window.pageData = {"stock":{"_id":3000000009897,"name":"广发港股通成长精选股票型证券投资基金","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","inceptionDate":"2020-09-09T16:00:00.000Z","fundStatus":"normal","stockCode":"009897","tickerId":9897,"shortName":"广发港股通成长精选股票C","exchange":"jj","followedNum":9,"fundCollectionId":4000050300000,"currency":"CNY","status":"normal","setUpDate":"2020-09-09T16:00:00.000Z","setUpAssetScale":1403280622.36,"setUpShares":1403280622.36,"masterFundFlag":null,"activeFundFlag":null,"classificationFlag":null,"closedEnd":null,"etfFundFlag":null,"feederFundFlag":null,"indexFundFlag":null,"lofFundFlag":null,"pensionTargetFlag":null,"pinyin":"gfggtczjxgpxzqtzjj","memoNum":0,"fundCollection":{"exchange":"jjgs","stockType":"fund_collection","stockCode":"50300000","tickerId":50300000,"name":"广发基金管理有限公司"},"managers":[{"name":"冯剑峰","stockType":"fund_manager","stockCode":"j101020533","exchange":"fm","tickerId":61006254200}],"hotMetrics":{"fss":{"stockId":3000000009897,"type":"fss","f_s_s_d":"2024-06-29T16:00:00.000Z","f_ins_h_s_r":0.0888,"f_ind_h_s_r":0.9112,"f_h_a":16551,"f_h_s_a":55416,"f_ind_h_s_r_c_1y":0.22719999999999996,"f_ind_h_s_r_c_hy":0.43510000000000004,"f_ins_h_s_r_c_1y":-0.2272,"f_ins_h_s_r_c_hy":-0.43510000000000004,"last_data_date":"2025-12-30T16:00:00.000Z"},"fpr":{"stockId":3000000009897,"type":"fpr","f_p_r_fys_ssc":5560,"f_p_r_fys_ssrp":0.5274329915452419,"f_p_r_m1_ssc":5905,"f_p_r_m1_ssrp":0.5753726287262872,"f_p_r_m3_ssc":5723,"f_p_r_m3_ssrp":0.5398462076197134,"f_p_r_m6_ssc":5477,"f_p_r_m6_ssrp":0.5524105186267348,"f_p_r_y1_ssc":4745,"f_p_r_y1_ssrp":0.7166947723440135,"f_p_r_y2_ssc":3600,"f_p_r_y2_ssrp":0.6265629341483745,"f_p_r_y3_ssc":2922,"f_p_r_y3_ssrp":0.766175967134543,"f_cagr_p_r_fs_ssc":6002,"f_cagr_p_r_fs_ssrp":0.9001833027828695,"f_p_r_y5_ssc":1823,"f_p_r_y5_ssrp":0.8765093304061471},"fp":{"stockId":3000000009897,"type":"fp","f_p_r_fys":0.06753535674559075,"f_p_r_m1":-0.016686182669789495,"f_p_r_m3":0.023305407463823036,"f_p_r_m6":0.08529886914378082,"f_p_r_y1":0.09253537160513825,"f_cagr_p_r_fs":-0.06660228174270633,"f_p_r_d1":-0.022489458066531354,"f_p_r_y2":0.3657247408009763,"f_p_r_y3":0.08477313095430516,"last_data_date":"2026-06-17T16:00:00.000Z","f_p_r_y5":-0.3750116289887414,"f_i_d":"2020-09-09T16:00:00.000Z"},"ff":{"stockId":3000000009897,"type":"ff","f_m_f":12619120,"f_m_f_r":0.012,"f_c_f":2103186,"f_c_f_r":0.002,"f_m_a_c_f":14722306,"f_m_a_c_f_r":0.014,"f_m_c_f_d":"2024-06-29T16:00:00.000Z","f_c_fr":0.002,"f_fr_d":"2026-04-23T16:00:00.000Z","f_m_fr":0.012,"f_mac_fr":0.014},"f_nlacan":{"stockId":3000000009897,"type":"f_nlacan","f_nv_d":"2026-06-17T16:00:00.000Z","f_nv":0.6718,"f_nv_cr":0.0031357324175003143},"f_as":{"stockId":3000000009897,"type":"f_as","f_tas":466188823.9644,"f_tas_d":"2026-03-30T16:00:00.000Z"}},"masterSlaveFunds":[{"_id":3000000009896,"__csrcFundId":7973,"stockCode":"009896","name":"广发港股通成长精选股票型证券投资基金","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":9896,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T22:03:18.158Z","status":"normal","exchange":"jj","followedNum":18,"inceptionDate":"2020-09-09T16:00:00.000Z","shortName":"广发港股通成长精选股票(009896)","fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发港股通成长精选股票","setUpDate":"2020-09-09T16:00:00.000Z","setUpAssetScale":8003364353.18,"setUpShares":8003364353.18,"memoNum":1,"pinyin":"gfggtczjxgpxzqtzjj"}],"shareholdings":[{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000009896,"stockId":1000000000006869,"holdings":1321500,"marketCap":213527771,"netValueRatio":0.1184,"quarterlyChange":2.5396518375241777,"stock":{"stockCode":"06869","exchange":"hk","stockType":"company","tickerId":6869,"name":"长飞光纤光缆"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000009896,"stockId":1000000000001801,"holdings":2195500,"marketCap":164580069,"netValueRatio":0.0913,"quarterlyChange":0.11344262295081897,"stock":{"stockCode":"01801","exchange":"hk","stockType":"company","tickerId":1801,"name":"信达生物"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000009896,"stockId":1000000000000700,"holdings":330300,"marketCap":141152978,"netValueRatio":0.0783,"quarterlyChange":-0.19198664440734592,"stock":{"stockCode":"00700","exchange":"hk","stockType":"company","tickerId":700,"name":"腾讯控股"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000009896,"stockId":1000000000009988,"holdings":1298100,"marketCap":136392730,"netValueRatio":0.0756,"quarterlyChange":-0.16666666666666652,"stock":{"exchange":"hk","stockType":"company","stockCode":"09988","tickerId":9988,"name":"阿里巴巴-W"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000009896,"stockId":1000000000000981,"holdings":2464000,"marketCap":110302352,"netValueRatio":0.0612,"quarterlyChange":-0.2904128761371586,"stock":{"stockCode":"00981","exchange":"hk","stockType":"company","tickerId":981,"name":"中芯国际"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000009896,"stockId":1000000000001347,"holdings":1394000,"marketCap":95574128,"netValueRatio":0.053,"quarterlyChange":0.04508748317631195,"stock":{"stockCode":"01347","exchange":"hk","stockType":"company","tickerId":1347,"name":"华虹宏力"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000009896,"stockId":1000000000009660,"holdings":12631800,"marketCap":73834500,"netValueRatio":0.0409,"quarterlyChange":-0.23556581986143177,"stock":{"exchange":"hk","stockType":"company","stockCode":"09660","tickerId":9660,"name":"地平线机器人-W"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000009896,"stockId":1000000000009868,"holdings":1148900,"marketCap":66393871,"netValueRatio":0.0368,"quarterlyChange":-0.1751732829237559,"stock":{"stockType":"company","exchange":"hk","stockCode":"09868","tickerId":9868,"name