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大组合的调整，增配的方向主要在银行、券商以及部分的电子。对于市场热点的芯片、光模块、机器人、AI等方向，组合或多或少都进行了配置，但是整体配置比例较低。市场对于预期的交易也越来越前置。我们回顾锂矿石、新能源电池、光伏产业等板块之前的交易，可以发现股价领先基本面的变化基本上在6-12个月，但在今年的热点板块交易中，部分板块股价领先基本面的趋势在24-36个月。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:43:41.267Z","mo":"展望2025年，我们需要关注政策层面的变化以及市场流动性的变化。市场的估值已经处于极低的位置。我们始终坚持基于基本面去找寻合理估值的企业以期获得长期EPS增长带来的回报。地缘政治及出口贸易的摩擦在大选年会对世界贸易格局产生较大的影响。从行业上看，我们持续关注在海外设厂的出海企业。从2024年开始我们可以观察到中国企业出海的进度在加速。2025年中国企业走出去的速度仍然在加速。我们看好创新药和医疗器械为代表的医药创新及医药出海。从风格上，我们仍然看好红利类资产的表现。利率下行以及经济及收入变化的演绎是红利类资产重估的催化剂。我们也需要更加重视微观交易结构变化带来的部分极端环境下部分资产的价格大幅波动。在极端环境下，需要适当的加大换手率去找寻错误定价带来的投资机会。","fund":{"_id":3000000011498,"__csrcFundId":9236,"stockCode":"011498","shortName":"富国沪深300基本面精选股票(011498)","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":11498,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:50:27.218Z","status":"normal","name":"富国沪深300基本面精选股票型证券投资基金","followedNum":14,"exchange":"jj","fundCollectionId":4000050100000,"inceptionDate":"2021-05-31T16:00:00.000Z","currency":"CNY","masterFundShortName":"富国沪深300基本面精选股票","setUpDate":"2021-05-31T16:00:00.000Z","setUpAssetScale":736178908.26,"setUpShares":736178908.26,"pinyin":"fghs300jbmjxgpxzqtzjj","managers":[{"stockCode":"db20695363","stockType":"fund_manager","exchange":"fm","tickerId":1902193400,"name":"孙彬"}]},"announcement":{"linkText":"富国沪深300基本面精选股票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=1257489","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece8d7fea5b3eb04ed52d","date":"2024-09-29T16:00:00.000Z","stockId":3000000011498,"sao":"2024年三季度，市场在最后一周大幅上行，在三季度整体看，中证800指数上涨16.10%，沪深300指数上涨16.07%，上证50指数上涨15.05%，中证红利指数上涨6.43%。从行业看，非银金融、房地产及商贸零售涨幅居前。公用事业、石油石化、煤炭涨幅靠后且均低于5%。市场展现出明显的跷跷板效应。上半年表现突出的红利板块大幅跑输沪深300指数。三季度我们增加了汽车及汽车零部件的配置比例，对于车型周期处于有利竞争位置的整车企业我们维持超配。在金融板块主要增加的持仓在银行及券商，对保险依旧维持低配。展望四季度，我们认为市场的波动幅度可能会逐步趋缓，市场的也在寻找新的平衡点。从行业选择上来看，我们维持对汽车整车及汽车零部件超配的观点。我们依旧看好红利板块的表现，尤其是能源、电力、银行等板块。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:43:41.265Z","fund":{"_id":3000000011498,"__csrcFundId":9236,"stockCode":"011498","shortName":"富国沪深300基本面精选股票(011498)","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":11498,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:50:27.218Z","status":"normal","name":"富国沪深300基本面精选股票型证券投资基金","followedNum":14,"exchange":"jj","fundCollectionId":4000050100000,"inceptionDate":"2021-05-31T16:00:00.000Z","currency":"CNY","masterFundShortName":"富国沪深300基本面精选股票","setUpDate":"2021-05-31T16:00:00.000Z","setUpAssetScale":736178908.26,"setUpShares":736178908.26,"pinyin":"fghs300jbmjxgpxzqtzjj","managers":[{"stockCode":"db20695363","stockType":"fund_manager","exchange":"fm","tickerId":1902193400,"name":"孙彬"}]},"announcement":{"linkText":"富国沪深300基本面精选股票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=1178313","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece8d7fea5b3eb04ed52c","date":"2024-06-29T16:00:00.000Z","stockId":3000000011498,"sao":"2024年上半年，市场分化较大。从指数看，中证红利指数上涨7.75%，上证50指数上涨2.95%，沪深300指数上涨0.89%，中证800指数下跌1.76%。从申万一级行业看，银行煤炭以及公用事业涨幅均超过10%，家用电器以及石油石化涨幅也快于红利指数。上半年仅有八个行业取得了上涨。计算机、商贸零售、社会服务、传媒、医药以及地产跌幅均超过20%。上半年红利类资产整体跑赢大盘，AI相关硬件企业表现也较好。内需相关的消费类资产表现较弱，地产及地产产业链也大幅跑输市场。上半年我们低估了银行板块的进攻性，对于大行的配置严重低于了基准的权重。组合对于红利的配置也主要集中于有色、出海以及公用事业等方向。我们认为地产价格对于内需有较强的托底效应，在地产价格企稳之前，内需相关的板块任然承压。我们对于地产政策过于乐观，超配地产也成为上半年重要的拖累项。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:43:41.262Z","mo":"展望2024年下半年，我们认为股市最重要的观察指标是企业经营的基本面变化、股市流动性以及边际资金的影响。对于基本面跟踪的要求始终在提高。企业经营的情况预测的难度由于受宏观不确定性的影响也在进一步加大。我们维持对红利、出海以及创新药板块的看好观点。下半年将进一步减少持股个数，集中持股，将持仓集中在置信度更高的板块和个股上。下半年也将在红利板块内部做一定的仓位调整以及配置一定的科技相关个股。","fund":{"_id":3000000011498,"__csrcFundId":9236,"stockCode":"011498","shortName":"富国沪深300基本面精选股票(011498)","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":11498,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:50:27.218Z","status":"normal","name":"富国沪深300基本面精选股票型证券投资基金","followedNum":14,"exchange":"jj","fundCollectionId":4000050100000,"inceptionDate":"2021-05-31T16:00:00.000Z","currency":"CNY","masterFundShortName":"富国沪深300基本面精选股票","setUpDate":"2021-05-31T16:00:00.000Z","setUpAssetScale":736178908.26,"setUpShares":736178908.26,"pinyin":"fghs300jbmjxgpxzqtzjj","managers":[{"stockCode":"db20695363","stockType":"fund_manager","exchange":"fm","tickerId":1902193400,"name":"孙彬"}]},"announcement":{"linkText":"富国沪深300基本面精选股票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=1153243","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece8d7fea5b3eb04ed52b","date":"2024-03-30T16:00:00.000Z","stockId":3000000011498,"sao":"2024年一季度，从指数上看，市场表现较为平稳。上证50指数上涨3.82%，沪深300指数上涨3.10%，中证800指数上涨1.56%，中证红利指数上涨8.27%。但是从行业上看，分化较大。以申万行业分类来看，银行，石油石化，煤炭以及家用电器涨幅均超过10%；医药生物，计算机，电子以及综合等行业跌幅均超过10%。房地产行业也下跌了超过9%。市场的流动性逐步恢复，成交额重回万亿以上。在2024年一季度，我们逐步增加了周期品和交运的配置比例。我们维持上一个季度的观点，继续看好红利类资产以及美元计价的大宗商品。尽管一季度整个医药板块表现趋弱，但是我们认为创新药板块从政策和基本面上都将迎来拐点。我们也维持对创新药板块的看好。二手房成交逐步企稳，房价也开始逐步企稳，股票市场有了较好的支撑。边际资金和交易因素对股票估值和股价的影响力在变大。市场有时在强势板块总是将未来3-5年的变化在一个季度内交易完毕。股价往往先行于基本面的变化。然而考虑到今年是海外重要的选举年，政策和地缘政治等将带来对未来较大的不确定性。我们更倾向于交易当下而非交易未来的估值。