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.6%，高于去年全年3.5%的增速，一定程度加强了市场对消费复苏的信心。今年的政府工作报告将大力提振消费摆在政府工作任务之首。3月16日，中共中央办公厅、国务院办公厅印发《提振消费专项行动方案》对前期消费刺激政策做出细化安排，部署了8方面30项重点任务，随后以呼和浩特市为代表的地方政府开始落地育儿补贴发放，这一系列政策组合拳立意之高远，方向之明确，让我们对消费基本面的逐季回暖充满期待。在消费资产整体估值消化比较到位的背景下，这些积极因素让我们对消费资产的当期业绩和长期预期回报有了更强的信心。因此，本产品在本报告期内保持了90%-95%的较高仓位，在美护、零售、社会服务等行业做了一些超配。立足当前，我们认为消费板块的主线投资机会体现在顺周期、成长和红利三个方面。其中，包括白酒、餐饮和地产链等在内的顺周期资产性价比较高，股价中隐含的经济复苏预期尚不充分，我们重点关注后续的拐点和弹性；包括美妆个护、宠物、智能家电等在内的成长类资产具备跨越周期的能力，我们重点关注消费趋势演变及其业绩趋势；包括家电等在内的红利类资产业绩稳定性较高，我们重点关注市场风格切换带来的投资机会。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:18:56.490Z","fund":{"_id":3000000005526,"stockCode":"005526","stockType":"fund","areaCode":"cn","followedNum":13,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2018-01-17T16:00:00.000Z","setUpScale":1775230000,"market":"a","tickerId":5526,"custody":"中国农业银行股份有限公司","name":"工银瑞信新生代消费灵活配置混合型证券投资基金","shortName":"工银新生代消费混合(005526)","fundSecondLevel":"hybrid","__csrcFundId":5119,"fundStatus":"normal","lastUpdated":"2026-04-30T19:39:58.902Z","masterFundFlag":1,"inceptionDate":"2018-02-12T16:00:00.000Z","fundCollectionId":4000050470000,"currency":"CNY","masterFundShortName":"工银新生代消费混合","pinyin":"gyrxxsdxflhpzhhxzqtzjj","managers":[{"stockCode":"8801478880","stockType":"fund_manager","exchange":"fm","tickerId":1213177140,"name":"林梦"}]},"announcement":{"linkText":"工银瑞信新生代消费灵活配置混合型证券投资基金2025年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1278393","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8c07fea5b3eb0484a17","date":"2024-12-30T16:00:00.000Z","stockId":3000000005526,"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。　　2024年消费延续弱复苏态势，一方面在中长期人口结构拐点和短期消费者信心偏弱的双重制约下，消费品的销量增长存在一定压力；在消费者追求性价比、供给端竞争加剧的背景下，消费品的价格带上移面临较大难度。但这量价两方面的压力在国家以旧换新补贴政策的加持之下均得到了很好的扭转，家电、家居、汽车等品类受益较为明显。同时，美护、清洁家电、宠物食品等成长赛道的头部国货品牌借助更高的性价比和更强的渠道能力不断提升市场份额，走出了相对独立的趋势。除了上述基本面的积极变化，一些优秀的公司正在通过降本提效促进利润率稳中有升，也有很多公司通过分红、回购等方式提高投资者回报。在消费资产整体估值消化比较到位的背景下，这些积极因素让我们对消费资产的当期业绩和长期预期回报有了更强的信心。因此，本产品全年保持了90%-95%的较高仓位，在家电、美护、农业等行业做了一些超配。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:18:56.487Z","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，政策或将进一步扩大内需。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。　　展望2025年，我们对消费持乐观的态度。首先，在宏观一揽子政策之下，居民消费能力和意愿逐步企稳向上；其次，以旧换新等政策的延续为家电汽车等行业增长的持续性提供更多保障，“全方位扩大内需”的增量政策值得期待，餐饮、人力资源服务等服务业有望迎来向上的拐点；第三，白酒等行业有望逐步走出自身的库存周期；第四，微信小店和小红书等社交电商的起势，有望继抖音电商之后为线上消费带来更多增长动力。综上，我们认为消费资产有望迎来基本面和估值的戴维斯双击，更加看好可选品类和成长赛道的向上弹性。