window.pageData = {"stock":{"_id":3000000000893,"stockCode":"000893","stockType":"fund","areaCode":"cn","followedNum":91,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2014-11-23T16:00:00.000Z","setUpScale":6715290000,"market":"a","tickerId":893,"custody":"中国农业银行股份有限公司","name":"工银瑞信创新动力股票型证券投资基金","shortName":"工银创新动力股票","fundSecondLevel":"company","fundStatus":"normal","masterFundFlag":1,"inceptionDate":"2014-12-10T16:00:00.000Z","fundCollectionId":4000050470000,"currency":"CNY","masterFundShortName":"工银创新动力股票","memoNum":8,"pinyin":"gyrxcxdlgpxzqtzjj","fundCollection":{"exchange":"jjgs","stockType":"fund_collection","stockCode":"50470000","tickerId":50470000,"name":"工银瑞信基金管理有限公司"},"managers":[{"name":"杨鑫鑫","stockType":"fund_manager","stockCode":"8801376631","exchange":"fm","tickerId":252424130110}],"hotMetrics":{"fss":{"stockId":3000000000893,"type":"fss","f_s_s_d":"2024-06-29T16:00:00.000Z","f_ins_h_s_r":0.272,"f_ins_h_s_r_c_hy":-0.13989999999999997,"f_ins_h_s_r_c_1y":-0.3559,"f_ind_h_s_r":0.728,"f_ind_h_s_r_c_hy":0.1398999999999999,"f_ind_h_s_r_c_1y":0.3559,"f_h_a":190729,"f_h_s_a":16195,"last_data_date":"2025-12-30T16:00:00.000Z"},"fpr":{"stockId":3000000000893,"type":"fpr","f_p_r_fys_ssc":5568,"f_p_r_fys_ssrp":0.7973774025507455,"f_p_r_m1_ssc":5733,"f_p_r_m1_ssrp":0.9200976971388695,"f_p_r_m3_ssc":5593,"f_p_r_m3_ssrp":0.672925608011445,"f_p_r_m6_ssc":5271,"f_p_r_m6_ssrp":0.7641366223908919,"f_p_r_y1_ssc":4505,"f_p_r_y1_ssrp":0.7817495559502664,"f_p_r_y2_ssc":3445,"f_p_r_y2_ssrp":0.8463995354239257,"f_p_r_y3_ssc":2841,"f_p_r_y3_ssrp":0.6626760563380282,"f_p_r_y5_ssc":1733,"f_p_r_y5_ssrp":0.20265588914549654,"f_p_r_y10_ssc":517,"f_p_r_y10_ssrp":0.8701550387596899,"f_cagr_p_r_fs_ssc":5786,"f_cagr_p_r_fs_ssrp":0.7764909248055315},"fp":{"stockId":3000000000893,"type":"fp","f_p_r_fys":-0.004705882352941004,"f_p_r_m1":-0.037907505686126,"f_p_r_m3":-0.01856148491879339,"f_p_r_m6":0.005546751188589605,"f_p_r_y1":0.14530685920577646,"f_p_r_y3":0.16528925619834745,"f_p_r_y5":0.4355203619909507,"f_cagr_p_r_fs":0.021211181639810173,"f_p_r_d1":0.0017590149516271136,"f_p_r_y2":0.18376865671641873,"f_p_r_y10":0.30287474332648556,"last_data_date":"2026-04-16T16:00:00.000Z"},"ff":{"stockId":3000000000893,"type":"ff","f_m_f":34149308,"f_m_f_r":0.012,"f_c_f":5691551,"f_c_f_r":0.002,"f_m_a_c_f":39840859,"f_m_a_c_f_r":0.014,"f_m_c_f_d":"2024-06-29T16:00:00.000Z","f_c_fr":0.002,"f_fr_d":"2025-12-30T16:00:00.000Z","f_m_fr":0.012,"f_mac_fr":0.014},"f_nlacan":{"stockId":3000000000893,"type":"f_nlacan","f_nv_d":"2026-04-16T16:00:00.000Z","f_nv":1.269,"f_nv_cr":-0.007818608287724849},"f_as":{"stockId":3000000000893,"type":"f_as","f_tas":1832539350.3749998,"f_tas_d":"2025-12-30T16:00:00.000Z"}},"masterSlaveFunds":[],"shareholdings":[{"date":"2025-12-30T16:00:00.000Z","fundId":3000000000893,"stockId":725,"holdings":21990000,"marketCap":92577900,"netValueRatio":0.0505,"declarationDate":"2026-01-21T16:00:00.000Z","quarterlyChange":0.012019230769231726,"stock":{"stockCode":"000725","exchange":"sz","stockType":"company","tickerId":725,"name":"京东方A"}},{"date":"2025-12-30T16:00:00.000Z","fundId":3000000000893,"stockId":778,"holdings":20100000,"marketCap":84018000,"netValueRatio":0.0458,"declarationDate":"2026-01-21T16:00:00.000Z","quarterlyChange":0.08571428571428541,"stock":{"stockCode":"000778","exchange":"sz","stockType":"company","tickerId":778,"name":"新兴铸管"}},{"date":"2025-12-30T16:00:00.000Z","fundId":3000000000893,"stockId":601607,"holdings":4170000,"marketCap":74476200,"netValueRatio":0.0406,"declarationDate":"2026-01-21T16:00:00.000Z","quarterlyChange":-0.0050139275766017954,"stock":{"stockCode":"601607","exchange":"sh","stockType":"company","tickerId":601607,"name":"上海医药"}},{"date":"2025-12-30T16:00:00.000Z","fundId":3000000000893,"stockId":601966,"holdings":4980000,"marketCap":72359400,"netValueRatio":0.0395,"declarationDate":"2026-01-21T16:00:00.000Z","quarterlyChange":-0.041732768155310795,"stock":{"stockCode":"601966","exchange":"sh","stockType":"company","tickerId":601966,"name":"玲珑轮胎"}},{"date":"2025-12-30T16:00:00.000Z","fundId":3000000000893,"stockId":601952,"holdings":7680000,"marketCap":70041600,"netValueRatio":0.0382,"declarationDate":"2026-01-21T16:00:00.000Z","quarterlyChange":-0.02151249829877988,"stock":{"stockCode":"601952","exchange":"sh","stockType":"company","tickerId":601952,"name":"苏垦农发"}},{"date":"2025-12-30T16:00:00.000Z","fundId":3000000000893,"stockId":688187,"holdings":1320000,"marketCap":67702800,"netValueRatio":0.0369,"declarationDate":"2026-01-21T16:00:00.000Z","quarterlyChange":-0.01770113183019173,"stock":{"stockCode":"688187","tickerId":688187,"exchange":"sh","stockType":"company","name":"时代电气"}},{"date":"2025-12-30T16:00:00.000Z","fundId":3000000000893,"stockId":600028,"holdings":9840000,"marketCap":60811200,"netValueRatio":0.0332,"declarationDate":"2026-01-21T16:00:00.000Z","quarterlyChange":0.16824196597353458,"stock":{"stockCode":"600028","exchange":"sh","stockType":"company","tickerId":600028,"name":"中国石化"}},{"date":"2025-12-30T16:00:00.000Z","fundId":3000000000893,"stockId":895,"holdings":2190000,"marketCap":57969300,"netValueRatio":0.0316,"declarationDate":"2026-01-21T16:00:00.000Z","quarterlyChange":0.0699272433306386,"stock":{"stockCode":"000895","exchange":"sz","stockType":"company","tickerId":895,"name":"双汇发展"}},{"date":"2025-12-30T16:00:00.000Z","fundId":3000000000893,"stockId":601658,"holdings":10530000,"marketCap":57388500,"netValueRatio":0.0313,"declarationDate":"2026-01-21T16:00:00.000Z","quarterlyChange":-0.052173913043477294,"stock":{"stockCode":"601658","tickerId":601658,"exchange":"sh","stockType":"company","name":"邮储银行"}},{"date":"2025-12-30T16:00:00.000Z","fundId":3000000000893,"stockId":600820,"holdings":8790000,"marketCap":57047100,"netValueRatio":0.0311,"declarationDate":"2026-01-21T16:00:00.000Z","quarterlyChange":0.025651785714285058,"stock":{"stockCode":"600820","exchange":"sh","stockType":"company","tickerId":600820,"name":"隧道股份"}}],"lastFsMetrics":{"latestTurnoverRate":1.3605032489424096,"latestTurnoverRateDate":"2025-12-30T16:00:00.000Z"}},"list":[{"_id":"69cd12c25c96f51c69ab888d","date":"2025-12-30T16:00:00.000Z","declarationDate":"2026-03-30T16:00:00.000Z","stockId":3000000000893,"sao":"海外经济方面，美国货币政策进入降息周期，2025年三次降息分别发生在9月、10月和12月，每次幅度均为25个基点，符合市场预期。