window.pageData = {"stock":{"_id":3000000008372,"stockCode":"008372","areaCode":"cn","stockType":"fund","tickerId":8372,"fundSecondLevel":"hybrid","status":"normal","exchange":"jj","name":"富国阿尔法两年持有期混合型证券投资基金","shortName":"富国阿尔法两年持有期混合","custody":"中国建设银行股份有限公司","fundType":"stock","ipoDate":"2019-11-27T16:00:00.000Z","setUpScale":1124840000,"fundStatus":"normal","market":"a","masterFundFlag":1,"inceptionDate":"2019-12-23T16:00:00.000Z","followedNum":7,"fundCollectionId":4000050100000,"currency":"CNY","masterFundShortName":"富国阿尔法两年持有期混合","setUpDate":"2019-12-23T16:00:00.000Z","pinyin":"fgaeflncyqhhxzqtzjj","fundCollection":{"exchange":"jjgs","stockType":"fund_collection","stockCode":"50100000","tickerId":50100000,"name":"富国基金管理有限公司"},"managers":[{"name":"张弘","stockType":"fund_manager","stockCode":"db20175771","exchange":"fm","tickerId":2608130060}],"hotMetrics":{"fss":{"stockId":3000000008372,"type":"fss","f_s_s_d":"2024-06-29T16:00:00.000Z","f_ins_h_s_r":0.0319,"f_ins_h_s_r_c_hy":0.004799999999999999,"f_ins_h_s_r_c_1y":0.008299999999999998,"f_ind_h_s_r":0.9681000000000001,"f_ind_h_s_r_c_hy":-0.0048000000000000265,"f_ind_h_s_r_c_1y":-0.008299999999999974,"f_h_a":18500,"f_h_s_a":29047,"last_data_date":"2025-06-29T16:00:00.000Z"},"fpr":{"stockId":3000000008372,"type":"fpr","f_p_r_fys_ssc":9000,"f_p_r_fys_ssrp":0.22369152128014225,"f_p_r_m1_ssc":9190,"f_p_r_m1_ssrp":0.14354119055392317,"f_p_r_m3_ssc":9046,"f_p_r_m3_ssrp":0.266334991708126,"f_p_r_m6_ssc":8762,"f_p_r_m6_ssrp":0.4284898984134231,"f_p_r_y1_ssc":8333,"f_p_r_y1_ssrp":0.43218915026404225,"f_p_r_y2_ssc":7721,"f_p_r_y2_ssrp":0.39624352331606216,"f_p_r_y3_ssc":6907,"f_p_r_y3_ssrp":0.41587025774688674,"f_p_r_y5_ssc":4293,"f_p_r_y5_ssrp":0.22297297297297297,"f_cagr_p_r_fs_ssc":9117,"f_cagr_p_r_fs_ssrp":0.23497147871873628},"fp":{"stockId":3000000008372,"type":"fp","f_p_r_fys":0.14247221286628542,"f_p_r_m1":0.15236962799388531,"f_p_r_m3":0.03773200081582728,"f_p_r_m6":0.061105318039625045,"f_p_r_y1":0.33974063590283743,"f_p_r_y3":0.2422633217359429,"f_cagr_p_r_fs":0.11846091287595062,"f_p_r_d1":-0.007880434782608803,"f_p_r_y2":0.4357671957671938,"f_p_r_y5":0.336748768472902,"last_data_date":"2026-04-28T16:00:00.000Z"},"ff":{"stockId":3000000008372,"type":"ff","f_m_f":4107441,"f_m_f_r":0.008,"f_c_f":984987,"f_c_f_r":0.002,"f_m_a_c_f":5092428,"f_m_a_c_f_r":0.01,"f_m_c_f_d":"2024-11-26T16:00:00.000Z","f_c_fr":0.002,"f_fr_d":"2025-12-14T16:00:00.000Z","f_m_fr":0.008,"f_mac_fr":0.01},"f_nlacan":{"stockId":3000000008372,"type":"f_nlacan","f_nv_d":"2026-04-28T16:00:00.000Z","f_nv":2.0352,"f_nv_cr":0.005533596837944632},"f_as":{"stockId":3000000008372,"type":"f_as","f_tas":298527163.6416,"f_tas_d":"2026-03-30T16:00:00.000Z"}},"masterSlaveFunds":[],"shareholdings":[{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000008372,"stockId":300502,"holdings":63000,"marketCap":27898920,"netValueRatio":0.0935,"quarterlyChange":0.027757148161901002,"stock":{"stockCode":"300502","exchange":"sz","stockType":"company","tickerId":300502,"name":"新易盛"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000008372,"stockId":300308,"holdings":43500,"marketCap":24769335,"netValueRatio":0.083,"quarterlyChange":-0.06654098360655702,"stock":{"stockCode":"300308","exchange":"sz","stockType":"company","tickerId":300308,"name":"中际旭创"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000008372,"stockId":338,"holdings":606200,"marketCap":14694288,"netValueRatio":0.0492,"quarterlyChange":0.4093023255813959,"stock":{"stockCode":"000338","exchange":"sz","stockType":"company","tickerId":338,"name":"潍柴动力"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000008372,"stockId":2353,"holdings":109800,"marketCap":10628640,"netValueRatio":0.0356,"quarterlyChange":0.3666525483552172,"stock":{"stockCode":"002353","exchange":"sz","stockType":"company","tickerId":2353,"name":"杰瑞股份"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000008372,"stockId":534,"holdings":272600,"marketCap":9660944,"netValueRatio":0.0324,"quarterlyChange":0.6109090909090911,"stock":{"stockCode":"000534","exchange":"sz","stockType":"company","tickerId":534,"name":"万泽股份"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000008372,"stockId":300604,"holdings":79300,"marketCap":9599265,"netValueRatio":0.0322,"quarterlyChange":0.1948474977790926,"stock":{"stockCode":"300604","exchange":"sz","stockType":"company","tickerId":300604,"name":"长川科技"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000008372,"stockId":688717,"holdings":79307,"marketCap":9278919,"netValueRatio":0.0311,"quarterlyChange":0.8993506493506485,"stock":{"name":"艾罗能源","exchange":"sh","stockType":"company","stockCode":"688717","tickerId":688717}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000008372,"stockId":601899,"holdings":282000,"marketCap":9227040,"netValueRatio":0.0309,"quarterlyChange":-0.05076878445024502,"stock":{"stockCode":"601899","exchange":"sh","stockType":"company","tickerId":601899,"name":"紫金矿业"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