圆融50 · 季度回测
策略：50只等权，每年末调仓 | 初始每只100元 | 分红复投
时间范围：2019-12-31 ~ 2026-07-07（28个季度）
核心逻辑：每年年末（Q4末）将组合总市值均分50只重新买入；
每季度末计算持仓市值（股数×季度末收盘价），并除以季度末PB得到净资产。
市值与净资产的差额反映了估值变化（PB变动）的影响。
年度汇总
| 年份 |
年初市值 |
年末市值 |
市值收益 |
年初净资产 |
年末净资产 |
净资产收益 |
| 2019 |
5,000.00 |
5,000.00 |
+0.00% |
5,816.54 |
5,816.54 |
+0.00% |
| 2020 |
4,185.54 |
5,366.87 |
+28.22% |
5,929.47 |
6,733.49 |
+13.56% |
| 2021 |
6,040.16 |
7,250.57 |
+20.04% |
8,490.59 |
9,808.07 |
+15.52% |
| 2022 |
7,084.49 |
6,703.49 |
-5.38% |
11,605.56 |
12,274.28 |
+5.76% |
| 2023 |
6,869.80 |
6,411.51 |
-6.67% |
12,006.54 |
13,162.09 |
+9.62% |
| 2024 |
6,819.61 |
9,147.65 |
+34.14% |
13,343.78 |
15,344.72 |
+15.00% |
| 2025 |
9,439.94 |
11,246.38 |
+19.14% |
15,432.16 |
17,225.99 |
+11.62% |
| 2026 |
11,807.58 |
11,128.46 |
-5.75% |
18,237.34 |
19,363.30 |
+6.17% |
季度明细
| 年份 |
季度 |
交易日 |
总市值 |
净资产 |
单只市值 |
季度涨跌 |
| 2019 |
Q4 |
2019-12-31 |
5,000.00 |
5,816.54 |
100.00 |
+0.00% |
| 2020 |
Q1 |
2020-03-31 |
4,185.54 |
5,929.47 |
83.71 |
-16.29% |
| 2020 |
Q2 |
2020-06-30 |
4,329.74 |
6,243.19 |
86.59 |
+3.45% |
| 2020 |
Q3 |
2020-09-30 |
4,553.30 |
6,397.76 |
91.07 |
+5.16% |
| 2020 |
Q4 |
2020-12-31 |
5,366.87 |
6,733.49 |
107.34 |
+17.87% |
| 2021 |
Q1 |
2021-03-31 |
6,040.16 |
8,490.59 |
120.80 |
+12.55% |
| 2021 |
Q2 |
2021-06-30 |
6,323.92 |
9,031.57 |
126.48 |
+4.70% |
| 2021 |
Q3 |
2021-09-30 |
7,223.98 |
9,395.27 |
144.48 |
+14.23% |
| 2021 |
Q4 |
2021-12-31 |
7,250.57 |
9,808.07 |
145.01 |
+0.37% |
| 2022 |
Q1 |
2022-03-31 |
7,084.49 |
11,605.56 |
141.69 |
-2.29% |
| 2022 |
Q2 |
2022-06-30 |
7,085.15 |
12,272.73 |
141.70 |
+0.01% |
| 2022 |
Q3 |
2022-09-30 |
6,124.24 |
12,475.43 |
122.48 |
-13.56% |
| 2022 |
Q4 |
2022-12-30 |
6,703.49 |
12,274.28 |
134.07 |
+9.46% |
| 2023 |
Q1 |
2023-03-31 |
6,869.80 |
12,006.54 |
137.40 |
+2.48% |
| 2023 |
Q2 |
2023-06-30 |
6,863.88 |
12,940.87 |
137.28 |
-0.09% |
| 2023 |
Q3 |
2023-09-28 |
6,756.41 |
12,959.74 |
135.13 |
-1.57% |
| 2023 |
Q4 |
2023-12-29 |
6,411.51 |
13,162.09 |
128.23 |
-5.10% |
| 2024 |
Q1 |
2024-03-28 |
6,819.61 |
13,343.78 |
136.39 |
+6.37% |
| 2024 |
Q2 |
2024-06-28 |
7,895.49 |
14,159.23 |
157.91 |
+15.78% |
| 2024 |
Q3 |
2024-09-30 |
8,994.28 |
14,629.57 |
179.89 |
+13.92% |
| 2024 |
Q4 |
2024-12-31 |
9,147.65 |
15,344.72 |
182.95 |
+1.71% |
| 2025 |
Q1 |
2025-03-31 |
9,439.94 |
15,432.16 |
188.80 |
+3.20% |
| 2025 |
Q2 |
2025-06-30 |
10,544.99 |
15,911.92 |
210.90 |
+11.71% |
| 2025 |
Q3 |
2025-09-30 |
10,830.20 |
16,740.15 |
216.60 |
+2.70% |
| 2025 |
Q4 |
2025-12-31 |
11,246.38 |
17,225.99 |
224.93 |
+3.84% |
| 2026 |
Q1 |
2026-03-31 |
11,807.58 |
18,237.34 |
236.15 |
+4.99% |
| 2026 |
Q2 |
2026-06-30 |
10,775.75 |
19,253.70 |
215.52 |
-8.74% |
| 2026 |
Q3 |
2026-07-07 |
11,128.46 |
19,363.30 |
222.57 |
+3.27% |
方法说明：
• 调仓：每年末（Q4末）将持仓全部卖出，以下一交易日收盘价均分50只重新买入。
• 市值：每季度末，用当年买入的股数 × 季度末收盘价，加总得到。
• 净资产：每季度末，每只市值 ÷ 该季度末PB，加总得到。净资产 = 市值 / PB。
• 分红复投：已模拟分红再投入效果。
• 数据来源：上市公司年报