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　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年整体市场操作主要集中在泛科技类资产投资。　　三季度中下旬市场随着一揽子稳增长政策的持续发力，市场偏好迅速上升，代表高弹性资产的非银、TMT等涨幅较大，低风险资产回调，组合结合市场偏好优化了性价比较好的成长类资产。减持了半导体设备，增加了半导体代工环节资产，并增加机器人行业配置。　　总体组合保持仓位稳定，结构维持均衡配置，尤其当下成长类资产稀缺的背景下。在选择个股的质量上，更关注其长期竞争力，创造现金流的能力以及抵抗风险的能力，是否具备拓展海外市场空间的能力；力争通过中长期配置获取一定的稳健收益。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:26:53.206Z","mo":"海外经济方面，预计2025年海外经济增长动能将进一步趋弱但韧性仍强。美国通胀可能存在上行风险，美联储降息或将进入观察期。　　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年的政策主基调围绕扩大内需展开，对冲外部的不确定性，但目前看向上的弹性不够大，低利率的环境维持，从而对权益资产有一定的支撑。经济向上弹性有限，下行托底的大背景下，结构性机会变得尤为突出。　　目前来看代表新兴产业部分细分行业业绩和估值进入扩展的通道，例如人工智能，从云端应用逐步下沉，机器人等行业发展。　　部分龙头企业已走出压力较大的区间，结合海外空间，企业创造现金的能力，同样具备配置价值。　　未来组合操作方面，将维持当前组合的均衡配置，适当优化稳健类资产，并寻找内需受益，具备全球竞争力，产能全球化走出经营底部的优质龙头公司投资机会。","fund":{"_id":3000000007353,"stockCode":"007353","stockType":"fund","areaCode":"cn","followedNum":6,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2019-04-28T16:00:00.000Z","setUpScale":989482000,"market":"a","tickerId":7353,"custody":"招商银行股份有限公司","name":"工银瑞信科技创新混合型证券投资基金","shortName":"工银科技创新混合(007353)","fundSecondLevel":"hybrid","__csrcFundId":6181,"fundStatus":"normal","lastUpdated":"2026-04-30T20:40:52.930Z","masterFundFlag":1,"inceptionDate":"2019-05-05T16:00:00.000Z","fundCollectionId":4000050470000,"currency":"CNY","masterFundShortName":"工银科技创新混合","pinyin":"gyrxkjcxhhxzqtzjj","managers":[{"stockCode":"db20361607","stockType":"fund_manager","exchange":"fm","tickerId":82612156670,"name":"胡志利"}]},"announcement":{"linkText":"工银瑞信科技创新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=1257046","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca9d7fea5b3eb04a7068","date":"2024-09-29T16:00:00.000Z","stockId":3000000007353,"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。　　政策的出台扭转了市场的悲观预期，围绕经济向上、结构向优的目标，陆续出台了一系列政策。在此背景下，组合在三季度的主要调整方向为：增加受益于内需和成长类资产的配置，降低性价比较低的追求稳健类资产的配置。在增加的个股中，我们更加关注其长期竞争力、创造现金流的能力以及抵抗风险的能力，同时考察其是否具备拓展海外市场的潜力。整体上，组合维持均衡配置，适当偏向成长。三季度末转换期间，市场波动较大，相应操作难度也较高。组合长期围绕核心策略，通过追求稳健的配置和个股优选，顺利度过了相对收益难度较大的阶段。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:26:53.203Z","fund":{"_id":3000000007353,"stockCode":"007353","stockType":"fund","areaCode":"cn","followedNum":6,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2019-04-28T16:00:00.000Z","setUpScale":989482000,"market":"a","tickerId":7353,"custody":"招商银行股份有限公司","name":"工银瑞信科技创新混合型证券投资基金","shortName":"工银科技创新混合(007353)","fundSecondLevel":"hybrid","__csrcFundId":6181,"fundStatus":"normal","lastUpdated":"2026-04-30T20:40:52.930Z","masterFundFlag":1,"inceptionDate":"2019-05-05T16:00:00.000Z","fundCollectionId":4000050470000,"currency":"CNY","masterFundShortName":"工银科技创新混合","pinyin":"gyrxkjcxhhxzqtzjj","managers":[{"stockCode":"db20361607","stockType":"fund_manager","exchange":"fm","tickerId":82612156670,"name":"胡志利"}]},"announcement":{"linkText":"工银瑞信科技创新混合型证券投资基金2024年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1179600","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca9d7fea5b3eb04a7067","date":"2024-06-29T16:00:00.000Z","stockId":3000000007353,"sao":"2024年上半年，国内宏观经济处在“经济增长震荡，政策维持呵护”的状态。A股市场整体呈现震荡走势。风格上，市场呈现“价值优于成长”、“大盘优于小盘”的局面。分行业来看，年初以来中信一级行业中石油石化、银行、有色金属涨幅居前，房地产、电新、计算机等板块跌幅居前。　　组合操作上，延续年报对市场的判断，整体上宏观经济平稳，受预期的变化而波动。组合仓位稳定，结构上优化稳健类资产的配置，增加出海的优质公司配置，尤其当下成长类资产稀缺的背景下。个股的质量上，更关注其长期竞争力，创造现金流的能力以及抵抗风险的能力，以及是否具备拓展海外市场空间的能力。