000008372,"stockId":933,"holdings":295100,"marketCap":9089080,"netValueRatio":0.0304,"quarterlyChange":0.12122315253003313,"stock":{"stockCode":"000933","exchange":"sz","stockType":"company","tickerId":933,"name":"神火股份"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000008372,"stockId":2916,"holdings":37100,"marketCap":8143821,"netValueRatio":0.0273,"quarterlyChange":-0.05501743510267354,"stock":{"stockCode":"002916","exchange":"sz","stockType":"company","tickerId":2916,"name":"深南电路"}}],"bondHoldings":[{"_id":"69e8f9c51398d79843001351","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000008372,"stockCode":"019792","stockName":"25国债19","holdings":29000,"marketCap":2921900,"netValueRatio":0.0098,"lastUpdated":"2026-04-22T16:39:33.068Z"}],"lastFsMetrics":{"latestTurnoverRate":6.036935145539815,"latestTurnoverRateDate":"2025-06-29T16:00:00.000Z"}},"list":[{"_id":"69e8eb011398d79843fe8dc3","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","stockId":3000000008372,"sao":"报告期内，美国与伊朗的战争带来的全球市场动荡，由于战争进展的不可预测性，为我们的投资带来了很大不确定性。从长远角度考虑，我们还是看好AI革命，美国的AI已经在某些领域取得了商业上的成功，我国AI投资也在蓬勃发展，将带动相关上市公司业绩增长。同时，中国制造业在近年来的各种国际动荡中显示了越来越强的竞争力，未来我们将能看到更多中国产品走向市场，成为世界级企业。本基金目前及未来的投资方向将主要聚焦于这两个方向。","lastUpdated":"2026-04-22T15:36:33.649Z","fund":{"_id":3000000008372,"stockCode":"008372","areaCode":"cn","stockType":"fund","tickerId":8372,"fundSecondLevel":"hybrid","status":"normal","exchange":"jj","name":"富国阿尔法两年持有期混合型证券投资基金","shortName":"富国阿尔法两年持有期混合","custody":"中国建设银行股份有限公司","fundType":"stock","ipoDate":"2019-11-27T16:00:00.000Z","setUpScale":1124840000,"__csrcFundId":6891,"fundStatus":"normal","lastUpdated":"2024-05-16T10:29:12.464Z","market":"a","masterFundFlag":1,"inceptionDate":"2019-12-23T16:00:00.000Z","followedNum":7,"fundCollectionId":4000050100000,"currency":"CNY","masterFundShortName":"富国阿尔法两年持有期混合","setUpDate":"2019-12-23T16:00:00.000Z","pinyin":"fgaeflncyqhhxzqtzjj","managers":[{"stockCode":"db20175771","stockType":"fund_manager","exchange":"fm","tickerId":2608130060,"name":"张弘"}]},"announcement":{"linkText":"富国阿尔法两年持有期混合型证券投资基金二0二六年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1481187","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb987fea5b3eb04b894b","date":"2025-12-30T16:00:00.000Z","declarationDate":"2026-01-21T16:00:00.000Z","stockId":3000000008372,"sao":"报告期内，本基金基于对26年春季行情看好，提高了权益仓位，加仓主要方向集中在我们认为未来业绩确定性高、估值相对较低的领域，如AI硬件、有色等。我们将持续跟踪宏观经济和各行业的盈利变化趋势，争取前瞻地将高增速低估值的股票体现到组合中，并分享其业绩增长带来的收益。","lastUpdated":"2026-03-09T13:31:04.523Z","fund":{"_id":3000000008372,"stockCode":"008372","areaCode":"cn","stockType":"fund","tickerId":8372,"fundSecondLevel":"hybrid","status":"normal","exchange":"jj","name":"富国阿尔法两年持有期混合型证券投资基金","shortName":"富国阿尔法两年持有期混合","custody":"中国建设银行股份有限公司","fundType":"stock","ipoDate":"2019-11-27T16:00:00.000Z","setUpScale":1124840000,"__csrcFundId":6891,"fundStatus":"normal","lastUpdated":"2024-05-16T10:29:12.464Z","market":"a","masterFundFlag":1,"inceptionDate":"2019-12-23T16:00:00.000Z","followedNum":7,"fundCollectionId":4000050100000,"currency":"CNY","masterFundShortName":"富国阿尔法两年持有期混合","setUpDate":"2019-12-23T16:00:00.000Z","pinyin":"fgaeflncyqhhxzqtzjj","managers":[{"stockCode":"db20175771","stockType":"fund_manager","exchange":"fm","tickerId":2608130060,"name":"张弘"}]},"announcement":{"linkText":"富国阿尔法两年持有期混合型证券投资基金二0二五年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1461135","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb987fea5b3eb04b894a","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-27T16:00:00.000Z","stockId":3000000008372,"sao":"回顾三季度，AI是最强主线，海外互联网大厂投资热潮不减，相关个股盈利预测不断上调，带动了板块大幅上涨。创新药前期涨幅较大，加之三季度没有重磅BD落地，走势比较疲弱。本基金在AI方面配置相对较晚，三季度收益相对平庸。展望未来，依然维持对市场的关注，科技成长主线可能不会动摇。我们将更加积极的寻找机会，力争为投资者带来更好的收益。","lastUpdated":"2026-03-09T13:31:04.519Z","fund":{"_id":3000000008372,"stockCode":"008372","areaCode":"cn","stockType":"fund","tickerId":8372,"fundSecondLevel":"hybrid","status":"normal","exchange":"jj","name":"富国阿尔法两年持有期混合型证券投资基金","shortName":"富国阿尔法两年持有期混合","custody":"中国建设银行股份有限公司","fundType":"stock","ipoDate":"2019-11-27T16:00:00.000Z","setUpScale":1124840000,"__csrcFundId":6891,"fundStatus":"normal","lastUpdated":"2024-05-16T10:29:12.464Z","market":"a","masterFundFlag":1,"inceptionDate":"2019-12-23T16:00:00.000Z","followedNum":7,"fundCollectionId":4000050100000,"currency":"CNY","masterFundShortName":"富国阿尔法两年持有期混合","setUpDate":"2019-12-23T16:00:00.000Z","pinyin":"fgaeflncyqhhxzqtzjj","managers":[{"stockCode":"db20175771","stockType":"fund_manager","exchange":"fm","tickerId":2608130060,"name":"张弘"}]},"announcement":{"linkText":"富国阿尔法两年持有期混合型证券投资基金二0二五年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1379623","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb987fea5b3eb04b8949","date":"2025-06-29T16:00:00.000Z","stockId":3000000008372,"sao":"上半年A股市场波动上行，医药、银行、机械等行业相对表现较好。本基金在上半年的持仓主要围绕“创新”展开，一季度主要收益来自于机器人板块相关个股，但在AI国产算力上有所损失。一季度末二季度初以来，本基金逐步增持创新药相关品种，取得了较好的收益。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:04.514Z","mo":"展望下半年，我们期待A股与港股市场的表现。