window.pageData = {"stock":{"_id":3000000011593,"stockCode":"011593","shortName":"农银安瑞一年持有（FOF）","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":11593,"masterFundFlag":1,"status":"normal","name":"农银汇理安瑞一年持有期混合型基金中基金（FOF）","exchange":"jj","followedNum":0,"inceptionDate":"2021-03-22T16:00:00.000Z","fundCollectionId":4000050600000,"currency":"CNY","masterFundShortName":"农银安瑞一年持有（FOF） ","fofFundFlag":1,"setUpDate":"2021-03-22T16:00:00.000Z","setUpAssetScale":226705020.9,"setUpShares":226705020.9,"pinyin":"nyhlaryncyqhhxjjzjj(fof)","fundCollection":{"exchange":"jjgs","stockType":"fund_collection","stockCode":"50600000","tickerId":50600000,"name":"农银汇理基金管理有限公司"},"managers":[{"name":"罗文波","stockType":"fund_manager","stockCode":"db20789546","exchange":"fm","tickerId":122302215930}],"hotMetrics":{"fss":{"stockId":3000000011593,"type":"fss","f_s_s_d":"2024-06-29T16:00:00.000Z","f_ins_h_s_r":0,"f_ins_h_s_r_c_hy":0,"f_ins_h_s_r_c_1y":0,"f_ind_h_s_r":1,"f_ind_h_s_r_c_hy":0,"f_ind_h_s_r_c_1y":0,"f_h_a":3638,"f_h_s_a":29325,"last_data_date":"2025-12-30T16:00:00.000Z"},"fpr":{"stockId":3000000011593,"type":"fpr","f_p_r_fys_ssc":1360,"f_p_r_fys_ssrp":0.06181015452538632,"f_p_r_m1_ssc":1552,"f_p_r_m1_ssrp":0.07865892972275951,"f_p_r_m3_ssc":1466,"f_p_r_m3_ssrp":0.049146757679180884,"f_p_r_m6_ssc":1364,"f_p_r_m6_ssrp":0.0652971386647102,"f_p_r_y1_ssc":1165,"f_p_r_y1_ssrp":0.08075601374570447,"f_p_r_y2_ssc":968,"f_p_r_y2_ssrp":0.14891416752843847,"f_p_r_y3_ssc":731,"f_p_r_y3_ssrp":0.1410958904109589,"f_cagr_p_r_fs_ssc":1536,"f_cagr_p_r_fs_ssrp":0.7003257328990228,"f_p_r_y5_ssc":199,"f_p_r_y5_ssrp":0.6363636363636364},"fp":{"stockId":3000000011593,"type":"fp","f_p_r_fys":0.2546790676311863,"f_p_r_m1":0.06386914613961658,"f_p_r_m3":0.2502288329519453,"f_p_r_m6":0.21034559149313292,"f_p_r_y1":0.5199610516066215,"f_cagr_p_r_fs":0.016903144036608975,"f_p_r_d1":0.006337834114081176,"f_p_r_y2":0.572230215827338,"f_p_r_y3":0.3425482245976139,"last_data_date":"2026-07-06T16:00:00.000Z","f_p_r_y5":0.029295403165032097,"f_i_d":"2021-03-22T16:00:00.000Z"},"ff":{"stockId":3000000011593,"type":"ff","f_m_f":463292,"f_m_f_r":0.01,"f_c_f":103252,"f_c_f_r":0.002,"f_m_a_c_f":566544,"f_m_a_c_f_r":0.012,"f_m_c_f_d":"2024-06-29T16:00:00.000Z","f_c_fr":0.002,"f_fr_d":"2026-06-28T16:00:00.000Z","f_m_fr":0.01,"f_mac_fr":0.012},"f_nlacan":{"stockId":3000000011593,"type":"f_nlacan","f_nv_d":"2026-07-06T16:00:00.000Z","f_nv":1.0927,"f_nv_cr":0.00036619976197016513},"f_as":{"stockId":3000000011593,"type":"f_as","f_tas":83630563.8168,"f_tas_d":"2026-03-30T16:00:00.000Z"}},"masterSlaveFunds":[],"bondHoldings":[{"_id":"69e75d2b057a879563245803","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","fundId":3000000011593,"stockCode":"019773","stockName":"25国债08","holdings":44000,"marketCap":4458407,"netValueRatio":0.0533,"lastUpdated":"2026-04-21T11:19:07.822Z"}]},"list":[{"_id":"69e75cdc057a879563244ca0","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-20T16:00:00.000Z","stockId":3000000011593,"sao":"2026年一季度的A股权益市场呈现出极其剧烈的“高开低走、风格突变”特征，其行情演进大致可划分为四个阶段：1月初在商业航天与AI算力主线的带动下，市场冲高并创下近十年新高，成交额一度突破历史峰值；1月中下旬受监管层干预过热交易及海外地缘政治升温影响，资金迅速向贵金属和能源等防御性板块切换；春节后虽有短期的独立修复行情，但在3月份随着美伊冲突爆发、全球原油价格巨震以及海外加息预期再度抬升，避险情绪彻底主导市场，导致大盘出现深幅回撤。　　展望二季度，中东局势将持续通过油价和通胀预期扰动全球流动性，但短期地缘冲突也为权益市场提供了调结构、重新配置的契机。从资产配置逻辑来看，二季度行情正从交易“贝塔”转向挖掘“预期差”。当前市场虽面临地缘扰动、业绩验证、流动性收紧三重压力交织，但中期牛市格局未破，沪深300指数PE（TTM）处于13.9倍的历史中值附近，绝对估值的安全垫依然夯实。短期看，受地缘博弈影响，资金或在成长与周期风格间剧烈轮动；但拉长时间维度，核心配置应坚守“两端”策略：一端聚焦“现金流溢价”，重点关注电力、保险等获险资及社保等长线资金青睐的高股息、低波动板块，并通过有色、化工等行业把握顺周期涨价带来的景气弹性；另一端坚定布局“产业制高点”，将人工智能、半导体国产化、高端制造作为配置主线，精准捕捉国产替代与技术突破带来的长周期红利。","lastUpdated":"2026-04-21T11:17:48.243Z","fund":{"_id":3000000011593,"__csrcFundId":8905,"stockCode":"011593","shortName":"农银安瑞一年持有（FOF） (011593)","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":11593,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:53:34.156Z","status":"normal","name":"农银汇理安瑞一年持有期混合型基金中基金（FOF）","exchange":"jj","followedNum":0,"inceptionDate":"2021-03-22T16:00:00.000Z","fundCollectionId":4000050600000,"currency":"CNY","masterFundShortName":"农银安瑞一年持有（FOF） ","fofFundFlag":1,"setUpDate":"2021-03-22T16:00:00.000Z","setUpAssetScale":226705020.9,"setUpShares":226705020.9,"pinyin":"nyhlaryncyqhhxjjzjj(fof)","managers":[{"stockCode":"db20789546","stockType":"fund_manager","exchange":"fm","tickerId":122302215930,"name":"罗文波"}]},"announcement":{"linkText":"农银汇理安瑞一年持有期混合型基金中基金（FOF）2026年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1472362","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69ca7b6c7ecbd37c10afbd92","date":"2025-12-30T16:00:00.000Z","declarationDate":"2026-03-29T16:00:00.000Z","stockId":3000000011593,"sao":"2025年全球资本市场在多重宏观因子的博弈中，呈现出极致的结构性分化特征。