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政策框架推动行业健康发展；同时我国在科技领域实现诸多飞跃，从海外映射到自主创新，微观产业亮点不断涌现。增量资金的持续流入是三季度行情上行的主要支撑。两融余额继续突破新高，显示A股市场风险偏好的提升。除了两融资金的推动，长期视角下，居民存款搬家和外资回流的叙事共振正续写流动性的新篇章。一方面，随着股市赚钱效应的显现，居民存款搬家趋势渐显。另一方面，历史上，当美联储开启降息周期，全球流动性改善，市场风险偏好抬升。随着美联储降息周期重启，叠加国内扩内需、反内卷等政策的持续发力，AI革命和中国产业转型“突围”的共振，为进一步上涨提供有利条件。配置上重点关注：1）产业趋势：科技成长修复空间仍在，下半年重磅催化仍可期；2）政策指引：根据政策节奏增加对存在政策倾斜的内需消费细分、以及反内卷方向的关注；3）关注生息资产的性价比：低利率时代，生息资产仍是底仓选择。A股市场临近2025年末在无明显利好催化下资金观望情绪较浓，市场延续震荡。步入2025年末，随着中央政治局会议和中央经济工作会议渐行渐近，政策预期博弈支撑市场震荡修复，结构上，对经济增长的目标更为积极，将有助于改善价值板块的盈利预期，具备景气支撑与政策支持的领域更易获得市场青睐。三季报业绩亮点集中在科技和反内卷领域，在十五五规划强调“科技自立自强”和后续反内卷持续推进的背景下，相关行业的景气有望延续。操作上围绕经济结构增长亮点板块和经济复苏作为主要配置方向，组合通过优选选股alpha较高、alpha稳定性较好的标的实现配置。产品整体继续保持一贯定位，力争通过优选个基、合理调整组合以期获得长期稳健的权益市场回报。","lastUpdated":"2026-04-02T12:49:17.998Z","mo":"目前中国经济或将延续温和增速、价格修复的特征，在“十五五”开局之年完成从保量向量稳价升的阶段性切换。经济结构层面，旧动能下行压力收窄和新动能加速接力成为2026年总量企稳的关键支撑。国内权益资产的估值依然具有性价比，权益资产的表现或将受流动性影响，后续进入业绩验证期，运作上将更多关注符合国家长期战略发展方向、低估价值和企业盈利改善方向，结合各个板块基本面的验证数据和市场风险偏好变化调整组合。","fund":{"_id":3000000013793,"__csrcFundId":10334,"stockCode":"013793","shortName":"富国智浦精选12个月持有期混合（FOF）(013793)","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":13793,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:56:27.440Z","status":"normal","exchange":"jj","inceptionDate":"2021-11-24T16:00:00.000Z","name":"富国智浦精选12个月持有期混合型基金中基金（FOF）","fundCollectionId":4000050100000,"masterFundShortName":"富国智浦精选12个月持有期混合（FOF）","followedNum":1,"fofFundFlag":1,"setUpDate":"2021-11-24T16:00:00.000Z","setUpAssetScale":557386380.04,"setUpShares":557386380.04,"pinyin":"fgzpjx12gycyqhhxjjzjj(fof)","managers":[{"stockCode":"db20710368","stockType":"fund_manager","exchange":"fm","tickerId":230425198980,"name":"王登元"},{"stockCode":"j101020805","stockType":"fund_manager","exchange":"fm","tickerId":231910267930,"name":"王树君"}]},"announcement":{"linkText":"富国智浦精选12个月持有期混合型基金中基金（FOF）二0二五年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1461221","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed04e7fea5b3eb050ac41","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-27T16:00:00.000Z","stockId":3000000013793,"sao":"2025年三季度初的政治局会议强化了“保目标、强信心”的政策导向，面对今年以来“主要经济指标表现良好”的现状，更多强调存量政策落实落细，但“增强灵活性预见性”意味着经济波动时或见到增量政策适时加力。上半年财政发力已较充分，考虑到完成全年目标压力不大，下半年新增量政策的推出或以经济改善势头减弱为条件。权益市场来看，增量资金的持续流入是三季度行情上行的主要支撑。两融余额继续突破新高，显示A股市场风险偏好的提升。