板块上看，依然围绕“创新”相关板块保持关注。创新药的市值增长在逐步反应中国创新药行业近年来取得的优异进展，但龙头个股市值并没有泡沫化，中国创新药的重估可能还在进程中。海外AI产业逐步进入到应用端开始受益的阶段，算力-应用正向螺旋在海外已经开启，国内AI产业也正在迎头赶上，AI可能是一波持续5-10年的大浪潮，我们将积极寻找长期受益标的并进行布局。同时，固态电池、核聚变等等，一系列新的产业都或将有良好进展，其中都孕育着长期投资机会。","fund":{"_id":3000000008372,"stockCode":"008372","areaCode":"cn","stockType":"fund","tickerId":8372,"fundSecondLevel":"hybrid","status":"normal","exchange":"jj","name":"富国阿尔法两年持有期混合型证券投资基金","shortName":"富国阿尔法两年持有期混合","custody":"中国建设银行股份有限公司","fundType":"stock","ipoDate":"2019-11-27T16:00:00.000Z","setUpScale":1124840000,"__csrcFundId":6891,"fundStatus":"normal","lastUpdated":"2024-05-16T10:29:12.464Z","market":"a","masterFundFlag":1,"inceptionDate":"2019-12-23T16:00:00.000Z","followedNum":7,"fundCollectionId":4000050100000,"currency":"CNY","masterFundShortName":"富国阿尔法两年持有期混合","setUpDate":"2019-12-23T16:00:00.000Z","pinyin":"fgaeflncyqhhxzqtzjj","managers":[{"stockCode":"db20175771","stockType":"fund_manager","exchange":"fm","tickerId":2608130060,"name":"张弘"}]},"announcement":{"linkText":"富国阿尔法两年持有期混合型证券投资基金二0二五年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1350652","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb987fea5b3eb04b8948","date":"2025-03-30T16:00:00.000Z","stockId":3000000008372,"sao":"本季度市场中枢震荡，在去年924大幅上涨之后等待经济数据的确认。目前本基金的持仓结构主要是以下方向：（1）内需消费中，格局稳定、自由现金流表现好、有意愿有能力加大股东回报的公司，如港股互联网；（2）加大了对黄金的配置。对于新技术创新的方向及个股以更积极的视角去看待。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:04.511Z","fund":{"_id":3000000008372,"stockCode":"008372","areaCode":"cn","stockType":"fund","tickerId":8372,"fundSecondLevel":"hybrid","status":"normal","exchange":"jj","name":"富国阿尔法两年持有期混合型证券投资基金","shortName":"富国阿尔法两年持有期混合","custody":"中国建设银行股份有限公司","fundType":"stock","ipoDate":"2019-11-27T16:00:00.000Z","setUpScale":1124840000,"__csrcFundId":6891,"fundStatus":"normal","lastUpdated":"2024-05-16T10:29:12.464Z","market":"a","masterFundFlag":1,"inceptionDate":"2019-12-23T16:00:00.000Z","followedNum":7,"fundCollectionId":4000050100000,"currency":"CNY","masterFundShortName":"富国阿尔法两年持有期混合","setUpDate":"2019-12-23T16:00:00.000Z","pinyin":"fgaeflncyqhhxzqtzjj","managers":[{"stockCode":"db20175771","stockType":"fund_manager","exchange":"fm","tickerId":2608130060,"name":"张弘"}]},"announcement":{"linkText":"富国阿尔法两年持有期混合型证券投资基金二0二五年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1276460","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb987fea5b3eb04b8947","date":"2024-12-30T16:00:00.000Z","stockId":3000000008372,"sao":"2024年，市场在结构上作出了清晰的选择，这也是对我们国家的经济总量上和结构上变化的反映。1）总量上，经济从追求高增速到高质量，驱动力从投资变迁到消费和创新，在投资驱动的阶段，企业注重再投资，在高质量高品质的阶段，供给相对过剩，企业进入现金流创造阶段，市场进入对股东回报友好的阶段，红利跑出了显著的超额；2）在结构上，诸多领域如人工智能、机器人创新涌现，全球资本市场包括A股都给予积极的响应。遗憾的是，这两个方向在组合上都没有得到体现，这和策略框架有较大关系，我们一直坚持从分子端出发，自下而上寻找优质标的，力争靠个股阿尔法应对市场，该策略在当前市场状态下遇到了一定的挑战，胜率与赔率的匹配度有待进一步优化。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:04.508Z","mo":"展望25年，分子端的系统性改善在短期可能还需等待，组合构建以分母端为出发点，积极关注新产业的变化，适度参与。","fund":{"_id":3000000008372,"stockCode":"008372","areaCode":"cn","stockType":"fund","tickerId":8372,"fundSecondLevel":"hybrid","status":"normal","exchange":"jj","name":"富国阿尔法两年持有期混合型证券投资基金","shortName":"富国阿尔法两年持有期混合","custody":"中国建设银行股份有限公司","fundType":"stock","ipoDate":"2019-11-27T16:00:00.000Z","setUpScale":1124840000,"__csrcFundId":6891,"fundStatus":"normal","lastUpdated":"2024-05-16T10:29:12.464Z","market":"a","masterFundFlag":1,"inceptionDate":"2019-12-23T16:00:00.000Z","followedNum":7,"fundCollectionId":4000050100000,"currency":"CNY","masterFundShortName":"富国阿尔法两年持有期混合","setUpDate":"2019-12-23T16:00:00.000Z","pinyin":"fgaeflncyqhhxzqtzjj","managers":[{"stockCode":"db20175771","stockType":"fund_manager","exchange":"fm","tickerId":2608130060,"name":"张弘"}]},"announcement":{"linkText":"富国阿尔法两年持有期混合型证券投资基金二0二四年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1257398","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb987fea5b3eb04b8946","date":"2024-09-29T16:00:00.000Z","stockId":3000000008372,"sao":"逆周期调节政策出台，市场预期及估值在较短时间内得到修复，组合也借机调整。报告期内，减仓了受外部环境影响较大以及估值偏贵的个股，在个股和行业的阿尔法上，我们积极寻找的方向可能有以下特征：1）具备全球竞争力，靠技术而非成本去获得全球市场份额；2）国内市场中供给受约束，受益需求依然能够在较高的 ROE 下获得可观成长性；3）优质龙头，格局已经优化或本就稳定，资本开支减少，盈利能力提升，自由现金流改善。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:04.506Z","fund":{"_id":3000000008372,"stockCode":"008372","areaCode":"cn","stockType":"fund","tickerId":8372,"fundSecondLevel":"hybrid","status":"normal","exchange":"jj","name":"富国阿尔法两年持有期混合型证券投资基金","shortName":"富国阿尔法两年持有期混合","custody":"中国建设银行股份有限公司","fundType":"stock","ipoDate":"2019-11-27T16:00:00.000Z","setUpScale":1124840000,"__csrcFundId":6891,"fundStatus":"normal","lastUpdated":"2024-05-16T10:29:12.464Z","market":"a","masterFundFlag":1,"inceptionDate":"2019-12-23T16:00:00.000Z","followedNum":7,"fundCollectionId":4000050100000,"currency":"CNY","masterFundShortName":"富国阿尔法两年持有期混合","setUpDate":"2019-12-23T16:00:00.000Z","pinyin":"fgaeflncyqhhxzqtzjj","managers":[{"stockCode":"db20175771","stockType":"fund_manager","exchange":"fm","tickerId":2608130060,"name":"张弘"}]},"announcement":{"linkText":"富国阿尔法两年持有期混合型证券投资基金二0二四年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1178271","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb987fea5b3eb04b8945","date":"2024-06-29T16:00:00.000Z","stockId":3000000008372,"sao":"回顾2024年上半年，组合对宏观预期的波动敏感性不够，对行业的配置考虑过多的长期权重，而对短期的波动不够尊重。