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宏观数据一方面似乎仍然波澜不惊的，看不到基本面出现V型的反转；另一方面，无论是黑悟空，哪吒电影还是Deepseek，文化产业和科技行业都展现出勃勃的生机。无论是杭州六小龙的声名鹊起，还是阿里巴巴宣布的巨额投资计划，民营企业的企业信心目前在逐步回归中。 这轮AI的投资机会从2023年开始， 像历史上每一次工业革命中展现的，大周期中时代的尘埃，落在每个人身上，就是一座座高山。依托成本经济性，中国的AI科技推动逐步大众化，科技浪潮方兴未艾。从企业的角度，在科技的早起阶段，我们每个人都是一叶浮萍，面临着AI对企业发展的挑战；另一面来看，当你顺应了时代的大潮，顺势而为，科技的大潮就会对企业发展形成助推。对应在投资中，就是方差不断放大，在一轮一轮的牛熊切换中，怀疑与拥抱中，有对行业悲观数据的踟蹰不前，也有在科技浪潮中的乘风而起。有低到尘埃的个位数估值的互联网龙头，也有完全不看估值的科技浪潮中后起之秀。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:37:24.742Z","mo":"展望2025年，上半年宏观经济仍然面临关税升级的压力，关税会抑制出口，仍然会加剧制造业的压力；虽然企业信心目前处于回归过程中，但仍局限在科技和部分消费服务业；宏观刺激相对而言也比较温和，结构性的消费和科技鼓励政策会提高经济的韧性，但长期问题仍然存在。板块上，我们认为中国科技重估仍然是全年的主线。香港市场和国内市场都有机会，特别是港股的互联网企业估值具备吸引力。过去三年，虽然AI发展如火如荼，但是全球主流资金的注意力主要在美股。一度，美国的AI的龙头测算给予了全球AI的垄断的相关市值。但随着Deepseek的突破和国产算力的崛起，国内CSP巨头逐步突破美国的AI封锁，体现了迎头赶上的势头。AI全球G2的格局目前逐步形成，全球资产配置在科技领域也面临着再平衡的压力。从细分行业来看，2025年我觉得产业进程已经从“AI 算力”过度到了“AI 应用”，而AI应用的核心资产就是数据库，2025年具备数据资源禀赋的软件企业有望重现“数据重估”和股价重估。 2025年也许是AI应用真正的元年，也有可能是科技浪潮中无数次试错的一年。在A股中我们也在寻找计算机行业中赋能AI数据的相关板块。具体行业上我们在四季度增持了港股互联网板块，A股科技板块和传统行业中能使用AI赋能的方向。2025年虽然我们也比较看好，但是市场波动也会比较大；我们相对而言会耐心收集有基本面变化的长期机会企业；同时，也会注意组合的回撤控制，争取在风险调整后收益为大家创造回报。","fund":{"_id":3000000009863,"__csrcFundId":7899,"stockCode":"009863","name":"富国创新趋势股票型证券投资基金","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":9863,"masterFundFlag":1,"inceptionDate":"2020-07-26T16:00:00.000Z","fundStatus":"normal","lastUpdated":"2026-04-30T22:01:53.249Z","status":"normal","exchange":"jj","shortName":"富国创新趋势股票(009863)","followedNum":78,"fundCollectionId":4000050100000,"currency":"CNY","masterFundShortName":"富国创新趋势股票","setUpDate":"2020-07-26T16:00:00.000Z","setUpAssetScale":16308897381.95,"setUpShares":16308897381.95,"pinyin":"fgcxqsgpxzqtzjj","managers":[{"stockCode":"8801380725","stockType":"fund_manager","exchange":"fm","tickerId":310130100,"name":"曹晋"}]},"announcement":{"linkText":"富国创新趋势股票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=1257436","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd147fea5b3eb04d3a1d","date":"2024-09-29T16:00:00.000Z","stockId":3000000009863,"sao":"2024 年三季度，我国宏观经济运行平稳但面临挑战，特别是三季度末出现了加速下降的态势。货币政策上，央行货币政策委员会三季度例会强调精准实施稳健货币政策，注重逆周期调节等，以支持经济与稳定金融市场。消费领域持续温和复苏，政府促消费政策有成效但全面繁荣有待提升。投资方面，制造业投资因设备更新政策稳定增长，基建投资受专项债推动有望边际回升，房地产投资仍在筑底。外贸领域出口有韧性但面临不确定性。经济景气指数三季度继续回落，物价水平平稳但有通货紧缩压力。三季度最大的变化是最高决策层对经济的态度发生转变，各部委的工作重心也会迅速转向如何稳经济。