window.pageData = {"stock":{"_id":3000000017631,"name":"富国周期精选三年持有期混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","stockCode":"017631","tickerId":17631,"shortName":"富国周期精选三年持有期混合C","currency":"CNY","exchange":"jj","fundCollectionId":4000050100000,"inceptionDate":"2023-01-18T16:00:00.000Z","status":"normal","setUpDate":"2023-01-18T16:00:00.000Z","setUpAssetScale":249821509.37,"setUpShares":249821509.37,"masterFundFlag":null,"activeFundFlag":null,"classificationFlag":null,"closedEnd":null,"etfFundFlag":null,"feederFundFlag":null,"indexFundFlag":null,"lofFundFlag":null,"pensionTargetFlag":null,"pinyin":"fgzqjxsncyqhhxzqtzjj","followedNum":1,"fundCollection":{"exchange":"jjgs","stockType":"fund_collection","stockCode":"50100000","tickerId":50100000,"name":"富国基金管理有限公司"},"managers":[{"name":"孙彬","stockType":"fund_manager","stockCode":"db20695363","exchange":"fm","tickerId":1902193400}],"hotMetrics":{"fss":{"stockId":3000000017631,"type":"fss","f_s_s_d":"2024-06-29T16:00:00.000Z","f_ins_h_s_r":0.025099999999999997,"f_ind_h_s_r":0.9749,"f_h_a":7719,"f_h_s_a":32522,"f_ind_h_s_r_c_hy":0,"f_ins_h_s_r_c_hy":0,"f_ind_h_s_r_c_1y":0.00009999999999998899,"f_ins_h_s_r_c_1y":-0.00010000000000000286,"last_data_date":"2025-06-29T16:00:00.000Z"},"fpr":{"stockId":3000000017631,"type":"fpr","f_p_r_fys_ssc":8993,"f_p_r_fys_ssrp":0.46363434163701067,"f_p_r_m1_ssc":9219,"f_p_r_m1_ssrp":0.5659579084400087,"f_p_r_m3_ssc":9098,"f_p_r_m3_ssrp":0.6926459272287567,"f_p_r_m6_ssc":8808,"f_p_r_m6_ssrp":0.4346542522993074,"f_p_r_y1_ssc":8335,"f_p_r_y1_ssrp":0.3521718262538997,"f_p_r_y2_ssc":7729,"f_p_r_y2_ssrp":0.41770186335403725,"f_cagr_p_r_fs_ssc":9145,"f_cagr_p_r_fs_ssrp":0.41808836395450566,"f_p_r_y3_ssc":6933,"f_p_r_y3_ssrp":0.3421811886901327},"fp":{"stockId":3000000017631,"type":"fp","f_cagr_p_r_fs":0.0786993403817069,"f_p_r_m1":0.03653815131472804,"f_p_r_m3":-0.0045701006971340385,"f_p_r_d1":-0.005528386136508634,"f_p_r_m6":0.11457068516912394,"f_p_r_fys":0.08842212246972103,"f_p_r_y1":0.4379545708850847,"f_p_r_y2":0.4313878369347288,"last_data_date":"2026-05-10T16:00:00.000Z","f_p_r_y3":0.4018762954074404},"ff":{"stockId":3000000017631,"type":"ff","f_m_f":7618451,"f_m_f_r":0.012,"f_c_f":1269741,"f_c_f_r":0.002,"f_m_a_c_f":8888192,"f_m_a_c_f_r":0.014,"f_m_c_f_d":"2024-11-21T16:00:00.000Z","f_c_fr":0.002,"f_fr_d":"2025-11-20T16:00:00.000Z","f_m_fr":0.012,"f_mac_fr":0.014},"f_nlacan":{"stockId":3000000017631,"type":"f_nlacan","f_nv_d":"2026-05-10T16:00:00.000Z","f_nv":1.2851,"f_nv_cr":0.009188000628239212},"f_as":{"stockId":3000000017631,"type":"f_as","f_tas":116222682.9918,"f_tas_d":"2026-03-30T16:00:00.000Z"}},"masterSlaveFunds":[{"_id":3000000017630,"__csrcFundId":12182,"stockCode":"017630","shortName":"富国周期精选三年持有期混合(017630)","masterFundShortName":"富国周期精选三年持有期混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":17630,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:35:40.921Z","status":"normal","exchange":"jj","fundCollectionId":4000050100000,"name":"富国周期精选三年持有期混合型证券投资基金","inceptionDate":"2023-01-18T16:00:00.000Z","setUpDate":"2023-01-18T16:00:00.000Z","setUpAssetScale":1275904649.2,"setUpShares":1275904649.2,"pinyin":"fgzqjxsncyqhhxzqtzjj","followedNum":2}],"shareholdings":[{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000017630,"stockId":300750,"holdings":150000,"marketCap":60255000,"netValueRatio":0.0792,"quarterlyChange":0.09377552687469404,"stock":{"stockCode":"300750","exchange":"sz","stockType":"company","tickerId":300750,"name":"宁德时代"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000017630,"stockId":603129,"holdings":250000,"marketCap":56779500,"netValueRatio":0.0747,"quarterlyChange":-0.17970432036744677,"stock":{"stockCode":"603129","exchange":"sh","stockType":"company","tickerId":603129,"name":"春风动力"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000017630,"stockId":1203,"holdings":1255472,"marketCap":50130996,"netValueRatio":0.0659,"quarterlyChange":0.30277324632952696,"stock":{"stockCode":"001203","tickerId":1203,"exchange":"sz","stockType":"company","name":"大中矿业"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000017630,"stockId":603393,"holdings":1000000,"marketCap":35990000,"netValueRatio":0.0473,"quarterlyChange":0.35351635953365923,"stock":{"stockCode":"603393","exchange":"sh","stockType":"company","tickerId":603393,"name":"新天然气"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000017630,"stockId":688196,"holdings":500000,"marketCap":34388374,"netValueRatio":0.0452,"quarterlyChange":0.1886247877758913,"stock":{"stockCode":"688196","tickerId":688196,"exchange":"sh","stockType":"company","name":"卓越新能"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000017630,"stockId":600801,"holdings":1500000,"marketCap":31800000,"netValueRatio":0.0418,"quarterlyChange":-0.1361043194784023,"stock":{"stockCode":"600801","exchange":"sh","stockType":"company","tickerId":600801,"name":"华新建材"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000017630,"stockId":688506,"holdings":109793,"marketCap":30522454,"netValueRatio":0.0401,"quarterlyChange":-0.13958526771897228,"stock":{"name":"百利天恒","exchange":"sh","stockType":"company","stockCode":"688506","tickerId":688506}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000017630,"stockId":1000000000002423,"holdings":830000,"marketCap":27771800,"netValueRatio":0.0365,"quarterlyChange":-0.08674698795180746,"stock":{"exchange":"hk","stockType":"company","stockCode":"02423","tickerId":2423,"name":"贝壳-W"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000017630,"stockId":2850,"holdings":150000,"marketCap":26850000,"netValueRatio":0.0353,"quarterlyChange":0.13391612821487464,"stock":{"stockCode":"002850","exchange":"sz","stockType":"company","tickerId":2850,"name":"科达利"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000017630,"stockId":688068,"holdings":210000,"marketCap":25683000,"netValueRatio":0.0338,"quarterlyChange":-0.24506172839506213,"stock":{"stockCode":"688068","exchange":"sh","stockType":"company","tickerId":688068,"name":"热景生物"}}]},"list":[{"_id":"69e8ec011398d79843fe9932","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","stockId":3000000017630,"sao":"2026年一季度市场大幅波动。战争对市场的影响同时也被交易和情绪放大。从指数来看，中证红利上涨4.07%，中证800下跌2.28%，沪深300下跌3.89%，上证50下跌6.76%。从行业看煤炭、石油石化、公用事业、建筑材料、基础化工涨幅居前。其中煤炭和石油石化涨幅均超过15%。非银金融、商贸零售、美容护理、计算机、房地产、家用电器跌幅居前。其中非银金融及商贸零售跌幅均超过10%。一季度，组合加大了在资源品及其相关产业链的暴露，减仓了有色但是同时加仓了油气和航运。