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发力、贸易摩擦烈度逐渐收窄背景下，全球主要权益市场均录得上涨。国内经济增长动能较上半年走弱但下行幅度有限。需求端来看，出口维持韧性，投资、消费增速放缓。生产端来看，与地产、基建相关的传统行业延续疲弱，人工智能、新能源等相关新兴产业维持高速增长，政策对宏观经济和市场仍然形成正面支撑。广谱利率持续下行背景下，资金对权益市场的配置需求增加。在此背景下，A股市场主要宽基指数涨幅均超过10%，其中创业板指涨幅较大。从风格上看，市场延续成长优于价值格局。分行业看，通讯、电子、电力设备新能源涨幅靠前，银行、交运、公用事业等排名靠后。三季度创新药在7月份继续冲高之后进入区间振荡，波动加大。市场对BD预期较高，一些新的交易达成并没有形成新的股价催化。我们继续看好创新药的结构性行情，一方面年底前大概率还会有潜在重磅BD交易等待落地，而市场预期当前已经有所消化降低；另一方面国内政策支持创新的态度更加明确，而这方面的利好还并未反映到资本市场的定价上。从估值来看，当前创新药的上涨有充分的基本面支撑，股价依然谈不上泡沫化。此外，全球医药投融资回暖和研发景气度回暖趋势明确，这其中也孕育了研发产业链的投资机会。三季度我们保持了高仓位，继续重点布局在创新药和CXO方向。","lastUpdated":"2026-03-09T13:48:25.987Z","fund":{"_id":3000000012888,"__csrcFundId":9850,"stockCode":"012888","shortName":"工银兴瑞一年持有期混合(012888)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12888,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:31:31.889Z","status":"normal","exchange":"jj","name":"工银瑞信兴瑞一年持有期混合型证券投资基金","fundCollectionId":4000050470000,"inceptionDate":"2021-09-14T16:00:00.000Z","followedNum":6,"masterFundShortName":"工银兴瑞一年持有期混合","setUpDate":"2021-09-14T16:00:00.000Z","setUpAssetScale":2361205577.1,"setUpShares":2361205577.1,"pinyin":"gyrxxryncyqhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"db20487648","stockType":"fund_manager","exchange":"fm","tickerId":200408168310,"name":"谭冬寒"}]},"announcement":{"linkText":"工银瑞信兴瑞一年持有期混合型证券投资基金2025年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1378583","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecfa97fea5b3eb050050c","date":"2025-06-29T16:00:00.000Z","stockId":3000000012888,"sao":"2025年上半年海外市场受美国政府政策及地缘政治冲突影响，波动较大。一季度，美国增长和就业边际走弱叠加美国关税政策的扰动，市场对美国经济衰退风险担忧加大，避险情绪升温。二季度以来，随着美国关税政策缓和、财政法案的推进等利好因素推动，市场风险偏好有所修复，美股三大股指普涨。　　2025年上半年A股市场呈现区间震荡走势。国内稳增长政策发力和新兴产业发展的带动下，国内经济延续去年四季度以来的平稳修复态势。一季度，DeepSeek等科技突破提升微观主体信心和市场风险偏好，市场整体上行。二季度，美国关税对市场形成短暂冲击，但在稳增长、稳市场政策明确的背景下，A股市场整体呈现逐渐修复态势。风格上，上半年成长板块占优。分行业来看，上半年中信一级行业中有色金属、银行、传媒涨幅居前，煤炭、房地产、食品饮料等板块跌幅居前。一季度医药表现并不十分突出，随着二季度多个重磅BD交易落地，ASCO等重要学术会议上中国分子展示出超预期的成果，创新药表现出非常抢眼的结构性牛市行情，资本市场更加认可中国创新药产业的竞争力，开始给予创新药公司的管线更高的估值。我们保持高仓位，重仓在创新药赛道，尤其是质地优秀的细分领域龙头公司，港股大幅超配。此外，我们在CXO也有一定布局。