预计很快货币、财政政策都会有序推出，稳经济、促增长的配套政策也会陆续出台。风险方面，主要是美国大选结果，对未来我国对美出口影响较大，后面期待出台更多的提振内需的政策。后面行情的展开会更多围绕内需展开，市场也会围绕政策进行博弈，带来更高的波动率。我们认为在方向上，提振内需是政策的着力点，也是政策最有可能发力的方向。我们看好机械、新能源、AI算力以及和大众消费相关的行业，比如消费电子。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:37:24.739Z","fund":{"_id":3000000009863,"__csrcFundId":7899,"stockCode":"009863","name":"富国创新趋势股票型证券投资基金","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":9863,"masterFundFlag":1,"inceptionDate":"2020-07-26T16:00:00.000Z","fundStatus":"normal","lastUpdated":"2026-04-30T22:01:53.249Z","status":"normal","exchange":"jj","shortName":"富国创新趋势股票(009863)","followedNum":78,"fundCollectionId":4000050100000,"currency":"CNY","masterFundShortName":"富国创新趋势股票","setUpDate":"2020-07-26T16:00:00.000Z","setUpAssetScale":16308897381.95,"setUpShares":16308897381.95,"pinyin":"fgcxqsgpxzqtzjj","managers":[{"stockCode":"8801380725","stockType":"fund_manager","exchange":"fm","tickerId":310130100,"name":"曹晋"}]},"announcement":{"linkText":"富国创新趋势股票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=1178288","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd147fea5b3eb04d3a1c","date":"2024-06-29T16:00:00.000Z","stockId":3000000009863,"sao":"上半年本基金仓位保持在较高的水平，延续了一贯的高仓位运作的投资策略。大小盘风格方面更加集中在中大市值的股票进行投资。因为外部环境的复杂，给小企业带来的波动风险更加剧烈，出现极端情况的概率也更高。行业方面加仓了消费电子，高端装备以及新能源，期间在家电、有色行业也有配置。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:37:24.737Z","mo":"上半年需求方面呈现的状况是外需较好，内需转弱。外需较好体现在出口行业的相对高景气，比如电网设备、汽车、机电设备、工程机械等，一方面来自欧美发达国家和地区的补库需求，另一方面我国企业在一带一路国家持续打开局面带来了增量的需求。内需转弱主要是地产持续下行的拖累，地产产业链需求低迷，消费转弱。展望下半年，市场开始交易美国大选以及后续的对华政策，对出口产生较大的担心，并认为应该有刺激内需的政策进行对冲，自主可控的重要性再次提升。从美国共和党的施政纲领来看，本基金认为未来可能出现的情景是原油价格中枢的下降，缓解通胀压力。提高进口关税特别是对中国的关税，这会带来产业链下游组装环节加速外迁，带来国内就业压力进一步加大。鼓励企业在美国本土建厂，带来工作岗位。能源价格的下降，降低了我国制造业的成本，这是利好。分歧最大的是关税对我国制造业的影响。我们认为短期也就是加税之前，一定是压力较大的时候。因为这个阶段，做美国业务的企业会选择先生产，在美国仓库囤货应对明年关税的影响。这会带来短期成本和费用上升，收入的增长会降速。但是长期看，在美国建厂会成为大多数对美出口企业的选择。面对美国本土企业的竞争，低成本不再是竞争优势，而是生产过程的自动化和产品的智能化。从美国对华贸易战开打的第一天起，我国制造业就开始进行自动化、智能化的升级，回过头看这个决策是极其正确的。如果高额关税加征，长期看在美国布局产能的企业会在竞争中具备领先优势，获得美国市场的份额，长期是好事。总结下来，关税加征前，短期偏利空，但长期是利好的。我们不应该悲观，而是应该在市场悲观情绪下寻找投资机会。下半年的市场，我们认为红利方向会出现分化。煤炭、石油板块仍然会体现出其盈利的周期性，分红的投资逻辑会受到基本面走弱的挑战。电力领域也出现分化，水电因为上半年来水较好，业绩普遍超预期。而火电发电量低于预期，因为被水电的阶段性超预期和风光取代了其份额。银行的表现更多来自红利风格的强化，而非基本面的推动。在红利风格之外，我们认为景气的领域也逐渐增多。在人工智能领域，我们认为AI算力的需求仍然旺盛，国产化的进展速度很快，放量在即。AI应用领域苹果手机的智能功能让人耳目一新，有望引领端侧AI行业的爆发。储能逆变器领域，成本的持续优化带来产品性价比提升，欧美之外的市场出现快速增长的态势。内需方面，设备更新改造从政策的提出逐渐到落地，能够带来高端装备的需求增长。