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TMT板块爆发，机器人，数字货币等概念轮番活跃，引领了春季躁动行情。4月份贸易摩擦突然加剧，市场短期剧烈波动，但很快在政策的呵护和贸易谈判向好的进展下，市场重新企稳并创出年内新高。整体上，上半年的市场还是以明显的结构性行情为主，AI算力，创新药，大金融是市场上行的核心动力。　　　　报告期内，本基金保持了中性偏高仓位，并在科技与红利类资产中进行了适当的轮换。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:38:19.194Z","mo":"展望下半年，我们认为国内宏观经济依旧保持相对平稳，海外宽松预期不断加强，市场流动性宽松，贸易谈判在日内瓦声明之后虽没有明显进展，但是暂时也没有大的风险，因此预计后市依旧是以结构性行情为主，重点关注具备积极产业变化的细分领域。","fund":{"_id":3000000010072,"__csrcFundId":8272,"stockCode":"010072","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10072,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:08:17.589Z","status":"normal","exchange":"jj","name":"方正富邦策略精选混合型证券投资基金","shortName":"方正富邦策略精选(010072)","followedNum":1,"inceptionDate":"2020-12-01T16:00:00.000Z","fundCollectionId":4000050670000,"currency":"CNY","masterFundShortName":"方正富邦策略精选","setUpDate":"2020-12-01T16:00:00.000Z","setUpAssetScale":1513816173.01,"setUpShares":1513816173.01,"pinyin":"fzfbcljxhhxzqtzjj","managers":[{"stockCode":"db20063535","stockType":"fund_manager","exchange":"fm","tickerId":31002100910,"name":"崔建波"}]},"announcement":{"linkText":"方正富邦策略精选混合型证券投资基金2025年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1348578","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd4b7fea5b3eb04d723a","date":"2025-03-30T16:00:00.000Z","stockId":3000000010072,"sao":"回顾整个1季度的行情，A股市场表现为先抑后扬的走势。年初时，整个市场位置较高，市场预期和估值明显超前于实际政策落地，也进而引发了一定的震荡调整；长假期间，国内经济消费数据表现较为平稳，而以DeepSeek和宇树机器人等为代表的核心科技企业在AI大模型，具身智能等关键领域取得重大突破，使得春节后全球资金开始重估中国科技资产，引领了一波以科技为主线的结构性行情。　　　　报告期内，本基金保持了中性仓位，并在科技与红利类资产中进行了适当的轮换。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:38:19.192Z","fund":{"_id":3000000010072,"__csrcFundId":8272,"stockCode":"010072","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10072,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:08:17.589Z","status":"normal","exchange":"jj","name":"方正富邦策略精选混合型证券投资基金","shortName":"方正富邦策略精选(010072)","followedNum":1,"inceptionDate":"2020-12-01T16:00:00.000Z","fundCollectionId":4000050670000,"currency":"CNY","masterFundShortName":"方正富邦策略精选","setUpDate":"2020-12-01T16:00:00.000Z","setUpAssetScale":1513816173.01,"setUpShares":1513816173.01,"pinyin":"fzfbcljxhhxzqtzjj","managers":[{"stockCode":"db20063535","stockType":"fund_manager","exchange":"fm","tickerId":31002100910,"name":"崔建波"}]},"announcement":{"linkText":"方正富邦策略精选混合型证券投资基金2025年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1274911","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd4b7fea5b3eb04d7239","date":"2024-12-30T16:00:00.000Z","stockId":3000000010072,"sao":"报告期内，本基金继续保持相对中性仓位。以泛消费和泛科技的景气成长行业为配置主线，结合行业景气度和估值水平横向比较对组合做出了一定结构上的平衡。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:38:19.189Z","mo":"展望新的一年，我们预计国内宏观经济仍有望保持相对平稳。