减持了部分长期收益率下降到不具备吸引力的稳健类个股。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:26:53.200Z","mo":"展望未来，当下影响A股市场的主要矛盾在于国内经济增长预期，其中房地产市场和地方政府债务是影响经济内生增长预期的主要因素。考虑到房地产市场正在逐渐走向平衡、地方政府债务风险有效控制、稳增长政策的持续发力，国内经济短期将呈现温和修复态势。海外虽受不确定因素影响，但目前处在海外利率的高位，中期可以预期利率下行。对应到A股市场仍存在结构性行情的判断。　　未来组合操作方面，将维持当前组合的均衡配置，适当优化稳健类资产，并寻找具备全球竞争力、产能全球化走出经营底部的优质龙头公司投资机会。","fund":{"_id":3000000007353,"stockCode":"007353","stockType":"fund","areaCode":"cn","followedNum":6,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2019-04-28T16:00:00.000Z","setUpScale":989482000,"market":"a","tickerId":7353,"custody":"招商银行股份有限公司","name":"工银瑞信科技创新混合型证券投资基金","shortName":"工银科技创新混合(007353)","fundSecondLevel":"hybr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本基金在全年保持稳健的配置思路，行业配置结构基本稳定，配置的银行和消费行业贡献负超额，银行内部出现较大分化，优质银行和稳健银行估值收敛；消费资产在短期和长期预期双重悲观下，估值下杀力度较大，内部偏细分成长类代表持续升级的资产调整大。另外一部分个股调整来自宏观压力和资金的负循环。 最后作为基金经理需持续迭代投资能力，力争实现更好的业绩。我们坚信事物总有其规律，不能线性预期业绩，也不能一味的悲观。风物长宜放眼量，着力寻找未来符合高质量发展的优质公司，渡过市场底部区域。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:26:53.195Z","mo":"展望2024年，预计国内宏观经济仍处在“经济底部震荡，政策维持呵护”的状态。当前内生需求疲弱和价格低迷通常需要供给侧和需求侧显著发力，当前政策力度仍然较为温和，经济处在动能转换期、新旧换挡期，经济底部震荡特征明显。　　流动性方面，国内在“控制总量，盘活存量”的总基调下，不宜对流动性宽松持乐观看法，海外大体上处在美元降息周期，但考虑到短期美国经济和通胀韧性，对海外流动性的快速宽松也不应报太多期待。　　通胀方面，国内通缩压力依然存在，内需不足，供给过剩的局面在政策没有太大变化的情况下很难改变。　　因此，总体来看，预计2024年宏观经济底部震荡，企业盈利也处在相对底部，证券市场大体和经济吻合，鉴于其估值处在较低区间，我们判断机会大于风险。　　行业的投资机会方面，从需求角度看，出口品类且具备全球竞争力的行业有望具备投资机会；从供给角度看，一些产能过剩的行业可能出清，例如农业等行业存在盈利修复的机会；此外，有一定稳健ROE及一定股息率的行业具备配置机会。","fund":{"_id":3000000007353,"stockCode":"007353","stockType":"fund","areaCode":"cn","followedNum":6,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2019-04-28T16:00:00.000Z","setUpScale":989482000,"market":"a","tickerId":7353,"custody":"招商银行股份有限公司","name":"工银瑞信科技创新混合型证券投资基金","shortName":"工银科技创新混合(007353)","fundSecondLevel":"hybrid","__csrcFundId":6181,"fundStatus":"normal","lastUpdated":"2026-04-30T20:40:52.930Z","masterFundFlag":1,"inceptionDate":"2019-05-05T16:00:00.000Z","fundCollectionId":4000050470000,"currency":"CNY","masterFundShortName":"工银科技创新混合","pinyin":"gyrxkjcxhhxzqtzjj","managers":[{"stockCode":"db20361607","stockType":"fund_manager","exchange":"fm","tickerId":82612156670,"name":"胡志利"}]},"announcement":{"linkText":"工银瑞信科技创新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=1055496","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca9d7fea5b3eb04a7064","date":"2023-09-29T16:00:00.000Z","stockId":3000000007353,"sao":"市场及组合操作回顾方面，三季度A股市场整体延续弱势，万得全A下跌4.33%。顺周期板块获得较为显著的超额收益，而科技成长板块跌幅较大。分行业来看，涨幅靠前的行业为非银金融、煤炭、石油石化、钢铁、银行；跌幅靠前的行业是电力设备新能源、传媒、计算机、通讯和国防军工。　　结合公司中报业绩整体上看，高成长板块不多，当下市场对国内经济增长预期较为悲观，三季度以来，稳增长政策持续落地，经济增长呈现修复迹象，预计后续政策将有进一步加码，增长仍有进一步修复的空间，因此我们认为市场下行风险相对可控，经济增长向上的定价并不充分，顺周期板块仍有修复空间。成长板块稀缺，存量市场下的高股息资产性价比提升。　　操作方面，维持在中长期相对悲观的宏观背景下，低估值的特征、代表长期竞争力、估值合理、现金流相对确定的资产的持有策略，力争通过企业的持续成长获取收益。增持部分受益科技进步加入产业进程的汽车智能化相关资产和经济相关性较低的高端装备军工类资产。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:26:53.192Z","fund":{"_id":3000000007353,"stockCode":"007353","stockType":"fund","areaCode":"cn","followedNum":6,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2019-04-28T16:00:00.000Z","setUpScale":989482000,"market":"a","tickerId":7353,"custody":"招商银行股份有限公司","name":"工银瑞信科技创新混合型证券投资基金","shortName":"工银科技创新混合(007353)","fundSecondLevel":"hybrid","__csrcFundId":6181,"fundStatus":"normal","lastUpdated":"2026-04-30T20:40:52.930Z","masterFundFlag":1,"inceptionDate":"2019-05-05T16:00