上半年，主要经济体通胀回落确立，美联储与欧央行同步开启降息周期，流动性边际宽松有效修复了风险资产估值。美股在人工智能、半导体及能源转型三大核心引擎的驱动下屡创历史新高，大型科技股强者恒强；反观A股，则在贸易摩擦扰动、政策托底呵护与经济弱复苏现实的三角博弈中反复震荡，消费与地产板块持续承压，唯有高端制造、新能源及部分出口链行业走出阶段性独立行情。　　进入下半年，地缘政治风险显著升温，中东局势动荡叠加欧美大选带来的政策不确定性，导致全球市场波动率急剧抬升。中国在稳增长政策持续加码下，三季度经济数据显现边际改善信号，特别是设备更新与消费品以旧换新等财政工具发力，带动制造业投资与部分消费品类回暖。然而，房地产销售尚未企稳，地方债务压力依然制约财政扩张空间，使得市场对政策效力的预期保持谨慎乐观。全年来看，“科技成长独领风骚，多数板块剧烈分化”成为年度主旋律，以AI、5G、芯片及机器人为代表的科技主线贯穿始终，而港股、传统蓝筹及医药板块则整体表现低迷，这种极端的市场结构对基金的行业配置能力、选股深度及动态调仓灵活性提出了严峻考验。　　复盘安瑞基金2025年的投资运作，虽然全年业绩跑赢基准，但在策略执行上仍存在多处值得深刻反思的失误。首先，我们在成长与稳健资产的风格切换上显得僵化滞后，对稳健类板块的持仓集中度偏高，未能及时捕捉市场风格向科技成长切换的窗口期。其次，资产配置存在明显短板，低配了有色金属与黄金等资源类资产，错失了避险与通胀交易的双重机会。更为关键的是，我们对港股资产存在战略误判，过度迷恋其“低估值”表象，而忽视了流动性枯竭与外围环境恶化等深层制约因素，导致在港股上的坚守未能转化为超额收益。这些教训警示我们，在复杂多变的市场中，简单的线性估值逻辑已失效，必须建立更立体的宏观与流动性评估框架。","lastUpdated":"2026-03-30T13:32:28.327Z","mo":"展望2026年，全球经济有望进入“软着陆”确认阶段。美国通胀预计趋于稳定，利率中枢虽较2025年小幅下移，但受就业市场与服务业韧性支撑，降息节奏或慢于市场乐观预期。中国经济的核心变量在于内需能否实现实质性修复，若居民收入预期改善与房地产市场信心出现拐点，A股企业盈利周期将迎来明确的向上转折。2026年市场驱动力将从单纯的“估值修复”全面转向“盈利兑现”，那些具备真实业绩支撑、自由现金流稳健、且受益于产业升级或全球化出海逻辑的优质企业，将成为资金追逐的核心标的。　　在具体的资产配置策略上，重点深耕先进制造、硬科技突破以及具备全球竞争优势的行业龙头。同时，鉴于全球高债务背景下的潜在尾部风险，我们将时刻保持组合的高流动性与抗波动能力。面对预计显著放大的市场波动，2026年的投资将更加注重估值合理性与成长可持续性的平衡，在充满不确定性的宏观环境中，为持有人争取长期稳健的超额回报。","fund":{"_id":3000000011593,"__csrcFundId":8905,"stockCode":"011593","shortName":"农银安瑞一年持有（FOF） (011593)","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":11593,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:53:34.156Z","status":"normal","name":"农银汇理安瑞一年持有期混合型基金中基金（FOF）","exchange":"jj","followedNum":0,"inceptionDate":"2021-03-22T16:00:00.000Z","fundCollectionId":4000050600000,"currency":"CNY","masterFundShortName":"农银安瑞一年持有（FOF） ","fofFundFlag":1,"setUpDate":"2021-03-22T16:00:00.000Z","setUpAssetScale":226705020.9,"setUpShares":226705020.9,"pinyin":"nyhlaryncyqhhxjjzjj(fof)","managers":[{"stockCode":"db20789546","stockType":"fund_manager","exchange":"fm","tickerId":122302215930,"name":"罗文波"}]},"announcement":{"linkText":"农银汇理安瑞一年持有期混合型基金中基金（FOF）2025年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1453366","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecea07fea5b3eb04eed24","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-26T16:00:00.000Z","stockId":3000000011593,"sao":"（1）权益市场：　　回顾2025年三季度，权益市场的赚钱效应显著，主线清晰。以AI为代表的科技成长板块在海外产业周期驱动下领跑，贵金属及部分工业金属则在宏观信用不确定性中彰显避险与成长价值。此外，“反内卷”政策优化的部分行业也呈现脉冲式机会。然而，以传统内需为主导的行业受制于经济周期，整体利润弹性依然偏弱，表现相对平淡。　　展望四季度，市场在经历前期上涨后，预计将进入阶段性整固期。短期走势可能体现为指数宽幅震荡与行业轮动加快。其背后是市场在消化获利盘、等待经济复苏以及中美关税博弈的再定价过程。资产配置上，权益市场四季度可能出现向均衡切换的机会，行业注意高低切的可能。　　中期维度下，资本市场在无风险利率下行、中长期资金入市以及产业升级趋势的支撑下，依然具备持续上行的空间。一个需要密切关注的关键变量是PPI（工业生产者出厂价格指数）何时能趋势性转正。这将是国内总需求出现实质性改善的重要信号，届时可能引发市场整体风格向更广泛的顺周期板块进行大的切换。　　（2）债券市场：　　三季度“反内卷”政策预期发酵带来基本面悲观预期扭转和权益市场走强，债市面临赎回压力和股债跷跷板扰动，公募基金赎回费率新规进一步加剧了债市压力。　　展望四季度，债券市场预计仍将延续震荡格局，整体承压。市场短期主要处于对年初过度乐观行情的修正阶段，而中期可能面临从“资产荒”驱动到多资产竞争资金等逻辑的转变。　　在缺乏强有力的降息信号支撑下，市场难以完全回归由“基本面+流动性”主导的定价模式。在此环境下，投资策略应侧重防御，把握确定性。短端资产优势明显，在流动性保持合理宽松的背景下，短端利率债和高评级信用债的票息收益与流动性较好，确定性相对较高。慎对长端波动，受政策博弈及风险偏好变化的影响更大，波动性将显著加剧。因此，操作上建议继续控制久期，保持灵活性。　　（3）四季度资产配置：　　三季度安瑞维持哑铃配置，并增加了科技类基金权重，四季度维持权益的乐观判断，适当配置具有行业轮动能力的基金，关注经济复苏的信号，谨防风格切换；降低债券类资产的配置。","lastUpdated":"2026-03-09T13:44:00.774Z","fund":{"_id":3000000011593,"__csrcFundId":8905,"stockCode":"011593","shortName":"农银安瑞一年持有（FOF） (011593)","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":11593,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:53:34.156Z","status":"normal","name":"农银汇理安瑞一年持有期混合型基金中基金（FOF）","exchange":"jj","followedNum":0,"inceptionDate":"2021-03-22T16:00:00.000Z","fundCollectionId":4000050600000,"currency":"CNY","masterFundShortName":"农银安瑞一年持有（FOF） ","fofFundFlag":1,"setUpDate":"2021-03-22T16:00:00.000Z","setUpAssetScale":226705020.9,"setUpShares":226705020.9,"pinyin":"nyhlaryncyqhhxjjzjj(fof)","managers":[{"stockCode":"db20789546","stockType":"fund_manager","exchange":"fm","tickerId":122302215930,"name":"罗文波"}]},"announcement":{"linkText":"农银汇理安瑞一年持有期混合型基金中基金（FOF）2025年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1369981","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecea07fea5b3eb04eed23","date":"2025-06-29T16:00:00.000Z","stockId":3000000011593,"sao":"2025 年上半年，中国宏观经济整体呈现 “经济弱增长与流动性宽松” 的组合特征。