上半年产品业绩跑赢基准。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:48:25.984Z","mo":"海外方面，主要经济体增长动能走弱但硬着陆风险较低。美国就业压力逐渐显现将促使美联储大概率重启降息。国内方面，外需走弱和政策脉冲趋缓对经济增长形成一定下行压力，但考虑到我国出口竞争优势，房地产调整对经济的影响程度或将降低，经济结构转型下新兴产业发展动能仍强，预计下半年经济增长呈现温和放缓态势。政策稳增长、稳市场方向明确，将进一步推动支持经济结构转型升级。短期市场对当前宏观经济状态定价较为充分，往后看经济增长短期存在一定的下行压力，但倾向于认为下行幅度和持续时间有限，同时考虑到市场流动性维持宽松，政策对经济和市场的支持，预计市场维持震荡格局，存在结构性机会。中期来看，A股盈利增速正在接近底部，未来盈利回升或将进一步推动上行。配置上，一是在广谱利率下行背景下，经营稳健、分红率高的红利资产仍具备配置性价比；二是以人工智能、创新药代表的新兴产业发展空间较大；三是中期维度，顺周期龙头资产也在逐渐走出盈利底部，赔率较高。关注海外政策不确定性可能对市场带来的冲击。我们继续看好创新药的结构性行情，一方面下半年到明年还会有多个潜在的重磅BD交易等待落地，另一方面国内政策支持创新的态度更加明确，而这方面的利好还并未反映到资本市场的定价上。从估值来看，当前创新药的上涨有充分的基本面支撑，股价依然谈不上泡沫化。此外，创新药BD交易的火热也逐渐开始带动研发景气度的回暖，这其中也孕育了研发产业链的投资机会。股价在快速上涨之后，哪怕没有基本面的负面因素，也会放大波动，出现短期调整也很正常。我们会适当做组合平衡，尽量控制产品回撤。","fund":{"_id":3000000012888,"__csrcFundId":9850,"stockCode":"012888","shortName":"工银兴瑞一年持有期混合(012888)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12888,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:31:31.889Z","status":"normal","exchange":"jj","name":"工银瑞信兴瑞一年持有期混合型证券投资基金","fundCollectionId":4000050470000,"inceptionDate":"2021-09-14T16:00:00.000Z","followedNum":6,"masterFundShortName":"工银兴瑞一年持有期混合","setUpDate":"2021-09-14T16:00:00.000Z","setUpAssetScale":2361205577.1,"setUpShares":2361205577.1,"pinyin":"gyrxxryncyqhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"db20487648","stockType":"fund_manager","exchange":"fm","tickerId":200408168310,"name":"谭冬寒"}]},"announcement":{"linkText":"工银瑞信兴瑞一年持有期混合型证券投资基金2025年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1345793","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecfa97fea5b3eb050050b","date":"2025-03-30T16:00:00.000Z","stockId":3000000012888,"sao":"2025年一季度，美国增长和就业呈现回落态势，叠加政策层面的扰动，市场对美国经济衰退风险担忧加大。在经济不确定性增强的背景下，美联储决策暂时进入观望阶段，美股震荡加剧，三大股指均下跌。　　2025年一季度，在国内稳增长政策发力和新兴产业发展的带动下，国内经济延续四季度以来的平稳修复态势。DeepSeek等科技突破提升微观主体信心和市场风险偏好。具体来看：外需方面，去年高基数叠加海外需求动能减弱，出口较2024年有所回落。内需方面，新兴产业发展和政府发力支持制造业投资、基建投资维持相对高位，房地产和消费维持平稳。　　2025年一季度，A股经历1月下跌调整后，春节以来科技板块引领A股估值继续修复。从市场风格看，一季度A股市场风格整体偏向成长，汽车、有色金属等行业涨幅居前。一季度市场风险偏好有显著的提升，主要得益于一系列鼓舞人心的事件，包括deepseek横空出世、哪吒2票房创纪录等。