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“AI+”、“十五五”等远景预期指引下，叠加美联储放鸽等海外宽松预期配合，增量资金入市形成合力，驱动市场持续向上。结构上，中期数据验证科技成长新动能景气优势，以TMT为代表的科技成长板块大幅跑赢市场。经历8月以来的上涨加速和结构分化后，9月市场震荡整固，科技成长进一步向AI和新能源等领域集中。同时，美联储降息预期驱动有色金属走强。总体来看，2025年3季度上证综指上涨12.73%，沪深300上涨17.9%，创业板指上涨50.4%，中证500指数上涨25.31%。2025年以来，本基金结合大小盘风格判断配置宽基ETF，同时结合行业轮动策略及参考AI模型打分进行行业、主题ETF轮动，争取更为平稳的相对基准获取超额收益。","lastUpdated":"2026-03-09T14:18:54.324Z","fund":{"_id":3000000501216,"__csrcFundId":10291,"stockCode":"501216","shortName":"富国智鑫行业精选一年封闭运作股票（FOF-LOF）(501216)","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":501216,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T07:28:16.838Z","status":"normal","exchange":"sh","name":"富国智鑫行业精选一年封闭运作股票型基金中基金（FOF-LOF）","fundCollectionId":4000050100000,"masterFundShortName":"富国智鑫行业精选一年封闭运作股票（FOF-LOF）","inceptionDate":"2021-12-15T16:00:00.000Z","followedNum":2,"fofFundFlag":1,"setUpDate":"2021-12-15T16:00:00.000Z","setUpAssetScale":303373808.28,"setUpShares":303373122.02,"pinyin":"fgzxhyjxynfbyzgpxjjzjj(fof-lof)","closedEnd":1,"lofFundFlag":1,"managers":[{"stockCode":"j101020645","stockType":"fund_manager","exchange":"fm","tickerId":2624259320,"name":"张翔"}]},"announcement":{"linkText":"富国智鑫行业精选股票型基金中基金（FOF-LOF）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=1380183","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed6ce7fea5b3eb0573d39","date":"2025-06-29T16:00:00.000Z","stockId":3000000501216,"sao":"2025年初，外部关税担忧给全球风险资产带来扰动，市场迎来快速调整。春节后，国内大模型的出现，缩小了市场对于中美AI发展前景的认知差异，市场以AI为核心开启了新一轮上行，内外资共振流入重估中国资产。随着两会积极的政策定调、以及一系列更加聚焦需求侧、民生侧的政策密集落地，市场由前期AI板块的“一枝独秀”，逐步扩散至消费、金融、周期等低位顺周期板块。4月初，由于美国对全球加征不合理关税，中国随后进行反制，中美关税摩擦逐步升级，中美进入“不可贸易”状态。美国滥施关税给全球资本市场带来大规模冲击。4月8日，中央汇金发布公告，通过增持ETF进入市场，同时中央部门、地方政府与上市公司合力维护市场稳定，指数稳步上行。国内方面，5月7日国内推出一揽子金融支持政策，包含全面降准降息、维护股市楼市。海外方面，中美在关税问题上达成共识，缓解贸易摩擦，该阶段市场普涨。5月中旬起，由于海外关税存在反复，美债及日债拍卖利率跳升，对全球市场流动性存在扰动，同时伊朗与以色列冲突加剧全球避险情绪，市场整体振幅加大。6月下旬，随着伊朗与以色列阶段性停火，鲍威尔表态偏鸽、美联储7月降息的可能性提升，市场开始反弹。总体来看，2025年上半年上证综指上涨2.76%，沪深300上涨0.03%，创业板指上涨0.53%，中证500指数上涨3.31%。2025年以来，本基金结合大小盘风格判断配置宽基ETF，同时结合行业轮动策略及参考AI模型打分进行行业、主题ETF轮动，争取更为平稳的相对基准获取超额收益。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:18:54.321Z","mo":"展望下半年，市场逐步向好的条件在持续累积。随着稳定资本市场政策逐步深入人心，市场对于阶段性宏观数据扰动有所免疫，风险偏好有望提升。伴随着反内卷政策的出台，市场对于短期可能存在的需求回落担忧也将缓解，着眼未来，在减少资本开支的大背景下，上游周期和中游制造产能过剩情况均有望持续好转，企业盈利有望逐步改善。