今年我们仍将回避那些对远期未来估值的热点板块。","declarationDate":"2024-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:43:41.259Z","fund":{"_id":3000000011498,"__csrcFundId":9236,"stockCode":"011498","shortName":"富国沪深300基本面精选股票(011498)","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":11498,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:50:27.218Z","status":"normal","name":"富国沪深300基本面精选股票型证券投资基金","followedNum":14,"exchange":"jj","fundCollectionId":4000050100000,"inceptionDate":"2021-05-31T16:00:00.000Z","currency":"CNY","masterFundShortName":"富国沪深300基本面精选股票","setUpDate":"2021-05-31T16:00:00.000Z","setUpAssetScale":736178908.26,"setUpShares":736178908.26,"pinyin":"fghs300jbmjxgpxzqtzjj","managers":[{"stockCode":"db20695363","stockType":"fund_manager","exchange":"fm","tickerId":1902193400,"name":"孙彬"}]},"announcement":{"linkText":"富国沪深300基本面精选股票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=1075651","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece8d7fea5b3eb04ed52a","date":"2023-12-30T16:00:00.000Z","stockId":3000000011498,"sao":"2023年市场整体偏弱，中证红利指数全年涨幅0.89%，上证50指数下跌11.73%，沪深300指数下跌11.38%，中证800指数下跌10.37%。从行业上看通信、传媒、计算机及电子涨幅居前；美容护理、商贸零售、房地产、电力设备及建筑材料等行业跌幅均超过20%。Chat GPT及AI是今年行情的主要驱动力，TMT所属大部分行业的涨幅主要来自于上半年的躁动。在这轮AI的投资周期，组合并没有过多的参与相关的投资。2023年上半年市场主要的驱动力在中特股和AI，组合跑输基准较多。下半年开始，受整个市场流动性的影响，整体调仓难度加大。主动权益公募基金交易额占全市场比重持续下行，交易结构的变化也对整体的市场产生了深远的影响。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:43:41.256Z","mo":"展望2024年，我们需要关注政策层面的变化以及市场流动性的变化。市场的估值已经处于极低的位置。我们始终坚持基于基本面去找寻合理估值的企业以期获得长期EPS增长带来的回报。从行业上看，我们看好美元计价的大宗商品以及其对应的资源股。地缘政治及出口贸易的摩擦在大选年会对世界贸易格局产生较大的影响。我们关注在海外设厂的出海企业。我们看好创新药和医疗器械为代表的医药创新及医药出海。从风格上，我们仍然看好红利类资产的表现。利率下行以及经济及收入变化的演绎是红利类资产重估的催化剂。我们也需要更加重视微观交易结构变化带来的部分极端环境下部分资产的价格大幅波动。在极端环境下，需要适当的加大换手率去找寻错误定价带来的投资机会。","fund":{"_id":3000000011498,"__csrcFundId":9236,"stockCode":"011498","shortName":"富国沪深300基本面精选股票(011498)","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":11498,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:50:27.218Z","status":"normal","name":"富国沪深300基本面精选股票型证券投资基金","followedNum":14,"exchange":"jj","fundCollectionId":4000050100000,"inceptionDate":"2021-05-31T16:00:00.000Z","currency":"CNY","masterFundShortName":"富国沪深300基本面精选股票","setUpDate":"2021-05-31T16:00:00.000Z","setUpAssetScale":736178908.26,"setUpShares":736178908.26,"pinyin":"fghs300jbmjxgpxzqtzjj","managers":[{"stockCode":"db20695363","stockType":"fund_manager","exchange":"fm","tickerId":1902193400,"name":"孙彬"}]},"announcement":{"linkText":"富国沪深300基本面精选股票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=1059658","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece8d7fea5b3eb04ed529","date":"2023-09-29T16:00:00.000Z","stockId":3000000011498,"sao":"2023年三季度市场震荡下行，行业间分化加大。