考虑到美国就业市场仍然承压、通胀短期压力可控，美联储进一步宽松仍可期待，有助于全球经济温和修复。　　2025年国内经济呈现“前高后稳”的态势，回顾全年，一季度经济实现良好开局，上半年国内生产总值同比增长5.3%，尽管三、四季度增速因国内外复杂环境而有所放缓，但仍实现全年增长目标。外需方面，虽受关税政策扰动，但出口韧性较强。内需方面，“以旧换新”政策带动耐用消费品零售增长，制造业投资增速承压，但新兴产业增长强劲。　　受全球流动性宽松、AI产业趋势发展和国内经济结构转型等因素推动，2025年A股宽基指数普涨，成长风格占优。一级行业方面，涨幅前三的申万一级行业为有色金属、通信、电子。2025年本基金未能获取超额收益，表现落后基准。期间仓位保持在略高于基准的水平。行业配置层面，综合考虑到当前宏观行业基本面以及估值水平，组合主要超配农林牧渔、机械、建筑，低配非银、通信、银行。期间增持行业主要包括机械、石油石化、煤炭，减持行业包括食品饮料、基础化工、计算机。对组合正面贡献较大的行业为建材、机械、非银，建材、机械来源于超配，非银来源于低配；负面拖累的行业主要是有色、通信、基础化工，其中有色和通信都是低配导致，基础化工是超配导致。","lastUpdated":"2026-04-01T12:42:42.821Z","mo":"海外增长方面，随着金融条件的逐渐宽松和财政刺激政策的落地，预计美国经济增长动能将逐渐修复。国内方面，预计2026年国内实际经济增长相对平稳，宏观政策在保持力度的同时更注重提质增效，经济增长的质量将有所提升，名义GDP增速有望企稳并略回升。整体而言，国内外积极货币政策和宽松流动性环境未变。无风险利率维持低位、居民资产再配置需求仍存的背景下，叠加盈利周期的逐步回升，仍然看好A股市场走势。但考虑到市场估值已经处在相对高位，海外流动性宽松预期较为充分，国内政策更加注重提质增效，预计市场波动也将有所加大。全年来看，市场的机会是多元的。一是看好人工智能发展驱动下的新兴产业机会，2026年机会将会进一步扩散；二是看好供需改善的部分顺周期产业机会，市场自发出清和“反内卷”政策使得部分行业供给端在逐渐出清，需求端有望逐渐实现平稳，带动行业盈利重新进入上行通道。尽管过去经济环境与市场条件发生了一系列较为特殊的变化，组合投资仍将立足于基本面与估值，努力实现超额收益。机会选择层面，下一阶段的关注点继续聚焦在内需投资及消费层面，主要原因包括：首先，国内经济结构正在经历从外需导向到内外需并重的深刻转型，这一转型将给企业经营环境带来较为长远的影响；其次，当前国内的内需水平长期看具备较大提升空间，短期地产周期的抑制也有望缓解；最后，内需资产的估值水平横向看具备一定的投资吸引力。","fund":{"_id":3000000000893,"stockCode":"000893","stockType":"fund","areaCode":"cn","followedNum":91,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2014-11-23T16:00:00.000Z","setUpScale":6715290000,"market":"a","tickerId":893,"custody":"中国农业银行股份有限公司","name":"工银瑞信创新动力股票型证券投资基金","shortName":"工银创新动力股票","fundSecondLevel":"company","__csrcFundId":2360,"fundStatus":"normal","lastUpdated":"2024-05-16T10:28:47.982Z","masterFundFlag":1,"inceptionDate":"2014-12-10T16:00:00.000Z","fundCollectionId":4000050470000,"currency":"CNY","masterFundShortName":"工银创新动力股票","memoNum":8,"pinyin":"gyrxcxdlgpxzqtzjj","managers":[{"stockCode":"8801376631","stockType":"fund_manager","exchange":"fm","tickerId":252424130110,"name":"杨鑫鑫"}]},"announcement":{"linkText":"工银瑞信创新动力股票型证券投资基金2025年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1458702","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec287d4369c9c836dd19c","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-27T16:00:00.000Z","stockId":3000000000893,"sao":"2025年3季度，美联储货币政策重回宽松预期、主要国家财政政策延续发力、贸易摩擦烈度逐渐收窄背景下，全球主要权益市场均录得上涨。国内经济增长动能较上半年走弱但下行幅度有限。需求端来看，出口维持韧性，投资、消费增速放缓。生产端来看，与地产、基建相关的传统行业延续疲弱，人工智能、新能源等相关新兴产业维持高速增长，政策对宏观经济和市场仍然形成正面支撑。广谱利率持续下行背景下，资金对权益市场的配置需求增加。在此背景下，A股市场主要宽基指数涨幅均超过10%，其中创业板指涨幅较大。从风格上看，市场延续成长优于价值格局。分行业看，通讯、电子、电力设备新能源涨幅靠前，银行、交运、公用事业等排名靠后。三季度组合仓位保持在略高于基准的水平，净值表现落后基准相对较多，主要的拖累来自个股选择效应。行业层面，组合配置中对电子、通信的低配带来较大的负面拖累，对农林牧渔的超配也带来一定负面拖累；对银行的低配正面贡献较大，对建材、机械的超配也有一定正面贡献。操作层面，综合考虑基本面变化以及估值性价比，主要增持了机械、电子、石油石化，主要减持行业包括医药、食品饮料与建材。　　展望下一阶段，国内经济结构向内需转型的过程受到周期性因素的影响，短期仍有一定压力，但考虑到本轮周期的调整幅度已经较深以及多种提振需求政策的共同作用，国内需求的中期前景值得积极看待。组合投资层面，保持在相对均衡的行业配置基础上，更多关注内需领域的细分行业领先公司，努力做到在深入研究基础上前瞻性布局，力争使组合能够继续获得持续稳定的超额收益。","lastUpdated":"2026-03-09T12:52:23.580Z","fund":{"_id":3000000000893,"stockCode":"000893","stockType":"fund","areaCode":"cn","followedNum":91,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2014-11-23T16:00:00.000Z","setUpScale":6715290000,"market":"a","tickerId":893,"custody":"中国农业银行股份有限公司","name":"工银瑞信创新动力股票型证券投资基金","shortName":"工银创新动力股票","fundSecondLevel":"company","__csrcFundId":2360,"fundStatus":"normal","lastUpdated":"2024-05-16T10:28:47.982Z","masterFundFlag":1,"inceptionDate":"2014-12-10T16:00:00.000Z","fundCollectionId":4000050470000,"currency":"CNY","masterFundShortName":"工银创新动力股票","memoNum":8,"pinyin":"gyrxcxdlgpxzqtzjj","managers":[{"stockCode":"8801376631","stockType":"fund_manager","exchange":"fm","tickerId":252424130110,"name":"杨鑫鑫"}]},"announcement":{"linkText":"工银瑞信创新动力股票型证券投资基金2025年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1378344","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec287d4369c9c836dd19b","date":"2025-06-29T16:00:00.000Z","stockId":3000000000893,"sao":"2025年上半年海外市场受美国政府政策及地缘政治冲突影响，波动较大。一季度，美国增长和就业边际走弱叠加美国关税政策的扰动，市场对美国经济衰退风险担忧加大，避险情绪升温。二季度以来，随着美国关税政策缓和、财政法案的推进等利好因素推动，市场风险偏好有所修复，美股三大股指普涨。　　2025年上半年A股市场呈现区间震荡走势。国内稳增长政策发力和新兴产业发展的带动下，国内经济延续去年四季度以来的平稳修复态势。一季度，DeepSeek等科技突破提升微观主体信心和市场风险偏好，市场整体上行。二季度，美国关税对市场形成短暂冲击，但在稳增长、稳市场政策明确的背景下，A股市场整体呈现逐渐修复态势。风格上，上半年成长板块占优。分行业来看，上半年中信一级行业中有色金属、银行、传媒涨幅居前，煤炭、房地产、食品饮料等板块跌幅居前。上半年本基金未能获取超额收益，表现小幅落后基准，期间仓位保持在略高于基准的水平。行业配置层面，考虑到当前宏观经济及政策的状态以及相应行业的估值水平，组合主要超配建筑、医药、农林牧渔，低配非银、银行、电子。期间增持行业主要包括农林牧渔、医药、煤炭，减持行业包括食品饮料、基础化工、电子。对组合正面贡献较大的行业为电子、非银、计算机，负面拖累的行业主要是医药、银行、建筑，其中银行是低配导致，医药、建筑是超配导致。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T12:52:23.573Z","mo":"海外方面，主要经济体增长动能走弱但硬着陆风险较低。美国就业压力逐渐显现将促使美联储大概率重启降息。国内方面，外需走弱和政策脉冲趋缓对经济增长形成一定下行压力，但考虑到我国出口竞争优势，房地产调整对经济的影响程度或将降低，经济结构转型下新兴产业发展动能仍强，预计下半年经济增长呈现温和放缓态势。政策稳增长、稳市场方向明确，将进一步推动支持经济结构转型升级。短期市场对当前宏观经济状态定价较为充分，往后看经济增长短期存在一定的下行压力，但倾向于认为下行幅度和持续时间有限，同时考虑到市场流动性维持宽松，政策对经济和市场的支持，预计市场维持震荡格局，存在结构性机会。中期来看，A股盈利增速正在接近底部，未来盈利回升或将进一步推动上行。配置上，一是在广谱利率下行背景下，经营稳健、分红率高的红利资产仍具备配置性价比；二是以人工智能、创新药代表的新兴产业发展空间较大；三是中期维度，顺周期龙头资产也在逐渐走出盈利底部，赔率较高。关注海外政策不确定性可能对市场带来的冲击。组合投资层面，计划在均衡配置的基础上更多关注内需投资及消费，主要考虑到几个因素：首先，经历了持续多年的地产周期调整，相关产业链风险释放较为充分，具备了需求复苏与行业格局优化的机会；其次，外部环境的变化带动政策环境出现改变，拉动内需成为重要的政策和市场共识；最后，从性价比来看，市场中相关领域的投资标的吸引力客观上有所提升。