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海外加息、地缘政治、国内疫情政策，这三个造成22年市场大跌的因速度，判断未来大概率均会有边际上的变化。我们此前的季报中判断，从政治周期以及近期社融数据看，即使短期不好判断，但未来一个季度左右时间，可能就是未来两年的底部区域。展望四季度甚至明年，大的环境是经济有限复苏，海外通胀压力仍然很大，流动式虽然可能边际上宽松的斜率放缓，但总体还是宽松的。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:48:12.770Z","mo":"我们看好22年下半年以来逐步边际受益政策变化的地产链，海外景气持续超预期的光伏储能、以及估值合理产业趋势确定的军工，明年景气度确定性提升的海风，同时欧洲能源危机对全球部分化工品格局的影响也会非常深远，以及疫情政策的变化对部分消费行业的边际变化看好。我们看好2023年的市场，整体也做了一些加仓操作，方向上偏地产链，明年有望边际改善的化工，景气度有望延续的光伏储能板块，同时应对全球衰退的可能和美国实际利率逐步见顶，对有色板块做了布局。","fund":{"_id":3000000012828,"__csrcFundId":9574,"stockCode":"012828","shortName":"富国浦诚回报12个月持有期混合A","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12828,"masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:31.208Z","status":"normal","exchange":"jj","name":"富国浦诚回报12个月持有期混合型证券投资基金","fundCollectionId":4000050100000,"currency":"CNY","inceptionDate":"2021-07-26T16:00:00.000Z","followedNum":0,"masterFundShortName":"富国浦诚回报12个月持有期混合","setUpDate":"2021-07-26T16:00:00.000Z","setUpAssetScale":1887896389.67,"setUpShares":1887896389.67,"pinyin":"fgpchb12gycyqhhxzqtzjj","managers":[{"stockCode":"db20873835","stockType":"fund_manager","exchange":"fm","tickerId":232510225080,"name":"吴一静"}]},"announcement":{"linkText":"富国浦诚回报12个月持有期混合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=872564","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf9c7fea5b3eb04ffb3d","date":"2022-09-29T16:00:00.000Z","stockId":3000000012828,"sao":"去年底我们认为今年在经历三年结构性牛市后，将是非常困难的一年，但困难程度还是超出了预期。五一之前市场下跌的主要原因是，经济预期转差，盈利增速下行；内部流动性方面国内资金流入放缓，绝对收益产品被迫降仓位；外部流动性上美联储货币政策偏紧，利率加速上行进入危险区域；地缘政治降低风险偏好，外资加速流出。虽然目前国内外环境包括疫情变化均存在不确定性，但从政治周期以及近期社融数据看，即使短期不好判断，但近期开始到未来一个季度左右时间，可能就是未来两年的底部区域，我们从五一开始加仓操作，目前维持了相对中性的仓位。展望四季度甚至明年，大的环境是经济有限复苏，海外通胀压力仍然很大，流动式虽然可能边际上宽松的斜率放缓，但总体还是宽松的。我们看好下半年以来逐步边际受益政策变化的地产，海外景气持续超预期的光伏、以及估值合理产业趋势确定的军工，明年景气度确定性提升的海风，欧洲能源危机对全球部分化工品格局的影响也会非常深远，还包括有望困境反转的中游制造业等，半导体周期角度也降逐步迎来建仓时机。但在今年政策刺激后，明年汽车的景气度能见度较低，三季度我们对汽车和电池产业链做了大幅减仓。长期看好的方向还是比较多的在医疗、食品饮料、新能源、化工新材料、电子、军工、汽车、半导体等，可能一些好公司还有波动，但依然要加强研究，做好准备，你到时候才能赚到这个钱。当然，我们很难对1-2个月的市场涨跌做精准判断，纵观A股的投资历史，鲜有人能够靠精确的择时来获得长期稳定的超额回报，通常都是盈亏同源，真正长期稳定的收益一定来自于产业趋势的研究和选股。在这样一个波动比较大的市场，保持不贪婪、不计较、不折腾的平静心态是长周期维度能把投资做好很重要的一个因素。同时我也始终相信，持续稳定的收益回报，一定来自于稳定的投资框架，不漂移，不跟风短期市场的风格变化。