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ROE稳定的低估值板块，另一端是AI和其他各类主题，经济和盈利下降虽然偏弱，但市场整体估值也比较偏低，很多行业受宏观经济的影响较小，自下而上精选行业和个股的方法论仍然有效。具体到投资主线，下半年将重点关注三条主线，一是以“科特估”和新质生产力，主要投资于自主可控、前沿科技、高端制造相关的行业；二是继续关注高质量资产，主要投资于传统的红利资产以及泛红利的消费、出海等板块；三是伴随着物价的逐步回升，关注涨价链相关的行业的投资机会，主要投资于消费品以及部分资源品。","fund":{"_id":3000000006573,"stockCode":"006573","stockType":"fund","areaCode":"cn","followedNum":1,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2019-03-24T16:00:00.000Z","setUpScale":311144000,"market":"a","tickerId":6573,"custody":"中国银行股份有限公司","name":"人保行业轮动混合型证券投资基金","shortName":"人保行业轮动混合(006573)","fundSecondLevel":"hybrid","__csrcFundId":6132,"fundStatus":"normal","lastUpdated":"2026-04-30T20:14:21.207Z","masterFundFlag":1,"inceptionDate":"2019-04-23T16:00:00.000Z","fundCollectionId":4000051410000,"currency":"CNY","masterFundShortName":"人保行业轮动混合","pinyin":"rbhyldhhxzqtzjj","managers":[{"stockCode":"db20888490","stockType":"fund_manager","exchange":"fm","tickerId":231826223830,"name":"吴若宗"}]},"announcement":{"linkText":"人保行业轮动混合型证券投资基金2024年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1151940","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9d67fea5b3eb0498a31","date":"2024-03-30T16:00:00.000Z","stockId":3000000006573,"sao":"经历2024年一季度较为剧烈的波动之后，市场逐步回归震荡格局，进入2024年3月下旬后行业轮动速度明显加快，或是短期暴力反弹逐步进入尾声的信号。回顾历史数据，“春季躁动”之后震荡调整概率较大，除非市场发生了比较重大的变化，或是政策超预期，或是产业趋势超预期，目前看两股力量均较为薄弱。2024年二季度组合配置均衡，投资线索围绕业绩超预期、红利板块内高低切换和结构性主题三方面展开。策略上更加重视胜率，以中低估值业绩品种作为主要配置方向，同时在红利板块内部做高低切换，行业布局上采用出口链、局部产能出清等高胜率景气策略。","declarationDate":"2024-04-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:23:34.373Z","fund":{"_id":3000000006573,"stockCode":"006573","stockType":"fund","areaCode":"cn","followedNum":1,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2019-03-24T16:00:00.000Z","setUpScale":311144000,"market":"a","tickerId":6573,"custody":"中国银行股份有限公司","name":"人保行业轮动混合型证券投资基金","shortName":"人保行业轮动混合(006573)","fundSecondLevel":"hybrid","__csrcFundId":6132,"fundStatus":"normal","lastUpdated":"2026-04-30T20:14:21.207Z","masterFundFlag":1,"inceptionDate":"2019-04-23T16:00:00.000Z","fundCollectionId":4000051410000,"currency":"CNY","masterFundShortName":"人保行业轮动混合","pinyin":"rbhyldhhxzqtzjj","managers":[{"stockCode":"db20888490","stockType":"fund_manager","exchange":"fm","tickerId":231826223830,"name":"吴若宗"}]},"announcement":{"linkText":"人保行业轮动混合型证券投资基金2024年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1067887","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9d67fea5b3eb0498a30","date":"2023-12-30T16:00:00.000Z","stockId":3000000006573,"sao":"从宏观经济基本面看，国内方面，经历了2季度的回撤后，8-10 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9.3%，但结构仍待改善，实体部门信用收缩现象仍待缓解。MLF大幅超额投放，财政货币协同性加强。海外方面，美国通胀预期放缓，零售和工业产出走弱，美联储不再加息的预期升温，美元下跌。目前尚不能完全排除明年再通胀的可能，仍需警惕美联储转鹰的尾部风险。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:23:34.370Z","mo":"社融对盈利驱动弱化，未来经济可能在相当长一段时间内都维持稳速增长，但不同行业将进入大分化时代。2024年政府开支力度加大，叠加全球紧缩周期结束后外需的改善，国内经济有望温和复苏，全球科技创新进入上行周期，A股企业盈利或温和上行。多因素共振，我们认为未来一年A股仍可以期待结构行情。从行业配置结构上，预期2024年成长价值相对均衡，可能略偏成长。行业布局主线围绕产业趋势明确、景气改善斜率较大、产能供需格局良好的科技、医药和部分周期行业。