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模型等中长期正面因素的影响下也逐步恢复。从中短期看，房地产市场仍然未能完全筑底，从各项细分指标来看，房地产市场确实需要更加有力的支持，从而帮助已经筑底的消费者信心出现显著的上升。而AI、出口等领域展现了强大的韧性和增长潜力，也代表了经济未来的增长方向。  股票市场清晰的反映了中国经济的这种变化，过去一年市场逐步筑底回升，投资者情绪显著转好。其中投资者结构、港股市场是需要我们高度重视的变化，中长期资金的逐步增加对A股和港股市场的风格和结构都开始出现细微而长久的影响，对重视投资者利益、具备长期增长潜力的优质公司也是长期有利的。随着经济的企稳，企业盈利能力，特别是龙头公司的盈利上行将逐步被市场认同，而在低利率、高地缘波动性的环境下，权益投资或将逐步成为投资者资产配置的必选项，股票市场的流动性将有望逐步改变以前脉冲性的波动，而呈现逐步上台阶的特征。  我们对未来股票市场仍然持有相对乐观的看法，将继续致力于挖掘能够充分受益于经济和市场变化的公司，构建相对均衡的投资组合，按照基金合同及相关法律法规要求，努力在下一个周期内能提供较好的超额收益。","fund":{"_id":3000000012510,"__csrcFundId":9559,"stockCode":"012510","shortName":"国富优质企业一年持有期混合(012510)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12510,"masterFundFlag":1,"lastUpdated":"2026-04-30T23:21:25.509Z","status":"normal","exchange":"jj","name":"富兰克林国海优质企业一年持有期混合型证券投资基金","fundCollectionId":4000050420000,"currency":"CNY","inceptionDate":"2021-08-02T16:00:00.000Z","followedNum":0,"masterFundShortName":"国富优质企业一年持有期混合","setUpDate":"2021-08-02T16:00:00.000Z","setUpAssetScale":784840820.68,"setUpShares":784840820.68,"pinyin":"flklghyzqyyncyqhhxzqtzjj","managers":[{"stockCode":"8801348008","stockType":"fund_manager","exchange":"fm","tickerId":241218036030,"name":"徐荔蓉"}]},"announcement":{"linkText":"富兰克林国海优质企业一年持有期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=1341560","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf697fea5b3eb04fbcdc","date":"2025-03-30T16:00:00.000Z","stockId":3000000012510,"sao":"一季度A股市场继续保持震荡，市场成交量保持高位，投资者情绪仍然较为积极，中大市值和小市值类公司均有所表现。市场经过三年左右的震荡下跌，投资者情绪逐步回升到正常水平，风险偏好出现了明显的系统性上升，动画电影票房的新高也反映出社会情绪的回暖，中国在人工智能大模型的现象级突破进一步提升了社会及投资者对未来的乐观预期。我们认为中国经济大概率已经触底回升，企业盈利也有望出现趋势性的上升，而投资者风险偏好的提升和充足的流动性为市场的趋势性向好提供了坚实基础。  我们在一季度对组合进行了适度调整，显著提升了组合中港股公司的比例，在长期持有互联网龙头公司的基础上，进一步增持了互联网、消费类龙头公司，增加了对AI和科技方向公司的布局。对2025年我们仍然持较为乐观的看法，将继续挖掘能够充分受益经济回暖的公司。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:47:21.087Z","fund":{"_id":3000000012510,"__csrcFundId":9559,"stockCode":"012510","shortName":"国富优质企业一年持有期混合(012510)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12510,"masterFundFlag":1,"lastUpdated":"2026-04-30T23:21:25.509Z","status":"normal","exchange":"jj","name":"富兰克林国海优质企业一年持有期混合型证券投资基金","fundCollectionId":4000050420000,"currency":"CNY","inceptionDate":"2021-08-02T16:00:00.000Z","followedNum":0,"masterFundShortName":"国富优质企业一年持有期混合","setUpDate":"2021-08-02T16:00:00.000Z","setUpAssetScale":784840820.68,"setUpShares":784840820.68,"pinyin":"flklghyzqyyncyqhhxzqtzjj","managers":[{"stockCode":"8801348008","stockType":"fund_manager","exchange":"fm","tickerId":241218036030,"name":"徐荔蓉"}]},"announcement":{"linkText":"富兰克林国海优质企业一年持有期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=1272406","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf697fea5b3eb04fbcdb","date":"2024-12-30T16:00:00.000Z","stockId":3000000012510,"sao":"2024年股票市场经历了较为戏剧性的变化，总体呈现先抑后扬的格局，投资者对经济和股市的过度悲观情绪在9月份宏观政策转向后出现了迅速的均值回归，全年上证指数、创业板指、科创50、上证50等主要指数均实现了两位数的正回报。  本基金一直保持较高的股票仓位和相对均衡的组合结构，在四季度也对部分短期上涨幅度较大的公司进行了调整，整体组合仍然保持相对均衡。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:47:21.083Z","mo":"中国目前面临的国际地缘政治环境更加复杂，经济也面临转型压力，资本市场的投资者对这种极具挑战性的状况普遍十分担忧，股票市场投资者的悲观情绪逐步加大，虽然最后四个月出现了过度悲观后的均值回归，但悲观情绪仍然是市场的主导情绪。