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策略风格方面，1-9月份价值风格依然具有明显强势，但9月末的市场热情基本也打乱了市场常态下划分认知的市场风格，资金驱动和新入市资金的风险偏好并不好以常规归因。预期在10月中下旬市场会逐步冷静，重新回到对三季报的财务数据的关注，但可以预期的是三季报的财务数据可能不会特别亮眼，好在对于政策的乐观反应会使得市场对于财务数据容忍度增加，更多耐心观察年报数据的变化。 展望下一季度，市场的波动可能会增加，且市场关注的要点可能会更多放在不同行业的政策变化方面，稍微淡化上市公司利润表的情况。 风格方面，防御类价值策略全年较强，可能依然有超额收益表现，但应该会随着市场信心和情绪的恢复有所钝化。 展望下一季度，市场对三季报的微观数据容忍度会变高，可能会有更多的耐心观察全年经济的整体表现。就沪深300指数而言，目前的ROE依然是较为稳定的表征，也是市场情绪快速波动中值得关注的投资锚点。 投资运作方面，产品在紧跟沪深300指数的背景下选择稳健均衡的风格搭配，主要以平衡风格为主，不进行风格暴露以期为产品争取更优的超额收益。","declarationDate":"2024-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:14:34.826Z","fund":{"_id":3000000004190,"stockCode":"004190","stockType":"fund","areaCode":"cn","followedNum":31,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2017-01-16T16:00:00.000Z","setUpScale":200058000,"market":"a","tickerId":4190,"custody":"中国银行股份有限公司","name":"招商沪深300指数增强型证券投资基金","shortName":"招商沪深300指数(004190)","fundSecondLevel":"company","lastUpdated":"2026-05-01T17:12:42.975Z","__csrcFundId":1400,"fundStatus":"normal","masterFundFlag":1,"inceptionDate":"2017-02-09T16:00:00.000Z","fundCollectionId":4000050210000,"currency":"CNY","masterFundShortName":"招商沪深300指数","pinyin":"zshs300zszqxzqtzjj","__indexSourceEastMoney":1,"__indexSourceCsi":1,"indexFundFlag":1,"indexId":1000000000300,"managers":[{"stockCode":"db20069308","stockType":"fund_manager","exchange":"fm","tickerId":2316100160,"name":"王平"},{"stockCode":"j101020121","stockType":"fund_manager","exchange":"fm","tickerId":231425258490,"name":"王宁远"}]},"announcement":{"linkText":"招商沪深300指数增强型证券投资基金2024年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1171132","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7ba7fea5b3eb04708b6","date":"2024-06-29T16:00:00.000Z","stockId":3000000004190,"sao":"报告期内，沪深300指数走出小型倒V型反转走势，但大盘股在二季度的调整中幅度及烈度都不剧烈，沪深300指数相对于其他规模指数算走势较为稳健。但客观而言，5月份以来对于经济复苏力度的不够理想以及企业盈利的担忧也会影响大盘股的走势。6月份中国制造业PMI为49.5%，而5月份规上工业企业利润增速比1—4月份回落0.9个百分点，总体来看，国内有效需求仍然不足，内生动力有待加强，工业企业效益恢复基础仍不牢固。相对于上一季度而言，盈利质量层面的改善是否可以切实兑现是市场关注的重点，而上市公司半年报即将在随后的一段时间逐步披露，若利润表发生切实的良性变化，大盘股也有阶段性表现的机会，且波动较小盘股可能更小。展望下一季度，维持之前的观点，上市公司中大盘股盈利相对同比数据可能会有改善，叠加当前较低的市场估值水平和未来刺激政策呵护市场的预期，下季度的大盘股行情有可能还有继续表现的机会，特别是对于长期压抑被杀估值的高ROE资产。从规模指数的角度，在整体市场风险偏好弱的背景下，价值和大盘可能依然能贡献相对全市场的超额收益，因此沪深300指数具有相对吸引力。策略端方面，产品在紧跟沪深300指数的背景下选择稳健均衡的风格搭配，主要以平衡风格为主，不进行风格暴露以期为产品争取更优的超额收益。