当下的A股市场，无论是PE、PB，均处于历史低位水平，提供了较高风险回报的可能性。在对方向性把握度不足的情况下，投资策略上应适度优化，尊重市场所反映的预期，适度均衡。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:04.503Z","mo":"中国自身的市场大且有层次，尽管市场对于总量的发展充满担忧，但是我们依然相信可以找到有较好成长动能的细分行业。智慧聪明的民族特性是我们保持长期乐观的基础。在个股和行业的阿尔法上，我们积极寻找的方向可能有以下特征：1）具备全球竞争力，靠技术而非成本去获得全球市场份额；2）国内市场中供给受约束，受益需求依然能够在较高的ROE下获得可观成长性；3）优质龙头，格局已经优化或本就稳定，资本开支减少，盈利能力提升，自由现金流改善。","fund":{"_id":3000000008372,"stockCode":"008372","areaCode":"cn","stockType":"fund","tickerId":8372,"fundSecondLevel":"hybrid","status":"normal","exchange":"jj","name":"富国阿尔法两年持有期混合型证券投资基金","shortName":"富国阿尔法两年持有期混合","custody":"中国建设银行股份有限公司","fundType":"stock","ipoDate":"2019-11-27T16:00:00.000Z","setUpScale":1124840000,"__csrcFundId":6891,"fundStatus":"normal","lastUpdated":"2024-05-16T10:29:12.464Z","market":"a","masterFundFlag":1,"inceptionDate":"2019-12-23T16:00:00.000Z","followedNum":7,"fundCollectionId":4000050100000,"currency":"CNY","masterFundShortName":"富国阿尔法两年持有期混合","setUpDate":"2019-12-23T16:00:00.000Z","pinyin":"fgaeflncyqhhxzqtzjj","managers":[{"stockCode":"db20175771","stockType":"fund_manager","exchange":"fm","tickerId":2608130060,"name":"张弘"}]},"announcement":{"linkText":"富国阿尔法两年持有期混合型证券投资基金二0二四年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1153163","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb987fea5b3eb04b8944","date":"2024-03-30T16:00:00.000Z","stockId":3000000008372,"sao":"报告期内，本基金保持了较高的成长仓位，较大幅度跑输市场。经历近三年的调整，我们希望能找到一些能够长期持有表征未来中国经济特征的核心资产。基于经济结构转型升级的必然性，我们相信未来的核心资产集中于创新和高端制造领域，积极选取具备中国比较优势的产业，寻找具备全球竞争力的公司，构建当下的投资组合。","declarationDate":"2024-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:04.501Z","fund":{"_id":3000000008372,"stockCode":"008372","areaCode":"cn","stockType":"fund","tickerId":8372,"fundSecondLevel":"hybrid","status":"normal","exchange":"jj","name":"富国阿尔法两年持有期混合型证券投资基金","shortName":"富国阿尔法两年持有期混合","custody":"中国建设银行股份有限公司","fundType":"stock","ipoDate":"2019-11-27T16:00:00.000Z","setUpScale":1124840000,"__csrcFundId":6891,"fundStatus":"normal","lastUpdated":"2024-05-16T10:29:12.464Z","market":"a","masterFundFlag":1,"inceptionDate":"2019-12-23T16:00:00.000Z","followedNum":7,"fundCollectionId":4000050100000,"currency":"CNY","masterFundShortName":"富国阿尔法两年持有期混合","setUpDate":"2019-12-23T16:00:00.000Z","pinyin":"fgaeflncyqhhxzqtzjj","managers":[{"stockCode":"db20175771","stockType":"fund_manager","exchange":"fm","tickerId":2608130060,"name":"张弘"}]},"announcement":{"linkText":"富国阿尔法两年持有期混合型证券投资基金二0二四年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1075495","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb987fea5b3eb04b8943","date":"2023-12-30T16:00:00.000Z","stockId":3000000008372,"sao":"报告期内，本基金保持了较高的医药仓位，结果有一定防御性，但是结构老化问题严重。中国经济结构的转型和变革不光反映在不同行业之间，在行业内部也反映的淋漓尽致。对于股票市场的判断不决定于茅指数或者宁指数，对于医药行业的研究应不应该局限于过于的重仓股上。在当前阶段，我们积极选取具备中国比较优势的产业，寻找具备全球竞争力的公司，对于未来，我们或许是过去两年中最乐观的时刻。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:04.498Z","mo":"市场过度线性定价了经济的短期周期问题，也低估了在这轮经济发展中中国高端产业的能力，我们对于2024年的权益市场较为看好。","fund":{"_id":3000000008372,"stockCode":"008372","areaCode":"cn","stockType":"fund","tickerId":8372,"fundSecondLevel":"hybrid","status":"normal","exchange":"jj","name":"富国阿尔法两年持有期混合型证券投资基金","shortName":"富国阿尔法两年持有期混合","custody":"中国建设银行股份有限公司","fundType":"stock","ipoDate":"2019-11-27T16:00:00.000Z","setUpScale":1124840000,"__csrcFundId":6891,"fundStatus":"normal","lastUpdated":"2024-05-16T10:29:12.464Z","market":"a","masterFundFlag":1,"inceptionDate":"2019-12-23T16:00:00.000Z","followedNum":7,"fundCollectionId":4000050100000,"currency":"CNY","masterFundShortName":"富国阿尔法两年持有期混合","setUpDate":"2019-12-23T16:00:00.000Z","pinyin":"fgaeflncyqhhxzqtzjj","managers":[{"stockCode":"db20175771","stockType":"fund_manager","exchange":"fm","tickerId":2608130060,"name":"张弘"}]},"announcement":{"linkText":"富国阿尔法两年持有期混合型证券投资基金二0二三年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1059555","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb987fea5b3eb04b8942","date":"2023-09-29T16:00:00.000Z","stockId":3000000008372,"sao":"报告期内，本基金的医药仓位暴露度较高，医药反腐导致净值承受了较大的波动，后视镜来看，我们依然觉得在投资策略及方向上的判断没有问题，在调仓的节奏上略显急躁。展望四季度，我们依旧看好医药板块的表现，同时AI在经历了大幅度的回调之后也进入再次布局的时间窗口。对于医药，我们认为反腐抑制短期需求和也抑制长期供给，一个长久期资产遇到了长期利好，而短期利空带来的回调或许是较好的投资机会。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:04.495Z","fund":{"_id":3000000008372,"stockCode":"008372","areaCode":"cn","stockType":"fund","tickerId":8372,"fundSecondLevel":"hybrid","status":"normal","exchange":"jj","name":"富国阿尔法两年持有期混合型证券投资基金","shortName":"富国阿尔法两年持有期混合","custody":"中国建设银行股份有限公司","fundType":"stock","ipoDate":"2019-11-27T16:00:00.000Z","setUpScale":1124840000,"__csrcFundId":6891,"fundStatus":"normal","lastUpdated":"2024-05-16T10:29:12.464Z","market":"a","masterFundFlag":1,"inceptionDate":"2019-12-23T16:00:00.000Z","followedNum":7,"fundCollectionId":4000050100000,"currency":"CNY","masterFundShortName":"富国阿尔法两年持有期混合","setUpDate":"2019-12-23T16:00:00.000Z","pinyin":"fgaeflncyqhhxzqtzjj","managers":[{"stockCode":"db20175771","stockType":"fund_manager","exchange":"fm","tickerId":2608130060,"name":"张弘"}]},"announcement":{"linkText":"富国阿尔法两年持有期混合型证券投资基金二0二三年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=992277","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb987fea5b3eb04b8941","date":"2023-06-29T16:00:00.000Z","stockId":3000000008372,"sao":"报告期内，市场处于区间震荡，当前的基本面不太支持任何一种风格的趋势性表现。