我们对中国经济在未来几年内的增长仍然持相对乐观的看法，随着各项支持内需政策的落地，消费者的信心也将逐恢复，总需求的扩大或将支持经济逐步走出通缩。国际地缘政治的挑战或将更加剧烈，但中国经济已经逐步转向了消费主导的经济体，内需的恢复将是经济增长的重要支撑。在全球主要股票市场均先后创下历史新高的背景下，中国股市的相对疲弱十分显眼，这反映了投资者的普遍悲观情绪。目前中国股市仍然是低估值，全球包括本土投资者低配置，与全球市场低相关性的三低市场，未来市场的走向仍取决于企业盈利的增长趋势，作为自下而上的选股投资者，我们对企业盈利的增长的看法更加积极，也是我们对未来市场看好的主要依据。我们将继续在各个行业内挖掘估值合理的成长类公司，对具备价格传导能力的公司将更加关注，构建相对均衡的投资组合，力争为投资者实现较好的风险调整回报。  本基金将继续按照基金合同及相关法律法规要求，努力做好基金投资工作，争取未来更好的长期投资收益。","fund":{"_id":3000000012510,"__csrcFundId":9559,"stockCode":"012510","shortName":"国富优质企业一年持有期混合(012510)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12510,"masterFundFlag":1,"lastUpdated":"2026-04-30T23:21:25.509Z","status":"normal","exchange":"jj","name":"富兰克林国海优质企业一年持有期混合型证券投资基金","fundCollectionId":4000050420000,"currency":"CNY","inceptionDate":"2021-08-02T16:00:00.000Z","followedNum":0,"masterFundShortName":"国富优质企业一年持有期混合","setUpDate":"2021-08-02T16:00:00.000Z","setUpAssetScale":784840820.68,"setUpShares":784840820.68,"pinyin":"flklghyzqyyncyqhhxzqtzjj","managers":[{"stockCode":"8801348008","stockType":"fund_manager","exchange":"fm","tickerId":241218036030,"name":"徐荔蓉"}]},"announcement":{"linkText":"富兰克林国海优质企业一年持有期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=1251308","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf697fea5b3eb04fbcda","date":"2024-09-29T16:00:00.000Z","stockId":3000000012510,"sao":"2024年的三季度，股票市场注定在中国资本市场历史上成为一个重要的时刻，市场在九月中旬之前表现十分低迷，投资者悲观情绪日趋弥漫，市场成交量也萎缩到极低的位置，中长期悲观情绪和对长期债券及红利资产的追逐趋于狂热。在九月底宏观政策从货币政策、房地产政策等方面转向更加积极和实效性的支持后，市场出现了戏剧化的大幅上涨，市场表现在短短几个交易日内实现了大幅反转，更重要的是投资者情绪迅速转为乐观甚至狂热，进而导致了市场极致的先跌后直线上涨的行情。  市场情绪短期过热大概率带来更剧烈的震荡，我们仍然认为这只是在长期过度悲观后的一种均值回归，市场的好转只是刚刚开始。中国经济增长速度仍然低于潜在经济增速，中国的强大制造业和巨大的消费市场是经济长期增长的重要支柱，随着更加积极有效和切中时弊的货币、财政等政策逐步产生效果，经济将有望逐步恢复到较好的增长速度，从而为企业的盈利增长提供良好的环境。从中长期的角度，我们将面对的是流动性充足，企业盈利增长处于上行趋势，而估值或仍处在相对底部，全球投资者包括中国家庭仍然大幅低配的股票市场，对未来我们仍然充满信心。  本基金一直保持较高的股票仓位，并在过去几个月中增加了持续下行的成长类公司，同时适度增加了港股市场中优质公司的配置，市场的迅猛上涨对我们的组合较为有利。未来我们将在震荡幅度加大的背景下积极调整组合，寻找估值合理的优质公司，充分分享中国经济未来的增长。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:47:21.081Z","fund":{"_id":3000000012510,"__csrcFundId":9559,"stockCode":"012510","shortName":"国富优质企业一年持有期混合(012510)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12510,"masterFundFlag":1,"lastUpdated":"2026-04-30T23:21:25.509Z","status":"normal","exchange":"jj","name":"富兰克林国海优质企业一年持有期混合型证券投资基金","fundCollectionId":4000050420000,"currency":"CNY","inceptionDate":"2021-08-02T16:00:00.000Z","followedNum":0,"masterFundShortName":"国富优质企业一年持有期混合","setUpDate":"2021-08-02T16:00:00.000Z","setUpAssetScale":784840820.68,"setUpShares":784840820.68,"pinyin":"flklghyzqyyncyqhhxzqtzjj","managers":[{"stockCode":"8801348008","stockType":"fund_manager","exchange":"fm","tickerId":241218036030,"name":"徐荔蓉"}]},"announcement":{"linkText":"富兰克林国海优质企业一年持有期混合型证券投资基金2024年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1172318","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf697fea5b3eb04fbcd9","date":"2024-06-29T16:00:00.000Z","stockId":3000000012510,"sao":"2024年上半年股票市场先扬后抑，总体表现为震荡走势。总体看低估值的大市值公司表现较好，中小市值类和成长类公司表现较为疲软，投资者情绪也较为低迷，市场整体防守心态相对浓厚，股市和债市呈现了明显的跷跷板现象。  本基金在上半年继续保持相对均衡的组合布局，同时逐步增加了对成长类公司的持仓，同时对部分公司进行了波段操作。