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年三季度，市场继续遭受多方面冲击，万德全 A 跌幅达 12.61%。国际方面，俄乌冲突持续升级，对抗通胀美联储连续强势加息；与此同时，国内疫情多点爆发。  2022年四季度，地产政策频出，疫情弱化预期给金融地产以及消费、家电、消费者服务等板块带来反弹，而新能源汽车销量低于预期，光伏部分产能节点出现过剩，导致新能源板块持续调整。四季度市场风格分化剧烈，价值风格延续强势，成长风格偏弱。  报告期内，本基金整体维持相对稳定的权益仓位，并对持仓结构进行了优化，行业配置较为分散，个股以基本面持续超预期为主，以把握国内经济稳定发展下的投资机会。","declarationDate":"2023-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:14:00.934Z","mo":"展望2023年，机会主要在于：1、经济复苏带来景气行业业绩持续超预期；2、专精特新持续发力，在重要的核心技术领域，将继续推进国产替代，以及扶持一批优秀企业；3、俄乌冲突缓和带来的风险偏好回归。主要风险在于：1、俄乌冲突进一步升级；2、经济复苏低于预期；3、美联储加息持续超预期。","fund":{"_id":3000000003980,"stockCode":"003980","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-01-02T16:00:00.000Z","setUpScale":635119000,"market":"a","tickerId":3980,"custody":"中国建设银行股份有限公司","name":"中银证券瑞益灵活配置混合A","shortName":"中银证券瑞益混合A","fundSecondLevel":"hybrid","__csrcFundId":1372,"fundStatus":"normal","lastUpdated":"2024-05-25T06:55:52.084Z","masterFundFlag":1,"inceptionDate":"2017-01-24T16:00:00.000Z","fundCollectionId":4000051000000,"currency":"CNY","masterFundShortName":"中银证券瑞益混合","pinyin":"zyzqrylhpzhha","delistedDate":"2024-01-18T16:00:00.000Z"},"announcement":{"linkText":"中银证券瑞益灵活配置混合型证券投资基金2022年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=865349","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7987fea5b3eb046dc95","date":"2022-09-29T16:00:00.000Z","stockId":3000000003980,"sao":"2022年三季度，市场继续遭受多方面冲击，万德全A跌幅达12.61%。国际方面，俄乌冲突持续升级，对抗通胀美联储连续强势加息；与此同时，国内疫情多点爆发。  本基金秉持一贯的逆向价值投资的理念，配置较为均衡。当前市场的估值水平回到了历史较低的水平，主要指数及较多行业估值回到了过去十年的极低水平，部分行业估值水平甚至接近2016年初熔断时的极低水平。回顾历史，在行业调整期，优秀的龙头公司大多可以依赖强大的竞争优势获得挤压式份额增长，进一步优化竞争格局，在行业回暖后大放异彩，被验证的优秀公司其阶段性低谷是非常难得的投资机会。如果从更长的维度来看，现在是估值的洼地。为此，本基金仍会尽职尽责，努力积极把握A股市场的投资机会。","declarationDate":"2022-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:14:00.931Z","fund":{"_id":3000000003980,"stockCode":"003980","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-01-02T16:00:00.000Z","setUpScale":635119000,"market":"a","tickerId":3980,"custody":"中国建设银行股份有限公司","name":"中银证券瑞益灵活配置混合A","shortName":"中银证券瑞益混合A","fundSecondLevel":"hybrid","__csrcFundId":1372,"fundStatus":"normal","lastUpdated":"2024-05-25T06:55:52.084Z","masterFundFlag":1,"inceptionDate":"2017-01-24T16:00:00.000Z","fundCollectionId":4000051000000,"currency":"CNY","masterFundShortName":"中银证券瑞益混合","pinyin":"zyzqrylhpzhha","delistedDate":"2024-01-18T16:00:00.000Z"},"announcement":{"linkText":"中银证券瑞益灵活配置混合型证券投资基金2022年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=801885","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7987fea5b3eb046dc94","date":"2022-06-29T16:00:00.000Z","stockId":3000000003980,"sao":"2022年上半年，市场遭受多方面冲击，大幅震荡。