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较上半年有所回落，并且美国就业等数据也较弱，且关税政策对美国通胀所产生的影响相对有限；美联储在9月降息后，可能在四季度继续调低基准利率，这也为全球市场的稳定提供了一定的支撑。  3季度本基金行业配置上重点关注高股息板块：高速公路、出口、电力、传媒、家电、有色、消费等板块。高速公路：估值相对便宜、现金流较好、派息相对稳定；出口：业绩稳健增长、现金流较好、相对稳定的股息率；传媒：业绩稳定、现金流较好；家电：估值相对合理、派息率较好；有色：行业稳定、业绩和现金流较好、股息率较高；消费：业绩稳健增长、产品有一定特色、股息率较高。此外，本基金也积极关注在各个行业有alpha的个股。  我们看好A股和港股市场中长期的机会，目前高股息公司的估值处于历史相对低位，2025年中国经济有望企稳回升；本基金仍将重点关注A股和港股市场股息率较高的个股。","lastUpdated":"2026-03-09T13:21:14.436Z","fund":{"_id":3000000006039,"stockCode":"006039","stockType":"fund","areaCode":"cn","followedNum":24,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2018-07-22T16:00:00.000Z","setUpScale":545420000,"market":"a","tickerId":6039,"custody":"中国农业银行股份有限公司","name":"富兰克林国海估值优势灵活配置混合型证券投资基金","shortName":"国富估值优势混合A","fundSecondLevel":"hybrid","__csrcFundId":5512,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:44.141Z","masterFundFlag":1,"inceptionDate":"2018-08-21T16:00:00.000Z","memoNum":1,"fundCollectionId":4000050420000,"currency":"CNY","masterFundShortName":"国富估值优势混合","pinyin":"flklghgzyslhpzhhxzqtzjj","managers":[{"stockCode":"8801403060","stockType":"fund_manager","exchange":"fm","tickerId":2403159340,"name":"徐成"}]},"announcement":{"linkText":"富兰克林国海估值优势灵活配置混合型证券投资基金2025年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1374128","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec94a7fea5b3eb048ef02","date":"2025-06-29T16:00:00.000Z","stockId":3000000006039,"sao":"2025年上半年，港股市场涨势强劲，恒生指数上涨20%左右；A股市场基本持平，沪深300指数上涨0.03%。从板块表现来看，科技、创新药、新消费、以及高股息板块表现突出。而地产和能源等行业指数则相对滞后，在市场的板块轮动中暂处下风。  本基金在上半年基本维持高股息的策略，相对电力、上游资源、消费、高速公路等板块。电力：未来几年盈利相对较为稳定，股息率较高；上游资源：估值相对便宜、现金流较好；消费：现金流较好、估值相对合理；高速公路：业绩稳健增长、现金流较好、相对稳定的股息率。 此外，本基金也积极关注在各个行业有alpha的个股。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:21:14.433Z","mo":"展望2025年下半年，我们秉持着谨慎乐观的态度来看待港股和A股市场，这主要基于以下几方面：  一是宏观政策方面，2025年，货币政策与财政政策仍将形成合力，继续拉动经济高质量增长。扩内需、稳楼市、稳股市依旧是核心看点，一系列政策举措将为市场营造更为有利的发展环境。事实上，当下部分宏观和行业数据已初现积极变化的端倪，财新制造业采购经理人指数（PMI）在上半年的6个月中有5个月站稳50荣枯线之上，这些都为经济的持续复苏提供了有力的证据支持。2025年下半年，经济增长的风险点主要集中在出口领域，出口表现是否会低于预期或将成为影响经济增长的一个重要变数。  二是企业盈利方面，2025年上半年，上市公司整体业绩有所改善，企业盈利整体稳定。展望2025年下半年，随着利好政策的继续发酵，企业盈利有望在政策的拉动下实现同比改善。尤其是那些在各自领域具备核心竞争力的公司，将成为市场的亮点。  三是流动性方面，2025年1季度美国新政府上台后的一系列政策举措，包括关税、移民等政策的调整可能对美国国内通胀水平的影响产生一定影响；但是能源价格目前有所回落。考虑到美国经济面临的增长压力，目前市场普遍预期美联储下半年有望降息。南下资金对港股的青睐仍将为港股市场提供源源不断的流动性。A股市场流动性整体也向好；利率水平将维持在低位，资金面将较为宽松。  四是估值方面，尽管2025年上半年港股和A股市场表现可圈可点，但与全球主要市场（如美国、日本、印度等）相比，其估值仍存在较大的差距，这也意味着港股市场存在着较大的估值修复空间。高股息的公司在低利率环境下也具有较强的吸引力，为投资者提供了稳定的现金流回报，成为市场中的避险港湾和价值投资的优选标的。  