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:47:21.078Z","mo":"经过四十多年的高速发展，中国经济逐步进入中高速的增长阶段，这种过渡和转折阶段必然面临多种挑战，各类驱动中国经济持续增长的力量如市场化，企业家精神，产业政策等都面临新的定位和平衡，而这种平衡需要时间和不断的碰撞及磨合，股票市场做为社会的集中映射，就充分反映了这种现实。中国经济已经逐步转为消费主导的经济体，经济的韧性和弹性都已经有了本质的变化，我们对中长期经济仍然持相对乐观的看法，在各方力量逐步达成新的均衡之后经济或仍将保持较高的增长速度，股票市场从中短期看明显过度悲观，未来一段时间均值回归驱动的反弹或将仍然是市场的主流趋势，上市公司的盈利的持续性增长仍然是我们重点观察和跟踪的指标，在目前的阶段，耐心寻找并持有优质的成长类公司将是我们聚焦的重点。","fund":{"_id":3000000012510,"__csrcFundId":9559,"stockCode":"012510","shortName":"国富优质企业一年持有期混合(012510)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12510,"masterFundFlag":1,"lastUpdated":"2026-04-30T23:21:25.509Z","status":"normal","exchange":"jj","name":"富兰克林国海优质企业一年持有期混合型证券投资基金","fundCollectionId":4000050420000,"currency":"CNY","inceptionDate":"2021-08-02T16:00:00.000Z","followedNum":0,"masterFundShortName":"国富优质企业一年持有期混合","setUpDate":"2021-08-02T16:00:00.000Z","setUpAssetScale":784840820.68,"setUpShares":784840820.68,"pinyin":"flklghyzqyyncyqhhxzqtzjj","managers":[{"stockCode":"8801348008","stockType":"fund_manager","exchange":"fm","tickerId":241218036030,"name":"徐荔蓉"}]},"announcement":{"linkText":"富兰克林国海优质企业一年持有期混合型证券投资基金2024年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1151245","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf697fea5b3eb04fbcd8","date":"2024-03-30T16:00:00.000Z","stockId":3000000012510,"sao":"一季度股票市场先抑后扬，大市值类公司总体表现较好，小市值类公司出现了明显的下跌。从投资者情绪看，悲观和防守心态十分普遍，对价值类和“红利”类公司的追逐更加明显，成长类公司虽然已经在估值上非常有吸引力，但仍然不被市场看好。我们认为市场的悲观情绪已经达到较为负面区域，今年出现估值和风格上的均值回归仍然是大概率事件，同时预期未来宏观经济逐步企稳后，企业的盈利超越目前悲观预期也是最可能的方向，股票市场在未来的一到三年内出现估值和盈利的同步上行仍然是我们的基本判断。  基金在总体保持均衡的组合结构基础上，从去年四季度就逐步增加对成长类公司的持仓，虽然短期仍将面临市场波动的风险，但这些成长类公司的收益风险比已经非常有吸引力，我们将继续耐心持有并积极关注市场错杀带来的投资机会。","declarationDate":"2024-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:47:21.075Z","fund":{"_id":3000000012510,"__csrcFundId":9559,"stockCode":"012510","shortName":"国富优质企业一年持有期混合(012510)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12510,"masterFundFlag":1,"lastUpdated":"2026-04-30T23:21:25.509Z","status":"normal","exchange":"jj","name":"富兰克林国海优质企业一年持有期混合型证券投资基金","fundCollectionId":4000050420000,"currency":"CNY","inceptionDate":"2021-08-02T16:00:00.000Z","followedNum":0,"masterFundShortName":"国富优质企业一年持有期混合","setUpDate":"2021-08-02T16:00:00.000Z","setUpAssetScale":784840820.68,"setUpShares":784840820.68,"pinyin":"flklghyzqyyncyqhhxzqtzjj","managers":[{"stockCode":"8801348008","stockType":"fund_manager","exchange":"fm","tickerId":241218036030,"name":"徐荔蓉"}]},"announcement":{"linkText":"富兰克林国海优质企业一年持有期混合型证券投资基金2024年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1069620","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf697fea5b3eb04fbcd7","date":"2023-12-30T16:00:00.000Z","stockId":3000000012510,"sao":"2023年的股票市场先扬后抑，在短暂冲高之后，全年逐步振荡下行，总体看小市值类公司和低估值大盘公司变现相对良好，而中大盘成长类公司估值出现大幅度的下行，市场成交量和活跃度也渐次走低，投资者情绪较为悲观和防守。  本基金在2023年仍然保持了较高的股票仓位和相对均衡的持仓结构，随着市场的下行也逐步增加了对新能源、消费等成长类公司的布局，整体组合仍略偏向中大市值成长类公司，整体组合也承受了较大的波动。基金全年未能战胜业绩基准，同时投资组合的波动也较历史有所加大，作为自下而上的选股投资者，我们仍然持续看好组合中的优质公司，市场悲观情绪所带来的估值下行为逆向投资者提供了收益风险比更具吸引力的机会，我们将继续耐心的观察和增加优质公司的持仓，争取为投资者获取较好的风险调整后回报。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:47:21.073Z","mo":"中国经济在2023年实现了企稳回升，在全球面临通货膨胀压力的大环境下，中国仍然面临一定通缩压力的现状，表明经济总需求的提升仍然是未来的主要任务，特别是消费整体在各个层面均表现出较为疲软的迹象，也从另一个侧面反映出需求的不足。