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DeepSeek 大模型的新版本以及新一代人形机器人的发布和出圈，引发了市场对于科技成长类企业的热切关注和积极展望。二季度初期关税冲击后股市迅速修复并连续温和上涨，得益于政策的及时呵护以及投资者总体对国内的科技突破的前景保持了充分的信心，带动了小市值高成长风格的阶段性走强。而下半年在二季度的急跌后修复趋稳的基础上，市场展开了加速上涨态势，其中与人工智能相关的科技出海叠加反内卷政策利好的高端制造板块，贯穿三季度始终，引领了市场的动能。中美贸易多轮谈判进展较为平顺，同时美联储降息预期持续发酵，促进了国内投资者以及离岸投资者的风险偏好进一步提升，大盘成长型风格的超额收益十分显著。通信、半导体、新能源等新质生产力行业的龙头股在预期业绩高增长的驱动下，估值显著抬升，市场对业绩的定价相当充分；虽然部分个股的拥挤度有所抬升，但尚未到达历史的极致水平。我们看到其后进入四季度至年末时期，A股整体呈现在高位震荡的格局，行业和风格走势的分化度较为平和，与市场整体的波动率逐步走低有关。其中顺周期的有色金属、石油石化、基础化工等表现较为突出，延续了国内反内卷政策叠加国际新的产业竞争对于战略资源需求的影响。科技成长板块内部轮动较为剧烈，但通信和卫星等前沿产业依旧吸引投资者高度关注，也暗示投资者交易型行为相对配置型行为开始略占上风，后续波动可能被放大，需要密切跟踪。　　在操作中，我们严格遵守基金合同，在指数权重调整和基金申赎变动时，应用指数复制和数量化手段降低交易成本和减少跟踪误差。","lastUpdated":"2026-03-28T06:08:34.552Z","mo":"展望2026年，在利率保持低位以及居民储蓄高企的背景下，A股市场已在2025年的季度层面逐步分阶段走出上行态势，其投融资功能进入了较为良好的互动循环。我们看到居民存款逐步入市的趋势依然持续，尤其通过投资交易股票类的ETF产品这一重要渠道，这对保持市场波动率处于较低水平起到了较好的作用，有助于逐步消化部分高成长行业的交易和估值拥挤度，从而提升A股整体的配置属性。此外，我们预计保险公司的分红险等产品是对此前银行理财的更有吸引力的持续替代，并且能进一步推动保险公司的收入和其对股票市场配置的相对比例以及绝对资金的提升。此外，美国政府的地缘政策的高度不确定性以及其高负债率对于推动美元汇率和利率走低的潜在诉求可能进一步推动相当部分的离岸美元回流中国市场，尤其是A股市场。综合以上几方面，我们预估A股市场在资金面要素上中长期向好的趋势不变。另外，在基本面方面，我们看到2025年末的政策开始将提振内需、促进物价合理回升提到了更高的优先级，并且我们有理由期待更多更有力的推动就业、提高居民收入和兜底民生风险的举措进一步出台，包括消费在内的内需板块可能更多会与CPI增速同步改善，即意味着我们大概率会先看到PPI相关的顺周期发力，而后再期待消费行业跟随着夯实基础并逐步复苏。在此期间A股科技成长类板块的短期趋势可能仍然较为强劲，其内部从“科技出海”向“国产应用”转换的概率加大，也是契合提振内需的政策方向，有助于将人工智能等阶段性科技成果实际落地，转化为促进全要素生产力和宏观经济持续向好的动力。","fund":{"_id":3000000160806,"stockCode":"160806","stockType":"fund","areaCode":"cn","followedNum":16,"status":"normal","exchange":"sz","fundType":"lof_etf","ipoDate":"2009-05-05T16:00:00.000Z","setUpScale":14685600000,"blackenedNum":0,"market":"a","tickerId":160806,"name":"长盛同庆中证800指数型证券投资基金(LOF)","shortName":"长盛同庆中证800指数(LOF)(160806)","fundSecondLevel":"company","lastUpdated":"2026-08-01T07:27:47.131Z","__csrcFundId":2822,"fundStatus":"normal","masterFundFlag":1,"inceptionDate":"2009-05-11T16:00:00.000Z","fundCollectionId":4000050070000,"currency":"CNY","pinyin":"cstqzz800zsxzqtzjj(lof)","__indexSourceEastMoney":1,"__indexSourceCsi":1,"masterFundShortName":"长盛同庆中证800指数(LOF)","indexId":1000000000906,"lofFundFlag":1,"indexFundFlag":1,"managers":[{"stockCode":"db20696456","stockType":"fund_manager","exchange":"fm","tickerId":30719190150,"name":"陈亘斯"},{"stockCode":"db20760718","stockType":"fund_manager","exchange":"fm","tickerId":192418202250,"name":"石晓冉"}]},"announcement":{"linkText":"长盛同庆中证800指数型证券投资基金(LOF)2025年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1451705","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed8917fea5b3eb0593013","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-24T16:00:00.000Z","stockId":3000000160806,"sao":"2025年三季度A股市场整体在二季度的急跌后修复趋稳的基础上，展开了加速上涨态势，其中与人工智能相关的科技成长风格板块叠加反内卷政策利好的高端制造板块，贯穿三季度始终，引领了市场的动能。三季度中美贸易多轮谈判进展较为平顺，同时美联储降息预期持续发酵，促进了国内投资者以及离岸投资者的风险偏好进一步提升，大盘成长型风格的超额收益十分显著。通信、半导体、新能源等新质生产力行业的龙头股在预期业绩高增的驱动下，估值显著抬升，市场对业绩的定价相当充分；虽然部分个股的拥挤度有所抬升，但尚未到达历史的极致水平。龙头绩优股更可能以震荡走势消化拥挤度，等待产业的进一步催化，而业绩表现欠佳的股票在情绪和动量退潮后调整可能会更剧烈。另一方面，红利板块整体走势平缓，其中上半年领头的银行指数回调幅度较大，主要由于红利型投资者对于估值和相应的股息率较为敏感，同时其亦受到长端无风险利率上行的压制。但我们看到红利内部的部分稳定成长型个股在优质的经营现金流加持下，其配置价值已大幅上升，可以较好在未来几个月对冲并平滑高成长板块的较大波动。我们将持续跟踪后续国内宏观政策对于国内外双循环的引导以及中美经贸谈判的走势，在以内部供需为主导的自主创新、反内卷和外部供需为主导的出海供应链之间更加合理的调配相应板块。　　在操作中，我们严格遵守基金合同，在指数权重调整和基金申赎变动时，应用指数复制和数量化手段降低交易成本和减少跟踪误差。","lastUpdated":"2026-03-09T14:26:25.727Z","fund":{"_id":3000000160806,"stockCode":"160806","stockType":"fund","areaCode":"cn","followedNum":16,"status":"normal","exchange":"sz","fundType":"lof_etf","ipoDate":"2009-05-05T16:00:00.000Z","setUpScale":14685600000,"blackenedNum":0,"market":"a","tickerId":160806,"name":"长盛同庆中证800指数型证券投资基金(LOF)","shortName":"长盛同庆中证800指数(LOF)(160806)","fundSecondLevel":"company","lastUpdated":"2026-08-01T07:27:47.131Z","__csrcFundId":2822,"fundStatus":"normal","masterFundFlag":1,"inceptionDate":"2009-05-11T16:00:00.000Z","fundCollectionId":4000050070000,"currency":"CNY","pinyin":"cstqzz800zsxzqtzjj(lof)","__indexSourceEastMoney":1,"__indexSourceCsi":1,"masterFundShortName":"长盛同庆中证800指数(LOF)","indexId":1000000000906,"lofFundFlag":1,"indexFundFlag":1,"managers":[{"stockCode":"db20696456","stockType":"fund_manager","exchange":"fm","tickerId":30719190150,"name":"陈亘斯"},{"stockCode":"db20760718","stockType":"fund_manager","exchange":"fm","tickerId":192418202250,"name":"石晓冉"}]},"announcement":{"linkText":"长盛同庆中证800指数型证券投资基金(LOF)2025年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1370992","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed8917fea5b3eb0593012","date":"2025-06-29T16:00:00.000Z","stockId":3000000160806,"sao":"2025年上半年A股市场首先在年初经历了小幅快速调整后走出了逐步修复行情，尤其是春节前后由于 DeepSeek 大模型的新版本以及新一代人形机器人的发布和出圈，引发了市场对于科技成长类企业的热切关注和积极展望，尤其与新质生产力高度相关的部分细分行业如软件、互联网、自动化设备、生物科技等与港股市场的科技板块产生共振同步走高。随着节后资金面的回暖，市场交易氛围重新活跃，成交额相较春节前有所放大，带动了小市值和预期高成长风格的持续走强，而红利、低波动、低换手等防御型风格则在区间内窄幅震荡。其后A股市场在经历了二季度初期关税冲击后迅速修复并连续温和上涨，得益于政策的及时呵护以及投资者总体对国内的科技突破的前景保持了充分的信心。