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医药板块是典型的长坡厚雪的赛道，借鉴老龄化严重的日本，某些细分的医疗器械行业，仍得到较好的发展。我们乐观预计，随着今年高值耗材集采的落地，部分器械细分板块存在重估的可能。尽管今年以来，医药板块表现平平，但是我们对某些细分板块保持乐观的观点。2023年上半年国内债券收益率先上后下，10年期国债收益率在春节前后逼近2.95%的高点后逐步回落，6月降息后甚至一度突破2.6%，整体表现明显强于年初市场预期。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:45:24.135Z","mo":"格雷厄姆提到：“市场先生情绪波动，还有点精神分裂。有时他兴高采烈，有时又悲观厌世。” 二季度的市场的下跌，让人们如此快的遗忘了年初的乐观。金融产品价值，是未来现金流的折现。既涉及科学的严谨计算，更包含人们预期未来的情绪。人类的情绪，很容易产生超调：乐观的时候，即便羊入虎口，也无所畏惧；悲观的时候，即使黄金遍地，亦弃之如敝履。这凸显了遵从常识的可贵之处。常识，是在大多数人不敢说的怯懦时刻，说出真相；是在大多数人不明白的困惑时刻，看出破绽。人们都以为具备常识很简单，其实很难。正如芒格的戏言：“常识是平常人没有的知识”。遵从常识，方能“在别人贪婪时恐惧；在别人恐惧时贪婪”。我们不否认全球化的蜜月期可能已结。如果我们是乐观主义者，尽管当前荆棘塞道，仍需对未来满怀信心和憧憬。此时此地，我们不应再恐慌和悲观，要相信时间的力量、均值回归的常识。A股大部分宽基指数的估值处于历史低位，投资的安全边际较高。而且主要城市地铁客运和拥堵等指标显示，经济活力已边际趋好。展望下半年，由于在处于经济下行期的政策组合对于市场的影响下，利率下行的趋势往往会持续到货币总量宽松结束后。考虑到下半年降准降息的概率仍然较大，目前对于债券市场有利的大环境尚未改变。而7月政治局会议也强调，要加强逆周期调节和政策储备，发挥总量和结构性货币政策工具作用，这意味着下半年货币政策仍然存在放松空间。在总量政策仍处宽松周期的状态下，当前市场运行的方向尚未改变。因此，尽管后续地产政策逐步出台可能仍然会对市场预期带来一定的扰动，短端利率大致也处于中性水平，基本面与资金面的变化似乎难以驱动长端利率在短期创下新低。但考虑地产基本面短期还难以逆转，内需偏弱的状态大概率也将维持一段时间，在强劲的配置力量下，市场调整的空间可能也相对有限，大概率仍将维持偏强震荡的状态。","fund":{"_id":3000000012019,"__csrcFundId":10084,"stockCode":"012019","shortName":"国投瑞银安泽混合A","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12019,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-03-21T17:41:47.187Z","status":"normal","exchange":"jj","name":"国投瑞银安泽混合型证券投资基金","fundCollectionId":4000050180000,"followedNum":0,"masterFundShortName":"国投瑞银安泽混合","inceptionDate":"2021-12-20T16:00:00.000Z","setUpDate":"2021-12-20T16:00:00.000Z","setUpAssetScale":50369591.68,"setUpShares":50369591.68,"pinyin":"gtryazhhxzqtzjj","delistedDate":"2024-12-18T16:00:00.000Z"},"announcement":{"linkText":"国投瑞银安泽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=960333","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecef47fea5b3eb04f4c41","date":"2023-03-30T16:00:00.000Z","stockId":3000000012019,"sao":"从通胀和利率的角度看，全球范围内超低利率环境一去不复返了，零利率乃至负利率等极端值不可见，由低利率引致对超级成长股的追捧，也已经成为过去式。由于央行的克制，中国利率水平过去几年处于正常状态，中国利率或难现大幅波动状态。基于此，我们在债券投资方面，以短久期的国债为主，静观其变再做应对。权益方面，计算机行业因为ChatGPT等催化因素，股价得到了较大涨幅。