在这样的背景下，市场机会更多聚焦于产业技术突破与变革以及政策驱动领域，诸如 AI、机器人、可控核聚变、新消费等板块表现亮眼；此外，需求受益于海外高景气度的板块，像创新药与算力链，也有较好的市场表现。相比之下，由利润驱动的行业趋势性机会较为稀缺。从市场风格来看，成长股表现优于价值股，小盘股表现优于大盘股。　　安瑞在上半年的配置以稳健性基金为主，这些标的在过去几年里有着不错的表现。不过，此类基金经理擅长挖掘的是估值与业绩相匹配的价值白马股等标的，在上半年的结构性行情中，其业绩表现并不突出。同时，安瑞也持有部分擅长行业轮动的基金经理所管理的基金，但配置比例相对偏低。","declarationDate":"2025-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:44:00.772Z","mo":"展望 2025 年下半年，“经济弱增长与流动性宽松” 的组合态势可能会持续，A 股市场在政策托底与外部扰动的相互作用下，有望呈现 “结构性慢牛” 格局。对于下半年的投资，需要重点关注盈利兑现的情况以及政策落地的节奏。在流动性驱动的市场环境下，基金配置应继续关注新兴产业突破和新的政策驱动行业所带来的机会，同时适当提高擅长把握轮动机会的基金经理所管理基金的配置比例。","fund":{"_id":3000000011593,"__csrcFundId":8905,"stockCode":"011593","shortName":"农银安瑞一年持有（FOF） (011593)","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":11593,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:53:34.156Z","status":"normal","name":"农银汇理安瑞一年持有期混合型基金中基金（FOF）","exchange":"jj","followedNum":0,"inceptionDate":"2021-03-22T16:00:00.000Z","fundCollectionId":4000050600000,"currency":"CNY","masterFundShortName":"农银安瑞一年持有（FOF） ","fofFundFlag":1,"setUpDate":"2021-03-22T16:00:00.000Z","setUpAssetScale":226705020.9,"setUpShares":226705020.9,"pinyin":"nyhlaryncyqhhxjjzjj(fof)","managers":[{"stockCode":"db20789546","stockType":"fund_manager","exchange":"fm","tickerId":122302215930,"name":"罗文波"}]},"announcement":{"linkText":"农银汇理安瑞一年持有期混合型基金中基金（FOF）2025年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1338109","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecea07fea5b3eb04eed22","date":"2025-03-30T16:00:00.000Z","stockId":3000000011593,"sao":"回顾一季度，市场主要指数涨跌不一，上证指数下跌0.48%，创业板指下跌1.77%，科创50上涨3.42%，万得全A上涨1.9%。　　展望二季度，国内经济正处于探底回升的进程中。从内部看，政策层面释放出的积极信号，宽松货币政策与更为积极的财政政策有望逐步落地实施，经济复苏的成效尚需更长时间去验证。从外部看，地缘政治局势动荡，特朗普关税政策短期给全球经济以及投资带来极大的不确定性。　　二季度的组合构建上，在经济及海外风险未见明显改善前，哑铃型的配置可能更适应当前的市场，哑铃的结构向内需与稳健倾斜，控制成长端的头寸暴露。","declarationDate":"2025-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:44:00.769Z","fund":{"_id":3000000011593,"__csrcFundId":8905,"stockCode":"011593","shortName":"农银安瑞一年持有（FOF） (011593)","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":11593,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:53:34.156Z","status":"normal","name":"农银汇理安瑞一年持有期混合型基金中基金（FOF）","exchange":"jj","followedNum":0,"inceptionDate":"2021-03-22T16:00:00.000Z","fundCollectionId":4000050600000,"currency":"CNY","masterFundShortName":"农银安瑞一年持有（FOF） ","fofFundFlag":1,"setUpDate":"2021-03-22T16:00:00.000Z","setUpAssetScale":226705020.9,"setUpShares":226705020.9,"pinyin":"nyhlaryncyqhhxjjzjj(fof)","managers":[{"stockCode":"db20789546","stockType":"fund_manager","exchange":"fm","tickerId":122302215930,"name":"罗文波"}]},"announcement":{"linkText":"农银汇理安瑞一年持有期混合型基金中基金（FOF）2025年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1266776","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecea07fea5b3eb04eed21","date":"2024-12-30T16:00:00.000Z","stockId":3000000011593,"sao":"自2024年9月24日起，一系列积极扶持政策密集落地，这标志着中国新一轮大规模政策宽松周期正式开启。在政策的有力驱动下，四季度资本市场先是迎来大幅反弹，随后进入宽幅震荡阶段。从中期视角来看，我们对权益市场持积极乐观的态度。","declarationDate":"2025-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:44:00.766Z","mo":"展望2025年，资产配置的节点可关注两个阶段。在基本面企稳之前，春季行情助力市场将进入流动性溢价阶段，此阶段科技类以及受政策驱动的行业有望成为市场主角；而在经济企稳之后，市场将迎来利润驱动的行情，顺周期行业的投资机会值得重点关注。　　在组合构建方面，鉴于当前经济尚未出现明显改善，投资组合可继续维持哑铃型配置策略。一端配置偏稳健类的基金，能够获取类似阿尔法的稳定收益；另一端配置科技成长类基金，把握其在风险溢价波动中蕴含的投资机遇。","fund":{"_id":3000000011593,"__csrcFundId":8905,"stockCode":"011593","shortName":"农银安瑞一年持有（FOF） (011593)","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":11593,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:53:34.156Z","status":"normal","name":"农银汇理安瑞一年持有期混合型基金中基金（FOF）","exchange":"jj","followedNum":0,"inceptionDate":"2021-03-22T16:00:00.000Z","fundCollectionId":4000050600000,"currency":"CNY","masterFundShortName":"农银安瑞一年持有（FOF） ","fofFundFlag":1,"setUpDate":"2021-03-22T16:00:00.000Z","setUpAssetScale":226705020.9,"setUpShares":226705020.9,"pinyin":"nyhlaryncyqhhxjjzjj(fof)","managers":[{"stockCode":"db20789546","stockType":"fund_manager","exchange":"fm","tickerId":122302215930,"name":"罗文波"}]},"announcement":{"linkText":"农银汇理安瑞一年持有期混合型基金中基金（FOF）2024年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1251269","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecea07fea5b3eb04eed20","date":"2024-09-29T16:00:00.000Z","stockId":3000000011593,"sao":"2024年三季度经济整体呈现出生产投资下行、需求尚且存在不足的特征。PMI重回收缩区间，CPI走平，PPI降幅加速，消费脉冲式复苏特征显著，制造业投资增速维持在较高水平，基建投资增速表现继续回落。三季度市场整体先跌后涨，从走势节奏上看，7月和8月市场整体震荡下行， 9月市场先跌后涨。风格方面，成长优于价值，中盘优于小盘、小盘优于大盘。行业板块方面，非银金融、房地产、综合、商贸零售、社会服务等板块涨幅靠前。　　