从指数来看，三季度中证800下跌4.29%，沪深300下跌3.98%，中证红利上涨1.75%，上证50上涨0.60%。从申万一级行业看非银金融、煤炭、石油石化、钢铁及银行涨幅居前；电力设备、传媒、计算机、通信及国防军工跌幅居前。三季度我们增加了非银、大宗商品以及部分地产的配置；和二季度一样，我们并没有参与市场较为热门的AI、光模块、算力、机器人等方向。从组合构建来看，我们还是希望尽量选择长期有稳定业绩增长的标的。我们观察到了消费行业，尤其是非必要消费品的困局。而这个更多的是和居民的收入、收入预期以及资产息息相关。房产在居民资产配置中占比较高，房价的下跌也对居民的资产负债表产生了较大的影响。我们期待收入、收入预期以及地产价格的企稳，这也是资本市场企稳的重要基础。从估值来看，市场估值以处于底部位置；从业绩角度看，制造业中的很多企业的盈利也已企稳。信心比黄金更重要。我们看好红利类资产的表现，也逐步增加了大宗商品相关个股的配置。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:43:41.253Z","fund":{"_id":3000000011498,"__csrcFundId":9236,"stockCode":"011498","shortName":"富国沪深300基本面精选股票(011498)","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":11498,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:50:27.218Z","status":"normal","name":"富国沪深300基本面精选股票型证券投资基金","followedNum":14,"exchange":"jj","fundCollectionId":4000050100000,"inceptionDate":"2021-05-31T16:00:00.000Z","currency":"CNY","masterFundShortName":"富国沪深300基本面精选股票","setUpDate":"2021-05-31T16:00:00.000Z","setUpAssetScale":736178908.26,"setUpShares":736178908.26,"pinyin":"fghs300jbmjxgpxzqtzjj","managers":[{"stockCode":"db20695363","stockType":"fund_manager","exchange":"fm","tickerId":1902193400,"name":"孙彬"}]},"announcement":{"linkText":"富国沪深300基本面精选股票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=992548","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece8d7fea5b3eb04ed528","date":"2023-06-29T16:00:00.000Z","stockId":3000000011498,"sao":"2023年上半年市场波动较大，行业快速轮动，分化严重。从主流指数来看，中证红利指数上涨2.98%，中证800指数上涨0.02%，沪深300指数下跌0.75%，上证50指数下跌5.43%。从行业上看，通信、传媒、计算机、机械及家用电器涨幅居前；商贸零售、房地产、美容护理、建筑材料及农林牧渔跌幅较大。消费及医药板块表现也大幅跑输沪深300指数。本年度基金未取得令人满意的业绩，跑输业绩基准及主流指数。仔细的拆开绩效归因，主要的原因在以下三个方面：一是银行板块带来了比较大的负超额；二是对保险、通信、传媒板块显著的低配；三是对于地产板块的超配。二季度逐渐增加了计算机、汽车、及创新药的配置，也挽回了一定的损失。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:43:41.251Z","mo":"展望2023年，我们认为市场将温和前行。指数层面上可能并不会出现快速的上涨，但是我们认为结构性机会及个股的机会将是今年的主旋律。我们看好金融地产在今年的估值修复。我们认为地产板块部分核心个股的业绩（22年拿的地）在今年也将逐步兑现。全年维度，我们看好周期板块的表现。集采政策逐步温和，过去两年受损较重的医药板块今年也将逐渐回暖。A股短期缺乏增量资金。资金总是在不同行业间轮转，这也造成了今年非常多行业的快速轮动。这也的轮动更多是基于逻辑而非确实发生的事实。A股博弈前置，股价的走势往往领先于基本面的走势。资金的影响也超过了基本面对股价的影响。宏观不确定性对市场的影响逐步显现，也成为估值的主要压制因素。在现今的宏观及利率环境下，我们看好红利类资产的价值回归。","fund":{"_id":3000000011498,"__csrcFundId":9236,"stockCode":"011498","shortName":"富国沪深300基本面精选股票(011498)","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":11498,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:50:27.218Z","status":"normal","name":"富国沪深300基本面精选股票型证券投资基金","followedNum":14,"exchange":"jj","fundCollectionId":4000050100000,"inceptionDate":"2021-05-31T16:00