:00.000Z","fundCollectionId":4000050470000,"currency":"CNY","masterFundShortName":"工银科技创新混合","pinyin":"gyrxkjcxhhxzqtzjj","managers":[{"stockCode":"db20361607","stockType":"fund_manager","exchange":"fm","tickerId":82612156670,"name":"胡志利"}]},"announcement":{"linkText":"工银瑞信科技创新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=993523","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca9d7fea5b3eb04a7063","date":"2023-06-29T16:00:00.000Z","stockId":3000000007353,"sao":"一季度市场在经济复苏通道中，整体市场表现较好，结构上代表核心竞争力的龙头资产表现较好，这部分资产受益经济复苏和场外资金进场。在二季度经济复苏的强度变弱，海外流动性持续收紧的背景下，市场出现调整，尤其代表宏观总量的相关行业调整较大，例如消费、金融、地产等；另外受益产业趋势和流动性的人工智能延伸的相关细分行业表现突出。主要表现在TMT、机械等行业。　　操作方面，维持在中长期相对悲观的宏观背景下，对具有低估值的特征，代表长期竞争力、估值合理、现金流相对确定的资产的持有策略，并通过企业的持续成长获取收益。结构上减持了部分业绩未达成预期和受经济复苏进度影响大的资产，增加竞争力突出和安全边际高的相关资产。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:26:53.190Z","mo":"展望2023年下半年，整体经济还将处于复苏的通道中，虽短期内生动能较弱，企业下行盈利周期有望见到触底，流动性处在宽松周期中，整体处于对权益市场有利的环境中。但整体估值大幅扩展的难度较大，在增量资金不明显的情况下，或将以结构性行情为主。　　结合宏观、产业趋势、流动性以及估值多个维度来看，整体结构性行情还将围绕两个维度展开，一是经济修复中的业绩驱动类资产，过去近三年，优质企业的估值和业绩得到一定的风险释放，中长期依然依靠内需还将维持一定的成长速度，这既符合高质量发展也凸显产业优势。二是围绕产业趋势，持续的产业升级是经济的主要驱动力，当下处于能源、人工智能等新技术大规模应用周期，其中符合产业升级，核心竞争力突出的相关优质公司可能享受估值和业绩的双升。本基金围绕两个方面持续优中选优，通过中长期投资获取收益。","fund":{"_id":3000000007353,"stockCode":"007353","stockType":"fund","areaCode":"cn","followedNum":6,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2019-04-28T16:00:00.000Z","setUpScale":989482000,"market":"a","tickerId":7353,"custody":"招商银行股份有限公司","name":"工银瑞信科技创新混合型证券投资基金","shortName":"工银科技创新混合(007353)","fundSecondLevel":"hybrid","__csrcFundId":6181,"fundStatus":"normal","lastUpdated":"2026-04-30T20:40:52.930Z","masterFundFlag":1,"inceptionDate":"2019-05-05T16:00:00.000Z","fundCollectionId":4000050470000,"currency":"CNY","masterFundShortName":"工银科技创新混合","pinyin":"gyrxkjcxhhxzqtzjj","managers":[{"stockCode":"db20361607","stockType":"fund_manager","exchange":"fm","tickerId":82612156670,"name":"胡志利"}]},"announcement":{"linkText":"工银瑞信科技创新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=957396","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca9d7fea5b3eb04a7062","date":"2023-03-30T16:00:00.000Z","stockId":3000000007353,"sao":"2023年一季度，随着稳增长措施的推出以及疫情缓解后经济部门恢复，整体经济出现触底回升态势。受地产和疫情的干扰，整体经济复苏力度不够强劲，但总体符合预期，市场整体处于修复的走势。行业表现方面，受益数字经济产业政策的计算机、传媒、电子、通信等表现强势，受益经济复苏的相关消费类资产公司表现较好。　　当前市场位置接近历史偏低位置，估值角度看也处在相对低位，市场的核心矛盾还是围绕经济复苏的强度以及产业政策的变化。　　本基金操作上一贯秉持优中选优这一原则，坚信A股市场长期存在获得超额收益和绝对收益的结构性机会。我们尤其关注结构性盈利趋势向好行业中的优质公司。操作上本基金一季度主要增持受益科技创新的半导体资产，减持新能源类资产。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:26:53.187Z","fund":{"_id":3000000007353,"stockCode":"007353","stockType":"fund","areaCode":"cn","followedNum":6,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2019-04-28T16:00:00.000Z","setUpScale":989482000,"market":"a","tickerId":7353,"custody":"招商银行股份有限公司","name":"工银瑞信科技创新混合型证券投资基金","shortName":"工银科技创新混合(007353)","fundSecondLevel":"hybrid","__csrcFundId":6181,"fundStatus":"normal","lastUpdated":"2026-04-30T20:40:52.930Z","masterFundFlag":1,"inceptionDate":"2019-05-05T16:00:00.000Z","fundCollectionId":4000050470000,"currency":"CNY","masterFundShortName":"工银科技创新混合","pinyin":"gyrxkjcxhhxzqtzjj","managers":[{"stockCode":"db20361607","stockType":"fund_manager","exchange":"fm","tickerId":82612156670,"name":"胡志利"}]},"announcement":{"linkText":"工银瑞信科技创新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=882241","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca9d7fea5b3eb04a7061","date":"2022-12-30T16:00:00.000Z","stockId":3000000007353,"sao":"2022年权益市场表现较弱，为经历过去三年上涨市场的调整年，全年经历了诸多不确定性的事件，例如地缘冲突，美元加息，疫情等，有些是长期影响，有些是短期影响，都一定程度造成2022年权益市场的波动。　　