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“制造强国”战略推进形成共振，高端装备在智能制造、高端装备替代等领域的需求确定性强，成长空间广阔。我们将持续优化针对高端装备制造板块的增强选股策略，在对基准指数进行有效跟踪的基础上，通过对市场结构变化、行业政策动态及公司基本面的持续跟踪分析，利用量化选股模型及优化策略积极抽样组合，重点聚焦技术领先、具备全球竞争力且业绩增长确定性强的企业，力争在控制跟踪误差的同时为投资者提供高于业绩比较基准的投资收益。","lastUpdated":"2026-03-09T13:46:10.877Z","fund":{"_id":3000000012212,"__csrcFundId":10023,"stockCode":"012212","shortName":"天弘中证高端装备制造指数增强(012212)","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":12212,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-07-10T17:13:13.781Z","status":"normal","exchange":"jj","name":"天弘中证高端装备制造指数增强型证券投资基金","fundCollectionId":4000050430000,"followedNum":3,"masterFundShortName":"天弘中证高端装备制造指数增强","inceptionDate":"2021-12-27T16:00:00.000Z","setUpDate":"2021-12-27T16:00:00.000Z","setUpAssetScale":92712941.3,"setUpShares":92712941.3,"pinyin":"thzzgdzbzzzszqxzqtzjj","__indexSourceEastMoney":1,"__indexSourceCsi":1,"indexFundFlag":1,"indexId":1000000930599,"managers":[{"stockCode":"db20777995","stockType":"fund_manager","exchange":"fm","tickerId":122412206170,"name":"林心龙"}]},"announcement":{"linkText":"天弘中证高端装备制造指数增强型证券投资基金2025年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1373825","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf227fea5b3eb04f77d7","date":"2025-06-29T16:00:00.000Z","stockId":3000000012212,"sao":"报告期内，市场先抑后扬整体走势平稳，振幅小幅扩大，市场结构及风格分化小幅收敛。具体来说：本报告期内，万得数据显示，中证全指上涨4.28%，沪深300上涨0.03%，中证500上涨3.31%，创业板指上涨0.53%，中证1000上涨6.69%。制造板块在报告期内相较整体市场表现偏弱，本基金增强策略对标的中证高端装备制造指数上半年累计下跌1.07%，受益于增强策略的有效性，本基金在报告期内取得了一定程度的超额回报和正收益。中长期来看，我们认为制造板块在经历短期波动后具备了较高配置价值，同时我们也将持续优化针对制造板块的增强选股策略，在对基准指数进行有效跟踪的基础上，通过对市场结构及公司基本面的持续跟踪分析，利用量化选股模型及优化策略积极抽样组合，力争在控制跟踪误差的同时为投资者提供高于业绩比较基准的投资收益。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:46:10.873Z","mo":"2025年上半年，中国经济保持总体平稳且稳中有进的态势。一季度我国经济开局良好，4月以来受到美国关税政策影响，全球经济增长动能减弱，但我国经济二季度以来仍保持稳定增长。生产端，1-5月份规模以上工业增加值、服务业生产指数同比分别增长6.3%和5.9%，相较一季度保持总体平稳。需求端，1-5月份社会消费品零售总额增长5%，相较一季度有所加快；固定资产投资增长3.7%，保持基本稳定。今年以来，中国持续推进科技创新，带动产业创新，经济向新发展态势持续。人工智能大模型、机器人和芯片等科技前沿领域不断突破，持续促进产业升级。1-5月份，工业机器人产量同比增长32%，智能车载设备制造增加值增长26.8%，规模以上高技术制造业增加值同比增长9.5%。股票市场方面，上半年A股市场波动较大，特别是4月初受到美国关税政策负面影响，整体呈现出N型走势。具体赛道中，医药赛道和科技赛道表现较为亮眼；具体行业中，有色金属领涨，黄金受益于美元信用弱化与避险需求上升；银行板块次之，政策红利与高股息策略驱动估值修复；国防军工居第三，地缘冲突加剧催化军贸扩张预期；传媒、通信、计算机和电子等科技行业受益AI表现较好。具体风格中，以北证50为代表的小微盘风格显著跑赢以沪深300为代表的大盘风格，以国证价值为代表的价值风格小幅跑赢以国证成长为代表的成长风格。展望2025年下半年，在外部关税压力与内部结构优化的双重背景下，中国经济预计延续温和复苏，政策协同与产业升级成为中国经济的核心驱动力。