9月份政策的组合拳对资产配置来说，具有较大的指示意义：货币政策降准降息，财政部化债政策展望超预期，先货币后财政的组合拳可以期待；央行创立互换便利、回购增持再贷款等新工具定向给股市提供流动性；政治局会议传递的政策信号同样超预期，促进房地产止跌回稳和提振资本市场的表述提振市场。政策的拐点已经出现，政策的转向可能带来本轮经济大周期的拐点。　　政策的转向带来资产价格的拐点，在可预期的政策带动下，资本市场可以乐观一些。保险偏好的资产诸如稳健的蓝筹类及红利类标的，是未来值得重点配置的对象。在资产价格估值中枢抬升的过程中，过去因为流动性折价的以新质生产力为代表的科技类资产，也存在修复性的机会。　　秉承上述思路，安瑞未来的配置思路依旧以稳健型基金为主，增加GARP类基金的配置，适当配置受益科技浪潮和“新质生产力”等增量逻辑的行业等。","declarationDate":"2024-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:44:00.764Z","fund":{"_id":3000000011593,"__csrcFundId":8905,"stockCode":"011593","shortName":"农银安瑞一年持有（FOF） (011593)","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":11593,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:53:34.156Z","status":"normal","name":"农银汇理安瑞一年持有期混合型基金中基金（FOF）","exchange":"jj","followedNum":0,"inceptionDate":"2021-03-22T16:00:00.000Z","fundCollectionId":4000050600000,"currency":"CNY","masterFundShortName":"农银安瑞一年持有（FOF） ","fofFundFlag":1,"setUpDate":"2021-03-22T16:00:00.000Z","setUpAssetScale":226705020.9,"setUpShares":226705020.9,"pinyin":"nyhlaryncyqhhxjjzjj(fof)","managers":[{"stockCode":"db20789546","stockType":"fund_manager","exchange":"fm","tickerId":122302215930,"name":"罗文波"}]},"announcement":{"linkText":"农银汇理安瑞一年持有期混合型基金中基金（FOF）2024年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1172893","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecea07fea5b3eb04eed1f","date":"2024-06-29T16:00:00.000Z","stockId":3000000011593,"sao":"2024年上半年，美国财政支出不断超预期，推动美元指数走强，这给全球的资金流动与人民币汇率带来极大的压力。开年，指数出现较大幅度的调整；随后，在经济数据回暖、两会召开预期以及证监会推动改革等多重利好的驱动下，市场开启反弹。5月份之后，经济复苏低于市场预期。在地产放松政策出台后，指数冲高回落。　　整体来看，上半年市场流动性偏紧，盈利缺乏弹性，市场风格偏向于业绩稳健的大市值蓝筹。在资金存量博弈的背景下，市场机会看起来很多，但形成行业趋势性行情的机会并不多。稳健类基金业绩表现明显好于成长类基金。在基金选择上，业绩相对稳健的全市场基金依旧是FOF资产配置的首选。基金安瑞提升了全市场基金的配置比例。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:44:00.761Z","mo":"下半年可能是宏观周期变化的时间窗口。重点观察的宏观变量有两个：一是以地产为代表的内需政策能否带动经济企稳；二是从2022年开始的美国十年期与一年期国债利率倒挂以何种方式结束。","fund":{"_id":3000000011593,"__csrcFundId":8905,"stockCode":"011593","shortName":"农银安瑞一年持有（FOF） (011593)","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":11593,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:53:34.156Z","status":"normal","name":"农银汇理安瑞一年持有期混合型基金中基金（FOF）","exchange":"jj","followedNum":0,"inceptionDate":"2021-03-22T16:00:00.000Z","fundCollectionId":4000050600000,"currency":"CNY","masterFundShortName":"农银安瑞一年持有（FOF） ","fofFundFlag":1,"setUpDate":"2021-03-22T16:00:00.000Z","setUpAssetScale":226705020.9,"setUpShares":226705020.9,"pinyin":"nyhlaryncyqhhxjjzjj(fof)","managers":[{"stockCode":"db20789546","stockType":"fund_manager","exchange":"fm","tickerId":122302215930,"name":"罗文波"}]},"announcement":{"linkText":"农银汇理安瑞一年持有期混合型基金中基金（FOF）2024年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1144062","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecea07fea5b3eb04eed1e","date":"2024-03-30T16:00:00.000Z","stockId":3000000011593,"sao":"去年年末，伴随美联储降息预期一再后延，市场信心极度不足，另一方面市场担心地产和地方债的风险，开年市场延续2023年悲观情绪持续下行，在雪球暴雷和量化产品策略修正的过程中跌幅较大，导致市场出现恐慌式下跌，指数一度跌穿2700点。　　春节前，随着基本面数据回暖、两会召开预期、证监会推动改革以及 “国家队”入市等多重利好共促，市场全面反弹。3月以来，随着中央经济工作会议的召开，尽管经济总量层面并未有超预期的指引，但结构政策上新质生产力、设备更新、低空经济等行业振兴政策不断，市场结构性机会明显。　　基于权益市场估值处在相对低位的水平，安瑞整体维持略高权益仓位。当前市场风格结构更偏向于行业政策驱动或者海外产业的映射，权益基金配置整体偏向于均衡。在基金选择上持有业绩相对稳定的全市场基金，在缺乏利润驱动的结构行情里，尽量降低行业风格的暴露头寸。","declarationDate":"2024-04-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:44:00.758Z","fund":{"_id":3000000011593,"__csrcFundId":8905,"stockCode":"011593","shortName":"农银安瑞一年持有（FOF） (011593)","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":11593,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:53:34.156Z","status":"normal","name":"农银汇理安瑞一年持有期混合型基金中基金（FOF）","exchange":"jj","followedNum":0,"inceptionDate":"2021-03-22T16:00:00.000Z","fundCollectionId":4000050600000,"currency":"CNY","masterFundShortName":"农银安瑞一年持有（FOF） ","fofFundFlag":1,"setUpDate":"2021-03-22T16:00:00.000Z","setUpAssetScale":226705020.9,"setUpShares":226705020.9,"pinyin":"nyhlaryncyqhhxjjzjj(fof)","managers":[{"stockCode":"db20789546","stockType":"fund_manager","exchange":"fm","tickerId":122302215930,"name":"罗文波"}]},"announcement":{"linkText":"农银汇理安瑞一年持有期混合型基金中基金（FOF）2024年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1065036","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecea07fea5b3eb04eed1d","date":"2023-12-30T16:00:00.000Z","stockId":3000000011593,"sao":"2023年权益市场依旧布满荆棘。年初期待的经济复苏并没有出现。相反，宏观经济的疲软，叠加美联储超预期的货币政策收紧，权益市场收益率不尽如人意。　　2023年以结构性行情为主，成长性上，上半年是美国科技创新映射，下半年是华为国产替代，全年为科技强势、获得绝对收益。