全年权益市场主线轮动较快，整体上游能源类表现好于中下游，四季度消费追赶上来。　　我们在2022年整年的投资中，充分认识了市场的波动风险，股票市场是个奖励乐观者的场所，我们认为股票的价值是可持续成长价值的折现，在投资过程中更关注股票的竞争力和长期价值。波动中用更低的价格持有优质资产并中长期持有是本基金一直以来投资收益来源的重要方式。　　本基金在2022年保持过去一贯的投资理念，调整策略适应环境变化，全年来看整体投资情况基本上和投资策略相符。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:26:53.184Z","mo":"展望2023年，海外主要经济体增长动能将进一步走弱，通胀下行方向确定但节奏仍存不确定性，海外流动性改善方向明确，美联储有望在年中时段停止加息。　　国内经济增长在疫情管控放松、稳增长政策发力的支持下，向上修复方向较为确定。我们预计2023年通胀水平整体较为温和，关注下半年核心通胀上行幅度。政策着力“稳增长、稳预期、稳信心”，扩大内需是主要抓手，供给侧政策协同发力。　　展望2023年，我们认为A股机会大于风险。一是，盈利面上，随着中国经济逐步修复，本轮企业盈利下行周期有望见到拐点，预计全年盈利增速有望录得中个位数增长。二是，估值面上，静态来看，当前A股主要宽基指数估值处于历史偏低水平。与此同时，考虑到明年货币政策大概率仍将维持偏宽松的政策取向，同时海外流动性收紧压力也将逐步缓解，这对市场估值有正面支撑。　　展望2023年，投资更注重公司质量，更关注长期竞争力和发展，围绕经济复苏主线展开，寻找代表未来经济潜力发展和充分受益复苏的资产做投资。中长期围绕产业升级方向，寻找估值相对合理、竞争力突出，持续创造价值的一类公司。","fund":{"_id":3000000007353,"stockCode":"007353","stockType":"fund","areaCode":"cn","followedNum":6,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2019-04-28T16:00:00.000Z","setUpScale":989482000,"market":"a","tickerId":7353,"custody":"招商银行股份有限公司","name":"工银瑞信科技创新混合型证券投资基金","shortName":"工银科技创新混合(007353)","fundSecondLevel":"hybrid","__csrcFundId":6181,"fundStatus":"normal","lastUpdated":"2026-04-30T20:40:52.930Z","masterFundFlag":1,"inceptionDate":"2019-05-05T16:00:00.000Z","fundCollectionId":4000050470000,"currency":"CNY","masterFundShortName":"工银科技创新混合","pinyin":"gyrxkjcxhhxzqtzjj","managers":[{"stockCode":"db20361607","stockType":"fund_manager","exchange":"fm","tickerId":82612156670,"name":"胡志利"}]},"announcement":{"linkText":"工银瑞信科技创新混合型证券投资基金(原工银瑞信科技创新3年封闭运作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=865305","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca9d7fea5b3eb04a7060","date":"2022-09-29T16:00:00.000Z","stockId":3000000007353,"sao":"2022年三季度，随着稳增长措施的推出以及疫情季度初缓解后经济部门恢复，整体经济出现触底回升态势。但受地产和疫情的干扰三季度经济复苏的强度变弱，叠加海外加息等措施抑制需求压低通胀的影响，导致市场担忧出口压力。市场走出倒“V”的走势。行业表现方面，受益海外通胀的能源价格的相关行业表现强势，预期地产集中度提升的相关龙头公司表现较好，其他对需求担忧的资产出现不同程度调整。  当前市场位置接近二季度低点位置，估值角度看也处在相对低位，市场的核心矛盾还是围绕海外加息抑制需求的担忧，以及地缘冲突带来的供应链干扰，情绪相对悲观。  本基金操作上一贯秉持优中选优这一原则，坚信A股市场长期存在获得超额收益和绝对收益的结构性机会。我们尤其关注结构性盈利趋势向好行业中的优质公司。操作上本基金三季度主要增持周期向上新能源类，减持了部分海外加息、对需求较为敏感的资产。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:26:53.182Z","fund":{"_id":3000000007353,"stockCode":"007353","stockType":"fund","areaCode":"cn","followedNum":6,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2019-04-28T16:00:00.000Z","setUpScale":989482000,"market":"a","tickerId":7353,"custody":"招商银行股份有限公司","name":"工银瑞信科技创新混合型证券投资基金","shortName":"工银科技创新混合(007353)","fundSecondLevel":"hybrid","__csrcFundId":6181,"fundStatus":"normal","lastUpdated":"2026-04-30T20:40:52.930Z","masterFundFlag":1,"inceptionDate":"2019-05-05T16:00:00.000Z","fundCollectionId":4000050470000,"currency":"CNY","masterFundShortName":"工银科技创新混合","pinyin":"gyrxkjcxhhxzqtzjj","managers":[{"stockCode":"db20361607","stockType":"fund_manager","exchange":"fm","tickerId":82612156670,"name":"胡志利"}]},"announcement":{"linkText":"工银瑞信科技创新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=809019","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca9d7fea5b3eb04a705f","date":"2022-06-29T16:00:00.000Z","stockId":3000000007353,"sao":"2022年上半年，随着稳增长措施的推出以及疫情缓解后经济部门恢复，整体经济出现触底回升态势。