执行层面，组合投资将努力通过增加对基本面的研判跟踪进一步优化行业结构和个股选择，力争实现稳定的超额收益。","fund":{"_id":3000000000893,"stockCode":"000893","stockType":"fund","areaCode":"cn","followedNum":91,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2014-11-23T16:00:00.000Z","setUpScale":6715290000,"market":"a","tickerId":893,"custody":"中国农业银行股份有限公司","name":"工银瑞信创新动力股票型证券投资基金","shortName":"工银创新动力股票","fundSecondLevel":"company","__csrcFundId":2360,"fundStatus":"normal","lastUpdated":"2024-05-16T10:28:47.982Z","masterFundFlag":1,"inceptionDate":"2014-12-10T16:00:00.000Z","fundCollectionId":4000050470000,"currency":"CNY","masterFundShortName":"工银创新动力股票","memoNum":8,"pinyin":"gyrxcxdlgpxzqtzjj","managers":[{"stockCode":"8801376631","stockType":"fund_manager","exchange":"fm","tickerId":252424130110,"name":"杨鑫鑫"}]},"announcement":{"linkText":"工银瑞信创新动力股票型证券投资基金2025年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1345548","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec287d4369c9c836dd19a","date":"2025-03-30T16:00:00.000Z","stockId":3000000000893,"sao":"2025年一季度，美国增长和就业呈现回落态势，叠加政策层面的扰动，市场对美国经济衰退风险担忧加大。在经济不确定性增强的背景下，美联储决策暂时进入观望阶段，美股震荡加剧，三大股指均下跌。　　2025年一季度，在国内稳增长政策发力和新兴产业发展的带动下，国内经济延续四季度以来的平稳修复态势。DeepSeek等科技突破提升微观主体信心和市场风险偏好。具体来看：外需方面，去年高基数叠加海外需求动能减弱，出口较2024年有所回落。内需方面，新兴产业发展和政府发力支持制造业投资、基建投资维持相对高位，房地产和消费维持平稳。　　2025年一季度，A股经历1月下跌调整后，春节以来科技板块引领A股估值继续修复。从市场风格看，一季度A股市场风格整体偏向成长，汽车、有色金属等行业涨幅居前。期间组合仓位保持在略高于基准的水平，净值表现小幅落后基准，主要的拖累来自个券选择效应。具体来看，组合配置中对建材、化工的超配有一定正面贡献，对银行、有色的低配带来了一定负面拖累，对医药、建筑的超配产生了主要的负面拖累。操作层面，综合考虑基本面变化以及估值性价比，小幅增持了食品饮料、医药及机械，主要减持行业包括电子、地产与计算机。　　展望下一阶段，考虑到新技术在研究与投资领域内的广泛采用，传统交易与配置方法创造超额收益的难度在增加。组合投资计划在立足现有结构的基础上进一步把重心放到行业与个股的基本面上来，通过前瞻性与独特性分析判断来提升个股投资成功率，通过持续进行组合优化与风险控制来努力实现超额收益。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T12:52:23.565Z","fund":{"_id":3000000000893,"stockCode":"000893","stockType":"fund","areaCode":"cn","followedNum":91,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2014-11-23T16:00:00.000Z","setUpScale":6715290000,"market":"a","tickerId":893,"custody":"中国农业银行股份有限公司","name":"工银瑞信创新动力股票型证券投资基金","shortName":"工银创新动力股票","fundSecondLevel":"company","__csrcFundId":2360,"fundStatus":"normal","lastUpdated":"2024-05-16T10:28:47.982Z","masterFundFlag":1,"inceptionDate":"2014-12-10T16:00:00.000Z","fundCollectionId":4000050470000,"currency":"CNY","masterFundShortName":"工银创新动力股票","memoNum":8,"pinyin":"gyrxcxdlgpxzqtzjj","managers":[{"stockCode":"8801376631","stockType":"fund_manager","exchange":"fm","tickerId":252424130110,"name":"杨鑫鑫"}]},"announcement":{"linkText":"工银瑞信创新动力股票型证券投资基金2025年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1278219","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec287d4369c9c836dd199","date":"2024-12-30T16:00:00.000Z","stockId":3000000000893,"sao":"2024年，欧美经济处于经济增长和通货膨胀均呈现回落态势，货币政策进入宽松周期。欧美连续降息后，四季度全球经济环比温和修复，主要经济体中除欧元区外均出现改善态势。　　2024年国内经济呈现“U型”走势。一季度GDP增速较高，二、三季度有所放缓，随着一揽子稳增长政策的接续发力，四季度以来增长动能逐渐企稳。外需方面，海外经济景气温和回落与补库存接近尾声，出口较2023年回落但韧性仍强。内需方面，“以旧换新”政策红利带动耐用消费品零售明显增长，宽松政策支持下房地产销售呈现企稳迹象，新兴产业发展带动制造业投资维持高位。　　2024年A股市场一波三折，一季度明显反弹、二三季度持续回调后，9月底以来大幅上涨，截至12月31日，上证综指、沪深300、中证500、创业板指年内均实现正收益。从市场风格看，全年A股市场风格整体偏向价值板块，银行、非银金融、家电等行业涨幅居前。　　过去一年本基金取得小幅超额收益。期间仓位保持在略高于基准的水平。行业配置层面，考虑到当前宏观经济及政策的状态以及相应行业的估值水平，组合主要超配化工、建筑、食品饮料，低配非银、银行、汽车。全年来看，主要增持行业包括食品饮料、化工、医药，减持行业包括石化、电力设备、钢铁。从归因分析来看，对组合正面贡献较大的行业为交运、食品饮料、电力设备，负面拖累的行业主要是地产、通信、银行，其中通信与银行是低配导致，地产是超配导致。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T12:52:23.558Z","mo":"海外经济方面，2025年海外经济增长动能或将进一步趋弱但韧性仍强。美国通胀可能存在上行风险，美联储降息大概率进入观察期。　　国内经济方面，2025年国内经济增长有望逐渐企稳。外需不确定性加大，扩内需成为稳增长的重要抓手。为对冲国内经济周期性下行压力及应对外需不确定性风险，预计政策将进一步扩大内需。财政政策、货币政策有望更加积极。在稳增长政策支持下，国内经济动能预计将持续恢复。　　2025年对外贸易表现和国内财政政策是影响市场的主要因素，预计市场呈现震荡格局，波动可能加大，存在结构性机会。国内政策方向将持续积极，经济数据维持平稳，对市场形成一定支撑；但海外环境不确定性仍大，可能对市场造成阶段性扰动。A股上市公司盈利能力已经历较长时间调整，部分行业产能、库存逐渐出清，需求端下行压力逐渐缓解，相关行业及板块存在投资机会。　　组合投资层面，计划在均衡配置的基础上更多关注消费领域，主要考虑到几个因素：首先，宏观环境开始向有利于居民消费的方向演变，过去几年持续抑制消费的因素逐步得到缓解；其次，政策环境也开始发生有利于居民消费的转变，这从近期释放的多种政策信号可以看出；最后，从性价比来看，市场中消费领域的投资标的吸引力有所提升。风险管理层面，仍然需要自下而上进行研判，努力承担有足够补偿的投资风险，并从整体上不断优化组合结构，争取获得超额收益。","fund":{"_id":3000000000893,"stockCode":"000893","stockType":"fund","areaCode":"cn","followedNum":91,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2014-11-23T16:00:00.000Z","setUpScale":6715290000,"market":"a","tickerId":893,"custody":"中国农业银行股份有限公司","name":"工银瑞信创新动力股票型证券投资基金","shortName":"工银创新动力股票","fundSecondLevel":"company","__csrcFundId":2360,"fundStatus":"normal","lastUpdated":"2024-05-16T10:28:47.982Z","masterFundFlag":1,"inceptionDate":"2014-12-10T16:00:00.000Z","fundCollectionId":4000050470000,"currency":"CNY","masterFundShortName":"工银创新动力股票","memoNum":8,"pinyin":"gyrxcxdlgpxzqtzjj","managers":[{"stockCode":"8801376631","stockType":"fund_manager","exchange":"fm","tickerId":252424130110,"name":"杨鑫鑫"}]},"announcement":{"linkText":"工银瑞信创新动力股票型证券投资基金2024年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1256614","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec287d4369c9c836dd198","date":"2024-09-29T16:00:00.000Z","stockId":3000000000893,"sao":"海外方面，三季度海外经济增长动能延续走弱，但韧性仍然较强，通胀压力缓解以及增长动能放缓背景下，海外流动性边际宽松。9月18日，美联储宣布降息50个基点，这是美联储2022年3月启动本轮紧缩周期以来首次降息。我们认为美国经济实现软着陆的概率较大，不过考虑到货币政策对经济的影响的滞后性，预计接下来3-6个月海外市场仍将在增长放缓与货币宽松交易之间波动切换。　　国内方面，三季度经济增长动能仍然偏弱，中采PMI指数处于荣枯线以下。9月26日中共中央政治局召开会议，分析研究当前经济形势，部署下一步经济工作，此次会议召开时间、对当前经济形势的判断、后续政策部署均超出市场预期。整体上看，政治局会议表态对市场信心修复有积极意义。伴随后续稳增长政策落地，经济有望逐渐企稳。　　市场方面，三季度A股先抑后扬，9月政治局会议后宽基指数快速反弹并创出年内新高。其中，创业板指和科创50在三季度领涨，沪深300涨幅也达到16.1%。分中信一级行业看，三季度非银金融、综合金融、房地产行业领涨，石油石化、煤炭、公用事业等行业表现靠后。风格层面看，三季度前期大盘价值风格相对占优，9月下旬后大盘成长转为占优。　　期间组合仓位保持在略高于基准的水平，净值表现小幅落后基准。组合配置中对电力、石化、银行的低配有正面贡献，对电子、建筑、电力设备的超配带来了负面拖累。操作层面，综合考虑基本面变化以及估值性价比，主要增持了非银金融、医药、轻工，减持行业主要包括机械、石化、电子。期末市场的大幅波动对行业配置调整带来了一定挑战。　　展望下一阶段，组合投资在保持流动性与结构均衡的前提下，继续致力于自下而上寻找机会。考虑到当前市场估值水平已有较大程度修复，组合需要更多寻找基本面上能有较好表现的投资标的。风险层面，在当前的市场条件下，流动性管理需要作为组合管理的重要考量因素。努力保持个股与组合的整体流动性，从基本面角度持续优化组合，力争实现持续稳定的超额收益。