一季度超额收益主要来自于公用事业、有色及电子，主要的负超额来自于非银金融、医药及汽车。我们认为非银的下跌更多的来自于流动性冲击而非基本面变化。出口链为代表的一些企业也受供应链、运费以及汇兑的影响走势较差。展望二季度，我们认为战争的不可控因素并不是我们金融从业人员所能预测的，我们应该把关注点放在基本面置信度更高的方向上，而非去博弈海峡是否放开，战争是否结束。一季度我们逐步增加了创新药、油气、新能源等板块的配置，我们看好中国制造业资产的重新定价。","lastUpdated":"2026-04-22T15:40:49.108Z","fund":{"_id":3000000017630,"__csrcFundId":12182,"stockCode":"017630","shortName":"富国周期精选三年持有期混合(017630)","masterFundShortName":"富国周期精选三年持有期混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":17630,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:35:40.921Z","status":"normal","exchange":"jj","fundCollectionId":4000050100000,"name":"富国周期精选三年持有期混合型证券投资基金","inceptionDate":"2023-01-18T16:00:00.000Z","setUpDate":"2023-01-18T16:00:00.000Z","setUpAssetScale":1275904649.2,"setUpShares":1275904649.2,"pinyin":"fgzqjxsncyqhhxzqtzjj","followedNum":2,"managers":[{"stockCode":"db20695363","stockType":"fund_manager","exchange":"fm","tickerId":1902193400,"name":"孙彬"}]},"announcement":{"linkText":"富国周期精选三年持有期混合型证券投资基金二0二六年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1481294","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2587fea5b3eb052c872","date":"2025-12-30T16:00:00.000Z","declarationDate":"2026-01-21T16:00:00.000Z","stockId":3000000017630,"sao":"2025年四季度，市场走势相对平稳，从指数上看，上证50上涨1.41%，中证红利指数上涨0.79%，中证800指数上涨0.02%，沪深300下跌0.23%。从行业上看，有色金属、石油石化、通信及国防军工涨幅均超过13%，涨幅居前。医药生物、房地产、美容护理、计算机及传媒跌幅居前，跌幅均超过5%。四季度，组合增加了有色金属、非银金融以及医药等板块的配置，主要的低配在电子、通信及计算机。从结果看，对于有色的超额配置对组合带来了不错的超额收益，电子和计算机的低配也取得了预期的成果。但是组合对于通信板块的低配对整体的超额影响较大。通信是贯穿2025年全年的主赛道，但是从组合配置角度来看，本基金仅在部分时点小规模的参与了通信板块的投资，这也是今年负超额最大的来源项。我们也观察到今年主动基金赛道化和指数化的趋势。我们认为这样会加大市场的波动，同时资金情绪对股票估值和流动性的影响也在扩大。市场的有效性并未向更好的方向发展。对于主动权益产品来讲，通过交易去获取超额的机会也在增加。","lastUpdated":"2026-03-09T13:59:52.706Z","fund":{"_id":3000000017630,"__csrcFundId":12182,"stockCode":"017630","shortName":"富国周期精选三年持有期混合(017630)","masterFundShortName":"富国周期精选三年持有期混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":17630,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:35:40.921Z","status":"normal","exchange":"jj","fundCollectionId":4000050100000,"name":"富国周期精选三年持有期混合型证券投资基金","inceptionDate":"2023-01-18T16:00:00.000Z","setUpDate":"2023-01-18T16:00:00.000Z","setUpAssetScale":1275904649.2,"setUpShares":1275904649.2,"pinyin":"fgzqjxsncyqhhxzqtzjj","followedNum":2,"managers":[{"stockCode":"db20695363","stockType":"fund_manager","exchange":"fm","tickerId":1902193400,"name":"孙彬"}]},"announcement":{"linkText":"富国周期精选三年持有期混合型证券投资基金二0二五年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1461273","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2587fea5b3eb052c871","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-27T16:00:00.000Z","stockId":3000000017630,"sao":"2025年三季度，市场大幅上行，中证800指数上涨19.83%，沪深300指数上涨17.90%，上证50指数上涨10.21%，中证红利指数上涨0.94%.从行业上看，通信、电子、电力设备及有色金属行业涨幅均超过40%。申万一级行业中仅有银行下跌10.19%。组合在三季度的配置中增加了有色金属的配置，但是对TMT的配置低于基准。资金对市场的影响逐步放大，市场出现错误定价的可能性也在增加。对于主动权益产品来讲，通过交易去获取超额的机会也在增加。尽管金融板块在三季度表现较弱，但是我们认为证券行业仍然处于长期估值低位，目前或仍具配置性价比。