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端状态，我们期待经济基本面的坚实筑底以及各项指标的均值回归。行业配置上，我们相对看好的行业包括：1)医药及医疗设备，刚性的需求叠加代际偿付能力的提升，行业政策转向温和，行业具备长久期逻辑，估值性价比较高；2）化工、机械领域：景气度触底回升，公司自身阿尔法能力突出、安全边际高的个股，细分行业如轮胎、叉车等；3）生猪养殖、饲料等：受益于回升CPI回升，景气度上行的领域；4）上游资源品如铜、黄金、煤炭等，2024年为流动性转向宽松的起点，供求关系偏紧的资源品弹性较大。","fund":{"_id":3000000011212,"__csrcFundId":8733,"stockCode":"011212","shortName":"富国稳健策略6个月持有期混合A","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11212,"masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:27.977Z","status":"normal","name":"富国稳健策略6个月持有期混合型证券投资基金","exchange":"jj","inceptionDate":"2021-02-08T16:00:00.000Z","followedNum":2,"fundCollectionId":4000050100000,"currency":"CNY","masterFundShortName":"富国稳健策略6个月持有期混合","setUpDate":"2021-02-08T16:00:00.000Z","setUpAssetScale":2388743133.31,"setUpShares":2388743133.31,"pinyin":"fgwjcl6gycyqhhxzqtzjj","managers":[{"stockCode":"db20177210","stockType":"fund_manager","exchange":"fm","tickerId":32310137020,"name":"曹文俊"}]},"announcement":{"linkText":"富国稳健策略6个月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=1060030","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece5a7fea5b3eb04e96bf","date":"2023-09-29T16:00:00.000Z","stockId":3000000011212,"sao":"三季度，A股市场呈现震荡下行的弱势格局，其中基金重仓指数跌幅偏大。三季度以来，宏观政策预期不断增强，房地产限购限贷等约束政策陆续松绑，然而地产销售回暖态势并不显著，市场观望情绪浓厚。监管部门也陆续推出减持新规、降低印花税等提振市场信心的政策举措，然而市场仍在静待基本面的筑底好转，市场增量资金有限。本季度，本基金收益率水平小幅跑赢同业中位数，主要是由于在超配的轮胎、医药和煤炭等行业中获得一定超额收益。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:42:50.805Z","fund":{"_id":3000000011212,"__csrcFundId":8733,"stockCode":"011212","shortName":"富国稳健策略6个月持有期混合A","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11212,"masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:27.977Z","status":"normal","name":"富国稳健策略6个月持有期混合型证券投资基金","exchange":"jj","inceptionDate":"2021-02-08T16:00:00.000Z","followedNum":2,"fundCollectionId":4000050100000,"currency":"CNY","masterFundShortName":"富国稳健策略6个月持有期混合","setUpDate":"2021-02-08T16:00:00.000Z","setUpAssetScale":2388743133.31,"setUpShares":2388743133.31,"pinyin":"fgwjcl6gycyqhhxzqtzjj","managers":[{"stockCode":"db20177210","stockType":"fund_manager","exchange":"fm","tickerId":32310137020,"name":"曹文俊"}]},"announcement":{"linkText":"富国稳健策略6个月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=992545","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece5a7fea5b3eb04e96be","date":"2023-06-29T16:00:00.000Z","stockId":3000000011212,"sao":"2023年上半年，A股市场震荡起伏剧烈，基金重仓股总体表现不佳，主题板块表现相对突出。市场对于宏观经济的判断出现较大的转折，从一季度的相对积极乐观，到二季度不断下修预期。房地产市场的销售持续低迷、地方隐性债务的控制及居民消费能力恢复有待时日，是使得经济复苏斜率平缓的重要原因。特别二季度以来，宏观经济出现了“旺季不旺”的反季节性特征。在行业景气线索寥寥的背景下，市场表现呈现出浓厚的主题投资色彩。本基金上半年跑输同业中位数水平，主要由于热门主题赛道板块参与较少，而个股阿尔法策略阶段性难敌宏观景气负向贝塔预期，表现相对平淡。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:42:50.802Z","mo":"展望下半年，我们认为宏观经济已经非常接近政策对冲的临界点，随着经济托底的预期增强，A股市场有望随之企稳。伴随着高企的利率环境，欧美主要经济体景气度趋降，国内政策对冲的必要性也进一步提升。