观察全球其他经济体过去几年的情况，消费和总需求的恢复确实需要较长的时间以及消费者收入和信心的恢复，中国作为全球第二大经济体也不例外，我们仍然认为随着政府各类积极政策的发力，中国经济将保持较高的良好增长趋势。我们一直认为资本市场在一定程度上是全社会的一种映射，股票市场投资者从年初的过高预期到年底的极度悲观，逐步放大了悲观情绪，市场整体估值无论从纵向历史比较还是横向区域比较均处于极低的位置，而去年亚洲及其他新兴市场与中国股票市场的镜像走势也使得这种悲观情绪达到顶峰。作为选股投资者，我们认为股票市场的走势最终取决于上市公司企业盈利能否持续健康增长，而从我们持仓和观察的企业来看，这些企业中长期盈利的增长仍然保持健康的发展趋势。投资者情绪的大幅波动一直是股票市场的一个重要组成部分，作为略偏逆向的投资者，我们对未来在投资者情绪均值回归和企业盈利共同驱动下的良好表现仍然充满信心，我们仍将致力于挖掘收益风险合理的优质公司，构建相对均衡的投资组合，努力成为投资者的“底仓”资产，在合理的周期内获取较好的风险调整后收益。  本基金将继续按照基金合同及相关法律法规要求，努力做好基金投资工作，争取未来取得更好的长期投资收益。","fund":{"_id":3000000012510,"__csrcFundId":9559,"stockCode":"012510","shortName":"国富优质企业一年持有期混合(012510)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12510,"masterFundFlag":1,"lastUpdated":"2026-04-30T23:21:25.509Z","status":"normal","exchange":"jj","name":"富兰克林国海优质企业一年持有期混合型证券投资基金","fundCollectionId":4000050420000,"currency":"CNY","inceptionDate":"2021-08-02T16:00:00.000Z","followedNum":0,"masterFundShortName":"国富优质企业一年持有期混合","setUpDate":"2021-08-02T16:00:00.000Z","setUpAssetScale":784840820.68,"setUpShares":784840820.68,"pinyin":"flklghyzqyyncyqhhxzqtzjj","managers":[{"stockCode":"8801348008","stockType":"fund_manager","exchange":"fm","tickerId":241218036030,"name":"徐荔蓉"}]},"announcement":{"linkText":"富兰克林国海优质企业一年持有期混合型证券投资基金2023年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1058015","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf697fea5b3eb04fbcd6","date":"2023-09-29T16:00:00.000Z","stockId":3000000012510,"sao":"三季度股票市场整体表现低迷，各类公司均呈现震荡走低的格局，投资者情绪更加悲观，成交量也出现了一定程度的下降。市场的悲观情绪主要来自于对中国经济的部分中长期结构问题的担忧和短期经济增长的过高预期，同时国际资本流动所带来的汇率波动对资金和市场情绪也有较强的负面影响。我们仍然对中国经济和股票市场未来三到五年的增长充满信心，作为选股投资者，我们观察到很多子行业中的优质公司持续扩大市场占有率并保持或提高净资产收益率，即使面临经济波动等诸多不利影响，这些优质公司仍然致力于自身战略目标的实现，它们也是支持未来中国股票市场长期走好的关键。从投资者情绪来看，悲观情绪或已逐步见顶，而中国经济的复苏在正常进行中，随着未来多项政策的逐步执行，更多的中短期经济指标有望逐步转好。而中长期的结构型问题或将在发展中得到逐步改善，投资者的情绪也大概率由过度悲观回归到正常。  本基金在三季度对部分成长类公司进行了进一步增持，虽然短期有一定波动，但我们仍然坚信很多公司的潜在风险回报已经非常有吸引力，在保持整体组合适度均衡的前提下，我们适度增加了对周期成长类和高成长类公司的持仓，争取在未来获取更加有利的投资回报。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:47:21.070Z","fund":{"_id":3000000012510,"__csrcFundId":9559,"stockCode":"012510","shortName":"国富优质企业一年持有期混合(012510)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12510,"masterFundFlag":1,"lastUpdated":"2026-04-30T23:21:25.509Z","status":"normal","exchange":"jj","name":"富兰克林国海优质企业一年持有期混合型证券投资基金","fundCollectionId":4000050420000,"currency":"CNY","inceptionDate":"2021-08-02T16:00:00.000Z","followedNum":0,"masterFundShortName":"国富优质企业一年持有期混合","setUpDate":"2021-08-02T16:00:00.000Z","setUpAssetScale":784840820.68,"setUpShares":784840820.68,"pinyin":"flklghyzqyyncyqhhxzqtzjj","managers":[{"stockCode":"8801348008","stockType":"fund_manager","exchange":"fm","tickerId":241218036030,"name":"徐荔蓉"}]},"announcement":{"linkText":"富兰克林国海优质企业一年持有期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=987174","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf697fea5b3eb04fbcd5","date":"2023-06-29T16:00:00.000Z","stockId":3000000012510,"sao":"2023年上半年股票市场呈现小幅震荡格局，小市值类公司和人工智能等主题类公司表现抢眼，而成长类公司总体表现较弱，市场情绪逐步趋于悲观。  我们在上半年仍然保持相对均衡的组合布局，并逐步对部分估值进入合理偏低区间的成长类公司进行了积极的增持，但整体组合仍然相对集中在中大市值类公司。同时由于部分长期核心持股表现不佳，整体未能取得绝对收益，也未能战胜相关指数。