杠铃策略的红利和成长两端内部均有所变化，其中红利板块内以银行板块一马当先，尤其是业绩增速突出的地方性银行，显示出较强的经营韧性；而成长板块方面，不同于一季度领涨的人工智能、国产替代等偏向内循环的板块，面对关税压力仍能凭借自身产品优势而对外破局的创新药、电路板、光模块、军工等获得市场高度认同，部分成分股走势创出年内新高。但我们也注意到，成长板块的内部轮动十分显著，人气过高时需要评估其交易拥挤度和预期业绩的估值匹配度。此外，微盘股由于流动性的溢出效应而整体屡创历史新高，但其背后对资金净流入和动量效应的依赖过高而脱离了基本面估值体系，需要关注其急速调整的尾部风险。　　在操作中，我们严格遵守基金合同，在指数权重调整和基金申赎变动时，应用指数复制和数量化手段降低交易成本和减少跟踪误差。","declarationDate":"2025-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T14:26:25.725Z","mo":"展望2025年下半年，在利率保持低位以及居民储蓄高企的背景下，A股市场已在上半年逐步走出上行态势，对居民储蓄搬家的吸引力也随之提升，有望获得较为持续的增量资金入场。此外社会零售数据受益于以旧换新的补贴政策，同时服务业CPI也在持续回暖。经济内生活力在局部显现并扩散，叠加“反内卷”的新政策指引，国内经济格局处于供给驱动向需求拉动转换的关键时期。伴随着人工智能等新科技的协同作用，其间将可能自下而上涌现新的产业成长机会和投资范式。当然，在积极乐观之余，我们看到外部地缘环境仍存在不确定性，美国的关税政策的左右摇摆以及“大而美”法案的出台使得海外资金对于在美国本土和大中华地区之间的配置调整仍有可能一波三折。虽然美国的技术革新对企业增长预期的支撑仍表现出相当的韧性，但其居民的就业、消费等数据已有疲态，因此我们对于美联储在中期打开降息通道进而改善A股外部流动性的趋势抱有高度的信心，但未来几个月应当留意目前较为一致的乐观预期可能会产生短期分歧，从而催化市场出现明显的震荡，但总体市场逐步上台阶的中长期态势大概率会在偶发的调整后更加坚实。","fund":{"_id":3000000160806,"stockCode":"160806","stockType":"fund","areaCode":"cn","followedNum":16,"status":"normal","exchange":"sz","fundType":"lof_etf","ipoDate":"2009-05-05T16:00:00.000Z","setUpScale":14685600000,"blackenedNum":0,"market":"a","tickerId":160806,"name":"长盛同庆中证800指数型证券投资基金(LOF)","shortName":"长盛同庆中证800指数(LOF)(160806)","fundSecondLevel":"company","lastUpdated":"2026-08-01T07:27:47.131Z","__csrcFundId":2822,"fundStatus":"normal","masterFundFlag":1,"inceptionDate":"2009-05-11T16:00:00.000Z","fundCollectionId":4000050070000,"currency":"CNY","pinyin":"cstqzz800zsxzqtzjj(lof)","__indexSourceEastMoney":1,"__indexSourceCsi":1,"masterFundShortName":"长盛同庆中证800指数(LOF)","indexId":1000000000906,"lofFundFlag":1,"indexFundFlag":1,"managers":[{"stockCode":"db20696456","stockType":"fund_manager","exchange":"fm","tickerId":30719190150,"name":"陈亘斯"},{"stockCode":"db20760718","stockType":"fund_manager","exchange":"fm","tickerId":192418202250,"name":"石晓冉"}]},"announcement":{"linkText":"长盛同庆中证800指数型证券投资基金(LOF)2025年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1349952","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed8917fea5b3eb0593011","date":"2025-03-30T16:00:00.000Z","stockId":3000000160806,"sao":"2025年一季度A股市场总体在经历了小幅快速调整后走出了逐步修复行情。尤其是春节前后由于DeepSeek大模型的新版本以及新一代人形机器人的发布和出圈，引发了市场对于科技成长类企业的热切关注和积极展望，尤其与新质生产力高度相关的部分细分行业如软件、互联网、自动化设备、生物科技等与港股市场的科技板块产生共振同步走高。随着节后资金面的回暖，市场交易氛围重新活跃，成交额相较春节前有所放大，带动了小市值和预期高成长风格的持续走强，而红利、低波动、低换手等防御型风格则在区间内窄幅震荡。但从大数据分析看，一季度行情的内部结构与个人投资者情绪和新闻舆情热度等因素高度相关，部分细分行业的一季度的振幅远大于其最终的涨跌幅，以及相当数量的小市值股票的估值显著脱离基本面，潜在的波动风险加大，需要与未来的财报进行交叉验证以观察其成长性兑现的程度与节奏。此外由于国际环境具有高度的不确定性，我们将及时评估国内政策及宏观形势与外部的对冲效果，采取更加及时谨慎的态度动态平衡进攻和防御策略组合的配比。　　在操作中，我们严格遵守基金合同，在指数权重调整和基金申赎变动时，应用指数复制和数量化手段降低交易成本和减少跟踪误差。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:26:25.722Z","fund":{"_id":3000000160806,"stockCode":"160806","stockType":"fund","areaCode":"cn","followedNum":16,"status":"normal","exchange":"sz","fundType":"lof_etf","ipoDate":"2009-05-05T16:00:00.000Z","setUpScale":14685600000,"blackenedNum":0,"market":"a","tickerId":160806,"name":"长盛同庆中证800指数型证券投资基金(LOF)","shortName":"长盛同庆中证800指数(LOF)(160806)","fundSecondLevel":"company","lastUpdated":"2026-08-01T07:27:47.131Z","__csrcFundId":2822,"fundStatus":"normal","masterFundFlag":1,"inceptionDate":"2009-05-11T16:00:00.000Z","fundCollectionId":4000050070000,"currency":"CNY","pinyin":"cstqzz800zsxzqtzjj(lof)","__indexSourceEastMoney":1,"__indexSourceCsi":1,"masterFundShortName":"长盛同庆中证800指数(LOF)","indexId":1000000000906,"lofFundFlag":1,"indexFundFlag":1,"managers":[{"stockCode":"db20696456","stockType":"fund_manager","exchange":"fm","tickerId":30719190150,"name":"陈亘斯"},{"stockCode":"db20760718","stockType":"fund_manager","exchange":"fm","tickerId":192418202250,"name":"石晓冉"}]},"announcement":{"linkText":"长盛同庆中证800指数型证券投资基金(LOF)2025年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1272802","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed8917fea5b3eb0593010","date":"2024-12-30T16:00:00.000Z","stockId":3000000160806,"sao":"2024年全年A股整体呈现先抑后扬其后偏高位震荡的走势，全年波动较大，但整体表现较为积极，全A指数全年上涨10%，科技成长类的创业板指上涨13.2%，科创50指数表现最佳，全年涨幅达16.1%；政策的力度和节奏在期间起到了重要的驱动作用，在1月底和9月底引领了投资者风险偏好和市场流动性的变化，呵护了资本市场的信心。此外，ETF型基金自2023年以来进一步成为投资者入市的主流方式，尤其是以中证A500为代表的宽基ETF的资金流入促使市场整体的波动率逐步下降，减少了市场的过度博弈成分。全年看杠铃投资策略总体依然有效，一方面防御型的高股息资产如银行、保险、电力、公用事业等受益于流动性充裕及风险偏好下降而涨幅居前；另一方面科技与高端制造的通信设备、电子、半导体等因国产替代和AI技术爆发分阶段走强。对总量经济敏感的行业则持续承压，特别是消费与地产链涵盖的食品饮料、房地产、医药生物因内需不够强劲而表现落后。上游的周期性行业除了部分稀有小金属受益于出口管制走势有所表现外，如煤炭、有色等行业盈利增长乏力且股价总体呈现区间震荡。　　　　在操作中，我们严格遵守基金合同，在指数权重调整和基金申赎变动时，应用指数复制和数量化手段降低交易成本和减少跟踪误差。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:26:25.719Z","mo":"展望2025年，A股市场大概率呈现震荡上行的态势，主要伴随着经济基本面的改善、政策的持续发力以及风险偏好的逐步修复。由于终端需求不足、地缘政治冲突和贸易摩擦加剧这三个主要问题可能与全球经济复苏相伴而行，国内外多空因素亦会反复拉扯，因而我们预计红利与科技成长的杠铃策略依然有效。美国发起的贸易保护主义将是扰乱全球供应链的不安因素，并且叠加其对移民的管控政策和财政方面的减税政策，可能使得美国中低收入家庭在收入和通胀方面承受更大的压力，进而对中国的出口产生一定抑制。但作为对冲，我们看到2024年全球PMI整体呈现一定的波动上升趋势并有望延续至2025年，表明全球经济增长动力增强，企业对未来的经济前景预期较为乐观。