代表经济体量较大的行业都出现不同程度的复苏，以地产、汽车、基建投资为例，均处于修复上升趋势。  2022年上半年整体权益市场指数处于修复通道中，代表高景气的行业表现突出，包括新能源（车、光伏、风电）、军工等产业链；其次受供需缺口影响，资源价格高企，上游资产表现突出；代表弱复苏的消费资产也得到一定程度的修复。  操作上本基金本报告期主要增持港股核心资产，以互联网科技类资产为主，增持A股新能源类资产，减持周期下行压力大的硬科技资产和医药类资产。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:26:53.179Z","mo":"展望2022年下半年，A股企业盈利处于修复周期中，宏观角度看，中美货币政策反向周期运行，国内处于货币宽松周期，而海外则处于加息周期中，外需面临一定的压力。  权益市场在稳增长的政策环境中，企业盈利有望修复，但受海外经济压力影响，以及面临上游价格高企的环境，企业盈利大幅修复的概率较低，所以估值大幅扩张的概率在降低，整体或将延续结构性机会为主。  结合宏观、产业趋势、流动性以及估值多维度来看，我们认为，权益市场可能依然延续结构性机会。2022年短期来看，投资将主要围绕稳增长大背景下的资产重估，但需警惕行业或者个股上涨的空间变小，以及长期竞争力削弱的低估值陷阱；中长期还是围绕消费升级和产业升级方向，寻找估值合理、竞争力突出、持续创造价值的公司。我们相对看好产业升级（汽车产业智能化、产业数字化、高端装备等）与消费升级相对应的板块。","fund":{"_id":3000000007353,"stockCode":"007353","stockType":"fund","areaCode":"cn","followedNum":6,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2019-04-28T16:00:00.000Z","setUpScale":989482000,"market":"a","tickerId":7353,"custody":"招商银行股份有限公司","name":"工银瑞信科技创新混合型证券投资基金","shortName":"工银科技创新混合(007353)","fundSecondLevel":"hybrid","__csrcFundId":6181,"fundStatus":"normal","lastUpdated":"2026-04-30T20:40:52.930Z","masterFundFlag":1,"inceptionDate":"2019-05-05T16:00:00.000Z","fundCollectionId":4000050470000,"currency":"CNY","masterFundShortName":"工银科技创新混合","pinyin":"gyrxkjcxhhxzqtzjj","managers":[{"stockCode":"db20361607","stockType":"fund_manager","exchange":"fm","tickerId":82612156670,"name":"胡志利"}]},"announcement":{"linkText":"工银瑞信科技创新混合型证券投资基金(原工银瑞信科技创新3年封闭运作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=784736","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca9d7fea5b3eb04a705e","date":"2022-03-30T16:00:00.000Z","stockId":3000000007353,"sao":"2022年一季度，随着2021年下半年经济压力增大，尤其地产下行态势明显，受疫情干扰消费压力加大；其次受外围地缘事件冲击，全球大宗商品价格高位，国内能源价格也处于高位。  稳增长政策托底经济增长态度明确，稳增长发力的节奏、力度和效果仍面临一定的挑战，通胀面临上行压力，但总体可控。货币政策维持宽松取向，货币政策以我为主，汇率是应对海外货币政策调整的首选工具。积极的财政政策存在发力空间，基建制约因素在于缺项目和严控地方政府隐性债务等。  2022年一季度整体市场处于单边市场释放风险阶段，结构上符合稳增长、低估值资产表现较好，以房地产、基建为主。其次受经济压力、外围加息等因素影响，成长类资产调整较大。组合操作适当降低组合弹性，选股上更注重估值和质地，做到更长视角持有的原则，对于认为具备长期竞争力的资产，逐步布局。目前来看，整体A股市场增量资金边际过去两年变弱，估值扩张难度较大。组合坚持科技创新类资产为主，主要操作新能源上游资产向中游切换；增持估值合理的高成长类的高端装备军工、医药等资产。组合随着经济的企稳，市场可能迎来修复机会。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:26:53.177Z","fund":{"_id":3000000007353,"stockCode":"007353","stockType":"fund","areaCode":"cn","followedNum":6,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2019-04-28T16:00:00.000Z","setUpScale":989482000,"market":"a","tickerId":7353,"custody":"招商银行股份有限公司","name":"工银瑞信科技创新混合型证券投资基金","shortName":"工银科技创新混合(007353)","fundSecondLevel":"hybrid","__csrcFundId":6181,"fundStatus":"normal","lastUpdated":"2026-04-30T20:40:52.930Z","masterFundFlag":1,"inceptionDate":"2019-05-05T16:00:00.000Z","fundCollectionId":4000050470000,"currency":"CNY","masterFundShortName":"工银科技创新混合","pinyin":"gyrxkjcxhhxzqtzjj","managers":[{"stockCode":"db20361607","stockType":"fund_manager","exchange":"fm","tickerId":82612156670,"name":"胡志利"}]},"announcement":{"linkText":"工银瑞信科技创新3年封闭运作混合型证券投资基金2022年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=726769","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca9d7fea5b3eb04a705d","date":"2021-12-30T16:00:00.000Z","stockId":3000000007353,"sao":"2021年权益市场波澜壮阔，随着人们对疫情的逐步认知，疫苗研发的成功以及接种，全球经济活动重新回到正轨中，但供给端的冲击导致全球资源价格波动较大。  2021年整体权益市场指数处于震荡中，贯穿全年的景气行业新能源产业链表现突出，其次受供需缺口资源价格高企，上游资产表现好于中下游，整体消费承压相应资产也表现靠后。  