":"小鹏集团-W"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000009896,"stockId":688037,"holdings":372750,"marketCap":62457990,"netValueRatio":0.0346,"quarterlyChange":0.1282741902902158,"stock":{"stockCode":"688037","tickerId":688037,"exchange":"sh","stockType":"company","name":"芯源微"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000009896,"stockId":688041,"holdings":294555,"marketCap":61933134,"netValueRatio":0.0343,"quarterlyChange":-0.06273993694950597,"stock":{"name":"海光信息","exchange":"sh","stockType":"company","stockCode":"688041","tickerId":688041}}],"bondHoldings":[{"_id":"69e8fa0a1398d79843001a3e","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000009896,"stockCode":"019773","stockName":"25国债08","holdings":93000,"marketCap":9423453,"netValueRatio":0.0052,"lastUpdated":"2026-04-22T16:40:42.137Z"}]},"list":[{"_id":"69e8eb311398d79843fe8fe0","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","stockId":3000000009896,"sao":"2026年一季度，国内经济有所回暖。外需方面，海外经济周期有再加速迹象，全球PMI小幅回暖，带动国内出口增速超预期。内需方面，国补落地带动家电等商品消费回升，春节假期延长支撑服务消费韧性；财政靠前发力带动投资止跌回稳。通胀有所回升，基数效应叠加贵金属和油价上行，推动PPI同比回升，CPI核心服务通胀表现较好。一季度油价上涨推升海外通胀预期，全球流动性整体趋紧，也在一定程度上影响到A股和港股市场。整体而言，相较于四季度风险偏好维持高位、科技成长拔估值的行情，一季度权益市场重点在分子端业绩预期，周期股领跑。行业方面，海外头部模型厂商仍处于高频迭代窗口，竞争重心正由单一模型能力提升转向系统级能力与生态构建，Agent成为关键突破口。OpenClaw快速出圈，多家公司围绕其生态展开布局。操作方面，一季度随着人工智能技术向多模态和垂直行业深度渗透，我们增持了算力基础设施领域，包括光通信和半导体代工。考虑到大模型训练对高性能芯片的刚性需求，我们也增配了国产芯片设计公司。互联网板块中，我们调整了内部结构，降低面临增长瓶颈的标的比重。针对新能源车行业的价格战风险，我们将整车企业部分仓位调整至汽车智能化相关的供应商。医药生物板块，组合继续持有创新药龙头，以期在创新药审批加速背景下获得较好收益。","lastUpdated":"2026-04-22T15:37:21.043Z","fund":{"_id":3000000009896,"__csrcFundId":7973,"stockCode":"009896","name":"广发港股通成长精选股票型证券投资基金","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":9896,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T22:03:18.158Z","status":"normal","exchange":"jj","followedNum":18,"inceptionDate":"2020-09-09T16:00:00.000Z","shortName":"广发港股通成长精选股票(009896)","fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发港股通成长精选股票","setUpDate":"2020-09-09T16:00:00.000Z","setUpAssetScale":8003364353.18,"setUpShares":8003364353.18,"memoNum":1,"pinyin":"gfggtczjxgpxzqtzjj","managers":[{"stockCode":"j101020533","stockType":"fund_manager","exchange":"fm","tickerId":61006254200,"name":"冯剑峰"}]},"announcement":{"linkText":"广发港股通成长精选股票型证券投资基金2026年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1471195","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69cac93440924dd8ca638e90","date":"2025-12-30T16:00:00.000Z","declarationDate":"2026-03-29T16:00:00.000Z","stockId":3000000009896,"sao":"2025年海外经济受特朗普政府“对等关税”、美联储降息预期反复等因素影响，整体呈现先抑后扬的走势。中国经济顶住了内外部各种风险挑战、特别是对等关税的冲击，顺利完成全年增长目标，GDP实现5%的增长水平。2025年A股市场在震荡中走出一轮“慢牛”行情，一方面AI半导体等科技产业持续突破，另一方面内需政策发力、中美关系缓和、经济预期改善等因素，使得市场风险偏好整体抬升。风格上，电子及半导体、机器人等科技成长板块是主线，供需改善的周期品、有色板块也表现亮眼。产业方面，2025年模型智力显著提升，AI垂类应用率先落地，模型赋能人类生活的方式更加多样；同时，厂商竞争维度拓宽，激烈程度未减。DeepSeek依靠软件优化高效利用算力资源，引入强化学习训练大模型的范式，启示各大厂商更加重视“后训练”阶段，通过在推理环节使用思维链模式，成功实现了模型能力的跃升，推动全行业的需求和投资持续提升。组合管理方面，本基金在报告期内聚焦于港股优质科技方向，紧扣工程师红利与AI产业重塑两大主线。上半年，我们敏锐把握DeepSeek模型发布的产业拐点，重点布局互联网与半导体，同时抓住创新药领域的布局机会；下半年，顺应算力基建与智能驾驶的景气扩散，我们进一步加码半导体（晶圆与设计）及算法环节的配置。全年来看，我们在坚守创新药出海与互联网应用迭代逻辑的同时，基于竞争格局与性价比考量，减持了估值性价比偏低的新消费与竞争格局进一步激烈的新能源车板块，将仓位向AI核心产业链与硬科技方向集中。","lastUpdated":"2026-03-30T19:04:20.852Z","mo":"展望未来，我们认为人工智能是一个长期发展的机会，所以我们重点在半导体、云计算、大模型等行业中寻找机会。国内模型的升级显然利好算力需求的提升，进而利于提升国产半导体芯片、设备、晶圆厂等行业的估值，这也是我们未来重点关注的方向。中国大模型与海外模型的差距在不断缩小，所以模型公司的机会也会有所表现，我们也会持续寻找机会。","fund":{"_id":3000000009896,"__csrcFundId":7973,"stockCode":"009896","name":"广发港股通成长精选股票型证券投资基金","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":9896,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T22:03:18.158Z","status":"normal","exchange":"jj","followedNum":18,"inceptionDate":"2020-09-09T16:00:00.000Z","shortName":"广发港股通成长精选股票(009896)","fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发港股通成长精选股票","setUpDate":"2020-09-09T16:00:00.000Z","setUpAssetScale":8003364353.18,"setUpShares":8003364353.18,"memoNum":1,"pinyin":"gfggtczjxgpxzqtzjj","managers":[{"stockCode":"j101020533","stockType":"fund_manager","exchange":"fm","tickerId":61006254200,"name":"冯剑峰"}]},"announcement":{"linkText":"广发港股通成长精选股票型证券投资基金2025年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1449059","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd1e7fea5b3eb04d45fa","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-27T16:00:00.000Z","stockId":3000000009896,"sao":"回顾2025年三季度，海外方面，一方面由特朗普政府带来的宏观政策不确定性持续下降（尤其是关税政策），另一方面美国就业市场的脆弱性也整体上升，市场对美国就业和经济下行风险的担忧提升，导致美联储整体转鸽，并在9月重启了降息周期。由于美国私人部门资产负债表仍然较为健康、衰退风险有限，叠加财政宽松预期和美联储降息，美股在三季度延续上行。欧洲方面，美欧达成贸易协议，外部不确定性下降，三季度经济呈现温和复苏态势，同时通胀小幅回落并接近2%，欧央行暂停进一步降息，欧洲股市在三季度小幅震荡上行。日本方面，执政联盟在参议院选举失利，现任首相石破茂宣布辞职，导致财政宽松预期升温；政治不确定性的上升，也使得日本央行对加息更加谨慎。国内方面，三季度经济维持一定韧性。通胀有所回暖，核心CPI回升，PPI降幅收窄。A股权益市场表现活跃，指数在事件驱动与主题轮动中震荡上行。电子及半导体、机器人等科技成长板块仍是主线，供需改善的周期品也表现亮眼。操作方面：我们增加了半导体、智能驾驶的配置，减少了消费行业的配置比例，在创新药行业维持较高的比例。由于全球人工智能基建及算力基建的景气度持续提升，我们增加了这个领域的配置。另外，随着算法和数据储量提升，智能驾驶也进入加速阶段，我们在这个行业上增加了相关芯片和算法公司的配置。同时由于新消费领域的估值性价比下降，尽管景气度仍然持续，我们仍然降低了这个领域的配置。我们对创新药出海仍然保持乐观，所以这个领域我们仍然维持高比例的配置。","lastUpdated":"2026-03-09T13:37:34.097Z","fund":{"_id":3000000009896,"__csrcFundId":7973,"stockCode":"009896","name":"广发港股通成长精选股票型证券投资基金","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":9896,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T22:03:18.158Z","status":"normal","exchange":"jj","followedNum":18,"inceptionDate":"2020-09-09T16:00:00.000Z","shortName":"广发港股通成长精选股票(009896)","fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发港股通成长精选股票","setUpDate":"2020-09-09T16:00:00.000Z","setUpAssetScale":8003364353.18,"setUpShares":8003364353.18,"memoNum":1,"pinyin":"gfggtczjxgpxzqtzjj","managers":[{"stockCode":"j101020533","stockType":"fund_manager","exchange":"fm","tickerId":61006254200,"name":"冯剑峰"}]},"announcement":{"linkText":"广发港股通成长精选股票型证券投资基金2025年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1372785","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd1e7fea5b3eb04d45f9","date":"2025-06-29T16:00:00.000Z","stockId":3000000009896,"sao":"2025年上半年，海外主要经济体的经济预期与市场表现经历了显著的波动与反转，核心驱动力在于特朗普政府的关税政策演变。