:00.000Z","currency":"CNY","masterFundShortName":"富国沪深300基本面精选股票","setUpDate":"2021-05-31T16:00:00.000Z","setUpAssetScale":736178908.26,"setUpShares":736178908.26,"pinyin":"fghs300jbmjxgpxzqtzjj","managers":[{"stockCode":"db20695363","stockType":"fund_manager","exchange":"fm","tickerId":1902193400,"name":"孙彬"}]},"announcement":{"linkText":"富国沪深300基本面精选股票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=965906","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece8d7fea5b3eb04ed527","date":"2023-03-30T16:00:00.000Z","stockId":3000000011498,"sao":"2023年一季度市场震荡上行，行业间分化加大。从指数来看，一季度中证800上涨6.6%，沪深300上涨5.65%，中证红利上涨5.55%，上证50上涨1.16%。从申万一级行业看计算机、传媒、通信、电子及建筑装饰涨幅居前；商贸零售、房地产、银行、美妆护理及电力设备跌幅居前。本基金一季度对于市场热门的泛AI领域及央企建筑等板块配置较低，一季度对业绩基准也跑输较多。一季度主要配置的板块在地产、医药、金融、周期等板块，主要的低配在电子、传媒、通信等板块。从投资框架上我们希望选择基本面驱动同时有很好盈利支撑的个股，但在今年一季度，市场的减量博弈，有限的成交额向部分行业集中，极端时部分行业合计交易占比已经接近全市场交易量的50%。交易对市场的影响也在放大，尤其是在流动性较差的标的上。有人说追高只会错一次，但是抄底可能会错很多次。但是从盈利和估值角度出发，我愿意去做那个不断抄底可能也不断做错的那一个。4月份一季度季报开始披露，我们也希望重新出发，去找寻业绩和估值匹配的标的，做更长期维度的配置。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:43:41.248Z","fund":{"_id":3000000011498,"__csrcFundId":9236,"stockCode":"011498","shortName":"富国沪深300基本面精选股票(011498)","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":11498,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:50:27.218Z","status":"normal","name":"富国沪深300基本面精选股票型证券投资基金","followedNum":14,"exchange":"jj","fundCollectionId":4000050100000,"inceptionDate":"2021-05-31T16:00:00.000Z","currency":"CNY","masterFundShortName":"富国沪深300基本面精选股票","setUpDate":"2021-05-31T16:00:00.000Z","setUpAssetScale":736178908.26,"setUpShares":736178908.26,"pinyin":"fghs300jbmjxgpxzqtzjj","managers":[{"stockCode":"db20695363","stockType":"fund_manager","exchange":"fm","tickerId":1902193400,"name":"孙彬"}]},"announcement":{"linkText":"富国沪深300基本面精选股票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=885944","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece8d7fea5b3eb04ed526","date":"2022-12-30T16:00:00.000Z","stockId":3000000011498,"sao":"2022年市场弱势下行。疫情、地缘政治及俄乌战争对市场均产生了较大的影响。以煤炭为代表的资源品全年表现较强，但四季度开始下跌。一季度大幅下行后，二季度新能源表现较为优异，但三、四季度跌幅较大。全年来看，按照申万一级行业，仅有煤炭及综合两个行业上涨。社服、交运及美容护理跌幅较小。电子、建材、传媒、计算机及电力设备跌幅居前。从指数看，中证红利指数下跌5.45%，上证50指数下跌19.52%，中证800指数下跌21.32%，沪深300指数下跌21.63%。本年度基金并未取得令人满意的业绩，在建材、电子及军工等行业的配置对整体组合影响较大。同时在今年市场表现较好的银行、交运等板块也并未跑出足够的超额收益。过去几年的市场惯性在今年的市场环境下也让组合调仓的动作出现了迟疑。我们也低估了房地产暴雷对地产后周期的影响。今年市场最大的变盘期在四月底及十月底。然而受交易条件的限制，4-5月的窗口期，组合也未做出足够的调整。从全年来看，我们对看好的一些行业和个股（煤炭、地产）在配置上并未给予足够的超额配置（基础权重较低），也错失了今年少有的进攻机会。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:43:41.246Z","mo":"展望2023年，我们认为市场将温和前行。