尽管银行和创新药板块短期回撤较多，我们仍将继续保持关注。","lastUpdated":"2026-03-09T13:59:52.704Z","fund":{"_id":3000000017630,"__csrcFundId":12182,"stockCode":"017630","shortName":"富国周期精选三年持有期混合(017630)","masterFundShortName":"富国周期精选三年持有期混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":17630,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:35:40.921Z","status":"normal","exchange":"jj","fundCollectionId":4000050100000,"name":"富国周期精选三年持有期混合型证券投资基金","inceptionDate":"2023-01-18T16:00:00.000Z","setUpDate":"2023-01-18T16:00:00.000Z","setUpAssetScale":1275904649.2,"setUpShares":1275904649.2,"pinyin":"fgzqjxsncyqhhxzqtzjj","followedNum":2,"managers":[{"stockCode":"db20695363","stockType":"fund_manager","exchange":"fm","tickerId":1902193400,"name":"孙彬"}]},"announcement":{"linkText":"富国周期精选三年持有期混合型证券投资基金二0二五年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1379823","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2587fea5b3eb052c870","date":"2025-06-29T16:00:00.000Z","stockId":3000000017630,"sao":"2025年上半年，整体市场表现平稳，先抑后扬。上半年市场的最低点出现在4月关税问题带来的大坑。这也是今年最好的一次加仓时点。从指数看，今年上半年，上证50指数上涨1.01%，中证800指数上涨0.87%，沪深300指数上涨0.03%，中证红利指数下跌3.07%。从行业看，有色金属、银行、国防军工及传媒涨幅均超过10%，煤炭跌幅超过10%，食品饮料、房地产及石油石化跌幅居前。上半年组合主要的超额收益来自于对于创新药板块的配置。银行以及有色也对组合有不错的正向贡献。低配消费板块也带来了较好的超额。对于基准的负向超额主要来自于对光模块以及PCB板块的低配。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:59:52.701Z","mo":"展望下半年，宏观不确定性仍然是我们所面临的最大难点。但是我们对市场的信心也在逐步增强。就如同四月份发生的事情一样，如果因为外部因素的影响，带来市场的较大回调，将是比较好的配置机会。从行业上看，我们目前维持对创新药看好的观点，创新药板块也是国内产业中对海外竞争力有优势的方向。我们维持对出海方向企业的关注。长期来看，在人口增长、经济增长的区域发展的公司是组合长期配置的潜在方向。从上半年市场的表现来看，估值波动对个股的影响是远超EPS波动的影响。边际资金对市场的影响在放大。股票投资不仅仅是基本面的研究，也要兼顾对市场资金的研究。股票的买入也代表了个体对世界的认知以及对价值观的认同。下半年我们将逐步增加非银板块的配置比例，同时积极寻找处于估值低位的个股的价值重估的投资机会。在市场估值剧烈变化的过程中，组合也将积极加大换手，寻找部分的交易性机会。","fund":{"_id":3000000017630,"__csrcFundId":12182,"stockCode":"017630","shortName":"富国周期精选三年持有期混合(017630)","masterFundShortName":"富国周期精选三年持有期混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":17630,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:35:40.921Z","status":"normal","exchange":"jj","fundCollectionId":4000050100000,"name":"富国周期精选三年持有期混合型证券投资基金","inceptionDate":"2023-01-18T16:00:00.000Z","setUpDate":"2023-01-18T16:00:00.000Z","setUpAssetScale":1275904649.2,"setUpShares":1275904649.2,"pinyin":"fgzqjxsncyqhhxzqtzjj","followedNum":2,"managers":[{"stockCode":"db20695363","stockType":"fund_manager","exchange":"fm","tickerId":1902193400,"name":"孙彬"}]},"announcement":{"linkText":"富国周期精选三年持有期混合型证券投资基金二0二五年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1351232","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2587fea5b3eb052c86f","date":"2025-03-30T16:00:00.000Z","stockId":3000000017630,"sao":"2025年一季度，市场小幅下行。从指数上看，中证800指数下跌0.15%，上证50指数下跌0.82%，沪深300指数下跌1.20%，中证红利指数下跌2.17%。从行业上看，有色金属、机械设备、汽车、钢铁及计算机涨幅居前。煤炭、商贸零售、非银金融、房地产及建筑装饰跌幅居前。一季度市场主要的交易集中在AI相关的硬件与软件以及机器人相关的零部件。在组合层面，我们参与热点的仓位较少。这也是一季度表现弱于市场的主要原因之一。红利板块的下行也对组合整体净值有拖累。一季度组合主要的配置还是集中在金融、汽车及汽车零部件、有色、出海相关制造业等。对于创新药也有一定配置。展望二季度，我们将维持一季度的组合配置，适度增加医药配置。尽管红利指数上半年走势较弱，但是从盈利及估值性价比角度看，红利仍然是目前最好的选择。