随着经济逐步触底修复，对于权益市场的乐观程度是大幅提升，风格上也应该逐步偏向于有长期逻辑的成长方向上。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:04.492Z","mo":"市场呈现出较为极端的结构性行情，跷跷板效应是存量市场的典型特征。之前基金管理中，本基金坚持均衡配置适当偏离，但当下也需要在均衡的基础上积极优化调整。当前位置，基于行业比较，我们配置了较高的医药仓位，认为板块机会较大，整体估值不高，政策风险释放，景气度或将逐步回升。","fund":{"_id":3000000008372,"stockCode":"008372","areaCode":"cn","stockType":"fund","tickerId":8372,"fundSecondLevel":"hybrid","status":"normal","exchange":"jj","name":"富国阿尔法两年持有期混合型证券投资基金","shortName":"富国阿尔法两年持有期混合","custody":"中国建设银行股份有限公司","fundType":"stock","ipoDate":"2019-11-27T16:00:00.000Z","setUpScale":1124840000,"__csrcFundId":6891,"fundStatus":"normal","lastUpdated":"2024-05-16T10:29:12.464Z","market":"a","masterFundFlag":1,"inceptionDate":"2019-12-23T16:00:00.000Z","followedNum":7,"fundCollectionId":4000050100000,"currency":"CNY","masterFundShortName":"富国阿尔法两年持有期混合","setUpDate":"2019-12-23T16:00:00.000Z","pinyin":"fgaeflncyqhhxzqtzjj","managers":[{"stockCode":"db20175771","stockType":"fund_manager","exchange":"fm","tickerId":2608130060,"name":"张弘"}]},"announcement":{"linkText":"富国阿尔法两年持有期混合型证券投资基金二0二三年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=965798","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb987fea5b3eb04b8940","date":"2023-03-30T16:00:00.000Z","stockId":3000000008372,"sao":"报告期内，诸多积极的因素正在发生，对于偏好成长的投资者而言，Chatgpt的出现无疑具备划时代的意义，在仓位结构上，我们也做了适度的应对，积极乐观的看待后续市场投资机会。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:04.490Z","fund":{"_id":3000000008372,"stockCode":"008372","areaCode":"cn","stockType":"fund","tickerId":8372,"fundSecondLevel":"hybrid","status":"normal","exchange":"jj","name":"富国阿尔法两年持有期混合型证券投资基金","shortName":"富国阿尔法两年持有期混合","custody":"中国建设银行股份有限公司","fundType":"stock","ipoDate":"2019-11-27T16:00:00.000Z","setUpScale":1124840000,"__csrcFundId":6891,"fundStatus":"normal","lastUpdated":"2024-05-16T10:29:12.464Z","market":"a","masterFundFlag":1,"inceptionDate":"2019-12-23T16:00:00.000Z","followedNum":7,"fundCollectionId":4000050100000,"currency":"CNY","masterFundShortName":"富国阿尔法两年持有期混合","setUpDate":"2019-12-23T16:00:00.000Z","pinyin":"fgaeflncyqhhxzqtzjj","managers":[{"stockCode":"db20175771","stockType":"fund_manager","exchange":"fm","tickerId":2608130060,"name":"张弘"}]},"announcement":{"linkText":"富国阿尔法两年持有期混合型证券投资基金二0二三年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=885671","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb987fea5b3eb04b893f","date":"2022-12-30T16:00:00.000Z","stockId":3000000008372,"sao":"事后看2022年的A股，投资者将下跌主要归因于宏观环境的扰动，而这些负面因素比如疫情、海外加息等都可能将在2023年得到显著改善，但我们认为也不宜对未来的权益市场过度乐观。人口结构、经济增长的核心驱动力、全球政治格局重构下对产业的影响等，这些长期因素对投资的影响需要得到定价。2022年对本基金的运作相对保守，整体保持相对谨慎仓位，在持仓结构上坚持寻找长期有空间的优质公司。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:04.487Z","mo":"2023年的主旋律或将是复苏和修复，但我们对投资收益并不做过于乐观的预期，在仓位保持适当积极乐观的同时，努力寻找新的产业方向。","fund":{"_id":3000000008372,"stockCode":"008372","areaCode":"cn","stockType":"fund","tickerId":8372,"fundSecondLevel":"hybrid","status":"normal","exchange":"jj","name":"富国阿尔法两年持有期混合型证券投资基金","shortName":"富国阿尔法两年持有期混合","custody":"中国建设银行股份有限公司","fundType":"stock","ipoDate":"2019-11-27T16:00:00.000Z","setUpScale":1124840000,"__csrcFundId":6891,"fundStatus":"normal","lastUpdated":"2024-05-16T10:29:12.464Z","market":"a","masterFundFlag":1,"inceptionDate":"2019-12-23T16:00:00.000Z","followedNum":7,"fundCollectionId":4000050100000,"currency":"CNY","masterFundShortName":"富国阿尔法两年持有期混合","setUpDate":"2019-12-23T16:00:00.000Z","pinyin":"fgaeflncyqhhxzqtzjj","managers":[{"stockCode":"db20175771","stockType":"fund_manager","exchange":"fm","tickerId":2608130060,"name":"张弘"}]},"announcement":{"linkText":"富国阿尔法两年持有期混合型证券投资基金二0二二年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=872285","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb987fea5b3eb04b893e","date":"2022-09-29T16:00:00.000Z","stockId":3000000008372,"sao":"报告期内，国际关系、疫情影响给市场对企业的长期价值判断增加了很多不确定性。展望未来，我们认为市场对负面因素的定价已经相对充分，当前位置可能是比较好的买入时机。投资方向上，我们可能需要过滤掉过去几年反映比较充分的板块。