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:47:21.067Z","mo":"2023年是中国经济的一个新的开始，经济的恢复夹杂地缘政治等因素的干扰使投资者的情绪逐步趋于悲观，对未来中国经济增长的担忧和短期经济复苏的过高预期是投资者悲观的主要原因。我们对未来中长期中国经济和股票市场仍然充满信心，做为自下而上的选股投资者我们发现在更多的行业里可以发现优质的龙头公司，而这些公司的估值均处于合理偏低或相对偏低的状况。我们认为这些公司未来会成长为盈利和股价持续向上的优质标的，同时会带动整个市场在中长期有较好的上升趋势。目前全球主要经济体均面临各自的挑战和困局，中国经济也不例外，但是观察中国居民个体和企业的行为，企业家精神仍然将是未来中国经济持续成长的主要驱动力，相当多的公司也因此呈现持续的向上增长动能，这些都是我们做为资金管理人致力挖掘和寻找的标的。  我们预计中国居民资产配置向股票市场逐步增加的趋势和全球投资者对中国这个相对弱相关的洼地的持续流入趋势都将为股票市场的发展提供良好的支持。我们认为下半年市场有望逐步摆脱存量资金博弈和主题炒作的方向，而更加注重公司盈利增长的持续性和增长质量，整体市场或将表现更为良好，市场风格对高质量的成长类公司预计会比较有利。  我们将继续按照基金合同及相关法律法规要求，努力发掘各行业中的优质公司，构建相对分散和均衡的投资组合，努力为持有人提供合理的风险调整后收益。","fund":{"_id":3000000012510,"__csrcFundId":9559,"stockCode":"012510","shortName":"国富优质企业一年持有期混合(012510)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12510,"masterFundFlag":1,"lastUpdated":"2026-04-30T23:21:25.509Z","status":"normal","exchange":"jj","name":"富兰克林国海优质企业一年持有期混合型证券投资基金","fundCollectionId":4000050420000,"currency":"CNY","inceptionDate":"2021-08-02T16:00:00.000Z","followedNum":0,"masterFundShortName":"国富优质企业一年持有期混合","setUpDate":"2021-08-02T16:00:00.000Z","setUpAssetScale":784840820.68,"setUpShares":784840820.68,"pinyin":"flklghyzqyyncyqhhxzqtzjj","managers":[{"stockCode":"8801348008","stockType":"fund_manager","exchange":"fm","tickerId":241218036030,"name":"徐荔蓉"}]},"announcement":{"linkText":"富兰克林国海优质企业一年持有期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=962357","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf697fea5b3eb04fbcd4","date":"2023-03-30T16:00:00.000Z","stockId":3000000012510,"sao":"2023年股票市场继续延续了上涨的格局，但是热点轮动和切换非常迅速，中小市值类公司和人工智能等主题类公司表现较好，大市值类公司和周期类公司总体表现较弱，市场存量资金博弈的格局较为明显。  在经历了2022年股票市场的震荡下行和经济的减速冲击后，投资者对未来中长期中国经济和股票市场的发展开始出现巨大分歧。部分国内和国际投资者认为中国经济将进入长期的低增长区间，股票市场缺乏投资机会。最好的情形也就是进入震荡横盘阶段，即使对2023年看好的投资者也认为行情较为短线，适宜短期主题炒作。但我们仍然坚定看好未来中国股票市场的中长期发展，作为选股型投资者我们的主要依据仍然是我们持续在更多的细分子行业中挖掘出优质的上市公司，这些优质的上市公司在过去几年相对困难的条件下，甚至面对巨大的周期波动的环境中，仍然坚定地执行自身的长期发展战略，持续扩大市场占有率和投资者回报率。我们相信这些企业的盈利或将能够在未来持续增长，成为长期增长的牛股，同时成为中长期牛市的主要驱动力。我们将继续致力于在更多的细分子行业中挖掘这些优秀的公司并争取在收益风险比较为合理时逐步纳入投资组合，努力为投资者在未来创造风险调整后的合理投资回报。  2023年一季度本基金的投资操作并不多，主要是逐步增加了估值较为合理的部分周期成长类公司，同时积极关注持续下跌的成长类公司，耐心等待合适的买入时机。我们认为人工智能很可能已经出现了历史性的拐点，对未来的社会，经济乃至人类自身都将带来革命性的变化，但目前A股市场的主题类炒作呈现了更多的资金博弈特性，缺乏可持续性和基本面的支持。本基金在一季度未能战胜业绩基准，但我们仍然对组合的核心持股充满信心，同时也会积极挖掘各个领域的优质公司，逐步使投资组合更加均衡和具备弹性。","declarationDate":"2023-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:47:21.065Z","fund":{"_id":3000000012510,"__csrcFundId":9559,"stockCode":"012510","shortName":"国富优质企业一年持有期混合(012510)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12510,"masterFundFlag":1,"lastUpdated":"2026-04-30T23:21:25.509Z","status":"normal","exchange":"jj","name":"富兰克林国海优质企业一年持有期混合型证券投资基金","fundCollectionId":4000050420000,"currency":"CNY","inceptionDate":"2021-08-02T16:00:00.000Z","followedNum":0,"masterFundShortName":"国富优质企业一年持有期混合","setUpDate":"2021-08-02T16:00:00.000Z","setUpAssetScale":784840820.68,"setUpShares":784840820.68,"pinyin":"flklghyzqyyncyqhhxzqtzjj","managers":[{"stockCode":"8801348008","stockType":"fund_manager","exchange":"fm","tickerId":241218036030,"name":"徐荔蓉"}]},"announcement":{"linkText":"富兰克林国海优质企业一年持有期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=889785","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf697fea5b3eb04fbcd3","date":"2022-12-30T16:00:00.000Z","stockId":3000000012510,"sao":"2022年的股票市场总体呈现震荡下行的格局，在地缘政治，国际资本流动和全球疫情变化的诸多因素影响下，加上连续三年上涨之后的均值回归压力，投资者情绪逐步趋于悲观，市场整体流动性有所下降。