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幅度较大，整体估值水平短时间内抬升。客观上普涨性的投资机会已经兑现不少，往后更需要投资者在个股选择上寻找阿尔法。未来我们依然会致力于在优质股票里寻找价值。在当前估值下，红利价值风格能找到较好投资机会，质量成长风格同样具备很多投资机会。我们并不具备精确预测市场短期趋势的可靠能力，而是把精力集中在耐心收集具有远大前景的优秀公司，等待公司自身创造价值的实现和市场情绪在未来某个时点的周期性回归。个股选择层面，本基金偏好投资于具有良好“企业基因”、公司治理结构完善、管理优秀的企业。我们认为此类企业更大概率能在未来为投资者创造价值。分享企业自身增长带来的资本市场收益是成长型基金获取回报的最佳途径。","lastUpdated":"2026-03-09T14:26:31.830Z","fund":{"_id":3000000161005,"stockCode":"161005","stockType":"fund","areaCode":"cn","followedNum":3488,"blackenedNum":2,"status":"normal","exchange":"sz","fundType":"lof_etf","ipoDate":"2005-09-18T16:00:00.000Z","setUpScale":584058000,"market":"a","tickerId":161005,"custody":"中国工商银行股份有限公司","name":"富国天惠精选成长混合型证券投资基金(LOF)","shortName":"富国天惠成长混合（LOF）A/B","fundSecondLevel":"hybrid","memoNum":38,"__csrcFundId":163,"fundStatus":"normal","lastUpdated":"2025-01-08T23:14:45.048Z","masterFundFlag":1,"inceptionDate":"2005-11-15T16:00:00.000Z","fundCollectionId":4000050100000,"currency":"CNY","masterFundShortName":"富国天惠成长混合(LOF)","pinyin":"fgthjxczhhxzqtzjj(lof)","lofFundFlag":1,"managers":[{"stockCode":"8801323945","stockType":"fund_manager","exchange":"fm","tickerId":261924050050,"name":"朱少醒"}]},"announcement":{"linkText":"富国天惠精选成长混合型证券投资基金（LOF）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=1380142","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed8977fea5b3eb05937cd","date":"2025-06-29T16:00:00.000Z","stockId":3000000161005,"sao":"今年上半年，实体经济延续复苏态势，复苏的力度不强，复苏方向明确。四月初，美国威胁加征极高的关税升级贸易战引起市场极大的恐慌，市场大幅下跌。后期贸易战历经关税缓征和谈判得以缓解，市场逐步收复跌幅。上半年关税对出口的影响在数据上尚未显现，房地产投资没有确定见底，消费持续低迷。复苏的进程不乏挑战。贸易冲突、科技产业制裁，地缘政治的影响都是实体经济的负面干扰项。宏观环境冷暖交替下的周期波动是不可避免的，在企业经营的逆风期更能考验公司的壁垒和管理应对能力的强弱。我们高度注重持仓公司在宏观水温偏低的背景下获取份额的能力，以及稳健财务的抗风险能力。在错综复杂的投资环境里，投资者可能需要用更长远的视角来评估优秀企业才能过滤掉太多的短期波动。本基金上半年保持了较高的仓位，组合偏向经营稳健、质地优良的股票上，行业、风格配置均衡。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:26:31.828Z","mo":"展望下半年，出口转弱的风险较为严峻，国内消费依然乏力。房地产投资和基建可能是宏观可以发力的方向。中美之间政策博弈的最严峻的阶段或许已经度过，但预期在未来很长的一段时间内依然不太可能大幅转暖，直面竞争将会是常态。我们预期下半年的货币政策将保持宽松，积极的财政政策在下半年的边际贡献预期更正面。积极地来看，市场投资者的风险偏好最低的阶段已经过去，企业盈利也已筑底，宏观的积极因素在发挥作用的进程中。当前市场的整体估值依然处于长周期中很有吸引力的位置，权益市场处在较好的风险收益区间。未来我们依然会致力于在优质股票里寻找价值。我们并不具备精确预测市场短期趋势的可靠能力，而是把精力集中在耐心收集具有远大前景的优秀公司，等待公司自身创造价值的实现和市场情绪在未来某个时点的周期性回归。个股选择层面，本基金偏好投资于具有良好“企业基因”，公司治理结构完善、管理优秀的企业。我们认为此类企业有更大的概率能在未来为投资者创造价值。