蓝筹方面，高股息相对抗跌，全面保持相对好的稳定收益。　　市场结构方面，缺乏增量资金，市场以存量资金博弈为主。机构重仓，尤其是外资重仓的行业下跌幅度较大，机构持有较少的微盘股表现较好。　　当前市场估值处在相对低位。安瑞维持较高的仓位运行，承受了较大的波动，资产配置在行业及基金风格选择上，逐渐转向均衡。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:44:00.756Z","mo":"2024年压制股票市场的宏观因素将会出现逆转。诸如美联储加息将转向降息，中国刺激政策的利多逐步积累，A股估值处在底部。我们对当前的市场充满乐观，2024年可能是股市新一轮上涨的元年。　　2024年的行业配置将重回利润驱动。在继续选择优秀基金经理的基础上，资产配置风险敞口可以偏向于有超额收益的行业。诸如供求关系大幅改善的资源品，受益于美联储降息的黄金，创新驱动的科技以及估值处在历史底部的医药等。","fund":{"_id":3000000011593,"__csrcFundId":8905,"stockCode":"011593","shortName":"农银安瑞一年持有（FOF） (011593)","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":11593,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:53:34.156Z","status":"normal","name":"农银汇理安瑞一年持有期混合型基金中基金（FOF）","exchange":"jj","followedNum":0,"inceptionDate":"2021-03-22T16:00:00.000Z","fundCollectionId":4000050600000,"currency":"CNY","masterFundShortName":"农银安瑞一年持有（FOF） ","fofFundFlag":1,"setUpDate":"2021-03-22T16:00:00.000Z","setUpAssetScale":226705020.9,"setUpShares":226705020.9,"pinyin":"nyhlaryncyqhhxjjzjj(fof)","managers":[{"stockCode":"db20789546","stockType":"fund_manager","exchange":"fm","tickerId":122302215930,"name":"罗文波"}]},"announcement":{"linkText":"农银汇理安瑞一年持有期混合型基金中基金（FOF）2023年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1052499","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecea07fea5b3eb04eed1c","date":"2023-09-29T16:00:00.000Z","stockId":3000000011593,"sao":"三季度尤其是8月份之后经济刺激政策出台显著加速，证监会政策“组合拳”利好明显，短期内有印花税调降等提振市场情绪，长期来看受益于减持新规与IPO放缓，有望促进市场生态长期向好。但从宏观政策的结构来看，三季度货币政策宽松力度显著高于财政支出的力度，从pmi与企业库存指标来看，经济有复苏迹象，但趋势仍弱。　　市场缺乏业绩驱动的主线，主题风格的资产表现好于基本面行业。三季度安瑞的配置转为均衡，增配了全市场基金，降低了行业基金的比例。　　展望四季度，需要密切关注两个变化。一是国内财政政策放松的力度是否会增加，这是国内宏观经济是否弹性复苏的观测指标；其次是美联储的议息会议对待利率的变化。假如美国加息周期结束，国内市场的投资机会可能显著增强。　　当前股票市场估值处在低位，基金安瑞维持中性偏高的权益仓位。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:44:00.753Z","fund":{"_id":3000000011593,"__csrcFundId":8905,"stockCode":"011593","shortName":"农银安瑞一年持有（FOF） (011593)","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":11593,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:53:34.156Z","status":"normal","name":"农银汇理安瑞一年持有期混合型基金中基金（FOF）","exchange":"jj","followedNum":0,"inceptionDate":"2021-03-22T16:00:00.000Z","fundCollectionId":4000050600000,"currency":"CNY","masterFundShortName":"农银安瑞一年持有（FOF） ","fofFundFlag":1,"setUpDate":"2021-03-22T16:00:00.000Z","setUpAssetScale":226705020.9,"setUpShares":226705020.9,"pinyin":"nyhlaryncyqhhxjjzjj(fof)","managers":[{"stockCode":"db20789546","stockType":"fund_manager","exchange":"fm","tickerId":122302215930,"name":"罗文波"}]},"announcement":{"linkText":"农银汇理安瑞一年持有期混合型基金中基金（FOF）2023年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=994235","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecea07fea5b3eb04eed1b","date":"2023-06-29T16:00:00.000Z","stockId":3000000011593,"sao":"2003年上半年宏观经济预期是高开低走，经济与资产定价的整体基调是“国内复苏低于预期，美联储加息高于预期”。市场在企业盈利疲软与汇率走低的背景下，整体走势疲软，市场呈现倒v型，题材性机会多于行业机会，债券资产表现略强于权益资产。基金逐步加大了全市场基金的配置比例，行业配置重点在周期底部的芯片、军工以及新型科技行业。随着二季度市场指数下跌，本基金权益的配置仓位提升至合同中枢水平以上。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:44:00.751Z","mo":"展望下半年，国内经济政策开始发力，经济有望逐步恢复复苏，美联储加息的节奏将放缓，权益市场的表现会好于上半年，下半年的重点是密切观察库存周期、货币周期与价格周期的联动机会。　　从长期角度来看，当前市场整体估值在中长期底部区间，是权益资产配置的底部区间。","fund":{"_id":3000000011593,"__csrcFundId":8905,"stockCode":"011593","shortName":"农银安瑞一年持有（FOF） (011593)","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":11593,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:53:34.156Z","status":"normal","name":"农银汇理安瑞一年持有期混合型基金中基金（FOF）","exchange":"jj","followedNum":0,"inceptionDate":"2021-03-22T16:00:00.000Z","fundCollectionId":4000050600000,"currency":"CNY","masterFundShortName":"农银安瑞一年持有（FOF） ","fofFundFlag":1,"setUpDate":"2021-03-22T16:00:00.000Z","setUpAssetScale":226705020.9,"setUpShares":226705020.9,"pinyin":"nyhlaryncyqhhxjjzjj(fof)","managers":[{"stockCode":"db20789546","stockType":"fund_manager","exchange":"fm","tickerId":122302215930,"name":"罗文波"}]},"announcement":{"linkText":"农银汇理安瑞一年持有期混合型基金中基金（FOF）2023年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=952975","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecea07fea5b3eb04eed1a","date":"2023-03-30T16:00:00.000Z","stockId":3000000011593,"sao":"一季度国内信用端疲弱主要源于有效需求的缺失以及春节错位，居民、企业部门的消费与投资意愿仍未见强势回升，宽货币向宽信用传导需求偏弱。而且1-2月份因为春节的因素以及数据真空期，宏观数据指标指向不明确，需要密切关注3月份的社融数据，来预测二季度的经济主线。　　一季度安瑞的配置集中在美林周期行业轮动的经济复苏方向，小幅调整了光伏新能源等行业基金的比例，增加了消费出行链和黄金等行业的配置。在ETF配置的选择上，小仓位的增配了TMT类的基金。　　展望二季度，4月份公布的宏观数据尤其重要。