年初，特朗普就职后关税威胁不断加码，政策不确定性显著抬升，导致海外市场大幅下修美国经济预期，衰退风险上升。4月初美国推出的“对等关税”远超预期，一度引发全球衰退叙事，风险资产普遍暴跌。但随着关税的延迟以及中美经贸关系的缓和，全球经济预期快速修复，风险偏好回暖，全球资产估值得到修复。中国方面，2025上半年经济增长表现整体超预期，GDP同比增长5.3%，高于全年目标，主要得益于“以旧换新”等一系列政策；投资端呈现分化特征，制造业投资维持高增速，房地产投资降幅有所扩大，基建投资相对稳健；出口同比增长5.9%，带动国内工业生产活跃；4月初在关税冲击之后，得益于果断的稳市政策和中美谈判顺利推进，市场经历了“急跌-企稳-修复”的过程，内地和香港股市大幅收复，部分指数更创出年内新高。行业方面，年初DeepSeek使用低端系列GPU训练出高质量模型，市场对AI硬件需求的可持续性产生疑问。但是质疑并没有持续很长时间，随着AI硬件与软件进展显著，叠加主权AI项目密集启动，大规模的算力投入仍然持续；算力需求侧方面，个别大型云厂商披露Token月度使用量同比提升超过50倍，为算力消耗叙事提供应用端支撑。操作方面，我们重点配置香港上市的优质科技股，包括互联网科技、半导体、创新药等科技企业。上半年DeepSeek人工智能系列模型的推出代表着人工智能行业的价值链出现重塑，中国互联网在这其中有比较大的机会。中国互联网行业有优秀的工程师人才，叠加用户、数据和应用场景的优势，这个行业迎来新的资本开支周期。随着资本开支周期的扩大，半导体行业也迎来发展。另外，中国的工程师红利不只体现在计算机和半导体人才，在创新药领域也具有工程师红利，中国创新药经过多年的培育，终于到了收成的阶段，创新药的海外授权得到海外大药厂的认可，我们在这些领域都有较多的配置。","declarationDate":"2025-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:37:34.095Z","mo":"展望下半年，全球主要经济体的财政政策会持续扩张，配合主要央行的降息，我们认为全球资本市场在财政和货币双扩张的情况下会有所提振。同时，全球的人工智能的军备竞赛仍然持续，我们相信部分互联网巨头的内卷式补贴会有所缓解，从而把主战场拉回到人工智能的竞争上面，这对于中国的互联网科技企业估值有正面的影响。另外，我们认为创新药的海外授权仍然会有惊喜，海外大药企对补充管线的急迫需求叠加中国优质产品，将会进一步提升市场关注度。不仅如此，半导体、自动驾驶、金融科技等领域会有持续的进步，这也是未来值得研究和关注的机会。","fund":{"_id":3000000009896,"__csrcFundId":7973,"stockCode":"009896","name":"广发港股通成长精选股票型证券投资基金","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":9896,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T22:03:18.158Z","status":"normal","exchange":"jj","followedNum":18,"inceptionDate":"2020-09-09T16:00:00.000Z","shortName":"广发港股通成长精选股票(009896)","fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发港股通成长精选股票","setUpDate":"2020-09-09T16:00:00.000Z","setUpAssetScale":8003364353.18,"setUpShares":8003364353.18,"memoNum":1,"pinyin":"gfggtczjxgpxzqtzjj","managers":[{"stockCode":"j101020533","stockType":"fund_manager","exchange":"fm","tickerId":61006254200,"name":"冯剑峰"}]},"announcement":{"linkText":"广发港股通成长精选股票型证券投资基金2025年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1341906","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd1e7fea5b3eb04d45f8","date":"2025-03-30T16:00:00.000Z","stockId":3000000009896,"sao":"2025年一季度，在稳增长政策持续发力的背景下，国内经济企稳态势延续。制造业方面，企业生产仍偏强，生产端强于需求端，反映在制造业有补库；结构上，传统制造偏弱，譬如食品、纺织服装等，但高端制造业较强，譬如汽车、通信电子等。国内企业DeepSeek发布一系列低成本、高性价比的开源人工智能模型，使算力效率提升、训练和推理成本下降，行业关注点从过往聚焦前训练转移到通过强化学习提升模型后训练能力，高效率地使用GPU。DeepSeek的推出弥补了国产模型能力的差距，叠加中国云厂商上修资本开支，使得国产算力链的走势上行。操作方面：我们增加了半导体、互联网等科技行业的配置比例，整体上重点配置香港上市的优质科技股。本季度DeepSeek人工智能系列模型的推出代表着人工智能行业的价值链出现重塑，规模定律也由预训练转到后训练，大幅降低的训练和推理成本让中国的互联网行业有较大的重估。中国互联网行业有充足的工程师人才，同时在数据和用户上有深厚的积累，叠加中国丰富的应用场景，我们认为互联网大厂在人工智能发展中会有较大的优势，这个行业迎来新的资本开支周期，这将对这些公司长期盈利潜力有较大的提升。随着资本开支周期的扩大，半导体行业也迎来发展，需求爆发的过程对公司来说是较大的机会。","declarationDate":"2025-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:37:34.092Z","fund":{"_id":3000000009896,"__csrcFundId":7973,"stockCode":"009896","name":"广发港股通成长精选股票型证券投资基金","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":9896,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T22:03:18.158Z","status":"normal","exchange":"jj","followedNum":18,"inceptionDate":"2020-09-09T16:00:00.000Z","shortName":"广发港股通成长精选股票(009896)","fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发港股通成长精选股票","setUpDate":"2020-09-09T16:00:00.000Z","setUpAssetScale":8003364353.18,"setUpShares":8003364353.18,"memoNum":1,"pinyin":"gfggtczjxgpxzqtzjj","managers":[{"stockCode":"j101020533","stockType":"fund_manager","exchange":"fm","tickerId":61006254200,"name":"冯剑峰"}]},"announcement":{"linkText":"广发港股通成长精选股票型证券投资基金2025年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1265950","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd1e7fea5b3eb04d45f7","date":"2024-12-30T16:00:00.000Z","stockId":3000000009896,"sao":"2024年，中国经济整体企稳回升，政策端持续发力强化市场信心。中国央行保持宽松货币政策，财政部推出专项债、特别国债等稳增长措施，政府强调扩大内需和改善消费，为市场提供长期支撑。海外方面，美联储推迟降息预期，日本央行结束负利率政策，全球市场波动加剧。行业方面，互联网行业盈利修复，市场格局稳固。社交网络、生活服务等行业受益于经济复苏，盈利预期提升，头部企业的市场地位进一步巩固。人工智能的突破让具有庞大用户的互联网企业受益。企业用自由现金流回购股票，提升股东价值。此外，随着宏观经济稳步复苏，消费行业见底回升。2024年，我们重点配置优质互联网企业、茶饮龙头、运动服饰、电动车。精选盈利修复、现金流稳健的互联网行业龙头企业，其中主要配置电商、游戏和生活服务方向。消费行业中茶饮、运动服饰都是竞争剧烈和品牌价值巨大的板块，在行业整合期，这些企业的中长期空间巨大，我们维持配置。中国品牌电动车具有全球竞争力，随着人工智能技术突破，自动驾驶技术突破后潜力巨大，结合中国的产业集群优势，在全球中具有较大竞争力。","declarationDate":"2025-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:37:34.089Z","mo":"展望2025年，中国互联网巨头具有庞大的用户和数据，低成本大模型的出现让中国的互联网公司有创造第二增长曲线的机会。中国的消费补贴政策有望让消费电子受益。AI行业低成本模型的推出刺激应用化发展，端侧AI应用将是行业关键催化剂。本基金将关注政策和产业方向，寻找结构性机会。","fund":{"_id":3000000009896,"__csrcFundId":7973,"stockCode":"009896","name":"广发港股通成长精选股票型证券投资基金","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":9896,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T22:03:18.158Z","status":"normal","exchange":"jj","followedNum":18,"inceptionDate":"2020-09-09T16:00:00.000Z","shortName":"广发港股通成长精选股票(009896)","fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发港股通成长精选股票","setUpDate":"2020-09-09T16:00:00.000Z","setUpAssetScale":8003364353.18,"setUpShares":8003364353.18,"memoNum":1,"pinyin":"gfggtczjxgpxzqtzjj","managers":[{"stockCode":"j101020533","stockType":"fund_manager","exchange":"fm","tickerId":61006254200,"name":"冯剑峰"}]},"announcement":{"linkText":"广发港股通成长精选股票型证券投资基金2024年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1250743","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd1e7fea5b3eb04d45f6","date":"2024-09-29T16:00:00.000Z","stockId":3000000009896,"sao":"三季度，中国经济稳步复苏的趋势不变。在几个重要会议之后，中国政府开始推出更加强有力的政策，推动中国经济进一步回升，9月多项财政和货币政策同步推出，助力中国经济高质量发展。市场也给予积极的反应，A股和港股多个主要指数同步上扬。我们认为，未来中国资产会越来越有吸引力，更多的海外投资者和场外投资者会继续回流中国资产。