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:59:52.698Z","fund":{"_id":3000000017630,"__csrcFundId":12182,"stockCode":"017630","shortName":"富国周期精选三年持有期混合(017630)","masterFundShortName":"富国周期精选三年持有期混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":17630,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:35:40.921Z","status":"normal","exchange":"jj","fundCollectionId":4000050100000,"name":"富国周期精选三年持有期混合型证券投资基金","inceptionDate":"2023-01-18T16:00:00.000Z","setUpDate":"2023-01-18T16:00:00.000Z","setUpAssetScale":1275904649.2,"setUpShares":1275904649.2,"pinyin":"fgzqjxsncyqhhxzqtzjj","followedNum":2,"managers":[{"stockCode":"db20695363","stockType":"fund_manager","exchange":"fm","tickerId":1902193400,"name":"孙彬"}]},"announcement":{"linkText":"富国周期精选三年持有期混合型证券投资基金二0二五年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1276616","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2587fea5b3eb052c86e","date":"2024-12-30T16:00:00.000Z","stockId":3000000017630,"sao":"2024年市场整体表现较强，中证红利指数全年上涨12.31%，上证50指数上涨15.42%，沪深300指数上涨14.68%，中证800指数上涨12.20%。从行业上看银行、非银金融、通信、家电、电子、汽车涨幅居前；医药生物、美容护理、农林牧渔、食品饮料、轻工等行业跌幅居前。2024年的涨幅主要来自于三季度国庆前的市场表现。2024年上半年红利风格占优，银行、运营商、公用事业等板块均有不错的表现。下半年市场向成长风格转换。芯片、光模块、AI、机器人等热点均有优异的表现。组合层面上，我们在上半年对整体组合并未做过多的调整，配置以红利和质量为主要的方向。三季度开始逐步加大组合的调整，增配的方向主要在银行、券商以及部分的电子。对于市场热点的芯片、光模块、机器人、AI等方向，组合或多或少都进行了配置，但是整体配置比例较低。市场对于预期的交易也越来越前置。我们回顾锂矿石、新能源电池、光伏产业等板块之前的交易，可以发现股价领先基本面的变化基本上在6-12个月，但在今年的热点板块交易中，部分板块股价领先基本面的趋势在24-36个月。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:59:52.695Z","mo":"展望2025年，我们需要关注政策层面的变化以及市场流动性的变化。市场的估值已经处于极低的位置。我们始终坚持基于基本面去找寻合理估值的企业以期获得长期EPS增长带来的回报。地缘政治及出口贸易的摩擦在大选年会对世界贸易格局产生较大的影响。从行业上看，我们持续关注在海外设厂的出海企业。从2024年开始我们可以观察到中国企业出海的进度在加速。2025年中国企业走出去的速度仍然在加速。我们看好创新药和医疗器械为代表的医药创新及医药出海。从风格上，我们仍然看好红利类资产的表现。利率下行以及经济及收入变化的演绎是红利类资产重估的催化剂。我们也需要更加重视微观交易结构变化带来的部分极端环境下部分资产的价格大幅波动。在极端环境下，需要适当的加大换手率去找寻错误定价带来的投资机会。","fund":{"_id":3000000017630,"__csrcFundId":12182,"stockCode":"017630","shortName":"富国周期精选三年持有期混合(017630)","masterFundShortName":"富国周期精选三年持有期混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":17630,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:35:40.921Z","status":"normal","exchange":"jj","fundCollectionId":4000050100000,"name":"富国周期精选三年持有期混合型证券投资基金","inceptionDate":"2023-01-18T16:00:00.000Z","setUpDate":"2023-01-18T16:00:00.000Z","setUpAssetScale":1275904649.2,"setUpShares":1275904649.2,"pinyin":"fgzqjxsncyqhhxzqtzjj","followedNum":2,"managers":[{"stockCode":"db20695363","stockType":"fund_manager","exchange":"fm","tickerId":1902193400,"name":"孙彬"}]},"announcement":{"linkText":"富国周期精选三年持有期混合型证券投资基金二0二四年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1257651","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2587fea5b3eb052c86d","date":"2024-09-29T16:00:00.000Z","stockId":3000000017630,"sao":"2024年三季度，市场在最后一周大幅上行，在三季度整体看，中证800指数上涨16.10%，沪深300指数上涨16.07%，上证50指数上涨15.05%，中证红利指数上涨6.43%。从行业看，非银金融、房地产及商贸零售涨幅居前。公用事业、石油石化、煤炭涨幅靠后且均低于5%。市场展现出明显的跷跷板效应。上半年表现突出的红利板块大幅跑输沪深300指数。三季度我们增加了汽车及汽车零部件的配置比例，对于车型周期处于有利竞争位置的整车企业我们维持超配。在金融板块主要增加的持仓在银行及券商，对保险依旧维持低配。展望四季度，我们认为市场的波动幅度可能会逐步趋缓，市场也在寻找新的平衡点。从行业选择上来看，我们维持对汽车整车及汽车零部件超配的观点。我们依旧看好红利板块的表现，尤其是能源、电力、银行等板块。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:59:52.693Z","fund":{"_id":3000000017630,"__csrcFundId":12182,"stockCode":"017630","shortName":"富国周期精选三年持有期混合(017630)","masterFundShortName":"富国周期精选三年持有期混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":17630,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:35:40.921Z","status":"normal","exchange":"jj","fundCollectionId":4000050100000,"name":"富国周期精选三年持有期混合型证券投资基金","inceptionDate":"2023-01-18T16:00:00.000Z","setUpDate":"2023-01-18T16:00:00.000Z","setUpAssetScale":1275904649.2,"setUpShares":1275904649.2,"pinyin":"fgzqjxsncyqhhxzqtzjj","followedNum":2,"managers":[{"stockCode":"db20695363","stockType":"fund_manager","exchange":"fm","tickerId":1902193400,"name":"孙彬"}]},"announcement":{"linkText":"富国周期精选三年持有期混合型证券投资基金二0二四年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1178396","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2587fea5b3eb052c86c","date":"2024-06-29T16:00:00.000Z","stockId":3000000017630,"sao":"2024年上半年，市场分化较大。从指数看，中证红利指数上涨7.75%，上证50指数上涨2.95%，沪深300指数上涨0.89%，中证800指数下跌1.76%。从申万一级行业看，银行煤炭以及公用事业涨幅均超过10%，家用电器以及石油石化涨幅也快于红利指数。上半年仅有八个行业取得了上涨。计算机、商贸零售、社会服务、传媒、医药以及地产跌幅均超过20%。上半年红利类资产整体跑赢大盘，AI相关硬件企业表现也较好。内需相关的消费类资产表现较弱，地产及地产产业链也大幅跑输市场。上半年我们低估了银行板块的进攻性，对于大行的配置严重低于了基准的权重。组合对于红利的配置也主要集中于有色、出海以及公用事业等方向。我们认为地产价格对于内需有较强的托底效应，在地产价格企稳之前，内需相关的板块任然承压。我们对于地产政策过于乐观，超配地产也成为上半年重要的拖累项。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:59:52.690Z","mo":"展望2024年下半年，我们认为股市最重要的观察指标是企业经营的基本面变化、股市流动性以及边际资金的影响。对于基本面跟踪的要求始终在提高。企业经营的情况预测的难度由于受宏观不确定性的影响也在进一步加大。我们维持对红利、出海以及创新药板块的看好观点。下半年将进一步减少持股个数，集中持股，将持仓集中在置信度更高的板块和个股上。下半年也将在红利板块内部做一定的仓位调整以及配置一定的科技相关个股。","fund":{"_id":3000000017630,"__csrcFundId":12182,"stockCode":"017630","shortName":"富国周期精选三年持有期混合(017630)","masterFundShortName":"富国周期精选三年持有期混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":17630,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:35:40.921Z","status":"normal","exchange":"jj","fundCollectionId":4000050100000,"name":"富国周期精选三年持有期混合型证券投资基金","inceptionDate":"2023-01-18T16:00:00.000Z","setUpDate":"2023-01-18T16:00:00.000Z","setUpAssetScale":1275904649.2,"setUpShares":1275904649.2,"pinyin":"fgzqjxsncyqhhxzqtzjj","followedNum":2,"managers":[{"stockCode":"db20695363","stockType":"fund_manager","exchange":"fm","tickerId":1902193400,"name":"孙彬"}]},"announcement":{"linkText":"富国周期精选三年持有期混合型证券投资基金二0二四年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1153458","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2587fea5b3eb052c86b","date":"2024-03-30T16:00:00.000Z","stockId":3000000017630,"sao":"2024年一季度，从指数上看，市场表现较为平稳。上证50指数上涨3.82%，沪深300指数上涨3.10%，中证800指数上涨1.56%，中证红利指数上涨8.27%。但是从行业上看，分化较大。以申万行业分类来看，银行，石油石化，煤炭以及家用电器涨幅均超过10%；医药生物，计算机，电子以及综合等行业跌幅均超过10%。房地产行业也下跌了超过9%。市场的流动性逐步恢复，成交额重回万亿以上。在2024年一季度，我们逐步增加了周期品和交运的配置比例。我们维持上一个季度的观点，继续看好红利类资产以及美元计价的大宗商品。尽管一季度整个医药板块表现趋弱，但是我们认为创新药板块从政策和基本面上都将迎来拐点。我们也维持对创新药板块的看好。二手房成交逐步企稳，房价也开始逐步企稳，股票市场有了较好的支撑。边际资金和交易因素对股票估值和股价的影响力在变大。市场有时在强势板块总是将未来3-5年的变化在一个季度内交易完毕。股价往往先行于基本面的变化。然而考虑到今年是海外重要的选举年，政策和地缘政治等将带来对未来较大的不确定性。我们更倾向于交易当下而非交易未来的估值。今年我们仍将回避那些对远期未来估值的热点板块。","declarationDate":"2024-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:59:52.687Z","fund":{"_id":3000000017630,"__csrcFundId":12182,"stockCode":"017630","shortName":"富国周期精选三年持有期混合(017630)","masterFundShortName":"富国周期精选三年持有期混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":17630,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:35:40.921Z","status":"normal","exchange":"jj","fundCollectionId":4000050100000,"name":"富国周期精选三年持有期混合型证券投资基金","inceptionDate":"2023-01-18T16:00:00.000Z","setUpDate":"2023-01-18T16:00:00.000Z","setUpAssetScale":1275904649.2,"setUpShares":1275904649.2,"pinyin":"fgzqjxsncyqhhxzqtzjj","followedNum":2,"managers":[{"stockCode":"db20695363","stockType":"fund_manager","exchange":"fm","tickerId":1902193400,"name":"孙彬"}]},"announcement":{"linkText":"富国周期精选三年持有期混合型证券投资基金二0二四年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1075761","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2587fea5b3eb052c86a","date":"2023-12-30T16:00:00.000Z","stockId":3000000017630,"sao":"2023年市场整体偏弱，中证红利指数全年涨幅0.89%，上证50指数下跌11.73%，沪深300指数下跌11.38%，中证800指数下跌10.37%。