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:14:34.824Z","fund":{"_id":3000000004190,"stockCode":"004190","stockType":"fund","areaCode":"cn","followedNum":31,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2017-01-16T16:00:00.000Z","setUpScale":200058000,"market":"a","tickerId":4190,"custody":"中国银行股份有限公司","name":"招商沪深300指数增强型证券投资基金","shortName":"招商沪深300指数(004190)","fundSecondLevel":"company","lastUpdated":"2026-05-01T17:12:42.975Z","__csrcFundId":1400,"fundStatus":"normal","masterFundFlag":1,"inceptionDate":"2017-02-09T16:00:00.000Z","fundCollectionId":4000050210000,"currency":"CNY","masterFundShortName":"招商沪深300指数","pinyin":"zshs300zszqxzqtzjj","__indexSourceEastMoney":1,"__indexSourceCsi":1,"indexFundFlag":1,"indexId":1000000000300,"managers":[{"stockCode":"db20069308","stockType":"fund_manager","exchange":"fm","tickerId":2316100160,"name":"王平"},{"stockCode":"j101020121","stockType":"fund_manager","exchange":"fm","tickerId":231425258490,"name":"王宁远"}]},"announcement":{"linkText":"招商沪深300指数增强型证券投资基金2024年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1149993","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7ba7fea5b3eb04708b5","date":"2024-03-30T16:00:00.000Z","stockId":3000000004190,"sao":"报告期内，沪深300指数走出V型反转走势，并随后继续小幅上攻。年初市场在悲观情绪笼罩下出现了一波急跌，进而引发了流动性的担忧和枯竭，使权益市场整体出现超预期非理性波动。农历新年年后随着流动性恢复正常，事件冲击的影响开始消退，大部分个股重新恢复合理定价，此过程中沪深300作为A股核心指数与资金重点关注方向成为托底与资金参与权益市场的重要方向。1季度整体而言，大盘股表现最为强势，其中有大盘估值较低抗跌能涨的原因，也有价值重估资金偏好的原因，其核心本质是参与权益市场的资金重新选择了性价比这一特征作为经济弱复苏向再扩张的投资参与方向，兼顾稳定盈利和较低估值安全边际特点的沪深300在此轮反弹中表现强势。 对于前期市场的诸多担忧和宏观经济的弱复苏，市场逐步表现脱敏，反而在盈利质量层面，考虑到去年的低基数，上市公司同比数据可能会有改善。1-2月份全国规模以上工业企业利润增长10.2%，在去年同期基数较低的背景下表现符合预期，3月份制造业采购经理指数（PMI）为50.8%,摆脱了连续5个月收缩的局面,数据重回扩张，奠定权益市场走好的基础。 展望下一季度，维持之前的观点，上市公司盈利相对同比数据可能会有明显改善，叠加当前较低的市场估值水平和不断呵护市场的政策推进下季度的行情很有可能还会继续有所表现，特别是对于长期压抑被杀估值的高ROE资产。 策略端方面，产品在紧跟沪深300指数的背景下选择稳健均衡的风格搭配，主要以平衡风格为主，不进行风格暴露以期为产品争取更优的超额收益。","declarationDate":"2024-04-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:14:34.818Z","fund":{"_id":3000000004190,"stockCode":"004190","stockType":"fund","areaCode":"cn","followedNum":31,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2017-01-16T16:00:00.000Z","setUpScale":200058000,"market":"a","tickerId":4190,"custody":"中国银行股份有限公司","name":"招商沪深300指数增强型证券投资基金","shortName":"招商沪深300指数(004190)","fundSecondLevel":"company","lastUpdated":"2026-05-01T17:12:42.975Z","__csrcFundId":1400,"fundStatus":"normal","masterFundFlag":1,"inceptionDate":"2017-02-09T16:00:00.000Z","fundCollectionId":4000050210000,"currency":"CNY","masterFundShortName":"招商沪深300指数","pinyin":"zshs300zszqxzqtzjj","__indexSourceEastMoney":1,"__indexSourceCsi":1,"indexFundFlag":1,"indexId":1000000000300,"managers":[{"stockCode":"db20069308","stockType":"fund_manager","exchange":"fm","tickerId":2316100160,"name":"王平"},{"stockCode":"j101020121","stockType":"fund_manager","exchange":"fm","tickerId":231425258490,"name":"王宁远"}]},"announcement":{"linkText":"招商沪深300指数增强型证券投资基金2024年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1067453","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7ba7fea5b3eb04708b4","date":"2023-12-30T16:00:00.000Z","stockId":3000000004190,"sao":"回顾2023年，沪深300指数出现了一定调整，在复杂化的市场环境里承压明显。