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而从2季度的维度去看投资，主线更多是从4月份的上游资源，过渡到5月份的地产顺周期，再到6月份的缩量轮动，如果频繁追轮动，无疑难度是很大的。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:06:02.034Z","mo":"从全年维度看，经济压力仍大，政策落地见效也需要时间。上半年市场预期的地产、基建政策落地效果不及预期，下半年如何推进值得关注。好的方面是前期受制于汇率因素的利率政策开始松动，9月美国如能如期降息，后续国家的可操作空间将进一步加大。本基金目前布局的大多属于顺周期品种，包括银行、食品饮料、医药等，随着后续政策的逐步见效，这些行业的机会仍值得关注。","fund":{"_id":3000000001660,"stockCode":"001660","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2018-03-04T16:00:00.000Z","setUpScale":405651000,"market":"a","tickerId":1660,"custody":"南京银行股份有限公司","name":"富安达行业轮动灵活配置混合型证券投资基金","shortName":"富安达行业轮动混合(001660)","fundSecondLevel":"hybrid","__csrcFundId":5232,"fundStatus":"normal","lastUpdated":"2026-04-30T18:07:17.127Z","masterFundFlag":1,"inceptionDate":"2018-04-03T16:00:00.000Z","fundCollectionId":4000050650000,"currency":"CNY","masterFundShortName":"富安达行业轮动混合","pinyin":"fadhyldlhpzhhxzqtzjj","managers":[{"stockCode":"db20812328","stockType":"fund_manager","exchange":"fm","tickerId":121719210010,"name":"栾庆帅"}]},"announcement":{"linkText":"富安达行业轮动灵活配置混合型证券投资基金2024年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1142385","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5ba7fea5b3eb044b8f7","date":"2024-03-30T16:00:00.000Z","stockId":3000000001660,"sao":"一季度市场的整体波动较大，尤其是一月份前后，基本面与流动性的双重压力叠加导致市场出现明显下跌，上证指数最低跌至2635点。而随着国家针对性的采取一系列维护市场平稳运行措施，市场在2月初见底企稳，随后展开了一波反弹。3月的市场更多源于科技冲高后的方向缺失，同时叠加美国降息确定性的增强和全球制造业的向好，市场关注度开始向上游切换。一季度演绎了防守、进攻和震荡的三个市场场景，整体的操作难度还是比较大的。本基金定位长久期、追求相对稳健的收益表现，配置的大多是顺周期的银行、家电、白酒等行业龙头。虽然基本面的恢复并不强劲，但的确是在恢复的，而且也正是这种对基本面的担心才导致市场对确定性的追求更加极致。另外，我们更看重的是公司的长期价值，只要公司管理层、运营战略等未发生大的偏离，短期波动对我们的投资选择影响不大。","declarationDate":"2024-04-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:06:02.031Z","fund":{"_id":3000000001660,"stockCode":"001660","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2018-03-04T16:00:00.000Z","setUpScale":405651000,"market":"a","tickerId":1660,"custody":"南京银行股份有限公司","name":"富安达行业轮动灵活配置混合型证券投资基金","shortName":"富安达行业轮动混合(001660)","fundSecondLevel":"hybrid","__csrcFundId":5232,"fundStatus":"normal","lastUpdated":"2026-04-30T18:07:17.127Z","masterFundFlag":1,"inceptionDate":"2018-04-03T16:00:00.000Z","fundCollectionId":4000050650000,"currency":"CNY","masterFundShortName":"富安达行业轮动混合","pinyin":"fadhyldlhpzhhxzqtzjj","managers":[{"stockCode":"db20812328","stockType":"fund_manager","exchange":"fm","tickerId":121719210010,"name":"栾庆帅"}]},"announcement":{"linkText":"富安达行业轮动灵活配置混合型证券投资基金2024年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1064621","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5ba7fea5b3eb044b8f6","date":"2023-12-30T16:00:00.000Z","stockId":3000000001660,"sao":"2023年已经结束，但回顾市场的波动和基金操作，仍是很有感慨。