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:48:12.767Z","fund":{"_id":3000000012828,"__csrcFundId":9574,"stockCode":"012828","shortName":"富国浦诚回报12个月持有期混合A","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12828,"masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:31.208Z","status":"normal","exchange":"jj","name":"富国浦诚回报12个月持有期混合型证券投资基金","fundCollectionId":4000050100000,"currency":"CNY","inceptionDate":"2021-07-26T16:00:00.000Z","followedNum":0,"masterFundShortName":"富国浦诚回报12个月持有期混合","setUpDate":"2021-07-26T16:00:00.000Z","setUpAssetScale":1887896389.67,"setUpShares":1887896389.67,"pinyin":"fgpchb12gycyqhhxzqtzjj","managers":[{"stockCode":"db20873835","stockType":"fund_manager","exchange":"fm","tickerId":232510225080,"name":"吴一静"}]},"announcement":{"linkText":"富国浦诚回报12个月持有期混合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=809835","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf9c7fea5b3eb04ffb3c","date":"2022-06-29T16:00:00.000Z","stockId":3000000012828,"sao":"去年底我们认为今年在经历三年结构性牛市后，将是非常困难的一年，但困难程度还是超出了预期。五一之前市场下跌的主要原因是，经济预期转差，盈利增速下行；内部流动性方面国内资金流入放缓，绝对收益产品被迫降仓位；外部流动性上美联储货币政策偏紧，利率加速上行进入危险区域；地缘政治降低风险偏好，外资加速流出。我们在三月份和5月份也分别做了一些仓位的减加调整。我们认为此前五一前后可能就是底部区域，上述一些负面因素集中反应。我们在5月前后开始调整仓位，结构上相对看好，军工、汽车和光伏。市场表现看，5月以来的市场明显反弹，风格方面，小市值风格明显反弹。行业方面，汽车、新能源、国防军工、化工涨幅较大，银行、地产、医药逆势下跌。短期大环境还很复杂，疫情的反复、中报的不确定性等等是当前的主要矛盾，A股整体中报增速压力较大，但历史上常常在盈利负增长的时候，反而是市场的买点。不排除一些公司，二季度受疫情等影响较大，但很可能就是未来一年增速的低点。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:48:12.764Z","mo":"展望三季度和下半年，大的环境是经济有限复苏，经济周期角度相对中强美弱，流动式虽然可能边际上宽松的斜率放缓，但总体还是宽松的，风险在于9月以后通胀数据。我们看好下半年逐步边际受益地产销量好转的地产链，海外景气持续超预期的光伏、以及估值合理经济确定的军工。还包括短期三季度基数低的汽车，有望困境反转的中游制造业等。长期看好的方向还是比较多的在医疗、食品饮料、新能源、化工新材料、电子、军工、汽车等，可能一些好公司还没会有波动，但依然要加强研究，做好准备，你到时候才能赚到这个钱。当然，我们很难对1-2个月的市场涨跌做精准判断。纵观A股的投资历史，鲜有人能够靠精确的择时来获得长期稳定的超额回报，通常都是盈亏同源，真正长期稳定的收益一定来自于产业趋势的研究和选股。在这样一个波动比较大的市场，保持不贪婪、不计较、不折腾的平静心态是长周期维度能把投资做好很重要的一个因素。同时我也始终相信，持续稳定的收益回报，一定来自于稳定的投资框架，不漂移，不跟风短期市场的风格变化。","fund":{"_id":3000000012828,"__csrcFundId":9574,"stockCode":"012828","shortName":"富国浦诚回报12个月持有期混合A","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12828,"masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:31.208Z","status":"normal","exchange":"jj","name":"富国浦诚回报12个月持有期混合型证券投资基金","fundCollectionId":4000050100000,"currency":"CNY","inceptionDate":"2021-07-26T16:00:00.000Z","followedNum":0,"masterFundShortName":"富国浦诚回报12个月持有期混合","setUpDate":"2021-07-26T16:00:00.000Z","setUpAssetScale":1887896389.67,"setUpShares":1887896389.67,"pinyin":"fgpchb12gycyqhhxzqtzjj","managers":[{"stockCode":"db20873835","stockType":"fund_manager","exchange":"fm","tickerId":23251022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