出口方面，受高基数、欧美需求疲软及关税拖累，全年出口增速或将放缓，但也不乏结构性亮点，“新三样”(新能源汽车、锂电池、光伏)有望依托技术优势，出口维持较高增速，另外东盟、中东等新兴市场占比提升，有望对冲欧美市场下滑风险。 消费方面，中央和地方政府近期接连部署，打出促消费“组合拳”，包括即将下达第三批消费品以旧换新资金、新能源汽车下乡和提振消费专项行动方案等，有望提振居民消费需求，同时股票市场回暖和房地产市场止跌回稳，将助力居民和企业资产负债表好转，也有望拉动微观主体的消费能力和意愿。投资方面，制造业受益于技术升级(如半导体、人工智能和新能源)、绿色转型(如储能、氢能等)以及设备更新政策等，制造业投资特别是高新技术产业投资有望保持较高增速；房地产随着市场止跌回稳，整体投资有望好转。股票市场方面，政策端，货币和财政双宽松格局有望维持，后续还有空间进一步降息降准，惠民生、促消费等各项财政支持政策也有望顺利实施；资金端，在前期推动中长期资金入市的多项政策下，险资和养老资金有望继续加大A股配置，带来可观的增量资金。从大势来看，全A整体估值水平不高，积极影响因素较多，下半年市场有望进一步企稳回升。具体行业赛道方面，在海外降息、国内货币和财政双宽松背景下，成长板块，特别是政策支持的新兴产业，相对更受益。今年可重点关注三大类机会：一是AI产业周期驱动下的TMT板块。人工智能是大国竞争的关键所在，其中智能算力又是AI的基础，国产算力(如昇腾等AI芯片)、国产大模型(如DeepSeek R1等)，叠加国内擅长的AI应用(如字节头条的豆包等)，国产AI生态正在逐步完善。国产算力建设相较海外滞后1-2年，随着昇腾910C等AI芯片的性能突破，国产算力规模有望快速增长。另外中国大模型的低成本路线使得大模型成本持续下降，AI应用有望迎来爆发式发展，并持续赋能实体经济，创造新的业绩增长点。二是在大国博弈背景下具有战略地位的行业，如国防军工、高端装备等细分赛道，一方面这些行业央企国企占比较高，做大做优做强仍是国企改革的重点方向，另一方面在地缘政治环境不确定性加大的情形下，战略性行业承担保障安全、突破封锁的任务，具备拥有持续估值溢价的可能性。三是具有全球范围内比较优势的新能源产业，经过三年多的深度调整以及924行情后的调整，估值又重新回到低位。同时产业也有积极变化，锂电行业在供需改善、技术突破与全球化布局加速等方面取得进展，光伏行业则处于供给侧改革的关键阶段，在政策引导、技术创新与市场自律三重驱动下加速整合，行业竞争趋于理性，景气度有望持续回升。本基金将持续跟踪各细分赛道的发展趋势和相关企业业绩兑现情况，并密切关注海外通胀、美联储政策、国内货币和财政政策变化对A股的潜在影响。当然，我们也应认识到，无论是宽基指数还是细分行业指数，准确预测其变化的幅度、速率以及时间窗口始终存在较大挑战，面对市场的不确定性，一套以概率思维为指导的投资框架和应对方法，往往比依赖单一结果的押注式预测更加有效，也更有可能带来良好的投资体验。因此，我们鼓励投资者一方面以更长期的视角进行基金配置，更多考虑业绩与估值的匹配程度以及收益风险比，同时另一方面在投资时机以及投资品种上进行适度分散化，以更好的对冲风险，力争实现收益的长期积累，并更充分地发挥复利效应。","fund":{"_id":3000000012212,"__csrcFundId":10023,"stockCode":"012212","shortName":"天弘中证高端装备制造指数增强(012212)","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":12212,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-07-10T17:13:13.781Z","status":"normal","exchange":"jj","name":"天弘中证高端装备制造指数增强型证券投资基金","fundCollectionId":4000050430000,"followedNum":3,"masterFundShortName":"天弘中证高端装备制造指数增强","inceptionDate":"2021-12-27T16:00:00.000Z","setUpDate":"2021-12-27T16:00:00.000Z","setUpAssetScale":92712941.3,"setUpShares":92712941.3,"pinyin":"thzzgdzbzzzszqxzqtzjj","__indexSourceEastMoney":1,"__indexSourceCsi":1,"indexFundFlag":1,"indexId":1000000930599,"managers":[{"stockCode":"db20777995","stockType":"fund_manager","exchange":"fm","tickerId":122412206170,"name":"林心龙"}]},"announcement":{"linkText":"天弘中证高端装备制造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=1340693","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf227fea5b3eb04f77d6","date":"2025-03-30T16:00:00.000Z","stockId":3000000012212,"sao":"报告期内，市场整体走势平稳，振幅小幅扩大，市场结构及风格大幅分化。具体来说：本报告期内，万得数据显示，中证全指上涨1.60%，沪深300下跌1.21%，中证500上涨2.31%，创业板指下跌1.77%，中证1000上涨4.51%。