我们认为计算机板块的上涨只是价值重估、均值回归。","declarationDate":"2023-04-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:45:24.132Z","fund":{"_id":3000000012019,"__csrcFundId":10084,"stockCode":"012019","shortName":"国投瑞银安泽混合A","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12019,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-03-21T17:41:47.187Z","status":"normal","exchange":"jj","name":"国投瑞银安泽混合型证券投资基金","fundCollectionId":4000050180000,"followedNum":0,"masterFundShortName":"国投瑞银安泽混合","inceptionDate":"2021-12-20T16:00:00.000Z","setUpDate":"2021-12-20T16:00:00.000Z","setUpAssetScale":50369591.68,"setUpShares":50369591.68,"pinyin":"gtryazhhxzqtzjj","delistedDate":"2024-12-18T16:00:00.000Z"},"announcement":{"linkText":"国投瑞银安泽混合型证券投资基金2023年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=879480","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecef47fea5b3eb04f4c40","date":"2022-12-30T16:00:00.000Z","stockId":3000000012019,"sao":"对于风险厌恶度高、希望以绝对收益目标运作的基金产品，需要更加综合和多元的投资策略，包括可转债等投资品种，股票投资既需要择时策略，也考虑选股能力。当前可转债转股溢价率仍旧过高，我们没有配置可转债。信用风险、利率风险，短期难以判断稳定趋势，我们主要持有短久期的利率债为主。2022年操作主要借助股票择时和选股。2022年黑天鹅频发，俄乌战争，国内疫情等。投资者信心崩塌，导致股市调整较大，市场估值处于历史较低水位。四季度由于货币宽松，疫情最黑暗时候过去，积极财政发力等因素，市场触底反弹。如果我们是乐观主义者，尽管目前荆棘塞道但仍对未来满怀信心和憧憬，此时此地，我们不应再恐慌和悲观，还是相信时间的力量和均值回归的常识。股票投资方法，林林总总，各有千秋。但必须面对两个维度的挑战。第一，横截面的逆向勇气。股票市场的参与者，是一个个有自主意识和情绪波动的人，而不是遵从客观规律的无机体。牛顿（现代科学奠基人、英国央行行长），在经历了南海股票泡沫投机失败后坦言：我可以预测天体的运行，但无法预测人们的疯狂。直面人性、控制情绪，是市场参与者必修之课。邓普顿的心得体会：股票行情，在绝望中诞生，犹豫中成长，憧憬中成熟，疯狂中结束。巴菲特也告诫人们：在别人贪婪的时候恐惧，在别人恐惧的时候贪婪。第二，纵截面的前瞻眼光。股票价格本质上是未来现金流净额的贴现。谁都希望拥有洞察未来的水晶球。不幸的是，自然演进，是非线性的，在关键节点（奇点）存在跳跃发展（突变）。例如，寒武纪生命大爆发，恐龙突然灭绝，春秋战国巨星云集百家争鸣，萨拉热窝谋杀事件引发血海滔天的一战。人类社会，更因参与人的主观能动存在反身性，未来发展轨迹呈现测不准原理。微观层面，优秀管理层，特别是创始人，对企业发展（进而对未来现金流）影响巨大。但是，对管理层的认知，没有统一客观的评判标准。更何况，人与人的交往博弈，存在“人心深、海底针”。股票市场，短期是投票机，长期是称重机。能够胜出的股市参与者，需要在逆向勇气和前瞻眼光两个维度，认真修炼。","declarationDate":"2023-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:45:24.126Z","mo":"我们处于百年未有之大变局，俄乌冲突如何结局、世界通胀何去何从，我想无人能够准确预测。在如此不确定情况下，我们通过多元选股策略（兼具包容、韧性、适度冗余）来应对。权益的行业配置我们突出重点，又适度分散：对永续期较长且契合中国老龄化趋势的医药板块、拥有国际竞争优势的特色板块等做了重点配置；对供给不足周期反转、分红收益率高的板块也进行了适度配置，以期降低组合波动性。","fund":{"_id":3000000012019,"__csrcFundId":10084,"stockCode":"012019","shortName":"国投瑞银安泽混合A","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12019,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-03-21T17:41:47.187Z","status":"normal","exchange":"jj","name":"国投瑞银安泽混合型证券投资基金","fundCollectionId":4000050180000,"followedNum":0,"masterFundShortName":"国投瑞银安泽混合","inceptionDate":"2021