2023年作为后疫情时代的第一个年份，经济增速的恢复其实并没有如年初市场乐观预期的状态兑现。贯穿2023年的主线年内多次出现预期差，较强预期对应较弱现实数据在2023年下半年开始困扰资本市场的情绪。除此之外，国际市场方面以及地缘政治的复杂化也加剧了市场的阶段性担忧。对于产业链安全、出口格局变化、贸易争端、对外依存度较高行业的竞争格局恶化等窗口性问题权益市场都阶段性的给出了负面的反馈。市场风格方面，在基本面恢复逊于预期且外部环境复杂化的背景下，资产安全边际继续是权益市场关注点，价值风格明显强势，极致价值的红利风格受到资金高度关注且表现出延续的态势。行业方面，价值属性与分红能力阶段性成为重点关注且是市场的一条核心主线。策略端方面，产品在紧跟沪深300指数的背景下选择稳健均衡的风格搭配，主要以平衡风格为主，不进行风格暴露以期为产品争取更优的超额收益。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:14:34.815Z","mo":"展望2024年，经济增速应该大概率依然处于合理区间，达成政府工作目标的难度不高，但政策是否加大力度的可能性依然有待观察，而市场情绪弱化的转变需要有明晰信号作为引线。当前中国的货币环境依然较为复杂，中美息差，汇率压力，通胀水平是否能恢复到合理区间等都是市场的重点关注。考虑到2024年美联储降息的确定性较高，但幅度尚不好评估，其对我国货币政策的影响也需要时间观察。企业盈利端，对于未来的展望依然可以稍显乐观，2024年初市场波动及流动性压力带来的情绪上的影响可能在2-3季度后有所消散，届时配合经济数据的逐步披露，市场信心有逐步恢复的基础。考虑到2023年12月的工业企业利润相对1-11月有明显改善，若趋势得以延续在2024年的一季报披露时可能会被权益市场给与更高的正面反馈。行业上，石油、煤炭及其他燃料加工业利润增速提升最为明显，2024年可能格局会有所延续。就指数本身来看，处于历史估值极端位置的情况下，沪深300指数的ROE稳定性依然是资本市场一个重要稀缺属性。在过往几年价值强于成长，小盘强于大盘的背景下，2024年风格可能有所变化，大盘价值和大盘成长可能会交替反应，但预期大盘价值的属性相对还是要较大盘成长更受市场认可，而小盘属性可能会有所承压，间接的有利于沪深300潜在获得超额收益。","fund":{"_id":3000000004190,"stockCode":"004190","stockType":"fund","areaCode":"cn","followedNum":31,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2017-01-16T16:00:00.000Z","setUpScale":200058000,"market":"a","tickerId":4190,"custody":"中国银行股份有限公司","name":"招商沪深300指数增强型证券投资基金","shortName":"招商沪深300指数(004190)","fundSecondLevel":"company","lastUpdated":"2026-05-01T17:12:42.975Z","__csrcFundId":1400,"fundStatus":"normal","masterFundFlag":1,"inceptionDate":"2017-02-09T16:00:00.000Z","fundCollectionId":4000050210000,"currency":"CNY","masterFundShortName":"招商沪深300指数","pinyin":"zshs300zszqxzqtzjj","__indexSourceEastMoney":1,"__indexSourceCsi":1,"indexFundFlag":1,"indexId":1000000000300,"managers":[{"stockCode":"db20069308","stockType":"fund_manager","exchange":"fm","tickerId":2316100160,"name":"王平"},{"stockCode":"j101020121","stockType":"fund_manager","exchange":"fm","tickerId":231425258490,"name":"王宁远"}]},"announcement":{"linkText":"招商沪深300指数增强型证券投资基金2023年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1056459","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7ba7fea5b3eb04708b3","date":"2023-09-29T16:00:00.000Z","stockId":3000000004190,"sao":"报告期内，沪深300指数走势较弱，主因一是对于宏观经济复苏不及预期的兑现，二是上市公司企业盈利上半年低于预期，三是资金流动在美国加息背景下有所反复。