主要的挑战来自于居民端的有效需求有所不足，但随着国内AI大模型的突破，新一轮科技浪潮或许正在路上，有望带来企业新的资本开支进而转化为居民收入，提振居民信心，或许会起到四两拨千斤的效果，带动经济进入正向循环。随着美国经济与中国经济的周期错位以及两者的政策力度与内生活力的彼消此长，我们将怀有对A股市场的积极乐观的展望但对美国市场由于再通胀带来的潜在尾部危险保持高度的关注，以指导我们动态的调整行业和风格的配置。","fund":{"_id":3000000160806,"stockCode":"160806","stockType":"fund","areaCode":"cn","followedNum":16,"status":"normal","exchange":"sz","fundType":"lof_etf","ipoDate":"2009-05-05T16:00:00.000Z","setUpScale":14685600000,"blackenedNum":0,"market":"a","tickerId":160806,"name":"长盛同庆中证800指数型证券投资基金(LOF)","shortName":"长盛同庆中证800指数(LOF)(160806)","fundSecondLevel":"company","lastUpdated":"2026-08-01T07:27:47.131Z","__csrcFundId":2822,"fundStatus":"normal","masterFundFlag":1,"inceptionDate":"2009-05-11T16:00:00.000Z","fundCollectionId":4000050070000,"currency":"CNY","pinyin":"cstqzz800zsxzqtzjj(lof)","__indexSourceEastMoney":1,"__indexSourceCsi":1,"masterFundShortName":"长盛同庆中证800指数(LOF)","indexId":1000000000906,"lofFundFlag":1,"indexFundFlag":1,"managers":[{"stockCode":"db20696456","stockType":"fund_manager","exchange":"fm","tickerId":30719190150,"name":"陈亘斯"},{"stockCode":"db20760718","stockType":"fund_manager","exchange":"fm","tickerId":192418202250,"name":"石晓冉"}]},"announcement":{"linkText":"长盛同庆中证800指数型证券投资基金(LOF)2024年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1259174","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed8917fea5b3eb059300f","date":"2024-09-29T16:00:00.000Z","stockId":3000000160806,"sao":"2024年三季度A股市场前期延续了二季度的下行趋势，主要是受到投资者风险偏好持续萎缩的影响。虽然经济体系中流动性依旧充裕且利率水平不断创新低，但由于国内处于化解地方债务和房地产行业出清的过程中，投资者整体对于这一态势的持续时长担忧加深，货币流转活力不足。但其后在9月底的政治局会议上，中央针对当前形势做出了果断坚决的战略指引和政策部署，要求充分激发全社会推动高质量发展的积极性、主动性、创造性，推动经济持续回升向好。随后经济金融主管部门发布一系列政策旨在激活市场预期，引入新的流动性支持机制对上市公司的合理估值水平进行呵护，使得市场快速恢复了信心和流动性。但在各类媒体纷杂的解读下，市场交易情绪被过分放大。我们在当下应该多一分冷静，因为市场的长期运行本质是依靠上市公司的业绩增长及其预期提升，9月底开始的行情更多是对前期不切实际的悲观认知的一次大幅矫正，后续我们需要保持耐心和信心，跟随财政等相关政策对风险化解和经济增长的逐步推动，并动态调整我们的投资方向。在这一转变过程中，红利类风格的股票依然是承接风险偏好由弱转强的重要过渡，而国产替代为主的科技创新类公司在新的并购重组优化等政策的支持下，空间可能被进一步打开，值得精挑细选个股并择机加大配置。　　在操作中，我们严格遵守基金合同，在指数权重调整和基金申赎变动时，应用指数复制和数量化手段降低交易成本和减少跟踪误差。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T14:26:25.717Z","fund":{"_id":3000000160806,"stockCode":"160806","stockType":"fund","areaCode":"cn","followedNum":16,"status":"normal","exchange":"sz","fundType":"lof_etf","ipoDate":"2009-05-05T16:00:00.000Z","setUpScale":14685600000,"blackenedNum":0,"market":"a","tickerId":160806,"name":"长盛同庆中证800指数型证券投资基金(LOF)","shortName":"长盛同庆中证800指数(LOF)(160806)","fundSecondLevel":"company","lastUpdated":"2026-08-01T07:27:47.131Z","__csrcFundId":2822,"fundStatus":"normal","masterFundFlag":1,"inceptionDate":"2009-05-11T16:00:00.000Z","fundCollectionId":4000050070000,"currency":"CNY","pinyin":"cstqzz800zsxzqtzjj(lof)","__indexSourceEastMoney":1,"__indexSourceCsi":1,"masterFundShortName":"长盛同庆中证800指数(LOF)","indexId":1000000000906,"lofFundFlag":1,"indexFundFlag":1,"managers":[{"stockCode":"db20696456","stockType":"fund_manager","exchange":"fm","tickerId":30719190150,"name":"陈亘斯"},{"stockCode":"db20760718","stockType":"fund_manager","exchange":"fm","tickerId":192418202250,"name":"石晓冉"}]},"announcement":{"linkText":"长盛同庆中证800指数型证券投资基金(LOF)2024年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1174067","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed8917fea5b3eb059300e","date":"2024-06-29T16:00:00.000Z","stockId":3000000160806,"sao":"2024年上半年，A 股市场先是延续了2023 年末的下行趋势，并在各种结构性产品平仓的影响下，产生了加速下跌和流动性缺失的负向螺旋，但其后在果断坚决的政策支持下，市场快速恢复了信心和流动性。受限于权益市场的边际流动性不足以及风险偏好走弱的影响，市场在一季度的修复性快速反弹后进入了窄幅区间震荡且偏弱的态势。代表供给受限的能源、矿产、交运等行业以及景气大幅改善的电子、半导体等行业涨幅靠前，消费、房地产等与宏观经济需求强关联的行业表现落后。大市值、高股息、稳健现金流一类的防御型风格在监管政策的引导下延续了2023年以来的良好走势。净资本回报率、净利润和毛利率等财务指标的提升所引导的景气投资策略在出海板块和新质生产力中的部分高科技细分业开始发酵并走出较为曲折的上行趋势。这意味着高胜率短久期的红利策略与高赔率长久期的成长策略依然呈现杠铃型结构，但更偏向于防御的一端，体现出投资者风险偏好持续的两极分化，其中以保守态度占优为主。　　在操作中，我们严格遵守基金合同，在指数权重调整和基金申赎变动时，应用指数复制和数量化手段降低交易成本和减少跟踪误差。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T14:26:25.714Z","mo":"展望2024年下半年，市场大概率先沿着过去一年多的风险偏好两极化下的风格及行业特征继续运行，直到被某些重大的外生变化冲击后才更可能去寻找新结构和方向。受到美国就业数据疲软以及商业地产债务的拖累，美联储的降息预期在年中有望加强，但美国大选的不确定性仍然高企，目前其高赤字叠加高通胀和高名义经济增长的循环依然有较强的惯性，不能过度寄希望于美元利率的快速走低来改善A股的外部流动性环境，并且中美库存周期共振见底后的上行斜率和节奏可能会受到较低的产能利用率压制。因此我们依然相对看好具有盈利稳定性而带来股息水平可持续的公用事业、银行等板块以及成长性高度可预期可跟踪的半导体、电子等板块，前提是其估值的提升尚未透支未来一年至两年的业绩增速，否则便需要在高低估值之间切换平衡，确保组合整体的安全边际来控制风险。","fund":{"_id":3000000160806,"stockCode":"160806","stockType":"fund","areaCode":"cn","followedNum":16,"status":"normal","exchange":"sz","fundType":"lof_etf","ipoDate":"2009-05-05T16:00:00.000Z","setUpScale":14685600000,"blackenedNum":0,"market":"a","tickerId":160806,"name":"长盛同庆中证800指数型证券投资基金(LOF)","shortName":"长盛同庆中证800指数(LOF)(160806)","fundSecondLevel":"company","lastUpdated":"2026-08-01T07:27:47.131Z","__csrcFundId":2822,"fundStatus":"normal","masterFundFlag":1,"inceptionDate":"2009-05-11T16:00:00.000Z","fundCollectionId":4000050070000,"currency":"CNY","pinyin":"cstqzz800zsxzqtzjj(lof)","__indexSourceEastMoney":1,"__indexSourceCsi":1,"masterFundShortName":"长盛同庆中证800指数(LOF)","indexId":1000000000906,"lofFundFlag":1,"indexFundFlag":1,"managers":[{"stockCode":"db20696456","stockType":"fund_manager","exchange":"fm","tickerId":30719190150,"name":"陈亘斯"},{"stockCode":"db20760718","stockType":"fund_manager","exchange":"fm","tickerId":192418202250,"name":"石晓冉"}]},"announcement":{"linkText":"长盛同庆中证800指数型证券投资基金(LOF)2024年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1146943","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed8917fea5b3eb059300d","date":"2024-03-30T16:00:00.000Z","stockId":3000000160806,"sao":"2024年第一季度，A股市场先是延续了2023年末的下行趋势，并在各种结构性产品平仓的影响下，产生了加速下跌和流动性缺失的负向螺旋，但其后在果断坚决的政策支持下，市场快速恢复了信心和流动性。