倘若货币政策超预期，市场可能将演绎周期复苏、业绩驱动逻辑；如果货币数据依旧是不愠不火，市场的主线大概率还在行业题材跟政策驱动，届时基金的配置结构会按照经济的走势进行调整。","declarationDate":"2023-04-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:44:00.748Z","fund":{"_id":3000000011593,"__csrcFundId":8905,"stockCode":"011593","shortName":"农银安瑞一年持有（FOF） (011593)","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":11593,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:53:34.156Z","status":"normal","name":"农银汇理安瑞一年持有期混合型基金中基金（FOF）","exchange":"jj","followedNum":0,"inceptionDate":"2021-03-22T16:00:00.000Z","fundCollectionId":4000050600000,"currency":"CNY","masterFundShortName":"农银安瑞一年持有（FOF） ","fofFundFlag":1,"setUpDate":"2021-03-22T16:00:00.000Z","setUpAssetScale":226705020.9,"setUpShares":226705020.9,"pinyin":"nyhlaryncyqhhxjjzjj(fof)","managers":[{"stockCode":"db20789546","stockType":"fund_manager","exchange":"fm","tickerId":122302215930,"name":"罗文波"}]},"announcement":{"linkText":"农银汇理安瑞一年持有期混合型基金中基金（FOF）2023年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=880888","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecea07fea5b3eb04eed19","date":"2022-12-30T16:00:00.000Z","stockId":3000000011593,"sao":"本基金是以权益投资为主策略的基金中基金。本基金通过大类资产配置，灵活投资于多种具有不同风险收益特征的基金，寻求基金资产的长期稳健增值。本基金的投资理念基于行业轮动的大类资产配置基金。　　在基金实际管理过程中，基金管理人将随着宏观经济周期与大类资产间的预期收益率关系，根据中国证券市场的阶段性变化，对本基金的资产配置策略涉及权益类资产和非权益类资产，遵从基金合同，在投资组合中的比例适时进行调整，期待资产的增值。　　2022 年整体市场指数波动较大，市场在多方面因素的影响下反复波动。社融增速下行、地域冲突以及美联储加息等都是不同时期影响市场的关键变量。　　市场即便有机会，但行业结构轮动变化极快。市场风格转化的较为极致，这给基金管理人带来极大的投资难度，业绩波动率上升，业绩分化明显。","declarationDate":"2023-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:44:00.745Z","mo":"展望2023年，当前资本市场处在大周期的相对底部，中国经济未来确定性向好；二是市场确定处在较为便宜的位置。但值得注意的是，在美联储持续加息的背景下，美国国债利率出现深度倒挂，美国经济实体衰退程度会有多深，这可能给未来的资产配置带来诸多的不确定性。　　受到两方面的影响，市场短期直接反转的难度较大，但 2023年结构性机会将显著增加。","fund":{"_id":3000000011593,"__csrcFundId":8905,"stockCode":"011593","shortName":"农银安瑞一年持有（FOF） (011593)","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":11593,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:53:34.156Z","status":"normal","name":"农银汇理安瑞一年持有期混合型基金中基金（FOF）","exchange":"jj","followedNum":0,"inceptionDate":"2021-03-22T16:00:00.000Z","fundCollectionId":4000050600000,"currency":"CNY","masterFundShortName":"农银安瑞一年持有（FOF） ","fofFundFlag":1,"setUpDate":"2021-03-22T16:00:00.000Z","setUpAssetScale":226705020.9,"setUpShares":226705020.9,"pinyin":"nyhlaryncyqhhxjjzjj(fof)","managers":[{"stockCode":"db20789546","stockType":"fund_manager","exchange":"fm","tickerId":122302215930,"name":"罗文波"}]},"announcement":{"linkText":"农银汇理安瑞一年持有期混合型基金中基金（FOF）2022年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=865089","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecea07fea5b3eb04eed18","date":"2022-09-29T16:00:00.000Z","stockId":3000000011593,"sao":"三季度市场的核心主线在市场博弈美联储加息的决心。受到海外冲突的影响，全球通胀超预期，美联储一改鸽派作风，宣称强势加息抑制通胀，市场一致预期今年11和12月份连续加息75个bp。作为全球资产定价的十年期美债利率一路飙升，全球资产价格承压。A股也不例外，尽管国内央行一直保持流动性相对宽松的宏观环境，但上证指数在三季度仍录得11%的跌幅。  安瑞在三季度的整体配置仓位符合合同中性，但结构配置更加均衡。  调整中蕴蓄着机会。截止三季度末，上证指数动态PE为11.82倍，已经低于年初4月末的11.90倍。与此同时，全球经历了原材料价格下降，产成品库存水平下降以及国内疫情防疫的逐步常态化，虽然美联储加息尚未结束，但通胀已经在加息抑制下缓慢走低，国内产业环境也远好于今年的4月份。  展望四季度，我们认为当前市场处在大周期的相对底部，便宜是最大的利好。市场短期直接反转的难度较大，但结构性机会将显著增加。本基金在配置优秀基金经理的基金的同时，也会关注如政策逐渐变友好的医疗器械行业、投资加速的风电行业以及涉及到国家安全自主可控等行业的诸多机会。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:44:00.743Z","fund":{"_id":3000000011593,"__csrcFundId":8905,"stockCode":"011593","shortName":"农银安瑞一年持有（FOF） (011593)","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":11593,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:53:34.156Z","status":"normal","name":"农银汇理安瑞一年持有期混合型基金中基金（FOF）","exchange":"jj","followedNum":0,"inceptionDate":"2021-03-22T16:00:00.000Z","fundCollectionId":4000050600000,"currency":"CNY","masterFundShortName":"农银安瑞一年持有（FOF） ","fofFundFlag":1,"setUpDate":"2021-03-22T16:00:00.000Z","setUpAssetScale":226705020.9,"setUpShares":226705020.9,"pinyin":"nyhlaryncyqhhxjjzjj(fof)","managers":[{"stockCode":"db20789546","stockType":"fund_manager","exchange":"fm","tickerId":122302215930,"name":"罗文波"}]},"announcement":{"linkText":"农银汇理安瑞一年持有期混合型基金中基金（FOF）2022年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=811666","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecea07fea5b3eb04eed17","date":"2022-06-29T16:00:00.000Z","stockId":3000000011593,"sao":"一般来说，企业盈利改善、流动性宽松与资金利率下行三者居其二的市场一般不会太差。2022年上半年资本市场在流动性宽松与资金利率下行的背景下依旧出现了大幅的调整。事后来看，上半年的资本市场的确存在估值结构性偏高、俄乌冲突以及中国防疫困难等不利因素的冲击，但即便如此，这在过去的中国资本市场历史上也是非常罕见的。预防性不足，是市场多数基金上半年净值出现大幅回调的主要原因。  