本基金将在上述领域进行布局和投资，虽然市场情绪悲观，但也提供给投资者低位布局的良好机会。","fund":{"_id":3000000009863,"__csrcFundId":7899,"stockCode":"009863","name":"富国创新趋势股票型证券投资基金","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":9863,"masterFundFlag":1,"inceptionDate":"2020-07-26T16:00:00.000Z","fundStatus":"normal","lastUpdated":"2026-04-30T22:01:53.249Z","status":"normal","exchange":"jj","shortName":"富国创新趋势股票(009863)","followedNum":78,"fundCollectionId":4000050100000,"currency":"CNY","masterFundShortName":"富国创新趋势股票","setUpDate":"2020-07-26T16:00:00.000Z","setUpAssetScale":16308897381.95,"setUpShares":16308897381.95,"pinyin":"fgcxqsgpxzqtzjj","managers":[{"stockCode":"8801380725","stockType":"fund_manager","exchange":"fm","tickerId":310130100,"name":"曹晋"}]},"announcement":{"linkText":"富国创新趋势股票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=1153200","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd147fea5b3eb04d3a1b","date":"2024-03-30T16:00:00.000Z","stockId":3000000009863,"sao":"一季度宏观的波动远小于市场的波动，说明股市的波动更多不是来自于基本面，而阶段性的非理性下跌带来了难得加仓的机会。在经历了短期波动后，市场进入正常状态，本基金认为接下来市场会更加关注基本面，个股进入分化的阶段。宏观角度来看，社融和企业融资增速仍然比较弱，说明企业投资的意愿仍然不明显。cpi2月份转正，但由于春节因素，cpi能否持续仍需要观察3-4月的情况。ppi并未看到拐点。分行业来看，一季度地产销售仍然比较弱势，除了一线城市二手房有回暖迹象之外，全国大盘仍然偏弱。整车行业价格战更加激烈，单车型的生命周期被大大压缩，这给产业链带来了较大的压力，目前仍然看不到价格战趋缓的迹象。制造业中出口环节不错，不少企业感受到了海外订单的恢复。也有众多制造业纷纷出海，布局海外市场。创新领域的鼓励政策较多，比如人工智能，机器人，无人飞行器。目前看到AI算力资本开支领域有明确的增长，带动相关硬件需求比如算力芯片、光模块、存储器、服务器等的增长。机器人产业仍处在打样阶段，产品未最终定型。无人飞行器领域还在政策阶段，距离产业化还需要较长时间。本基金关注盈利见底复苏，同时经营质量好的公司，尽量在中低估值的标的中进行选取。在高速增长的行业中，对估值容忍度提高，更加关注产业前景和所选个股在行业中的地位。综上，本基金看好市场，并积极寻找投资机遇，力争给持有人带来良好的回报。","declarationDate":"2024-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:37:24.734Z","fund":{"_id":3000000009863,"__csrcFundId":7899,"stockCode":"009863","name":"富国创新趋势股票型证券投资基金","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":9863,"masterFundFlag":1,"inceptionDate":"2020-07-26T16:00:00.000Z","fundStatus":"normal","lastUpdated":"2026-04-30T22:01:53.249Z","status":"normal","exchange":"jj","shortName":"富国创新趋势股票(009863)","followedNum":78,"fundCollectionId":4000050100000,"currency":"CNY","masterFundShortName":"富国创新趋势股票","setUpDate":"2020-07-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T13:37:24.719Z","fund":{"_id":3000000009863,"__csrcFundId":7899,"stockCode":"009863","name":"富国创新趋势股票型证券投资基金","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":9863,"masterFundFlag":1,"inceptionDate":"2020-07-26T16:00:00.000Z","fundStatus":"normal","lastUpdated":"2026-04-30T22:01:53.249Z","status":"normal","exchange":"jj","shortName":"富国创新趋势股票(009863)","followedNum":78,"fundCollectionId":4000050100000,"currency":"CNY","masterFundShortName":"富国创新趋势股票","setUpDate":"2020-07-26T16:00:00.000Z","setUpAssetScale":16308897381.95,"setUpShares":16308897381.95,"pinyin":"fgcxqsgpxzqtzjj","managers":[{"stockCode":"8801380725","stockType":"fund_manager","exchange":"fm","tickerId":310130100,"name":"曹晋"}]},"announcement":{"linkText":"富国创新趋势股票型证券投资基金二0二二年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=809783","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd147fea5b3eb04d3a14","date":"2022-06-29T16:00:00.000Z","stockId":3000000009863,"sao":"2022年上半年本基金主要投资领域集中在TMT，择机对新能源产业链、医药行业进行了一定的增持。在二季度，针对新能源产业链所带动的有色行业，也进行了一些加仓。从投资结果来看上半年表现不好，在此向各位持有人表示深深的歉意。经过反思，主要的失误在于TMT行业配置较多，而TMT行业受到需求不景气的影响，基本面持续低于预期。目前本基金积极地寻找性价比好的个股和投资方向，不断调整组合，争取在下半年取得良好的投资回报。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:37:24.716Z","mo":"二季度的基金运作没有达到预期，主要是超配了TMT行业。由于电子产业链大部分集中在长三角和珠三角，这两个地区在2季度先后受到了疫情的影响，对相关公司的订单、物流、生产，均产生了较大的影响。随着疫情防控进入常态化、快反应，预计未来不会出现类似二季度的情况，叠加对经济的托底，预计接下来国内经济的恢复会比较快，持续的时间较长。从恢复的顺序和弹性来看，制造业好于服务业，可选消费品如汽车的消费受到了税收优惠政策的影响，强于必须消费。随着各地地产限购政策的逐步放松，地产销售出现边际转暖迹象，预计在年末地产产业链的相关公司也能够感受到需求的回暖。展望海外，最大的风险来自美联储为了对抗通胀进行的持续加息。这一方面影响了盈利预期，也影响了市场流动性，存在双杀的风险。相较而言，A股和港股的资产相对美股性价比更好，会吸引外资的配置。目前看外需的转弱已经逐渐反映到部分行业的订单上，预计下半年这种趋势会愈加明显。下半年本基金会更加努力寻找景气度边际改善的行业，积极寻找性价比好的投资机会。","fund":{"_id":3000000009863,"__csrcFundId":7899,"stockCode":"009863","name":"富国创新趋势股票型证券投资基金","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":9863,"masterFundFlag":1,"inceptionDate":"2020-07-26T16:00:00.000Z","fundStatus":"normal","lastUpdated":"2026-04-30T22:01:53.249Z","status":"normal","exchange":"jj","shortName":"富国创新趋势股票(009863)","followedNum":78,"fundCollectionId":4000050100000,"currency":"CNY","masterFundShortName":"富国创新趋势股票","setUpDate":"2020-07-26T16:00:00.000Z","setUpAssetScale":16308897381.95,"setUpShares":16308897381.95,"pinyin":"fgcxqsgpxzqtzjj","managers":[{"stockCode":"8801380725","stockType":"fund_manager","exchange":"fm","tickerId":310130100,"name":"曹晋"}]},"announcement":{"linkText":"富国创新趋势股票型证券投资基金二0二二年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=787771","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd147fea5b3eb04d3a13","date":"2022-03-30T16:00:00.000Z","stockId":3000000009863,"sao":"一季度以来，国内疫情的发展超出预期，对特别是长三角和珠三角的供应链产生了较大的冲击。