制造板块在报告期内跟随市场窄幅震荡，本基金增强策略对标的中证高端装备制造指数一季度累计下跌1.08%，但受益于增强策略的有效性，报告期内基金仍取得了一定程度的正收益。中长期来看，我们认为制造板块在经历大幅波动后仍具备较高配置价值，同时我们也将持续优化针对制造板块的增强选股策略，在对基准指数进行有效跟踪的基础上，通过对市场结构及公司基本面的持续跟踪分析，利用量化选股模型及优化策略积极抽样组合，力争在控制跟踪误差的同时为投资者提供高于业绩比较基准的投资收益。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:46:10.870Z","fund":{"_id":3000000012212,"__csrcFundId":10023,"stockCode":"012212","shortName":"天弘中证高端装备制造指数增强(012212)","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":12212,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-07-10T17:13:13.781Z","status":"normal","exchange":"jj","name":"天弘中证高端装备制造指数增强型证券投资基金","fundCollectionId":4000050430000,"followedNum":3,"masterFundShortName":"天弘中证高端装备制造指数增强","inceptionDate":"2021-12-27T16:00:00.000Z","setUpDate":"2021-12-27T16:00:00.000Z","setUpAssetScale":92712941.3,"setUpShares":92712941.3,"pinyin":"thzzgdzbzzzszqxzqtzjj","__indexSourceEastMoney":1,"__indexSourceCsi":1,"indexFundFlag":1,"indexId":1000000930599,"managers":[{"stockCode":"db20777995","stockType":"fund_manager","exchange":"fm","tickerId":122412206170,"name":"林心龙"}]},"announcement":{"linkText":"天弘中证高端装备制造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=1269999","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf227fea5b3eb04f77d5","date":"2024-12-30T16:00:00.000Z","stockId":3000000012212,"sao":"报告期内，市场整体先抑后扬，主流宽基指数悉数上行，市场结构及风格大幅分化。具体来说：万得数据显示，中证全指全年累计上涨7.43%，沪深300上涨14.68%，中证500上涨5.46%，创业板指上涨13.23%，中证1000上涨1.20%。制造板块在报告期内不乏表现，本基金增强策略对标的中证高端装备制造指数全年累计上涨20.17%。受益于增强策略的有效性，报告期内基金获取了正收益的同时还获得了一定的超额收益。中长期来看，我们认为制造板块作为经济转型和复苏的重要抓手，配置价值凸显，同时我们也将持续优化针对制造板块的增强选股策略，在对基准指数进行有效跟踪的基础上，通过对市场结构及公司基本面的持续跟踪分析，利用量化选股模型及优化策略积极抽样组合，力争在控制跟踪误差的同时为投资者提供高于业绩比较基准的投资收益。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:46:10.866Z","mo":"2024 年中国经济总体呈V型走势，万得数据显示，四个季度GDP同比增速分别为5.3%、4.7%、4.6%和5.4%，全年GDP同比增速为5.0%。结构上，三驾马车呈现显著分化：出口引擎超预期发力，投资维持托底作用，消费复苏动能仍显不足。出口表现超预期，2024年中国出口规模达到25.45万亿元，同比增长7.1%，同时产品结构优化升级，高科技产品增速较高，如集成电路出口同比增长17.4%，一举成为出口额最高的单一商品。投资相对稳定，全国固定资产投资同比增长3.2%，其中基建投资同比增速为9.19%，中央与地方投资分化明显；制造业投资同比增速9.2%，仍有一定韧性；航空航天设备和电子设备制造等高端领域持续领跑。消费整体较为低迷，居民消费受到当期收入增速放缓和收入及就业预期不稳、预防性储蓄动机较强等影响，居民人均消费支出累计实际同比增速降至5.10%。股票市场方面，2024年A股市场波动较大，整体呈现出W型的走势。具体赛道中，金融赛道和科技赛道表现较为亮眼；具体行业中，银行、非银金融等金融行业受益政策和高股息涨幅居前，通信、电子和计算机等科技行业受益AI涨幅靠前；具体风格中，价值风格领先成长风格，大盘风格也大幅跑赢小盘风格。展望2025年，中国有望通过一系列政策措施，推动经济高质量发展。出口方面，受高基数和潜在关税影响，出口增速预计有所回落，但也存在结构性机遇，比如半导体、船舶、新三样等重点商品出口有望保持良好表现。消费方面，消费品“以旧换新”等政策继续发力，有望提振居民消费需求，同时股票和房地产市场回暖，助力居民和企业资产负债表好转，也有望拉动微观主体的消费能力和意愿。