分享企业自身增长带来的资本市场收益是成长型基金获取回报的最佳途径。","fund":{"_id":3000000161005,"stockCode":"161005","stockType":"fund","areaCode":"cn","followedNum":3488,"blackenedNum":2,"status":"normal","exchange":"sz","fundType":"lof_etf","ipoDate":"2005-09-18T16:00:00.000Z","setUpScale":584058000,"market":"a","tickerId":161005,"custody":"中国工商银行股份有限公司","name":"富国天惠精选成长混合型证券投资基金(LOF)","shortName":"富国天惠成长混合（LOF）A/B","fundSecondLevel":"hybrid","memoNum":38,"__csrcFundId":163,"fundStatus":"normal","lastUpdated":"2025-01-08T23:14:45.048Z","masterFundFlag":1,"inceptionDate":"2005-11-15T16:00:00.000Z","fundCollectionId":4000050100000,"currency":"CNY","masterFundShortName":"富国天惠成长混合(LOF)","pinyin":"fgthjxczhhxzqtzjj(lof)","lofFundFlag":1,"managers":[{"stockCode":"8801323945","stockType":"fund_manager","exchange":"fm","tickerId":261924050050,"name":"朱少醒"}]},"announcement":{"linkText":"富国天惠精选成长混合型证券投资基金（LOF）二0二五年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1351129","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed8977fea5b3eb05937cc","date":"2025-03-30T16:00:00.000Z","stockId":3000000161005,"sao":"一季度沪深300指数下跌1.21%，创业板指下跌1.77%。一季度实体经济复苏势头略超预期。最大的风险是美国发起的贸易战，这将给后期全球的经济带来巨大的不确定性。从微观调研反馈来看，一季度的地产下滑趋缓，投资有复苏迹象，消费尚在低位但库存没有进一步恶化。实体经济本该已在逐步复苏的路上。基于贸易战的巨大不确定性，我们认为后期市场波动会加大。后期更积极的财政政策和宽松货币政策值得预期。未来的选股难度也会显著增加。未来我们依然会致力于在优质股票里寻找价值。在当前估值下，红利价值风格能找到较好投资机会，质量成长风格同样具备很多投资机会。我们并不具备精确预测市场短期趋势的可靠能力，而是把精力集中在耐心收集具有远大前景的优秀公司，等待公司自身创造价值的实现和市场情绪在未来某个时点的周期性回归。个股选择层面，本基金偏好投资于具有良好“企业基因”、公司治理结构完善、管理优秀的企业。我们认为此类企业更大概率能在未来为投资者创造价值。分享企业自身增长带来的资本市场收益是成长型基金获取回报的最佳途径。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:26:31.825Z","fund":{"_id":3000000161005,"stockCode":"161005","stockType":"fund","areaCode":"cn","followedNum":3488,"blackenedNum":2,"status":"normal","exchange":"sz","fundType":"lof_etf","ipoDate":"2005-09-18T16:00:00.000Z","setUpScale":584058000,"market":"a","tickerId":161005,"custody":"中国工商银行股份有限公司","name":"富国天惠精选成长混合型证券投资基金(LOF)","shortName":"富国天惠成长混合（LOF）A/B","fundSecondLevel":"hybrid","memoNum":38,"__csrcFundId":163,"fundStatus":"normal","lastUpdated":"2025-01-08T23:14:45.048Z","masterFundFlag":1,"inceptionDate":"2005-11-15T16:00:00.000Z","fundCollectionId":4000050100000,"currency":"CNY","masterFundShortName":"富国天惠成长混合(LOF)","pinyin":"fgthjxczhhxzqtzjj(lof)","lofFundFlag":1,"managers":[{"stockCode":"8801323945","stockType":"fund_manager","exchange":"fm","tickerId":261924050050,"name":"朱少醒"}]},"announcement":{"linkText":"富国天惠精选成长混合型证券投资基金（LOF）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=1276742","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed8977fea5b3eb05937cb","date":"2024-12-30T16:00:00.