作为自下而上的投资者，我们在市场的下跌中观察到更多的优质公司出现了很有吸引力的价格，而这些公司总体仍然保持了健康的发展趋势，部分公司甚至利用经济下行的环境逆势扩张，为未来的成长做好了产品、市场等各方面的储备。这些都让我们对未来的股票市场充满信心，我们仍然认为中国股票市场已经进入到一个新的阶段，优质公司的良好表现引导市场逐步上行---先有牛股，后有牛市。  我们在2022年总体仍然保持了均衡的组合布局，在二季度和三季度成长股的下跌中均适度增加了成长股的持仓，整体组合年度波动率有所扩大，主要是部分稳定成长类的公司今年经历了较大的估值波动。基金总体仍然保持相对较低的换手，对部分公司进行了波段操作，但总体仍保持均衡的组合配置。遵循我们合理估值的成长投资框架，我们仍然保持了稳定成长，周期成长和高成长的合理配置，未来我们将继续致力于在各个细分行业中挖掘优质的公司，争取实现合理的风险调整后的回报。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:47:21.062Z","mo":"展望2023年，我们认为股票市场已经进入到相对较为有利的发展环境。中国经济将重新回到稳健的增长趋势，房地产市场的逐步恢复和基础设施建设的持续发力都为经济增长提供了较好的支持，消费恢复的节奏和力度虽然仍有待观察，但从全球其他经济体的经验看恢复的方向是非常确定的，过去三年贡献较大的出口总体仍会保持较强的韧性。而从流动性的角度看，居民资产向股票市场的逐步增加的趋势仍然非常确定，而全球资金对中国市场的严重低配和中国市场超额收益的显著性将使得外资流入再度成为今年的一个趋势性方向。从估值的角度看中国股票市场特别是低估值类公司无论从历史纵向或者与其他市场的横向比较来看都处在相对低位，投资吸引力日趋明显。总体看我们仍然对未来持乐观的看法，虽然市场的波动仍然将加大，但选择长期增长潜力大的公司将是我们的主要工作。  过去的一年对基金投资者无疑是相对失望的一年，面对复杂的国际政治经济环境和数目繁多的基金，如何选择和配置个人资产充满挑战。我们一直对未来三到五年的股票市场充满信心， 主要的原因是我们能够持续地发现具备良好成长性的优质公司，中国居民的资产配置和全球资金的持续流入趋势为股票市场提供了充足的长期流动性。投资者可能更需要的是对中国市场长期增长的信心和足够的耐心，而2018年和2022年都告诉我们在市场大幅波动和复杂的社会经济环境下这样坚持的难度和挑战。我们感谢基金投资者一直以来的坚持和信任，同时建议投资者根据自身风险偏好和资金配置适度调整基金的投资周期，合理设置自身的目标收益率并据此选择适合自身的基金进行相应操作。作为基金管理人，我们衷心希望通过我们的选股能够让投资人充分分享未来中国经济的稳健成长，投资人也能够获取符合自身预期的风险调整后回报。","fund":{"_id":3000000012510,"__csrcFundId":9559,"stockCode":"012510","shortName":"国富优质企业一年持有期混合(012510)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12510,"masterFundFlag":1,"lastUpdated":"2026-04-30T23:21:25.509Z","status":"normal","exchange":"jj","name":"富兰克林国海优质企业一年持有期混合型证券投资基金","fundCollectionId":4000050420000,"currency":"CNY","inceptionDate":"2021-08-02T16:00:00.000Z","followedNum":0,"masterFundShortName":"国富优质企业一年持有期混合","setUpDate":"2021-08-02T16:00:00.000Z","setUpAssetScale":784840820.68,"setUpShares":784840820.68,"pinyin":"flklghyzqyyncyqhhxzqtzjj","managers":[{"stockCode":"8801348008","stockType":"fund_manager","exchange":"fm","tickerId":241218036030,"name":"徐荔蓉"}]},"announcement":{"linkText":"富兰克林国海优质企业一年持有期混合型证券投资基金2022年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=869803","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf697fea5b3eb04fbcd2","date":"2022-09-29T16:00:00.000Z","stockId":3000000012510,"sao":"2022年三季度的股票市场基本呈现单边下跌的走势，市场情绪在内外部冲击下较为悲观，整个市场逐级下跌，总体看中大市值类公司表现较弱，而中小市值类公司下跌较少，流动性冲击的现象较为明显。在宏观流动性总体仍然保持相对充沛的情况下，市场呈现流动性折价的主导因素仍然是投资者信心的不足。  我们在三季度仍然保持了相对均衡的组合布局，同时对部分估值进入合理区间的成长类公司进行了增持。我们仍然对长期股票市场的上涨充满信心，在各个行业中的优质公司都逐步呈现更好的收益风险比为我们提供了更多的选择，虽然短期市场波动的加大特别是流动性折价对组合短期有较大影响，但我们仍然认为适度承担波动性风险获取合理收益的吸引力正在增加。未来我们将仍然保持较高的股票仓位和均衡的组合结构，争取在更多的行业中寻找能够创造长期超额收益的公司。