指数层面上可能并不会出现快速的上涨，但是我们认为结构性机会及个股的机会将是今年的主旋律。我们看好金融地产在今年的估值修复。我们认为地产板块部分核心个股的业绩（22年拿的地）在今年也将逐步兑现。全年维度，我们看好周期板块的表现。集采政策逐步温和，过去两年受损较重的医药板块今年也将逐渐回暖。A股短期缺乏增量资金。资金总是在不同行业间轮转，这也造成了今年非常多行业的快速轮动。这也的轮动更多是基于逻辑而非确实发生的事实。A股博弈前置，股价的走势往往领先于基本面的走势。资金的影响也超过了基本面对股价的影响。在今年我们将继续加大换手，去把握一些因为市场的非理性波动带来的交易性机会。","fund":{"_id":3000000011498,"__csrcFundId":9236,"stockCode":"011498","shortName":"富国沪深300基本面精选股票(011498)","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":11498,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:50:27.218Z","status":"normal","name":"富国沪深300基本面精选股票型证券投资基金","followedNum":14,"exchange":"jj","fundCollectionId":4000050100000,"inceptionDate":"2021-05-31T16:00:00.000Z","currency":"CNY","masterFundShortName":"富国沪深300基本面精选股票","setUpDate":"2021-05-31T16:00:00.000Z","setUpAssetScale":736178908.26,"setUpShares":736178908.26,"pinyin":"fghs300jbmjxgpxzqtzjj","managers":[{"stockCode":"db20695363","stockType":"fund_manager","exchange":"fm","tickerId":1902193400,"name":"孙彬"}]},"announcement":{"linkText":"富国沪深300基本面精选股票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=872550","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece8d7fea5b3eb04ed525","date":"2022-09-29T16:00:00.000Z","stockId":3000000011498,"sao":"2022年三季度，沪深300指数下跌15.16%，上证50下跌14.66%，中证800指数下跌14.28%，中证红利指数下跌4.63%。从申万一级行业看，仅有煤炭获得了正收益。公用事业、石油石化及通信等行业跌幅较小；建筑材料、电力设备、电子、汽车及传媒跌幅居前。2022年三季度，组合在地产、公用事业等行业的超配获得了不错的结果，但是在电子、医药及军工等板块损失较大。三季度开始，我们认为市场的估值已经处在底部的位置，但市场的波动和情绪更多的基于国际关系或疫情等因素而变动。但国际关系及疫情的变化并不是我们能够预判的因素同时也不应该做为投资决策的主要依据。我们希望在基本面确定性更高的行业和方向下注，自下而上找寻确定性更高的eps增长。站在此时此刻，我们维持二季度的判断：我们认为应给与远期业绩贴现更大的折让（宏观、政策、疫情及中美关系带来的不确定性）。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:43:41.243Z","fund":{"_id":3000000011498,"__csrcFundId":9236,"stockCode":"011498","shortName":"富国沪深300基本面精选股票(011498)","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":11498,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:50:27.218Z","status":"normal","name":"富国沪深300基本面精选股票型证券投资基金","followedNum":14,"exchange":"jj","fundCollectionId":4000050100000,"inceptionDate":"2021-05-31T16:00:00.000Z","currency":"CNY","masterFundShortName":"富国沪深300基本面精选股票","setUpDate":"2021-05-31T16:00:00.000Z","setUpAssetScale":736178908.26,"setUpShares":736178908.26,"pinyin":"fghs300jbmjxgpxzqtzjj","managers":[{"stockCode":"db20695363","stockType":"fund_manager","exchange":"fm","tickerId":1902193400,"name":"孙彬"}]},"announcement":{"linkText":"富国沪深300基本面精选股票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=809811","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece8d7fea5b3eb04ed524","date":"2022-06-29T16:00:00.000Z","stockId":3000000011498,"sao":"2022年上半年市场波动加大。