进入晨星小程序，轻松掌握更多基金信息！ | 富国中国中⼩盘混合（QDII） | | | | --- | --- | --- | | | 基金代码： | 100061 | | | 基金类型： | QDII大中华区股债混合 | | | 基准指数： | MSCI金龙 | | 成立日期： | 2012-09-04 | | --- | --- | | 基金规模（亿元）： | 38.85 | | 基金规模日期： | 2025-09-30 | | 晨星三年评级： | | | 晨星五年评级： | | | 基金经理： | 张峰 | | 基金公司： | 富国基金管理有限公司 | | 股票投资风格箱： | | 风险提示：相比以大盘和超大盘股为主的晨星中国股票指数和同类平均而言，该基金具备明显的中小盘偏 向，在大盘股主导的行情中存在跑输指数及同类平均的潜在风险。 基金经理张峰先生拥有24年证券从业经验，其中港股投资管理经验为13年，具备深厚的行业积淀。 相比管 理QDII大中华股票基金和QDII大中华混合基金的其他基金经理，张峰先生拥有更为丰富的港股投资和研究 经验。他在 2001 年至 2009 年期间，曾于摩根、里昂等海外卖方机 ...

Core Viewpoint - The Hong Kong stock market, particularly the Hang Seng Technology Index, has experienced a significant correction of 16% from 6715 points to 5395 points since October, influenced by multiple internal and external factors [1][2]. External Factors - The Federal Reserve's hawkish stance during the October FOMC meeting has led to a substantial adjustment in market expectations for a rate cut in December [2]. - The U.S. Treasury's debt issuance has reduced excess liquidity in the banking system, widening the spread between overnight financing rates and the Fed's reserve rates, contributing to tighter dollar liquidity and a stronger dollar, which negatively impacts the Hong Kong stock market [2]. Internal Factors - Prior to the correction, some growth stocks had reached high valuations due to favorable conditions, but the lack of unexpected policy stimulus has led to a "narrative vacuum," making the market more susceptible to external negative shocks [2]. - Compared to A-shares, Hong Kong tech stocks are more focused on sectors like semiconductors, new energy, and AI, with their valuations being supported by performance verification. In contrast, Hong Kong's internet giants are transitioning from a consumption-based valuation to a technology-based one, indicating a gradual pricing process for their AI application assets [2]. Market Behavior - Interestingly, despite the market downturn, the shares of Hong Kong-related ETFs have increased, indicating a "buy the dip" mentality among investors. As of November 21, the top 10 ETFs with the most significant share growth since October included six Hong Kong-related ETFs, with a total increase of 776 million shares [3]. - Recent comments from Federal Reserve officials have renewed expectations for a December rate cut, and a notable performance from a Hong Kong tech leader's AI application has catalyzed a rebound in tech stocks [3]. Investment Opportunities - After the correction, the Hong Kong market shows signs of value for allocation, but the rebound dynamics and driving logic vary across different sectors. For ordinary investors, navigating this market requires in-depth research on various sectors and understanding complex internal and external factors [3]. - Engaging with experienced active funds may provide a more convenient way for individual investors to participate in the Hong Kong market, allowing professionals to manage the complexities [3]. Fund Performance - As of October 31, several funds managed by the company rank highly in their categories, including the Fu Guo Blue Chip Select Fund and the Fu Guo China Small Cap Mixed Fund, which have achieved top rankings in their respective categories over one and five years [4][5].

Group 1 - The A-share market has shown strong performance since July, significantly outperforming the Hong Kong stock market, which has been experiencing high-level fluctuations [1] - As of September 9, southbound capital has achieved a net inflow for eight consecutive trading days, with a cumulative net purchase exceeding 1 trillion Hong Kong dollars this year, reaching 10,389.94 billion Hong Kong dollars, setting a new annual record [1] - There is a noticeable divergence in ETF fund flows, with broad-based A-share ETFs experiencing a net outflow of 203.8 billion yuan since July, while industry and thematic ETFs recorded a net inflow of 114.2 billion yuan [1] Group 2 - The attractiveness of Hong Kong thematic ETFs has surpassed that of A-share related ETFs, with the Hong Kong Internet ETF (159792) seeing a significant increase in shares from 31.734 billion to 83.002 billion, a growth of 512.68 million shares [2] - Active equity funds have continuously increased their positions in Hong Kong stocks for six consecutive quarters, with the latest allocation reaching a historical high of 20.0% [2] - The market's liquidity support and potential valuation uplift for quality assets are influenced by the Federal Reserve's monetary policy shift, particularly following signals of interest rate cuts from Chairman Powell [2] Group 3 - The 富国蓝筹精选股票 (QDII) fund has performed exceptionally well, ranking first in its category over the past five years, focusing on Hong Kong and US stocks while maintaining a low A-share holding [3] - The 富国沪港深业绩驱动混合 fund has also gained market attention, ranking first in its category over the past five years, emphasizing a combination of quality growth and high-dividend stocks [3] - The market is expected to continue exhibiting bullish characteristics, with a trend of capital inflow into the Hong Kong stock market likely to persist [3] Group 4 - The 富国中国中小盘混合 (QDII) fund manager anticipates a volatile upward trend in the market for the second half of the year, influenced by US-China trade relations and stabilization of the Chinese economy [4] - Despite external risks, the market liquidity remains ample, and Hong Kong stock valuations are considered reasonably low, presenting investment opportunities in quality stocks [4]

Core Viewpoint - The A-share market has outperformed the Hong Kong stock market since July, but recent days have seen a broad rally in Hong Kong stocks, with some individual stocks reaching new highs for the year [3][4]. Group 1: Market Performance - Since July, A-shares have consistently outperformed Hong Kong stocks, which have shown high-level fluctuations [3]. - Recent trading days have seen a resurgence in Hong Kong stocks, with broad gains and some stocks hitting annual highs [3]. Group 2: Fund Flows - Despite the underperformance of Hong Kong stocks, capital flows have remained strong, with southbound funds net buying Hong Kong stocks for eight consecutive trading days, totaling over 1 trillion HKD for the year [4]. - From July onwards, A-share broad-based ETFs have seen a net outflow of 203.8 billion CNY, while industry and thematic ETFs have seen a net inflow of 114.2 billion CNY, and Hong Kong-related ETFs have attracted 143.1 billion CNY [4]. Group 3: Investment Strategies - The shift in capital flows indicates a trend of institutional investors reducing their A-share ETF holdings while increasing their positions in Hong Kong ETFs, reflecting a "reduce A, increase Hong Kong" strategy [4]. - The Hong Kong Internet ETF has seen significant growth, with its shares increasing from 317.34 billion to 830.02 billion since the beginning of the year, a rise of 512.68 billion [4][5]. Group 4: Economic Influences - A key driver for the increased investment in Hong Kong stocks is the shift in U.S. Federal Reserve monetary policy, with expectations of interest rate cuts following signals from the Jackson Hole meeting and disappointing non-farm payroll data [6]. - This shift is expected to enhance liquidity in the Hong Kong market and improve the valuation levels of quality assets in sectors like technology and pharmaceuticals [6]. Group 5: Fund Performance - The 富国蓝筹精选股票 (QDII) fund has focused on Hong Kong and U.S. stocks, maintaining a low A-share allocation, and has adopted a barbell strategy of quality growth stocks and high-dividend stocks [10]. - The fund has seen a significant increase in its growth stock allocation since last year, particularly in sectors like innovative pharmaceuticals and new consumption [10].