综合考量当前港股和A股市场的低估值优势以及国内政策的持续推进，我们认为港股有望在2025年有望延续震荡上涨的良好态势。在投资策略方面，重点关注电信、公共事业、消费、有色和建材、以及出口相关公司等领域。同时，积极挖掘具有增长潜力的个股，把握市场的结构性投资机会。  本基金将继续按照基金合同及相关法律法规要求，努力做好基金投资工作，争取未来更好的 长期投资收益。","fund":{"_id":3000000006039,"stockCode":"006039","stockType":"fund","areaCode":"cn","followedNum":24,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2018-07-22T16:00:00.000Z","setUpScale":545420000,"market":"a","tickerId":6039,"custody":"中国农业银行股份有限公司","name":"富兰克林国海估值优势灵活配置混合型证券投资基金","shortName":"国富估值优势混合A","fundSecondLevel":"hybrid","__csrcFundId":5512,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:44.141Z","masterFundFlag":1,"inceptionDate":"2018-08-21T16:00:00.000Z","memoNum":1,"fundCollectionId":4000050420000,"currency":"CNY","masterFundShortName":"国富估值优势混合","pinyin":"flklghgzyslhpzhhxzqtzjj","managers":[{"stockCode":"8801403060","stockType":"fund_manager","exchange":"fm","tickerId":2403159340,"name":"徐成"}]},"announcement":{"linkText":"富兰克林国海估值优势灵活配置混合型证券投资基金2025年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1341495","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec94a7fea5b3eb048ef01","date":"2025-03-30T16:00:00.000Z","stockId":3000000006039,"sao":"2025年1季度，国内经济数据延续良好复苏的势头。中国制造业采购经理指数（PMI）已经连续多月高于荣枯线（除去1月份因春节季节性原因，导致PMI低于50）；一线城市的二手房交易量也保持不错的势头。但消费者信心暂时还没有明显改善。  1季度港股整体表现较好，恒生指数大涨15.3%。沪深300指数小幅下跌1.2%。  近期市场出现大幅下跌，主要是由于美国针对包括中国在内的诸多主要贸易国推行所谓的 “对等关税” 举措。尽管此前市场对此已有所预期，然而此次征收关税的幅度远超预期，这使得市场开始担忧全球经济陷入衰退的风险，进而引发了市场的动荡。短期内，美国的关税政策确实会给我国经济带来一定的负面影响，港股市场也难免会出现较大幅度的波动；但从长远角度出发，我国经济持续向好、科技不断进步、市场信心逐步恢复的基本格局并不会发生改变。因此，中长期而言，我们对港股市场仍旧保持谨慎乐观的态度。  1季度本基金行业配置上重点关注高股息板块：电信、高速公路、出口、传媒、家电等。电信：股息率较高、业绩相对稳健；高速公路：估值相对便宜、现金流较好、派息稳定；出口：业绩稳健增长、现金流较好、稳定的股息率；传媒：业绩稳定、现金流较好；家电：估值相对合理、派息率较好。 此外，本基金也积极关注在各个行业有alpha的个股。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:21:14.430Z","fund":{"_id":3000000006039,"stockCode":"006039","stockType":"fund","areaCode":"cn","followedNum":24,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2018-07-22T16:00:00.000Z","setUpScale":545420000,"market":"a","tickerId":6039,"custody":"中国农业银行股份有限公司","name":"富兰克林国海估值优势灵活配置混合型证券投资基金","shortName":"国富估值优势混合A","fundSecondLevel":"hybrid","__csrcFundId":5512,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:44.141Z","masterFundFlag":1,"inceptionDate":"2018-08-21T16:00:00.000Z","memoNum":1,"fundCollectionId":4000050420000,"currency":"CNY","masterFundShortName":"国富估值优势混合","pinyin":"flklghgzyslhpzhhxzqtzjj","managers":[{"stockCode":"8801403060","stockType":"fund_manager","exchange":"fm","tickerId":2403159340,"name":"徐成"}]},"announcement":{"linkText":"富兰克林国海估值优势灵活配置混合型证券投资基金2025年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1272334","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec94a7fea5b3eb048ef00","date":"2024-12-30T16:00:00.000Z","stockId":3000000006039,"sao":"2024年，上半年市场整体呈现震荡上扬走势，恒生指数斩获了3.9%的涨幅；步入下半年，恒指涨势愈发强劲，政策层面释放的利多因素发挥了显著的积极影响，成为推动市场上行的关键力量。