-12-20T16:00:00.000Z","setUpDate":"2021-12-20T16:00:00.000Z","setUpAssetScale":50369591.68,"setUpShares":50369591.68,"pinyin":"gtryazhhxzqtzjj","delistedDate":"2024-12-18T16:00:00.000Z"},"announcement":{"linkText":"国投瑞银安泽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=865987","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecef47fea5b3eb04f4c3f","date":"2022-09-29T16:00:00.000Z","stockId":3000000012019,"sao":"基于对股市不悲观，股票仓位维持在30%左右。目前，我们认为短期调整接近尾声，理由如下：首先A股大部分宽基指数估值偏低，与美股相比也具吸引力，而从大类资产比较看，A股性价比仍优于债券。其次A股情绪面偏淡，投资处在安全位置，换手率在历史低位，北上资金尽管净流入但金额远低于去年，机构仓位相对不高。从主要城市地铁客运和拥堵等指标来看，经济活力已边际趋好。最后中国通胀压力暂时无忧，货币政策在价格、总量和结构上均表现宽松。与欧美比较，中国赤字率低，财政发力空间大。在中央和国务院统一部署下，各主管部门在居民消费、新能源车、基础设施、保交楼等方面积极作为。选股方面，我们更加重视个股的确定性，更加关注商业模式、竞争壁垒和估值。后续市场反弹的主力军，大概率让位于医药、计算机、家电等传统优秀赛道。随着前期市场大幅调整，这些板块估值处于历史低位，估值性价比较高。这些传统优秀赛道，业绩受疫情短期冲击较大，但是行业需求只是延迟并未消退。随着疫情消散，经营活动逐步恢复，财报业绩也逐季改善。随着市场资金关注度提升，股价表现极有可能出现业绩和估值共振的戴维斯双击。行业配置方面，我们维持适度分散，重点布局的思路，主要关注医药、计算机等传统优秀赛道，静待价值回归。","declarationDate":"2022-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:45:24.123Z","fund":{"_id":3000000012019,"__csrcFundId":10084,"stockCode":"012019","shortName":"国投瑞银安泽混合A","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12019,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-03-21T17:41:47.187Z","status":"normal","exchange":"jj","name":"国投瑞银安泽混合型证券投资基金","fundCollectionId":4000050180000,"followedNum":0,"masterFundShortName":"国投瑞银安泽混合","inceptionDate":"2021-12-20T16:00:00.000Z","setUpDate":"2021-12-20T16:00:00.000Z","setUpAssetScale":50369591.68,"setUpShares":50369591.68,"pinyin":"gtryazhhxzqtzjj","delistedDate":"2024-12-18T16:00:00.000Z"},"announcement":{"linkText":"国投瑞银安泽混合型证券投资基金2022年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=811970","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecef47fea5b3eb04f4c3e","date":"2022-06-29T16:00:00.000Z","stockId":3000000012019,"sao":"对于风险偏好较小，希望以绝对收益目标运作的基金产品，需要更加综合和多元的投资策略，包括可转债等投资品种，股票投资既需要择时策略，也考虑选股能力。由于当前可转债转股溢价率过高，我们没有配置可转债。操作主要借助股票择时和选股。今年黑天鹅频发，俄乌战争、国内疫情等。投资者信心崩塌，导致股市调整较大，市场估值处于历史较低水位。由于货币宽松，疫情最黑暗时候过去，积极财政发力等因素，市场触底反弹。我们维持了基准的股票仓位。尽管目前荆棘塞道但我们仍对未来满怀信心和憧憬，此时此地，我们不应再恐慌和悲观，还是相信时间的力量、均值回归的常识。选股方面，我们更加重视个股的确定性，更加关注商业模式、竞争壁垒和估值。我们对永续期较长且契合中国老龄化趋势的医药板块、拥有国际竞争优势的特色板块等做了重点配置。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:45:24.121Z","mo":"我们认为最悲观的冲击已经过去，后续最大的隐忧是全球通胀走势。