在这一过程中，红利与成长风格之间以及市值风格内部等出现了极度分化后又极为迅速的走出均值修复。在新政策思路的指导下，A股整体的净融资额有望逐步下降，融资功能与投资功能将更加平衡，主流宽基指数类似加持了看跌期权保护，使得风险收益比对投资者开始逐渐变得有利。我们注意到ROE和毛利率等财务指标的提升所引导的景气投资策略在顺周期行业和新质生产力中的部分制造业开始酝酿及发酵。此外景气投资的前置策略即由产品力爆发或商业模式创新引导的主题投资表现十分抢眼，譬如低空经济和多模态AI大模型等；虽然其难免有过度炒作之嫌，但市场的风险偏好和乐观精神已经在局部恢复和展开，和红利价值策略开始形成竞争关系且正在逐渐打破两者在去年的并驾齐驱的势头。当然由于主题投资具有长久期、高赔率及低胜率的特点，并且持续受到人民币和美元双方的实际利率和信用条件的来回拉扯，在其向确定性更高的景气投资演化中往往会经历一波三折和大浪淘沙。因此必要的结构性轮动可能在今年的投资中依然有效，交易和持仓的拥挤度以及业绩的兑现度或许不可不察。　　在操作中，我们严格遵守基金合同，在指数权重调整和基金申赎变动时，应用指数复制和数量化手段降低交易成本和减少跟踪误差。","declarationDate":"2024-04-19T16:00:00.000Z","lastUpdated":"2026-03-09T14:26:25.711Z","fund":{"_id":3000000160806,"stockCode":"160806","stockType":"fund","areaCode":"cn","followedNum":16,"status":"normal","exchange":"sz","fundType":"lof_etf","ipoDate":"2009-05-05T16:00:00.000Z","setUpScale":14685600000,"blackenedNum":0,"market":"a","tickerId":160806,"name":"长盛同庆中证800指数型证券投资基金(LOF)","shortName":"长盛同庆中证800指数(LOF)(160806)","fundSecondLevel":"company","lastUpdated":"2026-08-01T07:27:47.131Z","__csrcFundId":2822,"fundStatus":"normal","masterFundFlag":1,"inceptionDate":"2009-05-11T16:00:00.000Z","fundCollectionId":4000050070000,"currency":"CNY","pinyin":"cstqzz800zsxzqtzjj(lof)","__indexSourceEastMoney":1,"__indexSourceCsi":1,"masterFundShortName":"长盛同庆中证800指数(LOF)","indexId":1000000000906,"lofFundFlag":1,"indexFundFlag":1,"managers":[{"stockCode":"db20696456","stockType":"fund_manager","exchange":"fm","tickerId":30719190150,"name":"陈亘斯"},{"stockCode":"db20760718","stockType":"fund_manager","exchange":"fm","tickerId":192418202250,"name":"石晓冉"}]},"announcement":{"linkText":"长盛同庆中证800指数型证券投资基金(LOF)2024年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1072879","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed8917fea5b3eb059300c","date":"2023-12-30T16:00:00.000Z","stockId":3000000160806,"sao":"2023年全年看来，具有顺周期、稳定盈利叠加红利特性的股票整体表现良好，虽然年中遭遇拥挤交易而产生回撤，但其后依然走出了稳健上涨的趋势。此外受到chatgpt的发布和升级的影响，投资者对于技术革命的热情在多年沉寂后重被点燃，TMT板块的未来预期被全面打开，尤其在上半年被充分交易至过度乐观的水平。此后科技成长类行业的市场走势逐步且快速的回归于其实际经营表现以及其合理的预期展望。A股市场的其他板块总体持续下行，行业轮动迅速，尤其是下半年更难以寻觅能显著且持续走强的行业。以上种种现象暗示着市场对经济逐步修复、重回增长轨道开始展露信心，但对于快速恢复到全面高增长的期望有限，成长性更多的聚集在非常局部的行业和更远期的窗口内；这也正映射到当年哑铃型投资策略的有效性。　　　　在操作中，我们严格遵守基金合同，在指数权重调整和基金申赎变动时，应用指数复制和数量化手段降低交易成本和减少跟踪误差。","declarationDate":"2024-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T14:26:25.708Z","mo":"展望2024年，美联储的降息预期在2023年底存在被过度交易的情形，预示美债可能会在超买后有所调整。美联储和财政部受到其国内大选的党派竞争、其国际治理能力的衰退以及其金融系统的脆弱性等底层因素的左右拉扯，可能使得两者在政策上难以强力调整，市场对其预期却往往反应过度，然后又发生均值回归。而我们国内财政政策也似乎倾向采取多看少动的态度，虽然货币政策可能会更积极一些，但信用自发扩张的动力依然不强，除非国内外有大级别的风险爆发。因此A股可能先沿着2023年的风格及行业特征继续运行，直到被某些重大事件冲击后才更可能去寻找新结构和方向。我们后续需要重点关注中美库存周期大概率共振见底后的上行斜率和节奏，这对未来的行业和风格趋势有重要影响。美国经济对于准财政手段的依赖能持续多久以及中国经济对于强力财政政策的推行能有多快很有可能是未来的关键变量。","fund":{"_id":3000000160806,"sto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量化手段降低交易成本和减少跟踪误差。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T14:26:25.704Z","fund":{"_id":3000000160806,"stockCode":"160806","stockType":"fund","areaCode":"cn","followedNum":16,"status":"normal","exchange":"sz","fundType":"lof_etf","ipoDate":"2009-05-05T16:00:00.000Z","setUpScale":14685600000,"blackenedNum":0,"market":"a","tickerId":160806,"name":"长盛同庆中证800指数型证券投资基金(LOF)","shortName":"长盛同庆中证800指数(LOF)(160806)","fundSecondLevel":"company","lastUpdated":"2026-08-01T07:27:47.131Z","__csrcFundId":2822,"fundStatus":"normal","masterFundFlag":1,"inceptionDate":"2009-05-11T16:00:00.000Z","fundCollectionId":4000050070000,"currency":"CNY","pinyin":"cstqzz800zsxzqtzjj(lof)","__indexSourceEastMoney":1,"__indexSourceCsi":1,"masterFundShortName":"长盛同庆中证800指数(LOF)","indexId":1000000000906,"lofFundFlag":1,"indexFundFlag":1,"managers":[{"stockCode":"db20696456","stockType":"fund_manager","exchange":"fm","tickerId":30719190150,"name":"陈亘斯"},{"stockCode":"db20760718","stockType":"fund_manager","exchange":"fm","tickerId":192418202250,"name":"石晓冉"}]},"announcement":{"linkText":"长盛同庆中证800指数型证券投资基金(LOF)2023年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=990331","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed8917fea5b3eb059300a","date":"2023-06-29T16:00:00.000Z","stockId":3000000160806,"sao":"2023年上半年，A股市场整体呈现震荡格局，板块分化剧烈并且行业轮动迅猛。去年底受到经济修复至常态的预期引导而快速反弹的消费相关板块走势乏力，缺乏宏观经济数据和政策力度的支持，居民超额储蓄的内部不平衡的结构和蕴含的低风险偏好依然未见起色。