操作上，本基金增加了互联网行业的配置。我们认为中国经济在一揽子政策的助力下会进一步提升，中国互联网行业会从中受益，横向比较来看，中国互联网行业有稳健的现金流，未来估值重估机会比较明显。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:37:34.087Z","fund":{"_id":3000000009896,"__csrcFundId":7973,"stockCode":"009896","name":"广发港股通成长精选股票型证券投资基金","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":9896,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T22:03:18.158Z","status":"normal","exchange":"jj","followedNum":18,"inceptionDate":"2020-09-09T16:00:00.000Z","shortName":"广发港股通成长精选股票(009896)","fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发港股通成长精选股票","setUpDate":"2020-09-09T16:00:00.000Z","setUpAssetScale":8003364353.18,"setUpShares":8003364353.18,"memoNum":1,"pinyin":"gfggtczjxgpxzqtzjj","managers":[{"stockCode":"j101020533","stockType":"fund_manager","exchange":"fm","tickerId":61006254200,"name":"冯剑峰"}]},"announcement":{"linkText":"广发港股通成长精选股票型证券投资基金2024年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1174354","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd1e7fea5b3eb04d45f5","date":"2024-06-29T16:00:00.000Z","stockId":3000000009896,"sao":"回顾2024年上半年，国内方面，货币政策持续宽松，工业生产稳定，固定资产投资增速维持在超过4%水平，其中制造业投资受到出口拉动韧性较强，1-5月同比增长9.6%。政策方面，房地产政策进一步放松，对购房首付比例、贷款利率下限和公积金贷款利率进行调整；此外，央行发放3000亿保障性住房再贷款用于收储，一线城市的地产放松政策也纷纷跟进。海外方面，美国通胀持续回落为美联储降息提供窗口，日本结束了多年的负利率政策并在中长期对全球宏观有较为深远的影响。市场表现方面，上半年，港股中高股息、互联网、资源类公司均有不错的表现。操作方面，一季度本基金重点配置了互联网、消费和医药等成长性行业，其中互联网行业重点关注社交网络、生活服务、直播电商等格局稳定的子行业；消费行业重点关注健康主题相关的公司，其中以无糖茶饮、运动服饰等行业为主；医药行业重点关注GLP-1，降糖降重等中长期主线。二季度组合整体加仓了跌幅较大的成长股，减仓了汽车股。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:37:34.084Z","mo":"展望未来，我们认为世界多极化的宏观趋势持续影响着A股和H股的投资。未来随着全球地缘冲突的增加，资金对资产盈利能力的稳定性和公司持续经营的能力有更高的要求，同时也会给这些资产更高的溢价。持续经营能力的重要指标之一是企业的经营现金流，投资者对资产的定价由企业盈利到企业经营现金流的转变构成了新的估值定价模型。近几年，我们看到了运营商、互联网等行业持续提升估值。只要宏观趋势继续延续，这类型资产的价值仍有望在中长期得到重估，我们看好这些行业的中长期配置机会。此外，在估值持续下行的成长板块中仍然有不少投资机会，我们将继续在消费、科技行业中持续寻找投资机会。","fund":{"_id":3000000009896,"__csrcFundId":7973,"stockCode":"009896","name":"广发港股通成长精选股票型证券投资基金","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":9896,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T22:03:18.158Z","status":"normal","exchange":"jj","followedNum":18,"inceptionDate":"2020-09-09T16:00:00.000Z","shortName":"广发港股通成长精选股票(009896)","fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发港股通成长精选股票","setUpDate":"2020-09-09T16:00:00.000Z","setUpAssetScale":8003364353.18,"setUpShares":8003364353.18,"memoNum":1,"pinyin":"gfggtczjxgpxzqtzjj","managers":[{"stockCode":"j101020533","stockType":"fund_manager","exchange":"fm","tickerId":61006254200,"name":"冯剑峰"}]},"announcement":{"linkText":"广发港股通成长精选股票型证券投资基金2024年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1145348","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd1e7fea5b3eb04d45f4","date":"2024-03-30T16:00:00.000Z","stockId":3000000009896,"sao":"一季度经济数据企稳回升，中长期向好的趋势不变。生产方面，3月PMI超季节性回升，制造业投资增速为9.4%，出现边际改善。需求方面，春节出行消费数据相对旺盛，1月-2月出口超预期，同比增加7.1%。政策方面，全国两会政府工作报告对中国经济预期向上有所提振，拟连续发行超长期特别国债。产业政策方面，现代化产业体系建设和发展新质生产力被放在政府工作报告的首要任务，国务院印发《推动大规模设备更新和消费品以旧换新行动方案》。香港本地方面，2月末香港特区政府宣布撤销所有住宅物业需求管理措施（主要为印花税相关措施）。海外方面，美国经济数据维持强劲，一季度美联储两次会议打消了上半年降息的预期，美元和美债利率明显走强；日本央行结束负利率政策，但市场对此已有充分预期。操作方面，本基金重点关注了互联网、消费和医药等成长性行业。中国的经济回升对企业盈利有正面的影响，市场越来越重视企业的现金流，这对现金流稳定的优质成长股有正向的影响。我们挑选了互联网、消费和医药等行业作为重点，其中互联网行业重点关注社交网络、生活服务、直播电商等格局稳定的行业；消费行业重点关注健康主题相关的公司，其中以无糖茶饮、运动服饰等行业为主；医药行业重点关注GLP1，降糖降重是中长期的主线，此方面的公司值得深度挖掘。","declarationDate":"2024-04-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:37:34.082Z","fund":{"_id":3000000009896,"__csrcFundId":7973,"stockCode":"009896","name":"广发港股通成长精选股票型证券投资基金","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":9896,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T22:03:18.158Z","status":"normal","exchange":"jj","followedNum":18,"inceptionDate":"2020-09-09T16:00:00.000Z","shortName":"广发港股通成长精选股票(009896)","fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发港股通成长精选股票","setUpDate":"2020-09-09T16:00:00.000Z","setUpAssetScale":8003364353.18,"setUpShares":8003364353.18,"memoNum":1,"pinyin":"gfggtczjxgpxzqtzjj","managers":[{"stockCode":"j101020533","stockType":"fund_manager","exchange":"fm","tickerId":61006254200,"name":"冯剑峰"}]},"announcement":{"linkText":"广发港股通成长精选股票型证券投资基金2024年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1065236","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd1e7fea5b3eb04d45f3","date":"2023-12-30T16:00:00.000Z","stockId":3000000009896,"sao":"2023年一季度国内经济经历了疫后的脉冲式修复，投资、消费等各个经济部门均迎来较为显著的边际改善，二季度开始主要经济部门的复苏斜率出现调整，三季度以来稳增长政策有所加码，有关房地产、地方政府化债、资本市场建设等领域的支持政策持续发力，年底的重要会议也定调积极，全年增长的修复总体呈现出“波浪式发展、曲折式前进”的特征。海外方面，2023年美国增长和就业保持相对韧性、通胀压力仍存，在此背景下美联储保持紧缩态势，年内美元指数、美债利率持续走强，此外全球地缘局势波动对市场风险偏好同样造成影响。市场表现方面，2023年A股市场分化明显，部分高股息行业和TMT板块的超额收益较明显，消费、新能源、地产链等机构重仓板块依旧表现不佳。这一方面由于2023年内生增长动能的温和修复，高景气行业相对稀缺，叠加国内无风险利率的下移，部分高股息行业凭借较好的安全边际、稳定的现金流与分红优势赢得了资金的青睐；另一方面，TMT板块受益于海外人工智能技术端的进步与应用端的落地，以及国内针对数字经济等领域的政策扶持，主题投资的机会层出不穷。港股方面，2023年以恒生高股息率指数为代表的低波红利资产跑赢以恒生指数为代表的港股大盘。组合配置方面，一季度重点配置了运营商、互联网、传媒中游戏和文化IP个股，此外配置了运动服饰、茶饮料、电动车等行业；二季度重点配置了受益于人工智能浪潮的中国互联网企业、中国新能源车企，此外配置了内资保险股、医药和消费行业中具有中长期发展机会的个股，为控制组合整体波动率，也配置了具有稳定现金流的运营商个股；三季度，维持对港股互联网、新能源车、创新药、高分红国企等行业的配置；四季度，继续配置香港市场中具有相对优势的公司，组合上维持互联网、消费、新能源等行业的配置。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:37:34.079Z","mo":"展望2024年，我们认为港股的互联网企业、运动服饰、高端品牌电动车、高分红国有企业等方向仍然向好。