受影响最大的行业是电子和汽车行业，不少公司都受到了程度不同的停产停工的影响，进一步影响了一季度和二季度的业绩，全年的盈利有一定程度的下修，最终的影响取决于疫情防控的进展程度。政策方面，稳增长的政策进一步加强，不少城市放开了房地产的限购政策，有利于疫情过后，下半年经济的复苏。海外方面，美联储加息缩表是贯穿全年的事件，目前中美利差空间较小，国内降息的空间基本没有。财政的发力是经济见底复苏的重要支撑，而疫情打乱了经济复苏的节奏，我们认为疫情会成为接下来市场关注的焦点，随着疫情的扩散得到有效控制，市场会对下半年经济的见底产生信心。我们认为，疫情得到控制后，经济见底回升，成长股会有更好的表现。本基金看好传媒行业，游戏出海进入收获期，VRAR、元宇宙行业进入导入期。看好电子行业，其中苹果产业链需求确定，服务器产业链进入DDR4向DDR5的升级周期叠加海外需求的复苏。医药行业经过前期的调整，极具性价比，其中中药、CXO行业具备较好的性价比。上述行业均是本基金看好并且布局的方向。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:37:24.714Z","fund":{"_id":3000000009863,"__csrcFundId":7899,"stockCode":"009863","name":"富国创新趋势股票型证券投资基金","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":9863,"masterFundFlag":1,"inceptionDate":"2020-07-26T16:00:00.000Z","fundStatus":"normal","lastUpdated":"2026-04-30T22:01:53.249Z","status":"normal","exchange":"jj","shortName":"富国创新趋势股票(009863)","followedNum":78,"fundCollectionId":4000050100000,"currency":"CNY","masterFundShortName":"富国创新趋势股票","setUpDate":"2020-07-26T16:00:00.000Z","setUpAssetScale":16308897381.95,"setUpShares":16308897381.95,"pinyin":"fgcxqsgpxzqtzjj","managers":[{"stockCode":"8801380725","stockType":"fund_manager","exchange":"fm","tickerId":310130100,"name":"曹晋"}]},"announcement":{"linkText":"富国创新趋势股票型证券投资基金二0二二年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=729269","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd147fea5b3eb04d3a12","date":"2021-12-30T16:00:00.000Z","stockId":3000000009863,"sao":"2021年本基金主要投资领域集中在TMT，并对新能源汽车产业链、生物医药、机械、家电、汽车等领域进行了一定比例的配置。从投资结果来看并不好，在此向各位持有人表示深深的歉意。经过反思，我们认为在机会的把握上出现了战略性的失误。2021年其实好的投资机会并不少，比如新能源汽车产业链、半导体产业链、周期行业，基金的投资体系识别出了上述的机会，但是在配置的比例上不够，配置的时机上也把握的不好。在今后的投资中，我们将极力打造更加完备的投资系统，力求对行业的趋势性机会进行更好的甄别，对机会的大小进行更加准确的判断。","declarationDate":"2022-01-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:37:24.711Z","mo":"2022年，我们迎来了宏观上最不确定的一年，机会和风险并存。海外市场的风险主要是美国经济强劲复苏带来通胀超预期，美联储加息的幅度和速度都会快于市场的认知。总而言之，海外流动性是收紧的，特别随着海外疫情常态化，这种流动性的收紧很可能是全球范围的。国内的情况是经济下行压力很大，三驾马车中地产产业链涉及的行业多，链条长，虽然政策已经边际转暖，但是并没有给地产继续加杠杆的表态。所以，我们认为这轮经济的托底行为主要是靠政府加杠杆来完成，而不是居民端。与12年下半年到13年上半年不同，我们认为这轮更多是中央政府的加杠杆而不是地方政府。体现出来的宏观变量特征很可能是社融升，利率降，意味着国内市场没有大风险，但是盈利的下滑也意味着没有大机会。总体判断我们认为2022年国内市场以震荡为主。基于上述的判断，我们认为2022年自下而上选择细分行业龙头的策略是行之有效的，特别关注政府支出受益的方向，回避地产产业链下行受损的方向。和前两年相比，2022年大的产业趋势上少了很多。