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T12:52:23.550Z","fund":{"_id":3000000000893,"stockCode":"000893","stockType":"fund","areaCode":"cn","followedNum":91,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2014-11-23T16:00:00.000Z","setUpScale":6715290000,"market":"a","tickerId":893,"custody":"中国农业银行股份有限公司","name":"工银瑞信创新动力股票型证券投资基金","shortName":"工银创新动力股票","fundSecondLevel":"company","__csrcFundId":2360,"fundStatus":"normal","lastUpdated":"2024-05-16T10:28:47.982Z","masterFundFlag":1,"inceptionDate":"2014-12-10T16:00:00.000Z","fundCollectionId":4000050470000,"currency":"CNY","masterFundShortName":"工银创新动力股票","memoNum":8,"pinyin":"gyrxcxdlgpxzqtzjj","managers":[{"stockCode":"8801376631","stockType":"fund_manager","exchange":"fm","tickerId":252424130110,"name":"杨鑫鑫"}]},"announcement":{"linkText":"工银瑞信创新动力股票型证券投资基金2024年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1179413","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec287d4369c9c836dd197","date":"2024-06-29T16:00:00.000Z","stockId":3000000000893,"sao":"上半年国内经济波澜不惊，出口与消费部门稳定增长，基建与地产投资相对疲弱。具体来看，受到外需偏强提振，出口延续了此前的增长态势，并带动制造部门进一步在海外扩张。消费内部存在分化，中高端消费受到财富效应下降拖累表现偏弱，大众消费则保持一定增长。由于地产需求恢复迟缓，相关投资始终处于比较低迷状态。政策层面，关注到对经济的支持措施在不断出台，资本市场则保持了较强的监管力度。　　本基金仓位保持在略高于基准的水平。行业配置层面，考虑到当前宏观经济及政策的状态以及相应行业的估值水平，组合主要超配建筑、机械、钢铁，低配银行、非银、汽车。基于自下而上选股，上半年主要增持了电子、机械、食品饮料；通过横向比较不同行业估值吸引力，减持了钢铁、交运、石化。上半年组合正面贡献较大的行业为电子、交运、非银，负面拖累的行业为地产、电力、银行，其中电力与银行是低配导致。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T12:52:23.541Z","mo":"展望下半年，预计宏观经济仍将呈现结构性分化的局面。外需短期看仍将维持一定的强度，对出口及海外布局较充分的制造业带来支撑。地产行业在持续政策扶持以及利率走低的背景下有望逐步走出低谷，相关产业链的复苏可能会稍微有些曲折。变量在于消费是否能有持续增长仍具备不确定性，此外，当前财政背景下基建投资的恢复也有一定难度。值得关注的积极因素在于，改革深化有机会提升市场活力，从而带动民间投资并提振消费者信心。　　组合投资层面，计划在均衡配置的基础上更多关注具备成长潜力的投资方向。首先，继续致力于寻找具备全球竞争力、能在国内外市场均获得领先地位的细分领域龙头，通常是制造业公司；其次，能够适应当前环境及未来趋势的消费医药龙头同样值得关注，内需市场在趋于稳定之后仍具备吸引力。此外，产业政策的演变在未来也可能带来新的投资机会，需要保持投资敏感度，努力通过更好的机会把握来实现持续的超额受益。","fund":{"_id":3000000000893,"stockCode":"000893","stockType":"fund","areaCode":"cn","followedNum":91,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2014-11-23T16:00:00.000Z","setUpScale":6715290000,"market":"a","tickerId":893,"custody":"中国农业银行股份有限公司","name":"工银瑞信创新动力股票型证券投资基金","shortName":"工银创新动力股票","fundSecondLevel":"company","__csrcFundId":2360,"fundStatus":"normal","lastUpdated":"2024-05-16T10:28:47.982Z","masterFundFlag":1,"inceptionDate":"2014-12-10T16:00:00.000Z","fundCollectionId":4000050470000,"currency":"CNY","masterFundShortName":"工银创新动力股票","memoNum":8,"pinyin":"gyrxcxdlgpxzqtzjj","managers":[{"stockCode":"8801376631","stockType":"fund_manager","exchange":"fm","tickerId":252424130110,"name":"杨鑫鑫"}]},"announcement":{"linkText":"工银瑞信创新动力股票型证券投资基金2024年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1148171","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec287d4369c9c836dd196","date":"2024-03-30T16:00:00.000Z","stockId":3000000000893,"sao":"一季度市场探底回升，期间沪深300上涨3.1%，创业板指下跌3.9%，成长表现弱于价值；上证50上涨3.8%，国证2000下跌8.8%，大盘个股表现显著领先。行业层面，银行、家电、上游资源表现较好。　　期间组合仓位保持在略高于基准的水平，净值表现小幅领先基准。组合配置中交运、建筑、轻工正面贡献较多，银行、有色低配以及对地产的配置带来了负面拖累。操作层面，综合考虑基本面变化以及估值性价比，主要增持了机械行业；减持了零售、非银，主要基于自下而上的个股判断。此外，基于均衡行业配置的考虑小幅减持了钢铁。　　一季度国内经济整体平稳，消费延续稳定增长，制造业景气水平3月份开始有所回升，拖累项房地产在多种政策扶持下也有小幅复苏态势，二手房交易活跃度开始提升。组合投资在保持流动性的前提下，通过相对均衡的行业风格配置控制风险，同时继续关注经济增长结构调整带来的机遇，寻找具备中长期成长机会的优质公司，持续优化组合结构，致力于实现可持续的超额收益。","declarationDate":"2024-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T12:52:23.530Z","fund":{"_id":3000000000893,"stockCode":"000893","stockType":"fund","areaCode":"cn","followedNum":91,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2014-11-23T16:00:00.000Z","setUpScale":6715290000,"market":"a","tickerId":893,"custody":"中国农业银行股份有限公司","name":"工银瑞信创新动力股票型证券投资基金","shortName":"工银创新动力股票","fundSecondLevel":"company","__csrcFundId":2360,"fundStatus":"normal","lastUpdated":"2024-05-16T10:28:47.982Z","masterFundFlag":1,"inceptionDate":"2014-12-10T16:00:00.000Z","fundCollectionId":4000050470000,"currency":"CNY","masterFundShortName":"工银创新动力股票","memoNum":8,"pinyin":"gyrxcxdlgpxzqtzjj","managers":[{"stockCode":"8801376631","stockType":"fund_manager","exchange":"fm","tickerId":252424130110,"name":"杨鑫鑫"}]},"announcement":{"linkText":"工银瑞信创新动力股票型证券投资基金2024年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1076537","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec287d4369c9c836dd195","date":"2023-12-30T16:00:00.000Z","stockId":3000000000893,"sao":"2023年国内经济企稳复苏。分结构来看，消费领域呈现出一定的分化，中高端受到资本品价格影响表现偏弱，大众消费相对平稳。投资领域基建略好于地产，制造业投资延续复苏态势。出口产业整体表现较好，外需仍是重要的增长来源。资本市场层面，权益市场略显低迷，泛科技类及红利类资产全年表现较好，投资品与中高端消费相关领域则表现偏弱。政策层面，从严监管表现为主基调，相关改革措施有利于推进市场成熟度进一步提升。　　本基金仓位保持在略高于基准的水平。行业配置层面，组合对建筑、钢铁保持超配，低配金融、电子、食品饮料，主要考虑到当前经济面的基本特征以及相应行业的估值水平。全年看主要增持了钢铁、农林牧渔、石油石化，考虑基本面因素以及保持组合持仓的流动性水平；主要减持了通信、汽车、计算机，主要基于自下而上个股的价值判断。从配置效果看，电力设备、建筑产生较大正贡献，负贡献主要来自地产。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T12:52:23.520Z","mo":"展望2024年，预计宏观经济有望经历波折后回升，经济结构实现改善。一方面，外部环境过去一年多来始终走在改善的通道中，尽管部分地缘问题带来了一些干扰，中长期趋势的主基调仍较为健康。另一方面，国内主要的拖累项来自地产，随着基数下降，地产销售与投资对经济的影响已经大幅减弱，自身在一定程度上也有望迎来复苏。回到投资层面，相比过去两年，不论是从基本面角度还是估值角度，都有较多领域可以更为积极去看待。　　组合投资层面，计划在均衡配置的基础上更多关注与经济相关性较高的领域。投资重点将关注以下两方面：首先，在稳增长政策落实过程中，可以从盈利或者资产质量层面得到实质性改善的行业优势公司；其次，在新兴科技成长领域中，具备核心竞争力、有望成为同行业中国内甚至国际领先的优质标的。此外，组合将继续致力于保持合理的流动性以及风险收益特征，通过合理的行业配置与标的选择来追求超额收益。","fund":{"_id":3000000000893,"stockCode":"000893","stockType":"fund","areaCode":"cn","followedNum":91,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2014-11-23T16:00:00.000Z","setUpScale":6715290000,"market":"a","tickerId":893,"custody":"中国农业银行股份有限公司","name":"工银瑞信创新动力股票型证券投资基金","shortName":"工银创新动力股票","fundSecondLevel":"company","__csrcFundId":2360,"fundStatus":"normal","lastUpdated":"2024-05-16T10:28:47.982Z","masterFundFlag":1,"inceptionDate":"2014-12-10T16:00:00.000Z","fundCollectionId":4000050470000,"currency":"CNY","masterFundShortName":"工银创新动力股票","memoNum":8,"pinyin":"gyrxcxdlgpxzqtzjj","managers":[{"stockCode":"8801376631","stockType":"fund_manager","exchange":"fm","tickerId":252424130110,"name":"杨鑫鑫"}]},"announcement":{"linkText":"工银瑞信创新动力股票型证券投资基金2023年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1054820","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec287d4369c9c836dd194","date":"2023-09-29T16:00:00.000Z","stockId":3000000000893,"sao":"三季度市场延续震荡下行，期间沪深300下跌3.98%，创业板指下跌9.53%，成长表现略弱于价值；上证50上涨0.60%，国证2000下跌6.66%，大盘个股表现领先。