尽管货币政策依然较为友好，但市场亦担忧在流动性充沛格局下盈利改善尚且不够理想，经济弱势预期的格局不易转变，这直接构成指数行情的压制。风格方面，大小盘差异在今年依然有所突出，主因流动性相对充沛的背景下，蓝筹白马占比较高的宽基指数沪深300指数对流动性不及小盘敏感，且因为ROE稳定更高，预期盈利弹性在复苏背景下可能会小于小盘股，其彩票效应会明显弱于小盘股。展望下一季度，市场的关注点会逐步落于3季报的微观数据，倘若企业盈利企稳甚至略有改善，那么当前低估值的格局会成为阶段性市场底部，并可能孕育一波小幅反弹。当前沪深300指数的ROE和估值位置具有相应的配置性价比。策略端方面，产品在紧跟沪深300指数的背景下选择稳健均衡的风格搭配，主要以平衡风格为主，不进行风格暴露以期为产品争取更优的超额收益。","declarationDate":"2023-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:14:34.813Z","fund":{"_id":3000000004190,"stockCode":"004190","stockType":"fund","areaCode":"cn","followedNum":31,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2017-01-16T16:00:00.000Z","setUpScale":200058000,"market":"a","tickerId":4190,"custody":"中国银行股份有限公司","name":"招商沪深300指数增强型证券投资基金","shortName":"招商沪深300指数(004190)","fundSecondLevel":"company","lastUpdated":"2026-05-01T17:12:42.975Z","__csrcFundId":1400,"fundStatus":"normal","masterFundFlag":1,"inceptionDate":"2017-02-09T16:00:00.000Z","fundCollectionId":4000050210000,"currency":"CNY","masterFundShortName":"招商沪深300指数","pinyin":"zshs300zszqxzqtzjj","__indexSourceEastMoney":1,"__indexSourceCsi":1,"indexFundFlag":1,"indexId":1000000000300,"managers":[{"stockCode":"db20069308","stockType":"fund_manager","exchange":"fm","tickerId":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9.39%，创业板指上涨64.96%。本基金为增强型指数产品，在标的成份股权重基础上根据量化增强模型对行业配置及个股权重等进行主动调整，力争在控制跟踪误差的基础上获取超越标的指数的投资收益。本基金所使用的模型为多因子量化增强模型，具体分析的因子包含价值指标、成长指标、盈利指标、运营指标、一致预期指标和市场行为指标。模型构建过程中本基金在以上因子的基础上进一步利用统计分析筛选出针对不同市场环境的有效因子。报告期内，本基金投资运作较为稳定，股票仓位稳定在94.5%左右。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:14:34.783Z","mo":"1、2020年是风险资产大起大落的一年，疫情的演绎以及单边的流动性扩张逻辑主导了全球市场；随着疫苗的逐步接种、以及财政刺激政策的施行，欧美各国将逐渐由2020年的“K型复苏”转向全面复苏；从节奏看，受制于欧美疫苗的接种情况，经济全面恢复的时点更可能在2021年下半年，而相应的宽松货币政策退出则将进一步延后，在温和通胀的假设下，全球或仍将面临极为宽松的融资条件。2021年各国将进入疫后的深度修复期，经济恢复的强度和政策退出节奏之间的博弈将成为主导资产价格波动的主要因素。 2、从国内而言，2020年得益于流动性的宽松以及国内有效的抗疫形势，地产投资和出口部门是主要的经济拉动力量，制造业和消费表现相对较弱。预计2021年地产投资和出口或均呈现前高后低的走势，而制造业和消费部门的恢复情况将成为全年经济整体恢复强度的关键；货币政策方面，在海外疫情仍有较大反复、国内经济恢复仍不均衡以及全球主要央行继续维持超量宽松政策之下，未来一个季度货币政策保持中性的概率较大；3、展望2021年，在国内经济复苏延续性强而海外需求渐进修复的情况下，出口产业链将维持高景气，建议关注具有可持续性替代优势的出口细分行业，以及兼具周期盈利弹性和科技创新成长属性的先进制造业龙头、消费升级主题的投资机会。","fund":{"_id":3000000004190,"stockCode":"004190","stockType":"fund","areaCode":"cn","followedNum":31,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2017-01-16T16:00:00.000Z","setUpScale":200058000,"market":"a","tickerId":4190,"custody":"中国银行股份有限公司","name":"招商沪深300指数增强型证券投资基金","shortName":"招商沪深300指数(004190)","fundSecondLevel":"company","lastUpdated":"2026-05-01T17:12:42.975Z","__csrcFundId":1400,"fundStatus":"normal","masterFundFlag":1,"inceptionDate":"2017-02-09T16:00:00.000Z","fundCollectionId":4000050210000,"currency":"CNY","masterFundShortName":"招商沪深300指数","pinyin":"zshs300zszqxzqtzjj","__indexSourceEastMoney":1,"__indexSourceCsi":1,"indexFundFlag":1,"indexId":1000000000300,"managers":[{"stockCode":"db20069308","stockType":"fund_manager","exchange":"fm","tickerId":2316100160,"name":"王平"},{"stockCode":"j101020121","stockType":"fund_manager","exchange":"fm","tickerId":231425258490,"name":"王宁远"}]},"announcement":{"linkText":"招商沪深300指数增强型证券投资基金2020年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=554580","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7ba7fea5b3eb04708a7","stockId":3000000004190,"sao":"报告期内，经济持续恢复增长；消费需求稳定，投资增长明显，国际贸易好于预期。报告期内A股表现分化相对较大；从行业来看，休闲服务、国防军工、汽车、食品饮料、化工等行业板块涨幅较大，通信、商业贸易、计算机等行业板块略跌。从因子角度来看，报告期内成长类因子依旧占优，回顾报告期行情，沪深300指数上涨10.17%，中证500上涨5.59%，中证1000上涨4.71%，创业板指上涨5.60%。本基金为增强型指数产品，在标的成份股权重基础上根据量化增强模型对行业配置及个股权重等进行主动调整，力争在控制跟踪误差的基础上获取超越标的指数的投资收益。本基金所使用的模型为多因子量化增强模型，具体分析的因子包含价值指标、成长指标、盈利指标、运营指标、一致预期指标和市场行为指标。模型构建过程中本基金在以上因子的基础上进一步利用统计分析筛选出针对不同市场环境的有效因子。关于本基金的运作，报告期内投资运作较为稳定，权益类仓位（包括股票、股指期货合约等）稳定在94.5%左右。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:14:34.780Z","fund":{"_id":3000000004190,"stockCode":"004190","stockType":"fund","areaCode":"cn","followedNum":31,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2017-01-16T16:00:00.000Z","setUpScale":200058000,"market":"a","tickerId":4190,"custody":"中国银行股份有限公司","name":"招商沪深300指数增强型证券投资基金","shortName":"招商沪深300指数(004190)","fundSecondLevel":"company","lastUpdated":"2026-05-01T17:12:42.975Z","__csrcFundId":1400,"fundStatus":"normal","masterFundFlag":1,"inceptionDate":"2017-02-09T16:00:00.000Z","fundCollectionId":4000050210000,"currency":"CNY","masterFundShortName":"招商沪深300指数","pinyin":"zshs300zszqxzqtzjj","__indexSourceEastMoney":1,"__indexSourceCsi":1,"indexFundFlag":1,"indexId":1000000000300,"managers":[{"stockCode":"db20069308","stockType":"fund_manager","exchange":"fm","tickerId":2316100160,"name":"王平"},{"stockCode":"j101020121","stockType":"fund_manager","exchange":"fm","tickerId":231425258490,"name":"王宁远"}]},"announcement":{"linkText":"招商沪深300指数增强型证券投资基金2020年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=487561","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7ba7fea5b3eb04708a6","stockId":3000000004190,"sao":"报告期内，受新冠疫情影响，经济下行压力仍在，货币政策相对宽松。报告期内A股表现分化相对较大，从行业来看，医药卫生、休闲服务、电子、食品饮料、计算机等行业板块涨幅较大，采掘、银行、非银金融、交通运输、钢铁等行业板块跌幅相对较大。从因子角度来看，报告期内成长类因子依旧占优，回顾报告期行情，沪深300指数上涨1.64%，中证500上涨11.33%，中证1000上涨13.52%，创业板指上涨35.60%。本基金为增强型指数产品，在标的成份股权重基础上根据量化增强模型对行业配置及个股权重等进行主动调整，力争在控制跟踪误差的基础上获取超越标的指数的投资收益。