与此同时，在中美谈判持续推进和国内外AI模型持续发展的背景下，科技也有望进一步打开估值空间。","fund":{"_id":3000000501216,"__csrcFundId":10291,"stockCode":"501216","shortName":"富国智鑫行业精选一年封闭运作股票（FOF-LOF）(501216)","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":501216,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T07:28:16.838Z","status":"normal","exchange":"sh","name":"富国智鑫行业精选一年封闭运作股票型基金中基金（FOF-LOF）","fundCollectionId":4000050100000,"masterFundShortName":"富国智鑫行业精选一年封闭运作股票（FOF-LOF）","inceptionDate":"2021-12-15T16:00:00.000Z","followedNum":2,"fofFundFlag":1,"setUpDate":"2021-12-15T16:00:00.000Z","setUpAssetScale":303373808.28,"setUpShares":303373122.02,"pinyin":"fgzxhyjxynfbyzgpxjjzjj(fof-lof)","closedEnd":1,"lofFundFlag":1,"managers":[{"stockCode":"j101020645","stockType":"fund_manager","exchange":"fm","tickerId":2624259320,"name":"张翔"}]},"announcement":{"linkText":"富国智鑫行业精选股票型基金中基金（FOF-LOF）二0二五年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1351168","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed6ce7fea5b3eb0573d38","date":"2025-03-30T16:00:00.000Z","stockId":3000000501216,"sao":"2025年初，由于前期政策逐步见效需要时间，市场整体缺乏催化，与此同时，外部关税担忧给全球风险资产带来扰动，市场迎来快速调整。临近春节，随着国内顺利完成2024年增长目标、大部分业绩利空落地后，市场风险偏好开始修复。春节后，市场以AI为核心开启了新一轮上行，内外资共振流入重估中国资产。国内大模型的出现，缩小了市场对于中美AI发展前景的认知差异，促使市场根据全球AI产业链的格局进行重新定价，引发了中国AI产业链的价值重估。同时，春节消费回暖、1月金融数据“开门红”、地产销售价格改善等信号验证国内基本面开局平稳，为市场风险偏好提供支撑。经历春节以来的主线聚焦、行情加速上行后，AI行情出现阶段性过热，叠加美国经济放缓、关税等问题再度扰动全球风险偏好，对于以AI为代表的高估值资产影响更为显著，板块整体迎来调整。随着两会积极的政策定调、以及一系列更加聚焦需求侧、民生侧的政策密集落地，市场由前期AI板块的“一枝独秀”，逐步扩散至消费、金融、周期等低位顺周期板块。3月下旬以来，随着国内各类经济数据公布，市场逐步进入“看现实”的阶段，叠加4月业绩期和海外关税政策落地的窗口逐步临近，市场做多情绪有所放缓，转为观望态势。总体来看，2025年1季度上证综指下跌0.48%，沪深300下跌1.21%，创业板指下跌1.77%，中证500指数上涨2.31%。2025年1季度以来，考虑到宏观政策持续加码，市场预期明显改善，配置继续往大金融和成长板块增加，获得一定超额收益。为减小产品超额波动，1季度以来根据市场风格判断，适当增加宽基配置比例。后续本基金将结合经济复苏情况，继续寻找景气行业，积极获取超额收益率。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:18:54.319Z","fund":{"_id":3000000501216,"__csrcFundId":10291,"stockCode":"501216","shortName":"富国智鑫行业精选一年封闭运作股票（FOF-LOF）(501216)","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":501216,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T07:28:16.838Z","status":"normal","exchange":"sh","name":"富国智鑫行业精选一年封闭运作股票型基金中基金（FOF-LOF）","fundCollectionId":4000050100000,"masterFundShortName":"富国智鑫行业精选一年封闭运作股票（FOF-LOF）","inceptionDate":"2021-12-15T16:00:00.000Z","followedNum":2,"fofFundFlag":1,"setUpDate":"2021-12-15T16:00:00.000Z","setUpAssetScale":303373808.28,"setUpShares":303373122.02,"pinyin":"fgzxhyjxynfbyzgpxjjzjj(fof-lof)","closedEnd":1,"lofFundFlag":1,"managers":[{"stockCode":"j101020645",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，市场在3月下旬做多动能减弱，沪指一度下挫至3000点以下，但月末在政策预期催化下重回3000点上方。