行业层面，上游资源及金融板块表现较好。　　期间组合仓位保持在略高于基准的水平，净值表现领先基准，主要来自组合配置的周期性行业取得一定的超额收益。操作层面，增持的方向包括石化、电子，前者基于中期基本面及性价比考虑，后者考虑基本面以及降低低配比例；减持军工、地产，均考虑到二者的行业前景具有较大不确定性。回顾来看，对上游资源的低配造成较大拖累，基于对中期需求走势判断，目前仍维持此前配置。　　三季度国内经济延续复苏态势，随着财政政策力度边际减弱，复苏动能仍较为平缓。地产部门需求在政策扶持下略有恢复，但力度不及预期，对投资部门也带来一定拖累。出口及消费表现较为稳定。组合投资继续立足个股层面：一方面继续寻找能够提供符合不断变化的市场需求的产品或服务的优质公司，在性价比合理的前提下买入持有；另一方面也关注潜在的经济回升机会，保持对部分周期龙头的适当配置，力争在风险可控的前提下实现组合的稳定超额收益。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T12:52:23.511Z","fund":{"_id":3000000000893,"stockCode":"000893","stockType":"fund","areaCode":"cn","followedNum":91,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2014-11-23T16:00:00.000Z","setUpScale":6715290000,"market":"a","tickerId":893,"custody":"中国农业银行股份有限公司","name":"工银瑞信创新动力股票型证券投资基金","shortName":"工银创新动力股票","fundSecondLevel":"company","__csrcFundId":2360,"fundStatus":"normal","lastUpdated":"2024-05-16T10:28:47.982Z","masterFundFlag":1,"inceptionDate":"2014-12-10T16:00:00.000Z","fundCollectionId":4000050470000,"currency":"CNY","masterFundShortName":"工银创新动力股票","memoNum":8,"pinyin":"gyrxcxdlgpxzqtzjj","managers":[{"stockCode":"8801376631","stockType":"fund_manager","exchange":"fm","tickerId":252424130110,"name":"杨鑫鑫"}]},"announcement":{"linkText":"工银瑞信创新动力股票型证券投资基金2023年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=993454","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec287d4369c9c836dd193","date":"2023-06-29T16:00:00.000Z","stockId":3000000000893,"sao":"上半年国内经济企稳复苏，二季度以来总需求略有转弱。分结构来看，消费领域在社会秩序恢复常态化的背景下，整体表现较为平稳，旅游餐饮持续景气。投资领域在一季度有显著反弹，但由于长效机制完全建立仍需时日，二季度环比逐步回落，中期看仍有回升机会。资本市场层面，权益市场呈现较强的结构分化特征，科技领域以及部分改革央企表现相对较好，周期领域受到盈利下滑影响表现落后。政策层面，核心依然围绕金融服务实体经济，一方面保持融资渠道畅通，另一方面加大了监管力度。　　本基金仓位保持在略高于基准的水平。行业配置层面，组合维持了对建筑、纺织的超配以及对食品饮料、电子、电力设备的低配，主要考虑到当前经济面的基本特征以及相应行业的估值水平。上半年主要增持了钢铁、农林牧渔、石油石化，部分基于自下而上选股，同时考虑到保持组合持仓的流动性水平；主要减持了计算机、通信、医药，主要原因是相应行业中持仓个股估值上升较多，投资吸引力显著下降。上半年在行业配置层面略有正面效应，不足的地方在于对科技行业的选股视野仍然存在局限性，需要努力改善。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T12:52:23.501Z","mo":"展望下半年，预计宏观经济从短期低谷期仍有望缓慢回升。一方面，外部环境半年来总体处于持续改善态势。来自海外的投资以及面向国际市场的出口均有望逐步回升；另一方面，国内需求尽管存在结构上的低迷，但总体仍处于稳步恢复的通道，随着下半年政策发力得到落实，投资需求也存在回升机会。回到投资层面来看，面临的情况有可能与上半年有所不同：流动性的被动宽松可能出现收敛，而企业盈利端的压力则有望得到缓解。需要更多密切关注企业基本面的积极变化，努力把握其中的投资机会。　　组合投资层面，计划在均衡配置的基础上更多关注与经济相关性较高的领域。投资重点主要包括两方面：首先值得长期关注的是具备全球竞争力、能在国内外市场均获得领先地位的细分领域龙头；其次，在稳增长政策落实过程中，可以从盈利或者资产质量层面得到实质性改善的行业领先公司。此外，投资上对于新兴科技领域以及稳定现金流品种也会保持关注，力图通过合理的行业配置与标的选择来实现持续稳定的超额收益。","fund":{"_id":3000000000893,"stockCode":"000893","stockType":"fund","areaCode":"cn","followedNum":91,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2014-11-23T16:00:00.000Z","setUpScale":6715290000,"market":"a","tickerId":893,"custody":"中国农业银行股份有限公司","name":"工银瑞信创新动力股票型证券投资基金","shortName":"工银创新动力股票","fundSecondLevel":"company","__csrcFundId":2360,"fundStatus":"normal","lastUpdated":"2024-05-16T10:28:47.982Z","masterFundFlag":1,"inceptionDate":"2014-12-10T16:00:00.000Z","fundCollectionId":4000050470000,"currency":"CNY","masterFundShortName":"工银创新动力股票","memoNum":8,"pinyin":"gyrxcxdlgpxzqtzjj","managers":[{"stockCode":"8801376631","stockType":"fund_manager","exchange":"fm","tickerId":252424130110,"name":"杨鑫鑫"}]},"announcement":{"linkText":"工银瑞信创新动力股票型证券投资基金2023年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=957144","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec287d4369c9c836dd192","date":"2023-03-30T16:00:00.000Z","stockId":3000000000893,"sao":"一季度市场震荡上行，期间沪深300上涨4.63%，创业板指上涨2.25%，成长与价值相对均衡；上涨50上涨1.01%，国证2000上涨9.89%，小盘个股表现显著领先。行业层面，TMT板块表现较为突出。　　期间组合仓位保持在略高于基准的水平，净值表现领先基准，主要来自组合中超配较多的建筑、传媒、通信取得一定超额收益。操作上，一季度组合在行业配置层面进行了小幅调整，小幅增持了地产、石化，在考虑性价比的基础上适当提升组合的流动性水平；整体上减持了TMT板块，主要关注到持仓标的估值水平有大幅度上升。回顾来看，一季度组合在TMT细分行业选股及交易层面仍然存在较大改善空间。　　一季度国内经济逐步从低谷复苏，稳增长系列措施逐步见到成效，消费领域积压的需求开始得到释放，出口需求目前看短期存在一定不确定性，中长期看预计仍有望维持向好态势。组合投资继续着重于个股层面，一方面关注行业格局向好、治理结构改善等呈现积极变化趋势的行业领先公司，另一方面也努力寻找处于成长早期，自身能力不断提升同时产品适应市场需求变化的中小型公司。组合在保持流动性的基础上力争获得持续稳定的超额收益。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T12:52:23.491Z","fund":{"_id":3000000000893,"stockCode":"000893","stockType":"fund","areaCode":"cn","followedNum":91,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2014-11-23T16:00:00.000Z","setUpScale":6715290000,"market":"a","tickerId":893,"custody":"中国农业银行股份有限公司","name":"工银瑞信创新动力股票型证券投资基金","shortName":"工银创新动力股票","fundSecondLevel":"company","__csrcFundId":2360,"fundStatus":"normal","lastUpdated":"2024-05-16T10:28:47.982Z","masterFundFlag":1,"inceptionDate":"2014-12-10T16:00:00.000Z","fundCollectionId":4000050470000,"currency":"CNY","masterFundShortName":"工银创新动力股票","memoNum":8,"pinyin":"gyrxcxdlgpxzqtzjj","managers":[{"stockCode":"8801376631","stockType":"fund_manager","exchange":"fm","tickerId":252424130110,"name":"杨鑫鑫"}]},"announcement":{"linkText":"工银瑞信创新动力股票型证券投资基金2023年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=882253","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec287d4369c9c836dd191","date":"2022-12-30T16:00:00.000Z","stockId":3000000000893,"sao":"2022年国内经济局面较为错综复杂。全年看出口部门表现超出预期，但内需消费以及地产部门拖累更大。周期行业在大宗商品价格逐步回落之后，盈利水平在下半年开始下降。有利因素来自下半年一系列的政策调整，对地产消费行业起到一定促进作用。权益市场层面，全年市场整体呈现震荡调整格局，二季度以及四季度经历了触底反弹，市场情绪有所回升。核心资产持续调整近两年后开始回升，一方面来自估值水平修复，另一方面显示市场对未来的基本面有所期待。本基金仓位保持在略高于基准的水平，行业配置有所调整，逐步降低对地产、银行的超配幅度，提升了对医药、计算机的配置，维持了对电力设备与食品饮料行业的低配，其中电力设备配置略有增加。对相对收益贡献较大的因素主要来自年初的行业配置结构。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T12:52:23.480Z","mo":"展望2023年，倾向于判断宏观经济企稳复苏是大概率事件。2022年的低基数以及地产行业政策调整是主要原因。压力点在于出口部门需求下降叠加人民币汇率偏强可能在一定程度上抑制制造业的复苏水平，内需的弹性在经历了2022年的低迷期后也有待观察。