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快速收缩。本基金作为稳健型的FOF，在市场进入高波动状态时尤为重视组合的回撤和波动控制，报告期内，基于各类资产的安全边际变化提升了权益资产的配置比例，在核心-卫星配置结构的基础上增加了成长风格基金和配置性价比处于合意位置的价值风格基金的配置，并适度降低了组合在权益基金上的持基集中度，在提升组合进攻性的同时优化组合的风险收益比。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:53:36.837Z","fund":{"_id":3000000014682,"__csrcFundId":10724,"stockCode":"014682","shortName":"富国智浦稳进12个月持有期混合（FOF）(014682)","masterFundShortName":"富国智浦稳进12个月持有期混合（FOF）","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":14682,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:19:11.027Z","status":"normal","exchange":"jj","name":"富国智浦稳进12个月持有期混合型基金中基金（FOF）","fundCollectionId":4000050100000,"inceptionDate":"2022-01-13T16:00:00.000Z","followedNum":1,"fofFundFlag":1,"setUpDate":"2022-01-13T16:00:00.000Z","setUpAssetScale":664364884.51,"setUpShares":664364884.51,"pinyin":"fgzpwj12gycyqhhxjjzjj(fof)","managers":[{"stockCode":"db20696460","stockType":"fund_manager","exchange":"fm","tickerId":262625192970,"name":"张子炎"}]},"announcement":{"linkText":"富国智浦稳进12个月持有期混合型基金中基金（FOF）二0二三年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=885970","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0e07fea5b3eb0514605","date":"2022-12-30T16:00:00.000Z","stockId":3000000014682,"sao":"2022年对于权益市场而言是风险释放的一年，在宏观经济和企业盈利高位下行的周期中，市场经历了外部地缘冲突对大宗商品的冲击、疫情对生产生活活动及未来预期的冲击、海外经济体货币政策快速转向对资金面的冲击等风险事件，显著放大了市场的波动。在本轮下行周期中，权益市场风格和行业轮动加快，行业配置难度加大，前期投资者集中持有的行业赛道由于拥挤度过高，表现不理想，即使是全年表现领先的周期行业，阶段性的高波动也对投资体验产生了较大的扰动。在债券基金维度，虽然宏观经济下行周期对于债市而言是有利的投资环境，但当前我们正处于理财净值化的早期，负债端充裕时债市表现出“资产荒”，投资者对于净值的波动容忍度非常低，在高波动市场中，资管产品负债端的不稳定性对债市的影响不可低估。总体而言，2022年权益基金和债券基金的投资难度是较大的，我们在产品管理中，主要依赖大类资产和细分资产的配置应对市场的波动，在选基端更加看重基金经理的宏观和中观价值判断能力以及投资策略和当前市场环境的契合度。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:53:36.832Z","mo":"当前我们正处于一个重要的周期底部形成阶段。近期密集披露的上市公司年报预告显示2022年四季度可能是本轮企业盈利下行周期的重要拐点，受到第一波疫情高峰的影响，生产和消费在2022年底受到了较大冲击，但在感染人数快速达峰并回落后，经济活动的修复已在进行中，出行和消费数据已经出现改观，前期严重拖累经济增长的房地产链在需求端政策发力后也出现了行业景气度的初步修复，这一切都会逐步体现在企业的利润表中，是权益市场筑底上行的基本面背景。估值方面，当前即使是成长性最高的行业赛道估值也处于近年来偏低的水位，估值和盈利两个维度都是有利于权益资产表现的。投资者预期和信心的修复并不容易，但随着时间的推移，周期向上终会到来，我们会以更加积极的策略应对后续的市场。债市方面，随着企业盈利周期拐点出现，债券牛市的基础已经动摇，但2023年伴随海外衰退渐进，国内利率上行的空间还是有限的。