除了两融资金的推动，长期视角下，居民存款搬家和外资回流的叙事共振正续写流动性的新篇章。一方面，随着股市赚钱效应的显现，居民存款搬家趋势渐显。另一方面，历史上，当美联储开启降息周期，全球流动性改善，市场风险偏好抬升。随着美联储降息周期重启，叠加国内扩内需、反内卷等政策的持续发力，AI革命和中国产业转型“突围”的共振，为进一步上涨提供有利条件。配置上重点关注：1）产业趋势：科技成长修复空间仍在，下半年重磅催化仍可期；2）政策指引：根据政策节奏增加对存在政策倾斜的内需消费细分、以及反内卷方向的关注；3）关注生息资产的性价比：低利率时代，生息资产仍是底仓选择。操作上围绕经济结构增长亮点板块和经济复苏作为主要配置方向，组合通过优选选股alpha较高、alpha稳定性较好的标的实现配置。产品整体继续保持一贯定位，力争通过优选个基、合理调整组合以期获得长期稳健的权益市场回报。","lastUpdated":"2026-03-09T13:51:10.424Z","fund":{"_id":3000000013793,"__csrcFundId":10334,"stockCode":"013793","shortName":"富国智浦精选12个月持有期混合（FOF）(013793)","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":13793,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:56:27.440Z","status":"normal","exchange":"jj","inceptionDate":"2021-11-24T16:00:00.000Z","name":"富国智浦精选12个月持有期混合型基金中基金（FOF）","fundCollectionId":4000050100000,"masterFundShortName":"富国智浦精选12个月持有期混合（FOF）","followedNum":1,"fofFundFlag":1,"setUpDate":"2021-11-24T16:00:00.000Z","setUpAssetScale":557386380.04,"setUpShares":557386380.04,"pinyin":"fgzpjx12gycyqhhxjjzjj(fof)","managers":[{"stockCode":"db20710368","stockType":"fund_manager","exchange":"fm","tickerId":230425198980,"name":"王登元"},{"stockCode":"j101020805","stockType":"fund_manager","exchange":"fm","tickerId":231910267930,"name":"王树君"}]},"announcement":{"linkText":"富国智浦精选12个月持有期混合型基金中基金（FOF）二0二五年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1379758","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed04e7fea5b3eb050ac40","date":"2025-06-29T16:00:00.000Z","stockId":3000000013793,"sao":"2025年开年，受益于出口韧性及去年底财政扩张的提振，中国经济延续了2024年四季度以来的回升态势。从各项经济数据来看，工业生产、消费需求和投资动能均实现稳步增长，为全年经济增长目标奠定了基础。一季度中，内需修复与产业升级成为主要驱动力：诸如电影票房、冰雪旅游等服务消费表现亮眼，家电、通讯器材等升级类商品销售超预期反映“以旧换新”政策效果；工业增加值增速稳定，结构持续优化，新能源汽车、人工智能、半导体等新兴产业表现突出。2025年二季度，全球经济环境受特朗普政府的新关税政策冲击，各主要经济体频频博弈出招应对。从国内来看，货币政策保持适度宽松基调叠加财政政策整体呈现扩张态势，整体经济呈现出总量趋稳、结构调整持续深化的态势。具体来看：出口方面，虽有关税政策的扰动，整体出口依旧显示较强韧性，但结构发生显著变化，对美出口持续下降，出口额的上升主要由其他非美国家贡献；消费方面，消费政策和消费券的发放刺激了消费回升；投资方面，大规模的设备更新和大力度的财政政策对投资起到了很好的拉动作用。权益市场来看，伴随国内经济数据的修复，A股市场的信心和估值也随之修复。在市场风险偏好改善的背景下，一季度的市场表现，成长好于价值，小盘好于大盘，主动基金表现强于被动，市场热点显著轮动。主题方面，机器人的春晚秀叠加Deepseek横空出世，点燃了A股和港股科技板块的热情，AI和机器人概念受到市场资金追捧。二季度，稳定资产价格是宏观调控的重要目标之一。4月初受关税政策和国际地缘政治局势紧张影响，市场大幅下跌，随后各部门纷纷出面维护市场稳定，5月中美关税谈判达成阶段性协议，市场修复关税冲击失地。本季度行业表现分化明显，地产下行周期步入磨底阶段，行业结构调整持续，市场优胜劣汰机制强化，“反内卷” 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