流动性层面，在2022年宽松的基础上进一步放松的难度较大，维持当前水平是大概率情境，如果参照海外经济体，也需要观察通胀水平是否会超预期上升。股票市场当前估值水平较为合理，主要驱动力将来自基本面和流动性的边际变化。全年来看组合计划继续保持行业配置以及风格特征的相对均衡，重点关注以下领域的投资机会：经济结构转型背景下信息产业、消费服务业潜在的国产替代以及扩容增长的机会；稳增长背景下受到财政扶持的重点领域获得相对确定性的增长以及潜在盈利能力提升带来的机会；利率偏低环境下，具备获取长期稳定现金流能力的优质股权资产获得市场重定价的机会。","fund":{"_id":3000000000893,"stockCode":"000893","stockType":"fund","areaCode":"cn","followedNum":91,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2014-11-23T16:00:00.000Z","setUpScale":6715290000,"market":"a","tickerId":893,"custody":"中国农业银行股份有限公司","name":"工银瑞信创新动力股票型证券投资基金","shortName":"工银创新动力股票","fundSecondLevel":"company","__csrcFundId":2360,"fundStatus":"normal","lastUpdated":"2024-05-16T10:28:47.982Z","masterFundFlag":1,"inceptionDate":"2014-12-10T16:00:00.000Z","fundCollectionId":4000050470000,"currency":"CNY","masterFundShortName":"工银创新动力股票","memoNum":8,"pinyin":"gyrxcxdlgpxzqtzjj","managers":[{"stockCode":"8801376631","stockType":"fund_manager","exchange":"fm","tickerId":252424130110,"name":"杨鑫鑫"}]},"announcement":{"linkText":"工银瑞信创新动力股票型证券投资基金2022年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=864888","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec287d4369c9c836dd190","date":"2022-09-29T16:00:00.000Z","stockId":3000000000893,"sao":"三季度市场震荡下行，期间沪深300下跌15.2%，创业板指下跌18.6%，成长与价值相对均衡，小盘个股表现领先大盘，国证2000下跌10.7%，金融地产表现较为抗跌。具体来看，7月中上旬市场冲高回落，此后以调整为主，9月中旬以后下跌有所加速。  期间组合仓位保持在略高于基准的水平，净值表现领先基准，主要来自组合超配的通信、医药在下跌中表现较为稳定，低配了跌幅较大的电力设备。操作上，三季度组合主要逢高减持了医药传媒等行业，考虑到其中的成长类个股盈利表现偏弱，估值吸引力再度回落；主要增持的方向包括化工机械等行业，考虑到相关行业个股基本面回落的幅度已经较为充分，可能受益于潜在的经济复苏。三季度市场在经历此前的反弹后整体吸引力有所弱化，组合操作以逢低小幅加仓为主，9月中下旬开始增加对于成长类个股的关注。  三季度国内经济最主要的影响因素除疫情以外，还关注到地产汽车的结构性复苏以及外需边际走弱。展望四季度，倾向于认为经济的回升仍然面临较多压力，有可能需要政策面进一步发力进行配合。组合投资仍将聚焦于个股基本面，重点寻找两方面的机会。其一，在外需回落背景下，能够充分发挥比较优势，保持相对稳定的订单收入以及盈利能力的出口制造业；其二，在下一步稳增长政策发力过程中，自身具备较好收入盈利增长潜力的细分行业领先公司。同时，组合仍需要关注当下面临的经济风险点，优化整体风险收益特征，努力实现超额收益。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T12:52:23.469Z","fund":{"_id":3000000000893,"stockCode":"000893","stockType":"fund","areaCode":"cn","followedNum":91,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2014-11-23T16:00:00.000Z","setUpScale":6715290000,"market":"a","tickerId":893,"custody":"中国农业银行股份有限公司","name":"工银瑞信创新动力股票型证券投资基金","shortName":"工银创新动力股票","fundSecondLevel":"company","__csrcFundId":2360,"fundStatus":"normal","lastUpdated":"2024-05-16T10:28:47.982Z","masterFundFlag":1,"inceptionDate":"2014-12-10T16:00:00.000Z","fundCollectionId":4000050470000,"currency":"CNY","masterFundShortName":"工银创新动力股票","memoNum":8,"pinyin":"gyrxcxdlgpxzqtzjj","managers":[{"stockCode":"8801376631","stockType":"fund_manager","exchange":"fm","tickerId":252424130110,"name":"杨鑫鑫"}]},"announcement":{"linkText":"工银瑞信创新动力股票型证券投资基金2022年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=808544","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec287d4369c9c836dd18f","date":"2022-06-29T16:00:00.000Z","stockId":3000000000893,"sao":"上半年国内经济面临较大压力。一方面，在此前持续调控以及需求内生走弱影响下，房地产销售与投资数据较大幅度走弱，并对相关产业带来影响；另一方面，政策短期影响到供给与需求的正常释放，二季度以来虽有所恢复，但可能尚未达到常态水平。资本市场层面，权益市场对基本面以及流动性都存在一定担忧，市场经历了一季度触底后在二季度持续反弹，高景气行业表现较好。监管政策当下的目标以吸引长期资金入市、稳定实体经济为主要目标，预计对下一阶段的市场表现有一定帮助。  本基金仓位保持在略高于基准的水平。行业配置层面，主要出于对当前经济面的基本特征以及相应行业的估值水平的考虑，组合维持了对建筑的超配以及对食品饮料、电力设备的低配。上半年主要增持了医药、国防军工这两个在一季度经历了大幅度估值调整且具备较好的需求刚性的行业；主要减持了由于上半年地产行业的需求下行超出预期，而需要从总体上控制对相应资产的风险敞口的房地产、银行板块。上半年在行业配置层面总体有正面效应，但由于一季度末市场发生较大结构性变化，相应的行业配置调整力度仍有提升空间。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T12:52:23.460Z","mo":"展望下半年，预计宏观经济在复苏的道路上仍将面临较多反复。一方面，总需求内生增长恢复难度较大。通常情况下，由于借助货币政策手段在过去数年间被反复使用，将导致边际效用逐步下降，并且越来越受到通胀水平的潜在制约；另一方面，外部因素的冲击还不能完全可以忽略，尽管持续好转的可能性要更高一些。回到投资层面来看，面临的形势较过去一段时间要更为复杂，对企业盈利的预判面临着越来越大的难度，正面的因素将来自于政策层面的扶持以及更加合理的估值水平。  组合投资层面，计划在均衡配置的基础上加大对于确定性与可持续性权重的关注。既要分析企业商业模式前景的确定性，也要研究企业内在治理结构与财务报表的可持续性。具体来说，将更加注重自下而上对企业中长期成长性与现金流的研判，并在投资层面进行落实。立足合理的组合配置结构来分散非系统性风险，力争通过对投资标的更准确把握，获取持续稳定的超额收益。","fund":{"_id":3000000000893,"stockCode":"000893","stockType":"fund","areaCode":"cn","followedNum":91,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2014-11-23T16:00:00.000Z","setUpScale":6715290000,"market":"a","tickerId":893,"custody":"中国农业银行股份有限公司","name":"工银瑞信创新动力股票型证券投资基金","shortName":"工银创新动力股票","fundSecondLevel":"company","__csrcFundId":2360,"fundStatus":"normal","lastUpdated":"2024-05-16T10:28:47.982Z","masterFundFlag":1,"inceptionDate":"2014-12-10T16:00:00.000Z","fundCollectionId":4000050470000,"currency":"CNY","masterFundShortName":"工银创新动力股票","memoNum":8,"pinyin":"gyrxcxdlgpxzqtzjj","managers":[{"stockCode":"8801376631","stockType":"fund_manager","exchange":"fm","tickerId":252424130110,"name":"杨鑫鑫"}]},"announcement":{"linkText":"工银瑞信创新动力股票型证券投资基金2022年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=784510","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec287d4369c9c836dd18e","date":"2022-03-30T16:00:00.000Z","stockId":3000000000893,"sao":"一季度市场出现较为显著的调整，沪深300下跌14.5%，创业板指下跌20%，成长股跌幅高于价值股，金融地产表现领先市场。组合仓位保持在略高于基准的水平，净值表现领先基准，主要在于超配了建筑、地产，同时低配了电力设备、食品饮料等权重较高的行业。操作上，一季度主要增持了医药行业，主要考虑到当前的经济背景有利于非周期，同时部分医药优质标的经历了较大幅度的估值收缩，性价比得到提升；主要减持了金融地产，考虑到基本面存在实质性压力，降低了在大金融领域的超配幅度。  一季度国内经济延续了此前的调整趋势，地产政策放松以及基建投资托底的效应尚未得到体现，3月份以来的疫情在需求面带来了额外的压力。外部环境整体来看也面临较多的不确定性。对全年而言，由于两会制定的经济增长目标偏高，预计后续将有较多的积极政策出台以刺激经济。从投资的角度来看，既要防范由于当前经济下行带来的基本面风险，也要重点关注受益于潜在刺激性政策的行业与公司。此外，立足中长期，具备制度创新能力、受益经济转型升级方向的优质公司始终值得重点研究与关注。组合将从这两方面入手，继续致力于创造持续稳定的超额收益。