行业间的轮动更多源自于资金和对短期业绩的驱动。2022年上半年从申万一级行业看，只有采掘行业获取了正收益，交运、地产及有色等跌幅较小；电子、计算机、传媒、军工及机械设备跌幅居前。2022年上半年，组合在煤炭、地产及农化的配置上取得了一定的收益，但是在电子、医药及军工等板块损失较大。上半年在市值下沉上做的不够充分，同时上半年受限于疫情，整体交易换手也低于预期。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:43:41.240Z","mo":"疫情、地缘政治等因素成为上半年走势的主要驱动因素。能源等上游价格的高企也使得利润在上下游产业链中的分配出现了较大的分化。我们把股票可以分为四个象限：好行业的好公司，好行业的坏公司，坏行业的好公司以及坏行业的坏公司。第一象限的企业在19-21年涨幅普遍较大，也很难有合适的买入价格；第四象限的公司往往不在我们的投资范围中。所以大部分持仓的差异在二三象限的选择。而赛道投资的热潮往往使得第二象限的企业在过去的时间内获得更好的收益。我们将太多的精力集中在了短期市场对业绩的追逐，却忽略了很多第三象限的好公司。展望下半年，我们还是希望能够继续将精力主要集中在对阿尔法的追逐。任何公司都有正反的两面。我们不能因为短期的景气而忽视公司或行业背后的风险，也不能因为风险项而忽略公司自身的成长。我们将继续维持对稳增长产业链的关注和超配。就业和经济增长是下半年我们主要关注的经济的推动因素。上半年我们对建材的超配并未取得我们想要的结果。疫情、地产企业的风险事件以及部分行业竞争格局的恶化对整个行业也产生了较大的影响。但展望下半年，随着疫情的逐步恢复，我们相信建材企业中有阿尔法的企业也将逐步从业绩的低预期中走出。地产风险事件的确对我们在情绪上的冲击比较大，虽然整个地产行业处于下行周期，但是我们可以积极的去发现未来地产行业的格局变化，自下而上的选择长期有竞争力的个股。","fund":{"_id":3000000011498,"__csrcFundId":9236,"stockCode":"011498","shortName":"富国沪深300基本面精选股票(011498)","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":11498,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:50:27.218Z","status":"normal","name":"富国沪深300基本面精选股票型证券投资基金","followedNum":14,"exchange":"jj","fundCollectionId":4000050100000,"inceptionDate":"2021-05-31T16:00:00.000Z","currency":"CNY","masterFundShortName":"富国沪深300基本面精选股票","setUpDate":"2021-05-31T16:00:00.000Z","setUpAssetScale":736178908.26,"setUpShares":736178908.26,"pinyin":"fghs300jbmjxgpxzqtzjj","managers":[{"stockCode":"db20695363","stockType":"fund_manager","exchange":"fm","tickerId":1902193400,"name":"孙彬"}]},"announcement":{"linkText":"富国沪深300基本面精选股票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=787807","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece8d7fea5b3eb04ed523","date":"2022-03-30T16:00:00.000Z","stockId":3000000011498,"sao":"2022年一季度沪深300下跌14.53%，上证50下跌11.47%，中证800下跌14.42%，中证红利指数上涨1.79%。从申万一级行业看，仅有煤炭、房地产、综合及银行四个行业上涨，煤炭及地产涨幅居前。24个下跌行业种，电子、国防军工、汽车、家电及食品饮料跌幅居前，且跌幅均超过20%。本季度市场呈现出非常突出的交易特征，行业波动加大。收益于能源价格高企，煤炭、石油等资源品表现突出。地产行业情绪及政策见底，市场逐步企稳，估值逐步修复。本季度逐步在降低消费及新能源的配置，逐步增加了地产、建材、采掘等行业的配置。本季度对业绩基准有一定的跑输，操作上对交易的反应也没有跟上市场。本季度市场对部分行业（如航空，养殖，旅游等）的股价给了超前的估值预期，在基本面尚未见底的情况下，市场愿意给远期的空间一定的置信度并提前在股价上反应，但从基本面出发，我们认为基本面及利润端的反转远没有到，估值和基本面的分化也无法在现有的选股模型内选出，因此一季度也错过了这样的行情，但我们仍会坚持从基本面出发去配置。同时，重仓股中部分个股的基本面短期出现了业绩的不达预期或短期的受损，前十大的部分个股跌幅远超基金整体表现。本季度逐步对部分持仓进行了调整，同时，基于市场交易情绪及宏观的不确定性，二季度在交易允许的范围内将逐步增加部分换手并对部分行业的偏离适当放开。从估值出发，目前的估值位置，从股权风险溢价看基本处于2018年9月到10月的估值位置。我们认为在这样的估值位置我们需要给市场更多的信心。虽然国际的宏观的不确定性及疫情的影响可能会对短期的市场产生冲击和影响，但是阳光总在风雨后，相信在一个长期角度出发，现在应该是找寻机会的时间点了。