2025年我们仍将聚焦大消费投资领域，做好仓位配置并精选优质股票，争取取得一定的超额收益。","fund":{"_id":3000000005526,"stockCode":"005526","stockType":"fund","areaCode":"cn","followedNum":13,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2018-01-17T16:00:00.000Z","setUpScale":1775230000,"market":"a","tickerId":5526,"custody":"中国农业银行股份有限公司","name":"工银瑞信新生代消费灵活配置混合型证券投资基金","shortName":"工银新生代消费混合(005526)","fundSecondLevel":"hybrid","__csrcFundId":5119,"fundStatus":"normal","lastUpdated":"2026-04-30T19:39:58.902Z","masterFundFlag":1,"inceptionDate":"2018-02-12T16:00:00.000Z","fundCollectionId":4000050470000,"currency":"CNY","masterFundShortName":"工银新生代消费混合","pinyin":"gyrxxsdxflhpzhhxzqtzjj","managers":[{"stockCode":"8801478880","stockType":"fund_manager","exchange":"fm","tickerId":1213177140,"name":"林梦"}]},"announcement":{"linkText":"工银瑞信新生代消费灵活配置混合型证券投资基金2024年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1257236","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8c07fea5b3eb0484a16","date":"2024-09-29T16:00:00.000Z","stockId":3000000005526,"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。　　尽管三季度国内消费受雨水和高温等影响表现一般，但我们认为消费类资产在经历了相当长时间的业绩和估值的充分下修之后，具备很高的性价比。因此本基金维持了较高的仓位；行业配置集中在消费领域，维持了对食品饮料和汽车板块的低配，以及对农林牧渔和美护等板块的超配；个股方面有所调整，加大了对内需依赖度较高的个股配置，以期在未来消费者信心恢复的过程中获得更大的弹性；降低了出口占比大的公司持仓，以规避海外关税等不确定因素。 今年以来本基金未能跑赢基准的原因之一是超配的生猪养殖板块在盈利持续超预期、行业能繁产能扩张力度很弱的情况下，股价表现显著弱于历史同期水平，未能达到我们以此抵御消费类资产戴维斯双杀风险的效果；其次，对于红利类资产的配置不足也贡献了一些负的超额收益。","decl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逻辑不断加强、股价位置相对安全，同时是交易结构相对不拥挤的板块，因此我们全年超配了这个板块，并在四季度加大了超配力度。本基金全年保持了90%左右的较高仓位，持仓调整除了上述的两个超配方向，主要低配了食品饮料中的白酒，原因主要是基本面动销尚未看到明显的改善，而交易结构方面仍然比较拥挤。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:18:56.476Z","mo":"中国消费在经历了过去相当长时间的量价齐升之后，进入了一个新的阶段。长期看人口结构变化对总量成长空间的影响、中期看地产周期对居民消费能力和消费意愿的影响、短期看疫后库存周期对企业行为的影响，都是非常重要的。但这些变化和影响背后，整个中国消费的巨大潜力更不应该被忽视，既包括渗透率空间仍大的各种成长赛道“量增”的机会，也包括技术、功能、体验不断升级的大趋势下产品结构改善带来的“价增”机会。而随着近三年板块股价的持续调整，很多优质消费资产的性价比显著提升，这对于我们来说是很好的中长期投资机会。","fund":{"_id":3000000005526,"stockCode":"005526","stockType":"fund","areaCode":"cn","followedNum":13,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2018-01-17T16:00:00.000Z","setUpScale":1775230000,"market":"a","tickerId":5526,"custody":"中国农业银行股份有限公司","name":"工银瑞信新生代消费灵活配置混合型证券投资基金","shortName":"工银新生代消费混合(005526)","fundSecondLevel":"hybrid","__csrcFundId":5119,"fundStatus":"normal","lastUpdated":"2026-04-30T19:39:58.902Z","masterFundFlag":1,"inceptionDate":"2018-02-12T16:00:00.000Z","fundCollectionId":4000050470000,"currency":"CNY","masterFundShortName":"工银新生代消费混合","pinyin":"gyrxxsdxflhpzhhxzqtzjj","managers":[{"stockCode":"8801478880","stockType":"fund_manager","exchange":"fm","tickerId":1213177140,"name":"林梦"}]},"announcement":{"linkText":"工银瑞信新生代消费灵活配置混合型证券投资基金2023年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1056359","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8c07fea5b3eb0484a12","date":"2023-09-29T16:00:00.000Z","stockId":3000000005526,"sao":"从消费板块的季度表现来看，相比一季度的“强预期+强复苏”和二季度的“预期回落+弱复苏”，三季度逐步回归“弱预期+弱复苏”的合理区间。