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:47:21.059Z","fund":{"_id":3000000012510,"__csrcFundId":9559,"stockCode":"012510","shortName":"国富优质企业一年持有期混合(012510)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12510,"masterFundFlag":1,"lastUpdated":"2026-04-30T23:21:25.509Z","status":"normal","exchange":"jj","name":"富兰克林国海优质企业一年持有期混合型证券投资基金","fundCollectionId":4000050420000,"currency":"CNY","inceptionDate":"2021-08-02T16:00:00.000Z","followedNum":0,"masterFundShortName":"国富优质企业一年持有期混合","setUpDate":"2021-08-02T16:00:00.000Z","setUpAssetScale":784840820.68,"setUpShares":784840820.68,"pinyin":"flklghyzqyyncyqhhxzqtzjj","managers":[{"stockCode":"8801348008","stockType":"fund_manager","exchange":"fm","tickerId":241218036030,"name":"徐荔蓉"}]},"announcement":{"linkText":"富兰克林国海优质企业一年持有期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=808603","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf697fea5b3eb04fbcd1","date":"2022-06-29T16:00:00.000Z","stockId":3000000012510,"sao":"2022年上半年股票市场在经历了三年连续上涨之后，出现了明显的下跌，各类指数特别是成长类公司在前四个月出现了大幅度的回撤，在新能源类成长公司的带动下，市场从5月份开始了一波较大的反弹，但仍然以结构性行情为主，新能源类公司表现良好。从事后分析的角度，俄乌冲突，疫情变化等宏观因素都对市场的下跌提供了一定解释，我们更倾向于主要的驱动力来自于均值回归的力量。本基金继续坚持自下而上的选股风格，利用市场的下跌对部分长期看好的成长类公司进行了增持，整体组合仍然保持相对均衡的布局。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:47:21.056Z","mo":"我们一直认为中国的股票市场在几年前就已经步入了长期上涨的慢牛走势，很多优质公司的股价均呈现底部不断抬高的上升走势，中国经济逐步由高速高波动的增长模式过度到中等增长速度的经济增长，在很多行业中的优质公司极大地受益于这种转变，呈现行业市场占有率和股东回报率稳步提升的良好格局，这些不断增多的优质公司成为引领市场逐步向好的主要动力，同时股票市场的广度和深度不断发展，与优质企业的成长也进入良性循环互动，极大的支持了优质企业的发展。虽然未来中国经济的发展仍然有非常多的挑战和压力，房地产市场的良性发展，改革开放的继续深化等诸多问题仍亟待解决，地缘政治也将持续带来冲击，但站在选股投资者的角度，我们仍然对中国股票市场充满信心，这些中国优质公司的持续健康成长及随之而来的资产再定价将是未来市场的主要驱动力。我们将继续坚持自下而上选股的投资策略，继续在更多行业中挖掘符合我们选股策略的优质公司，构建相对均衡的投资组合，逐步积累在选股上的超额收益。作为一只有持有期限制的基金，我们感谢投资者对我们的信赖和支持，我们也将努力争取为投资者获取合理的投资回报。","fund":{"_id":3000000012510,"__csrcFundId":9559,"stockCode":"012510","shortName":"国富优质企业一年持有期混合(012510)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12510,"masterFundFlag":1,"lastUpdated":"2026-04-30T23:21:25.509Z","status":"normal","exchange":"jj","name":"富兰克林国海优质企业一年持有期混合型证券投资基金","fundCollectionId":4000050420000,"currency":"CNY","inceptionDate":"2021-08-02T16:00:00.000Z","followedNum":0,"masterFundShortName":"国富优质企业一年持有期混合","setUpDate":"2021-08-02T16:00:00.000Z","setUpAssetScale":784840820.68,"setUpShares":784840820.68,"pinyin":"flklghyzqyyncyqhhxzqtzjj","managers":[{"stockCode":"8801348008","stockType":"fund_manager","exchange":"fm","tickerId":241218036030,"name":"徐荔蓉"}]},"announcement":{"linkText":"富兰克林国海优质企业一年持有期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=785369","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf697fea5b3eb04fbcd0","date":"2022-03-30T16:00:00.000Z","stockId":3000000012510,"sao":"2022年股票市场震荡走低，各类指数特别是机构重仓的公司均出现了显著的下跌，市场情绪逐步悲观，市场整体下跌明显，基本呈现“普跌”格局。年初以来，地缘冲突和随之而来前所未有的连锁反应已经改变了世界未来的运行格局，国内各项长期改革政策的阵痛和疫情在部分地区的较大规模爆发使很多人对中国经济的发展转向负面，同时在经历了三年连续的上涨之后的大幅波动所引发的各类银行理财产品的净值波动也部分加大了市场的反应，部分投资者对未来转向悲观。我们仍然对未来持乐观的看法，作为选股型投资者是否能够在市场上寻找到足够多的符合我们选股标准的优质公司是我们判断未来长期市场发展的主要因素。从我们跟踪研究的公司情况看，我们认为这类公司还是在各个行业不断涌现，市场已经真正进入了先有牛股，后有牛市的时代。从中长期来看我们认为地缘冲突可能将成为未来多年的一个重要特征，人类推动低碳新能源的趋势也将进一步加强，这些都可能导致潜在的通货膨胀压力，过去十多年我们投资者熟悉的低利率，低通胀的时代很可能不复存在，过去持续有效的企业盈利模式和投资模式均面临极大的挑战，全球范围内的股票市场很可能进入震荡缺乏明显趋势的时代。而相当多的中国企业将在这种新的环境中茁壮成长，成为我们股票市场的龙头企业，同时也成为全球投资者的重要投资方向。所以我们对中国股票市场的中长期前景仍然非常乐观。股票市场的短期波动经常难以预料，各类信息在新媒体的催化放大下急速传播，伴随机构投资者之间日趋激烈的预期博弈，中国股票市场的动量驱动-即追涨杀跌的特征也更加明显，对我们偏逆向的投资者这意味着投资机会的不断涌现，唯一需要的是对公司深度的研究和理解以及足够的耐心和信心。对于习惯了过去几年持续上涨的投资者，特别是短期预期收益率过高的投资者今年会是比较大的挑战，我们始终认为均值回归在社会和投资领域会是一个相对普遍的现象，适度调整收益率预期，选择适合自身收益风险偏好的投资期限可能是应对市场波动的较好方式。  