三架马车中的出口增速的中期展望亦显疲软，市场对政府投资及采购的发力和落地的预期较高，叠加一带一路大外交的破局，带动了大基建、信创、数据资产板块的行情持续发酵。随着三月份chatgpt新版本的推出，投资者对于技术革命的热情在多年沉寂后重被点燃，TMT板块的未来预期被全面打开。二季度A股延续了一季度启动的重点板块行情，即红利低估性质的央国企价值重估走势和强成长预期的人工智能相关板块的突围。市场既追求远期的成长性，又不忘当下的分红安全性，这两者并存所带来杠铃型行情在一定程度上反应了对经济增长的不确定性的担忧。　　　　在操作中，我们严格遵守基金合同，在指数权重调整和基金申赎变动时，应用指数复制和数量化手段降低交易成本和减少跟踪误差。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:26:25.702Z","mo":"展望2023年下半年，目前能观察到大国外交关系有解冻趋缓的态势并且市场对经济政策的预期开始增强，譬如促进新能源汽车、储能和电网建设的政策频频发力，管理层对于人工智能相关产业链高度重视并鼓励前瞻布局等。虽然下半年的国内经济可能还会处于夯实底部阶段，但库存去化开始进入后半程。我们预计美联储即便停止加息，但美国经济自然回落可能仍将美元的实际利率维持在显著的1%-2%的水平到四季度，这对中美息差收窄和外资流入仍有一定压制作用，并且国内的风险偏好重新上升仍需等待政策的进一步发力。真正的重大机会或许来自供给侧的一定程度的调整出清配合需求侧的有力支持从而两者达到较为平衡的状态之时。柳暗花明总在峰回路转处，若干年后回头看这也许是国内经济迈向高质量发展、打开更广阔天地的转型途中一次短暂的波折。我们更需要耐心等待，在投资上转变追求短平快的心态，戒急用忍方能行稳致远。","fund":{"_id":3000000160806,"stockCode":"160806","stockType":"fund","areaCode":"cn","followedNum":16,"status":"normal","exchange":"sz","fundType":"lof_etf","ipoDate":"2009-05-05T16:00:00.000Z","setUpScale":14685600000,"blackenedNum":0,"market":"a","tickerId":160806,"name":"长盛同庆中证800指数型证券投资基金(LOF)","shortName":"长盛同庆中证800指数(LOF)(160806)","fundSecondLevel":"company","lastUpdated":"2026-08-01T07:27:47.131Z","__csrcFundId":2822,"fundStatus":"normal","masterFundFlag":1,"inceptionDate":"2009-05-11T16:00:00.000Z","fundCollectionId":4000050070000,"currency":"CNY","pinyin":"cstqzz800zsxzqtzjj(lof)","__indexSourceEastMoney":1,"__indexSourceCsi":1,"masterFundShortName":"长盛同庆中证800指数(LOF)","indexId":1000000000906,"lofFundFlag":1,"indexFundFlag":1,"managers":[{"stockCode":"db20696456","stockType":"fund_manager","exchange":"fm","tickerId":30719190150,"name":"陈亘斯"},{"stockCode":"db20760718","stockType":"fund_manager","exchange":"fm","tickerId":192418202250,"name":"石晓冉"}]},"announcement":{"linkText":"长盛同庆中证800指数型证券投资基金(LOF)2023年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=958056","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed8917fea5b3eb0593009","date":"2023-03-30T16:00:00.000Z","stockId":3000000160806,"sao":"2023 年第一季度，A股市场延续了2022年四季度起势的有力反弹，但内部结构变化剧烈。去年底受到经济修复至常态的预期引导而快速反弹的消费相关板块走势乏力，缺乏宏观经济数据和政策力度的支持，居民超额储蓄的内部不平衡的结构和蕴含的低风险偏好依然未见起色。三架马车中的出口增速的展望亦显疲软，市场对政府投资及采购的发力和落地的预期较高，叠加一带一路大外交的破局，带动了大基建、信创、数据资产板块的行情持续发酵。三月下半月，随着chatgpt新版本的推出，投资者对于技术革命的热情在多年沉寂后重被点燃，TMT板块的未来预期被全面打开。关于大数据预训练模型带来的类似智能的涌现激发了投资者对于出现经济活动的全生产要素提升和新商业模式的极度的乐观情绪。但在TMT相关板块的换手率达到历史高位后，我们可能更需要沉静下来思考新技术的本质和边界，以及仔细跟踪观察相关上市公司的真正的受益情况。大数据LLM模型及其方法论带来了广阔的可能性，也势必会带来新的挑战。其规模所涉及的商业主体的寡头竞争性、底层数据资产的确权成本以及未来社会性溢出而受到的监管边界并没有逃出此前技术革命的社会经济影响的范式和框架。在全球宏观经济增速放缓和社会不平衡结构的背景下，乐观者点燃革新的火焰照亮远景，沉稳者依然可以看见前方道路上千沟万壑的曲折。　　　　　　在操作中，我们严格遵守基金合同，在指数权重调整和基金申赎变动时，应用指数复制和数 量化手段降低交易成本和减少跟踪误差。","declarationDate":"2023-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:26:25.699Z","fund":{"_id":3000000160806,"stockCode":"160806","stockType":"fund","areaCode":"cn","followedNum":16,"status":"normal","exchange":"sz","fundType":"lof_etf","ipoDate":"2009-05-05T16:00:00.000Z","setUpScale":14685600000,"blackenedNum":0,"market":"a","tickerId":160806,"name":"长盛同庆中证800指数型证券投资基金(LOF)","shortName":"长盛同庆中证800指数(LOF)(160806)","fundSecondLevel":"company","lastUpdated":"2026-08-01T07:27:47.131Z","__csrcFundId":2822,"fundStatus":"normal","masterFundFlag":1,"inceptionDate":"2009-05-11T16:00:00.000Z","fundCollectionId":4000050070000,"currency":"CNY","pinyin":"cstqzz800zsxzqtzjj(lof)","__indexSourceEastMoney":1,"__indexSourceCsi":1,"masterFundShortName":"长盛同庆中证800指数(LOF)","indexId":1000000000906,"lofFundFlag":1,"indexFundFlag":1,"managers":[{"stockCode":"db20696456","stockType":"fund_manager","exchange":"fm","tickerId":30719190150,"name":"陈亘斯"},{"stockCode":"db20760718","stockType":"fund_manager","exchange":"fm","tickerId":192418202250,"name":"石晓冉"}]},"announcement":{"linkText":"长盛同庆中证800指数型证券投资基金(LOF)2023年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=888280","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed8917fea5b3eb0593008","date":"2022-12-30T16:00:00.000Z","stockId":3000000160806,"sao":"2022年A股市场总体呈现先持续下跌再区间震荡且逐渐收敛的走势，波动较为剧烈。上半年主要受到国内经济增速偏弱、有效信用扩张不及预期以及美国高通胀带来的美元持续升息的影响，A股市场在一季度经历了较大幅度的下行；二季度初又受到国内疫情的反复和国际地缘冲突的突发影响，市场的风险偏好显著下降，A股整体进一步急剧下挫。随着市场潜在杠杆的出清和国内迅捷有力的货币政策支持下，社会融资见底反弹，流动性得到充分补充，低利率叠加下跌后的较低估值，使得 A 股市场的风险溢价率显现较好的吸引力，出现一轮快速反弹。进入二季度中期，疫情得到显著有效的控制，经济增长预期得到修复，重新激发了投资者对于成长板块的偏好，使得反弹持续到二季度末。三季度受制于经济运行尤其是房地产行业下行预期的掣肘，社会信用依然难以有效扩张，叠加美元持续走强抑制了海外资金对A股的配置需求，大盘在反弹后继续下探。四季度随着疫情管控的转变和房地产相关政策的连续出台，市场对经济增长的预期修复和对金融风险发酵的担忧得到了有效缓解。从当时市场整体的风险溢价水平看，A股已处于历史偏底部位置，下行空间十分有限。随着美国加息预期的放缓和美元走弱，北向资金急速引领了一波以大盘价值为主导的修复行情，并有望延续至次年初，带动市场情绪的重新启动。　　　　在操作中，我们严格遵守基金合同，在指数权重调整和基金申赎变动时，应用指数复制和数量化手段降低交易成本和减少跟踪误差。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T14:26:25.696Z","mo":"展望2023年全年，预计财政政策将持续发力，并且在疫情影响消退后能够更加有效的落地，带动经济增长率和居民收入水平的修复。居民消费水平和基建开工相关活动有望从低点逐步恢复至常态水平，同时给 A 股的消费行业和基建相关行业带来一定机会。地产产业链经历过多重冲击后，行业存在进一步出清并提高集中度的可能性，有望重拾供给侧改革的投资逻辑。