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保持信心。放在更长的时间维度，投资者当前选择承受的市场波动应该是值得的。未来我们依然会致力于在优质股票里寻找价值，去翻更多的“石头”。我们并不具备精确预测市场短期趋势的可靠能力，而是把精力集中在耐心收集具有远大前景的优秀公司，等待公司自身创造价值的实现和市场情绪在未来某个时点的周期性回归。个股选择层面，本基金偏好投资于具有良好“企业基因”、公司治理结构完善、管理优秀的企业。我们认为此类企业更大概率能在未来为投资者创造价值。分享企业自身增长带来的资本市场收益是成长型基金获取回报的最佳途径。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T14:26:31.809Z","fund":{"_id":3000000161005,"stockCode":"161005","stockType":"fund","areaCode":"cn","followedNum":3488,"blackenedNum":2,"status":"normal","exchange":"sz","fundType":"lof_etf","ipoDate":"2005-09-18T16:00:00.000Z","setUpScale":584058000,"market":"a","tickerId":161005,"custody":"中国工商银行股份有限公司","name":"富国天惠精选成长混合型证券投资基金(LOF)","shortName":"富国天惠成长混合（LOF）A/B","fundSecondLevel":"hybrid","memoNum":38,"__csrcFundId":163,"fundStatus":"normal","lastUpdated":"2025-01-08T23:14:45.048Z","masterFundFlag":1,"inceptionDate":"2005-11-15T16:00:00.000Z","fundCollectionId":4000050100000,"currency":"CNY","masterFundShortName":"富国天惠成长混合(LOF)","pinyin":"fgthjxczhhxzqtzjj(lof)","lofFundFlag":1,"managers":[{"stockCode":"8801323945","stockType":"fund_manager","exchange":"fm","tickerId":261924050050,"name":"朱少醒"}]},"announcement":{"linkText":"富国天惠精选成长混合型证券投资基金（LOF）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=992734","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed8977fea5b3eb05937c5","date":"2023-06-29T16:00:00.000Z","stockId":3000000161005,"sao":"今年上半年，实体经济步入复苏阶段，复苏的力度相对较弱。上半年的货币政策保持宽松，财政政策的见效尚不显著，企业投资信心回复比较缓慢。投资者的风险偏好的回升也比较微弱。疫情给实体经济带来的冲击影响是深远的，复苏的进程充满挑战。科技产业的持续被打压，地缘政治的波及都是负面的干扰项。宏观环境冷暖交替的周期波动是不可避免的，在企业经营的逆风期更能考验公司的壁垒和管理应对能力的强弱。我们更注重持仓公司在宏观水温偏低的背景下获取份额的能力，以及稳健财务的抗风险能力。在错综复杂的投资环境里，投资者可能需要用更长远的视角来评估优秀企业才能过滤掉太多的短期波动。本基金上半年保持了较高的仓位，组合偏向经营稳健、质地优良的股票上，行业、风格配置均衡。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:26:31.807Z","mo":"展望下半年，出口趋弱的苗头已经出现，国内地产投资和消费依然乏力。国际间的政策博弈依然不太可能缓解。乐观的因素是货币政策预期保持宽松，财政政策下半年的边际贡献预期更正面。尽管目前数据上呈现的复苏力度还不是很强，但我们应该看到积极的因素还是在缓慢发挥作用的进程中。当前市场的整体估值处于长周期中很有吸引力的位置，权益市场处在较好的风险收益区间。放在更长的时间维度，我们相信当下所面临的重重困难终将找到解决的出路。投资者当前选择承受市场波动对应的预期回报水平的是相当合适的。未来我们依然会致力于在优质股票里寻找价值，去翻更多的“石头”。我们并不具备精确预测市场短期趋势的可靠能力，而是把精力集中在耐心收集具有远大前景的优秀公司，等待公司自身创造价值的实现和市场情绪在未来某个时点的周期性回归。个股选择层面，本基金偏好投资于具有良好“企业基因”，公司治理结构完善、管理优秀的企业。我们认为此类企业有更大的概率能在未来为投资者创造价值。