风险偏好的大幅提升使得一季度以AI、机器人和创新药的主题投资成为亮眼的结构性行情。同时，美国政府的对外关税大棒和对内政府大幅裁员加剧了市场对美国经济的担忧，deepseek引起美国科技垄断低位被打破的担忧，一季度纳斯达克指数下跌10.45%，科技七巨头下跌15.44%，市场开始演绎“东升西降”的叙事逻辑。基于以上逻辑，一季度上证指数下跌0.48%，中证医药指数上涨0.94%，而恒生创新药指数上涨31.86%，结构性行情非常突出。我们认为创新药的结构性行情有望持续，有以下四点基本面原因：1，医保局开始研究优化集采政策的措施，政策转向开始兑现，后续还会有更多具体措施落地；2，创新药公司整体基本面表现强劲，几家龙头公司开始超预期的实现扭亏盈利；3，中国生物医药产业的比较优势被越来越认知到，跨国公司加大来华授权项目的力度，今年有多个项目有海外授权的预期；4，ASCO等学术年会召开在即，多家公司的在研项目有靓丽数据读出。从估值来看，当前创新药公司虽然经历了一波较大的涨幅，但也只是从之前极低的估值洼地修复到当前相对合理的估值水平，并没有出现泡沫化迹象。除创新药以外，其他医药股仍在底部振荡，资产价格仍在底部区域，即使有所反弹的CXO当前估值依然在相对低位，还有较大修复空间。一季度我们保持了高仓位，重点布局在创新药和CXO方向，一季度产品业绩跑赢基准。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:48:25.981Z","fund":{"_id":3000000012888,"__csrcFundId":985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:{"linkText":"工银瑞信兴瑞一年持有期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=882314","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecfa97fea5b3eb0500502","date":"2022-12-30T16:00:00.000Z","stockId":3000000012888,"sao":"2022年是全球局势风云变幻的一年，俄乌冲突凸显了地缘政治冲突加剧，宏观不确定性增加，资金风险偏好下降；美国BIS新规加大对中国科技产业打压，逆全球化进程继续演绎；美联储应对通胀进入加息周期；国内疫情反复波动对经济造成拖累，全年GDP增速低于预期；国内地产债务风险局部暴露，保交楼和化解地产债务风险成为迫在眉睫的任务。全球权益市场在众多宏观变量的冲击下均呈现出大幅波动，A股市场也呈现跌宕起伏。全年上证指数下跌15%，振荡下行。市场风格价值占优，成长偏弱，主题炒作阶段性突出。　　聚焦在医药行业里，在美联储加息背景下，2022年上半年美股的创新药公司上半年也创造了历史少有的大幅下跌，在年中逐渐企稳振荡。在生物科技领域的一级市场投融资金额也呈下降趋势，在四季度逐步企稳。一二级市场的估值大幅波动经历了一轮比较完整的泡沫化和泡沫出清的过程，这更多的是宏观流动性造成的货币现象，当然也与过去几年疫情下创新空间打开有一定关系。我们相信创新永远是医药投资的主旋律，创新药的市场估值大幅波动在历史上时有发生，但并不对医药创新历程造成很大影响。新药研发的景气周期波动水平可能远小于我们看到的市场估值波动水平。在研发景气度下降的担忧下，CXO也出现了大幅杀估值，而这个板块业绩和订单展望依然保持良好的情况，尤其是客户全球化的公司。我们清仓了以国内业务为主的CXO公司，而保留了全球化业务的CXO龙头公司，我们相信具备韧性的研发投入景气度会使得这些公司存在估值修复的机会。回顾全年，医药股内部并没有演绎非常明确的主线，中药、抗疫主题、医疗设备、消费复苏等都阶段性有所表现，我们在组合上做了相应的平衡，子行业配置趋向均衡。仓位上，我们全年基本保持85%左右的较低仓位，在四季度有疫情放开预期和地产政策调整预期之后，我们判断市场已经见底，提升到90-95%的仓位水平。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:48:25.949Z","mo":"我们对2023年的权益市场持乐观观点。2022年底，国内政策变化较大，一是疫情防控政策的快速转向，二是地产的扶持政策更加明确。按照熊市反转的三重底框架来分析，政策底已经走过，估值底大概率也已经走过。而疫情负面影响可能在2023年Q1结束，消费场景随后开始恢复，随着地产扶持和消费促进的政策逐步发力，预计盈利底可能在2023年Q1和Q2出现。海外来看，美联储加息最剧烈阶段已过，2023年中国经济复苏而美国经济有衰退风险，中国权益市场的相对优势可能会更加凸显。　　我们对医药行业也持乐观观点。医药股在经历了一年半的熊市周期以后，调整的时间和调整的幅度都相对到位，估值处于历史较低水位，而全市场主动基金对医药股的持仓也近历史低位。