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:04.484Z","fund":{"_id":3000000008372,"stockCode":"008372","areaCode":"cn","stockType":"fund","tickerId":8372,"fundSecondLevel":"hybrid","status":"normal","exchange":"jj","name":"富国阿尔法两年持有期混合型证券投资基金","shortName":"富国阿尔法两年持有期混合","custody":"中国建设银行股份有限公司","fundType":"stock","ipoDate":"2019-11-27T16:00:00.000Z","setUpScale":1124840000,"__csrcFundId":6891,"fundStatus":"normal","lastUpdated":"2024-05-16T10:29:12.464Z","market":"a","masterFundFlag":1,"inceptionDate":"2019-12-23T16:00:00.000Z","followedNum":7,"fundCollectionId":4000050100000,"currency":"CNY","masterFundShortName":"富国阿尔法两年持有期混合","setUpDate":"2019-12-23T16:00:00.000Z","pinyin":"fgaeflncyqhhxzqtzjj","managers":[{"stockCode":"db20175771","stockType":"fund_manager","exchange":"fm","tickerId":2608130060,"name":"张弘"}]},"announcement":{"linkText":"富国阿尔法两年持有期混合型证券投资基金二0二二年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=809767","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb987fea5b3eb04b893d","date":"2022-06-29T16:00:00.000Z","stockId":3000000008372,"sao":"报告期内，随着疫情的逐步控制及稳增长政策的落地，市场出现修复性行情。遗憾的是在市场底部位置，没有把仓位加到理想水平。展望未来，绝大多数的股票依然没有解决空间的问题，需要做更细致的挖掘，耐心寻找更多处于成长曲线早期的品种。在方向上，我们对市场持乐观态度，在幅度上，我们预期相对保守。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:04.481Z","mo":"我们的投资框架中，对于企业终局的判断是重要参考依据，商业模式、竞争壁垒的优先级远大于短期增速。客观的说，依据该框架选择的股票在过去几年市场中已经较为充分反映，伴随着实体经济增长减速，这一类股票的预期收益是大幅降低的。做更细致的挖掘，耐心寻找更多处于成长曲线早期的品种，逐步优化组合是未来主要的工作。","fund":{"_id":3000000008372,"stockCode":"008372","areaCode":"cn","stockType":"fund","tickerId":8372,"fundSecondLevel":"hybrid","status":"normal","exchange":"jj","name":"富国阿尔法两年持有期混合型证券投资基金","shortName":"富国阿尔法两年持有期混合","custody":"中国建设银行股份有限公司","fundType":"stock","ipoDate":"2019-11-27T16:00:00.000Z","setUpScale":1124840000,"__csrcFundId":6891,"fundStatus":"normal","lastUpdated":"2024-05-16T10:29:12.464Z","market":"a","masterFundFlag":1,"inceptionDate":"2019-12-23T16:00:00.000Z","followedNum":7,"fundCollectionId":4000050100000,"currency":"CNY","masterFundShortName":"富国阿尔法两年持有期混合","setUpDate":"2019-12-23T16:00:00.000Z","pinyin":"fgaeflncyqhhxzqtzjj","managers":[{"stockCode":"db20175771","stockType":"fund_manager","exchange":"fm","tickerId":2608130060,"name":"张弘"}]},"announcement":{"linkText":"富国阿尔法两年持有期混合型证券投资基金二0二二年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=787751","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb987fea5b3eb04b893c","date":"2022-03-30T16:00:00.000Z","stockId":3000000008372,"sao":"报告期内，市场波动较大，主要指数均下跌。客观的说，经历过去3年的上涨，绝大多数的股票透支了未来3-5年的市值空间，叠加疫情等负面因素，市场出现的跌幅在可预期可接受的范围内。在应对上，本基金坚持一贯的风格，但是在仓位上做了适度的控制。展望未来，我们应该更加乐观，逐步加仓有未来的优质企业。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:04.479Z","fund":{"_id":3000000008372,"stockCode":"008372","areaCode":"cn","stockType":"fund","tickerId":8372,"fundSecondLevel":"hybrid","status":"normal","exchange":"jj","name":"富国阿尔法两年持有期混合型证券投资基金","shortName":"富国阿尔法两年持有期混合","custody":"中国建设银行股份有限公司","fundType":"stock","ipoDate":"2019-11-27T16:00:00.000Z","setUpScale":1124840000,"__csrcFundId":6891,"fundStatus":"normal","lastUpdated":"2024-05-16T10:29:12.464Z","market":"a","masterFundFlag":1,"inceptionDate":"2019-12-23T16:00:00.000Z","followedNum":7,"fundCollectionId":4000050100000,"currency":"CNY","masterFundShortName":"富国阿尔法两年持有期混合","setUpDate":"2019-12-23T16:00:00.000Z","pinyin":"fgaeflncyqhhxzqtzjj","managers":[{"stockCode":"db20175771","stockType":"fund_manager","exchange":"fm","tickerId":2608130060,"name":"张弘"}]},"announcement":{"linkText":"富国阿尔法两年持有期混合型证券投资基金二0二二年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=729250","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb987fea5b3eb04b893b","date":"2021-12-30T16:00:00.000Z","stockId":3000000008372,"sao":"2021年继续演绎结构化行情，板块之间的分化加剧。全年上证指数上涨4.8%，沪深300指数下跌5.2%，创业板指数上涨12.02%，中证500指数上涨15.58%，中证1000指数上涨20.52%。整体上成长和中小盘风格占优。有色、化工、新能源、钢铁、煤炭等行业表现靠前，消费者服务、非银金融、农林牧渔、家电、银行等板块表现落后。本基金坚持GARP策略，坚持业绩和估值的平衡，配置上偏防御，对高估值赛道保持谨慎，基本错过了新能源板块的贝塔机会，另外今年表现突出的周期板块，由于对于周期品价格的判断预计不足也没有参与。所以今年表现最突出的两大方向均未能把握。不过从一季度以来对持仓做了较大的调整，减持了性价比明显不足的部分“核心资产”，增持了性价比突出的细分领域优秀的中小盘个股，在个股阿尔法上获取了一定的超额收益，使得今年整体净值表现尚可，有效控制了波动。本基金从本人管理以来一直坚持GARP策略，坚持行业和个股适度分散的原则。GARP策略字面意思是以合理估值买入成长，是介于深度价值和成长投资之间的一种策略，既注重成长性，也更加注重估值的合理，本质上是追求性价比。选股上偏好稳健成长类个股，这类个股不要求太高的增长，但是增长的持续性和稳定性要求很高，背后往往是公司深厚的护城河和优秀的管理能力在支撑。同时对估值要求较高，再好的公司如果估值太贵也会放弃，从过往来看，大的投资损失无非两种，一种是买错了，看错了公司基本面，另一种是买贵了，虽然基本面看对了，如果买入估值过高也可能造成重大损失。在组合管理上本人一直坚持分散的原则。本人认为无论是宏观经济、股票市场，还是行业和个股，未来都充满不确定性，很难有高置信度、可重复的准确预测，要避免根据预测去押注某几个方向或行业，通过分散化配置能够适当规避认知上不足的风险。这个策略由于看重估值同时均衡配置，在牛市阶段容易错过热门板块，不过希望长期来看少犯错，有利于实现风险可控的稳健增长。","declarationDate":"2022-01-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:04.476Z","mo":"展望2022年，宏观面的扰动相对较大，我们更愿意基于自下而上的长期视角去看行业和公司。核心判断是当前股价下主流赛道的风险性价比并不高，在产品的应对上，我们会保持相对中性谨慎的仓位，同时并不会为了追求短期的相对收益而偏离产品风格。耐心等待成长股更具风险收益比时刻的来临，同时，我们也要在股票的选择上做更多减法，毕竟成为时间的朋友的成长股是少数。对投资人和管理人来说，更需要基于长期视角去审视组合，淡化短期的波动。本基金秉承自下而上精选个股的策略，注重组合的风险收益比，希望获得收益和回撤的平衡。","fund":{"_id":3000000008372,"stockCode":"008372","areaCode":"cn","stockType":"fund","tickerId":8372,"fundSecondLevel":"hybrid","status":"normal","exchange":"jj","name":"富国阿尔法两年持有期混合型证券投资基金","shortName":"富国阿尔法两年持有期混合","custody":"中国建设银行股份有限公司","fundType":"stock","ipoDate":"2019-11-27T16:00:00.000Z","setUpScale":1124840000,"__csrcFundId":6891,"fundStatus":"normal","lastUpdated":"2024-05-16T10:29:12.464Z","market":"a","masterFundFlag":1,"inceptionDate":"2019-12-23T16:00:00.000Z","followedNum":7,"fundCollectionId":4000050100000,"currency":"CNY","masterFundShortName":"富国阿尔法两年持有期混合","setUpDate":"2019-12-23T16:00:00.000Z","pinyin":"fgaeflncyqhhxzqtzjj","managers":[{"stockCode":"db20175771","stockType":"fund_manager","exchange":"fm","tickerId":2608130060,"name":"张弘"}]},"announcement":{"linkText":"富国阿尔法两年持有期混合型证券投资基金二0二一年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=716500","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb987fea5b3eb04b893a","date":"2021-09-29T16:00:00.000Z","stockId":3000000008372,"sao":"三季度市场波动较大，板块之间的分化严重。