但是总体上我们认为2023年是一段休养生息的窗口期，经济上行的趋势确定性极高，但大幅上行空间有多大仍有待观察，因为居民和企业部门的资产负债表的修复大概率受到海外经济衰退引发的出口疲软的牵制。此外，经济扩张的速度和幅度亦和国内通胀水平有一定程度的相互制约关系，进而使得在2023下半年内国内利率水平的下行空间可能受到约束。在行业上，我们重点关注偏向于内生动力的三大安全相关主题，尤其是产业链上关键位置的国产替代和自主创新这一受外部国际经济环境影响较小的方向，其成长空间仍然大有可为。","fund":{"_id":3000000160806,"stockCode":"160806","stockType":"fund","areaCode":"cn","followedNum":16,"status":"normal","exchange":"sz","fundType":"lof_etf","ipoDate":"2009-05-05T16:00:00.000Z","setUpScale":14685600000,"blackenedNum":0,"market":"a","tickerId":160806,"name":"长盛同庆中证800指数型证券投资基金(LOF)","shortName":"长盛同庆中证800指数(LOF)(160806)","fundSecondLevel":"company","lastUpdated":"2026-08-01T07:27:47.131Z","__csrcFundId":2822,"fundStatus":"normal","masterFundFlag":1,"inceptionDate":"2009-05-11T16:00:00.000Z","fundCollectionId":4000050070000,"currency":"CNY","pinyin":"cstqzz800zsxzqtzjj(lof)","__indexSourceEastMoney":1,"__indexSourceCsi":1,"masterFundShortName":"长盛同庆中证800指数(LOF)","indexId":1000000000906,"lofFundFlag":1,"indexFundFlag":1,"managers":[{"stockCode":"db20696456","stockType":"fund_manager","exchange":"fm","tickerId":30719190150,"name":"陈亘斯"},{"stockCode":"db20760718","stockType":"fund_manager","exchange":"fm","tickerId":192418202250,"name":"石晓冉"}]},"announcement":{"linkText":"长盛同庆中证800指数型证券投资基金(LOF)2022年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=871491","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed8917fea5b3eb0593007","date":"2022-09-29T16:00:00.000Z","stockId":3000000160806,"sao":"2022年三季度A股市场整体在经历了二季度的反弹后重回下行趋势。虽然政策层面流动性依然足够充裕，但受制于经济运行尤其是房地产行业下行预期的掣肘，社会信用难以有效扩张，叠加投资者风险偏好下降，成长风格经受了大幅回调。此外美国加息的持续性和美元的持续走强也牵制了海外长期资产的配置需求，而人民币汇率的调整对于CPI向PPI靠拢存在一定推动作用，对于长端利率下行的抑制不容忽视，成长风格由弱转强仍然需要等待。目前国内经济形势和国际地缘政治相互交织、错综复杂，极有可能是对过去二十年全球化的一次大型压力测试。具有安全边际的红利板块有可能提供短期的避险需求。等到四季度形势进一步明朗并且稳增长政策确实发力后，A股市场应当能顺应经济基本面变化逐步走出新的周期。  在操作中，我们严格遵守基金合同，在指数权重调整和基金申赎变动时，应用指数复制和数量化手段降低交易成本和减少跟踪误差。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T14:26:25.693Z","fund":{"_id":3000000160806,"stockCode":"160806","stockType":"fund","areaCode":"cn","followedNum":16,"status":"normal","exchange":"sz","fundType":"lof_etf","ipoDate":"2009-05-05T16:00:00.000Z","setUpScale":14685600000,"blackenedNum":0,"market":"a","tickerId":160806,"name":"长盛同庆中证800指数型证券投资基金(LOF)","shortName":"长盛同庆中证800指数(LOF)(160806)","fundSecondLevel":"company","lastUpdated":"2026-08-01T07:27:47.131Z","__csrcFundId":2822,"fundStatus":"normal","masterFundFlag":1,"inceptionDate":"2009-05-11T16:00:00.000Z","fundCollectionId":4000050070000,"currency":"CNY","pinyin":"cstqzz800zsxzqtzjj(lof)","__indexSourceEastMoney":1,"__indexSourceCsi":1,"masterFundShortName":"长盛同庆中证800指数(LOF)","indexId":1000000000906,"lofFundFlag":1,"indexFundFlag":1,"managers":[{"stockCode":"db20696456","stockType":"fund_manager","exchange":"fm","tickerId":30719190150,"name":"陈亘斯"},{"stockCode":"db20760718","stockType":"fund_manager","exchange":"fm","tickerId":192418202250,"name":"石晓冉"}]},"announcement":{"linkText":"长盛同庆中证800指数型证券投资基金(LOF)2022年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=806985","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed8917fea5b3eb0593006","date":"2022-06-29T16:00:00.000Z","stockId":3000000160806,"sao":"2022年上半年，股市和经济增长总体呈现先下再上的V型走势，波动较为剧烈。首先受到国內经济下行压力增大、有效信用扩张不及预期以及美国高通胀带来的美元持续升息的预期影响，A股市场在一季度经历了较大幅度的下行，投资者明显转向红利价值类的风格股票避险。二季度初又受到国内疫情的反复和国际地缘冲突的突发影响，A股整体进一步急剧下挫。随着市场潜在杠杆的出清和国内迅捷有力的货币政策支持下，社会融资见底反弹，流动性得到充分补充，低利率叠加下跌后的较低估值，使得A股市场的风险溢价率显现较好的吸引力，出现一轮快速反弹。进入二季度中期，疫情得到显著有效的控制，经济增长预期得到修复，进一步激发了投资者对于成长板块的偏好，使得反弹有力的持续到季度末。而随着上游大宗商品的高位回调，国内中游制造业的成本压力缓解，重拾产业链竞争力，并促进了出口大幅回升，使得A股市场和国内经济的运行在一定程度下重回常态。     在操作中，我们严格遵守基金合同，在指数权重调整和基金申赎变动时，应用指数复制和数量化手段降低交易成本和减少跟踪误差。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T14:26:25.691Z","mo":"展望2022年下半年，预计国内货币政策将继续保持对企业的积极的支持力度，财政政策将进一步敦促上半年各个项目的落地和实施，以期给实体经济带来新的增长点和长效的增长预期。此外随着疫情对经济的影响逐步消退，居民消费水平和基建开工活动有望从低点逐步恢复至常态水平，同时给A股的消费行业和基建相关行业带来一定机会。地产产业链经历多重冲击后，行业存在进一步出清并提高集中度的可能性，有望重拾供给侧改革的投资逻辑。此外，我们需要看到国内的社会融资结构中，企业部门的中长期贷款增长仍然较为疲软，经济自发扩张动能尚且不足。国际地缘政治冲突虽然暂未进一步发酵，大宗原材料价格有一定回调，但CPI向PPI靠拢在全球普遍发生，亦在国内有抬头之势，对国内的进一步大幅宽松政策实施形成掣肘，成长股的反弹也步入下半场。下半年呈现以业绩修复为主逻辑的结构性行情的概率更高，同时对股市的预期收益率也需要更加理性一些。","fund":{"_id":3000000160806,"stockCode":"160806","stockType":"fund","areaCode":"cn","followedNum":16,"status":"normal","exchange":"sz","fundType":"lof_etf","ipoDate":"2009-05-05T16:00:00.000Z","setUpScale":14685600000,"blackenedNum":0,"market":"a","tickerId":160806,"name":"长盛同庆中证800指数型证券投资基金(LOF)","shortName":"长盛同庆中证800指数(LOF)(160806)","fundSecondLevel":"company","lastUpdated":"2026-08-01T07:27:47.131Z","__csrcFundId":2822,"fundStatus":"normal","masterFundFlag":1,"inceptionDate":"2009-05-11T16:00:00.000Z","fundCollectionId":4000050070000,"currency":"CNY","pinyin":"cstqzz800zsxzqtzjj(lof)","__indexSourceEastMoney":1,"__indexSourceCsi":1,"masterFundShortName":"长盛同庆中证800指数(LOF)","indexId":1000000000906,"lofFundFlag":1,"indexFundFlag":1,"managers":[{"stockCode":"db20696456","stockType":"fund_manager","exchange":"fm","tickerId":30719190150,"name":"陈亘斯"},{"stockCode":"db20760718","stockType":"fund_manager","exchange":"fm","tickerId":192418202250,"name":"石晓冉"}]},"announcement":{"linkText":"长盛同庆中证800指数型证券投资基金(LOF)2022年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=778819","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed8917fea5b3eb0593005","date":"2022-03-30T16:00:00.000Z","stockId":3000000160806,"sao":"2022年一季度A股市场整体经历了较大幅度的下行，主要受到国內经济下行压力增大、有效信用扩张不及预期以及美国高通胀带来的美元持续升息预期的影响。