俄乌冲突持续升级导致的PPI暴涨使得国内经济基本面雪上加霜，很多制造业面临原材料成本的畸形大幅上涨；与此同时，国内疫情多点爆发，多个重点大型城市经济活动受到较大的影响，对部分制造业的供应链体系形成较大的冲击。市场方面，年初以来，地缘冲突叠加加息预期使得风险偏好快速回落，PPI的暴涨又使得盈利预期趋于悲观，除了受益于俄乌冲突能源价格暴涨的煤炭等上游资源品、受益于新冠疫情大范围多点爆发的医药品种等少数板块表现较好外，市场普跌，主要指数及较多行业估值回到了过去十年的较低水平，接近2020年疫情爆发之初，部分行业估值水平甚至接近2016年初熔断时的极低水平。四月下旬，随着国内疫情的逐步缓解，叠加稳增长政策不断加码，以及部分原材料价格也在高位趋于回落，经济迅速回升势头明显，市场风险偏好也开始单边大幅回升，市场快速反弹。  本基金秉承一贯的价值投资的理念，在报告期配置较为均衡，但配置的部分低估值板块受俄乌冲突情绪冲击较大，使得基金净值波动加大。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:14:00.928Z","mo":"当前市场的估值水平回到了过去十年中位附近，但板块间差距较大。我们看到，市场部分板块仍处在估值的底部，同时基本面随着经济的回升逐步向好，配置价值突出。本基金将继续积极把握权益市场的相关机会，努力为持有者获取收益。","fund":{"_id":3000000003980,"stockCode":"003980","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-01-02T16:00:00.000Z","setUpScale":635119000,"market":"a","tickerId":3980,"custody":"中国建设银行股份有限公司","name":"中银证券瑞益灵活配置混合A","shortName":"中银证券瑞益混合A","fundSecondLevel":"hybrid","__csrcFundId":1372,"fundStatus":"normal","lastUpdated":"2024-05-25T06:55:52.084Z","masterFundFlag":1,"inceptionDate":"2017-01-24T16:00:00.000Z","fundCollectionId":4000051000000,"currency":"CNY","masterFundShortName":"中银证券瑞益混合","pinyin":"zyzqrylhpzhha","delistedDate":"2024-01-18T16:00:00.000Z"},"announcement":{"linkText":"中银证券瑞益灵活配置混合型证券投资基金2022年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=780294","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7987fea5b3eb046dc93","date":"2022-03-30T16:00:00.000Z","stockId":3000000003980,"sao":"2022年一季度，多事之秋，市场遭受多方面冲击。经济下行期，稳增长稳消费压力较大，俄乌冲突持续升级导致的PPI暴涨使得经济基本面雪上加霜，很多制造业面临原材料成本的畸形大幅上涨；与此同时，国内疫情多点爆发，多个重点大型城市经济活动受到较大的影响。市场方面，地缘冲突叠加加息预期使得风险偏好快速回落，PPI的暴涨又使得盈利预期趋于悲观，除了受益于俄乌冲突能源价格暴涨的煤炭等上游资源品、受益于新冠疫情大范围多点爆发的医药品种等少数板块表现较好外，市场普跌。本基金配置较为均衡，在俄乌冲突爆发前较好地抵御了市场的大幅波动，回撤较小；但俄乌冲突后，很多估值处在底部的优秀制造业公司在PPI暴涨预期下脱离估值和基本面无差别大幅下跌，使得本基金净值也出现了较大的回撤。从中期的角度看，很多优秀的公司大多能够比较顺畅地转嫁成本的上涨，非理性的大幅调整后，等待价值回归需要的只是耐心。祸兮福之所倚，福兮祸之所伏，当前市场的估值水平回到了历史较低的水平，对市场不宜过度悲观，本基金会积极把握未来一段时期权益市场的投资机会。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:14:00.925Z","fund":{"_id":3000000003980,"stockCode":"003980","stockType":"fund","areaCode":"cn","followedNum":2,"blackenedNum":0,"s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