本基金的核心投资策略是以基本面投资为主，辅以主题投资和行业轮动，通过宏观分析、行业和个股分析，全市场进行行业配置和个股选择。组合构建过程中，行业配置和个股选择除传统的定性分析外，也会运用定量研究的结果。基金经理分别从宏观、中观、微观三个方面构建行业轮动模型，并通过自上而下的框架体系将这三个维度的行业或板块观点结合在一起，形成最后的组合构建策略。在实际运作中，基金经理基于其选股标准从全市场近4000家上市公司中筛选出500-600家公司列入关注名单，再结合当下的宏观经济环境、产业趋势、市场估值等因素筛选出300只左右个股作为重点股票池。建仓之后，基金经理会定期检视组合，对于基本面发生变化、估值明显偏离基本面或者短期上涨过快的个股，不断进行再平衡，对组合进行动态调整。在不同的市场条件下，综合考虑基本面、估值、性价比、风险偏好等因素，不断动态优化组合结构。","fund":{"_id":3000000006573,"stockCode":"006573","stockType":"fund","areaCode":"cn","followedNum":1,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2019-03-24T16:00:00.000Z","setUpScale":311144000,"market":"a","tickerId":6573,"custody":"中国银行股份有限公司","name":"人保行业轮动混合型证券投资基金","shortName":"人保行业轮动混合(006573)","fundSecondLevel":"hybrid","__csrcFundId":6132,"fundStatus":"normal","lastUpdated":"2026-04-30T20:14:21.207Z","masterFundFlag":1,"inceptionDate":"2019-04-23T16:00:00.000Z","fundCollectionId":4000051410000,"currency":"CNY","masterFundShortName":"人保行业轮动混合","pinyin":"rbhyldhhxzqtzjj","managers":[{"stockCode":"db20888490","stockType":"fund_manager","exchange":"fm","tickerId":231826223830,"name":"吴若宗"}]},"announcement":{"linkText":"人保行业轮动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=1059129","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9d67fea5b3eb0498a2f","date":"2023-09-29T16:00:00.000Z","stockId":3000000006573,"sao":"2023年第三季度，A股市场整体处于弱势震荡状态。科技板块的调整给基金的净值造成了一定的负面影响。在报告期内，我们对于基金组合的行业配置进行了适当均衡，对于前期较为强势的科技成长行业个股进行了降低配置，而对产业政策支持、反映未来经济复苏的周期板块，适当增加配置，包括石油石化、化工、机械、汽车等行业个股。展望2023年第四季度，我们认为经济复苏的迹象逐渐清晰，美元加息和人民币继续快速贬值的压力也逐渐减小。在加强对于顺周期、复苏板块配置的同时，我们也会持续关注前期受到反腐政策影响的医药行业，以及处于行业周期底部，未来可能有景气度向上的电子、半导体等行业。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:23:34.363Z","fund":{"_id":3000000006573,"stockCode":"006573","stockType":"fund","areaCode":"cn","followedNum":1,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2019-03-24T16:00:00.000Z","setUpScale":311144000,"market":"a","tickerId":6573,"custody":"中国银行股份有限公司","name":"人保行业轮动混合型证券投资基金","shortName":"人保行业轮动混合(006573)","fundSecondLevel":"hybrid","__csrcFundId":6132,"fundStatus":"normal","lastUpdated":"2026-04-30T20:14:21.207Z","masterFundFlag":1,"inceptionDate":"2019-04-23T16:00:00.000Z","fundCollectionId":4000051410000,"currency":"CNY","masterFundShortName":"人保行业轮动混合","pinyin":"rbhyldhhxzqtzjj","managers":[{"stockCode":"db20888490","stockType":"fund_manager","exchange":"fm","tickerId":231826223830,"name":"吴若宗"}]},"announcement":{"linkText":"人保行业轮动混合型证券投资基金2023年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=991757","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9d67fea5b3eb0498a2e","date":"2023-06-29T16:00:00.000Z","stockId":3000000006573,"sao":"报告期内，本基金继续围绕复苏和科技成长两条主线进行投资。在行业选择上，结合自上而下和自下而上的研究，超配了医药、军工、计算机、通讯行业。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:23:34.357Z","mo":"展望23年下半年，对于AI能否继续延续上半年的上涨趋势持观察态度，前期取得较大涨幅的板块和个股或适当兑现盈利。