一季度社会融资前高后低，中长期贷款增长出现疲软，经济自发扩张动能不足。国际地缘政治冲突进一步推高了上游大宗商品价格，对全球PPI和CPI形成双重上行风险，美债利率持续走高对国内的宽松政策实施形成一定掣肘，中概股审计争议、国内疫情反复也对市场风险偏好形成压制。国内和海外的流动性边际变化难以形成对于成长股定价的支撑，以强现金替代的红利低波股为代表的防御型和稳增长类板块收到投资者的一致认可，超额收益突出。此外业绩长期下行的如航空运输、畜牧养殖、餐饮旅游等板块的增长预期开始得到修复，困境反转的投资逻辑亦获得市场的认可。  放眼看去，目前A股市场估值普遍回调到历史低位水平，宏观经济和中观投资环境继续恶化的趋势已经开始收敛，国内政策托底措施已经开始发力，市场处于探底阶段，但仍需耐心等待。国际社会的博弈可能会继续发酵，但顺应历史的长期视角，在发展中化解矛盾才是最终的解决之道，A股市场的未来一段时间重点也在于以国内为主的稳增长政策带来的可预期的业绩较确定的板块当中。   在操作中，我们严格遵守基金合同，在指数权重调整和基金申赎变动时，应用指数复制和数量化手段降低交易成本和减少跟踪误差。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:26:25.687Z","fund":{"_id":3000000160806,"stockCode":"160806","stockType":"fund","areaCode":"cn","followedNum":16,"status":"normal","exchange":"sz","fundType":"lof_etf","ipoDate":"2009-05-05T16:00:00.000Z","setUpScale":14685600000,"blackenedNum":0,"market":"a","tickerId":160806,"name":"长盛同庆中证800指数型证券投资基金(LOF)","shortName":"长盛同庆中证800指数(LOF)(160806)","fundSecondLevel":"company","lastUpdated":"2026-08-01T07:27:47.131Z","__csrcFundId":2822,"fundStatus":"normal","masterFundFlag":1,"inceptionDate":"2009-05-11T16:00:00.000Z","fundCollectionId":4000050070000,"currency":"CNY","pinyin":"cstqzz800zsxzqtzjj(lof)","__indexSourceEastMoney":1,"__indexSourceCsi":1,"masterFundShortName":"长盛同庆中证800指数(LOF)","indexId":1000000000906,"lofFundFlag":1,"indexFundFlag":1,"managers":[{"stockCode":"db20696456","stockType":"fund_manager","exchange":"fm","tickerId":30719190150,"name":"陈亘斯"},{"stockCode":"db20760718","stockType":"fund_manager","exchange":"fm","tickerId":192418202250,"name":"石晓冉"}]},"announcement":{"linkText":"长盛同庆中证800指数型证券投资基金(LOF)2022年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=726808","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed8917fea5b3eb0593004","date":"2021-12-30T16:00:00.000Z","stockId":3000000160806,"sao":"2021年A股市场总体呈现区间震荡，以结构性行情为主。春节前由于大市值的龙头公司的估值提升，核心资产的市值加权后的整体风险溢价率处于历史低位水平，叠加美国长期利率水平跳升和美元汇率暂时走强，使得海外的具有套利性质的资金出现从陆股通撤出的迹象，进而缺失了对核心资产交易的足够的流动性支持。核心资产整体发生快速深幅的回撤。但同时我们看到以红利股为代表的低估值价值股重新受到关注，同时中小市值的高质量成长股开始活跃。估值和市值两个层面的风格开始发生转换。上半年在国内外经济显著复苏以及疫苗的快速推广的背景下，上市公司的业绩高增长受到市场充分定价，其中成长股的行情起起伏伏的贯穿前三季度，由大盘成长板块向中盘以及小盘成长依次接力。在三季度末四季度初市场开始担忧2022年经济增长的持续性以及海外美联储应对通胀的紧缩政策可能带来的外部流动性收紧而带来成长股与价值股之间的风格频繁切换，造成A股的波动显著放大。投资者整体对于上市公司业绩表现的评估逐步由2021年切换为2022年， 基于CPI相对于PPI收敛路径以及2022年政策对经济和产业的稳增长作用等投资逻辑的出发点重新调整投资组合。在操作中，我们严格遵守基金合同，在指数权重调整和基金申赎变动时，应用指数复制和数量化手段降低交易成本和减少跟踪误差。","declarationDate":"2022-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:26:25.683Z","mo":"2022年，预期国内货币以及财政政策发力将带来的对于基建相关板块譬如家居、建材、公用事业等的业绩改善。过去两年受到疫情负面影响的行业的走势开始出现长期趋势的反转，这一现象本身也是对此类行业基本面随着明年疫情得到更有效控制和平息的展望，更是考虑到GDP之三驾马车中的出口在过去两年的高增速的持续性有可能减弱，其他两架马车较可能发挥更大作用以增强内循环部分的这一情景。海外方面随着上半年美国经济强劲恢复以及美国通胀数据可能达到历史性高位，美联储的政策目标会大概率转向优先治理通胀，加快加息步伐，美债利率上行压力加大，进而会通过利差水平的传导进一步压制成长因子。A股的估值水平可能会受到流动性边际变紧的压制，业绩增长及其持续性将扮演更重要的角色。此外随着全球对疫情管制的放开以及生产的逐步恢复，我国对外出口对经济的拉动存在弱化的趋势，经常账户带来的流动性支撑也将受到挑战。投资人需要关注过高估值水平的成长股与其成长性的不匹配带来下行风险。另一方面，如果上半年美联储的紧缩政策的力度和节奏高于其国内经济依赖的全球供应链的恢复程度，并且以过分压制其国内的总需求作为控制通胀的对价，那么下半年美国经济进入衰退的概率反而会对美联储的政策的连贯性形成掣肘，进而减轻A股市场的估值压力。因此2022年A股风格和板块的切换会更加多变更具挑战性，需要我们持续跟踪经济形势变化和政策工具箱的使用情况。","fund":{"_id":3000000160806,"stockCode":"160806","stockType":"fund","areaCode":"cn","followedNum":16,"status":"normal","exchange":"sz","fundType":"lof_etf","ipoDate":"2009-05-05T16:00:00.000Z","setUpScale":14685600000,"blackenedNum":0,"market":"a","tickerId":160806,"name":"长盛同庆中证800指数型证券投资基金(LOF)","shortName":"长盛同庆中证800指数(LOF)(160806)","fundSecondLevel":"company","lastUpdated":"2026-08-01T07:27:47.131Z","__csrcFundId":2822,"fundStatus":"normal","masterFundFlag":1,"inceptionDate":"2009-05-11T16:00:00.000Z","fundCollectionId":4000050070000,"currency":"CNY","pinyin":"cstqzz800zsxzqtzjj(lof)","__indexSourceEastMoney":1,"__indexSourceCsi":1,"masterFundShortName":"长盛同庆中证800指数(LOF)","indexId":1000000000906,"lofFundFlag":1,"indexFundFlag":1,"managers":[{"stockCode":"db20696456","stockType":"fund_manager","exchange":"fm","tickerId":30719190150,"name":"陈亘斯"},{"stockCode":"db20760718","stockType":"fund_manager","exchange":"fm","tickerId":192418202250,"name":"石晓冉"}]},"announcement":{"linkText":"长盛同庆中证800指数型证券投资基金(LOF)2021年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=714034","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed8917fea5b3eb0593003","date":"2021-09-29T16:00:00.000Z","stockId":3000000160806,"sao":"报告期内A股市场总体保持平稳，依然以结构性行情为主。央行于7月初降低存款准备金率，维持了流动性和利差的相对稳定，对市场形成支撑。三季度内PPI同比增速持续处于高位，叠加能耗双控等政策对于上游行业产能的限制，资源和能源类周期行业显著跑赢市场。