新能源汽车产业链已经过了最黄金的时期，各个环节产能的瓶颈逐渐被打开，竞争加剧，需求增速边际的下降，需要自下而上选择竞争格局足够好、壁垒足够深厚的公司进行投资。半导体产业链在经历了2021年产品缺货导致的价格上涨后，出现了库存的积压，2022年将面对持续的去库存和芯片代工成本的持续抬升，盈利能力将面临重大考验。但是，我们也看到了一些细分领域有向好的迹象。比如高端手机产业链，随着海外复产复工，关键零组件缺货得到环节，苹果产业链体现出强劲的恢复。随着折叠屏手机单价从1万元人民币下探到7000元人民币附近，销量开始爆发式增长。物联网应用在各个领域开花结果，智能网联汽车、智慧家庭、智慧工业等，都离不开物联网的软硬件基础设施，相关需求保持高速增长的态势。监管部门对中药行业的鼓励政策，在2021年年底密集发布，给行业在十四五期间的高质量发展奠定了基础。综上所述，本基金认为2022年虽然外围形势不利，但是国内的政策面向好，市场整体风险不大，是自下而上选股大有可为的一年。本基金将重点关注消费电子、物联网、传媒行业，以及政策自上而下鼓励的方向进行投资。希望在新的一年里不辜负持有人的期许，为持有人创造满意的回报。","fund":{"_id":3000000009863,"__csrcFundId":7899,"stockCode":"009863","name":"富国创新趋势股票型证券投资基金","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":9863,"masterFundFlag":1,"inceptionDate":"2020-07-26T16:00:00.000Z","fundStatus":"normal","lastUpdated":"2026-04-30T22:01:53.249Z","status":"normal","exchange":"jj","shortName":"富国创新趋势股票(009863)","followedNum":78,"fundCollectionId":4000050100000,"currency":"CNY","masterFundShortName":"富国创新趋势股票","setUpDate":"2020-07-26T16:00:00.000Z","setUpAssetScale":16308897381.95,"setUpShares":16308897381.95,"pinyin":"fgcxqsgpxzqtzjj","managers":[{"stockCode":"8801380725","stockType":"fund_manager","exchange":"fm","tickerId":310130100,"name":"曹晋"}]},"announcement":{"linkText":"富国创新趋势股票型证券投资基金二0二一年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=716521","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd147fea5b3eb04d3a11","date":"2021-09-29T16:00:00.000Z","stockId":3000000009863,"sao":"从中观的维度来看，目前我国经济面临的下行压力变大。随着海外疫情复苏产业链恢复，我国出口增速持续下滑。大众消费受到经济下滑压力的影响，需求持续走弱。投资端已经下滑有段时间，目前看不到大幅提升的迹象。中游制造业普便面临成本上涨的压力，利润率下行压力较大。21年下半年以及进入22年，市场的盈利能力大概率持续下滑。面临上述较大的经济增长压力，政策边际变化已经出现。比如针对小微企业的贷款、支持房地产合理的消费需求、地方政府债发行的提速等，宽信用的动力较强。货币政策方面仍然维稳。四季度的宏观组合可能是预期的宽信用和利率提升，明年可能见到社融的回升和利率下降。考虑到上述可能的宏观组合，以及盈利下行的风险，接下来应当关注逆经济周期的行业。如果从盈利的角度看，高端消费、医药、半导体、新能源、通信、传媒均有逆周期的属性，银行地产具备拐点的特征，再考虑性价比和投资范围的约束，对上述行业进行选择性投资。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:37:24.708Z","fund":{"_id":3000000009863,"__csrcFundId":7899,"stockCode":"009863","name":"富国创新趋势股票型证券投资基金","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":9863,"masterFundFlag":1,"inceptionDate":"2020-07-26T16:00:00.000Z","fundStatus":"normal","lastUpdated":"2026-04-30T22:01:53.249Z","status":"normal","exchange":"jj","shortName":"富国创新趋势股票(009863)","followedNum":78,"fundCollectionId":4000050100000,"currency":"CNY","masterFundShortName":"富国创新趋势股票","setUpDate":"2020-07-26T16:00:00.000Z","setUpAssetScale":16308897381.95,"setUpShares":16308897381.95,"pinyin":"fgcxqsgpxzqtzjj","managers":[{"stockCode":"8801380725","stockType":"fund_manager","exchange":"fm","tickerId":310130100,"name":"曹晋"}]},"announcement":{"linkText":"富国创新趋势股票型证券投资基金二0二一年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=659085","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd147fea5b3eb04d3a10","date":"2021-06-29T16:00:00.000Z","stockId":3000000009863,"sao":"本基金主要的投资范围包括各个战略新兴产业，以及在传统行业中采用新型科技技术提升效率的行业或者公司，港股通，都是本基金的投资范围。同时兼顾行业周期属性，进行一些中短期的景气投资。如果从风格来讲，基本上在成长风格中进行选股，较少的参与价值风格投资。从中观的维度来看，我国经济增长潜在增长率已经稳定，新经济崛起、传统经济稳定会成为十四五期间的常态。从产业发展阶段的角度来看，处于成长期的行业有新能源汽车、半导体、医药研发服务、新消费，处于成熟期的行业有电子、定制家具、家电等。行业在成熟期我们更加关注行业龙头的集中度提升，追求稳定的收益。在成长期我们关注成长空间，选择空间大的公司进行投资。成熟期的龙头表现相对稳定，而成长期由于容易受到外部因素的影响往往波动较大，在投资的时候我们兼顾不同产业周期位置的行业特征，选择风格不同的标的进行投资。二季度本基金主要投资领域集中在电子、新能源汽车产业链。电子行业属于成熟期的行业，但是存在较多的国产化替代的投资机会。国产化的机遇得益于美国对我国科技领域的封锁，特别是在半导体领域，倒逼了相关产业链加紧了关键技术的突破和国产化替代。新能源汽车的增长来自于消费者消费性需求的崛起，叠加海内外的新能源补贴政策，让行业从20年开始出现爆发式的增长。美国政府也提出了新一轮的新能源汽车提振计划，为行业明年的高增长带来更多的确定性。","declarationDate":"2021-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:37:24.706Z","mo":"科技领域的创新层出不穷，科技股的投资也伴随着创新的周期。当下的创新集中在半导体领域。我们看到在半导体设计、生产制造、设备、耗材领域，大量的企业在进行快速的研发，积极地进行国产化替代，补短板、增实力，避免在关键技术环节被卡脖子。随着技术难点逐渐被攻克，我国企业在半导体制造、设备、耗材的市场份额快速增长。同时，有了自己的产业链之后，设计出的芯片也能够在世界舞台上与外资进行竞争，提高市场占有率。本基金认为这样的趋势仍然在持续，并且会贯穿整个十四五。另一个产业将从培育期进入到成长期，那就是新型显示。目前在显示领域，主流的技术路径是LCD液晶显示和OLED有机发光材料显示。前者的优势是成本低，但显示效果并不惊艳。后者的优势是效果好但成本居高不下。目前miniLED背光技术能够大幅度提升前者的显示效果，成本又低于后者，并且随着技术的迭代，成本会持续、快速的降低。MiniLED技术如果再次演进到microLED，则能够取代液晶达到直接显示的效果，那将是更大的一次飞跃。固然目前有众多的技术难点并未被攻克，但随着三星电视、苹果的iPad、华为智慧屏等纷纷发布搭载miniLED背光的产品出来，本基金认为新一轮的创新已经开始，大规模产业化或将在2022年到来。","fund":{"_id":3000000009863,"__csrcFundId":7899,"stockCode":"009863","name":"富国创新趋势股票型证券投资基金","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":9863,"masterFundFlag":1,"inceptionDate":"2020-07-26T16:00:00.000Z","fundStatus":"normal","lastUpdated":"2026-04-30T22:01:53.249Z","status":"normal","exchange":"jj","shortName":"富国创新趋势股票(009863)","followedNum":78,"fundCollectionId":4000050100000,"currency":"CNY","masterFundShortName":"富国创新趋势股票","setUpDate":"2020-07-26T16:00:00.000Z","setUpAssetScale":16308897381.95,"setUpShares":16308897381.95,"pinyin":"fgcxqsgpxzqtzjj","managers":[{"stockCode":"8801380725","stockType":"fund_manager","exchange":"fm","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