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益端，基金投资的挑战确是颇大，一方面需要下沉到非常细分的类别和赛道中深度挖掘方能找到超额收益的来源，另一方面也需要严格约束这类细分品种由于过度投机而带来的高波动。上半年的投资，我们就是在这样的环境中谨小慎微的权衡并调节组合的风险与潜在收益。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:28:17.309Z","mo":"当前市场所面临的困难格局，主要是这一轮经济复苏进程的复杂性所带来的，我们一方面要看到经济周期轮动起伏的朝朝暮暮，对库存周期的运行规律保持信心，另一方面也必须反思并承认三年的疫情导致本轮经济周期的运动有一些特殊性。当前局面的解局要点，可能在于能否看到经济各分项经历了二季度的波折后，在三季度重回弱复苏的大趋势。目前我们的总体预期是，虽然很难看到全局性的快速改善，但部分细分项中已经在六月开始有所改观，尤其是在经济结构中已经出现了部分供需结构改善导致的涨价品类，这有助于缓解当前的通缩担忧。大概率来看，这些能够提价的品类在稳增长政策（扩内需促销费、城市更新和城中村改造等）加码提效的背景下能够持续，是我们需要重视的配置方向。","fund":{"_id":3000000007662,"areaCode":"cn","stockType":"fund","stockCode":"007662","tickerId":7662,"fundSecondLevel":"fof","status":"normal","exchange":"jj","name":"富国鑫旺均衡养老目标三年持有期混合型发起式基金中基金（FOF）","shortName":"富国鑫旺均衡养老目标三年持有期混合发起式（FOF）(007662)","custody":"中国工商银行股份有限公司","fundType":null,"ipoDate":"2019-12-18T16:00:00.000Z","setUpScale":null,"__csrcFundId":6985,"fundStatus":"normal","lastUpdated":"2026-05-31T20:46:58.903Z","market":"a","masterFundFlag":1,"inceptionDate":"2020-03-22T16:00:00.000Z","followedNum":3,"fundCollectionId":4000050100000,"currency":"CNY","masterFundShortName":"富国鑫旺均衡养老目标三年持有期混合发起式（FOF）","fofFundFlag":1,"setUpDate":"2020-03-22T16:00:00.000Z","setUpAssetScale":21629363.21,"setUpShares":21629363.21,"pinyin":"fgxwjhylmbsncyqhhxfqsjjzjj(fof)","pensionTargetFlag":1,"managers":[{"stockCode":"db20696460","stockType":"fund_manager","exchange":"fm","tickerId":262625192970,"name":"张子炎"}]},"announcement":{"linkText":"富国鑫旺均衡养老目标三年持有期混合型发起式基金中基金（FOF）二0二三年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=965780","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecaf17fea5b3eb04ac43a","date":"2023-03-30T16:00:00.000Z","stockId":3000000007662,"sao":"2023年一季度权益市场处于底部形成后的震荡上行期，“强预期、弱现实”是当前市场的关键词，经历了防疫优化后的第一波疫情冲击后，经济复苏的环比动能显现，消费、投资都出现了低位向上的改善趋势，然而在前期稳增长政策加码的背景下市场对于经济复苏的预期更高，于是权益市场在这个阶段持续交易预期差。在此过程中，消费、基建等板块先后有所表现，最终在人工智能产业由零到一的发展推动下传媒、计算机以及硬件等前期资金关注和配置度较低的板块成为了市场主线。在存量资金环境下，3月后稳增长、新能源、泛消费等都遇到了“AI+”行情下资金抽血带来的冲击，偏股基金大起大落后的内部分化很大。债券市场运行平稳，经济复苏和宽信用加码过程中银行间流动性逐步收紧，但信用债的配置力量依然较强，信用利差快速收缩。本基金作为均衡型的养老FOF基金，在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":"2026-03-09T13:28:17.307Z","fund":{"_id":3000000007662,"areaCode":"cn","stockType":"fund","stockCode":"007662","tickerId":7662,"fundSecondLevel":"fof","status":"normal","exchange":"jj","name":"富国鑫旺均衡养老目标三年持有期混合型发起式基金中基金（FOF）","shortName":"富国鑫旺均衡养老目标三年持有期混合发起式（FOF）(007662)","custody":"中国工商银行股份有限公司","fundType":null,"ipoDate":"2019-12-18T16:00:00.000Z","setUpScale":null,"__csrcFundId":6985,"fundStatus":"normal","lastUpdated":"2026-05-31T20:46:58.903Z","market":"a","masterFundFlag":1,"inceptionDate":"2020-03-22T16:00:00.000Z","followedNum":3,"fundCollectionId":4000050100000,"currency":"CNY","masterFundShortName":"富国鑫旺均衡养老目标三年持有期混合发起式（FOF）","fofFundFlag":1,"setUpDate":"2020-03-22T16:00:00.000Z","setUpAssetScale":21629363.21,"setUpShares":21629363.21,"pinyin":"fgxwjhylmbsncyqhhxfqsjjzjj(fof)","pensionTargetFlag":1,"managers":[{"stockCode":"db20696460","stockType":"fund_manager","exchange":"fm","tickerId":262625192970,"name":"张子炎"}]},"announcement":{"linkText":"富国鑫旺均衡养老目标三年持有期混合型发起式基金中基金（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=885664","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecaf17fea5b3eb04ac439","date":"2022-12-30T16:00:00.000Z","stockId":3000000007662,"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":"2026-03-09T13:28:17.304Z","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":3000000007662,"areaCode":"cn","stockType":"fund","stockCode":"007662","tickerId":7662,"fundSecondLevel":"fof","status":"normal","exchange":"jj","name":"富国鑫旺均衡养老目标三年持有期混合型发起式基金中基金（FOF）","shortName":"富国鑫旺均衡养老目标三年持有期混合发起式（FOF）(007662)","custody":"中国工商银行股份有限公司","fundType":null,"ipoDate":"2019-12-18T16:00:00.000Z","setUpScale":null,"__csrcFundId":6985,"fundStatus":"normal","lastUpdated":"2026-05-31T20:46:58.903Z","market":"a","masterFundFlag":1,"inceptionDate":"2020-03-22T1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益资产配置方面进行了适度的结构轮动，并通过有效的动态配置和子基金优选以较低的回撤和波动为代价获取了较为稳健的绝对回报。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:28:17.283Z","mo":"市场运行至此，从估值水平来看权益市场确实进入了安全边际不足的状态，对于企业盈利改善的预期以及大量的增量资金入场成为了支撑权益市场上行的主要因素，但即使如此，我们看到对于市场风格切换和抱团现象持续性的讨论也越来越多，对于增量资金而言，这个时点的投资风格取向是充满挑战的。往后看，2021年一季度的经济增速和企业盈利高点已在市场参与者的预期范围，我们需要将投资视角放得更长远并且更精确一些，在这场估值和盈利的角力中，盈利周期的走向已经占据了上风，经济基本面的改善决定了当前时点权益还是一个正收益的资产，权益市场未来依然有结构性的机会，但需要对各个细分板块的盈利走向有更精准的把握，而不是简单地以“五年乃至十年时间维度下不贵”来解释当前的高估值。债市方面，随着疫后经济的复苏和政策的逐步退出，债市的基本面依然处于熊市的状态，美国的利率周期逐步进入上行，中美利差拐头向下，对债市也构成一定的压制。但是我们也要看到政策“不急转弯”的定调下，债市的风险已经得到充分的释放，随着社融拐点确认以及本轮企业盈利周期的高点逐步到来，债市的投资机会也在孕育中。对于富国鑫旺系列基金而言，发挥产品的生命周期理财功能是投资中最重要的考虑。当基本面更好的投资品种估值较高，基本面略有瑕疵的投资品种安全边际较高时，我们会更加重视各类资产以及资产内部各种风格赛道的均衡配置，并通过子基金的优选来约束组合的无效波动，将其控制在产品的目标风险水平上，进而争取更稳健的长期回报。","fund":{"_id":3000000007662,"areaCode":"cn","stockType":"fund","stockCode":"007662","tickerId":7662,"fundSecondLevel":"fof","status":"normal","exchange":"jj","name":"富国鑫旺均衡养老目标三年持有期混合型发起式基金中基金（FOF）","shortName":"富国鑫旺均衡养老目标三年持有期混合发起式（FOF）(007662)","custody":"中国工商银行股份有限公司","fundType":null,"ipoDate":"2019-12-18T16:00:00.000Z","setUpScale":null,"__csrcFundId":6985,"fundStatus":"normal","lastUpdated":"2026-05-31T20:46:58.903Z","market":"a","masterFundFlag":1,"inceptionDate":"2020-03-22T16:00:00.000Z","followedNum":3,"fundCollectionId":4000050100000,"currency":"CNY","masterFundShortName":"富国鑫旺均衡养老目标三年持有期混合发起式（FOF）","fofFundFlag":1,"setUpDate":"2020-03-22T16:00:00.000Z","setUpAssetScale":21629363.21,"setUpShares":21629363.21,"pinyin":"fgxwjhylmbsncyqhhxfqsjjzjj(fof)","pensionTargetFlag":1,"managers":[{"stockCode":"db20696460","stockType":"fund_manager","exchange":"fm","tickerId":262625192970,"name":"张子炎"}]},"announcement":{"linkText":"富国鑫旺均衡养老目标三年持有期混合型发起式基金中基金（FOF）二0二0年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=560031","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecaf17fea5b3eb04ac430","stockId":3000000007662,"sao":"2020年三季度权益市场整体而言处于震荡格局，7月初在金融地产等低估值板块的带动下出现一波拉升，但之后在前期强势板块的调整带动下出现回落。