预计2025年GDP有望实现5%左右的增长，分季度呈现前高后低的特征。一季度基建投资和消费回暖有望推动经济开门红；二季度贸易摩擦有可能进一步加剧，如若大规模关税政策落地将拖累出口增速，叠加海外补库周期结束，经济增速可能阶段性承压；而三四季度政策端有望逐步发力或带动经济企稳回升。全年来看，外需承压，内需攻坚或将是宏观经济的主要关键变量。在全球贸易环境不确定性加剧，国内经济转型压力并存，政策工具有所储备并逐步发力，高质量发展路径清晰的大背景之下，我们预计市场仍将呈现为结构性行情，主线聚焦科技创新与产业链技术变革。","fund":{"_id":3000000010072,"__csrcFundId":8272,"stockCode":"010072","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10072,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:08:17.589Z","status":"normal","exchange":"jj","name":"方正富邦策略精选混合型证券投资基金","shortName":"方正富邦策略精选(010072)","followedNum":1,"inceptionDate":"2020-12-01T16:00:00.000Z","fundCollectionId":4000050670000,"currency":"CNY","masterFundShortName":"方正富邦策略精选","setUpDate":"2020-12-01T16:00:00.000Z","setUpAssetScale":1513816173.01,"setUpShares":1513816173.01,"pinyin":"fzfbcljxhhxzqtzjj","managers":[{"stockCode":"db20063535","stockType":"fund_manager","exchange":"fm","tickerId":31002100910,"name":"崔建波"}]},"announcement":{"linkText":"方正富邦策略精选混合型证券投资基金2024年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1255570","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd4b7fea5b3eb04d7238","date":"2024-09-29T16:00:00.000Z","stockId":3000000010072,"sao":"权益市场在3季度末出现了较大的变化，上证指数在最后一周创造了超过20%的涨幅，市场呈现全面上涨走势，非银，科创等成为领涨板块。市场出现这种快速反弹的核心原因在于对于后续政策力度以及经济预期的变化。金融监管三部门的会议显示出了政策的决心，并出台了一系列超预期的举措，成为市场的转折点。展望后续，我们认为市场短期情绪出现过热迹象，企业盈利以及经济基本面的改善仍需要增量财政政策的进一步发力，市场可能需要一定的时间盘整，消化短期快速修复的估值。　　　　报告期内，本基金提高了仓位，加配了顺周期以及部分科技行业。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:38:19.186Z","fund":{"_id":3000000010072,"__csrcFundId":8272,"stockCode":"010072","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10072,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:08:17.589Z","status":"normal","exchange":"jj","name":"方正富邦策略精选混合型证券投资基金","shortName":"方正富邦策略精选(010072)","followedNum":1,"inceptionDate":"2020-12-01T16:00:00.000Z","fundCollectionId":4000050670000,"currency":"CNY","masterFundShortName":"方正富邦策略精选","setUpDate":"2020-12-01T16:00:00.000Z","setUpAssetScale":1513816173.01,"setUpShares":15138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海外层面，发达经济体的数据整体强于预期，美债收益率中枢不断抬升，带来一定资金流出的压力。综上所述，经济虽然已经出现内生性的修复，但是市场更多的定价了库存周期的弱和经济回升的季节性。在这样的背景之下，市场在3季度继续了此前震荡下行的走势。此前高位的弱周期科技板块跌幅居首，高分红低估值类板块相对抗跌。展望后续，我们认为市场转机的重要线索是需要观察政策能否持续超预期发力。　　报告期内，本基金继续以泛消费和泛科技的景气成长行业为配置主线，仓位保持相对低位，等待更好的布局时点。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:38:19.176Z","fund":{"_id":3000000010072,"__csrcFundId":8272,"stockCode":"010072","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10072,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:08:17.589Z","status":"normal","exchange":"jj","name":"方正富邦策略精选混合型证券投资基金","shortName":"方正富邦策略精选(010072)","followedNum":1,"inceptionDate":"2020-12-01T16:00:00.000Z","fundCollectionId":4000050670000,"currency":"CNY","masterFundShortName":"方正富邦策略精选","setUpDate":"2020-12-01T16:00:00.000Z","setUpAssetScale":1513816173.01,"setUpShares":1513816173.01,"pinyin":"fzfbcljxhhxzqtzjj","managers":[{"stockCode":"db20063535","stockType":"fund_manager","exchange":"fm","tickerId":31002100910,"name":"崔建波"}]},"announcement":{"linkText":"方正富邦策略精选混合型证券投资基金2023年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=991280","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd4b7fea5b3eb04d7233","date":"2023-06-29T16:00:00.000Z","stockId":3000000010072,"sao":"回顾上半年，国内宏观经济恢复不及预期和海外经济展现相对韧性是市场的两条重要线索。国内在经过年初一轮快速的补偿性恢复之后内生动能和持续性在2季度开始明显走弱；PMI回到荣枯线之下，出口，地产销售，消费都不同程度的边际放缓。而海外方面，虽然通胀压力有所回落，但是ADP和非农就业数据始终强于市场预期，这也导致美联储的停止加息的时机一再延后，全球流动性没有如期改善。在这样的背景之下，整个市场在上半年呈现先涨后跌的走势，绝大多数经济强相关的板块都回撤明显，仅有相关性较弱的人工智能和中特估走出超额收益。　　　　报告期内，本基金继续以泛消费景气成长行业为配置主线，结合行业景气度横向比较对组合走出了一定结构上的平衡，整体上上半年保持了中性偏低仓位。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:38:19.173Z","mo":"展望后市，我们认为此前市场对于经济的悲观预期已经十分充分，中短期继续低于预期的概率不大；一方面，3季度经济一般会季节性转暖，去年同期的低基数有望使得CPI和PPI出现同比持续回暖，库存周期也有边际见底回升的迹象；另一方面，刚刚结束的重要会议对于经济的定调也较为明确，预计后续相应的政策将不断出台，有望和经济自身的回暖形成共振，对经济和市场风险偏好起到提振，因此我们对于3季度的市场持相对乐观态度。","fund":{"_id":3000000010072,"__csrcFundId":8272,"stockCode":"010072","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10072,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:08:17.589Z","status":"normal","exchange":"jj","name":"方正富邦策略精选混合型证券投资基金","shortName":"方正富邦策略精选(010072)","followedNum":1,"inceptionDate":"2020-12-01T16:00:00.000Z","fundCollectionId":4000050670000,"currency":"CNY","masterFundShortName":"方正富邦策略精选","setUpDate":"2020-12-01T16:00:00.000Z","setUpAssetScale":1513816173.01,"setUpShares":1513816173.01,"pinyin":"fzfbcljxhhxzqtzjj","managers":[{"stockCode":"db20063535","stockType":"fund_manager","exchange":"fm","tickerId":31002100910,"name":"崔建波"}]},"announcement":{"linkText":"方正富邦策略精选混合型证券投资基金2023年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=966718","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd4b7fea5b3eb04d7232","date":"2023-03-30T16:00:00.000Z","stockId":3000000010072,"sao":"1季度，国内宏观经济实现复苏，但整体上力度略弱于我们此前的预期，春节前市场呈现普涨行情，春节后开始较为明显的分化，以海外Chatgpt技术演进为首的TMT板块走出独立行情，其他版块则相对疲弱。我们认为这主要还是由于伴随高频经济数据的边际放缓，市场对于经济复苏的信心大幅减弱。展望后续，我们认为市场对于经济的预期过于悲观，经济的结构性复苏仍在继续，地产，餐饮，出行等数据仍处在相对高位，尤其是以人员流动为代表的场景消费和出行相关的链条后续仍有潜力待释放。全年来看，我们认为经济虽然难有强复苏，但整体上还是处在结构性弱复苏的进程当中，市场也有望伴随经济的进一步复苏企稳回升。　　