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以上的股息率吸引险资与外资持续加码；与此同时，AI算力、半导体设备等硬科技龙头获机构追逐，而缺乏基本面支撑的纯概念股估值则收缩，成长因子内部分化显著。报告期内，本基金继续以“基本面研究＋主动量化”双轮驱动获取alpha。基本面层面，我们围绕成长能力、盈利质量、运营效率与财务结构四大维度筛选个股；量化层面，则将市场关注度、波动率、历史收益率及情绪指标纳入打分模型，对候选池进行动态排序与权重优化。风格暴露保持在中性略偏成长区间，量化选股与基本面研究形成良性互补，努力为份额持有人贡献超额收益。在风险管理上，本基金持续运用多因子风险估测模型，对行业集中度、单一因子暴露及极端行情冲击进行实时监控，确保回撤处于可控范围。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:06:11.947Z","mo":"展望2025年下半年，外部关税谈判有望继续缓和，国内“稳增长”政策窗口仍在。我们判断，金融条件保持宽松的同时，产业政策将更多向先进制造与自主创新倾斜，高股息与硬科技“哑铃型”格局大概率延续。本基金将持续挖掘alpha信号，并控制风险，力争在复杂环境中持续为投资者创造有竞争力的超额回报。","fund":{"_id":3000000022754,"__csrcFundId":14582,"stockCode":"022754","masterFundShortName":"易方达科鑫量化选股股票发起式","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":22754,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"易方达科鑫量化选股股票发起式A","lastUpdated":"2025-01-01T23:59:49.984Z","name":"易方达科鑫量化选股股票型发起式证券投资基金","pinyin":"yfdkxlhxggpxfqszqtzjj","fundCollectionId":4000050110000,"setUpAssetScale":14088644.27,"setUpDate":"2024-12-10T16:00:00.000Z","setUpShares":14088644.27,"inceptionDate":"2024-12-12T16:00:00.000Z","followedNum":8,"managers":[{"stockCode":"db20883214","stockType":"fund_manager","exchange":"fm","tickerId":22625220090,"name":"包正钰"}]},"announcement":{"linkText":"易方达科鑫量化选股股票型发起式证券投资基金2025年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1349962","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3d37fea5b3eb0541dd9","date":"2025-03-30T16:00:00.000Z","stockId":3000000022754,"sao":"2025年一季度A股市场呈现显著的结构性分化特征，主要指数涨跌不一，科创50指数上涨3.42%，而沪深300和上证指数分别下跌1.21%、0.48%。中小盘风格表现突出，中证1000和中证500分别上涨4.51%和2.31%。市场成交活跃度维持高位，日均成交额达1.5万亿元。从因子层面看，由于2025年一季度市场波动率大幅提升，各大类因子表现分化。基本面因子整体回暖，成长、质量等因子表现较好，而红利、价值类因子出现回调。本基金以基本面研究为驱动，通过主动量化方法获取Alpha。本基金考虑的量化指标主要有成长能力指标、盈利能力指标、运营效率指标和财务结构指标等。在基本面研究的基础上，本基金基于市场关注度、波动率、历史收益率等指标，结合市场情绪与投资者预期等因素构建量化选股模型，并运用该模型对股票投资价值进行综合评价，从而精选优质股票构建投资组合。本基金运用风险估测模型对投资组合风险进行监控与评估，力争控制投资组合风险。报告期内，本基金在风格因子上暴露适中，主动量化结合的投资策略运行良好，为投资者创造了一定的超额回报。展望2025年二季度，本基金将继续坚持主动量化投资方法，秉持勤勉尽责，力争为投资者获得有竞争力的超额收益。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:06:11.945Z","fund":{"_id":3000000022754,"__csrcFundId":14582,"stockCode":"022754","masterFundShortName":"易方达科鑫量化选股股票发起式","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":22754,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"易方达科鑫量化选股股票发起式A","lastUpdated":"2025-01-01T23:59:49.984Z","name":"易方达科鑫量化选股股票型发起式证券投资基金","pinyin":"yfdkxlhxggpxfqszqtzjj","fundCollectionId":4000050110000,"setUpAssetScale":14088644.27,"setUpDate":"2024-12-10T16:00:00.000Z","setUpShares":14088644.27,"inceptionDate":"2024-12-12T16:00:00.000Z","followedNum":8,"managers":[{"stockCode":"db20883214","stockType":"fund_manager","exchange":"fm","tickerId":22625220090,"name":"包正钰"}]},"announcement":{"linkText":"易方达科鑫量化选股股票型发起式证券投资基金2025年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1275578","linkType":"PDF","source":"csrc_pdf"}}]}