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场呈现震荡之势；其中市场两大主线表现亮眼：国改预期下的中特估和ChatGPT掀起的AIGC投资热潮。二季度开始，随着经济数据发布及各细分项高频指标的跟踪，市场不断下修年初对经济的乐观预期。特别是消费的弱复苏、对地方隐性债务问题的担忧和房地产销售数据的转冷，加大了市场对于经济下行的担忧，同时也在不断期待相关刺激经济的政策出台。进入6月后，国内稳增长信号渐强：货币政策上，央行在6月降息推动贷款利率稳中有降；政策上，国常会“研究提出一批政策措施”后，各领域政策也陆续出台。具体到股票市场，二季度从新基金发行和北向资金流动来看市场增量资金不足，市场阶段性的呈现结构性行情特征；同时由于对宏观经济下滑的担忧，市场对于强经济相关的顺周期板块予以规避，在二季度中有阶段性表现的行业主要还是集中在AI、中特估和部分政策利好行业。从基金表现来看，偏中小市值策略和景气板块相关产品表现较好。操作上，关注点聚焦于国内经济修复进度、宏观稳增长政策以及热门主题景气赛道，围绕经济稳增长、景气细分板块和中小市值策略方向作为调整配置主要方向，组合进一步提高了中小盘暴露、加大对景气度较高板块的配置，并通过优选选股alpha较高、alpha稳定性较好的标的实现配置。产品整体继续保持一贯定位，力争通过优选个基、合理调整组合以期获得长期稳健的权益市场回报。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:29:08.532Z","mo":"权益市场，我们判断市场依旧还是呈现出存量博弈的特征，对于宏大叙事，没有看到EPS实际改善的概念我们保持了谨慎。下阶段将重点关注政策变化，同时结合业绩和估值情况，选择标的进行配置，与此同时我们关注市场抱团度，对于抱团较深的高位行业板块保持谨慎。","fund":{"_id":3000000007898,"stockCode":"007898","stockType":"fund","areaCode":"cn","followedNum":22,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2019-09-01T16:00:00.000Z","setUpScale":3522850000,"market":"a","tickerId":7898,"custody":"中国工商银行股份有限公司","name":"富国智诚精选3个月持有期混合型基金中基金（FOF）","shortName":"富国智诚精选3个月持有期混合（FOF）(007898)","fundSecondLevel":"fof","__csrcFundId":6534,"fundStatus":"normal","lastUpdated":"2026-04-30T20:58:25.960Z","masterFundFlag":1,"inceptionDate":"2019-09-05T16:00:00.000Z","fundCollectionId":4000050100000,"currency":"CNY","masterFundShortName":"富国智诚精选3个月持有期混合（FOF）","fofFundFlag":1,"memoNum":1,"pinyin":"fgzcjx3gycyqhhxjjzjj(fof)","managers":[{"stockCode":"db20710368","stockType":"fund_manager","exchange":"fm","tickerId":230425198980,"name":"王登元"}]},"announcement":{"linkText":"富国智诚精选3个月持有期混合型基金中基金（FOF）二0二三年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=965788","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb247fea5b3eb04b0418","date":"2023-03-30T16:00:00.000Z","stockId":3000000007898,"sao":"权益市场来看，2023年开年随着疫情放开，国内经济基本面好转。在流动性修复、经济预期走强和稳增长细化政策出台等多重影响下，市场情绪回暖，春节前主要呈现出普涨行情；与此同时，美联储加息放缓和人民币快速升值的大背景下，北上成为了开年流入A股的重要新增资金，单月北向净流入超1400亿。春节过后各数据出台，国内对经济数据的整体信心偏弱叠加北上持续流入意愿的大幅下降，市场呈现震荡之势；其中市场两大主线表现亮眼：国改预期下的中特估和ChatGPT掀起的AIGC投资热潮。操作上围绕经济增长和政策支持方向作为调整配置主要方向，组合主要提高了中小盘暴露、加大对于业绩预期增速较高板块的配置，并通过优选选股alpha较高、alpha稳定性较好的标的实现配置。产品整体继续保持一贯定位，力争通过优选个基、合理调整组合以期获得长期稳健的权益市场回报。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:29:08.530Z","fund":{"_id":3000000007898,"stockCode":"007898","stockType":"fund","areaCode":"cn","followedNum":22,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2019-09-01T16:00:00.000Z","setUpScale":3522850000,"market":"a","tickerId":7898,"custody":"中国工商银行股份有限公司","name":"富国智诚精选3个月持有期混合型基金中基金（FOF）","shortName":"富国智诚精选3个月持有期混合（FOF）(007898)","fundSecondLevel":"fof","__csrcFundId":6534,"fundStatus":"normal","lastUpdated":"2026-04-30T20:58:25.960Z","masterFundFlag":1,"inceptionDate":"2019-09-05T16:00:00.000Z","fundCollectionId":4000050100000,"currency":"CNY","masterFundShortName":"富国智诚精选3个月持有期混合（FOF）","fofFundFlag":1,"memoNum":1,"pinyin":"fgzcjx3gycyqhhxjjzjj(fof)","managers":[{"stockCode":"db20710368","stockType":"fund_manager","exchange":"fm","tickerId":230425198980,"name":"王登元"}]},"announcement":{"linkText":"富国智诚精选3个月持有期混合型基金中基金（FOF）二0二三年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=885667","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb247fea5b3eb04b0417","date":"2022-12-30T16:00:00.000Z","stockId":3000000007898,"sao":"2022开年在市场对经济增长压力、热门板块估值的担忧下低开低走。尤其是在春节前一周，受地缘政治风险发酵、海外加息预期升高以及春节前避险情绪升温的影响，市场波动加剧，沪深股指一路下滑。春节后，在宽信用超预期的背景下，A股迎来震荡反弹。但随着2月下旬地缘政治局势的恶化给国内股票市场带来负面影响，资本市场风险偏好下降，在俄乌冲突持续、美联储加息落地、北向资金流出、国内疫情扩散等多重冲击下，市场一度大幅下挫；而随着月中金稳会的召开，市场恐慌情绪得到极大缓解，但随着疫情爆发叠加上海封城，市场下跌失控。进入5月之后，在国内疫情好转和稳增长政策不断加码的背景下叠加人民币汇率继续贬值压力下降，A股市场情绪逐步企稳，开启超跌反弹之路。7月，在国内疫情散发、地产风险事件和稳增长预期下调等多重因素影响下，经济复苏面临挑战，A股市场结束了两个多月的涨势转向调整。投资者情绪在7月转冷，受台海政治事件和美股大幅上涨干扰，A股投资吸引力显著降低，北向资金开始大幅流出。国内局部疫情反复、三季报业绩不达预期和重大政治会议等因素影响，投资者情绪越发谨慎，A股市场延续下跌态势至10月下旬。进入11月后，A股市场呈现触底反弹行情，随着疫情防控政策进一步优化调整，金融稳地产“三支箭”发出，使得经济基本面走强和融资需求回升的预期持续升温。反映在市场层面，国内积极出台包括保交楼在内一揽子稳楼市政策措施，各地因城施策积极落实，市场对房地产复苏预期持续升温，这一预期在股市相关板块得到充分体现；国内不断优化防疫措施，随着经济稳步恢复，大消费板块也进一步交易企稳复苏。操作上围绕影响市场的三大问题疫情、地产及海外地缘政治展开，结构选择上我们重点关注3方向进行操作：1. 稳增长发力相关板块以及受益于国内经济预期改善板块；2. 大消费板块；3. 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