分享企业自身增长带来的资本市场收益是成长型基金获取回报的最佳途径。","fund":{"_id":3000000161005,"stockCode":"161005","stockType":"fund","areaCode":"cn","followedNum":3488,"blackenedNum":2,"status":"normal","exchange":"sz","fundType":"lof_etf","ipoDate":"2005-09-18T16:00:00.000Z","setUpScale":584058000,"market":"a","tickerId":161005,"custody":"中国工商银行股份有限公司","name":"富国天惠精选成长混合型证券投资基金(LOF)","shortName":"富国天惠成长混合（LOF）A/B","fundSecondLevel":"hybrid","memoNum":38,"__csrcFundId":163,"fundStatus":"normal","lastUpdated":"2025-01-08T23:14:45.048Z","masterFundFlag":1,"inceptionDate":"2005-11-15T16:00:00.000Z","fundCollectionId":4000050100000,"currency":"CNY","masterFundShortName":"富国天惠成长混合(LOF)","pinyin":"fgthjxczhhxzqtzjj(lof)","lofFundFlag":1,"managers":[{"stockCode":"8801323945","stockType":"fund_manager","exchange":"fm","tickerId":261924050050,"name":"朱少醒"}]},"announcement":{"linkText":"富国天惠精选成长混合型证券投资基金（LOF）二0二三年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=966216","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed8977fea5b3eb05937c4","date":"2023-03-30T16:00:00.000Z","stockId":3000000161005,"sao":"一季度沪深300指数上涨4.63%，创业板指上涨2.25%。在度过了充满各种艰难挑战的2022年后，一季度实体经济进入了复苏的阶段。各项宏观经济指标在3月份有了明显改善。货币政策保持宽松，前几年实施的一些收缩性行业监管政策放松管制的迹象确认。投资者的风险偏好有微弱的回升。尽管目前数据上呈现的复苏力度还不是很强，但我们应该看到是积极的因素正在发挥作用持续的进程中。更要重视的是市场的整体估值依然处于长周期中很有吸引力的位置，当下权益市场处在较好的风险收益区间。放在更长的时间维度，我们相信现在所面临的重重困难终将找到解决的出路。投资者当前选择承受市场波动对应的预期回报水平的是相当合适的。未来我们依然会致力于在优质股票里寻找价值，去翻更多的“石头”。我们并不具备精确预测市场短期趋势的可靠能力，而把精力集中在耐心收集具有远大前景的优秀公司，等待公司自身创造价值的实现和市场情绪在未来某个时点的周期性回归。个股选择层面，本基金偏好投资于具有良好“企业基因”，公司治理结构完善、管理层优秀的企业。我们认为此类企业，有更大的概率能在未来为投资者创造价值。分享企业自身增长带来的资本市场收益是成长型基金获取回报的最佳途径。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:26:31.804Z","fund":{"_id":3000000161005,"stockCode":"161005","stockType":"fund","areaCode":"cn","followedNum":3488,"blackenedNum":2,"status":"normal","exchange":"sz","fundType":"lof_etf","ipoDate":"2005-09-18T16:00:00.000Z","setUpScale":584058000,"market":"a","tickerId":161005,"custody":"中国工商银行股份有限公司","name":"富国天惠精选成长混合型证券投资基金(LOF)","shortName":"富国天惠成长混合（LOF）A/B","fundSecondLevel":"hybrid","memoNum":38,"__csrcFundId":163,"fundStatus":"normal","lastUpdated":"2025-01-08T23:14:45.048Z","masterFundFlag":1,"inceptionDate":"2005-11-15T16:00:00.000Z","fundCollectionId":4000050100000,"currency":"CNY","masterFundShortName":"富国天惠成长混合(LOF)","pinyin":"fgthjxczhhxzqtzjj(lof)","lofFundFlag":1,"managers":[{"stockCode":"8801323945","stockType":"fund_manager","exchange":"fm","tickerId":261924050050,"name":"朱少醒"}]},"announcement":{"linkText":"富国天惠精选成长混合型证券投资基金（LOF）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=885726","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed8977fea5b3eb05937c3","date":"2022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