A股市场也是下半年表现较好。  港股从板块表现来看，科技板块与高股息板块在2024年脱颖而出，展现出较强的市场活力；医药和地产等行业指数的表现则相对滞后，在市场的板块轮动中处于下风。A股，24年全年银行和家电表现较好，而医药和消费表现一般。  本基金行业配置上重点关注高股息板块：电力、电信、上游能源、出口、电商等板块。电力：未来几年盈利相对较为稳定，股息率较高；电信：股息率较高、业绩稳健；上游资源：估值相对便宜、现金流好；出口：业绩稳健增长、现金流较好、相对稳定的股息率；电商：业绩逐步企稳改善，capital return(股息率+回购)较高。此外，本基金也积极关注在各个行业有alpha 的个股。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:21:14.427Z","mo":"展望 2025 年，我们仍较为看好红利股的表现，这主要基于以下几方面：  一、政策因素：  首先，新 “国九条” 鼓励上市公司提高分红，强化了现金分红监管，对多年未分红或分红比例偏低的公司进行限制大股东减持、实施风险警示等约束，同时加大对优质公司分红的激励力度，多措并举推动提高股息率，增强了分红的稳定性、持续性和可预期性。这一政策导向促使上市公司更加重视分红，为红利股的表现提供了有力的政策支持。  第二，《上市公司监管指引第 10 号 —— 市值管理》，明确了市值管理的定义和相关主体的责任义务，并对主要指数成分股公司和长期破净公司作出专门要求。该新规的落地实施带动了破净行业领涨板块的活跃，有利于提高上市公司市值管理水平，对于长期提供稳定分红的红利类资产来说是一大利好，推动了红利股的估值重构和股价表现。  此外，全国人大代表、香港证监会主席雷添良在 2024 年两会建议国家税务总局、内地与香港证券监管部门积极研究优化相关税收制度，降低港股通个人投资者的股息红利税收水平，使之与 A 股市场持平。如果这一建议能落地，将进一步提升港股高分红资产的吸引力，带来更多的资金涌入，从而支撑港股市场表现，吸引更多内地优质公司赴港筹集资金，同时吸引寻求长期稳定回报的投资者，特别是偏好高股息策略的投资者。  二、企业因素：  红利股所对应的上市公司大多处于成熟行业，如电信、电力、高速公路等，这些企业已经度过了快速成长期，进入稳定发展阶段，经营模式成熟，业绩相对稳定，具有充沛的自由现金流、稳健的资产负债结构，能够持续稳定地为股东提供分红。此外，我们也观察到：越来越多的成长板块的公司（尤其是行业龙头），也在提高分红率和回购的力度。  部分企业在政策引导和自身发展需求下，分红意愿不断增强。一方面，为了回馈股东、提升公司形象和市场认可度，企业愿意将更多的利润以分红的形式分配给股东；另一方面，对于一些国企央企来说，响应国家政策号召，提高分红比例也是履行社会责任和支持资本市场稳定发展的重要举措。  三、市场需求：  在市场不确定性较高、风险偏好下降的情况下，投资者更倾向于将资金配置到防御性较强的资产中。红利股作为一种具有稳定收益和较低风险的资产，符合投资者的防守求稳心理，成为资金的重要配置方向之一。此外，一些长线资金如保险机构等，因保单销售增强而增持债券和类债券资产的红利股票，可能为红利板块带来了持续的资金流入。  当股票市场行情震荡、投资者情绪较为低迷时，相比于追求高成长带来的股价上涨回报，投资者更加注重投资的确定性。红利股通过稳定的股息收入为投资者提供了相对确定的收益，满足了投资者在不确定性环境下对资产保值增值的需求。    综合上述有利因素，我们认为在低利率的环境下红利股具有较强的吸引力，为投资者提供了相对稳定的现金流回报，成为市场中价值投资的优选标的，值得积极配置。红利股平均4%-6%的股息率，不仅风险低于成长股，还收益高于债券和银行存款，是投资者追求确定性收益的理想选择。  行业板块方面，我们看好：1）电信：经营稳定，现金流相对较好，有稳定的派系率；2）公共事业：经营稳健、现金流不断得到改善、派系率较好；3）出口相关公司：估值低且业绩有一定的稳健增长，负债率低且派系率高；4）银行：主要看好外资银行，股东回报相对更高；5）高速公路和港口：现金流稳定且派系率高。  