股价在基本面缓慢修复的过程中进一步出现调整，往往是中长期布局时点出现的信号，这个阶段的核心工作是筛选出下一个阶段更有竞争力的优质公司，并逢低布局。基本面角度，我们一方面看到消费者在收入缓慢修复的预期下回归理性消费，更多追求性价比高的产品；另一方面看到部分企业通过拓展销售渠道、推出大包装、加大促销力度等手段主动调整产品和渠道结构，积极拥抱消费分级趋势。这个过程中能够把握机遇的优质公司，后续实现市场占有率提升和业绩持续增长的概率是很大的。估值角度，目前资本市场对于消费的预期不高，长期的人口和收入因素已经被充分的体现在资产价格里，短期对于中秋国庆旺季的出行和动销预期也已回归理性，估值回落到合理甚至偏低区间，这为后续布局优质的投资标的提供了很好的条件。三季度本基金继续保持了90%-95%的较高仓位，持仓调整主要基于以下两个方向：一是基于直播超头的阶段性事件对于美护板块的短期冲击，增加了化妆品优质标的的配置；二是基于空调旺季过去，调整了部分白电仓位到成长性更强的清洁家电标的上。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:18:56.474Z","fund":{"_id":3000000005526,"stockCode":"005526","stockType":"fund","areaCode":"cn","followedNum":13,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2018-01-17T16:00:00.000Z","setUpScale":1775230000,"market":"a","tickerId":5526,"custody":"中国农业银行股份有限公司","name":"工银瑞信新生代消费灵活配置混合型证券投资基金","shortName":"工银新生代消费混合(005526)","fundSecondLevel":"hybrid","__csrcFundId":5119,"fundStatus":"normal","lastUpdated":"2026-04-30T19:39:58.902Z","masterFundFlag":1,"inceptionDate":"2018-02-12T16:00:00.000Z","fundCollectionId":4000050470000,"currency":"CNY","masterFundShortName":"工银新生代消费混合","pinyin":"gyrxxsdxflhpzhhxzqtzjj","managers":[{"stockCode":"8801478880","stockType":"fund_manager","exchange":"fm","tickerId":1213177140,"name":"林梦"}]},"announcement":{"linkText":"工银瑞信新生代消费灵活配置混合型证券投资基金2023年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=993503","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8c07fea5b3eb0484a11","date":"2023-06-29T16:00:00.000Z","stockId":3000000005526,"sao":"在今年一季度尤其是春节前后消费强劲复苏之后，二季度消费基本面表现偏弱，居民收入和收入预期变化的不利影响正在逐步体现，我们认为短期看消费分级，尤其是性价比消费所对应的投资机会更加值得重视；中长期看消费升级，尤其是渗透率提升和产品结构升级趋势不变的消费资产，可能出现估值充分调整后的绝佳布局机会。二季度本基金保持了90%-95%的较高仓位，板块调整期间我们基于中报盈利预测和消费趋势预判做了持仓调整，主要基于以下三个方向：一是基于终端动销和批价表现，适当降低了白酒资产的配置；二是基于仔猪价格快速下降和能繁母猪产能去化加速的预期，进一步强化了对于农业的超配；三是结合天气情况和地产政策预期，适当增加了白色家电和智能家居的配置。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:18:56.471Z","mo":"展望下半年，暑期和中秋国庆将是年内重要的消费基本面观察窗口，能够相对集中的展示居民的出行和社交需求，我们对疫后首个暑假的出行意愿持相对乐观预期，而中秋国庆双节目前市场预期不高，我们倾向于认为预期或已经调整到位，继续看好未来必选消费的韧性和可选消费的向上弹性，仍将继续优选内在成长性显著和估值性价比较高的消费资产作为我们的持仓主体。","fund":{"_id":3000000005526,"stockCode":"005526","stockType":"fund","areaCode":"cn","followedNum":13,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2018-01-17T16:00:00.000Z","setUpScale":1775230000,"market":"a","tickerId":5526,"custody":"中国农业银行股份有限公司","name":"工银瑞信新生代消费灵活配置混合型证券投资基金","shortName":"工银新生代消费混合(005526)","fundSecondLevel":"hybrid","__csrcFundId":5119,"fundStatus":"normal","lastUpdated":"2026-04-30T19:39:58.902Z","masterFundFlag":1,"inceptionDate":"2018-02-12T16:00:00.000Z","fundCollectionId":4000050470000,"currency":"CNY","masterFundShortName":"工银新生代消费混合","pinyin":"gyrxxsdxflhpzhhxzqtzjj","managers":[{"stockCode":"8801478880","stockType":"fund_manager","exchange":"fm","tickerId":1213177140,"name":"林梦"}]},"announcement":{"linkText":"工银瑞信新生代消费灵活配置混合型证券投资基金2023年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=957407","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8c07fea5b3eb0484a10","date":"2023-03-30T16:00:00.000Z","stockId":3000000005526,"sao":"基本面上，今年一季度，消费在场景修复的主导下有序复苏，春节前后餐饮、出行等相关数据增长强劲，3月环比增速略有回落，消费的复苏节奏总体符合我们的预期，继续看好后续消费复苏的韧性和弹性。行情层面，股价表现领先于基本面，消费板块先扬后抑，春节前基本反映了市场对于一季度基本面的修复预期，节后震荡回落至季度末。一季度本基金保持了90%-95%的较高仓位，板块调整期间，我们基于二季度景气度和盈利预测做了持仓调整，主要基于三条线索：一是二、三季度属于旅游和餐饮旺季，我们认为出行链数据有望超预期，同时看好餐饮相关的酒类的量价表现，因此增配了旅游景区，维持了食品饮料的超配；二是可选消费品去年二季度为低基数，我们看好后续业绩弹性，维持超配；三是非洲猪瘟等疫病抬头，生猪养殖产能有望加速去化，维持对农业的超配。着眼更长维度的基本面复苏，我们继续优选内在成长性显著、业绩修复弹性较大和估值性价比较高的一类资产作为我们的持仓主体。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:18:56.468Z","fund":{"_id":3000000005526,"stockCode":"005526","stockType":"fund","areaCode":"cn","followedNum":13,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2018-01-17T16:00:00.000Z","setUpScale":1775230000,"market":"a","tickerId":5526,"custody":"中国农业银行股份有限公司","name":"工银瑞信新生代消费灵活配置混合型证券投资基金","shortName":"工银新生代消费混合(005526)","fundSecondLevel":"hybrid","__csrcFundId":5119,"fundStatus":"normal","lastUpdated":"2026-04-30T19:39:58.902Z","masterFundFlag":1,"inceptionDate":"2018-02-12T16:00:00.000Z","fundCollectionId":4000050470000,"currency":"CNY","masterFundShortName":"工银新生代消费混合","pinyin":"gyrxxsdxflhpzhhxzqtzjj","managers":[{"stockCode":"8801478880","stockType":"fund_manager","exchange":"fm","tickerId":1213177140,"name":"林梦"}]},"announcement":{"linkText":"工银瑞信新生代消费灵活配置混合型证券投资基金2023年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=882605","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8c07fea5b3eb0484a0f","date":"2022-12-30T16:00:00.000Z","stockId":3000000005526,"sao":"2022年在国内新冠疫情和海外地缘政治等因素的影响之下，居民消费场景大幅受限，企业生产成本面临压力，基本面遭遇了近几年来最严峻的挑战，股价表现也不尽如人意。中证内地消费指数全年下跌16.90%，以中信一级行业来看，轻工、家电跌幅达到20%和19.4%，食品饮料跌幅达14%，只有消费者服务在防疫政策放松的不断预期下录得6.4%的正收益。全年节奏来看，一季度受上海等城市封控的影响下跌，二季度在防疫政策放松的预期下板块有所修复，但随着6月底第九版新冠肺炎防控方案发布所标志的管控放松落地，三季度逐步进入了预期兑现阶段，消费数据的低迷引发了市场对于消费场景、消费倾向甚至中期消费能力的多重担忧，10月板块加速下跌。年末在防疫政策重大调整的背景下，消费拐点更加明确，虽然基本面在12月全国各地陆续感染达峰的影响下表现仍然不佳，但阶段性群体免疫带来的消费情绪修复和比较乐观的春节返乡人口流动为2023年消费基本面的改善奠定了坚实的基础。　　回顾2022年本产品的策略和操作，全年保持了90%左右的仓位，超配化妆品龙头公司做进攻，超配生猪养殖和厨电等地产相关性较高的低估值家电板块做防御，低配白酒，尤其消费场景受限、渠道库存承压的次高端。​着眼未来2-3年维度的基本面复苏，我们重点布局了内在成长性显著、业绩修复弹性较大和估值性价比较高的一类资产作为我们的持仓主体。具体到行业配置上，我们增持了食品饮料中餐饮产业链业绩弹性较高的白酒和餐饮供应链公司，维持了农林牧渔中对于种业和生猪养殖的超配和对汽车的低配，减持了地产政策预期部分兑现的家电和基本面基数不低的化妆品。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:18:56.466Z","mo":"展望2023年，随着新冠阴霾逐渐散去，经济增长的韧性和消费修复的弹性让我们对市场持相对乐观的态度。