我们认为2024年中国经济稳步向上趋势不变，其中具有成长性的行业在中国经济向上的背景下仍然有配置价值。","fund":{"_id":3000000009896,"__csrcFundId":7973,"stockCode":"009896","name":"广发港股通成长精选股票型证券投资基金","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":9896,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T22:03:18.158Z","status":"normal","exchange":"jj","followedNum":18,"inceptionDate":"2020-09-09T16:00:00.000Z","shortName":"广发港股通成长精选股票(009896)","fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发港股通成长精选股票","setUpDate":"2020-09-09T16:00:00.000Z","setUpAssetScale":8003364353.18,"setUpShares":8003364353.18,"memoNum":1,"pinyin":"gfggtczjxgpxzqtzjj","managers":[{"stockCode":"j101020533","stockType":"fund_manager","exchange":"fm","tickerId":61006254200,"name":"冯剑峰"}]},"announcement":{"linkText":"广发港股通成长精选股票型证券投资基金2023年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1052043","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd1e7fea5b3eb04d45f2","date":"2023-09-29T16:00:00.000Z","stockId":3000000009896,"sao":"三季度中国经济数据逐步企稳，制造业景气度缓慢回升。政策方面，三季度政策逐步落实稳增长措施，在货币政策、房地产、资本市场多维度发力。货币政策方面，三季度央行陆续释放宽松政策，包括8月份调降7天逆回购和1年期MLF利率，9月份降准25bp。房地产方面，7月政治局会议指出“房地产市场供求关系发生重大变化”，后续超大城市城中村改造也是重点工作。8月央行和金监局发布文件，统一下调首套房和二套房的首付比例，并且推动存量按揭利率下调，同时核心城市积极落实“认房不认贷”、降低首套房首付比例等政策，相继取消限购。资本市场方面，7月政治局会议提出“活跃资本市场，提振投资者信心”，8月相继推出活跃资本市场一揽子措施、调减印花税、平衡优化IPO、再融资监管安排、规范股东减持行为、下调融资保证金最低比例，9月程序化交易报告制度与相应监管在安排建立。整体而言三季度政策力度较大，尤其是资本市场释放积极的政策信号。海外方面，7月FOMC会议如期加息25个基点，9月FOMC议息会议维持利率不变，但传递了利率可能待在高位更久的信号，美债收益率和美元指数大幅攀升至4.6%和106以上。行业方面，煤炭、石油石化、非银金融领涨市场，电力设备、传媒、计算机表现相对不佳，港股方面能源、电讯业领涨市场。报告期内，本基金维持了对港股互联网、新能源车、创新药、高分红国企等行业的配置。具体来看，在中国的数字化转型过程中，互联网行业将是转型的重要参与方，会持续创造现金流，同时也会在人工智能等领域持续投入，这个行业仍然具有不错的成长性；中国新能源车渗透率继续提升，国有品牌具有不俗的竞争力，我们认为这个行业还会持续向上；创新药方面，本基金重点配置了减肥药，我们认为减肥药的需求会持续向上，或将会是一个千亿级的市场；高分红国企方面，预计中国的利率长期会在相对低位徘徊，有利于高分红公司的估值提升，同时国有企业经营现金流的稳定程度较高，且当前估值仍然偏低。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:37:34.076Z","fund":{"_id":3000000009896,"__csrcFundId":7973,"stockCode":"009896","name":"广发港股通成长精选股票型证券投资基金","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":9896,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T22:03:18.158Z","status":"normal","exchange":"jj","followedNum":18,"inceptionDate":"2020-09-09T16:00:00.000Z","shortName":"广发港股通成长精选股票(009896)","fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发港股通成长精选股票","setUpDate":"2020-09-09T16:00:00.000Z","setUpAssetScale":8003364353.18,"setUpShares":8003364353.18,"memoNum":1,"pinyin":"gfggtczjxgpxzqtzjj","managers":[{"stockCode":"j101020533","stockType":"fund_manager","exchange":"fm","tickerId":61006254200,"name":"冯剑峰"}]},"announcement":{"linkText":"广发港股通成长精选股票型证券投资基金2023年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=983446","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd1e7fea5b3eb04d45f1","date":"2023-06-29T16:00:00.000Z","stockId":3000000009896,"sao":"回顾2023年上半年，国内方面，随着疫情影响大幅减弱，一季度国内经济持续修复，工业生产有所改善，基建和制造业保持较高增速，出行服务、地产销售复苏势头较好，金融数据相对提振。但二季度工业生产恢复势头转弱，4月至6月制造业PMI指数低于荣枯线，社融和信贷数据回落。政策方面，上半年国内整体政策环境较为积极：货币政策方面，6月商业银行下调存款利率后，央行连续调降逆回购利率和MLF利率，释放较为积极的政策信号；产业政策方面，数据经济发展规划、新能源车和人工智能等行业政策陆续出台，并强调高质量发展、推动国有企业改革深化等。上半年中国对外合作方面有较多的积极进展，中俄元首签署联合声明，将在8个重点方向开展双边经济合作，中巴达成协议使用本币开展大规模贸易。海外方面，1季度美国通胀数据继续走高，但2季度开始通胀逐月走低，劳动力市场显示相对韧性。上半年，美联储货币政策仍为影响市场投资情绪的关键因素。此外，3月份美国硅谷银行首先遭遇挤兑并破产，金融风险随后蔓延至美国的区域性中小银行，甚至连位于欧洲的瑞信银行也受到波及，但该金融危机的蔓延最终被成功阻止。美国债务上限危机在5月底有惊无险地解决，但6月FOMC会议美联储表态相对鹰派，鲍威尔表态加深了未来继续加息的预期，美债利率在二季度整体偏强，美元指数走强，投资者情绪受到压制。配置方面，一季度组合重点配置了运营商、互联网、传媒板块内的游戏和文化IP个股，此外对运动服饰、茶饮料、电动车等行业做了配置。二季度组合重点配置了受益于人工智能浪潮的中国互联网企业、中国新能源车企；此外配置了内资保险股；因看好消费和医药行业的中长期发展机会，组合也做了一定配置；为控制组合整体波动率，组合配置了具有稳定现金流的运营商个股。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:37:34.074Z","mo":"展望三季度，经济预期是影响市场的重要因素，我们对中国经济进入复苏周期有信心，因为中国宏观调控工具箱中仍有非常多的选择；同时我们持续看好港股市场。操作方面，我们将对新能源汽车、互联网、运营商、消费等行业予以重点关注。下半年，预计自动驾驶算法的提升会有效改善用户体验，消费者会慢慢接受自动驾驶的溢价。同时，在人工智能的科技浪潮下，互联网和运营商继续提升在公有云上的渗透率，收入的增长将推升估值。最后，我们看好中国经济有序复苏对消费行业的正面刺激，看好消费行业的未来表现。","fund":{"_id":3000000009896,"__csrcFundId":7973,"stockCode":"009896","name":"广发港股通成长精选股票型证券投资基金","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":9896,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T22:03:18.158Z","status":"normal","exchange":"jj","followedNum":18,"inceptionDate":"2020-09-09T16:00:00.000Z","shortName":"广发港股通成长精选股票(009896)","fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发港股通成长精选股票","setUpDate":"2020-09-09T16:00:00.000Z","setUpAssetScale":8003364353.18,"setUpShares":8003364353.18,"memoNum":1,"pinyin":"gfggtczjxgpxzqtzjj","managers":[{"stockCode":"j101020533","stockType":"fund_manager","exchange":"fm","tickerId":61006254200,"name":"冯剑峰"}]},"announcement":{"linkText":"广发港股通成长精选股票型证券投资基金2023年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=954750","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd1e7fea5b3eb04d45f0","date":"2023-03-30T16:00:00.000Z","stockId":3000000009896,"sao":"随着疫情影响大幅减弱，一季度国内经济持续修复，工业生产有所改善，2月、3月制造业PMI分别为52.6%、51.9%，基建和制造业保持较高增速；需求方面，社会消费品零售额2月同比增长3.5%，出行服务、地产销售复苏势头较好；1月和2月金融数据均相对提振，1月、2月M2同比分别实现12.6%、12.9%的增速，企业中长期贷款同比高增，内生融资需求走强将为经济持续复苏提供支持动力。政策方面，一季度国内整体政策环境较为积极，海外方面相对不利。3月的两会政府工作报告明确5%左右的增长目标，主要任务强调稳增长和扩内需，并强调加快建设现代化产业体系和大力发展数字经济。产业政策方面，2月国务院印发《数字中国建设整体布局规划》，港股平台经济公司中长期基本面相对受益；对外合作方面，积极进展较多，中俄元首签署联合声明，将在8个重点方向开展双边经济合作，中巴达成协议使用本币开展大规模贸易。配置方面，第一，我们认为人工智能以及数字中国是非常重要的发展趋势，中国数字产业的发展离不开运营商和互联网巨头的重点投入，因此本基金重点配置了运营商和互联网两个行业，未来会继续加强关注。第二，我们认为游戏和文化IP行业会有价值重估，本基金在这个领域做了重点配置。第三，我们看好中国经济复苏，运动服饰、茶饮料、电动车行业会有不错的盈利改善机会，本基金也做了重点的配置。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:37:34.071Z","fund":{"_id":3000000009896,"__csrcFundId":7973,"stockCode":"009896","name":"广发港股通成长精选股票型证券投资基金","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":9896,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T22:03:18.158Z","status":"normal","exchange":"jj","followedNum":18,"inceptionDate":"2020-09-09T16:00:00.000Z","shortName":"广发港股通成长精选股票(009896)","fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发港股通成长精选股票","setUpDate":"2020-09-09T16:00:00.000Z","setUpAssetScale":8003364353.18,"setUpShares":8003364353.18,"memoNum":1,"pinyin":"gfggtczjxgpxzqtzjj","managers":[{"stockCode":"j101020533","stockType":"fund_manager","exchange":"fm","tickerId":61006254200,"name":"冯剑峰"}]},"announcement":{"linkText":"广发港股通成长精选股票型证券投资基金2023年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=879586","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd1e7fea5b3eb04d45ef","date":"2022-12-30T16:00:00.000Z","stockId":3000000009896,"sao":"2022年港股市场表现整体低于预期，1月至10月整体跌幅较大，11月以来港股各大指数反弹修复，跌幅明显收窄，港股在全球市场中跌幅相对居中。