作为疫情后放开的第一年，市场表现不及预期，尤其是在8-9月份地产政策持续落地后，市场开始担心政策的力度和实效，导致市场整体表现偏弱。当然，回顾全年，其实机会是很多的，如上半年的AI和中特估，下半年的煤炭、华为概念以及12月的MR等，但也有持续回落的电新。所以能不能站到更高的视角看待全局，并做出最正确的选择非常关键。本基金配置的大多是顺周期的银行、家电、白酒等行业龙头。虽然基本面并不强，但也正是这种对基本面的担心才导致市场对确定性的追求更加极致。我们全年调仓并不多，但整体的市场表现尚可。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:06:02.028Z","mo":"2024年仍是困难的一年，经济下行压力如何消退，如何很好的应对美国的各项制裁，如何提升投资者的信心都是难点之一。在看清楚方向之前，市场可能更多会采取防御的态度来应对，比如高股息的方向、出口链等等，而本基金持仓的方向也比较符合市场的这一偏好，因此我们目前的策略主要仍是持股策略，后续根据公司基本面和业绩等做适当的调仓，追求长期的收益。","fund":{"_id":3000000001660,"stockCode":"001660","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2018-03-04T16:00:00.000Z","setUpScale":405651000,"market":"a","tickerId":1660,"custody":"南京银行股份有限公司","name":"富安达行业轮动灵活配置混合型证券投资基金","shortName":"富安达行业轮动混合(001660)","fundSecondLevel":"hybrid","__csrcFundId":5232,"fundStatus":"normal","lastUpdated":"2026-04-30T18:07:17.127Z","masterFundFlag":1,"inceptionDate":"2018-04-03T16:00:00.000Z","fundCollectionId":4000050650000,"currency":"CNY","masterFundShortName":"富安达行业轮动混合","pinyin":"fadhyldlhpzhhxzqtzjj","managers":[{"stockCode":"db20812328","stockType":"fund_manager","exchange":"fm","tickerId":121719210010,"name":"栾庆帅"}]},"announcement":{"linkText":"富安达行业轮动灵活配置混合型证券投资基金2023年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1055362","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5ba7fea5b3eb044b8f5","date":"2023-09-29T16:00:00.000Z","stockId":3000000001660,"sao":"三季度的脉络是比较清晰的，从7月初的等待定调到中央政治局会议确定了优化地产政策以及活跃资本市场的方向，再到政策的陆续出台、落地，目前已经逐步进入了政策有效性的观察期。与之相对应的，市场表现也类似，尤其是随着印花税落地及北上广深认房不认贷政策落地，市场认为政策利好已兑现，因此反映在股价上，非银8月28日冲高回落后一直调整至今，而房地产也在8月30日广州公布认房不认贷政策后一路走低。虽然市场对政策仍有期待，但随后又进入了缩量博弈阶段。其中，受益于华为手机发布以及延伸出来的芯片、卫星通信、鸿蒙系统、星闪、汽车以及算力、液冷超充等主题持续发酵，成了9月至今的核心主线。而煤炭也由于价格的超预期及高分红的特性吸引了市场的关注，医药则在受政策影响回落后逐步企稳回升，是9月除手机产业链外表现较好的几个板块。目前行业轮动主要还是布局于银行、食品饮料、医药、非银金融等板块，目前看政策落地后，改善已在慢慢发生，只不过恢复的斜率比市场预期的要缓。而且考虑后续的国家政策推出仍是值得期待的，累积效应最终会体现在经济数据中。基于这样的判断，将持仓周期看的更久，则券商、银行以及医药、食品饮料仍是可配的方向。对我们而言，密切跟踪个股的变化，并做一些高低切换或许是更好的选择，整体仓位预计不会有太大变化。","declarationDate":"2023-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:06:02.025Z","fund":{"_id":3000000001660,"stockCode":"001660","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2018-03-04T16:00:00.000Z","setUpScale":405651000,"market":"a","tickerId":1660,"custody":"南京银行股份有限公司","name":"富安达行业轮动灵活配置混合型证券投资基金","shortName":"富安达行业轮动混合(001660)","fundSecondLevel":"hybrid","__csrcFundId":5232,"fundStatus":"normal","lastUpdated":"2026-04-30T18:07:17.127Z","masterFundFlag":1,"inceptionDate":"2018-04-03T16:00:00.000Z","fundCollectionId":4000050650000,"currency":"CNY","masterFundShortName":"富安达行业轮动混合","pinyin":"fadhyldlhpzhhxzqtzjj","managers":[{"stockCode":"db20812328","stockType":"fund_manager","exchange":"fm","tickerId":121719210010,"name":"栾庆帅"}]},"announcement":{"linkText":"富安达行业轮动灵活配置混合型证券投资基金2023年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=985254","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5ba7fea5b3eb044b8f4","date":"2023-06-29T16:00:00.000Z","stockId":3000000001660,"sao":"一季度更多是对经济复苏预期的反应。