4月末，美国一季度经济呈现滞胀态势，降息预期推后下非美货币普遍贬值，而国内基本面较为稳健，人民币汇率抗跌走出独立行情，中国资产在全球的配置性价比和逻辑开始凸显，引发外资回流。业绩期进入尾声后，内资风险偏好抬升，合力推动沪指突破3100点。6月进入验证期，国内经济复苏再度放缓，PMI回落至荣枯线以下，信用扩张疲软，经济供强需弱特征延续，接连落空的预期验证放大了悲观情绪，沪指连续调整至3000点以下。总体来看，2024年上半年上证综指下跌0.25%，沪深300上涨0.89%，创业板指下跌10.99%，中证500下跌8.96%。2024年一季度受到市场的大幅波动冲击，产品配置节奏受到较大影响。二季度以来，考虑到宏观经济企稳仍存压力，在配置上延续一季度后期的思路，增加红利资产配置，同时关注存在涨价预期的有色、农业等板块。在成长板块上，重点关注景气度有望迎来反转的军工、电子等板块。总体来看，二季度以来产品表现更加稳健，相对市场整体波动有所减小。后续本基金将结合经济复苏情况，继续寻找景气行业，积极获取超额收益率。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T14:18:54.310Z","mo":"市场的焦点是经济和企业盈利的阶段性底部何时来到，传统意义上的领先指标（信贷周期、M1等）都面临有效性上的质疑。当前信贷的最终端增量需求显然难以在短期充分承接近年来的地产周期大幅回落，由此带来了周期的熨平和底部的拉长。就下半年而言，我们主要关注短期的一些积极变化能否持续并延展到价格和需求的回升，比如包括收储在内的地产政策落地后的效果、长期国债发行带来的实物工作量、海外降息窗口到来后能否带来汇率压力缓解等。在行业维度，一方面我们会跟踪防御板块的基本面稳健性和估值合理性，另一方面也会重点关注细分成长赛道的景气度拐点变化，为周期上行做好投资准备。","fund":{"_id":3000000501216,"__csrcFundId":10291,"stockCode":"501216","shortName":"富国智鑫行业精选一年封闭运作股票（FOF-LOF）(501216)","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":501216,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T07:28:16.838Z","status":"normal","exchange":"sh","name":"富国智鑫行业精选一年封闭运作股票型基金中基金（FOF-LOF）","fundCollectionId":4000050100000,"masterFundShortName":"富国智鑫行业精选一年封闭运作股票（FOF-LOF）","inceptionDate":"2021-12-15T16:00:00.000Z","followedNum":2,"fofFundFlag":1,"setUpDate":"2021-12-15T16:00:00.000Z","setUpAssetScale":303373808.28,"setUpShares":303373122.02,"pinyin":"fgzxhyjxynfbyzgpxjjzjj(fof-lof)","closedEnd":1,"lofFundFlag":1,"managers":[{"stockCode":"j101020645","stockType":"fund_manager","exchange":"fm","tickerId":2624259320,"name":"张翔"}]},"announcement":{"linkText":"富国智鑫行业精选股票型基金中基金（FOF-LOF）二0二四年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1153564","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed6ce7fea5b3eb0573d34","date":"2024-03-30T16:00:00.000Z","stockId":3000000501216,"sao":"2024年开年以来，国内悲观预期加速释放，海外修正抢跑的降息预期。一方面，在1月中旬降息预期落空后，市场对国内基本面以及政策力度的中长期担忧在短期集中释放，资金和情绪的负反馈导致市场调整加速；另一方面，美国12月物价、非农等多项数据超预期，海外修正抢跑的降息预期，美联储3月降息的概率不足50%，美元美债再次反弹。尽管月末超预期降准、地产政策优化以及资本市场政策密集出台使得权重股带领市场短暂反弹，但雪球敲入、私募强制平仓等消息面和资金面负反馈仍在持续，中小盘股票继续探底，TMT、军工、医药等成长板块跌幅居前。2月，随着国内经济与政策预期得到重新修正，风险偏好改善驱动市场快速反弹。2月初资金面负反馈加剧，市场出现恐慌性下跌。汇金等机构借道ETF加大入市力度，同时入市品种扩大至中证500、中证1000、中证2000为代表的中小盘ETF。流动性风险解除、筹码压力显著缓解，市场迎来技术性反弹。节后在春节消费数据超预期、1月金融数据“开门红”，海外AI技术迎来突破等信息刺激下，A股迎来大幅反弹，月末沪指成功站上3000点。3月，市场重新进入以景气和政策为驱动的修复期，指数围绕关键点位震荡。