投资方面，随着五年12 万亿的化债，地方基建投资增速回升，另外随着房地产市场止跌回稳，房地产投资也有望好转。股票方面，国际政治变动可能会对市场产生影响，但受益于政策红利的持续释放、增量资金的入市和经济基本面的改善，市场有望进一步企稳回升。政策方面，货币和财政双宽松格局有望维持，后续有望进一步降息降准，财政赤字率提高后惠民生、促消费等各项财政支出也有望顺利实施；资金方面，在近期推动中长期资金入市的多项政策下，险资和养老资金有望加大A股配置，带来客观的增量资金；基本面方面，随着前期各项政策逐步落地，新质生产力稳步发展，经济基本面有望迎来持续改善。从大势来看，全A整体估值水平不高，积极影响因素较多，市场下行风险不大，2025年市场有望进一步企稳回升，对全年保持乐观。","fund":{"_id":3000000012212,"__csrcFundId":10023,"stockCode":"012212","shortName":"天弘中证高端装备制造指数增强(012212)","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":12212,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-07-10T17:13:13.781Z","status":"normal","exchange":"jj","name":"天弘中证高端装备制造指数增强型证券投资基金","fundCollectionId":4000050430000,"followedNum":3,"masterFundShortName":"天弘中证高端装备制造指数增强","inceptionDate":"2021-12-27T16:00:00.000Z","setUpDate":"2021-12-27T16:00:00.000Z","setUpAssetScale":92712941.3,"setUpShares":92712941.3,"pinyin":"thzzgdzbzzzszqxzqtzjj","__indexSourceEastMoney":1,"__indexSourceCsi":1,"indexFundFlag":1,"indexId":1000000930599,"managers":[{"stockCode":"db20777995","stockType":"fund_manager","exchange":"fm","tickerId":122412206170,"name":"林心龙"}]},"announcement":{"linkText":"天弘中证高端装备制造指数增强型证券投资基金2024年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1252255","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf227fea5b3eb04f77d4","date":"2024-09-29T16:00:00.000Z","stockId":3000000012212,"sao":"报告期内，市场整体先抑后扬，主流宽基指数全面上涨，市场结构及风格分化大幅收敛。具体来说：中证全指上涨16.51%，沪深300上涨16.07%，中证500上涨16.19%，创业板指上涨29.21%，中证1000上涨16.60%。制造板块在报告期内跟随市场大幅反弹，本基金增强策略的对标指数中证高端装备制造指数三季度累计上涨17.02%。受季末大额申赎对仓位的冲击影响，基金超额收益同期出现了小幅回撤，指数增强策略并非无风险策略，而是通过对风险因子更加细致的计算和把控以及对中长期有效的选股因子的正向暴露从而力争在较长的时间维度内以更大概率实现超额收益，但是在中短期的时间维度内，策略效果仍可能出现一定的波动及反复，这是概率特征及风险本身的不确定性所决定的。因此，我们亦鼓励投资人以更长的持有期配置指数增强基金，这有利于策略效果的长期积累并能够更好的发挥复利效应。中长期来看，我们认为制造板块在经历近三年的深度调整后，在政策和宏观环境边际改善下，有望迎来市场风格和风险偏好的反转，配置价值凸显。同时我们也将持续优化针对高端装备制造板块的增强选股策略，在对基准指数进行有效跟踪的基础上，通过对市场结构及公司基本面的持续跟踪分析，利用量化选股模型及优化策略积极抽样组合，力争在控制跟踪误差的同时为投资者提供高于业绩比较基准的投资收益。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:46:10.857Z","fund":{"_id":3000000012212,"__csrcFundId":10023,"stockCode":"012212","shortName":"天弘中证高端装备制造指数增强(012212)","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":12212,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-07-10T17:13:13.781Z","status":"normal","exchange":"jj","name":"天弘中证高端装备制造指数增强型证券投资基金","fundCollectionId":4000050430000,"followedNum":3,"masterFundShortName":"天弘中证高端装备制造指数增强","inceptionDate":"2021