报告期内，本基金继续以泛消费和泛科技的景气成长行业为配置主线，整体上保持了较高仓位。","declarationDate":"2023-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:38:19.170Z","fund":{"_id":3000000010072,"__csrcFundId":8272,"stockCode":"010072","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10072,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:08:17.589Z","status":"normal","exchange":"jj","name":"方正富邦策略精选混合型证券投资基金","shortName":"方正富邦策略精选(010072)","followedNum":1,"inceptionDate":"2020-12-01T16:00:00.000Z","fundCollectionId":4000050670000,"currency":"CNY","masterFundShortName":"方正富邦策略精选","setUpDate":"2020-12-01T16:00:00.000Z","setUpAssetScale":1513816173.01,"setUpShares":1513816173.01,"pinyin":"fzfbcljxhhxzqtzjj","managers":[{"stockCode":"db20063535","stockType":"fund_manager","exchange":"fm","tickerId":31002100910,"name":"崔建波"}]},"announcement":{"linkText":"方正富邦策略精选混合型证券投资基金2023年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=887247","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd4b7fea5b3eb04d7231","date":"2022-12-30T16:00:00.000Z","stockId":3000000010072,"sao":"报告期内，本基金继续以泛消费和泛科技的景气成长行业为配置主线，结合行业景气度横向比较对组合走出了一定结构上的平衡，减仓了部分成长板块，并增加了部分消费出行板块的配置。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:38:19.168Z","mo":"展望2023年，我们预计权益市场的机会将会明显好于去年。国内走出疫情叠加海外通胀压力改善有望带来经济基本面和流动性改善的共振。细分来看，基建和投资受制于财政压力和地产短期难有明显弹性，海外加息末期，外需逐步走弱，导致出口压力不断加大，因此我们预计国内经济复苏最重要的动能将由内需消费的恢复来贡献。随着中国彻底走出疫情的影响，居民消费场景将逐步恢复，旅游和商务出行等人员流动也将快速回升，这当中中高端可选消费的恢复预计将是最具有确定性的。","fund":{"_id":3000000010072,"__csrcFundId":8272,"stockCode":"010072","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10072,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:08:17.589Z","status":"normal","exchange":"jj","name":"方正富邦策略精选混合型证券投资基金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  报告期内，本基金继续以泛消费和泛科技的景气成长行业为配置主线，结合行业景气度横向比较对组合走出了一定结构上的平衡，整体上保持了中性仓位，减仓了部分成长板块，并增加了部分消费出行板块的配置。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:38:19.165Z","fund":{"_id":3000000010072,"__csrcFundId":8272,"stockCode":"010072","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10072,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:08:17.589Z","status":"normal","exchange":"jj","name":"方正富邦策略精选混合型证券投资基金","shortName":"方正富邦策略精选(010072)","followedNum":1,"inceptionDate":"2020-12-01T16:00:00.000Z","fundCollectionId":4000050670000,"currency":"CNY","masterFundShortName":"方正富邦策略精选","setUpDate":"2020-12-01T16:00:00.000Z","setUpAssetScale":1513816173.01,"setUpShares":1513816173.01,"pinyin":"fzfbcljxhhxzqtzjj","managers":[{"stockCode":"db20063535","stockType":"fund_manager","exchange":"fm","tickerId":31002100910,"name":"崔建波"}]},"announcement":{"linkText":"方正富邦策略精选混合型证券投资基金2022年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=806960","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd4b7fea5b3eb04d722f","date":"2022-06-29T16:00:00.000Z","stockId":3000000010072,"sao":"回顾上半年，国内宏观经济呈现先抑后扬走势。年初受地产和疫情的双重压制，宏观经济跌入谷底；而2季度后半段，随着疫情逐步缓和，企业复工复产，物流恢复，餐饮消费场景逐步放开，经济也逐步走出爬坑复苏态势。受疫情和经济下行压力的影响，央行维持了宽松的流动性环境。海外层面，俄乌战争从爆发到陷入泥潭，走势不断超出市场的预期，持续压制全球市场的风险偏好，也推高了通胀和供应链的压力。受此影响，联储加息的步伐明显加快。在上述多重因素影响之下，A股市场在上半年出现了较大波动，2022Q1市场出现较大调整，低估值稳增长超额收益明显，2022Q2新能源为首的高景气板块带动市场大幅反弹。  