前期疫情防控措施优化，经济数据逐步走好，所以大盘蓝筹和价值表现占优，而春节后发现复苏节奏慢于预期，因此资金开始从顺周期转向数字经济，尤其是信创和数据要素。当然，2月后还因为数据的走好出现一波反弹，但持续性不强。随着两会召开，5%左右的2023年GDP目标落地后，市场对于国家强刺激的预期落空，建材、化工、机械等顺周期板块迎来持续的调整。弱复苏、强流动性的背景下， ChatGPT引领的数字经济成了市场的最佳选择，从大模型到AI算力再到应用持续爆发，而半导体也在举国体制下，出现了一波明显的反弹。虽然4、5月份经济数据并不差，但市场的预期在走弱，细微的数据变化都会带来预期的向下修正，顺周期板块的整体走势依旧很弱。而5月份算力的紧缺成了数字板块向上的最强助力，5月中旬到6月下旬，光模块出现大幅走高，涨幅接近80%，应用端以游戏为代表的指数也涨势较好。我们认为，虽然AI发展的趋势仍很明确，但股价在预期的不断推高下出现快速上涨，边际催化的力量在弱化，调整成了必然。而反观顺周期板块，虽然经济数据不达预期，但国家已在传递一些稳增长的信息，LPR下调，以及汽车、消费甚至家居消费的政策纷纷落地，各地也在出台一些地产端的政策。 目前本基金主要还是布局于银行、食品饮料、医药、非银金融等板块，虽然这些并非最典型的顺周期板块，但我们认为仍是比较受益的方向，尤其是券商、保险和医药都已经调整比较充分，预计未来一段时间内以继续持仓为主，并会做一些高低切换，整体仓位预计不会有太大变化。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:06:02.022Z","mo":"7月的政治局会议指出内需不足和外部环境复杂的困难挑战，强调逆周期调节并提到了调整优化房地产政策，同时制定实施一揽子方案化解地方债务风险。稳增长的态度是非常明确的，虽然经济恢复是一个曲折式前进的过程，但信心的种子已经开始发芽，静待后续的开花结果。","fund":{"_id":3000000001660,"stockCode":"001660","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2018-03-04T16:00:00.000Z","setUpScale":405651000,"market":"a","tickerId":1660,"custody":"南京银行股份有限公司","name":"富安达行业轮动灵活配置混合型证券投资基金","shortName":"富安达行业轮动混合(001660)","fundSecondLevel":"hybrid","__csrcFundId":5232,"fundStatus":"normal","lastUpdated":"2026-04-30T18:07:17.127Z","masterFundFlag":1,"inceptionDate":"2018-04-03T16:00:00.000Z","fundCollectionId":4000050650000,"currency":"CNY","masterFundShortName":"富安达行业轮动混合","pinyin":"fadhyldlhpzhhxzqtzjj","managers":[{"stockCode":"db20812328","stockType":"fund_manager","exchange":"fm","tickerId":121719210010,"name":"栾庆帅"}]},"announcement":{"linkText":"富安达行业轮动灵活配置混合型证券投资基金2023年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=955623","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5ba7fea5b3eb044b8f3","date":"2023-03-30T16:00:00.000Z","stockId":3000000001660,"sao":"两会之前的行情更多是跟随预期，春节前市场对经济复苏预期强，大盘蓝筹和价值占优，春节后发现复苏节奏低于预期，价值、周期随之出现一波调整，而政策导向的数字经济表现优异。其后，随着2月后数据逐步得到验证，价值、周期又出现一波反弹。两会政府工作报告公布后，5%左右的2023年GDP目标落地，市场对于国家强刺激的预期落空，这也带来了建材、化工、机械等相关板块的调整。弱复苏、强流动性的背景下，成长板块尤其是政策支持和海外GPT带动下的TMT板块成了最佳选择，AI从算力到应用，而半导体则在举国体制下，叠加美国的安全审查和日本对芯片制造设备出口进行限制，也成为迫切和重要的赛道，虽然库存仍高且短期还处于下行周期，但在AI板块涨幅偏大的背景下，市场资金已开始左侧布局半导体板块。市场近期比较大的变化来自于OPEC+的原油减产决定。由于减产幅度大，5月后供需可能会有缺口出现。美联储如坚持继续加息，银行等金融风险可能将进一步加大，但若停止加息，复苏叠加流动性宽松，供需平衡可能更紧，价格或进一步上行。我们预期美国大概率会停止加息，但降息难度较大，从这个角度出发，后续通胀可能也是一个比较重要的投资考虑因素。目前本基金主要还是布局于银行、食品饮料、医药、非银金融等板块，这些板块在近期表现偏弱，但考虑到预期的下修，后续有望迎来反弹机会，因此短期仍以持有为主，会适当的做一些高低的切换，但整体仓位预计不会有太大变化。