在估值、流动性与换手率等多个维度上均已达到历史相对较低水平。2022年以来引发港股下跌的因素包括基本面、贴现率和风险溢价三方面：第一，中国经济增速阶段性调整；第二，美联储“鹰派”立场压制全球风险偏好并推动港币贴现率上升；第三，地缘政治不确定性上升推升中国资产风险溢价。而11月以来港股的大幅反弹同样源自这三重压力的边际缓解：国内政策做出重大调整，在一定程度上改善了2023年的增长预期；海外通胀高点渐现，市场开始交易紧缩政策退坡；年底美国公众公司会计监督委员会（PCAOB）针对美国上市中概股企业的审查工作取得积极进展，美国中概股退市担忧缓解，市场风险偏好上行。这三方面因素的边际改善共同推升港股大幅反弹。操作方面，本基金在一季度重点配置了互联网、新能源车产业链等板块；二季度提高了新能源车的配置比例，此外增加了互联网以及医疗行业的配置；三季度增加了半导体设备、养殖行业的配置，减持了新能源车行业，维持互联网行业、消费行业的配置比例；四季度整体维持港股的配置比例，在行业上做了结构性的调整，维持对经济高度相关行业的超配，维持对互联网行业的超配，继续配置新能源车行业。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:37:34.068Z","mo":"展望2023年，我们认为中国经济复苏和美国退出紧缩政策将会是贯穿全年的主题。疫情结束后中国经济稳步复苏，原来压抑的消费需求有所释放，政策端有望发力拉动经济，预期房地产、基建投资和消费等领域陆续推出政策，经济的增长动能有望超出市场的预期。同时，2023年美国有退出紧缩政策的预期，这对市场来说是正面的信号，我们对此保持乐观。我们认为2023年港股市场震荡向上的格局不变，市场环境相对2022年将明显改善，这其中既包括中国经济复苏推动企业盈利增长，也包括美国的货币政策转向带来外资的回流。行业配置上，我们认为互联网、低估值央企与国企、消费、医药与医疗服务、新能源等行业都受益于中国经济复苏，这几个行业在2023年都将存在一定的投资机会。","fund":{"_id":3000000009896,"__csrcFundId":7973,"stockCode":"009896","name":"广发港股通成长精选股票型证券投资基金","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":9896,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T22:03:18.158Z","status":"normal","exchange":"jj","followedNum":18,"inceptionDate":"2020-09-09T16:00:00.000Z","shortName":"广发港股通成长精选股票(009896)","fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发港股通成长精选股票","setUpDate":"2020-09-09T16:00:00.000Z","setUpAssetScale":8003364353.18,"setUpShares":8003364353.18,"memoNum":1,"pinyin":"gfggtczjxgpxzqtzjj","managers":[{"stockCode":"j101020533","stockType":"fund_manager","exchange":"fm","tickerId":61006254200,"name":"冯剑峰"}]},"announcement":{"linkText":"广发港股通成长精选股票型证券投资基金2022年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=864440","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd1e7fea5b3eb04d45ee","date":"2022-09-29T16:00:00.000Z","stockId":3000000009896,"sao":"三季度，尽管国内经济在二季度后期有所修复，随着疫情再度在国内城市反复，保交楼问题再度冲击购房者信心并引发房地产销售二次探底，叠加高温干旱影响工业生产，国内经济复苏进展受到影响。疫情影响之下消费整体仍相对较弱，随着海外经济走弱，中国出口的韧性也逐渐消失而增速明显下滑。金融数据方面，6月至8月M2同比分别提升至11.4%、12.0%、12.2%，均创下近年新高，货币供应向实体传导受到一定的阻碍，资金利率中枢进一步走低反映资金仍淤积在银行体系内。政策方面，三季度房地产政策力度也逐步加大，中央政治局会议明确平台经济“实施常态化监管，集中推出一批‘绿灯’投资案例”，中概股监管问题成为三季度焦点，8月中国石化等5家中国企业相继发布公告从纽约交易所退市，8月26日中国证监会和财政部与美国公众公司会计监督委员会签署审计监管合作协议，形成了符合双方法规和监管要求的合作框架，但未来政策的具体落实仍具有较高的不确定性。市场表现方面，三季度港股自保交楼问题浮现后进入阴跌状态，8月以来，海外流动性收紧预期强化，美元指数大幅上升加大全球经济体货币贬值压力，美国制裁中国部分产业等，这些外部冲击引发港股市场加速下跌和海外资金流出。展望后市，近期美元流动性收紧、欧洲地缘政治局势升级为市场平添了外部不确定性，当前阶段会降低风险敞口以等待更为清晰的政策信号，短期内市场可能处于持续盘整中，未来市场出现反转或将取决于美联储放缓加息步伐，以及有更明确证据显示中国经济正在企稳回升。报告期内，我们增加了半导体设备、养殖行业的配置，减持了新能源车行业，维持互联网行业和消费行业的配置比例。我们看好新能源车行业中长期的配置机会，但是短期由于估值过高，我们做了部分减持。同时我们看好半导体设备的中长期价值，当前国内需求旺盛，这是中国产业升级的机会。我们认为未来养殖行业集中度会进一步提升，我们维持该板块的配置。互联网和消费行业在经历深度的调整后，我们认为当前具有较大的中长期配置价值，随着宏观经济的复苏，我们认为其中长期仍然有较大的发展空间，因此维持这两个行业的配置。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:37:34.066Z","fund":{"_id":3000000009896,"__csrcFundId":7973,"stockCode":"009896","name":"广发港股通成长精选股票型证券投资基金","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":9896,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T22:03:18.158Z","status":"normal","exchange":"jj","followedNum":18,"inceptionDate":"2020-09-09T16:00:00.000Z","shortName":"广发港股通成长精选股票(009896)","fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发港股通成长精选股票","setUpDate":"2020-09-09T16:00:00.000Z","setUpAssetScale":8003364353.18,"setUpShares":8003364353.18,"memoNum":1,"pinyin":"gfggtczjxgpxzqtzjj","managers":[{"stockCode":"j101020533","stockType":"fund_manager","exchange":"fm","tickerId":61006254200,"name":"冯剑峰"}]},"announcement":{"linkText":"广发港股通成长精选股票型证券投资基金2022年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=805154","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd1e7fea5b3eb04d45ed","date":"2022-06-29T16:00:00.000Z","stockId":3000000009896,"sao":"上半年以来，港股先抑后扬。港股的驱动因素可以用盈利和估值框架进行分析：处于分子端的盈利主要看中国经济，港股行情有起色的阶段往往是中国内地经济宽信用的阶段；处于分母端的估值主要受美国长端利率及美元流动性的影响，与美国经济和货币政策有关，如果美债利率上行、美元上行，则港股估值受到压制。整体来看，港股与人民币汇率的相关性较强，一方面汇率反映中国经济强弱，与港股分子端盈利密切相关；另一方面汇率与美元指数基本镜像，对全球流动性有一定指示意义。上半年港股下跌的原因主要在于美债利率上行、俄乌冲突、疫情影响和人民币汇率走低。具体来看，1月、2月美国加息预期意外走强，对应了美债利率快速上行、美元走强，压制港股估值。3月俄乌战争爆发，由于地缘政治风险及大国博弈下潜在制裁风险提高，国际投资者中长期预期改变，部分投资者卖出离岸中国资产。此外，多个主体被美国SEC认定有退市风险并列入被识别清单，引发市场对中概股及港股的担忧。4月以来，国内疫情反复，中国经济基本面和出口持续走弱，人民币汇率大幅走弱，持续压制了港股盈利端的表现。此外，美股在加息预期升温的影响下加速下跌，从风险偏好和资金等角度影响恒生科技等指数的表现。操作方面，本基金提高了新能源车、互联网以及医疗行业的配置比例。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:37:34.063Z","mo":"展望未来，中国跟美国的经济周期已经错位，中国当前处于疫情后期的复苏阶段，美国处于衰退前夕，我们认为美国加息会对中国资产产生一定的影响，但影响的力度会大幅小于其对欧洲、日韩、东南亚的影响力度，A股和港股已极具配置价值。一方面，中国经济正在复苏，同时流动性保持宽松，权益资产具有配置需求；另一方面，中国制造业产业链的比较优势明显，中国企业的竞争力仍然具有吸引力。当前中国资产面临全球低配的状况，所以我们对中国资产的前景持比较乐观的态度，中长期看好港股，未来港股的趋势将与中国基本面走势更加一致。","fund":{"_id":3000000009896,"__csrcFundId":7973,"stockCode":"009896","name":"广发港股通成长精选股票型证券投资基金","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":9896,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T22:03:18.158Z","status":"normal","exchange":"jj","followedNum":18,"inceptionDate":"2020-09-09T16:00:00.000Z","shortName":"广发港股通成长精选股票(009896)","fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发港股通成长精选股票","setUpDate":"2020-09-09T16:00:00.000Z","setUpAssetScale":8003364353.18,"setUpShares":8003364353.18,"memoNum":1,"pinyin":"gfggtczjxgpxzqtzjj","managers":[{"stockCode":"j101020533","stockType":"fund_manager","exchange":"fm","tickerId":61006254200,"name":"冯剑峰"}]},"announcement":{"linkText":"广发港股通成长精选股票型证券投资基金2022年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=779876","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd1e7fea5b3eb04d45ec","date":"2022-03-30T16:00:00.000Z","stockId":3000000009896,"sao":"2022年一季度，海外形势复杂多变，全球金融市场巨幅震荡。