本基金将继续按照基金合同及相关法律法规要求，努力做好基金投资工作，争取未来更好的 长期投资收益","fund":{"_id":3000000006039,"stockCode":"006039","stockType":"fund","areaCode":"cn","followedNum":24,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2018-07-22T16:00:00.000Z","setUpScale":545420000,"market":"a","tickerId":6039,"custody":"中国农业银行股份有限公司","name":"富兰克林国海估值优势灵活配置混合型证券投资基金","shortName":"国富估值优势混合A","fundSecondLevel":"hybrid","__csrcFundId":5512,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:44.141Z","masterFundFlag":1,"inceptionDate":"2018-08-21T16:00:00.000Z","memoNum":1,"fundCollectionId":4000050420000,"currency":"CNY","masterFundShortName":"国富估值优势混合","pinyin":"flklghgzyslhpzhhxzqtzjj","managers":[{"stockCode":"8801403060","stockType":"fund_manager","exchange":"fm","tickerId":2403159340,"name":"徐成"}]},"announcement":{"linkText":"富兰克林国海估值优势灵活配置混合型证券投资基金2024年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1251161","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec94a7fea5b3eb048eeff","date":"2024-09-29T16:00:00.000Z","stockId":3000000006039,"sao":"2024年3季度，国内经济数据喜忧参半。9月份中国制造业采购经理指数（PMI）为49.8，低于荣枯线。消费者信心没有明显改善。  3季度港股表现相对较好，恒生指数9月底涨势喜人。行业方面，互联网、消费表现相对较好，高股息标的总体在震荡调整。A股同样受益于9月底的利好政策，科创板块表现突出。美国通胀数据有所回落，美联储9月降息50bps。  3季度本基金行业配置上重点关注高股息板块：电力、电信、上游能源、出口、电商等板块。电力：未来几年盈利相对较为稳定，股息率较高；电信：股息率较高、业绩稳健；上游资源：估值相对便宜、现金流好；出口：业绩稳健增长、现金流较好、相对稳定的股息率；电商：业绩逐步企稳改善，capital return(股息率+回购)较高。 此外，本基金也积极关注在各个行业有alpha的个股。  我们看好A股和港股市场中长期的机会，目前市场估值处于历史相对低位，2024年中国经济有望企稳回升，海外流动性预计也将在2024年下半年有望得到改善；本基金仍将重点关注A股和港股市场股息率较高的个股。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:21:14.425Z","fund":{"_id":3000000006039,"stockCode":"006039","stockType":"fund","areaCode":"cn","followedNum":24,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2018-07-22T16:00:00.000Z","setUpScale":545420000,"market":"a","tickerId":6039,"custody":"中国农业银行股份有限公司","name":"富兰克林国海估值优势灵活配置混合型证券投资基金","shortName":"国富估值优势混合A","fundSecondLevel":"hybrid","__csrcFundId":5512,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:44.141Z","masterFundFlag":1,"inceptionDate":"2018-08-21T16:00:00.000Z","memoNum":1,"fundCollectionId":4000050420000,"currency":"CNY","masterFundShortName":"国富估值优势混合","pinyin":"flklghgzyslhpzhhxzqtzjj","managers":[{"stockCode":"8801403060","stockType":"fund_manager","exchange":"fm","tickerId":2403159340,"name":"徐成"}]},"announcement":{"linkText":"富兰克林国海估值优势灵活配置混合型证券投资基金2024年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1172289","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec94a7fea5b3eb048eefe","date":"2024-06-29T16:00:00.000Z","stockId":3000000006039,"sao":"上半年，能源价格仍在高位震荡；但考虑到去年基数比较高，全球通货膨胀压力有所缓解。美联储政策相对较为中性，欧央行和加拿大已经开始降息，海外市场总体流动性变好。中国经济在利好的货币政策和地产政策和影响下，有所企稳；3月和4月的PMI高于50的荣枯线。受上述宏观因素影响，24年上半年恒生指数上涨4%左右。科技股方面，受益于AI的公司股价涨幅较好。  本基金在上半年基本维持高股息的策略，相对通信、电力、上游资源、高速公路等板块。电信：股息率高、业绩稳健；电力：未来几年盈利相对较为稳定，股息率较高；上游资源：估值相对便宜、现金流好；高速公路：业绩稳健增长、现金流好、稳定的股息率。 此外，本基金也积极关注在各个行业有alpha的个股。