对于机构配置拥挤度不高、去库存接近尾声、下半年景气度可能上行的消费、医药、军工、机械、汽车、半导体等板块进行重点研究和跟踪，力求能够领先市场发掘投资机会。","fund":{"_id":3000000006573,"stockCode":"006573","stockType":"fund","areaCode":"cn","followedNum":1,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2019-03-24T16:00:00.000Z","setUpScale":311144000,"market":"a","tickerId":6573,"custody":"中国银行股份有限公司","name":"人保行业轮动混合型证券投资基金","shortName":"人保行业轮动混合(006573)","fundSecondLevel":"hybrid","__csrcFundId":6132,"fundStatus":"normal","lastUpdated":"2026-04-30T20:14:21.207Z","masterFundFlag":1,"inceptionDate":"2019-04-23T16:00:00.000Z","fundCollectionId":4000051410000,"currency":"CNY","masterFundShortName":"人保行业轮动混合","pinyin":"rbhyldhhxzqtzjj","managers":[{"stockCode":"db20888490","stockType":"fund_manager","exchange":"fm","tickerId":231826223830,"name":"吴若宗"}]},"announcement":{"linkText":"人保行业轮动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=960073","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9d67fea5b3eb0498a2d","date":"2023-03-30T16:00:00.000Z","stockId":3000000006573,"sao":"报告期内，本基金主要沿着消费复苏和科技成长两条主线进行配置，在过去的一个季度里取得了较为稳健的收益。相对于2022年四季度，我们降低了新能源方向的持仓，增加了TMT、食品饮料、医药等行业的配置。对于2023年后面几个季度的展望，我们认为，目前外部经济环境处于美元由强转弱的过渡期，未来形势对于国内的投资者来讲是偏有利的。行业层面上，虽然目前经济复苏的力度可能不如预想的强势，但是方向和长期的目标是确定性的，消费行业投资机会逐渐显现。科技和军工行业则分别是国家的长期发展硬实力和国民安全的直接体现，未来仍然是我们配置的重点方向。在风控方面，主要是依靠基于对行业和个股深度研究而形成资产定价能力，以及对于估值高性价比股票的投资来控制产品回撤。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:23:34.353Z","fund":{"_id":3000000006573,"stockCode"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再分配。2022年随着PPI和CPI剪刀差的逐步回落，产业链利润也将从上游周期品逐步回归至中下游制造业；三是重点关注后疫情时代困境反转的部分行业，主要集中在出行及可选消费等领域。","fund":{"_id":3000000006573,"stockCode":"006573","stockType":"fund","areaCode":"cn","followedNum":1,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2019-03-24T16:00:00.000Z","setUpScale":311144000,"market":"a","tickerId":6573,"custody":"中国银行股份有限公司","name":"人保行业轮动混合型证券投资基金","shortName":"人保行业轮动混合(006573)","fundSecondLevel":"hybrid","__csrcFundId":6132,"fundStatus":"normal","lastUpdated":"2026-04-30T20:14:21.207Z","masterFundFlag":1,"inceptionDate":"2019-04-23T16:00:00.000Z","fundCollectionId":4000051410000,"currency":"CNY","masterFundShortName":"人保行业轮动混合","pinyin":"rbhyldhhxzqtzjj","managers":[{"stockCode":"db20888490","stockType":"fund_manager","exchange":"fm","tickerId":231826223830,"name":"吴若宗"}]},"announcement":{"linkText":"人保行业轮动混合型证券投资基金2021年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=714924","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9d67fea5b3eb0498a27","date":"2021-09-29T16:00:00.000Z","stockId":3000000006573,"sao":"在经历了二月国内经济数据同比见顶以及三月无风险利率中枢下移后带来的消费板块调整以及二季度高景气板块的业绩释放带来的上涨后，三季度市场主要关注因限产等因素导致上游原材料价格上涨带来的周期板的行情。2021年三季度，上证综指、上证50、沪深300、中证500、中小板指、创业板指、万得全A的涨幅分别为-0.64%、-8.62%、-6.85%、4.34%、-4.98%、-6.69%、-1%。风格方面，周期股表现领先，消费、金融表现较弱，市场结构性差异明显。行业层面，煤炭、有色、钢铁、电力及公用事业、基础化工等表现出色，餐饮旅游、医药、食品饮料、家电、纺织服装等行业表现落后。本基金三季度维持较高股票仓位，在布局成长板块的基础上，适当参与周期板块行情，围绕业绩、改革、创新等主线，采取配置与轮动相结合的策略，总体上来说，本基金三季度组合收益较为理想，相对于业绩基准及核心市场指数获得了一定的超额回报。