而中游行业受上游的成本压制，表现平平；消费类行业受社会零售品销售数据走势影响进行了较为充分的调整，估值水平回到历史均值附近。在三季度末市场开始关注美联储taper政策可能带来的外部流动性收紧而进行了一定风格的切换，造成A股的波动显著放大，对流动性敏感的成长类因子的收益快速回调。周期上游板块的供需矛盾依然比较突出，但由于本年度的业绩增长预期被充分交易，未来的风险收益比价的吸引力大幅下降，市场开始关注估值合理且ROE稳定的核心资产，以此作为规避流动性变化的对策。在操作中，我们严格遵守基金合同，在指数权重调整和基金申赎变动时，应用指数复制和数量化手段降低交易成本和减少跟踪误差。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T14:26:25.680Z","fund":{"_id":3000000160806,"stockCode":"160806","stockType":"fund","areaCode":"cn","followedNum":16,"status":"normal","exchange":"sz","fundType":"lof_etf","ipoDate":"2009-05-05T16:00:00.000Z","setUpScale":14685600000,"blackenedNum":0,"market":"a","tickerId":160806,"name":"长盛同庆中证800指数型证券投资基金(LOF)","shortName":"长盛同庆中证800指数(LOF)(160806)","fundSecondLevel":"company","lastUpdated":"2026-08-01T07:27:47.131Z","__csrcFundId":2822,"fundStatus":"normal","masterFundFlag":1,"inceptionDate":"2009-05-11T16:00:00.000Z","fundCollectionId":4000050070000,"currency":"CNY","pinyin":"cstqzz800zsxzqtzjj(lof)","__indexSourceEastMoney":1,"__indexSourceCsi":1,"masterFundShortName":"长盛同庆中证800指数(LOF)","indexId":1000000000906,"lofFundFlag":1,"indexFundFlag":1,"managers":[{"stockCode":"db20696456","stockType":"fund_manager","exchange":"fm","tickerId":30719190150,"name":"陈亘斯"},{"stockCode":"db20760718","stockType":"fund_manager","exchange":"fm","tickerId":192418202250,"name":"石晓冉"}]},"announcement":{"linkText":"长盛同庆中证800指数型证券投资基金(LOF)2021年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=655553","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed8917fea5b3eb0593002","date":"2021-06-29T16:00:00.000Z","stockId":3000000160806,"sao":"2021年上半年A股市场经历了大幅波动后，整体呈现区间震荡，但依然包含显著的结构性行情。一季度到二季度，社会融资及M2前高后低，在国内外经济显著复苏以及疫苗的快速推广的背景下，央行提出“不急转弯”，但对流动性管理态度趋向中性，持续全面宽松的预期被扭转。春节前由于大市值的龙头公司的估值提升，核心资产的市值加权后的整体风险溢价率处于历史低位水平，叠加美国长期利率水平跳升和美元汇率暂时走强，使得海外的具有套利性质的资金出现从陆股通撤出的迹象，进而缺失了对核心资产交易的足够的流动性支持。核心资产整体发生快速深幅的回撤。但同时我们看到以红利股为代表的低估值价值股重新受到关注，同时中小市值的高质量成长股开始活跃。估值和市值两个层面的风格开始发生转换。二季度在美联储的预期管理下，美债利率水平总体走弱，刺激海外资金通过陆股通回流。而国内利率曲线整体下行且平缓化，为股票市场的稳定提供了流动性呵护。核心资产的整体风险溢价率经过一季度的调整后处于长期均衡位置附近，受到机构配置需求驱动和利润增速释放，有一定反弹，但相对于业绩增速仍处于历史较高位置。而各板块中表现最为突出的是高利润增速的科技成长板块，包括创新药、新能源和半导体等。同时我们看到以红利股为代表的低估值价值股在碳中和的政策指引下其供给侧效应带来的业绩提升重新受到关注，估值水平得到一定的修复。在操作中，我们严格遵守基金合同，在指数权重调整和基金申赎变动时，应用指数复制和数量化手段降低交易成本和减少跟踪误差。","declarationDate":"2021-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:26:25.677Z","mo":"2021年下半年，随着美国以及国内的实体经济持续恢复，PPI大概率继续修复向上或维持高位，交易疫情后的经济复苏成为重要的主题。随着美联储逐步引导落实Taper，可能通过息差水平的传导制约人民币的利率曲线的下行空间。A股的估值水平可能会受到流动性边际变紧的压制，业绩增长率及其持续性将扮演更重要的角色。此外随着美国国内生产逐步恢复，我国对外出口对经济的拉动存在弱化的趋势，而美国的服务业的复苏以及财政开支对于大宗资源品的价格又形成潜在支撑。投资人需要关注过高估值水平的成长股与其成长性的不匹配带来下行风险，同时需要关注低估值的价值股尤其是上游行业的公司在海外的资本开支扩张的背景下存在获得较长时间的景气向上的可能性，从而显现出超预期的成长性而带来机会。个股选择方面，企业成长性因子、估值与预期成长率的匹配度、财务质量、市场占有率等在行业内选股始终表现出较稳定的超额收益，是我们持之以恒的重要判断标准。","fund":{"_id":3000000160806,"stockCode":"160806","stockTyp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A股在经历一季度两次急跌调整后得到快速修复、受益于国内市场和政策的行业逐步持续显现出超额收益。特别是直接受益于疫情的医药生物、医疗设备和用品等板块表现持续领先。伴随对支持经济的政策预期以及PPI下跌趋势得以扭转，新基建相关的半导体、计算机和促进内需的食品饮料、商贸零售、休闲服务等表现也较为突出。在充裕的流动性和低利率水平影响下，A股市场的风险溢价由高位逐步回落、市场估值有效提升、部分预期业绩高增长的公司形成“戴维斯双击”，市场总体以结构性上涨为主。在多因子选股方面，受益于国内流动性释放而表现最为突出的动量因子，根据历史统计规律下半年大概率将逐步褪色。成长因子、财务质量因子和合理的利润增速与估值比值是我们持之以恒的因子选股依据。在操作中，我们严格遵守基金合同。在指数权重调整和基金申赎变动时，应用指数复制和数量化手段降低交易成本和减少跟踪误差。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:26:25.649Z","mo":"二季度末长端利率出现快速上行，股市风险溢价的下行空间相对去年底今年初的高位有所下降。对于已处于高估值的板块和行业形成一定压力。随着特别国债发行、财政政策到位、金融政策推动资金进入实体，PPI大概率修复向上。走势落后的低估值、强周期和高股息股票的利润有望得到提振，进而估值得到修复。价值股与成长股的估值差有望分阶段逐步收敛。当前社会就业形势较为严峻，政府有动力加速推进新基建和部分传统基建项目。尤其值得关注的是单位资本投入对应更多新增就业的行业，如5G建设、轨道交通、环保水利等。流动性充裕的背景下，大宗商品已出现整体性地反弹，尤其是黄金价格持续上涨。我们将密切跟踪年底前通胀的变化以及汇率、利率的走势，尤其是流动性的高增速可能扭转对高估值股票的冲击。此外，美国大选前后国际形势的变化对于国内经济商贸政策和企业的供应链的影响的不确定性可能持续升高。以上的情形如若发生，投资者需要及时跟踪不同资产类别的相对强弱变化而调整相应的配置策略。","fund":{"_id":3000000160806,"stockCode":"160806","stockType":"fund","areaCode":"cn","followedNum":16,"status":"normal","exchange":"sz","fundType":"lof_etf","ipoDate":"2009-05-05T16:00:00.000Z","setUpScale":14685600000,"blackenedNum":0,"market":"a","tickerId":160806,"name":"长盛同庆中证800指数型证券投资基金(LOF)","shortName":"长盛同庆中证800指数(LOF)(160806)","fundSecondLevel":"company","lastUpdated":"2026-08-01T07:27:47.131Z","__csrcFundId":2822,"fundStatus":"normal","masterFundFlag":1,"inceptionDate":"2009-05-11T16:00:00.000Z","fundCollectionId":4000050070000,"currency":"CNY","pinyin":"cstqzz800zsxzqtzjj(lof)","__indexSourceEastMoney":1,"__indexSourceCsi":1,"masterFundShortName":"长盛同庆中证800指数(LOF)","indexId":1000000000906,"lofFundFlag":1,"indexFundFlag":1,"managers":[{"stockCode":"db20696456","stockType":"fund_manager","exchange":"fm","tickerId":30719190150,"name":"陈亘斯"},{"stockCode":"db20760718","stockType":"fund_manager","exchange":"fm","tickerId":192418202250,"name":"石晓冉"}]},"announcement":{"linkText":"长盛同庆中证800指数型证券投资基金(LOF)2020年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=462748","linkType":"PDF","source":"csrc_pdf"}}]}