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:06:02.019Z","fund":{"_id":3000000001660,"stockCode":"001660","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2018-03-04T16:00:00.000Z","setUpScale":405651000,"market":"a","tickerId":1660,"custody":"南京银行股份有限公司","name":"富安达行业轮动灵活配置混合型证券投资基金","shortName":"富安达行业轮动混合(001660)","fundSecondLevel":"hybrid","__csrcFundId":5232,"fundStatus":"normal","lastUpdated":"2026-04-30T18:07:17.127Z","masterFundFlag":1,"inceptionDate":"2018-04-03T16:00:00.000Z","fundCollectionId":4000050650000,"currency":"CNY","masterFundShortName":"富安达行业轮动混合","pinyin":"fadhyldlhpzhhxzqtzjj","managers":[{"stockCode":"db20812328","stockType":"fund_manager","exchange":"fm","tickerId":121719210010,"name":"栾庆帅"}]},"announcement":{"linkText":"富安达行业轮动灵活配置混合型证券投资基金2023年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=882883","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5ba7fea5b3eb044b8f2","date":"2022-12-30T16:00:00.000Z","stockId":3000000001660,"sao":"2022年是黑天鹅频发、不确定性聚集的一年，股市的跌宕起伏也反映了背后的各种矛盾冲突。从年初的紧货币预期带来的美债收益率提升，再到2月俄乌冲突带来的通胀上行和3月后上海疫情再次爆发，今年前半段的市场压力是比较重的，也带来了股市的大幅回调，上证指数最高跌幅接近22%，创业板综跌幅超过36%。而4月底、5月初随着上海疫情缓解及复工推进，市场出现了第一波反弹，这波反弹不仅有数据改善和流动性支撑，更有政策端的刺激，如汽车减征购置税、汽车下乡等，还叠加了欧洲碳中和政策和美国减少通胀法案的落地，7月初上证指数上涨已现乏力，而新能源为主的中证1000则一直反弹到8月中旬，反弹幅度超过42%。其后市场进入调整阶段，无论是欧洲天然气价格的回落还是德国等推迟碳中和目标，都对前期强势的新能源板块形成压力，而稳增长则承压于断贷等房地产事件，市场再次回落，上证指数跌幅超过10%，中证1000下跌超19%。市场的再次企稳源于二十大的落地，不仅打消了对经济增长的担忧，还对疫情防控措施逐步有序优化增强了信心，边际的变化带来了底部低估值板块的修复，比如医药（二十大之前已开始反弹）、计算机、通信等，其后又在优化疫情防控“二十条”和房地产“第二、三支箭”等政策落地带动下，消费、地产链条出现上涨。12月7日进一步优化疫情防控“新十条”出台，不再对跨地区人员查验核酸和健康码、不再开展落地检等，卫健委在26日将新冠调整为乙类乙管。目前本基金主要还是布局于银行、食品饮料、医药、非银金融等板块，这些板块在2022年年初和年尾的表现更好，而中段表现偏弱，整体相对比较稳健。而从目前这个时点看，随着国家政策的持续推出，未来经济回升预期不断提升，这些板块预计也将有持续的表现，因此整体方向上我们目前可能不会做太大的调整，更多是关注个股的高低切换。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:06:02.016Z","mo":"2023年市场关注的点很多，比如美联储加息何时放缓，国内经济是否恢复以及后续还有哪些持续的政策等。中国经济恢复的强度是我们最关心的核心矛盾。无论是美联储加息、国内经济向好等，方向都是明确的，不明确的只有节奏和幅度，因此做多A股是确定的，但会根据经济恢复的情况来做结构的选择。我们认为目前制约经济强度的点在于财政压力较大。而从政策节奏角度看，两会可能是政策出台的关键时点，如果市场对经济回升的预期升温，价值就有很大的机会；如果需求弱于预期，流动性宽松背景下，资金大概率会继续选择成长。其实1-2月份的股市已经在反映这个逻辑，春节前市场对经济回升预期强，价值占优，而节后，经济低于预期，成长开始领先。而从方向上来看，我们认为今年数字经济仍是重中之重，重点关注订单业绩落地的确定性及新方向的扩散，比如大模型，新的AI赛道等。另外，消费应该是复苏确定性最高的，这条线仍是2023年投资的关键，但需注重复苏的节奏。最后，国企改革也要加强关注，国资委召开中央企业负责人会议，明确将2023年中央企业经营层面的任务目标调整为“一增一稳四提升”，新一轮国企改革深化提升行动已开启，也是今年投资的重要版图之一。","fund":{"_id":3000000001660,"stockCode":"001660","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2018-03-04T16:00:00.000Z","setUpScale":405651000,"market":"a","tickerId":1660,"custody":"南京银行股份有限公司","name":"富安达行业轮动灵活配置混合型证券投资基金","shortName":"富安达行业轮动混合(001660)","fundSecondLevel":"hybrid","__csrcFundId":5232,"fundStatus":"normal","lastUpdated":"2026-04-30T18:07:17.127Z","masterFundFlag":1,"inceptionDate":"2018-04-03T16:00:00.000Z","fundCollectionId":400005065000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