在大宗商品价格暴涨的催化下，周期板块表现亮眼，煤炭、有色、钢铁、电力、化工等行业涨幅居前，消费板块在消费数据乏力以及成本压力的背景下表现较差，消费者服务、医药、食品饮料、家电板块下跌较多。本基金一直坚持GARP策略，均衡配置，仓位有小幅下降，持仓结构变化不大，做了小幅调整，主要买入了一些前期下跌较多，估值已经较便宜的消费、医药、公用事业、金融等板块个股。三季度错过了周期板块的行情。错过的原因分析来看，主要是对周期品供需关系的把握没有很高的确定性，供给端对政策面带来的收缩预计不足，另外也认为这种靠政策带来的供给收缩可靠度不高，对需求端由于担心房地产投资的下降也认为具有较大的不确定性，所以周期板块配置较少，持有也不够坚定。由于组合一直对消费板块配置较多，三季度消费板块有一定拖累，但是重仓的乳制品表现相对较好，底部抄底的饲料板块也获得一定收益。三季度组合里表现相对较好的是偏周期的板块，比如化工的一些细分领域，由于价格暴涨以及跟氢能源等主题相关获得了较高的超额收益。前期一直持有的金融板块在三季度也表现相对较好。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:04.473Z","fund":{"_id":3000000008372,"stockCode":"008372","areaCode":"cn","stockType":"fund","tickerId":8372,"fundSecondLevel":"hybrid","status":"normal","exchange":"jj","name":"富国阿尔法两年持有期混合型证券投资基金","shortName":"富国阿尔法两年持有期混合","custody":"中国建设银行股份有限公司","fundType":"stock","ipoDate":"2019-11-27T16:00:00.000Z","setUpScale":1124840000,"__csrcFundId":6891,"fundStatus":"normal","lastUpdated":"2024-05-16T10:29:12.464Z","market":"a","masterFundFlag":1,"inceptionDate":"2019-12-23T16:00:00.000Z","followedNum":7,"fundCollectionId":4000050100000,"currency":"CNY","masterFundShortName":"富国阿尔法两年持有期混合","setUpDate":"2019-12-23T16:00:00.000Z","pinyin":"fgaeflncyqhhxzqtzjj","managers":[{"stockCode":"db20175771","stockType":"fund_manager","exchange":"fm","tickerId":2608130060,"name":"张弘"}]},"announcement":{"linkText":"富国阿尔法两年持有期混合型证券投资基金二0二一年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=659067","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb987fea5b3eb04b8939","date":"2021-06-29T16:00:00.000Z","stockId":3000000008372,"sao":"2021年上半年，市场呈现大幅波动的走势，结构性行情演绎进入极端区域，分行业板块来看，化工、钢铁、新能源、煤炭、有色等顺周期和强景气周期的行业表现靠前，非银、家电、农业、军工、地产等景气周期下行、受原材料上涨影响较大的行业表现靠后。市场整体风格偏趋势和成长，价值股严重跑输，价值和成长的估值差距进一步拉大，多数景气赛道的估值已经泡沫化，风险逐步累积。本基金上半年坚持了价值成长的风格，坚持增长和估值的匹配，由于过于在意估值，错失了科技板块的行情，反思错过的原因，除了风格不匹配以外，还跟自己对新能源、半导体等行业长期空间、短期景气程度理解不够有关，对细分领域的个股挖掘不到位有关。上半年组合配置偏大盘价值，大盘价值风格上半年表现垫底，导致上半年净值表现欠佳。","declarationDate":"2021-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:04.471Z","mo":"下半年由于疫情的反复导致宏观经济复苏的不确定性增加，信用风险可能的阶段性释放，叠加目前结构性的高估值和海外货币收紧的可能，预计下半年市场波动可能进一步加大。虽然市场整体估值并不贵，但以医疗服务、新能源、半导体等热门赛道的估值水平多已突破新高，蕴含较大的估值风险，虽然目前景气趋势仍在，但容错的空间很小，而且长期来看，这些行业也并非没有逻辑上的瑕疵，比如新能源就面临技术更迭的风险。从大的宽基指数来看，代表大的价值蓝筹的沪深300指数以及代表大的成长龙头的创业板指数估值分位都位于历史高位，而且机构资金配置拥挤，风险收益特性较差，代表中小盘风格的中证500指数估值分位位于历史底部，机构资金配置较少，蕴含机会较大，未来大的超额收益大概率来自各个细分行业估值合理的龙头优质中小盘公司，需要多翻石头。本基金会一直坚持估值和业绩增长的平衡，坚持性价比原则，坚信均值回归的长期逻辑，避免被动追逐高估值低性价比资产，更多去挖掘细分领域估值仍便宜的隐形冠军。同时对仓位择机调整，控制回撤风险。","fund":{"_id":3000000008372,"stockCode":"008372","areaCode":"cn","stockType":"fund","tickerId":8372,"fundSecondLevel":"hybrid","status":"normal","exchange":"jj","name":"富国阿尔法两年持有期混合型证券投资基金","shortName":"富国阿尔法两年持有期混合","custody":"中国建设银行股份有限公司","fundType":"stock","ipoDate":"2019-11-27T16:00:00.000Z","setUpScale":1124840000,"__csrcFundId":6891,"fundStatus":"normal","lastUpdated":"2024-05-16T10:29:12.464Z","market":"a","masterFundFlag":1,"inceptionDate":"2019-12-23T16:00:00.000Z","followedNum":7,"fundCollectionId":4000050100000,"currency":"CNY","masterFundShortName":"富国阿尔法两年持有期混合","setUpDate":"2019-12-23T16:00:00.000Z","pinyin":"fgaeflncyqhhxzqtzjj","managers":[{"stockCode":"db20175771","stockType":"fund_manager","exchange":"fm","tickerId":2608130060,"name":"张弘"}]},"announcement":{"linkText":"富国阿尔法两年持有期混合型证券投资基金二0二一年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=636231","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb987fea5b3eb04b8938","stockId":3000000008372,"sao":"一季度市场波动较大，1、2月份在新发基金的增量资金推动下基金重仓股快速冲高，随后见顶回调。整个一季度上证指数下跌0.9%，创业板指数下跌7%。分板块来看，钢铁、电力、银行、建筑、煤炭等顺周期和低估值板块表现较好，军工、非银、汽车、计算机等高估值及前期上涨较多的板块表现较差，核心白马股调整幅度较大。这次回调主要原因在于核心白马股的估值过高，在利率上行的压制下高估值需要较大的回调幅度或者较长的调整时间去消化。本基金一直坚持绝对收益思路和GARP策略，坚持估值和业绩的匹配，相信均值回归的规律，所以从去年年底以来就对组合进行了逐步调整，一是适当降低仓位水平，二是逢高减持估值较高的板块和个股，增加低估值板块和估值合理的中盘成长股的配置比例，降低整个组合的估值风险暴露度。一季度净值有所回撤但幅度相对可控，主要是部分高估值个股以及部分估值虽不高但业绩趋势不好的个股回调所致。操作层面主要增加了家电、电网设备等板块个股的配置，重点布局碳中和的投资机会。不足之处在于对白酒和消费电子在高点位置有所增仓，导致后续有所亏损，另外对高估值个股以及部分业绩趋势不好的个股减持还不够坚决。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:04.468Z","fund":{"_id":3000000008372,"stockCode":"008372","areaCode":"cn","stockType":"fund","tickerId":8372,"fundSecondLevel":"hybrid","status":"normal","exchange":"jj","name":"富国阿尔法两年持有期混合型证券投资基金","shortName":"富国阿尔法两年持有期混合","custody":"中国建设银行股份有限公司","fundType":"stock","ipoDate":"2019-11-27T16:00:00.000Z","setUpScale":1124840000,"__csrcFundId":6891,"fundStatus":"normal","lastUpdated":"2024-05-16T10:29:12.464Z","market":"a","masterFundFlag":1,"inceptionDate":"2019-12-23T16:00:00.000Z","followedNum":7,"fundCollectionId":4000050100000,"currency":"CNY","masterFundShortName":"富国阿尔法两年持有期混合","setUpDate":"2019-12-23T16:00:00.000Z","pinyin":"fgaeflncyqhhxzqtzjj","managers":[{"stockCode":"db20175771","stockType":"fund_manager","exchange":"fm","tickerId":2608130060,"name":"张弘"}]},"announcement":{"linkText":"富国阿尔法两年持有期混合型证券投资基金二0二一年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=575505","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb987fea5b3eb04b8937","stockId":3000000008372,"sao":"2020年在2019年基础上继续演绎结构性牛市，且行情向极端方向发展。