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股创业板指单日暴跌超9%，市场恐慌情绪蔓延。但是市场自4月8日起稳步回升，并在6月底再次回到3400点之上。宏观经济整体温和修复，社零数据表现强劲。受北美云厂商资本开支上调及国产替代加速驱动，海外AI算力产业链表现突出。新消费板块亮点频出，创新药在多家代表性公司的商务拓展（Business Development）交易带动下走出板块性行情。黄金、铜和铝继续表现良好，煤炭、石油等能源板块触底回升。  报告期内，本基金一直维持中性偏乐观的权益仓位。目前组合中，港股互联网、银行、电子、有色、食品饮料、化工等配置相对较多，总体在行业和风格配置上保持均衡，继续自下而上的深入研究挖掘个股。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:52:05.861Z","mo":"展望下半年，随着国内宏观经济持续复苏，关税影响的预期逐步稳定，市场在经历过去半年的震荡后仍处在较好的价值投资区间，且结构性机会也不乏亮点。国内流动性处于较为宽松状态，国内居民资产配置力量渐显。从全球流动性角度看，美联储降息的预期进一步提升，海外流动性边际改善可期。市场波动较大，板块轮动加剧，操作难度较大。我们需要更加冷静应对，才能在风浪中保持清醒和稳健，以期发现更多更长远的机会。  从中长期的维度来看，首先，在科技领域，全球经济在科技浪潮的带动下具备较强的韧性，中国经济未来有望在稳定增长的同时实现经济结构的优化，并且在科技发展领域保持相对领先的姿态。AI产业发展非线性，技术迭代速度快，行业增长的节奏难以预测，但长期确定性强、空间大，容易形成阶段性的预期差，也容易诞生新的投资机会，值得继续高度重视和深入挖掘。国内DeepSeek时刻后应用落地的速度加快，应用范围也越来越广，国内算力资本开支值得期待。同时，海外算力投资也没有像之前市场悲观预期的那样增速见顶，需求的持续性超预期。国内和海外两条线虽然可能节奏不同、轮番启动，但长期看都有较大的投资机会。第二，我们认为中国制造业在经历关税波折后仍然具备强劲的国际竞争力，在国内反内卷导向下，未来国内业务盈利有支撑，未来将在全球布局的背景下继续发挥产业优势。第三，在消费领域，国内消费领域在结构性增长和政策支持下，具备长期投资价值。新消费趋势下的情绪消费、国货崛起、健康化及高性价比产品或将是核心增长点，而传统消费领域则有望在效率提升和政策刺激中寻求修复。  从投资策略的角度看，研究的重心始终更多地放在自下而上的角度，重视公司业绩增长和估值匹配的逻辑，长期重点关注科技发展、高端制造和消费升级。本基金会在行业和风格配置上保持均衡，继续自下而上的深入研究挖掘个股，并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":3000000014151,"__csrcFundId":10839,"stockCode":"014151","shortName":"国富鑫享价值混合A","masterFundShortName":"国富鑫享价值混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14151,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:33.850Z","status":"normal","exchange":"jj","name":"富兰克林国海鑫享价值混合型证券投资基金","fundCollectionId":4000050420000,"followedNum":2,"inceptionDate":"2022-05-30T16:00:00.000Z","setUpDate":"2022-05-30T16:00:00.000Z","setUpAssetScale":225315270.95,"setUpShares":225315270.95,"pinyin":"flklghxxjzhhxzqtzjj","managers":[{"stockCode":"db20523221","stockType":"fund_manager","exchange":"fm","tickerId":1224170040,"name":"刘晓"}]},"announcement":{"linkText":"富兰克林国海鑫享价值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=1341571","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0857fea5b3eb050e80b","date":"2025-03-30T16:00:00.000Z","stockId":3000000014151,"sao":"一季度市场继续小幅调整。沪深300指数下跌1.21％，创业板指下跌1.77%。行业方面，有色、汽车、机械、计算机等涨幅较大，而商贸、房地产、建筑装饰、交运、电力等跌幅较大。  回顾一季度，宏观经济整体表现平稳，结构性上亮点突出，DeepSeek的出现激发了国内AI产业的投资热情，新型的消费模式表现亮眼，传统消费表现平稳。结构上，红利低估值和地产基建板块下跌较多，AI相关的科技板块内部出现明显分化，在国内算力和机器人产业链大幅上涨的同时，海外尤其是头部AI产业链相关的板块跌幅较大。有色板块跟随铜、金等价格上行表现较好，煤炭、石油等能源板块下跌较多。  报告期内，本基金一直维持中性偏乐观的权益仓位。目前组合中，电子、有色、银行、食品饮料、化工等配置相对较多，港股仓位有所增加，总体在行业和风格配置上保持均衡，继续自下而上的深入研究挖掘个股。