从行业上看通信、传媒、计算机及电子涨幅居前；美容护理、商贸零售、房地产、电力设备及建筑材料等行业跌幅均超过20%。Chat GPT及AI是今年行情的主要驱动力，TMT所属大部分行业的涨幅主要来自于上半年的躁动。在这轮AI的投资周期，组合并没有过多的参与相关的投资。2023年上半年市场主要的驱动力在中特股和AI，组合跑输基准较多。下半年开始，受整个市场流动性的影响，整体调仓难度加大。主动权益公募基金交易额占全市场比重持续下行，交易结构的变化也对整体的市场产生了深远的影响。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:59:52.684Z","mo":"展望2024年，我们需要关注政策层面的变化以及市场流动性的变化。市场的估值已经处于极低的位置。我们始终坚持基于基本面去找寻合理估值的企业以期获得长期EPS增长带来的回报。从行业上看，我们看好美元计价的大宗商品以及其对应的资源股。地缘政治及出口贸易的摩擦在大选年会对世界贸易格局产生较大的影响。我们关注在海外设厂的出海企业。我们看好创新药和医疗器械为代表的医药创新及医药出海。从风格上，我们仍然看好红利类资产的表现。利率下行以及经济及收入变化的演绎是红利类资产重估的催化剂。我们也需要更加重视微观交易结构变化带来的部分极端环境下部分资产的价格大幅波动。在极端环境下，需要适当的加大换手率去找寻错误定价带来的投资机会。","fund":{"_id":3000000017630,"__csrcFundId":12182,"stockCode":"017630","shortName":"富国周期精选三年持有期混合(017630)","masterFundShortName":"富国周期精选三年持有期混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":17630,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:35:40.921Z","status":"normal","exchange":"jj","fundCollectionId":4000050100000,"name":"富国周期精选三年持有期混合型证券投资基金","inceptionDate":"2023-01-18T16:00:00.000Z","setUpDate":"2023-01-18T16:00:00.000Z","setUpAssetScale":1275904649.2,"setUpShares":1275904649.2,"pinyin":"fgzqjxsncyqhhxzqtzjj","followedNum":2,"managers":[{"stockCode":"db20695363","stockType":"fund_manager","exchange":"fm","tickerId":1902193400,"name":"孙彬"}]},"announcement":{"linkText":"富国周期精选三年持有期混合型证券投资基金二0二三年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1059837","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2587fea5b3eb052c869","date":"2023-09-29T16:00:00.000Z","stockId":3000000017630,"sao":"2023年三季度市场震荡下行，行业间分化加大。从指数来看，三季度中证800下跌4.29%，沪深300下跌3.98%，中证红利上涨1.75%，上证50上涨0.60%。从申万一级行业看非银金融、煤炭、石油石化、钢铁及银行涨幅居前；电力设备、传媒、计算机、通信及国防军工跌幅居前。三季度我们增加了非银、大宗商品以及部分地产的配置；和二季度一样，我们并没有参与市场较为热门的AI、光模块、算力、机器人等方向。从组合构建来看，我们还是希望尽量选择长期有稳定业绩增长的标的。我们观察到了消费行业，尤其是非必要消费品的困局。而这个更多的是和居民的收入、收入预期以及资产息息相关。房产在居民资产配置中占比较高，房价的下跌也对居民的资产负债表产生了较大的影响。我们期待收入、收入预期以及地产价格的企稳，这也是资本市场企稳的重要基础。从估值来看，市场估值已处于底部位置；从业绩角度看，制造业中的很多企业的盈利也已企稳。信心比黄金更重要。我们看好红利类资产的表现，也逐步增加了大宗商品相关个股的配置。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:59:52.682Z","fund":{"_id":3000000017630,"__csrcFundId":12182,"stockCode":"017630","shortName":"富国周期精选三年持有期混合(017630)","masterFundShortName":"富国周期精选三年持有期混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":17630,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:35:40.921Z","status":"normal","exchange":"jj","fundCollectionId":4000050100000,"name":"富国周期精选三年持有期混合型证券投资基金","inceptionDate":"2023-01-18T16:00:00.000Z","setUpDate":"2023-01-18T16:00:00.000Z","setUpAssetScale":1275904649.2,"setUpShares":1275904649.2,"pinyin":"fgzqjxsncyqhhxzqtzjj","followedNum":2,"managers":[{"stockCode":"db20695363","stockType":"fund_manager","exchange":"fm","tickerId":1902193400,"name":"孙彬"}]},"announcement":{"linkText":"富国周期精选三年持有期混合型证券投资基金二0二三年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=992333","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2587fea5b3eb052c868","date":"2023-06-29T16:00:00.000Z","stockId":3000000017630,"sao":"2023年上半年市场波动较大，行业快速轮动，分化严重。