我们不可否认疫情对很多行业及生活方式产生了很大影响，相关行业的短期业绩受到较大挑战，我们认为股票的价值是个可持续成长价值的折现，短期的成长受损不改变企业的长期逻辑。  基金操作上我们一贯秉持优中选优这一原则，坚信A股市场长期存在获得超额收益和绝对收益的结构性机会。我们尤其关注结构性盈利趋势向好行业中的优质公司，这些公司主要集中诞生在产业升级的大方向里。本基金保持一贯的投资理念和策略。","declarationDate":"2022-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:26:53.174Z","mo":"展望2022年，全部A股企业盈利承压；流动性角度看，中美货币逆向周期，国内处于货币边际宽松周期。  权益市场在稳增长的政策环境中，企业盈利承压，估值大幅扩张的概率在降低，整体延续结构性机会为主。  结合宏观、产业趋势、流动性以及估值多维度来看，我们认为权益市场依然延续结构性机会，2022年短期来看，投资机会主要围绕稳增长大背景下的资产重估，但需警惕行业或者个股的空间变小，长期竞争力削弱的低估值陷阱，中长期投资机会还是围绕产业趋势，在产业升级的大背景下，寻找估值合理、竞争力突出，持续创造价值的公司。我们相对看好产业升级（互联网、创新药产业链、汽车产业智能化、产业数字化、高端装备等）相对应的板块。","fund":{"_id":3000000007353,"stockCode":"007353","stockType":"fund","areaCode":"cn","followedNum":6,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2019-04-28T16:00:00.000Z","setUpScale":989482000,"market":"a","tickerId":7353,"custody":"招商银行股份有限公司","name":"工银瑞信科技创新混合型证券投资基金","shortName":"工银科技创新混合(007353)","fundSecondLevel":"hybrid","__csrcFundId":6181,"fundStatus":"normal","lastUpdated":"2026-04-30T20:40:52.930Z","masterFundFlag":1,"inceptionDate":"2019-05-05T16:00:00.000Z","fundCollectionId":4000050470000,"currency":"CNY","masterFundShortName":"工银科技创新混合","pinyin":"gyrxkjcxhhxzqtzjj","managers":[{"stockCode":"db20361607","stockType":"fund_manager","exchange":"fm","tickerId":82612156670,"name":"胡志利"}]},"announcement":{"linkText":"工银瑞信科技创新3年封闭运作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=710070","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca9d7fea5b3eb04a705c","date":"2021-09-29T16:00:00.000Z","stockId":3000000007353,"sao":"三季度市场的主线逻辑聚焦在“双控”压力下带来的经济滞胀格局，主要表现在上游资源价格的大幅上涨和中下游制造类和消费类企业的业绩压力预期上。这种滞胀交易，虽然短期看不到好的解决方式，但市场也演绎的相对比较充分，估计三季报会陆续验证市场交易的预期。四季度市场可能会更加关注经济下行压力下是否会有政策托底，需求端是否能有所恢复，从而带来之前遭遇业绩和估值双杀的中下游板块的修复机会，市场有可能先走预期，先修复估值。  三季度由于能源供需矛盾凸显，煤炭价格持续上行，市场系统性重估了煤炭电力等板块。其余表现较佳的公司也集中在供需缺口较大的行业，部分新能源上游由于需求爆发供给扩张速度有限，及部分化工企业受到双控影响供给大幅受限，从而产品价格大幅上涨带动了股价上涨。  中长期看，很多优质企业已经构筑了足够强的竞争力，会逐步化解短期不利因素，持续成长。国内经济转型和居民权益资产配置比例提升方向明确，支撑优质权益资产震荡上行，因此持续看好优质成长类公司的表现。报告期内，持仓以此类资产为主，适度淡化短期波动。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:26:53.172Z","fund":{"_id":3000000007353,"stockCode":"007353","stockType":"fund","areaCode":"cn","followedNum":6,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2019-04-28T16:00:00.000Z","setUpScale":989482000,"market":"a","tickerId":7353,"custody":"招商银行股份有限公司","name":"工银瑞信科技创新混合型证券投资基金","shortName":"工银科技创新混合(007353)","fundSecondLevel":"hybrid","__csrcFundId":6181,"fundStatus":"normal","lastUpdated":"2026-04-30T20:40:52.930Z","masterFundFlag":1,"inceptionDate":"2019-05-05T16:00:00.000Z","fundCollectionId":4000050470000,"currency":"CNY","masterFundShortName":"工银科技创新混合","pinyin":"gyrxkjcxhhxzqtzjj","managers":[{"stockCode":"db20361607","stockType":"fund_manager","exchange":"fm","tickerId":82612156670,"name":"胡志利"}]},"announcement":{"linkText":"工银瑞信科技创新3年封闭运作混合型证券投资基金2021年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=656160","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca9d7fea5b3eb04a705b","date":"2021-06-29T16:00:00.000Z","stockId":3000000007353,"sao":"一季度春节后，市场在高估值，海外市场波动和担心国内货币政策收紧的三重压力下，出现了较快的大幅度调整。二季度，随着基本面推动的估值切换，海外市场稳定和国内货币政策维持宽松的背景下，出现了强力的反弹。反弹中，市场风格也发生了变化，市场在短期高成长，中小盘的风格标签上形成了合力，并且开始风格泡沫化。","declarationDate":"2021-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:26:53.169Z","mo":"下半年市场还是有很多投资机会可以把握，但是风格上或有变数。相对更加关注因为短期基本面不景气而明显跑输的板块，尤其是长期空间和趋势确定的板块，如消费、计算机。