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走势偏离更加显著，相对而言，红利板块的相对吸引力在上升。","lastUpdated":"2026-03-09T14:04:24.679Z","fund":{"_id":3000000020695,"__csrcFundId":13856,"stockCode":"020695","masterFundShortName":"海富通红利优选混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":20695,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:46.399Z","status":"normal","exchange":"jj","shortName":"海富通红利优选混合A","name":"海富通红利优选混合型证券投资基金","fundCollectionId":4000050250000,"pinyin":"hfthlyxhhxzqtzjj","setUpAssetScale":39121052.16,"setUpDate":"2024-06-03T16:00:00.000Z","setUpShares":39121052.16,"inceptionDate":"2024-06-06T16:00:00.000Z","followedNum":4,"memoNum":1,"managers":[{"stockCode":"db20593729","stockType":"fund_manager","exchange":"fm","tickerId":1025181100,"name":"江勇"}]},"announcement":{"linkText":"海富通红利优选混合型证券投资基金2025年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1381648","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3687fea5b3eb053ca1d","date":"2025-06-29T16:00:00.000Z","stockId":3000000020695,"sao":"从国内经济来看，上半年国内经济受到抢出口支撑，实际GDP增速高于全年5%的目标。整体来看，经济延续供给强于需求的格局。投资端方面，基建投资好于去年，制造业投资保持高增速，地产企稳回升仍需时间。消费方面，以旧换新政策拉动社零增速回升。出口方面，虽然受到关税扰动，但出口仍有韧性。通胀方面，CPI弹性有限，PPI低位震荡。货币政策方面，5月初央行宣布降准和降息，其中降准0.5个百分点，OMO和LPR下调10BP，结构性工具利率下调25BP。财政政策方面，赤字率、专项债额度较2024年有所上调，今年政府债发行也相对靠前。流动性方面，一季度央行暂停国债买卖操作，收紧流动性，资金偏紧，二季度降准降息落地后资金价格逐渐向均衡水平回归。资金价格方面，上半年R001与R007均值为1.77%和1.89%。从权益市场来看，上半年上证指数涨幅为2.76%，沪深300为0.03%，中证800为0.87%，创业板指为0.53%。行业板块方面，根据申万一级行业分类，表现靠前的板块是有色金属、银行、国防军工、传媒、通信，而煤炭、食品饮料、房地产、石油石化、建筑装饰等板块则表现靠后。从行情节奏看，年初市场在DeepSeek催化下持续上涨，但4月初在特朗普对等关税冲击下市场迎来调整；后续，随着中央汇金等公告增持中国股票资产，积极入市呵护市场流动性，特朗普新政引发全球恐慌加速去美元化，5月7日央行宣布降准降息，5月12日中美宣布日内瓦联合声明，国内市场风险偏好明显回暖，市场结构性机会不断。报告期间，本基金保持红利投资的特征。从仓位上看，继续保持相对较高位置，行业分布上较为均衡，持仓个股较为分散，银行、公用事业、非银等行业配置比例较高；从对组合贡献来看，银行、非银、传媒正贡献较大，电气设备、家电、轻工对组合有所拖累。从组合整体表现来看，相对基准有所跑赢并取得正收益。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:04:24.677Z","mo":"展望未来，从国内经济来看，今年上半年GDP增速略超预期，全年GDP增速实现5%的难度不大。海外经济方面，特朗普发动的关税战抑制全球需求，降低了全球经济增长预期。目前市场比较关注美联储的降息节奏，一旦美联储启动降息，将对全球金融市场、各类资产产生显著影响，外部金融环境有望改善。但是，由于特朗普发动的关税战持续扰动通胀，美联储降息路径有不确定性。从资本市场看，今年两会再提了“稳住楼市股市”，7月中共中央政治局会议强调“增强国内资本市场的吸引力和包容性，巩固资本市场回稳向好势头”，在监管层的积极呵护下，市场信心得到提振，资本市场有望实现震荡向上。从投资机会看，市场主线或更丰富，呈现多点开花的局面。未来，本基金将继续保持红利投资的特征。