从主流指数来看，中证红利指数上涨2.98%，中证800指数上涨0.02%，沪深300指数下跌0.75%，上证50指数下跌5.43%。从行业上看，通信、传媒、计算机、机械及家用电器涨幅居前；商贸零售、房地产、美容护理、建筑材料及农林牧渔跌幅较大。消费及医药板块表现也大幅跑输沪深300指数。本年度基金未取得令人满意的业绩，跑输业绩基准及主流指数。仔细的拆开绩效归因，主要的原因在以下三个方面：一是银行板块带来了比较大的负超额；二是对保险、通信、传媒板块显著的低配；三是对于地产板块的超配。二季度逐渐增加了计算机、汽车、及创新药的配置，也挽回了一定的损失。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:59:52.679Z","mo":"展望2023年，我们认为市场将温和前行。指数层面上可能并不会出现快速的上涨，但是我们认为结构性机会及个股的机会将是今年的主旋律。我们看好金融地产在今年的估值修复。我们认为地产板块部分核心个股的业绩（22年拿的地）在今年也将逐步兑现。全年维度，我们看好周期板块的表现。集采政策逐步温和，过去两年受损较重的医药板块今年也将逐渐回暖。A股短期缺乏增量资金。资金总是在不同行业间轮转，这也造成了今年非常多行业的快速轮动。这种轮动更多是基于逻辑而非确实发生的事实。A股博弈前置，股价的走势往往领先于基本面的走势。资金的影响也超过了基本面对股价的影响。宏观不确定性对市场的影响逐步显现，也成为估值的主要压制因素。在现今的宏观及利率环境下，我们看好红利类资产的价值回归。我们也看好周期板块的估值回归以及部分周期成长股的表现。","fund":{"_id":3000000017630,"__csrcFundId":12182,"stockCode":"017630","shortName":"富国周期精选三年持有期混合(017630)","masterFundShortName":"富国周期精选三年持有期混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":17630,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:35:40.921Z","status":"normal","exchange":"jj","fundCollectionId":4000050100000,"name":"富国周期精选三年持有期混合型证券投资基金","inceptionDate":"2023-01-18T16:00:00.000Z","setUpDate":"2023-01-18T16:00:00.000Z","setUpAssetScale":1275904649.2,"setUpShares":1275904649.2,"pinyin":"fgzqjxsncyqhhxzqtzjj","followedNum":2,"managers":[{"stockCode":"db20695363","stockType":"fund_manager","exchange":"fm","tickerId":1902193400,"name":"孙彬"}]},"announcement":{"linkText":"富国周期精选三年持有期混合型证券投资基金二0二三年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=966146","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2587fea5b3eb052c867","date":"2023-03-30T16:00:00.000Z","stockId":3000000017630,"sao":"2023年一季度市场震荡上行，行业间分化加大。从指数来看，一季度中证800上涨6.6%，沪深300上涨5.65%，中证红利上涨5.55%，上证50上涨1.16%。从申万一级行业看计算机、传媒、通信、电子及建筑装饰涨幅居前；商贸零售、房地产、银行、美妆护理及电力设备跌幅居前。本基金一季度对于市场热门的泛AI领域及央企建筑等板块配置较低，一季度对业绩基准也跑输较多。一季度主要配置的板块在地产、医药、金融、周期等板块，主要的低配在电子、传媒、通信等板块。从投资框架上我们希望选择基本面驱动同时有很好盈利支撑的个股，但在今年一季度，市场的减量博弈，有限的成交额向部分行业集中，极端时部分行业合计交易占比已经接近全市场交易量的50%。交易对市场的影响也在放大，尤其是在流动性较差的标的上。有人说追高只会错一次，但是抄底可能会错很多次。但是从盈利和估值角度出发，我愿意去做那个不断抄底可能也不断做错的那一个。4月份一季度季报开始披露，我们也希望重新出发，去找寻业绩和估值匹配的标的，做更长期维度的配置。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:59:52.676Z","fund":{"_id":3000000017630,"__csrcFundId":12182,"stockCode":"017630","shortName":"富国周期精选三年持有期混合(017630)","masterFundShortName":"富国周期精选三年持有期混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":17630,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:35:40.921Z","status":"normal","exchange":"jj","fundCollectionId":4000050100000,"name":"富国周期精选三年持有期混合型证券投资基金","inceptionDate":"2023-01-18T16:00:00.000Z","setUpDate":"2023-01-18T16:00:00.000Z","setUpAssetScale":1275904649.2,"setUpShares":1275904649.2,"pinyin":"fgzqjxsncyqhhxzqtzjj","followedNum":2,"managers":[{"stockCode":"db20695363","stockType":"fund_manager","exchange":"fm","tickerId":1902193400,"name":"孙彬"}]},"announcement":{"linkText":"富国周期精选三年持有期混合型证券投资基金二0二三年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=885568","linkType":"PDF","source":"csrc_pdf"}}]}