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T12:52:23.441Z","fund":{"_id":3000000000893,"stockCode":"000893","stockType":"fund","areaCode":"cn","followedNum":91,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2014-11-23T16:00:00.000Z","setUpScale":6715290000,"market":"a","tickerId":893,"custody":"中国农业银行股份有限公司","name":"工银瑞信创新动力股票型证券投资基金","shortName":"工银创新动力股票","fundSecondLevel":"company","__csrcFundId":2360,"fundStatus":"normal","lastUpdated":"2024-05-16T10:28:47.982Z","masterFundFlag":1,"inceptionDate":"2014-12-10T16:00:00.000Z","fundCollectionId":4000050470000,"currency":"CNY","masterFundShortName":"工银创新动力股票","memoNum":8,"pinyin":"gyrxcxdlgpxzqtzjj","managers":[{"stockCode":"8801376631","stockType":"fund_manager","exchange":"fm","tickerId":252424130110,"name":"杨鑫鑫"}]},"announcement":{"linkText":"工银瑞信创新动力股票型证券投资基金2022年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=726920","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec287d4369c9c836dd18d","date":"2021-12-30T16:00:00.000Z","stockId":3000000000893,"sao":"2021年国内经济呈现前高后低的走势，上半年延续了此前的复苏态势，大宗商品价格持续上涨推升了周期行业盈利水平，下半年随着需求回落涨价趋势逆转，叠加地产调控影响，多数行业盈利也出现转折。年末的疫情反复一定程度上对消费品需求和企业家信心有一定影响。资本市场层面，权益市场投资者的热情度在年初高峰后也逐步回落，核心资产的赚钱效应弱化，中小盘个股活跃度上升，全年看结构性特征比较显著。  本基金仓位保持在略高于基准的水平，行业配置延续了此前的特征，依据行业所处周期阶段以及相对性价比，适度超配房地产与建筑，低配食品饮料与电力设备。基金净值跑赢基准主要来自于组合对中小盘、周期股的配置获得了一定绝对收益，低配了部分大市值消费获取一定相对收益。但组合在新能源、半导体以及汽车配件领域的低配也带来了较大的负向拖累。","declarationDate":"2022-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T12:52:23.432Z","mo":"展望2022年，倾向于判断宏观经济将呈现出结构性下行以及政策托底保增长双重图景并存的局面。一方面，去年下半年以来地产投资及可选消费走弱的惯性或仍将持续，另一方面，新老基建投资以及名义物价回升推动下的必选消费或存在上行的机会。流动性层面，在管理层精准调控下预计保持稳定的可能性较高。股票市场在结构性分化的背景下，我们认为系统性上行与下行的幅度都较为有限。  全年来看我们计划在保持行业配置相对均衡的基础上，重点关注以下领域的投资机会：经济结构转型背景下高端制造业、信息服务及内容产业的国产替代机会；稳增长基础上相关领域需求恢复以及盈利能力提升带来的基本面改善机会；低无风险收益率背景下，具备长期稳定现金流入的优质股权资产的市场重定价机会。","fund":{"_id":3000000000893,"stockCode":"000893","stockType":"fund","areaCode":"cn","followedNum":91,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2014-11-23T16:00:00.000Z","setUpScale":6715290000,"market":"a","tickerId":893,"custody":"中国农业银行股份有限公司","name":"工银瑞信创新动力股票型证券投资基金","shortName":"工银创新动力股票","fundSecondLevel":"company","__csrcFundId":2360,"fundStatus":"normal","lastUpdated":"2024-05-16T10:28:47.982Z","masterFundFlag":1,"inceptionDate":"2014-12-10T16:00:00.000Z","fundCollectionId":4000050470000,"currency":"CNY","masterFundShortName":"工银创新动力股票","memoNum":8,"pinyin":"gyrxcxdlgpxzqtzjj","managers":[{"stockCode":"8801376631","stockType":"fund_manager","exchange":"fm","tickerId":252424130110,"name":"杨鑫鑫"}]},"announcement":{"linkText":"工银瑞信创新动力股票型证券投资基金2021年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=709959","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec287d4369c9c836dd18c","date":"2021-09-29T16:00:00.000Z","stockId":3000000000893,"sao":"三季度市场震荡下跌，期间沪深300下跌6.9%，创业板指下跌6.7%，成长与价值相对均衡，中小盘、周期股优势较大，中证1000涨幅达到4.5%。  本报告期组合仓位保持在略高于基准的水平，净值表现领先基准，主要原因来自组合超配的地产、钢铁产生一定超额收益，对表现相对落后的食品饮料、家电保持了低配。操作上，三季度主要减持了化工、计算机、建筑，主要出于自下而上对个股的分析研判；增持了食品饮料、电子、军工，一定程度上降低了组合对相关行业的低配幅度，提升了组合的行业均衡度，也适当提升组合对成长性风格的配置。  三季度经济基本面出现了较为显著的回落迹象，地产受到调控政策影响，需求端下滑幅度较大，汽车受到缺芯影响，生产端较大程度下滑。社零数据也受到疫情反复带来的负面冲击。预计四季度国内货币及财政政策可能略有转向以应对经济下行压力，但处于高位的原材料价格及偏低的开工率仍将制约企业盈利能力。组合投资将继续立足相对均衡的行业配置，自下而上寻找有吸引力的投资标的，力争创造持续超额收益。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T12:52:23.424Z","fund":{"_id":3000000000893,"stockCode":"000893","stockType":"fund","areaCode":"cn","followedNum":91,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2014-11-23T16:00:00.000Z","setUpScale":6715290000,"market":"a","tickerId":893,"custody":"中国农业银行股份有限公司","name":"工银瑞信创新动力股票型证券投资基金","shortName":"工银创新动力股票","fundSecondLevel":"company","__csrcFundId":2360,"fundStatus":"normal","lastUpdated":"2024-05-16T10:28:47.982Z","masterFundFlag":1,"inceptionDate":"2014-12-10T16:00:00.000Z","fundCollectionId":4000050470000,"currency":"CNY","masterFundShortName":"工银创新动力股票","memoNum":8,"pinyin":"gyrxcxdlgpxzqtzjj","managers":[{"stockCode":"8801376631","stockType":"fund_manager","exchange":"fm","tickerId":252424130110,"name":"杨鑫鑫"}]},"announcement":{"linkText":"工银瑞信创新动力股票型证券投资基金2021年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=655992","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec287d4369c9c836dd18b","date":"2021-06-29T16:00:00.000Z","stockId":3000000000893,"sao":"上半年国内经济面延续了去年四季度以来的回升趋势，中游制造业以及出口保持了较高的景气度。与此同时，大宗商品价格在全球流动性充裕以及供需错配的背景下上升至过去十年来的高位水平，对下游需求以及盈利产生一定影响。资本市场层面，政策着力点一方面保持了IPO市场的平稳供给，同时加大了监管力度。  组合上半年保持略高于基准的仓位，小幅跑赢基准。基于对基本面中期前景以及性价比的判断，组合主要超配地产、交运，低配食品饮料、电子，行业配置和个股选择上偏向相对低估值的领域，在上半年成长优势的市场风格中处于相对不利。反思下来，二季度对部分周期公司以及成长股机会的把握仍相对保守。","declarationDate":"2021-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T12:52:23.416Z","mo":"目前时点来看，下半年国内经济恢复可能面临一些变数，房地产调控的效果二季度开始已经有所显现，热点城市的二手房交易开始降温，上下游行业的需求有走弱的趋势，另一方面，随着海外制造业复苏，出口拉动的国内制造业回暖边际上也有变化的可能。从货币政策角度来看，管理层已经在着手进行应对。此外，商品价格的变动也是一个不确定因素。  组合投资上，我们关注以下领域的投资机会：中游周期领域，受到碳中和远景规划影响产能扩张或者产量释放受到抑制、供需格局长期向好的细分行业；具备一定增长空间、企业治理结构良好、分红具备吸引力的公用事业领域。","fund":{"_id":3000000000893,"stockCode":"000893","stockType":"fund","areaCode":"cn","followedNum":91,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2014-11-23T16:00:00.000Z","setUpScale":6715290000,"market":"a","tickerId":893,"custody":"中国农业银行股份有限公司","name":"工银瑞信创新动力股票型证券投资基金","shortName":"工银创新动力股票","fundSecondLevel":"company","__csrcFundId":2360,"fundStatus":"normal","lastUpdated":"2024-05-16T10:28:47.982Z","masterFundFlag":1,"inceptionDate":"2014-12-10T16:00:00.000Z","fundCollectionId":4000050470000,"currency":"CNY","masterFundShortName":"工银创新动力股票","memoNum":8,"pinyin":"gyrxcxdlgpxzqtzjj","managers":[{"stockCode":"8801376631","stockType":"fund_manager","exchange":"fm","tickerId":252424130110,"name":"杨鑫鑫"}]},"announcement":{"linkText":"工银瑞信创新动力股票型证券投资基金2021年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=630840","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec287d4369c9c836dd18a","stockId":3000000000893,"sao":"一季度市场先扬后抑，春节前快速上涨，节后经历调整后横盘震荡，期间沪深300累计下跌3.1%，创业板指下跌7%，市场风格略偏向价值。  期间组合仓位保持在略高于基准的水平，净值表现好于基准。行业层面，一季度市场表现较好的行业包括钢铁、公用事业、银行等偏低估值的行业，组合配置跟基准较为接近，对跌幅较大的军工、非银、通信配置较低，产生一定超额收益。操作上，主要减持了银行、有色及电力设备，增持了电子、医药及券商，主要考虑到个股性价比的相对变化，同时兼顾行业配置趋于均衡。  目前时点来看，一季度经济表现整体好于各方面的预期，上游商品价格出现较大幅度上涨并维持在历史高位水平，预计国内信贷环境边际上有进一步收紧的趋势，对周期性行业的需求侧预计会产生抑制。较难判断的地方在于，本轮周期行业供给侧同样面临着碳中和背景下的产能收缩，整体上看商品价格预计下跌空间有限，货币政策的调整方向并不明朗。组合投资上计划更多从自下而上角度寻找中长期具备合理收益空间的个股标的，力争获取持续稳定的超额收益。