年初的新冠疫情给经济基本面造成了较大的扰动，全球央行通过释放天量流动性应对疫情，带来了流动性推升的牛市，优质的核心资产估值不断被推高，逐步进入泡沫化阶段。全年上证指数上涨13.87%，创业板指数上涨64.96%，大小股票结构性分化严重，从板块来看，白酒、免税、新能源、军工等行业表现亮眼，通信、房地产、石油石化、建筑、银行等行业表现靠后，且行业之间收益差距较大。本基金坚持了价值成长的风格，坚持增长和估值的匹配，坚信均值回归的市场规律，相信再好的东西也有一个合理价格。今年市场纯拔估值的行情使得这一投资策略阶段失效，重点配置的低估值板块金融、家电等对净值有一定拖累，错过了白酒、新能源的行情，在医药、军工等板块获得了一定超额收益。同时由于基金前期建仓阶段本着稳步建仓的策略，股票平均仓位偏低，拖累了净值。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:04.465Z","mo":"2021年预计全球宏观经济在疫苗逐步铺开的背景下继续复苏，疫情期间应急性的财政和货币政策料将温和退出，市场整体流动性边际上有收紧预期，但经济的复苏有利于企业盈利的改善，在估值高企的背景下市场预计将震荡加剧，市场风格有切换的可能性。今年预计赚估值提升的钱难度加大，需要从企业盈利改善和基本面变化的角度选股，同时估值的重要性提升。重点关注基本面改善的低估值板块以及估值和成长基本匹配的中盘优质个股。仓位上适度灵活，控制回撤风险。","fund":{"_id":3000000008372,"stockCode":"008372","areaCode":"cn","stockType":"fund","tickerId":8372,"fundSecondLevel":"hybrid","status":"normal","exchange":"jj","name":"富国阿尔法两年持有期混合型证券投资基金","shortName":"富国阿尔法两年持有期混合","custody":"中国建设银行股份有限公司","fundType":"stock","ipoDate":"2019-11-27T16:00:00.000Z","setUpScale":1124840000,"__csrcFundId":6891,"fundStatus":"normal","lastUpdated":"2024-05-16T10:29:12.464Z","market":"a","masterFundFlag":1,"inceptionDate":"2019-12-23T16:00:00.000Z","followedNum":7,"fundCollectionId":4000050100000,"currency":"CNY","masterFundShortName":"富国阿尔法两年持有期混合","setUpDate":"2019-12-23T16:00:00.000Z","pinyin":"fgaeflncyqhhxzqtzjj","managers":[{"stockCode":"db20175771","stockType":"fund_manager","exchange":"fm","tickerId":2608130060,"name":"张弘"}]},"announcement":{"linkText":"富国阿尔法两年持有期混合型证券投资基金二0二0年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=560046","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb987fea5b3eb04b8936","stockId":3000000008372,"sao":"三季度市场整体上涨，期间上证指数上涨7.82%，创业板指数上涨5.6%，国防军工、免税、新能源、非银等板块涨幅靠前，通信、计算机、传媒等板块表现落后。宏观经济稳步复苏，顺周期板块有所表现。本基金三季度适当小幅逐步降低了仓位水平，坚持估值和业绩的平衡，对部分估值过高的板块和个股逢高进行了减持，适当增持了部分估值合理的个股和低估值板块以及部分受益于疫情改善预期的可选消费，逐步降低组合估值风险。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-27T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:04.462Z","fund":{"_id":3000000008372,"stockCode":"008372","areaCode":"cn","stockType":"fund","tickerId":8372,"fundSecondLevel":"hybrid","status":"normal","exchange":"jj","name":"富国阿尔法两年持有期混合型证券投资基金","shortName":"富国阿尔法两年持有期混合","custody":"中国建设银行股份有限公司","fundType":"stock","ipoDate":"2019-11-27T16:00:00.000Z","setUpScale":1124840000,"__csrcFundId":6891,"fundStatus":"normal","lastUpdated":"2024-05-16T10:29:12.464Z","market":"a","masterFundFlag":1,"inceptionDate":"2019-12-23T16:00:00.000Z","followedNum":7,"fundCollectionId":4000050100000,"currency":"CNY","masterFundShortName":"富国阿尔法两年持有期混合","setUpDate":"2019-12-23T16:00:00.000Z","pinyin":"fgaeflncyqhhxzqtzjj","managers":[{"stockCode":"db20175771","stockType":"fund_manager","exchange":"fm","tickerId":2608130060,"name":"张弘"}]},"announcement":{"linkText":"富国阿尔法两年持有期混合型证券投资基金二0二0年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=493576","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecb987fea5b3eb04b8935","stockId":3000000008372,"sao":"2020年上半年，市场遭遇百年一遇的新冠疫情黑天鹅，并导致宏观经济出现了较大幅度的下滑，市场波动加剧，在货币流动性边际放松的刺激下，市场先抑后扬。分行业板块来看，医药、食品饮料、电子、计算机等跟宏观经济弱相关的行业表现靠前，石油石化、煤炭、银行、非银等跟宏观经济相关性较大的行业表现靠后。市场整体风格偏成长，价值股严重跑输，市场结构性分化严重，部分热门板块和个股估值突破历史极值，出现估值泡沫化倾向。本基金上半年处于建仓期，采取了稳步建仓的策略，逐步提升仓位，组合配置上坚持了价值成长的风格，坚持增长和估值的匹配，由于对于估值的要求较为严格，错失了科技板块的行情，对于部分表现较好的个股，由于估值上涨较多，减持时点过早，也错失了后段上涨收益。上半年组合配置较为均衡，医药、军工、免税等板块贡献了较大的超额收益，但金融、家电等板块拖累了组合收益，另外由于采取了稳步建仓的策略，仓位整体不高，总体表现欠佳。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:31:04.459Z","mo":"下半年宏观经济在逆周期政策发力以及海外复工复产的逐步推进下有望逐步回暖，但回暖的幅度预计有限，除非疫苗大规模使用，企业盈利有望逐季改善，流动性环境整体宽松，但边际上进一步宽松的可能性不大，如果经济复苏超预期，不排除货币流动性边际收紧的可能。从估值来看，虽然市场整体估值不贵，但医药、电子、食品饮料等热门板块的估值已经达到或超过历史高点水平，估值分化水平达到历史极值位置，虽然不能以此认为市场风格会切换，但估值进一步拉大的困难在加大，均值回归的动力在增强，如果下半年经济持续复苏，市场风格趋于均衡的可能性加大。从组合配置的角度，仍然会坚持均衡配置的理念，坚守估值和增长的平衡，对部分估值已经较高的板块和个股逢高减持，降低组合估值风险暴露度。从板块来看，看好金融、家电等板块的估值修复，以及军工、机械等偏成长板块的趋势行情。","fund":{"_id":3000000008372,"stockCode":"008372","areaCode":"cn","stockType":"fund","tickerId":8372,"fundSecondLevel":"hybrid","status":"normal","exchange":"jj","name":"富国阿尔法两年持有期混合型证券投资基金","shortName":"富国阿尔法两年持有期混合","custody":"中国建设银行股份有限公司","fundType":"stock","ipoDate":"2019-11-27T16:00:00.000Z","setUpScale":1124840000,"__csrcFundId":6891,"fundStatus":"normal","lastUpdated":"2024-05-16T10:29:12.464Z","market":"a","masterFundFlag":1,"inceptionDate":"2019-12-23T16:00:00.000Z","followedNum":7,"fundCollectionId":4000050100000,"currency":"CNY","masterFundShortName":"富国阿尔法两年持有期混合","setUpDate":"2019-12-23T16:00:00.000Z","pinyin":"fgaeflncyqhhxzqtzjj","managers":[{"stockCode":"db20175771","stockType":"fund_manager","exchange":"fm","tickerId":2608130060,"name":"张弘"}]},"announcement":{"linkText":"富国阿尔法两年持有期混合型证券投资基金二0二0年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=464807","linkType":"PDF","source":"csrc_pdf"}}]}