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:21:14.422Z","mo":"2024年，中国经济有望企稳回升：1）货币政策和财政政策仍将同时发力；2）3-4月份PMI回到50以上就是一个较为积极的信号；3）5-6月份二手房销售也有所改善；4）节假期间，出行旅游人数增多也逐步回暖；5）部分高附加的产品（如：电动车、机械等）出口也有不俗的增长。这些都体现中国经济的韧性和潜力。  我们看好A股和港股市场中长期的机会，2024年中国经济有望企稳回升，海外流动性预计也将在2024年下半年有望得到改善。本基金将重点关注估值相对较低且股息高的行业，如电信、电力、上游资源等板块。且港股市场仍有不少被低估的个股等待市场挖掘。  本基金将继续按照基金合同及相关法律法规要求，努力做好基金投资工作，争取未来更好的长期投资收益。","fund":{"_id":3000000006039,"stockCode":"006039","stockType":"fund","areaCode":"cn","followedNum":24,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2018-07-22T16:00:00.000Z","setUpScale":545420000,"market":"a","tickerId":6039,"custody":"中国农业银行股份有限公司","name":"富兰克林国海估值优势灵活配置混合型证券投资基金","shortName":"国富估值优势混合A","fundSecondLevel":"hybrid","__csrcFundId":5512,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:44.141Z","masterFundFlag":1,"inceptionDate":"2018-08-21T16:00:00.000Z","memoNum":1,"fundCollectionId":4000050420000,"currency":"CNY","masterFundShortName":"国富估值优势混合","pinyin":"flklghgzyslhpzhhxzqtzjj","managers":[{"stockCode":"8801403060","stockType":"fund_manager","exchange":"fm","tickerId":2403159340,"name":"徐成"}]},"announcement":{"linkText":"富兰克林国海估值优势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=1151219","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec94a7fea5b3eb048eefd","date":"2024-03-30T16:00:00.000Z","stockId":3000000006039,"sao":"2024年1季度，国内经济有所复苏。3月中国制造业采购经理指数（PMI）时隔6个月重返扩张区间，创下近一年新高至50.8；特别出口订单好于预期。部分消费（比如：旅游等）有所表现, 新能源车销售较好。但一、二线城市地产销售数据没有特别强的表现，仍需要继续观察。  1季度港股和A股表现欠佳，恒生指数和沪深300指数1-2月份跌幅较大，但3月份强势反弹。行业方面，能源、有色表现较好，但地产、消费、医药等板块欠佳；高股息标的总体表现较为突出，反应市场投资者较为谨慎的心态。美国通胀数据仍在高位，美联储短期降息的概率下降。  1季度本基金行业配置上重点关注高股息板块：电力、上游资源、电信、高速公路等板块。电力：未来几年盈利相对较为稳定，股息率相对较高；电信：股息率相对较高、业绩稳健；上游资源：估值相对便宜、现金流好；高速公路：现金流好，相对稳定的股息率。 此外，本基金也积极关注在各个行业有alpha的个股。  我们看好A股和港股市场中长期的机会，目前市场估值处于历史相对低位，2024年中国经济有望企稳回升，海外流动性预计也将在2024年下半年有望得到改善，且A股和港股市场仍有不少被低估的个股等待市场挖掘。","declarationDate":"2024-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:21:14.419Z","fund":{"_id":3000000006039,"stockCode":"006039","stockType":"fund","areaCode":"cn","followedNum":24,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2018-07-22T16:00:00.000Z","setUpScale":545420000,"market":"a","tickerId":6039,"custody":"中国农业银行股份有限公司","name":"富兰克林国海估值优势灵活配置混合型证券投资基金","shortName":"国富估值优势混合A","fundSecondLevel":"hybrid","__csrcFundId":5512,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:44.141Z","masterFundFlag":1,"inceptionDate":"2018-08-21T16:00:00.000Z","memoNum":1,"fundCollectionId":4000050420000,"currency":"