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T12:52:23.406Z","fund":{"_id":3000000000893,"stockCode":"000893","stockType":"fund","areaCode":"cn","followedNum":91,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2014-11-23T16:00:00.000Z","setUpScale":6715290000,"market":"a","tickerId":893,"custody":"中国农业银行股份有限公司","name":"工银瑞信创新动力股票型证券投资基金","shortName":"工银创新动力股票","fundSecondLevel":"company","__csrcFundId":2360,"fundStatus":"normal","lastUpdated":"2024-05-16T10:28:47.982Z","masterFundFlag":1,"inceptionDate":"2014-12-10T16:00:00.000Z","fundCollectionId":4000050470000,"currency":"CNY","masterFundShortName":"工银创新动力股票","memoNum":8,"pinyin":"gyrxcxdlgpxzqtzjj","managers":[{"stockCode":"8801376631","stockType":"fund_manager","exchange":"fm","tickerId":252424130110,"name":"杨鑫鑫"}]},"announcement":{"linkText":"工银瑞信创新动力股票型证券投资基金2021年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=568848","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec287d4369c9c836dd189","stockId":3000000000893,"sao":"2020年国内经济受到新冠疫情影响，全年前低后高，同时呈现出较强的结构性特征。流动性的大量投放对房地产业带来很大帮助，同时也提升了资本市场的活跃度，带来了显著的财富效应，而从整体看社会零售总额的恢复增长则相对低迷。资本市场层面，创业板注册制顺利推行，政策引导下权益基金规模大幅增长，二级市场供需两旺。  本基金全年仓位保持在略高于基准的水平，行业配置相对均衡，在市场分化逐步上升的背景下，组合逐季提升了偏低估值的金融地产行业配置，在各行业选股层面，也更加注重立足性价比选取有机会获取中长期收益的投资标的。基金净值小幅跑赢基准，组合持股特征上对大盘成长配置较低，价值类个股全年估值基本没有提升。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T12:52:23.388Z","mo":"展望2021年，判断经济的结构性特征有可能出现一定变化，主要原因在于去年底管理层对地产融资领域采取了一系列政策措施，对房地产行业的发展有可能带来中长期的影响。流动性层面，政策强调不转急弯，意味着一方面趋势上已经转为收缩，另一方面幅度不会特别剧烈。预计全年经济前高后低概率较大。股票市场的估值扩张需要重点观察流动性的边际变化，在盈利能够支撑的情况下市场整体有望保持相对稳定。  全年来看我们在保持行业配置相对均衡的基础上，重点关注以下领域的投资机会：注册制试点以来陆续上市的工业信息化、医疗健康等创新型产业投资标的，力争尽可能分享经济结构转型升级背景下这部分成长性领域的投资机遇，同时适当关注估值处于历史底部的金融地产以及能提供稳定股息回报的公用事业板块。","fund":{"_id":3000000000893,"stockCode":"000893","stockType":"fund","areaCode":"cn","followedNum":91,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2014-11-23T16:00:00.000Z","setUpScale":6715290000,"market":"a","tickerId":893,"custody":"中国农业银行股份有限公司","name":"工银瑞信创新动力股票型证券投资基金","shortName":"工银创新动力股票","fundSecondLevel":"company","__csrcFundId":2360,"fundStatus":"normal","lastUpdated":"2024-05-16T10:28:47.982Z","masterFundFlag":1,"inceptionDate":"2014-12-10T16:00:00.000Z","fundCollectionId":4000050470000,"currency":"CNY","masterFundShortName":"工银创新动力股票","memoNum":8,"pinyin":"gyrxcxdlgpxzqtzjj","managers":[{"stockCode":"8801376631","stockType":"fund_manager","exchange":"fm","tickerId":252424130110,"name":"杨鑫鑫"}]},"announcement":{"linkText":"工银瑞信创新动力股票型证券投资基金2020年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=551472","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec287d4369c9c836dd188","stockId":3000000000893,"sao":"三季度市场延续上半年升势进一步反弹，7月份快速冲高后，随后有所回落，期间沪深300累计上涨10.2%，中证500与创业板指均上涨5.6%，市场风格略有均衡。  本报告期，组合仓位较前期略有提升，获取了一定幅度超额收益。行业表现层面，期间非银、军工表现相对较好，组合超配军工，标配保险，在中小银行领域的配置也产生了一定贡献；对建筑、环保、食品饮料的配置表现相对落后，对组合造成了拖累。期间组合操作上主要增加了化工、通信、旅游等行业，小幅减持了机械、军工以及银行。整体看，对行业配置进行了进一步均衡化，降低了对经济敏感型行业的风险暴露。  目前时点来看，在货币发力的背景下，二季度以来的经济回升持续了半年多的时间，出口与地产是经济回升的核心动力，基建、制造业投资以及大众消费表现相对疲弱。考虑到近期的货币政策逐步在回升常态化，地产调控出现了收紧，倾向于认为此前结构性复苏的态势未来可能发生一定变化，地产产业链面临的压力可能上升，前期弱势复苏的投资消费有望保持平稳恢复。基于这一判断，组合计划保持相对均衡的持仓结构，自下而上选取盈利确定性较高以及中长期具备较大市值空间的标的进行配置，力争获取持续稳定的超额收益。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T12:52:23.380Z","fund":{"_id":3000000000893,"stockCode":"000893","stockType":"fund","areaCode":"cn","followedNum":91,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2014-11-23T16:00:00.000Z","setUpScale":6715290000,"market":"a","tickerId":893,"custody":"中国农业银行股份有限公司","name":"工银瑞信创新动力股票型证券投资基金","shortName":"工银创新动力股票","fundSecondLevel":"company","__csrcFundId":2360,"fundStatus":"normal","lastUpdated":"2024-05-16T10:28:47.982Z","masterFundFlag":1,"inceptionDate":"2014-12-10T16:00:00.000Z","fundCollectionId":4000050470000,"currency":"CNY","masterFundShortName":"工银创新动力股票","memoNum":8,"pinyin":"gyrxcxdlgpxzqtzjj","managers":[{"stockCode":"8801376631","stockType":"fund_manager","exchange":"fm","tickerId":252424130110,"name":"杨鑫鑫"}]},"announcement":{"linkText":"工银瑞信创新动力股票型证券投资基金2020年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=488799","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec287d4369c9c836dd187","stockId":3000000000893,"sao":"2020年上半年，国内经济经历了新冠疫情的一次性冲击后，二季度逐步企稳回升。其中，地产销售、中高端商品零售、基建投资恢复相对较快，出口、中低端商品、制造业投资仍有下行压力。中美达成一阶段协议后，短期贸易冲突相对缓和。资本市场政策方面，创业板注册制落地，定增新规公布，市场活跃度得到显著提升。  组合上半年保持略高于基准的仓位，行业配置相对均衡，主要超配建筑、军工，低配食品饮料、计算机，组合在行业配置和个股选择上更多偏向了相对低估值的领域，对高成长与大盘蓝筹的配置较为不足，净值小幅落后基准，跑输同业较多。反思下来，流动性驱动主导的行情下，价值股不被市场看好，未来投资过程中在研判宏观经济的同时，需要更多关注政策与流动性因素，及时调整行业和风格配置以适应市场变化。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T12:52:23.370Z","mo":"目前时点来看，我们认为，国内经济基本面在恢复过程中会一定程度上延续结构性特征，这使得市场风格存在进一步延续的机会。同时也要看到，政策发力点从解决流动性问题出发，也开始更多落实到民生就业领域，财政政策在许多领域开始发力，货币环境上考虑适度退出，这也将影响到下半年经济结构表现。资本市场层面，融资规模的不断上升也在逐步改变市场供需结构，需要在市场上行过程中加以关注。  组合投资上，我们继续关注以下领域的投资机会：短期受到制造业投资影响，但中期受益于竞争格局改善或者进口替代空间较大的机械设备领域、受益于逆周期调控政策的基建投资领域，以及资产质量良好、规模存在较快增长机会的中小银行及保险公司。","fund":{"_id":3000000000893,"stockCode":"000893","stockType":"fund","areaCode":"cn","followedNum":91,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2014-11-23T16:00:00.000Z","setUpScale":6715290000,"market":"a","tickerId":893,"custody":"中国农业银行股份有限公司","name":"工银瑞信创新动力股票型证券投资基金","shortName":"工银创新动力股票","fundSecondLevel":"company","__csrcFundId":2360,"fundStatus":"normal","lastUpdated":"2024-05-16T10:28:47.982Z","masterFundFlag":1,"inceptionDate":"2014-12-10T16:00:00.000Z","fundCollectionId":4000050470000,"currency":"CNY","masterFundShortName":"工银创新动力股票","memoNum":8,"pinyin":"gyrxcxdlgpxzqtzjj","managers":[{"stockCode":"8801376631","stockType":"fund_manager","exchange":"fm","tickerId":252424130110,"name":"杨鑫鑫"}]},"announcement":{"linkText":"工银瑞信创新动力股票型证券投资基金2020年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=451818","linkType":"PDF","source":"csrc_pdf"}}]}