这些板块的优质公司已经进入高性价比区间，而且长期趋势确定，短期趋势也在改善中。","fund":{"_id":3000000007353,"stockCode":"007353","stockType":"fund","areaCode":"cn","followedNum":6,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2019-04-28T16:00:00.000Z","setUpScale":989482000,"market":"a","tickerId":7353,"custody":"招商银行股份有限公司","name":"工银瑞信科技创新混合型证券投资基金","shortName":"工银科技创新混合(007353)","fundSecondLevel":"hybrid","__csrcFundId":6181,"fundStatus":"normal","lastUpdated":"2026-04-30T20:40:52.930Z","masterFundFlag":1,"inceptionDate":"2019-05-05T16:00:00.000Z","fundCollectionId":4000050470000,"currency":"CNY","masterFundShortName":"工银科技创新混合","pinyin":"gyrxkjcxhhxzqtzjj","managers":[{"stockCode":"db20361607","stockType":"fund_manager","exchange":"fm","tickerId":82612156670,"name":"胡志利"}]},"announcement":{"linkText":"工银瑞信科技创新3年封闭运作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=631026","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca9d7fea5b3eb04a705a","stockId":3000000007353,"sao":"回顾3月大跌，美国通胀预期的节奏和强度超预期，中国2月信贷数据比较强，A股春节前超涨。展望二季度，美债收益率上行斜率最陡峭的阶段过去，中国二季度经济下行趋势更清晰，成长股下半年估值切换进一步释放估值压力。应对方式，是要做个股阿尔法，不强调风格。  中长期来看，看好中国资本市场，“经济转型动能+国内利率长期向下趋势”确定，这次的全球宏观经济扰动是配置优质成长股的一个机会，微观层面能感受到很多新经济领域的公司空间很大。G2格局，中美都要走好自己的路，自身经济发展都有长板短板，也会有自身的经济结构周期，都会有相对独立的行情，国际资本两个市场都要配，中国和其他新兴市场国家不一样，不完全是被动跟随美国主导的全球经济周期波动。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:26:53.166Z","fund":{"_id":3000000007353,"stockCode":"007353","stockType":"fund","areaCode":"cn","followedNum":6,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2019-04-28T16:00:00.000Z","setUpScale":989482000,"market":"a","tickerId":7353,"custody":"招商银行股份有限公司","name":"工银瑞信科技创新混合型证券投资基金","shortName":"工银科技创新混合(007353)","fundSecondLevel":"hybrid","__csrcFundId":6181,"fundStatus":"normal","lastUpdated":"2026-04-30T20:40:52.930Z","masterFundFlag":1,"inceptionDate":"2019-05-05T16:00:00.000Z","fundCollectionId":4000050470000,"currency":"CNY","masterFundShortName":"工银科技创新混合","pinyin":"gyrxkjcxhhxzqtzjj","managers":[{"stockCode":"db20361607","stockType":"fund_manager","exchange":"fm","tickerId":82612156670,"name":"胡志利"}]},"announcement":{"linkText":"工银瑞信科技创新3年封闭运作混合型证券投资基金2021年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=569149","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca9d7fea5b3eb04a7059","stockId":3000000007353,"sao":"2020年市场围绕疫情、抗疫、经济修复，季度间均出现剧烈的风格波动。一季度，国内疫情从恐慌到预期可控，紧接着全球蔓延，各国央行不遗余力救市，市场经历了巨大的回调，且触发了全球性的流动性危机。二季度，全球权益市场在各国央行兜底式刺激政策引导下大幅反弹，基本面受疫情影响较小的成长龙头在流动性推动下迭创新高。三季度，国内经济进一步恢复，央行的信用政策发生边际变化，顺周期板块龙头大幅跑赢成长龙头。四季度，央行比市场预期的要“鸽”很多，在全球新能源政策超预期的背景下，新能源板块演绎了轰轰烈烈的“能源革命”行情。  本基金在操作上，一方面在季度间的策略上做出了一定前瞻性的判断，另一方面坚持持有优质成长股，整体收益还比较满意。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:26:53.164Z","mo":"我们认为2021年1季度是2021年相对较好的时间窗口，一方面，外部环境较好，欧美疫情随着疫苗的接种进入改善通道，美联储货币和财政政策仍然对权益市场较友好；另一方面，国内的宏观政策在信用债风险和疫情反复的背景下相对温和，且1季度有较多的新发基金。  优质成长股依然是主力配置的方向，板块上相对看好与海外需求相关的公司。  2021年全年来看，相对谨慎，成长股估值已处于相对高位，而且2021年的宏观流动性环境的边际友好程度大概率弱于2020年。预计上下半年可能有节奏分化。","fund":{"_id":3000000007353,"stockCode":"007353","stockType":"fund","areaCode":"cn","followedNum":6,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2019-04-28T16:00:00.000Z","setUpScale":989482000,"market":"a","tickerId":7353,"custody":"招商银行股份有限公司","name":"工银瑞信科技创新混合型证券投资基金","shortName":"工银科技创新混合(007353)","fundSecondLevel":"hybrid","__csrcFundId":6181,"fundStatus":"normal","lastUpdated":"2026-04-30T20:40:52.930Z","masterFundFlag":1,"inceptionDate":"2019-05-05T16:00:00.000Z","fundCollectionId":4000050470000,"currency":"CNY","masterFundShortName":"工银科技创新混合","pinyin":"gyrxkjcxhhxzqtzjj","managers":[{"stockCode":"db20361607","stockType":"fund_manager","exchange":"fm","tickerId":82612156670,"name":"胡志利"}]},"announcement":{"linkText":"工银瑞信科技创新3年封闭运作混合型证券投资基金2020年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=551464","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca9d7fea5b3eb04a7058","stockId":3000000007353,"sao":"2020年三季度，受全球新冠肺炎疫情在美国欧洲不易控制、美国对中国高科技的制裁等已发生的黑天鹅持续恶化影响，全球资本市场经历了相当大的波动。