基于当前市场整体较低的估值水平，我们认为，一旦经济企稳的预期增长，市场有望出现反弹。投资线索上，我们关注以下几个方向：1）需求刚需强且集采政策缓和的医药及医疗器械行业；2）行业景气度已过低点的轮胎行业，后续将迎来产能利用率回升、成本端下降和产能投放等多重因素共振；3）宏观免疫的领域，如军工和检测服务等；4）与旅游出行相关的产业链条，酒店、廉价航空、度假景区等。","fund":{"_id":3000000011212,"__csrcFundId":8733,"stockCode":"011212","shortName":"富国稳健策略6个月持有期混合A","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11212,"masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:27.977Z","status":"normal","name":"富国稳健策略6个月持有期混合型证券投资基金","exchange":"jj","inceptionDate":"2021-02-08T16:00:00.000Z","followedNum":2,"fundCollectionId":4000050100000,"currency":"CNY","masterFundShortName":"富国稳健策略6个月持有期混合","setUpDate":"2021-02-08T16:00:00.000Z","setUpAssetScale":2388743133.31,"setUpShares":2388743133.31,"pinyin":"fgwjcl6gycyqhhxzqtzjj","managers":[{"stockCode":"db20177210","stockType":"fund_manager","exchange":"fm","tickerId":32310137020,"name":"曹文俊"}]},"announcement":{"linkText":"富国稳健策略6个月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=965903","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece5a7fea5b3eb04e96bd","date":"2023-03-30T16:00:00.000Z","stockId":3000000011212,"sao":"一季度，A股市场震荡格局，1月涨势明显，2-3月略有回调。市场对经济复苏力度预期存在摆动，3月后对复苏力度预期显著降温。在密集的催化剂下，对于人工智能投资主题充分演绎，而其他板块表现差强人意。本季度，本基金收益率水平跑输同业中位数，主要由于在人工智能主题领域参与较少。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:42:50.800Z","fund":{"_id":3000000011212,"__csrcFundId":8733,"stockCode":"011212","shortName":"富国稳健策略6个月持有期混合A","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11212,"masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:27.977Z","status":"normal","name":"富国稳健策略6个月持有期混合型证券投资基金","exchange":"jj","inceptionDate":"2021-02-08T16:00:00.000Z","followedNum":2,"fundCollectionId":4000050100000,"currency":"CNY","masterFundShortName":"富国稳健策略6个月持有期混合","setUpDate":"2021-02-08T16:00:00.000Z","setUpAssetScale":2388743133.31,"setUpShares":2388743133.31,"pinyin":"fgwjcl6gycyqhhxzqtzjj","manager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额收益的重要来源。行业配置上，我们相对看好医药、化工和油气装备、新能源汽车和光伏等行业。","fund":{"_id":3000000011212,"__csrcFundId":8733,"stockCode":"011212","shortName":"富国稳健策略6个月持有期混合A","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":11212,"masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:27.977Z","status":"normal","name":"富国稳健策略6个月持有期混合型证券投资基金","exchange":"jj","inceptionDate":"2021-02-08T16:00:00.000Z","followedNum":2,"fundCollectionId":4000050100000,"currency":"CNY","masterFundShortName":"富国稳健策略6个月持有期混合","setUpDate":"2021-02-08T16:00:00.000Z","setUpAssetScale":2388743133.31,"setUpShares":2388743133.31,"pinyin":"fgwjcl6gycyqhhxzqtzjj","managers":[{"stockCode":"db20177210","stockType":"fund_manager","exchange":"fm","tickerId":32310137020,"name":"曹文俊"}]},"announcement":{"linkText":"富国稳健策略6个月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=636286","linkType":"PDF","source":"csrc_pdf"}}]}