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:43:41.238Z","fund":{"_id":3000000011498,"__csrcFundId":9236,"stockCode":"011498","shortName":"富国沪深300基本面精选股票(011498)","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":11498,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:50:27.218Z","status":"normal","name":"富国沪深300基本面精选股票型证券投资基金","followedNum":14,"exchange":"jj","fundCollectionId":4000050100000,"inceptionDate":"2021-05-31T16:00:00.000Z","currency":"CNY","masterFundShortName":"富国沪深300基本面精选股票","setUpDate":"2021-05-31T16:00:00.000Z","setUpAssetScale":736178908.26,"setUpShares":736178908.26,"pinyin":"fghs300jbmjxgpxzqtzjj","managers":[{"stockCode":"db20695363","stockType":"fund_manager","exchange":"fm","tickerId":1902193400,"name":"孙彬"}]},"announcement":{"linkText":"富国沪深300基本面精选股票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=729297","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aece8d7fea5b3eb04ed522","date":"2021-12-30T16:00:00.000Z","stockId":3000000011498,"sao":"2021年市场波动较大，市场和资金性行为对市场的影响大于基本面的影响。年初以“茅指数”为代表的核心资产表现较为突出；二季度开始新能源开始进入上涨周期；三季度钢铁、煤炭为代表的周期品大幅上行；而到了四季度，传媒及中药等板块进攻性较强。全年来看，上证50指数下跌10.06%，沪深300指数下跌5.20%，中证800指数下跌0.76%。从申万一级行业来看，电气设备、有色金属、采掘、化工及钢铁涨幅居前；家用电器、非银金融、房地产、休闲服务及食品饮料跌幅居前。本年度组合均衡持仓，对业绩基准及沪深300指数均有稳定的超额收益。组合从绩效拆解看，主要超额收益来源为个股选择。主要超额收益来源于化工、银行、食品饮料、机械等板块。","declarationDate":"2022-01-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:43:41.235Z","mo":"展望2022年，国际宏观的不确定性任然是今年的隐忧。但从估值位置看，我们认为除了电气设备、半导体等板块外，大部分行业的估值均处于合理甚至低估的位置。我们认为权益资产的持有周期应该以三年以上的维度来看，站在现在的时间点，也是权益资产估值合适的配置点。从行业上来看，我们加大了对银行、地产为代表的传统行业的配置，对短期估值偏高的电气设备及半导体做了一定的减持。2022年我们看好估值更为合理的板块。我们认为主要的投资机会来源于选股的阿尔法而非行业性的贝塔。","fund":{"_id":3000000011498,"__csrcFundId":9236,"stockCode":"011498","shortName":"富国沪深300基本面精选股票(011498)","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":11498,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:50:27.218Z","status":"normal","name":"富国沪深300基本面精选股票型证券投资基金","followedNum":14,"exchange":"jj","fundCollectionId":4000050100000,"inceptionDate":"2021-05-31T16:00:00.000Z","currency":"CNY","masterFundShortName":"富国沪深300基本面精选股票","setUpDate":"2021-05-31T16:00:00.000Z","setUpAssetScale":736178908.26,"setUpShares":736178908.26,"pinyin":"fghs300jbmjxgpxzqtzjj","managers":[{"stockCode":"db20695363","stockType":"fund_manager","exchange":"fm","tickerId":1902193400,"name":"孙彬"}]},"announcement":{"linkText":"富国沪深300基本面精选股票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=716549","linkType":"PDF","source":"csrc_pdf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