具体到消费层面，我们认为疫情后时代以场景修复为主线的行情正在有序展开，以餐饮、出行为代表的可选和服务类公司即将迎来中期业绩拐点，疫情受损严重、修复弹性大、估值相对合理的公司有望迎来戴维斯双击，跑赢大盘的概率较大。消费板块有望从2022年末的估值修复向2023年逐季业绩兑现行情演进，行情的高度和持续性都值得期待。再具体到子行业和上市公司，疫情是加速器也是试金石，优秀的管理团队在疫情中展现出了超越行业的战略眼光和执行能力，逆势增长的细分行业、市占率提升和新一轮激励落地的公司值得重视。","fund":{"_id":3000000005526,"stockCode":"005526","stockType":"fund","areaCode":"cn","followedNum":13,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2018-01-17T16:00:00.000Z","setUpScale":1775230000,"market":"a","tickerId":5526,"custody":"中国农业银行股份有限公司","name":"工银瑞信新生代消费灵活配置混合型证券投资基金","shortName":"工银新生代消费混合(005526)","fundSecondLevel":"hybrid","__csrcFundId":5119,"fundStatus":"normal","lastUpdated":"2026-04-30T19:39:58.902Z","masterFundFlag":1,"inceptionDate":"2018-02-12T16:00:00.000Z","fundCollectionId":4000050470000,"currency":"CNY","masterFundShortName":"工银新生代消费混合","pinyin":"gyrxxsdxflhpzhhxzqtzjj","managers":[{"stockCode":"8801478880","stockType":"fund_manager","exchange":"fm","tickerId":1213177140,"name":"林梦"}]},"announcement":{"linkText":"工银瑞信新生代消费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=865119","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8c07fea5b3eb0484a0e","date":"2022-09-29T16:00:00.000Z","stockId":3000000005526,"sao":"三季度对于消费板块而言是非常艰难的一个季度，中证内地消费指数在二季度上涨19.64%之后，大幅回调了13.23%。究其原因，主要是6月底第九版新冠肺炎防控方案发布所标志的隔离管控措施放松，在三季度逐步进入了预期兑现阶段，而新冠疫情的散点反复和短期消费数据的不尽如人意引发了市场对于消费场景、消费倾向以及中期消费能力的多重担忧。综上，预期的向下修正压制了估值的修复，同时中报等短期数据的披露限制了盈利预测的弹性，权益资产的价格表现势必面临短期的压力。与此同时，海外因素也仍在发生变化，制造业订单回流、汇率波动、俄乌冲突等因素导致成本敏感型和出口型消费企业的盈利端也存在不确定性。综合国内外形势，我们维持消费资产至暗时刻可能已经过去的判断，无论是从需求和成本角度，还是从盈利与估值角度，我们认为消费资产具有较好配置价值。三季度本基金换手率不高，仓位整体维持在90%左右。对于猪价的信心是我们维持农林牧渔行业超配的主要原因；同时我们维持了对美容护理行业的超配，主要原因是前期网络流量超头的解禁有助于估值的修复和四季度促销旺季的业绩提升。低配的行业主要是食品饮料和汽车，前者是基于短期对中秋国庆消费场景，尤其是餐饮和宴请场景的相对谨慎，低配了酒类；后者主要是对板块周期性和中长期估值中枢的理性预期。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:18:56.463Z","fund":{"_id":3000000005526,"stockCode":"005526","stockType":"fund","areaCode":"cn","followedNum":13,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2018-01-17T16:00:00.000Z","setUpScale":1775230000,"market":"a","tickerId":5526,"custody":"中国农业银行股份有限公司","name":"工银瑞信新生代消费灵活配置混合型证券投资基金","shortName":"工银新生代消费混合(005526)","fundSecondLevel":"hybrid","__csrcFundId":5119,"fundStatus":"normal","lastUpdated":"2026-04-30T19:39:58.902Z","masterFundFlag":1,"inceptionDate":"2018-02-12T16:00:00.000Z","fundCollectionId":4000050470000,"currency":"CNY","masterFundShortName":"工银新生代消费混合","pinyin":"gyrxxsdxflhpzhhxzqtzjj","managers":[{"stockCode":"8801478880","stockType":"fund_manager","exchange":"fm","tickerId":1213177140,"name":"林梦"}]},"announcement":{"linkText":"工银瑞信新生代消费灵活配置混合型证券投资基金2022年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=808948","linkType":"PDF","sou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