报告期内，本基金继续以泛消费和泛科技的景气成长行业为配置主线，结合行业景气度横向比较对组合走出了一定结构上的平衡，整体上上半年保持了中性仓位，减仓了部分成长板块，并增加了部分消费出行板块的配置。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:38:19.162Z","mo":"展望下半年，我们认为中国经济将逐步复苏，2022Q2基本上就是全年经济的底部，三四季度逐步回暖的态势较为确定。但是我们也关注到，疫情依旧在全国存在散点爆发，常态化防控之下，对于终端消费场景及出行等仍然有部分抑制，地产行业的恢复也不及预期，因此经济复苏的力度和斜率仍然有待观察。而市场流动性方面预计仍将保持合理充裕。海外层面，欧美发达经济体在加息和内生动能走弱的双重作用下衰退预期不断增强，7月主要欧美国家的PMI都环比明显走弱，欧洲更是有爆发债务危机的担忧；而居高不下的通胀压力则可能催动联储进一步保持鹰派。综上所述，我们认为下半年市场以结构性行情为主，主线大概率聚焦在消费，出行，医药等困境反转的板块。","fund":{"_id":3000000010072,"__csrcFundId":8272,"stockCode":"010072","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10072,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:08:17.589Z","status":"normal","exchange":"jj","name":"方正富邦策略精选混合型证券投资基金","shortName":"方正富邦策略精选(010072)","followedNum":1,"inceptionDate":"2020-12-01T16:00:00.000Z","fundCollectionId":4000050670000,"currency":"CNY","masterFundShortName":"方正富邦策略精选","setUpDate":"2020-12-01T16:00:00.000Z","setUpAssetScale":1513816173.01,"setUpShares":1513816173.01,"pinyin":"fzfbcljxhhxzqtzjj","managers":[{"stockCode":"db20063535","stockType":"fund_manager","exchange":"fm","tickerId":31002100910,"name":"崔建波"}]},"announcement":{"linkText":"方正富邦策略精选混合型证券投资基金2022年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=784147","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd4b7fea5b3eb04d722e","date":"2022-03-30T16:00:00.000Z","stockId":3000000010072,"sao":"回顾1季度，宏观经济面临了较大的下行压力。一方面，房地产市场在去年持续的高压政策之下开始出现断崖式的下滑，相关产业链都受到较为明显的影响，对经济造成较大影响；而受经济下行的影响，终端消费能力也明显减弱，3月份突发的国内疫情进一步加重了经济下行的压力。在这样的背景之下，政策稳增长的基调十分明确，两会对于全年的经济增长定出了5.5%的目标，但从目前我们所看到的政策储备，以及已经实际出台的多项稳增长政策来看，效果并不明显。海外层面，俄乌冲突加大了全球市场的波动，压制了风险偏好，更进一步推高短期通胀压力，而美联储也在3月加息，并不断传递鹰派声音以对抗通胀。综上影响，A股市场在1季度出现了较大幅度的调整，尤其是高估值和交易拥挤的景气板块，而稳增长和低估值相关的板块则呈现明显的超额收益。  报告期内，本基金继续保持中性偏高仓位，以泛消费和泛科技的景气成长行业为配置主线，同时利用市场调整的契机，加配了部分估值相对合理的高景气品种。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:38:19.160Z","fund":{"_id":3000000010072,"__csrcFundId":8272,"stockCode":"010072","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10072,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:08:17.589Z","status":"normal","exchange":"jj","name":"方正富邦策略精选混合型证券投资基金","shortName":"方正富邦策略精选(010072)","followedNum":1,"inceptionDate":"2020-12-01T16:00:00.000Z","fundCollectionId":4000050670000,"currency":"CNY","masterFundShortName":"方正富邦策略精选","setUpDate":"2020-12-01T16:00:00.000Z","setUpAssetScale":1513816173.01,"setUpShares":1513816173.01,"pinyin":"fzfbcljxhhxzqtzjj","managers":[{"stockCode":"db20063535","stockType":"fund_manager","exchange":"fm","tickerId":31002100910,"name":"崔建波"}]},"announcement":{"linkText":"方正富邦策略精选混合型证券投资基金2022年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=727217","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd4b7fea5b3eb04d722d","date":"2021-12-30T16:00:00.000Z","stockId":3000000010072,"sao":"回顾过去的一年，在地产和制造业投资增速逐步走弱，居民出行和消费场景始终受到散点疫情的制约，消费始终无法恢复的影响之下，中国经济也经历了一轮快速的从复苏再到衰退的过程。