当然，在流动性的支持下，资本市场见底后的修复也是迅速的，机会主要集中在景气行业赛道上。比如技术进步叠加成本快速下降的风光储，政策驱动的新能源汽车以及受疫情影响较小的军工等行业。传统制造业、消费以及医疗等行业受到疫情的影响反弹微弱。从市场反弹的结构来看，资本市场给予估值溢价较高的企业主要集中在两个方面，一个是需求特别旺盛的行业，诸如海外的具有能源替代需求的光储行业以及国内的政策刺激需求旺盛的新能源车行业；另一方面集中在现阶段有技术突破式进步的细分领域，比如新能源车的一体化压铸制造工艺与电池技术优化、提升光伏效率的技术迭代路径以及人形机器人新产品问世的预期等。  农银汇理安瑞一年持有FOF在上半年的资产配置中围绕行业景气度进行了配置。在市场的剧烈波动下，为了更好的控制回撤，二季度初安瑞对配置的资产进行了再均衡化调整，但择时做的并不是太好，导致产品在市场反弹的过程中弹性不够。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:44:00.740Z","mo":"展望下半年，当前市场已经修复到疫情前的估值水平，而国内稳增长的政策预期在弱化。海外来看，美联储依旧在加息与缩表的进程中。在上述宏观背景影响下，市场自5月份以来的趋势性行情在下半年可能转为震荡，大的行业趋势性机会在减少，传统的行业选择模型配置效果变弱。安瑞将继续沿着优秀基金经理选择与行业景气度两条主线进行配置，以期获得较为稳健的投资回报。","fund":{"_id":3000000011593,"__csrcFundId":8905,"stockCode":"011593","shortName":"农银安瑞一年持有（FOF） (011593)","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":11593,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:53:34.156Z","status":"normal","name":"农银汇理安瑞一年持有期混合型基金中基金（FOF）","exchange":"jj","followedNum":0,"inceptionDate":"2021-03-22T16:00:00.000Z","fundCollectionId":4000050600000,"currency":"CNY","masterFundShortName":"农银安瑞一年持有（FOF） ","fofFundFlag":1,"setUpDate":"2021-03-22T16:00:00.000Z","setUpAssetScale":226705020.9,"setUpShares":226705020.9,"pinyin":"nyhlaryncyqhhxjjzjj(fof)","managers":[{"stockCode":"db20789546","stockType":"fund_manager","exchange":"fm","tickerId":122302215930,"name":"罗文波"}]},"announcement":{"linkText":"农银汇理安瑞一年持有期混合型基金中基金（FOF）2022年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=784607","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecea07fea5b3eb04eed16","date":"2022-03-30T16:00:00.000Z","stockId":3000000011593,"sao":"2022年的一季度无疑是艰难的。全市场的股票型基金面临最近三年来的最大回撤。纠结期原因是经济下行周期中的估值回归，而苏乌战争与美联储加息无疑雪上加霜。在去年的四季度，市场曾经认为，2022年是中国货币宽松之年，市场大幅调整的概率比较低，但事后来看，经济衰退的权益市场注定是荆棘密布，很多事前很难预料的黑天鹅都会不期而至。  站在当前时间点，我们对长期的权益市场充满乐观，2022年可能是资产配置的黄金期。资本市场估值大幅下降，货币政策开始积极，这都是市场大周期底部的典型特征。但考虑到美联储加息的持续性，市场在短期内继续震荡的概率比较大。  在资产配置上，我们继续选择市场上的优秀基金管理人来作为我们的底层配置资产。与此同时，我们在行业选择上可能会偏重于受益于宽松政策的周期行业顺序来配置。","declarationDate":"2022-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:44:00.738Z","fund":{"_id":3000000011593,"__csrcFundId":8905,"stockCode":"011593","shortName":"农银安瑞一年持有（FOF） (011593)","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":11593,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:53:34.156Z","status":"normal","name":"农银汇理安瑞一年持有期混合型基金中基金（FOF）","exchange":"jj","followedNum":0,"inceptionDate":"2021-03-22T16:00:00.000Z","fundCollectionId":4000050600000,"currency":"CNY","masterFundShortName":"农银安瑞一年持有（FOF） ","fofFundFlag":1,"setUpDate":"2021-03-22T16:00:00.000Z","setUpAssetScale":226705020.9,"setUpShares":226705020.9,"pinyin":"nyhlaryncyqhhxjjzjj(fof)","managers":[{"stockCode":"db20789546","stockType":"fund_manager","exchange":"fm","tickerId":122302215930,"name":"罗文波"}]},"announcement":{"linkText":"农银汇理安瑞一年持有期混合型基金中基金（FOF）2022年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=726697","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecea07fea5b3eb04eed15","date":"2021-12-30T16:00:00.000Z","stockId":3000000011593,"sao":"2021年整体市场指数较为平稳，但权益市场急剧分化的一年，市场在多方面因素的影响下反复波动。社融增速下行、碳中和政策、美债利率等都是不同时期影响市场的关键变量。市场行业结构轮动变化极快。在经济增长的下行周期中，碳中和等政策推升了上游资源品的趋势性行情，也在很快在较短的时间有了很大的回撤。市场风格结构从年初的白酒与医药转到年中的碳中和和军工，再到年底的防御品种与价值股，市场风格转化的极为极致，这给基金管理人带来极大的投资难度，业绩波动率上升，业绩分化明显。","declarationDate":"2022-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:44:00.735Z","mo":"静态来看，当前市场整体估值并不是特别贵，hs300与债券相对估值处在历史均值的略高一点位置。在经济下行的影响下，社融增速为代表的货币政策已经开始放松。随着利率的下行与市场估值的调整，权益市场中长期配置的时间点越来越近。但与此同时，代表企业利润水平的ppi维持在高位，海外通胀高企，货币政策处在加息周期中，这种海内外的政策周期错位以及国内错位的宏观经济与货币政策的组合给投资带来极大的挑战性。历史经验来看，工业产成品价格高位随后的中周期时间里，市场估值中枢将会受到ppi均值回归的影响出现一定幅度的调整。这是未来要提防的最重要事项之一。在行业配置方面，本基金除了继续寻找优秀基金经理的方向配置外，也将沿着以下几个方向寻找行业基金进行配置：一是稳增长的新抓手，绿电投资、房地产和基建等。二是大周期刚刚起步且中长周期处在景气度的行业，诸如中游优势制造行业以及军工。三是受益于通胀的后周期诸如农林牧渔行业阶段性的机会，以及调整后配置价值逐渐显现的医药行业。四是调整时间较久的科技与电子，诸如文化传媒等。","fund":{"_id":3000000011593,"__csrcFundId":8905,"stockCode":"011593","shortName":"农银安瑞一年持有（FOF） (011593)","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":11593,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:53:34.156Z","status":"normal","name":"农银汇理安瑞一年持有期混合型基金中基金（FOF）","exchange":"jj","followedNum":0,"inceptionDate":"2021-03-22T16:00:00.000Z","fundCollectionId":4000050600000,"currency":"CNY","masterFundShortName":"农银安瑞一年持有（FOF） ","fofFundFlag":1,"setUpDate":"2021-03-22T16:00:00.000Z","setUpAssetScale":226705020.9,"setUpShares":226705020.9,"pinyin":"nyhlaryncyqhhxjjzjj(fof)","managers":[{"stockCode":"db20789546","stockType":"fund_manager","exchange":"fm","tickerId":122302215930,"name":"罗文波"}]},"announcement":{"linkText":"农银汇理安瑞一年持有期混合型基金中基金（FOF）2021年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=710799","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecea07fea5b3eb04eed14","date":"2021-09-29T16:00:00.000Z","stockId":3000000011593,"sao":"三季度的权益市场的充满挑战性，市场在多方面因素的影响下反复波动，社融增速下行、碳中和政策、美债利率等都是不同时期影响市场的关键变量。