预测是极其困难的，我们对自己预测能力保持怀疑谨慎、抱有自知之明，更希望以“应对策略”来处理未来不确定。我们依然乐观看待今年股市，从更长维度看，我们有信心认为中国可以跨越中等收入陷阱，这构成了中国股市未来长牛的基石。","fund":{"_id":3000000012019,"__csrcFundId":10084,"stockCode":"012019","shortName":"国投瑞银安泽混合A","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12019,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-03-21T17:41:47.187Z","status":"normal","exchange":"jj","name":"国投瑞银安泽混合型证券投资基金","fundCollectionId":4000050180000,"followedNum":0,"masterFundShortName":"国投瑞银安泽混合","inceptionDate":"2021-12-20T16:00:00.000Z","setUpDate":"2021-12-20T16:00:00.000Z","setUpAssetScale":50369591.68,"setUpShares":50369591.68,"pinyin":"gtryazhhxzqtzjj","delistedDate":"2024-12-18T16:00:00.000Z"},"announcement":{"linkText":"国投瑞银安泽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=781689","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecef47fea5b3eb04f4c3d","date":"2022-03-30T16:00:00.000Z","stockId":3000000012019,"sao":"堆沙堆的初始阶段，新添加的沙粒落下后不会滑得很远。但随着沙堆高度的增加，其坡度也不断增加，到一定时候，沙堆的坡度会达到一个临界值，这时，新添加一粒沙子（代表来自外界的微小干扰）就可能引起小到一粒或数粒沙子，大到涉及整个沙堆表面所有沙粒的沙崩。拥挤的赛道股投资，在1月也充分演绎了上述逻辑，市场出现单边大跌。2月份春季躁动反弹行情微弱，后期受到俄乌军事冲突、国内奥密克戎疫情等因素，市场进一步走弱。通胀是否会持续恶化、全球利率水平是否持续提升、国内疫情是否导致经济社会停摆，以上都难以预测，我们只能跟踪并应对。但是市场的估值已经进入合理水平，很多优质个股价值凸显。尽管目前荆棘塞道，但对未来我们仍满怀信心和憧憬。此时此地不应再恐慌和悲观，还是相信时间的力量和均值回归的常识。1季度，我们做了适度调仓，对永续期较长但估值已经合理的行业板块加大配置力度。本基金成立初期，我们只有个位数的股票仓位，但是1月中旬市场大跌仍导致净值受损。1月下旬随着市场下跌，我们逐步增加股票仓位，并在2月下旬逐步降低股票仓位。3月份市场大跌后，我们逐步增加股票仓位。基于对可转债的谨慎，我们没有对可转债进行配置。大部分仓位主要配置国债、高等级信用债。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:45:24.118Z","fund":{"_id":3000000012019,"__csrcFundId":10084,"stockCode":"012019","shortName":"国投瑞银安泽混合A","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12019,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-03-21T17:41:47.187Z","status":"normal","exchange":"jj","name":"国投瑞银安泽混合型证券投资基金","fundCollectionId":4000050180000,"followedNum":0,"masterFundShortName":"国投瑞银安泽混合","inceptionDate":"2021-12-20T16:00:00.000Z","setUpDate":"2021-12-20T16:00:00.000Z","setUpAssetScale":50369591.68,"setUpShares":50369591.68,"pinyin":"gtryazhhxzqtzjj","delistedDate":"2024-12-18T16:00:00.000Z"},"announcement":{"linkText":"国投瑞银安泽混合型证券投资基金2022年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=728754","linkType":"PDF","source":"csrc_pdf"}}]}