我们将仍然坚持寻找合理估值的成长公司的选股思路，构建在各个层面较为均衡的投资组合来应对市场的短期波动，不断积累在各个行业的超额收益，积小胜为大胜，争取能在这个伟大的时代能够为投资者创造可持续的超额收益。  我们在一季度仍然保持均衡的组合结构，继续保持相对较高的股票仓位，同时将部分我们长期关注但由于市场下跌而出现较好投资价值的成长类公司纳入了组合，整体组合在行业，市值，风格上仍然保持相对均衡的布局，以应对市场的波动。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:47:21.054Z","fund":{"_id":3000000012510,"__csrcFundId":9559,"stockCode":"012510","shortName":"国富优质企业一年持有期混合(012510)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12510,"masterFundFlag":1,"lastUpdated":"2026-04-30T23:21:25.509Z","status":"normal","exchange":"jj","name":"富兰克林国海优质企业一年持有期混合型证券投资基金","fundCollectionId":4000050420000,"currency":"CNY","inceptionDate":"2021-08-02T16:00:00.000Z","followedNum":0,"masterFundShortName":"国富优质企业一年持有期混合","setUpDate":"2021-08-02T16:00:00.000Z","setUpAssetScale":784840820.68,"setUpShares":784840820.68,"pinyin":"flklghyzqyyncyqhhxzqtzjj","managers":[{"stockCode":"8801348008","stockType":"fund_manager","exchange":"fm","tickerId":241218036030,"name":"徐荔蓉"}]},"announcement":{"linkText":"富兰克林国海优质企业一年持有期混合型证券投资基金2022年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=726622","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf697fea5b3eb04fbccf","date":"2021-12-30T16:00:00.000Z","stockId":3000000012510,"sao":"2021年股票市场结构分化行情日趋明显，全年以新能源为代表的成长类公司出现系统性的大幅度上涨，小市值类公司也普遍表现优异，变现为牛市特征，而以沪深300为代表的低估值类中大市值类公司先扬后抑，全年仍然呈下跌格局。本基金在2021年仍然保持较高的股票仓位，通过自下而上地在各个细分行业中选取优质公司来获取超额收益，全年投资组合仍然保持相对均衡的布局，对各类行业，大中小市值，不同成长阶段的公司均继续遵循我们合理估值成长的选股框架来进行选股和构建组合。从全年角度看，今年表现良好的新能源和小市值类公司在基金组合中的占比和贡献度均十分有限，但我们在大多数行业中选择的公司特别是部分周期成长类公司总体表现良好，对组合提供了较好的超额收益。本基金从8月成立后仍然采用逐步建仓的节奏，到四季度基本顺利完成了投资组合的构建，对部分港股市场中优质的公司如互联网类公司的投资使我们整个组合更加均衡。","declarationDate":"2022-01-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:47:21.051Z","mo":"2022年开年部分成长类公司的大幅度回撤和对宏观经济及美联储加息周期的担忧使市场分歧开始加大，悲观情绪逐步蔓延。我们对未来中长期市场仍然充满信心，正如我们过去数年一直坚持的看法，从我们作为自下而上选股型投资者的角度，市场上是否有足够多的企业盈利能够长期保持可持续增长的公司是市场能否长期走好的关键，中国的股票市场已经从齐涨共跌的时代进入到优秀增长公司不断带动整体市场上涨的时代—即先有牛股，后有牛市。我们继续在绝大多数行业观察和发现在这些细分子行业中的优质公司仍然持续在扩大各自的市场占有率和净资产回报率，而这些公司在资本市场的估值由于政策，投资者偏好等原因，有相当多公司仍然处于相对其行业折价或绝对低估的情况，对于这些拥有非常优秀的管理团队，健康的财务报表，前瞻性的战略规划和足够宽广的增长空间是这些公司能够长期向好的主要驱动因素。我们仍然对2022年的宏观经济较为乐观，充足的政策工具和明确的意向将是宏观经济托底的重要支撑，中国仍然保持强劲的出口和逐步恢复的消费都会为相关企业的盈利增长创造较好的条件。均值回归仍然将成为2022年市场的重要驱动因素，2021年表现极其突出的中小市值类公司预期会面临盈利增长下滑和估值回归的双重压力，而盈利确定性和向上概率更大的低估值类公司则很可能有较好的表现，结构性分化很可能仍然是主要趋势。我们将仍然坚持在各个行业中挖掘符合我们选股标准的优质公司，保持均衡的组合布局，耐心等待和陪伴这些优质公司持续成长。","fund":{"_id":3000000012510,"__csrcFundId":9559,"stockCode":"012510","shortName":"国富优质企业一年持有期混合(012510)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12510,"masterFundFlag":1,"lastUpdated":"2026-04-30T23:21:25.509Z","status":"normal","exchange":"jj","name":"富兰克林国海优质企业一年持有期混合型证券投资基金","fundCollectionId":4000050420000,"currency":"CNY","inceptionDate":"2021-08-02T16:00:00.000Z","followedNum":0,"masterFundShortName":"国富优质企业一年持有期混合","setUpDate":"2021-08-02T16:00:00.000Z","setUpAssetScale":784840820.68,"setUpShares":784840820.68,"pinyin":"flklghyzqyyncyqhhxzqtzjj","managers":[{"stockCode":"8801348008","stockType":"fund_manager","exchange":"fm","tickerId":241218036030,"name":"徐荔蓉"}]},"announcement":{"linkText":"富兰克林国海优质企业一年持有期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=712904","linkType":"PDF","source":"csrc_pdf"}}]}