市场在结构上出现了一些风格切换的特征，但由于增量资金高峰已过，这样的风格切换似乎缺乏资金面的进一步支撑，外资的阶段性流出也带来一些压力。总体来看，基本面确定性更高的核心资产依然具备非常强的韧性，在市场波动中也能够更好地抵御风险。债券市场处于5月以来的快速下跌之后的调整阶段，前期积累的泡沫得到迅速出清，股债之间的性价比已经处于合理的位置，债券的配置价值将逐步显现。本基金于三季度结束了建仓期，完成了投资组合的基础配置，在7月开始的几轮风格轮动中保持了组合的均衡特征，作为股债均衡型的养老目标基金，基于养老的理念以及均衡的目标风险水平约束考虑，力争通过有效的动态配置和子基金优选获取长期的绝对回报。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-27T16:00:00.000Z","lastUpdated":"2026-03-09T13:28:17.280Z","fund":{"_id":3000000007662,"areaCode":"cn","stockType":"fund","stockCode":"007662","tickerId":7662,"fundSecondLevel":"fof","status":"normal","exchange":"jj","name":"富国鑫旺均衡养老目标三年持有期混合型发起式基金中基金（FOF）","shortName":"富国鑫旺均衡养老目标三年持有期混合发起式（FOF）(007662)","custody":"中国工商银行股份有限公司","fundType":null,"ipoDate":"2019-12-18T16:00:00.000Z","setUpScale":null,"__csrcFundId":6985,"fundStatus":"normal","lastUpdated":"2026-05-31T20:46:58.903Z","market":"a","masterFundFlag":1,"inceptionDate":"2020-03-22T16:00:00.000Z","followedNum":3,"fundCollectionId":4000050100000,"currency":"CNY","masterFundShortName":"富国鑫旺均衡养老目标三年持有期混合发起式（FOF）","fofFundFlag":1,"setUpDate":"2020-03-22T16:00:00.000Z","setUpAssetScale":21629363.21,"setUpShares":21629363.21,"pinyin":"fgxwjhylmbsncyqhhxfqsjjzjj(fof)","pensionTargetFlag":1,"managers":[{"stockCode":"db20696460","stockType":"fund_manager","exchange":"fm","tickerId":262625192970,"name":"张子炎"}]},"announcement":{"linkText":"富国鑫旺均衡养老目标三年持有期混合型发起式基金中基金（FOF）二0二0年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=493653","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecaf17fea5b3eb04ac42f","stockId":3000000007662,"sao":"2020年以来市场波动相较于去年显著放大，在新冠疫情第一波冲击缓和以及政策发力经济重启的推动下，表现出股强债弱的特征。具体来看，股票市场热度较高，虽然指数波动范围较窄，但以医药为代表的风格板块持续拉升，科技成长风格在前期回调之后也再度上涨，带动市场风险偏好回暖。债市则在二季度出现了较大幅度的震荡，政策边际收紧的预期、前期积累的巨大涨幅和好于预期的经济数据共同推动了利率的阶段性反弹，股债之间的正相关性在延续了1年多之后终于出现拐点，市场运行的逻辑也从流动性切往情绪和基本面。本基金处于建仓期，基于养老的理念以及均衡的目标风险水平约束考虑，逐步建仓，节奏上优先对低估的资产进行配置，并在此基础之上通过子基金的优选以求获取稳定的长期资产增值。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:28:17.278Z","mo":"展望未来，股债都有机会，但市场运行的逻辑正在变化。经过这轮快速上涨后，A股的估值水平处于十年来比较高的位置了，应该说并不便宜。估值不便宜就意味着安全边际可能不是很充裕，需要对企业盈利的成长性提出更高的要求。经过疫情的冲击后，宏观经济和企业盈利目前处于复苏的阶段，伴随宽信用政策的大力支持，企业盈利的成长性正在改善，刚出炉的上半年经济数据和陆续披露中的A股二季报就是证据。因此，宏观环境对于A股而言依旧是有利的，但进一步提升整体估值有难度，细分赛道和个股的选择更为重要。在“落袋为安”、“逢低加仓”等形形色色的交易心理作用下，我们将看到市场波动率的上升，这就是牛市中行情经常出现急涨急跌的主要原因。除了股市之外，债市的走势让投资者更加揪心。5月以来，债券市场出现了较大幅度的下跌，甚至很多低风险的银行理财产品都出现了亏损。和股市一样，债市在过度拥挤的交易之后也会出现回撤，截至今年4月底，纯债基金指数涨幅达到3.2%，相当于年化10%的水平，这几乎可以和股指的长期年化回报相媲美了，显然不是一个正常的状态。高度泡沫化的市场就意味着安全边际不够，和股市的高估值类似，一旦有基本面上的利空出现，就容易表现出脆弱性。经过这三个月的回调后，利率水平大幅抬高，十年期国债利率来到了3%的水平，债市的估值得到一定程度的消化，当前的经济环境下，政策尚不具备持续紧缩的空间，因此债市的配置价值也在逐步体现中。对于富国鑫旺系列基金而言，发挥产品的生命周期理财和养老保障功能是投资中最重要的考虑。当基本面更好的投资品种估值较高，基本面略有瑕疵的投资品种安全边际较高时，我们会更加重视各类资产以及资产内部各种风格赛道的均衡配置，并通过子基金的优选来约束组合的无效波动，将其控制在产品的目标风险水平上，进而争取更稳健的长期回报。","fund":{"_id":3000000007662,"areaCode":"cn","stockType":"fund","stockCode":"007662","tickerId":7662,"fundSecondLevel":"fof","status":"normal"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