而海外则继续受到疫情的严重影响，全球产业链上下游恢复节奏存在明显差异，上游供给始终受到限制，下游需求恢复较快，供需缺口矛盾不断加深，上游资源品、油价等不断攀升。而全球碳达峰、碳中和的不断推进也使得新老能源结构转型过程中的能源安全稳定问题逐步凸显。在这样的大背景之下，资本市场呈现出较为极端的结构性行情。  报告期内，本基金继续保持相对中性仓位。以泛消费和泛科技的景气成长行业为配置主线，结合行业景气度和估值水平横向比较对组合走出了一定结构上的平衡。","declarationDate":"2022-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:38:19.157Z","mo":"展望2022年，我们认为国内外宏观经济走势在短期依旧保持节奏上的明显错位。相应的，错位的经济节奏也将带来不同的政策导向。国内定调稳增长，货币财政政策注重宽松刺激，对市场形成明显的支撑。海外层面，美国现时通胀压力更大，油价高企，叠加2022年选举压力，联储的态度明显转向鹰派，政策退出速度加快，对全球流动性造成负面影响。综上，我们认为市场短期以震荡为主，符合稳增长方向的板块可能有结构性机会。长期角度，能源结构升级、新兴消费升级、依托于工程师红利的尖端技术国产替代、人口结构老龄化带来的医疗保健等将是核心的方向。","fund":{"_id":3000000010072,"__csrcFundId":8272,"stockCode":"010072","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10072,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:08:17.589Z","status":"normal","exchange":"jj","name":"方正富邦策略精选混合型证券投资基金","shortName":"方正富邦策略精选(010072)","followedNum":1,"inceptionDate":"2020-12-01T16:00:00.000Z","fundCollectionId":4000050670000,"currency":"CNY","masterFundShortName":"方正富邦策略精选","setUpDate":"2020-12-01T16:00:00.000Z","setUpAssetScale":1513816173.01,"setUpShares":1513816173.01,"pinyin":"fzfbcljxhhxzqtzjj","managers":[{"stockCode":"db20063535","stockType":"fund_manager","exchange":"fm","tickerId":31002100910,"name":"崔建波"}]},"announcement":{"linkText":"方正富邦策略精选混合型证券投资基金2021年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=715068","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd4b7fea5b3eb04d722c","date":"2021-09-29T16:00:00.000Z","stockId":3000000010072,"sao":"回顾3季度，宏观经济下行压力逐步显现。陆续披露的消费，投资，PMI等经济数据环比不断走弱，出口虽然显示出一定韧性，但是主要来自于海外供需缺口及疫情的反复，持续性需要观察；面对这样的宏观环境，央行在7月进行降准，托底经济的思路比较明确，而全球主要央行也由于疫情的扰动而继续保持宽松的政策环境。在这样的大背景下，市场流动性整体比较充裕，叠加供给侧的多重限制性因素，上游大宗商品价格出现大幅度上行，PPI逐步向CPI传导，通胀压力加大。市场整体依旧呈现结构性行情，受益于涨价逻辑的品种表现明显占优。  报告期内本基金继续以泛消费和泛科技的景气成长行业为配置主线，结合行业景气度横向比较对组合走出了一定结构上的平衡，减少了部分消费的配置，加仓了部分科技板块，并整体保持相对中性的仓位。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:38:19.154Z","fund":{"_id":3000000010072,"__csrcFundId":8272,"stockCode":"010072","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10072,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:08:17.589Z","status":"normal","exchange":"jj","name":"方正富邦策略精选混合型证券投资基金","shortName":"方正富邦策略精选(010072)","followedNum":1,"inceptionDate":"2020-12-01T16:00:00.000Z","fundCollectionId":4000050670000,"currency":"CNY","masterFundShortName":"方正富邦策略精选","setUpDate":"2020-12-01T16:00:00.000Z","setUpAssetScale":1513816173.01,"setUpShares":1513816173.01,"pinyin":"fzfbcljxhhxzqtzjj","managers":[{"stockCode":"db20063535","stockType":"fund_manager","exchange":"fm","tickerId":31002100910,"name":"崔建波"}]},"announcement":{"linkText":"方正富邦策略精选混合型证券投资基金2021年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=656949","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd4b7fea5b3eb04d722b","date":"2021-06-29T16:00:00.000Z","stockId":3000000010072,"sao":"报告期内本基金继续以泛消费和泛科技的景气成长行业为配置主线，结合行业景气度横向比较对组合走出了一定结构上的平衡，减少了部分消费的配置，加仓了部分科技板块，并整体保持相对中性的仓位。