一方面，两会定调全年政策思路，虽然狭义赤字率并未如超市场预期，但增长目标定在5%左右、广义财政扩张、新质生产力及大规模设备更新等产业端政策具备想象空间，有效稳定资本市场预期，驱动市场在三月中上旬延续修复；另一方面，1-2月国内经济仍呈现结构性复苏，工业生产、制造业投资、消费、CPI等超预期修复。经过前期大幅上涨后，投资者关注点重回现实，市场在三月下旬做多动能减弱，沪指一度下挫至3000点以下，但月末在政策预期催化下回到3000点上。总体来看，2024年1季度上证综指上涨2.23%，沪深300上涨3.1%，创业板指下跌3.87%，中证500指数下跌2.64%。2024年以来，本基金总体布局延续2023年的思路，关注军工、医药等板块基本面可能反转带来的机会，同时关注在AI领域涨幅较少，行业自身周期有望迎来上行的电子板块。由于相关板块估值均已在历史低位，因此低估了1月份流动性负反馈带来的股价冲击，导致产品净值回撤较大。2月市场反弹后，为减小产品净值波动，加大了红利资产配置。总体来看，1季度受到市场的大幅波动冲击，配置节奏受到较大影响，后续随着市场逐步企稳，本基金也将结合经济复苏情况，继续寻找景气行业，积极获取超额收益率。","declarationDate":"2024-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:18:54.308Z","fund":{"_id":3000000501216,"__csrcFundId":10291,"stockCode":"501216","shortName":"富国智鑫行业精选一年封闭运作股票（FOF-LOF）(501216)","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":501216,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T07:28:16.838Z","status":"normal","exchange":"sh","name":"富国智鑫行业精选一年封闭运作股票型基金中基金（FOF-LOF）","fundCollectionId":4000050100000,"masterFundShortName":"富国智鑫行业精选一年封闭运作股票（FOF-LOF）","inceptionDate":"2021-12-15T16:00:00.000Z","followedNum":2,"fofFundFlag":1,"setUpDate":"2021-12-15T16:00:00.000Z","setUpAssetScale":303373808.28,"setUpShares":303373122.02,"pinyin":"fgzxhyjxynfbyzgpxjjzjj(fof-lof)","closedEnd":1,"lofFundFlag":1,"managers":[{"stockCode":"j101020645","stockType":"fund_manager","exchange":"fm","tickerId":2624259320,"name":"张翔"}]},"announcement":{"linkText":"富国智鑫行业精选股票型基金中基金（FOF-LOF）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=1075939","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed6ce7fea5b3eb0573d33","date":"2023-12-30T16:00:00.000Z","stockId":3000000501216,"sao":"2023下半年以来，由于国内经济增长压力仍然较大，二季度GDP数据不及预期，人民币贬值压力再度加大，市场出现调整。7月末，随着政治局会议超预期释放利好，美联储如期加息25bps但表态偏鸽，指数强势回升。进入8月，由于7月多项经济金融数据超预期回落，政治局会议后政策出台密度和力度不及预期，同时美债收益率大幅攀升、美联储连续放鹰等外部冲击持续，北向资金大幅流出。进入4季度，由于公布的9月地产数据超预期下行、物价延续走低等引发市场担忧，资金面出现赎回等负反馈，沪指下破3000点。另外，美十年期国债突破新高、巴以冲突等海外风险持续压制全球风险资产。随着中央汇金持续增持ETF，叠加万亿国债增发出台，市场悲观情绪缓解，走出底部反弹态势，沪指重回3000点以上。11月，海外利率快速下行带动市场走出谷底，但国内经济复苏依然偏缓，市场波折震荡。12月，海外抢跑降息预期，但国内经济复苏再次放缓叠加政策预期较低，市场创出年内新低。总体来看，2023年上证综指下跌3.7%，沪深300下跌11.38%，创业板指下跌19.41%，中证500指数下跌7.42%。在投资管理上，2023年下半年以来，本基金总体延续3季度的均衡思路，一方面关注军工、医药等板块基本面可能反转带来的机会，同时关注在AI领域涨幅较少，行业自身周期有望迎来上行的电子板块。另一方面布局与经济复苏相关的板块如港股、大金融等。后续本基金将结合经济复苏情况，继续寻找景气行业，积极获取超额收益率。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:18:54.305Z","mo":"展望2024年，随着年初的快速调整，市场整体风险进一步释放，已具备较高的中长期配置价值。从政策层面看，呵护力度显著提升。其中，央行超预期降准，且下调支农支小再贷款、再贴现利率。房地产政策开始加码发力，“做好经营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