回顾走势，在市场资金流动性充足下，每个时间段皆有向上、下表现的主角；而三季度A股指数创业板、深证成指及上证指数表现差异不大，明显可看出在消化上半年创业板、深证成指结构性的行情，在医药、消费、TMT行业走势较上半年明显偏弱。  本基金偏向科技创新型持仓，标的选择立足于中长期的创新成长，换手率相对较低，以力争获取公司业绩持续成长的报酬。三季度本基金的资产配置集中在计算机、云平台、苹果产业链电子元器件、医疗等细分领域，持仓皆为前述行业内的龙头，经营绩效皆领先同行，以中长期投资为主要的策略，后续需求的恢复节奏为跟踪重点。目前看，结构性的判断及掌握仍为今年投资主线。三季度本基金仓位采用相对高持股的策略，持续增加苹果供应链、传媒行业的持仓，降低安卓供应链、通讯行业持仓。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:26:53.161Z","fund":{"_id":3000000007353,"stockCode":"007353","stockType":"fund","areaCode":"cn","followedNum":6,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2019-04-28T16:00:00.000Z","setUpScale":989482000,"market":"a","tickerId":7353,"custody":"招商银行股份有限公司","name":"工银瑞信科技创新混合型证券投资基金","shortName":"工银科技创新混合(007353)","fundSecondLevel":"hybrid","__csrcFundId":6181,"fundStatus":"normal","lastUpdated":"2026-04-30T20:40:52.930Z","masterFundFlag":1,"inceptionDate":"2019-05-05T16:00:00.000Z","fundCollectionId":4000050470000,"currency":"CNY","masterFundShortName":"工银科技创新混合","pinyin":"gyrxkjcxhhxzqtzjj","managers":[{"stockCode":"db20361607","stockType":"fund_manager","exchange":"fm","tickerId":82612156670,"name":"胡志利"}]},"announcement":{"linkText":"工银瑞信科技创新3年封闭运作混合型证券投资基金2020年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=488623","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aeca9d7fea5b3eb04a7057","stockId":3000000007353,"sao":"本基金偏向科技创新属性型持仓，标的选择立足于中长期的创新成长，换手率相对较低，以获取公司业绩持续成长的报酬，二季度的资产配置集中在计算机、云平台、锂电池设备、5G通讯用电路板及材料、5G应用、光伏、电子元器件、医疗等细分领域；前述行业加总持仓占基金持仓九成以上，持仓皆为前述行业內的龙头，经营绩效皆领先同行，以中长期投资为主要的策略，后续需求的恢复节奏为跟踪重点；目前看结构性的判断及掌握仍为今年投资主线。二季度本基金仓位采取相对高持股的策略，持仓比重在95%附近，同时增加苹果供应链、特斯拉供应链的持仓，降低安卓供应链行业持仓。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:26:53.159Z","mo":"2020年下半年，我们认为，随着国内及国际的疫情得以控制，在市场资金流动性充足下，宏观经济逐步恢复正常，证券市场展望正面，有机会走出慢牛行情。本基金在科创细分领域选择以确定性强、边际改善、长期空间为三大主线：1.业绩确定性强、具估值提升空间的龙头：行业龙头抗风险能力强，业绩持续增长确定性高，有望享受竞争红利、定价优势、产业链优势，获得市场更长期的估值溢价。2.边际改善显著，具有估值性价比的公司：部分企业由于产品属性及渠道特征，在疫情初期受冲击较明显，但近期动销恢复积极，预期具有边际改善空间，如新能源汽车行业。3.成长潜力充足的赛道，以长期视角审视公司价值，虽然其中部分企业当前估值较高，但成长潜力充足，长期价值广阔，如半导体行业。","fund":{"_id":3000000007353,"stockCode":"007353","stockType":"fund","areaCode":"cn","followedNum":6,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2019-04-28T16:00:00.000Z","setUpScale":989482000,"market":"a","tickerId":7353,"custody":"招商银行股份有限公司","name":"工银瑞信科技创新混合型证券投资基金","shortName":"工银科技创新混合(007353)","fundSecondLevel":"hybrid","__csrcFundId":6181,"fundStatus":"normal","lastUpdated":"2026-04-30T20:40:52.930Z","masterFundFlag":1,"inceptionDate":"2019-05-05T16:00:00.000Z","fundCollectionId":4000050470000,"currency":"CNY","masterFundShortName":"工银科技创新混合","pinyin":"gyrxkjcxhhxzqtzjj","managers":[{"stockCode":"db20361607","stockType":"fund_manager","exchange":"fm","tickerId":82612156670,"name":"胡志利"}]},"announcement":{"linkText":"工银瑞信科技创新3年封闭运作混合型证券投资基金2020年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=453033","linkType":"PDF","source":"csrc_pdf"}}]}