回顾上半年，随着高频经济数据的持续走弱以及大宗商品价格的见顶，市场对于经济复苏和通胀交易的预期逐步见顶回落，市场的投资主线也会重回景气成长。消费和科技板块走势出现一定分化，主要原因在于行业景气度和业绩增长预期的分化，高景气度和具备业绩弹性的行业获得更多溢价。6月份美联储议息会议边际转向鹰派，但是并未有实质性的收紧政策出台，叠加2季度相对宽松的流动性，对市场的反弹形成一定催化。","declarationDate":"2021-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:38:19.151Z","mo":"展望下半年，从高频的宏观数据可以看到需求侧的压力开始逐步显现，尤其是在国内，较高的PPI难以向CPI传导，中下游制造业和中小微企业盈利能力受到挤压，导致需求放缓。而出口也面临一定的订单回流压力，宏观经济在下半年有进一步走弱的风险。在这样的宏观背景下，央行在7月实施全面降准，国内货币政策提前对冲风险的意图较为明确，我们预计国内市场流动性保持宽松，海外需要关注美联储的货币政策动向。综上所述，三季度市场可能仍然呈现结构性行情，科技，新消费和有下游需求支撑的部分资源品或将是我们聚焦的板块。","fund":{"_id":3000000010072,"__csrcFundId":8272,"stockCode":"010072","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10072,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:08:17.589Z","status":"normal","exchange":"jj","name":"方正富邦策略精选混合型证券投资基金","shortName":"方正富邦策略精选(010072)","followedNum":1,"inceptionDate":"2020-12-01T16:00:00.000Z","fundCollectionId":4000050670000,"currency":"CNY","masterFundShortName":"方正富邦策略精选","setUpDate":"2020-12-01T16:00:00.000Z","setUpAssetScale":1513816173.01,"setUpShares":1513816173.01,"pinyin":"fzfbcljxhhxzqtzjj","managers":[{"stockCode":"db20063535","stockType":"fund_manager","exchange":"fm","tickerId":31002100910,"name":"崔建波"}]},"announcement":{"linkText":"方正富邦策略精选混合型证券投资基金2021年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=634869","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd4b7fea5b3eb04d722a","stockId":3000000010072,"sao":"回顾2021年1季度，全球逐步走出疫情，经济快速修复，PPI，CPI逐步走高，带来顺周期板块的业绩快速修复，政策逐步退出，叠加科技消费此前的高估值，顺周期类板块出现阶段性占优。操作层面，在市场年初估值高企且分化较大的背景下，整体上保持了相对中性的仓位，对组合的配置进行了一定的平衡。展望后续，美债的影响预计将逐步钝化，重点在于经济复苏的持续性。目前来看，暂时无法找到全球新周期的有力证据。基于以上判断，市场主线重新回归到具备长期成长逻辑的泛消费、泛科技大概率只是时间问题。在今年政策退出预期持续扰动的大背景下，估值空间将会收敛，好的公司也需要有好的买入价格。综合考虑以上因素，后续投资策略上继续专注于对行业和公司的不断深入研究和挖掘，基于行业景气度横向比较，长期成长空间，公司核心竞争力和估值等维度优化组合配置。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:38:19.149Z","fund":{"_id":3000000010072,"__csrcFundId":8272,"stockCode":"010072","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10072,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:08:17.589Z","status":"normal","exchange":"jj","name":"方正富邦策略精选混合型证券投资基金","shortName":"方正富邦策略精选(010072)","followedNum":1,"inceptionDate":"2020-12-01T16:00:00.000Z","fundCollectionId":4000050670000,"currency":"CNY","masterFundShortName":"方正富邦策略精选"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