展望后市，从中长期来看，政策与流动性仍将继续有利于权益市场，权益市场目前的位置机会大于风险；从红利类资产来看，考虑红利指数自身的股息率水平以及与无风险收益率的相对收益水平仍处于具备显著吸引力阶段，后续管理人将积极在红利类股票中挖掘性价比标的，为组合提供收益。","fund":{"_id":3000000020695,"__csrcFundId":13856,"stockCode":"020695","masterFundShortName":"海富通红利优选混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":20695,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:46.399Z","status":"normal","exchange":"jj","shortName":"海富通红利优选混合A","name":"海富通红利优选混合型证券投资基金","fundCollectionId":4000050250000,"pinyin":"hfthlyxhhxzqtzjj","setUpAssetScale":39121052.16,"setUpDate":"2024-06-03T16:00:00.000Z","setUpShares":39121052.16,"inceptionDate":"2024-06-06T16:00:00.000Z","followedNum":4,"memoNum":1,"managers":[{"stockCode":"db20593729","stockType":"fund_manager","exchange":"fm","tickerId":1025181100,"name":"江勇"}]},"announcement":{"linkText":"海富通红利优选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=1351850","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3687fea5b3eb053ca1c","date":"2025-03-30T16:00:00.000Z","stockId":3000000020695,"sao":"国内经济方面，一季度国内经济企稳回暖，2-3月PMI维持在扩张区间。经济数据方面，生产端企稳；投资方面，制造业与基建维持高增，地产投资跌幅略有收窄。消费需求在国家补贴、消费券政策的支撑下小幅回暖。出口方面，美国对华加征关税落地，但出口高频数据未见明显走弱。通胀方面，CPI总体弹性有限，2月同比略有转负；PPI仍在底部震荡。货币政策方面，央行在MLF操作方面回笼一定的流动性，并在3月调整MLF中标方式；此外央行于1月暂停公开市场国债买入操作，但维持买断式逆回购投放操作。财政政策方面延续积极的态度，一季度地方债发行放量，《政府工作报告》中提出拟增发5000亿特别国债，支持国有大型商业银行补充资本。此外赤字率、专项债额度较2024年也有所上调。流动性方面，受到跨年、春节取现、信贷投放、利率债发行等影响，资金面紧张在1月达到高点；2-3月资金面紧张的情况有所缓解，但是资金价格没有回到2024年四季度的水平。从资金利率来看，一季度R001均值为1.97%，较2024年四季度上行38bp；R007均值为2.11%，较2024年四季度上行24bp。权益方面，从A股市场看，一季度市场高位震荡，结构分化。一季度上证指数涨幅为-0.48%，上证50为-0.71%，沪深300为-1.21%，中证800为-0.32%，中证1000为4.51%，中证2000为7.08%，中小成长风格明显占优。行业板块方面，根据中信一级行业分类，表现靠前的板块是有色金属、汽车、机械、计算机、传媒，靠后的板块是煤炭、商贸零售、非银金融、石油石化、房地产。报告期间，本基金保持红利投资的特征。从仓位上看，保持较高位置，行业分布上较为均衡，持仓个股较为分散，银行、机械、交通运输等行业配置比例较高；另外组合进一步增加了港股高股息标的的配置比例。从组合表现来看，相对基准有所跑赢并取得正收益。从整个一季度表现来看，红利类个股及指数整体跑输沪深300、中证800等宽基指数，但从中短期来看，考虑红利指数自身的股息率水平以及与无风险收益率的相对收益水平仍处于具备显著吸引力阶段，后续仍有空间。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:04:24.674Z","fund":{"_id":3000000020695,"__csrcFundId":13856,"stockCode":"020695","masterFundShortName":"海富通红利优选混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":20695,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:46.399Z","status":"normal","exchange":"jj","shortName":"海富通红利优选混合A","name":"海富通红利优选混合型证券投资基金","fundCollectionId":4000050250000,"pinyin":"hfthlyxhhxzqtzjj","setUpAssetScale":39121052.16,"setUpDate":"2024-06-03T16:00:00.000Z","setUpShares":39121052.16,"inceptionDate":"2024-06-06T16:00:00.000Z","followedNum":4,"memoNum":1,"managers":[{"stockCode":"db20593729","stockType":"fund_manager","exchange":"fm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