-12-27T16:00:00.000Z","setUpDate":"2021-12-27T16:00:00.000Z","setUpAssetScale":92712941.3,"setUpShares":92712941.3,"pinyin":"thzzgdzbzzzszqxzqtzjj","__indexSourceEastMoney":1,"__indexSourceCsi":1,"indexFundFlag":1,"indexId":1000000930599,"managers":[{"stockCode":"db20777995","stockType":"fund_manager","exchange":"fm","tickerId":122412206170,"name":"林心龙"}]},"announcement":{"linkText":"天弘中证高端装备制造指数增强型证券投资基金2024年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1173038","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf227fea5b3eb04f77d3","date":"2024-06-29T16:00:00.000Z","stockId":3000000012212,"sao":"报告期内，市场整体先抑后扬，主流宽基指数多数迎来不同程度调整，市场结构及风格分化程度不断加剧。具体来说：中证全指下跌8.64%，沪深300上涨0.89%，中证500下跌8.96%，创业板指下跌10.99%，中证1000下跌16.84%。制造板块在报告期内跟随市场震荡调整，本基金增强策略对标的中证高端装备制造指数上半年累计下跌0.68%，但受益于增强策略的有效性，报告期内基金仍取得了一定程度的正收益。中长期来看，我们认为制造板块在经历过去几年调整后配置价值再次凸显，同时我们也将持续优化针对制造板块的增强选股策略，在对基准指数进行有效跟踪的基础上，通过对市场结构及公司基本面的持续跟踪分析，利用量化选股模型及优化策略积极抽样组合，力争在控制跟踪误差的同时为投资者提供高于业绩比较基准的投资收益。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:46:10.854Z","mo":"2024年上半年经济呈现弱复苏格局，3-4月经济旺季恢复的势头在淡季和雨季的影响下未能延续，PMI回落至荣枯线下方。结构上来看，上半年依然呈现生产好于需求、外需好于内需，服务好于实物消费的特点。从生产端来看，工业增加值保持一定的韧性，工业用电量、货运量在今年处于复苏态势。需求端仍呈现有效需求不足的特点，但外需出现明显改善，全球制造业PMI在今年上半年持续处于荣枯线上方，带动出口增速延续了去年年底以来的修复态势。内需方面，地产链是最大的拖累项，销售、投资和新开工均录得两位数的负增速，地产景气度的持续下行一定程度上影响了消费的复苏，消费者信心指数和社会消费品零售处于低位运行。制造业和基建有所分化，制造业投资韧性较强，与出口恢复良好、补库周期有较强关联，同时也受设备更新政策的支撑；基建投资增速逐月下行，反映出财政支出进度偏慢。股票市场方面，2024年上半年呈现探底回升，分化加大的特点，在1月市场加速下跌之后，2月初随着救市政策组合拳的推出，市场迎来超跌反弹，5月中旬之后市场再度开启调整。上半年全部A股估值小幅调整，业绩延续负增长，呈现大盘龙头风格占优的格局，小微盘风格表现较差。从风格和行业表现来看，稳定和金融风格占优，其中银行、煤炭、公用事业涨幅居前，家电、石油石化也有不错的涨幅；成长和消费风格跌幅较大，计算机、商贸零售、社会服务领跌。展望2024年下半年，从经济形势来看，内外需背离的格局预计将延续，一方面外需的韧性较强，欧美发达经济体提前降息有助于进一步夯实全球经济复苏；另一方面内需的改善需要等待地产尤其是房价的企稳。从流动性格局来看，四季度有望迎来中美共振宽松的窗口期，国内降息的空间将打开。从政策导向来看，预计改革与科技创新仍将是下半年的主旋律，新质生产力与产能过剩的破局亦有看点。下半年股票市场预计将呈现结构性行情较为突出的特点。从大势来看，全A估值水平较低叠加托底资金进场，市场下行风险不大，但由于业绩目前处于整固阶段，大幅宽松的条件并不具备，因此指数层面上行的空间也较为有限。具体行业赛道方面，今年上半年高端制造板块在整个经济弱复苏的背景下，表现相对较弱，但仍存在不少主题性投资机会。政策面，设备以旧换新以及新质生产力带动国产替代能力较强的制造板块潜在替换需求释放。新技术方面，泛AI领域在软硬件层面都迎来快速迭代，人工智能、人形机器人、汽车智能化的落地速度加快。此外，不少高端制造相关企业，逐步开拓海外市场，寻找业绩增长的另一极。展望下半年，二十届三中全会进一步强调科技创新的重要性。高端制造板块有望迎来更多的产业支持政策。AI的发展也有望会带来更多的结构性投资机会。","fund":{"_id":3000000012212,"__csrcFundId":10023,"stockCode":"012212","shortName":"天弘中证高端装备制造指数增强(012212)","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":12212,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-07-10T17:13:13.781Z","st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