2022年四季度理财负债端驱动的债市波动也提前释放了部分风险，高资质品种的配置价值仍在，因此我们倾向于从组合的配置性价比优化角度出发选择相应的高等级信用债基作为产品的底仓配置。","fund":{"_id":3000000014682,"__csrcFundId":10724,"stockCode":"014682","shortName":"富国智浦稳进12个月持有期混合（FOF）(014682)","masterFundShortName":"富国智浦稳进12个月持有期混合（FOF）","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":14682,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:19:11.027Z","status":"normal","exchange":"jj","name":"富国智浦稳进12个月持有期混合型基金中基金（FOF）","fundCollectionId":4000050100000,"inceptionDate":"2022-01-13T16:00:00.000Z","followedNum":1,"fofFundFlag":1,"setUpDate":"2022-01-13T16:00:00.000Z","setUpAssetScale":664364884.51,"setUpShares":664364884.51,"pinyin":"fgzpwj12gycyqhhxjjzjj(fof)","managers":[{"stockCode":"db20696460","stockType":"fund_manager","exchange":"fm","tickerId":262625192970,"name":"张子炎"}]},"announcement":{"linkText":"富国智浦稳进12个月持有期混合型基金中基金（FOF）二0二二年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=872579","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0e07fea5b3eb0514604","date":"2022-09-29T16:00:00.000Z","stockId":3000000014682,"sao":"股票市场经过5、6月的快速反弹后，7月以来市场进入基本面验证期，总体震荡回落，三季度上证综指下跌11%，成长板块的回撤幅度更大。市场下跌的背景是外围环境恶化叠加国内经济增长预期走弱。外围方面，美联储加息节奏加快，市场对于本轮加息周期的终点利率预期持续上修，十年期美债收益率一度突破4%，人民币汇率显著贬值，北向资金也出现阶段性流出，对A股产生较大冲击。国内方面，7月以来部分地区地产断供事件发酵，投资者对地产行业可能带来的系统性风险担忧加剧，房地产销售和投资数据的快速下滑使得下阶段的宏观经济复苏进程产生较大的不确定性。债市方面，经过了超预期的降息后，各期限利率水平快速下移，国内外经济及政策周期错位背景下，海外加息对于国内政策并不构成掣肘，疫情扰动下宽信用进程并不顺畅，债市三季度表现稳健。展望后市，政策面上对于稳增长和保交楼的诉求提升，随着央行及各部委积极表态，地方政府压实保交楼责任，地产需求端扶持政策密集出台，销售及投资有望在大幅负增长的基础上逐步企稳，海外货币紧缩周期的顶点也可能即将到来，我们预期下阶段是本轮企业盈利周期及权益市场的重要底部形成期。本基金作为稳健型的FOF，在市场进入高波动状态时尤为重视组合的回撤和波动控制，报告期内，基于各类资产的安全边际变化调整了组合配置，在选基维度，增加了周期和价值风格基金的配置，努力通过组合结构调整穿越本轮市场底部形成期。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:53:36.829Z","fund":{"_id":3000000014682,"__csrcFundId":10724,"stockCode":"014682","shortName":"富国智浦稳进12个月持有期混合（FOF）(014682)","masterFundShortName":"富国智浦稳进12个月持有期混合（FOF）","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":14682,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:19:11.027Z","status":"normal","exchange":"jj","name":"富国智浦稳进12个月持有期混合型基金中基金（FOF）","fundCollectionId":4000050100000,"inceptionDate":"2022-01-13T16:00:00.000Z","followedNum":1,"fofFundFlag":1,"setUpDate":"2022-01-13T16:00:00.000Z","setUpAssetScale":664364884.51,"setUpShares":664364884.51,"pinyin":"fgzpwj12gycyqhhxjjzjj(fof)","managers":[{"stockCode":"db20696460","stockType":"fund_manager","exchange":"fm","tickerId":262625192970,"name":"张子炎"}]},"announcement":{"linkText":"富国智浦稳进12个月持有期混合型基金中基金（FOF）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=809857","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69ae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