CNY","masterFundShortName":"国富估值优势混合","pinyin":"flklghgzyslhpzhhxzqtzjj","managers":[{"stockCode":"8801403060","stockType":"fund_manager","exchange":"fm","tickerId":2403159340,"name":"徐成"}]},"announcement":{"linkText":"富兰克林国海估值优势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=1069610","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec94a7fea5b3eb048eefc","date":"2023-12-30T16:00:00.000Z","stockId":3000000006039,"sao":"2023年一季度，国内经济总体企稳回升。受疫情影响，1月份投资和消费均不理想；但节后，出行、消费、以及部分城市地产销售逐步有所改善。但二季度和下半年，国内经济复苏并不特别强。地产销售数据一般，投资和消费均不理想；但二季度出口数据好于预期。  2023年，港股表现一般。一月份，市场表现较好；但之后恒生指数震荡走弱。行业方面，地产、物业、互联网和科技表现欠佳；高股息标的总体表现较为突出，反应市场投资者较为谨慎的心态。美国通胀数据仍维持高位，市场对流动性也有些担忧。A股24年也是震荡下跌。  本基金行业配置上重点关注数字经济、硬科技、物业、电信、上游资源等板块。数字经济：未来增长空间较大、估值相对便宜、盈利有望逐步复苏；硬科技：受益于AI的运用、技术含量较高且有较高的准入门槛；物业：稳定的现金流、估值相对便宜、央企有望取得较为稳定的业绩增加；电信：有望取得较高的股息率、业绩稳健；上游资源：估值相对便宜、市场预期较低。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:21:14.416Z","mo":"我们对24年市场整体谨慎乐观：1）目前A股和港股估值仍在其历史平均水平以下；相对于海外市场，在平均估值上仍有一定优势；2）美国通胀有所缓解，美联储加息接近尾声，海外流动性也有望改善；3）中国经济有望企稳回升且上市公司业绩有望逐步改善；4）台湾、美国、韩国、和日本的科技股有望受益于AI的运用。  24年，本基金行业配置方面重点关注电信、电力、银行、交运等板块。电信：有望取得较高的股息率、业绩稳健；电力：未来几年盈利相对较为稳定；银行：估值相对便宜、市场预期较低；交运：车流量有望改善，现金流较好。   我们看好A股和港股市场中长期的机会，目前市场估值处于历史相对低位，2024年中国经济有望企稳回升，海外流动性预计也将在2024年有望得到改善，且A股和港股市场仍有不少被低估的个股等待市场挖掘。  本基金将继续按照基金合同及相关法律法规要求，努力做好基金投资工作，争取未来更好的长期投资收益。","fund":{"_id":3000000006039,"stockCode":"006039","stockType":"fund","areaCode":"cn","followedNum":24,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2018-07-22T16:00:00.000Z","setUpScale":545420000,"market":"a","tickerId":6039,"custody":"中国农业银行股份有限公司","name":"富兰克林国海估值优势灵活配置混合型证券投资基金","shortName":"国富估值优势混合A","fundSecondLevel":"hybrid","__csrcFundId":5512,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:44.141Z","masterFundFlag":1,"inceptionDate":"2018-08-21T16:00:00.000Z","memoNum":1,"fundCollectionId":4000050420000,"currency":"CNY","masterFundShortName":"国富估值优势混合","pinyin":"flklghgzyslhpzhhxzqtzjj","managers":[{"stockCode":"8801403060","stockType":"fund_manager","exchange":"fm","tickerId":2403159340,"name":"徐成"}]},"announcement":{"linkText":"富兰克林国海估值优势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=1058005","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec94a7fea5b3eb048eefb","date":"2023-09-29T16:00:00.000Z","stockId":3000000006039,"sao":"2023年3季度，国内经济复苏并不特别强。地产和汽车销售数据一般，投资和消费数据均不理想, 出口数据也不强。但最新PMI回升到50.2, 这意味经济有望重回扩张区。  3季度港股表现欠佳，7月份恒生指数有所反弹，但8-9月份又再次震荡走弱。行业方面，地产、消费、互联网和科技表现欠佳；高股息标的总体表现较为突出，反应市场投资者较为谨慎的心态。美国通胀数据仍维持高位，市场对流动性也有些担忧。A股市场表现也基本类似，沪深300指数也是在7月反弹后回落。  