市场行业结构轮动变化极快。在经济增长的下行周期中，碳中和等政策推升了上游资源品的趋势性行情，这是在以往的经济周期里很少见的。一个季度，市场风格就从受益于碳中和政策的周期切换到超跌的消费医药以及受益于通胀的农林牧渔。短期来看，这给基金管理人带来极大的投资难度，业绩波动较大，市场业绩分化明显。静态来看，当前市场整体估值并不贵，hs300与债券相对估值处在历史均值的略高一点位置。以社融增速为代表的货币政策在量上的收紧接近尾声，但价格的放松尚未明显开启。代表企业利润水平的ppi维持在高位，这种错位的宏观经济与货币政策的组合给投资带来极大的挑战性。历史经验来看，工业产成品价格高位随后的中周期时间里，市场估值中枢将会受到ppi均值回归的影响出现一定幅度的调整。这是未来要提防的最重要事项之一。在行业配置方面，本基金除了继续寻找优秀基金经理的方向配置外，也将沿着以下几个方向寻找行业基金进行配置，一是景气度比较确定的细分子行业，诸如缺芯缓解下的整车上量带动零配件的机会；二是大周期刚刚起步且中长周期处在景气度的行业，诸如中游优势制造行业以及军工。三是受益于通胀的后周期诸如农林牧渔行业阶段性的机会，以及调整后配置价值逐渐显现的医药行业。","declarationDate":"2021-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:44:00.732Z","fund":{"_id":3000000011593,"__csrcFundId":8905,"stockCode":"011593","shortName":"农银安瑞一年持有（FOF） (011593)","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":11593,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:53:34.156Z","status":"normal","name":"农银汇理安瑞一年持有期混合型基金中基金（FOF）","exchange":"jj","followedNum":0,"inceptionDate":"2021-03-22T16:00:00.000Z","fundCollectionId":4000050600000,"currency":"CNY","masterFundShortName":"农银安瑞一年持有（FOF） ","fofFundFlag":1,"setUpDate":"2021-03-22T16:00:00.000Z","setUpAssetScale":226705020.9,"setUpShares":226705020.9,"pinyin":"nyhlaryncyqhhxjjzjj(fof)","managers":[{"stockCode":"db20789546","stockType":"fund_manager","exchange":"fm","tickerId":122302215930,"name":"罗文波"}]},"announcement":{"linkText":"农银汇理安瑞一年持有期混合型基金中基金（FOF）2021年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=653560","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecea07fea5b3eb04eed13","date":"2021-06-29T16:00:00.000Z","stockId":3000000011593,"sao":"2021年上半年市场风格转化得如此之快，让很多投资者非常不适应。2020年四季度与2021年一季度涨幅靠前、一度被认为是中国“核心资产”的部分行业在2021年二季度大大跑输指数，很多景气度比较高的行业，在当前并不便宜的估值水平上却一路高歌猛进。从基金经理二季度调仓记录来看，很多人选择了顺势而为，其所管理的基金大举买进新能源车与科技类的标的，消费行业股票在去年展现出来的性感与稀缺已经完全被抛弃在脑后。最近市场反弹，甚至有部分主动权益基金的日涨幅超过10%，市场仿佛从一个极致走向了另一个极致。在这种市场轮转下，变或者不变？这是多数基金经理每天都在思考的问题。很多时候你会发现：你手里持有的基金是一个长期来说非常优秀的投资标的，但它短期的业绩却经常表现不佳，长期稳健回报与你每日要求的高收益实难两全。当前很多基金的涨幅大幅跑赢基金指数，甚至持仓较为集中的非指数基金日可能相对大盘指数获得超过5个点的相对收益。但历史数据告诉你，拉长到十年，只有极少数基金经理的年复合收益率能超过20%，即使顶尖的也很难超过30%。为什么短期与长期收益率的差距会这么大？短期与长期很难统一的原因是因为我们把持仓品种观察时间的维度调整得太短。当你把眼光拉长，部分短期内我们认为对业绩贡献很重要的影响因素，在长期来看影响或许是负面的。庆幸的是，我们当前处在居民财富管理大时代的起点，时间站在有利我们的这一侧。统计数据表明，当前我们近1000万亿的居民家庭财富中，超过80%是不动产，金融资产占比不到20%。在政府“房住不炒”的政策下，接近800万亿的居民不动产财富资产面临结构再调整的需求，不考虑增量，不动产存量每年1个点的结构变化，都会增加8万亿的金融资产增量。根据欧美等发达经济体的经验，人口结构老龄化会驱动居民金融资产向两端挤压：一是居民持有的现金及其等价物持有比例稳定；二是居民金融资产配置中基金资产配置占比会稳步上升。模型显示，未来5-10年，财富管理行业的增速超过两位数，大量资金的涌入将迎来资金驱动的权益行情大时代。站在时代的浪潮之巅，我们资管人要积极拥抱变化，长期稳健回报的基金产品一定是我们的首选。久期拉长不应仅仅体现在产品设计思路上，更要体现在产品持有与配置思路的策略中。2021年的上半年，安瑞fof基金处在建仓期。本着稳健的投资原则，资产配置上遵循“1+1+1”原则，一是部分仓位配置个人深度沟通并认同的优秀基金经理的基金；二是部分仓位按照本人熟悉的ETF的周期轮动做和行业配置及动态仓位调配。三是严格控制产品回撤风险。在产品达到5%收益的安全垫之前，安瑞的建仓非常谨慎，权益仓位占比较低，产品收益率相对稳健。安瑞建仓期在9月份结束，随着资产配置比例向合同约定靠拢，权益资产占比会逐渐提升，产品的波动性将逐渐变大。","declarationDate":"2021-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:44:00.730Z","mo":"展望下半年，三季度货币政策可能面临本轮周期里边际最紧的拐点，价格尤其是CPI可能继续冲顶。中国经济增长与货币宽松力度趋缓给权益市场带来压力，市场短期依旧充满非常多的不确定性。大类资产配置权益偏向后周期，债券迎来大的趋势性的机会。考虑到市场估值结构化严重，在行业选择上，我们可能继续沿着三个方向配置：一是持有景气度可能穿越周期的行业；其次配置选择重点放在偏经济后周期的行业上；最后，如果市场偏好维持高位，一些政策导向或者扶持性的行业也是我们先择的重点。不过庆幸的是，市场每年都会涌现出一大批优秀业绩的基金经理，我们要坚持深度研究，努力的了解他们、认同他们以及重仓他们，长期为客户获取稳健回报。","fund":{"_id":3000000011593,"__csrcFundId":8905,"stockCode":"011593","shortName":"农银安瑞一年持有（FOF） (011593)","fundSecondLevel":"fof","stockType":"fund","areaCode":"cn","market":"a","tickerId":11593,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:53:34.156Z","status":"normal","name":"农银汇理安瑞一年持有期混合型基金中基金（FOF）","exchange":"jj","followedNum":0,"inceptionDate":"2021-03-22T16:00:00.000Z","fundCollectionId":4000050600000,"currency":"CNY","masterFundShortName":"农银安瑞一年持有（FOF） ","fofFundFlag":1,"setUpDate":"2021-03-22T16:00:00.000Z","setUpAssetScale":226705020.9,"setUpShares":226705020.9,"pinyin":"nyhlaryncyqhhxjjzjj(fof)","managers":[{"stockCode":"db20789546","stockType":"fund_manager","exchange":"fm","tickerId":122302215930,"name":"罗文波"}]},"announcement":{"linkText":"农银汇理安瑞一年持有期混合型基金中基金（FOF）2021年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=633144","linkType":"PDF","source":"csrc_pdf"}}]}