":3,"__indexSourceEastMoney":1,"__indexSourceCsi":1,"etfFundFlag":1,"feederFundFlag":1,"indexFundFlag":1,"indexId":1000000000510,"managers":[{"stockCode":"db20921871","stockType":"fund_manager","exchange":"fm","tickerId":82425239440,"name":"韩秀一"}]},"announcement":{"linkText":"摩根中证A500交易型开放式指数证券投资基金联接基金2025年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1345741","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3c87fea5b3eb0541638","date":"2025-03-30T16:00:00.000Z","stockId":3000000022436,"sao":"截至2025年3月31日，今年中证A500指数小幅下跌0.37%，同期上证50下跌0.71%，沪深300下跌1.21%。我们回顾今年的市场行情，今年以来是一个明显的结构化行情。市场从去年12月13日到今年年初大幅下跌，各宽基指数位于去年10月以来震荡区间下沿。　　DeepSeek的出现推动了春节以来的行情，科技强于消费，成长强于价值，港股强于A股。而由于风格的切换，市场整体倾向成长风格的股票。中证A500指数中新质生产力含量相对沪深300等大盘指数更高，有望更受益于成长风格。中证A500指数成分股中Deepseek概念、机器人概念、智能驾驶概念板块的权重都显著高于沪深300。　　3月以来，A股呈现“先抑后扬”态势，沪指于3月14日突破3400点，创年内新高，风格趋于均衡，大盘相对小盘、价值相对成长修复，前期领涨的科技板块出现回调，资金转向消费、红利等低估值蓝筹。中共中央办公厅、国务院办公厅印发的的《提振消费专项行动方案》首次在促消费文件中强调稳股市、稳楼市，并提出相应举措，努力让老百姓的消费底气更足、预期更稳、信心更强。中证A500指数将会受益于诸多提振消费的政策，有望率先看到利润端企稳反弹。截止到2025年一季度末，中证A500 指数最新估值回落到14.4倍左右，股息率2.55%附近，仍然处于合理区间。本基金采用被动投资的方法跟踪标的指数，争取跟踪误差保持在合理范围内。　　展望后市，随着全国两会后各项政策逐步落地，经济恢复动能逐步增强，蓝筹类股票有望走出震荡上行的行情。2025年1月22日，为了增加长期资本参与股市，中央金融办、证监会等六部门印发《关于推动中长期资金入市工作的实施方案》，方案明确提出了两项量化目标，保费的30%投于股市，公募持仓在未来三年内每年至少增长10%。这部分政策将利好核心资产的估值提升。在短期增量政策真空、政策落地效果逐步兑现的宏观环境下，核心资产的短期相对价值提升。　　我们认为有望看到2025年核心资产率先在利润端企稳反弹，加之中证A500指数目前估值相当有竞争力。中证A500指数作为兼具均衡和代表性的宽基指数，未来有望看到主动权益基金基准向中证A500转移。截至本季度末，中证A500指数当前估值处于近10年中位数附近，显著低于科创50、中证1000、中证2000等指数。　　海外方面美国经济放缓，同时DeepSeek催动美国例外主义破损，资金有望从估值较高的美股流向相对低估的非美市场，配置型外资转向净流入。海外投资者普遍对中国经济和消费的逐步复苏持更积极态度，中国核心资产的估值仍然在全球范围内相对低估，消费政策预期等催化下配置型海外资金有望进一步回流中国核心资产。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:06:00.488Z","fund":{"_id":3000000022436,"__csrcFundId":14416,"stockCode":"022436","masterFundShortName":"摩根中证A500ETF联接","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":22436,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"摩根中证A500ETF联接A","lastUpdated":"2026-04-03T17:15:32.323Z","name":"摩根中证A500交易型开放式指数证券投资基金联接基金","pinyin":"mgzza500jyxkfszszqtzjjljjj","fundCollectionId":4000050380000,"setUpAssetScale":981915269.68,"setUpDate":"2024-11-10T16:00:00.000Z","setUpShares":981915269.68,"inceptionDate":"2024-11-14T16:00:00.000Z","followedNum":3,"__indexSourceEastMoney":1,"__indexSourceCsi":1,"etfFundFlag":1,"feederFundFlag":1,"indexFundFlag":1,"indexId":1000000000510,"managers":[{"stockCode":"db20921871","stockType":"fund_manager","exchange":"fm","tickerId":82425239440,"name":"韩秀一"}]},"announcement":{"linkText":"摩根中证A500交易型开放式指数证券投资基金联接基金2025年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1277038","linkType":"PDF","source":"csrc_pdf"}}]}