3季度本基金行业配置上重点关注数字经济、硬科技、制造也、物业、化工、电信、上游资源等板块。其中，数字经济：未来增长空间较大、估值相对便宜、盈利有望逐步复苏；硬科技：受益于AI的运用、技术含量较高且有较高的准入门槛；制造业：受益于工业自动化趋势；物业：相对稳定的现金流、估值相对便宜、央企有较为稳定的业绩增加；化工：估值和化工品价格都在相对底部，将有望受益于经济的企稳回升；电信：股息率高、业绩稳健；上游资源：估值相对便宜、市场预期较低。   我们看好港股和A股市场中长期的机会，目前市场估值处于历史相对低位，4季度中国经济有望企稳回升，海外流动性预计在2024年有望得到改善，且港股和A股市场仍有不少被低估的个股等待市场挖掘。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:21:14.413Z","fund":{"_id":3000000006039,"stockCode":"006039","stockType":"fund","areaCode":"cn","followedNum":24,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2018-07-22T16:00:00.000Z","setUpScale":545420000,"market":"a","tickerId":6039,"custody":"中国农业银行股份有限公司","name":"富兰克林国海估值优势灵活配置混合型证券投资基金","shortName":"国富估值优势混合A","fundSecondLevel":"hybrid","__csrcFundId":5512,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:44.141Z","masterFundFlag":1,"inceptionDate":"2018-08-21T16:00:00.000Z","memoNum":1,"fundCollectionId":4000050420000,"currency":"CNY","masterFundShortName":"国富估值优势混合","pinyin":"flklghgzyslhpzhhxzqtzjj","managers":[{"stockCode":"8801403060","stockType":"fund_manager","exchange":"fm","tickerId":2403159340,"name":"徐成"}]},"announcement":{"linkText":"富兰克林国海估值优势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=987164","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec94a7fea5b3eb048eefa","date":"2023-06-29T16:00:00.000Z","stockId":3000000006039,"sao":"2023年一季度，国内经济总体企稳回升。受疫情影响，1月份投资和消费均不理想；但节后，出行、消费以及部分城市地产销售逐步有所改善。二季度，国内经济复苏并不特别强。地产和汽车销售数据一般，投资和消费均不理想；但二季度出口数据好于预期。  上半年，港股表现一般。一月份，市场表现较好；但2-5月份恒生指数震荡走弱，6月份有所回升。行业方面，地产、物业、互联网和科技表现欠佳；高股息标的总体表现较为突出，反应市场投资者较为谨慎的心态。美国通胀数据仍维持高位，市场对流动性也有些担忧。A股市场表现也不理想，沪深300指数回吐1季度的涨幅。  本基金行业配置上重点关注数字经济、硬科技、物业、电信、新能源、专精特新、上游资源等板块。数字经济：未来增长空间较大、估值相对较低、盈利有望逐步复苏；硬科技：受益于AI的运用、技术含量较高且有较高的准入门槛；物业：相对稳定的现金流、估值相对较低、部分龙头企业有望取得较为稳定的业绩增加；电信：股息率高、业绩稳健；新能源：未来增长空间相对较大，重点关注有技术变化的子板块；专精特新：关注有技术突破且公司治理较好的公司；上游资源：估值相对较低、市场预期低。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:21:14.410Z","mo":"我们对23年下半年市场整体偏乐观：1）目前港股和A股估值仍在其历史平均水平以下；相对于A股，港股在平均估值上仍有一定优势；2）美国通胀有所缓解，美联储加息接近尾声，海外流动性也有望改善；3）中国经济有望企稳回升且上市公司业绩将逐步改善。  同时，中国经济处在转型期，新经济方兴未艾、未来发展的空间较大。新经济中核心企业盈利能力有望逐步得到改善。硬科技、数字经济、新能源、高端制造、生物医药等领域的增速仍有望维持在价高的水平。  本基金将重点关注有结构性增长机会的行业，如硬科技、新能源、数字经济、大消费、物业、和医药等；同时，也将关注有望受益于经济复苏的板块，如有色和工程机械等，配置上总体偏均衡。中国市场规模大，给优秀的企业提供了很好的舞台；此外，凭借自身过硬的实力，国内企业在海外市场也有望取得更大的斩获。