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:23:34.296Z","fund":{"_id":3000000006573,"stockCode":"006573","stockType":"fund","areaCode":"cn","followedNum":1,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2019-03-24T16:00:00.000Z","setUpScale":311144000,"market":"a","tickerId":6573,"custody":"中国银行股份有限公司","name":"人保行业轮动混合型证券投资基金","shortName":"人保行业轮动混合(006573)","fundSecondLevel":"hybrid","__csrcFundId":6132,"fundStatus":"normal","lastUpdated":"2026-04-30T20:14:21.207Z","masterFundFlag":1,"inceptionDate":"2019-04-23T16:00:00.000Z","fundCollectionId":4000051410000,"currency":"CNY","masterFundShortName":"人保行业轮动混合","pinyin":"rbhyldhhxzqtzjj","managers":[{"stockCode":"db20888490","stockType":"fund_manager","exchange":"fm","tickerId":231826223830,"name":"吴若宗"}]},"announcement":{"linkText":"人保行业轮动混合型证券投资基金2021年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=656537","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9d67fea5b3eb0498a26","date":"2021-06-29T16:00:00.000Z","stockId":3000000006573,"sao":"上半年，在市场在经过春节后的快速调整后，市场风险得到了有效释放，结构性高估值问题部分缓解。2021年上半年以来的行情走势，基本上以国内流动性边际宽松叠加经济及通胀预期见顶背景下的一个结构性反弹行情，结构性是周期转向景气成长，同时成长当中进行轮动，而成长的轮动和细分行业的强弱取决于业绩和行业景气度，2021年上半年新能源、化工等周期性行业、医药、半导体等高景气度领域表现较好。2021年上半年，上证综指、上证50、沪深300、中证500、中小板指、创业板指、万得全A的涨幅分别为3.40%、-3.90%、0.24%、6.93%、3.66%、17.22%、5.45%。风格方面，周期股、成长股表现领先，消费、金融板块表现较弱，市场结构性差异明显。行业层面，化工、钢铁、电力设备、煤炭、有色等表现出色，非银、家电、军工、房地产、农林牧渔等行业表现落后。本基金上半年维持较高股票仓位，积极布局成长板块，围绕业绩、产业趋势、创新等主线，采取配置与轮动相结合的策略，总体上来说，本基金上半年组合收益较为理想，相对于业绩基准及核心市场指数获得了一定的超额回报。","declarationDate":"2021-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:23:34.289Z","mo":"展望后市，在全球流动性边际变化的预期下，本产品将重点跟踪国内经济数据，尤其是出口数据以及结构情况。对高景气行业的跟踪立足在产业层面的微观变化上，本产品一方面将提高对高景气行业的选股标准，注重产业研究与公司基本面研究，另一方面本产品将适度提高对底部边际改善行业的关注，以中长期维度精选个股，努力为持有人创造收益。","fund":{"_id":3000000006573,"stockCode":"006573","stockType":"fund","areaCode":"cn","followedNum":1,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2019-03-24T16:00:00.000Z","setUpScale":311144000,"market":"a","tickerId":6573,"custody":"中国银行股份有限公司","name":"人保行业轮动混合型证券投资基金","shortName":"人保行业轮动混合(006573)","fundSecondLevel":"hybrid","__csrcFundId":6132,"fundStatus":"normal","lastUpdated":"2026-04-30T20:14:21.207Z","masterFundFlag":1,"inceptionDate":"2019-04-23T16:00:00.000Z","fundCollectionId":4000051410000,"currency":"CNY","masterFundShortName":"人保行业轮动混合","pinyin":"rbhyldhhxzqtzjj","managers":[{"stockCode":"db20888490","stockType":"fund_manager","exchange":"fm","tickerId":231826223830,"name":"吴若宗"}]},"announcement":{"linkText":"人保行业轮动混合型证券投资基金2021年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=633163","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec9d67fea5b3eb0498a25","stockId":3000000006573,"sao":"2021年一季度，海外经济与疫情层面，在疫苗持续接种以及积极的财政货币政策下，海外经济持续复苏，大宗产品价格上涨，美债收益率走高。国内方面，一季度经济持续复苏，宏观经济政策不急转弯，在维持政策持续性的背景下，坚持跨周期调节，持续降低政府杠杆率。在以上背景环境下，2021年一季度，上证综指、上证50、沪深300、中证500、中小板指、创业板指、万得全A的涨幅分别为-0.90%、-2.78%、-3.12%、-1.77%、-6.86%、-7%、-3.24%。风格方面，周期、金融股表现领先，成长、消费表现相对较弱。行业层面，钢铁、电力及公用事业、银行、建筑、建材显著领先，军工、非银金融、通信、计算机、汽车等行业表现落后。本基金一季度维持较高股票仓位，积极布局科技、内需板块，围绕业绩、改革、经济复苏等主线，采取配置与轮动相结合的策略。市场在经过春节后的快速调整后，风险得到了有效释放，结构性高估值问题部分缓解。中期维度，下半年经济重新走弱之后，政策空间有望逐步打开，市场可能重新进入以具备长期高景气度的板块为主线的结构性行情。我们的组合也会依据上述思路做及时的仓位和结构调整，力求为持有人取得好的收益。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:23:34.281Z","fund":{"_id":3000000006573,"stockC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