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:52:05.858Z","fund":{"_id":3000000014151,"__csrcFundId":10839,"stockCode":"014151","shortName":"国富鑫享价值混合A","masterFundShortName":"国富鑫享价值混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14151,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:33.850Z","status":"normal","exchange":"jj","name":"富兰克林国海鑫享价值混合型证券投资基金","fundCollectionId":4000050420000,"followedNum":2,"inceptionDate":"2022-05-30T16:00:00.000Z","setUpDate":"2022-05-30T16:00:00.000Z","setUpAssetScale":225315270.95,"setUpShares":225315270.95,"pinyin":"flklghxxjzhhxzqtzjj","managers":[{"stockCode":"db20523221","stockType":"fund_manager","exchange":"fm","tickerId":1224170040,"name":"刘晓"}]},"announcement":{"linkText":"富兰克林国海鑫享价值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=1272416","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0857fea5b3eb050e80a","date":"2024-12-30T16:00:00.000Z","stockId":3000000014151,"sao":"全年市场波动较大，行业分化较严重，A股市场沪深300指数上涨14.7％，创业板指上涨13.2%。行业方面，银行、非银金融和通讯大幅上涨，而医药生物、食品饮料和建筑材料跌幅较大。  回顾全年，宏观经济温和复苏，市场在年初经历短期悲观情绪宣泄后回归理性，三季度在复苏进度较慢的担忧下又经历了一轮业绩的下修和估值的下行。9月24日一揽子金融政策发布之后，紧接着政治局会议以及北上广深房地产政策的发力，凸显出国家稳增长、稳预期和稳市场的决心，市场快速反应并走出了一波罕见的波澜壮阔的行情。随后，市场逐渐回归平静，进入等待基本面数据的验证阶段。全年来看，结构性机会较多，上半年随着中国制造业升级和出海步伐的加快，受益于出海逻辑的行业和个股都迎来新的成长契机。高股息行情从传统的公用事业类标的扩散到其他行业，供给弹性较弱、产能出清较好的上游资源甚至部分中游制造都表现出明显的业绩韧性和股价弹性。AI领域更是贯穿全年的主线，产业内的新进展层出不穷，带动AI领域的发展及相关公司的良好业绩，进一步增强市场长期信心，带动相关板块继续表现亮眼。  报告期内，本基金一直维持中性偏乐观的权益仓位。目前组合里，电子、通信、电气设备、银行、食品饮料、化工、家电等配置相对较多，总体在行业和风格配置上保持均衡，继续自下而上的深入研究挖掘个股。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:52:05.855Z","mo":"展望2025年，国内经济正处在从底部区域回升的复苏通道中，市场大幅下行风险相对较小，市场分歧更多在于经济向上复苏的幅度和节奏，国内权益市场在一定程度上随着宏观政策的释放节奏和效果波动。近期中共中央政治局会议的召开，进一步明确了实施更加积极的财政政策和适度宽松的货币政策，充实完善政策工具箱，加强超常规逆周期调节，打好政策“组合拳”，提高宏观调控的前瞻性、针对性、有效性，大力提振消费、提高投资效益，全方位扩大国内需求。国内因素，重点关注宏观经济整体的走势，以及为了实现这一目标打出的组合拳中，包含的一系列具体政策针对的具体领域和抓手型的产业政策等。市场在经历过去一年的震荡上行后仍处在较好的价值投资区间，而且结构性机会依然存在。从全球流动性角度看，美联储降息节奏虽然有所放缓，但方向仍然明确，海外流动性边际改善仍可期。  中长期来看，随着经济基本面的改善和市场信心的增强，A股市场有望迎来长期向好的趋势。资本市场改革的深化或将为市场注入更多活力，吸引更多长期资金入市，推动市场健康稳定发展。中国经济未来有望在稳定增长的同时实现经济结构的优化，并且在科技发展领域保持相对领先的姿态。  产业维度上看，首先，AI产业正迎来前所未有的发展机遇，整个产业处在高速成长阶段，并且从过去2年的算力准备和大模型训练发展到终端应用的落地和场景应用的百花齐放。不管是海外还是国内，AI的发展已经开始在各行各业、2B和2C端都产生深远影响，我们继续看好智能驾驶、机器人、AI手机、AI电脑、企业管理和产品生产领域的应用等。另外，我们继续看好制造业出海和升级的机会。许多制造业企业在过去二三十年中已经成功实现进口替代，产品竞争力和性价比很具优势，随着国内经济发展到一定阶段，内需增长趋于平稳，海外市场的重要性正在提升，优质企业有望在海外获得更好拓展，部分领军企业已在全球占有很大的市场份额。相比海外同类标的，中国出海企业有较大发展空间，主要有三大优势支持：一是技术领先，过去十几年中国积累了强大的工程师红利，为企业出海过程中对外输出先进技术和管理提供大量人才支持。二是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配置相对较多，总体在行业和风格配置上保持均衡，继续自下而上的深入研究挖掘个股。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:52:05.834Z","mo":"展望2023年，国内经济正在走出疫情阴霾，生产生活逐步恢复，叠加稳增长利好政策不断出台，投资者对经济复苏的信心得以增强，推动市场回暖，预计国内经济基本面整体走势前低后高。从资金维度看，23年美联储加息有望放缓，国内居民资产配置力量渐显，因此海外流动性、国内微观资金面均有望边际改善。风险方面，未来仍需关注新冠病毒变异的情况及毒性对全球的影响，以及海外抗通胀和需求疲弱的幅度和节奏。  中长期看中国经济韧性较强，未来有望在稳定增长的努力下实现经济结构的优化，并在科技发展中保持较为领先的态势。继续看好中国制造业升级的大趋势和其中涌现出的众多优质公司。中国制造业经过过去几十年的不断积累，国内产业结构调整和技术进步非常显著，受益国内工程师红利和产业链配套的完整，国际竞争力大幅提升。22年受到国内经济周期下行以及疫情扰动的双重影响，制造业内众多质地优秀的成长型公司，业绩和估值经历大幅度双杀，处在历史相对底部位置，相信未来随着经济活力的恢复以及海外份额的逐步提升，将重新获得市场认可。另外，流动性上看，GDP增速或将长期维持低速增长态势，流动性适度或宽松的状态或将长期持续。而从市场参与者结构看，我国居民资产配置有望中长期向权益转移，机构化和外资比例的继续提升，对A股市场也形成实质性的长期利好。  从投资策略的角度看，研究的重心始终应该更多的放在自下而上的角度，重视公司业绩增长和估值匹配的逻辑，长期重点关注高端制造和消费升级。本基金会在行业和风格配置上保持均衡，继续自下而上的深入研究挖掘个股。","fund":{"_id":3000000014151,"__csrcFundId":10839,"stockCode":"014151","shortName":"国富鑫享价值混合A","masterFundShortName":"国富鑫享价值混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14151,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:33.850Z","status":"normal","exchange":"jj","name":"富兰克林国海鑫享价值混合型证券投资基金","fundCollectionId":4000050420000,"followedNum":2,"inceptionDate":"2022-05-30T16:00:00.000Z","setUpDate":"2022-05-30T16:00:00.000Z","setUpAssetScale":225315270.95,"setUpShares":225315270.95,"pinyin":"flklghxxjzhhxzqtzjj","managers":[{"stockCode":"db20523221","stockType":"fund_manager","exchange":"fm","tickerId":1224170040,"name":"刘晓"}]},"announcement":{"linkText":"富兰克林国海鑫享价值一年封闭运作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=869808","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0857fea5b3eb050e801","date":"2022-09-29T16:00:00.000Z","stockId":3000000014151,"sao":"三季度市场下行，行业表现分化，A股市场沪深300指数下跌15.2％，而创业板指下跌18.6%。行业方面，煤炭、公用事业和交运表现相对较好，而建材、电新和电子跌幅相对较大。  回顾三季度，复工复产带来的市场回暖告一段落，市场关注重点重新转移到中期的风险因素上，尤其是对出口和地产的关注，而消费能力和意愿的恢复也需要较长时间，Omicron变异毒株在国内持续散发，也一定程度上影响了经济生活及延后了经济底部恢复的时间点。上半年表现较为优秀的电动车板块也开始显露出销售疲态。新能源行业作为长期确定性相对较高的成长行业，虽然继续受到广泛和持续的关注，但由于市场预期比较充分，估值相对高位，因此也出现了相对较大的回调。上市公司季报情况预计普遍欠佳，权益市场从基本面来看投资亮点相对较少，公用事业等确定性较强的板块表现相对较好，采掘板块受益能源价格上涨而表现相对较好。除此之外的大部分板块遭遇较为明显的调整，地产企业的风险暴露继续对整个产业链如家电、建材等形成较大的业绩压力和估值压制。消费出行乃至个人可支配收入和未来的收入预期均受疫情影响，汽车、电子等耐用消费品相关的板块也受此影响，调整相对较大。  报告期内，本基金采取均衡稳健的建仓策略逐步建仓。目前组合中，新能源、化工、公用事业、金融等行业配置相对较多，总体在行业和风格配置上保持均衡，继续自下而上的深入研究挖掘个股。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:52:05.831Z","fund":{"_id":3000000014151,"__csrcFundId":10839,"stockCode":"014151","shortName":"国富鑫享价值混合A","masterFundShortName":"国富鑫享价值混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14151,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:33.850Z","status":"normal","exchange":"jj","name":"富兰克林国海鑫享价值混合型证券投资基金","fundCollectionId":4000050420000,"followedNum":2,"inceptionDate":"2022-05-30T16:00:00.000Z","setUpDate":"2022-05-30T16:00:00.000Z","setUpAssetScale":225315270.95,"setUpShares":225315270.95,"pinyin":"flklghxxjzhhxzqtzjj","managers":[{"stockCode":"db20523221","stockType":"fund_manager","exchange":"fm","tickerId":1224170040,"name":"刘晓"}]},"announcement":{"linkText":"富兰克林国海鑫享价值一年封闭运作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=808612","linkType":"PDF","source":"csrc_pdf"}}]}