上市公司层面，我们加大对质地优秀、行业口配好、有核心竞争力企业的研究，重点把握结构性成长的机会，将在估值合理的时候重点考虑。","fund":{"_id":3000000006039,"stockCode":"006039","stockType":"fund","areaCode":"cn","followedNum":24,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2018-07-22T16:00:00.000Z","setUpScale":545420000,"market":"a","tickerId":6039,"custody":"中国农业银行股份有限公司","name":"富兰克林国海估值优势灵活配置混合型证券投资基金","shortName":"国富估值优势混合A","fundSecondLevel":"hybrid","__csrcFundId":5512,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:44.141Z","masterFundFlag":1,"inceptionDate":"2018-08-21T16:00:00.000Z","memoNum":1,"fundCollectionId":4000050420000,"currency":"CNY","masterFundShortName":"国富估值优势混合","pinyin":"flklghgzyslhpzhhxzqtzjj","managers":[{"stockCode":"8801403060","stockType":"fund_manager","exchange":"fm","tickerId":2403159340,"name":"徐成"}]},"announcement":{"linkText":"富兰克林国海估值优势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=962317","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec94a7fea5b3eb048eef9","date":"2023-03-30T16:00:00.000Z","stockId":3000000006039,"sao":"2023年一季度，国内经济总体企稳回升。受疫情影响，1月份投资和消费均不理想；但节后，出行、消费、以及部分城市地产销售逐步有所改善。由于海外宏观经济有不确定性，一季度出口数据暂时不够理想。  港股总体呈震荡走势，1月份恒生指数表现相对较好，但之后有所调整和回落；行业方面，数字经济、建筑、黄金和原油等板块涨幅较大。A股市场表现好于港股，部分是由于通讯、能源等板块表现突出所致。  一季度本基金行业配置上重点关注数字经济、硬科技、新能源、物业、上游资源等板块。","declarationDate":"2023-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:21:14.407Z","fund":{"_id":3000000006039,"stockCode":"006039","stockType":"fund","areaCode":"cn","followedNum":24,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2018-07-22T16:00:00.000Z","setUpScale":545420000,"market":"a","tickerId":6039,"custody":"中国农业银行股份有限公司","name":"富兰克林国海估值优势灵活配置混合型证券投资基金","shortName":"国富估值优势混合A","fundSecondLevel":"hybrid","__csrcFundId":5512,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:44.141Z","masterFundFlag":1,"inceptionDate":"2018-08-21T16:00:00.000Z","memoNum":1,"fundCollectionId":4000050420000,"currency":"CNY","masterFundShortName":"国富估值优势混合","pinyin":"flklghgzyslhpzhhxzqtzjj","managers":[{"stockCode":"8801403060","stockType":"fund_manager","exchange":"fm","tickerId":2403159340,"name":"徐成"}]},"announcement":{"linkText":"富兰克林国海估值优势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=889769","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec94a7fea5b3eb048eef8","date":"2022-12-30T16:00:00.000Z","stockId":3000000006039,"sao":"上半年，俄乌冲突导致能源价格高企，并使得全球通货膨胀压力加大。美联储不得不提高利率来抑制通货膨胀，导致美元升值且部分资金从新兴市场流出，海外市场总体流动性变差；此外，加息对全球经济增长也产生不少负面影响。中国经济在疫情和地产的双重影响下，也没有特别突出的表现。受上述宏观因素影响，22年香港市场波动较大、A股市场也有一定跌幅。  本基金在二季度和三季度逐步卖出成长股，并增加低估值行业的配置。四季度，疫情缓解后，本基金增加了顺周期、硬科技、以及互联网行业的配置；同时也关注新能源、基建相关等板块机会。22年香港市场各板块表现大多较为低迷；有正回报的板块较少，其中能源板块的上涨主要由于俄乌冲突这一突发事件导致的。","declarationDate":"2023-01-19T16:0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