本基金所使用的模型为多因子量化增强模型，具体分析的因子包含价值指标、成长指标、盈利指标、运营指标、一致预期指标和市场行为指标。模型构建过程中本基金在以上因子的基础上进一步利用统计分析筛选出针对不同市场环境的有效因子。关于本基金的运作，报告期内投资运作较为稳定，股票仓位稳定在94.5%左右。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:14:34.778Z","mo":"1、报告期内，随着新冠疫情在中国和海外的相继爆发，全球金融市场的表现一波三折；而全球经济也在逐步解封的过程中缓慢恢复，但整体的力度和持续性仍然存疑，因而积极的财政政策和货币政策仍难以过快退出。美国方面，6月以来，经济重启对生产和就业提振作用显著，但同时疫情在少数区域出现大幅爆发，引发市场对于经济再度陷入封锁的担忧。一方面，PMI较前期明显回升，6月美国Markit制造业PMI由前期39.8升至49.6，服务业PMI由前期37.5升至46.7；生产回暖也带动就业市场缓慢恢复，但消费信心的恢复则十分缓慢，或反映对疫情二次爆发的担忧。欧洲方面，在较好的疫情防控形势的支撑下，这一区域的经济恢复速度也相对较快。6月，欧元区制造业PMI由前期39.4回升至46.9，自5月以来已经连续两月回升；6月欧元区消费者信心指数由上期-18.8回升至-14.7。但由于需求的改善慢于生产和投资恢复，物价仍处于通缩状态，短期内通胀可能仍将处于较低水平。展望下半年，外围较为宽松的流动性环境在下半年仍将得以持续，预计财政政策将成为接力宽信用的主力。2、报告期内，受新冠疫情影响，一季度基本处于停工状态，随着逐步复工，二季度国内经济逐步恢复，恢复情况好于预期。2020年2季度实际GDP同比为3.2%，季调环比11.5%。6月工业增加值同比4.8%，固定资产投资累计同比-3.1%，社会消费品零售总额同比-1.8%。尽管经济全面改善，但居民消费意愿仍有部分压制，二季度名义人均消费支出单季度增速为负，从分项来看，汽车消费仍在回落，但化妆品、通讯器材以及家用电器增速较高。此外固定资产投资方面，地产投资改善相对较快，受到基建地产拉动，钢铁、水泥等产量的增速有明显回升。展望下半年，经济恢复仍未结束，预计信用仍会扩张，但需要关注洪涝对投资生产性需求的阶段性影响。3、报告期内，我国股票市场走势出现大幅波动（万得全A、沪深300、上证50、中证500涨跌幅度分别为6.95%、1.64%、-3.95%、11.33%）。股市呈现先抑后扬的局面，国内外的疫情形势演进成为关键线索；年初受到国内新冠肺炎疫情爆发的影响导致股市出现大幅调整之后，得益于央行及时进行充足流动性投放，使得市场情绪得以快速恢复。但3月中旬开始，疫情在欧美地区出现大面积爆发，处于高位的美股出现大幅调整，使得北上资金出现快速大幅净流出，国内市场再度出现震荡；3月下旬之后随着美联储运用多种非常规政策工具向市场投放充足流动性，同时伴随三轮总计规模达3万亿美元的财政刺激计划的出台，美股快速从低位反弹，也带动北向资金回补国内A股，市场出现震荡攀升，风险偏好缓慢回暖，但整体风格呈现割裂状态；6月底，伴随国内经济数据的持续好转，价值和成长风格之间的估值裂口呈现收敛趋势。从当前内外的宽松流动性环境、国内对于直接融资和资本市场的政策扶持以及居民大类资产配置向权益资产转移趋势的提速的几个因素考虑，下半年股市仍可期待，可继续关注更具行业高景气度和成长空间的科技板块。","fund":{"_id":3000000004190,"stockCode":"004190","stockType":"fund","areaCode":"cn","followedNum":31,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2017-01-16T16:00:00.000Z","setUpScale":200058000,"market":"a","tickerId":4190,"custody":"中国银行股份有限公司","name":"招商沪深300指数增强型证券投资基金","shortName":"招商沪深300指数(004190)","fundSecondLevel":"company","lastUpdated":"2026-05-01T17:12:42.975Z","__csrcFundId":1400,"fundStatus":"normal","masterFundFlag":1,"inceptionDate":"2017-02-09T16:00:00.000Z","fundCollectionId":4000050210000,"currency":"CNY","masterFundShortName":"招商沪深300指数","pinyin":"zshs300zszqxzqtzjj","__indexSourceEastMoney":1,"__indexSourceCsi":1,"indexFundFlag":1,"indexId":1000000000300,"managers":[{"stockCode":"db20069308","stockType":"fund_manager","exchange":"fm","tickerId":2316100160,"name":"王平"},{"stockCode":"j101020121","stockType":"fund_manager","exchange":"fm","tickerId":231425258490,"name":"王宁远"}]},"announcement":{"linkText":"招商沪深300指数增强型证券投资基金2020年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=454789","linkType":"PDF","source":"csrc_pdf"}}]}