一方面美国经济持续超预期，美联储进入加息周期，美债利率上行；另一方面，俄乌冲突导致贸易摩擦加剧、全球市场震荡，全球投资者风险偏好大幅下降，并刺激原油等大宗商品价格超预期上涨，在避险情绪下投资者青睐黄金和低估值板块。国内方面，经济增长压力较大，基建投资反弹乏力，房地产投资增速下降趋势还未企稳，国内疫情打乱经济的正常运行，逆周期调节进度受到影响。今年以来对互联网的监管政策常态化，但是预期监管会更加明确和稳定，对股票市场的稳定有一定的帮助。从不同行业景气度看，能源价格和上游资源品价格攀升，驱动能源和周期相关行业景气度上行；科技行业面临景气度下探，5G手机渗透率进入平稳期，苹果产业链传出砍单信息，安卓终端渠道库存大幅抬升，上游零部件供应商稼动率明显下行，汽车电动车趋势向好，但全球汽车芯片依然短缺。新冠疫情在全球的蔓延趋势并没有结束，这将会对全球经济和政治格局带来巨大的影响，长远来看将导致股票市场的投资方向发生重大的变化，后疫情时代，有些行业会有较长的增长周期，而有的可能会有较长的下行周期。我们将会在这方面做更加深入的研究。港股市场表现方面，一季度受到海外地缘政治的影响和国内经济下行的冲击，香港股市巨幅震荡。尽管在年初地缘政治事件发生之前，港股由于极低的估值抵抗住了美联储加息的影响，但之后由于俄乌事件和中概股退市风波的影响，极其脆弱的市场再次受到较大的负面冲击，估值中枢再度下移。随着国务院金融稳定发展委员会专题会议的召开，市场情绪得到修复，3月中旬之后大幅反弹，港股的底部区域逐步明确。操作方面，本基金在一季度重点配置了互联网、新能源车产业链等板块。互联网行业方面，今年的监管政策方向或将明朗化和常态化，稳定的预期有利于公司估值的稳定，互联网仍是中国最有效率的行业之一，对社会整体效率的提升有比较大的帮助，经历宏观事件的大幅调整后，该板块具有一定的吸引力，所以我们将继续维持配置。新能源产业链方面，从长期来看，能源结构升级是不可逆的趋势，因此我们择机增持了电池、汽车零部件、核电等行业。","declarationDate":"2022-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:37:34.060Z","fund":{"_id":3000000009896,"__csrcFundId":7973,"stockCode":"009896","name":"广发港股通成长精选股票型证券投资基金","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":9896,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T22:03:18.158Z","status":"normal","exchange":"jj","followedNum":18,"inceptionDate":"2020-09-09T16:00:00.000Z","shortName":"广发港股通成长精选股票(009896)","fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发港股通成长精选股票","setUpDate":"2020-09-09T16:00:00.000Z","setUpAssetScale":8003364353.18,"setUpShares":8003364353.18,"memoNum":1,"pinyin":"gfggtczjxgpxzqtzjj","managers":[{"stockCode":"j101020533","stockType":"fund_manager","exchange":"fm","tickerId":61006254200,"name":"冯剑峰"}]},"announcement":{"linkText":"广发港股通成长精选股票型证券投资基金2022年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=721723","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd1e7fea5b3eb04d45eb","date":"2021-12-30T16:00:00.000Z","stockId":3000000009896,"sao":"2021年全年紧信用，市场的整体估值相应收缩。一季度经济数据较强，美债利率处于上升通道，周期板块到达高点后开始回落，消费电子方面，苹果公司对产业链多次砍单，安卓手机在缺货和5G更新换代的背景下表现较好。二季度开始，需求持续低于预期，消费电子板块低迷，而以电动车、光伏为代表的新能源景气度提升，带动包括芯片、上游资源品、中游零部件等在内的产业链需求全线爆发，供不应求，行业价格上涨明显，制造业众多中小市值公司表现非常突出。三季度，光伏上游价格的上涨开始明显影响需求，工业生产在限电背景下供给出现收缩，板块走势震荡。虽然受到上游产业链价格高企影响电动车板块成本上涨，但需求并没有受到影响，仅是车企的利润受到挤压。过去一年，外部环境存在诸多不确定性，国产替代趋势明显，此外，房地产政策在三季度开始超预期收紧，基建投资下滑明显，稳增长预期提升，相关低估值板块开始有较好的相对收益。2021年互联网相关政策频出，互联网板块受反垄断和中概股监管政策影响表现持续低迷，恒生科技指数跌幅明显；国内教育领域“双减”政策使得港股教育板块大幅下挫；疫情反复使得消费板块基本面难以恢复常态，港股在去年相当长时间内表现颓势。四季度俄乌紧张局势带动油价上涨，叠加海外能源短缺，驱动大宗商品价格上涨，国内外资源品表现较好。海外方面，美国经济表现相对强势，科技行业也得到较快发展。智能电动车渗透率突破10%后，越来越多的消费者开始体会到汽车智能化及电动化给日常生活出行带来的便利，行业快速地发展；全球流动性宽松的背景下，数字货币获得了越来越多的认可，科技行业的发展有加速的趋势，正逐步构建起WEB3.0的雏形架构。操作方面，报告期本基金继续维持重点配置港股成长股的策略。行业上重点配置互联网行业，尽管互联网行业存在强监管的因素，但是从中长期来看，数字化会是重要趋势，而推动中国数字化的互联网行业肯定不会缺席，严格监管是为了行业更好地发展。其他行业方面，本基金在二、三季度减持了部分涨幅过大的原材料行业，增加了光伏、新能源车的配置比例，同时全年维持了对医药和消费行业一定的配置比例。事后来看，我们低估了互联网行业和医药行业监管带来的投资者负反馈的风险，低估了投资者情绪负反馈带来的长尾风险，我们对投资者情绪带来的市场影响有了更加深刻的认知。但是从企业的角度看，我们认为只要是优秀的、给社会创造长期价值的企业表现值得期待，剩下的只有耐心等待。","declarationDate":"2022-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:37:34.058Z","mo":"展望2022年，我们认为美国后续的加息政策将会对金融市场产生较大的影响。一方面，估值较高的成长股会受到利率上涨的影响，估值受到压缩；另一方面，美国是全球流动性的主要释放方，一旦流动性收缩，将会在全球范围内造成较大的波动，这为投资带来一定的难度。2021年港股整体表现疲弱，估值受到极度压缩，预计在2022年港股将有比较大的性价比。回顾历史，在美国的加息周期中，价值股的表现整体优于成长股，港股整体估值的下降导致港股市场成为全球价值股的代表，所以我们认为港股的表现值得期待。此外，我们关注全球疫情管制的放开情况，越来越多的国家取消隔离政策或将会为全球经济复苏带来正面的影响。虽然全球处在一个利率上涨的周期，但我们认为全球经济的上行会对冲利率上涨的影响，2022年仍然有不错的结构性机会。具体而言，2022年中国的数字化建设将是一个重要的主题，WEB3.0也将是未来的重要趋势，数字化进程的加速将带来投资机会。全球能源结构转型仍在继续进行，产业界继续在新能源车、光伏、风电、核能等领域进行投资，行业仍然维持高景气。中国作为全球制造业的中心，在新能源领域的制造成本优势明显，在全球能源结构转型的情况下，中国的新能源产业链将受益。中国的医药行业在过去一年受到政策影响，估值压缩，2022年有望出现中长期的配置时点，特别是有独特创新能力的中国药企，未来或将有不错的回报。总体而言，我们认为2022年还会有不错的机会，主要关注互联网WEB3.0、新能源、经济复苏主题、创新药等行业。","fund":{"_id":3000000009896,"__csrcFundId":7973,"stockCode":"009896","name":"广发港股通成长精选股票型证券投资基金","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":9896,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T22:03:18.158Z","status":"normal","exchange":"jj","followedNum":18,"inceptionDate":"2020-09-09T16:00:00.000Z","shortName":"广发港股通成长精选股票(009896)","fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发港股通成长精选股票","setUpDate":"2020-09-09T16:00:00.000Z","setUpAssetScale":8003364353.18,"setUpShares":8003364353.18,"memoNum":1,"pinyin":"gfggtczjxgpxzqtzjj","managers":[{"stockCode":"j101020533","stockType":"fund_manager","exchange":"fm","tickerId":61006254200,"name":"冯剑峰"}]},"announcement":{"linkText":"广发港股通成长精选股票型证券投资基金2021年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=707483","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd1e7fea5b3eb04d45ea","date":"2021-09-29T16:00:00.000Z","stockId":3000000009896,"sao":"三季度中国经济数据进一步走弱，内生增长动力不足、消费偏弱、工业生产走低、地产销售和新开工大幅下滑均是拖累经济的重要因素。房地产行业在严监管下，融资继续偏紧，销售低迷，土地收购积极性不高，制约开工和投资增长。同时煤炭限产引发原材料涨价，PPI环比上涨，市场对于“滞胀”担忧明显升温。除了经济基本面的影响之外，三季度中国政策监管对港股的影响更大，具体来看，国内教育领域执行的“双减”政策引发相关美国上市中概股在短期内大幅下跌，叠加对于房地产行业的严控以及互联网巨头的反垄断，投资者悲观情绪不断升温，在7月引发港股剧震，指数和估值都已跌至前期低位，恒生指数在三季度跌幅超过20%。但在8月底深改委会议上，习总书记强调的防止资本无序扩张初见成效，市场情绪有所缓和，积极信号开始出现。未来随着监管政策陆续落地，我们认为香港优质成长股迎来中长期配置的时间窗口。操作方面，报告期本基金增持了互联网板块，我们认为互联网的监管政策到达尾声，板块中长期的成长空间仍然巨大，其市值的增长除了来源于盈利之外，还会来源于其体现的社会价值，大型互联网公司中长期仍将创造价值，所以我们对其未来的增长空间仍然表示乐观。另外，我们认为新能源是一个中长期确定的赛道，本基金增持了光伏产业链和新能源车板块，一方面我们认为能源革命已经开始，能源结构的转型会带来巨大的机会；另一方面，光伏产业的成本下降带来了电力中长期价格的下降，新能源车行业也将会有巨大的发展潜力，所以我们对新能源行业保持乐观，该行业在本组合中的仓位也将在中长期保持。此外，本基金也增持了新消费行业，我们认为该行业的估值已经充分消化。展望后市，我们认为随着监管政策的明朗，被低估的港股将会迎来配置的机会，一方面外资可能对监管政策的明朗化表现乐观，以互联网行业为代表的效率资产会得到青睐；另一方面估值便宜带来非常好的配置性价比，安全系数高。行业方面，新能源的技术仍然在持续升级，这个板块具有较高的中长期配置价值，我们认为未来还有巨大的发展空间。而互联网板块对政策的负面冲击已反映充分，我们认为接下来也是绝佳的配置机会，因为互联网公司仍然有持续的进化和创新能力，这是驱动互联网公司成长的核心因素。最后在生物技术板块，我们看好可以实现国际化的生物技术公司，这是中国工程师红利升级的表现，未来本基金仍然会增加该板块的配置。","declarationDate":"2021-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:37:34.055Z","fund":{"_id":3000000009896,"__csrcFundId":7973,"stockCode":"009896","name":"广发港股通成长精选股票型证券投资基金","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":9896,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T22:03:18.158Z","status":"normal","exchange":"jj","followedNum":18,"inceptionDate":"2020-09-09T16:00:00.000Z","shortName":"广发港股通成长精选股票(009896)","fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发港股通成长精选股票","setUpDate":"2020-09-09T16:00:00.000Z","setUpAssetScale":8003364353.18,"setUpShares":8003364353.18,"memoNum":1,"pinyin":"gfggtczjxgpxzqtzjj","managers":[{"stockCode":"j101020533","stockType":"fund_manager","exchange":"fm","tickerId":61006254200,"name":"冯剑峰"}]},"announcement":{"linkText":"广发港股通成长精选股票型证券投资基金2021年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=650513","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd1e7fea5b3eb04d45e9","date":"2021-06-29T16:00:00.000Z","stockId":3000000009896,"sao":"2021年上半年，由于经济复苏明显，同时中长期产业结构升级明显，我们仍然维持周期、消费、科技、医药的配置。操作方面，一季度本基金降低了消费行业的配置比例，增加了周期行业的配置比例。二季度本基金增加了金属原材料、保险、运动服饰、茶饮料、光学硬件、电信运营商、互联网龙头、创新药等行业的配置。","declarationDate":"2021-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:37:34.053Z","mo":"展望后市，虽然变异病毒带来的负面影响仍在继续，但是我们认为全球经济将在疫苗接种率达到70%后加速复苏，全球央行的流动性释放可能会边际减少，我们认为指数整体很难有较大的上升空间，板块的结构性机会将成为主流。新冠疫情带来的资源错配，为电动车、新能源、人工智能、生物技术、跨境电商等领域带来巨大的发展机会，这些产业机会方兴未艾，未来回报可期。我们的投资逻辑是选择未来有十倍增长空间的赛道，中长期聚焦在科技、医药和消费等行业上，寻找可以跨越经济周期和流动性周期的个股。我们相信，只有不断进化，才能应对变化，才有可能脱颖而出，无论是企业还是投资人，都需要与时俱进。不断进化的企业才可能有更大的成长空间和估值提升机会。只有在变化中看到规律，看到现象的本质，才有可能给社会创造价值。因此，时间是人类最大的财富，给企业时间，给自己时间，让我们与优秀企业共同成长。","fund":{"_id":3000000009896,"__csrcFundId":7973,"stockCode":"009896","name":"广发港股通成长精选股票型证券投资基金","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":9896,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T22:03:18.158Z","status":"normal","exchange":"jj","followedNum":18,"inceptionDate":"2020-09-09T16:00:00.000Z","shortName":"广发港股通成长精选股票(009896)","fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发港股通成长精选股票","setUpDate":"2020-09-09T16:00:00.000Z","setUpAssetScale":8003364353.18,"setUpShares":8003364353.18,"memoNum":1,"pinyin":"gfggtczjxgpxzqtzjj","managers":[{"stockCode":"j101020533","stockType":"fund_manager","exchange":"fm","tickerId":61006254200,"name":"冯剑峰"}]},"announcement":{"linkText":"广发港股通成长精选股票型证券投资基金2021年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=628765","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd1e7fea5b3eb04d45e8","stockId":3000000009896,"sao":"2021年一季度，国内经济数据仍保持强劲，但出现了一定分化：工业生产保持强劲增长，地产投资与销售保持韧性，但地产新开工数据和土地购置面积等前瞻性指标有走弱迹象；社零延续复苏趋势，而基建和制造业投资增速低于预期。一季度，商品价格大幅上涨，推升PPI大幅上行；1-2月社融强劲增长，显示融资需求仍相对旺盛，并未出现预期的明显收缩。海外方面，伴随疫苗接种进度加快，美国疫情有所控制，加上拜登再次推出1.9万亿美元财政刺激，美国经济复苏力度加强，全球复苏交易特征凸显，全球大宗商品价格在1-2月大幅上涨后，3月份有所回落。美债利率持续走高，一季度上升超过60bp，10年美债利率一度升至1.7%的高位。中美关系方面，在3月的中美高层战略会议上双方代表的表述相对尖锐，且国内“棉花事件”持续发酵，政治风险上升引发资金风险偏好下降，港股受影响相对较大。1月港股在资金外溢效应下，南下资金快速流入，引发港股市场快速上涨，新老经济的代表板块表现相对均衡，具体表现为低估值的金融和周期行业加速估值修复，科技类新经济龙头保持相对强劲。但随后在美债利率上行和国内政策收紧预期升温的背景下，港股市场大幅回调，新经济龙头占比较高的恒生科技指数已跌至负收益。2月24日香港财政司上调印花税，引发市场短期大幅下跌，但该影响未来可能将逐步淡化。展望未来，港股的价值修复可能已基本完成，在成长板块估值普遍出现大幅回调之后，港股开始逐步展现吸引力。操作方面，报告期组合降低了消费行业的配置比例，增加了周期行业的配置比例。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:37:34.050Z","fund":{"_id":3000000009896,"__csrcFundId":7973,"stockCode":"009896","name":"广发港股通成长精选股票型证券投资基金","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":9896,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T22:03:18.158Z","status":"normal","exchange":"jj","followedNum":18,"inceptionDate":"2020-09-09T16:00:00.000Z","shortName":"广发港股通成长精选股票(009896)","fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发港股通成长精选股票","setUpDate":"2020-09-09T16:00:00.000Z","setUpAssetScale":8003364353.18,"setUpShares":8003364353.18,"memoNum":1,"pinyin":"gfggtczjxgpxzqtzjj","managers":[{"stockCode":"j101020533","stockType":"fund_manager","exchange":"fm","tickerId":61006254200,"name":"冯剑峰"}]},"announcement":{"linkText":"广发港股通成长精选股票型证券投资基金2021年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=568443","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd1e7fea5b3eb04d45e7","stockId":3000000009896,"sao":"2020年在新冠疫情冲击之下，中国经济在一季度经历至暗时刻，此后虽然全球疫情仍十分严重，但中国凭借有效抗疫率先走出疫情困扰，四个季度的实际GDP增速分别为-6.8%、3.2%、4.9%、6.5%，全年GDP增速为2.3%，其中工业生产和房地产投资销售恢复最快，消费和制造业投资恢复相对较慢。全球央行为应对疫情均采取了极度宽松的货币政策，推动无风险利率和风险溢价走低，因此拥有更稳定远期现金流的公司更加受益于贴现率走低，增长确定性较高的食品饮料、医疗保健、新能源产业链的成长股估值大幅提升，享受了较高的确定性溢价；但存在一定周期性或盈利能力确定性较差的电子、计算机等行业的成长股走势相对较弱。2020年，A股的消费、光伏、新能源车等有较大涨幅，港股中的新经济包括互联网、品牌消费、医疗服务也表现不错。我们在2020年整体超配港股，并在行业上保持相对均衡。从中长期的维度看，我们配置的港股优质龙头公司会持续地给股东创造价值。我们将维持互联网、品牌消费、医疗服务和金融等行业的均衡配置，希望给持有人带来相对稳定的收益。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:37:34.047Z","mo":"展望2021年，经济复苏有三点支撑：（1）新冠疫苗大批量上市有望解除线下消费限制和国际社交隔离，消费类服务业仍有较大的修复空间；（2）海外经济共振复苏继续改善外需；（3）国内工业利润好转，美国目前的社会库存处于低位，零售、批发和制造业将陆续开启补库存，有望拉动国内制造业投资回暖。在A股龙头股估值相对偏高的阶段，港股的性价比凸显,我们认为港股的优质龙头公司大概率会进行结构性重估。一方面，疫苗为疫情带来转机，经济复苏将改善上市公司的盈利，企业盈利的回升有利于港股估值的提升；另一方面，海外资金的回流也有利于港股的估值提升。2021年在全球经济复苏的状态下，我们认为港股有不错的结构性机会。不仅如此，代表中国新经济的公司陆续回归香港上市也会给香港市场的资产端和资金端带来改善，从而使港股的整体估值提升有望看高一线。","fund":{"_id":3000000009896,"__csrcFundId":7973,"stockCode":"009896","name":"广发港股通成长精选股票型证券投资基金","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":9896,"masterFundFlag":1,"fundStatus":"normal","lastUpdated":"2026-04-30T22:03:18.158Z","status":"normal","exchange":"jj","followedNum":18,"inceptionDate":"2020-09-09T16:00:00.000Z","shortName":"广发港股通成长精选股票(009896)","fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发港股通成长精选股票","setUpDate":"2020-09-09T16:00:00.000Z","setUpAssetScale":8003364353.18,"setUpShares":8003364353.18,"memoNum":1,"pinyin":"gfggtczjxgpxzqtzjj","managers":[{"stockCode":"j101020533","stockType":"fund_manager","exchange":"fm","tickerId":61006254200,"name":"冯剑峰"}]},"announcement":{"linkText":"广发港股通成长精选股票型证券投资基金2020年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=552975","linkType":"PDF","source":"csrc_pdf"}}]}