市场回暖，政策修正和疫后复苏都可能带来积极变化，业绩和估值都有向上弹性。我们预计2023年有三条逻辑主线值得关注：（1）“疫情反复“与“疫后修复”还会交替演绎，大方向是从疫情受益公司向疫后修复公司做切换，尤其关注在疫情中供给有出清的行业里的龙头公司。（2）集采政策出清，受政策压制估值的医疗器械、高值耗材、药品等公司有估值修复机会。（3）创新主线，包括创新药和CXO。尤其是创新药经历了一波供给侧改革，可能带来中长期布局机会。","fund":{"_id":3000000012888,"__csrcFundId":9850,"stockCode":"012888","shortName":"工银兴瑞一年持有期混合(012888)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12888,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:31:31.889Z","status":"normal","exchange":"jj","name":"工银瑞信兴瑞一年持有期混合型证券投资基金","fundCollectionId":4000050470000,"inceptionDate":"2021-09-14T16:00:00.000Z","followedNum":6,"masterFundShortName":"工银兴瑞一年持有期混合","setUpDate":"2021-09-14T16:00:00.000Z","setUpAssetScale":2361205577.1,"setUpShares":2361205577.1,"pinyin":"gyrxxryncyqhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"db20487648","stockType":"fund_manager","exchange":"fm","tickerId":200408168310,"name":"谭冬寒"}]},"announcement":{"linkText":"工银瑞信兴瑞一年持有期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=865404","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecfa97fea5b3eb0500501","date":"2022-09-29T16:00:00.000Z","stockId":3000000012888,"sao":"三季度权益市场在二季度的反弹之后继续调整。美国通胀超预期，加息力度和速度也超过市场预期。俄乌冲突局势升级，全球地缘政治冲突加剧。美国加大对中国半导体产业的出口管制，中美关系继续下行。国内疫情多地反复，经济下行压力继续加大。国内出台了鼓励地产投资、汽车消费和设备投资的政策，但政策发力效果尚未体现。聚焦在医药行业里，医疗服务、药店和消费品受一定程度的疫情冲击。新药投融资景气度下行，对国内的新药研发投入金额逐步产生影响，但全球研发投入还相对稳定。市场风格依然不利于成长股，但市场一度对地缘政治因素过度担忧也给以CXO为代表的医药成长股带来了有吸引力的低估值买点。集采政策的利空在逐步出尽，骨科脊柱耗材集采略好于市场预期，集采政策压力最大的时点可能已经过去。我们的投资策略是选择顺应产业发展方向的高景气度领域，通过自上而下判断与自下而上选股相结合的策略，坚持深入研究、重仓和长期持股。在仓位选择上，维持85-90%的仓位，结构上未做大幅度变化。考虑到设备投资景气度可能提高和医疗器械集采政策逐步好转，我们对医疗设备和医疗器械有一定加仓。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:48:25.946Z","fund":{"_id":3000000012888,"__csrcFundId":9850,"stockCode":"012888","shortName":"工银兴瑞一年持有期混合(012888)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12888,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:31:31.889Z","status":"normal","exchange":"jj","name":"工银瑞信兴瑞一年持有期混合型证券投资基金","fundCollectionId":4000050470000,"inceptionDate":"2021-09-14T16:00:00.000Z","followedNum":6,"masterFundShortName":"工银兴瑞一年持有期混合","setUpDate":"2021-09-14T16:00:00.000Z","setUpAssetScale":2361205577.1,"setUpShares":2361205577.1,"pinyin":"gyrxxryncyqhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"db20487648","stockType":"fund_manager","exchange":"fm","tickerId":200408168310,"name":"谭冬寒"}]},"announcement":{"linkText":"工银瑞信兴瑞一年持有期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=809228","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecfa97fea5b3eb0500500","date":"2022-06-29T16:00:00.000Z","stockId":3000000012888,"sao":"2022年上半年宏观环境变化较快，俄乌战争带来经济不确定性增加，地缘政治冲突加剧，美联储应对通胀进入加息周期，国内疫情反复波动对经济造成较大扰动。全球权益市场在众多宏观变量的冲击下均呈现出大幅波动，而A股市场在二季度稳增长政策发力和疫情后修复预期的支撑下出现较好反弹，走出了相对独立的行情。聚焦医药行业，美股的创新药公司上半年创造了历史少有的大幅下跌，主要原因也是由宏观因素驱动，首要原因是疫情期间美元流动性充裕而新冠带来的药物创新机遇和需求使得美股创新药估值经历了泡沫化，然后在美联储加息周期中叠加疫情后新冠药物的创新需求减少以及肿瘤免疫治疗领域的创新进展低于预期等基本面因素，使得全球创新药都经历了大幅估值回调。但我们相信创新永远是医药投资的主旋律，创新药的市场估值大幅波动在历史上时有发生，但并不对医药创新历程造成很大影响。换句话说，新药研发的景气周期波动水平要远小于我们看到的市场估值波动水平。  我们的投资策略是顺应产业发展方向，通过自上而下判断与自下而上选股相结合的策略，坚持深入研究、重仓和长期持股。在仓位选择上，一季度我们基本保持70%较低仓位。3月份以后估值有了大幅消化，二季度保持在80-85%左右仓位。结构上，我们整体在医药行业内部的子行业配置上要比之前略微均衡一些，CXO构成较大部分的主要持仓，中药行业在经历政策环境转暖，有一定加仓，器械和消费也有一定的均衡。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:48:25.943Z","mo":"展望后市，市场经历了大幅下跌和一定幅度的反弹，我们认为后续将延续振荡走势，宏观变量对市场的影响会比之前减弱，而行业和个股基本面的影响会更加重要，更值得重视。成长与价值风格的切换已经相对充分，高估值成长股在调整后的性价比已经显著提高，而低估值价值股反弹以后的性价比不再突出，后市风格可能会较为平衡。聚焦到医药行业来看，我们更需要关注行业的发展前景有无变化，毕竟中长期的收益率更多来自企业EPS的增长，而与市场估值波动或风格摆动关系不大。CXO依然是我们认为景气度最高、确定性也比较高的大板块；全球还在生物制药创新大周期中，国内创新景气度经历了一轮投资泡沫的出清，但企业能力和项目质量都在稳步提升中，创新药和创新器械赛道的长远发展空间仍在；中药的政策环境显著回暖；仿制药、竞争性医疗器械的政策环境已经见底，企业经营底部逐步探明；连锁药店正在经历疫后复苏的恢复性增长和竞争压力中期维度减弱的变化；一些制造业的低值耗材、上游原材料与设备领域涌现出来一些竞争力在持续加强的公司，发展机会越来越大。通过对医药行业内部各个赛道领域的梳理，我们相信坚持选择顺应产业发展方向的投资领域，通过自上而下判断与自下而上选股相结合的方式依然是有可为的投资策略，也是我们期望获取超额收益的来源。","fund":{"_id":3000000012888,"__csrcFundId":9850,"stockCode":"012888","shortName":"工银兴瑞一年持有期混合(012888)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12888,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:31:31.889Z","status":"normal","exchange":"jj","name":"工银瑞信兴瑞一年持有期混合型证券投资基金","fundCollectionId":4000050470000,"inceptionDate":"2021-09-14T16:00:00.000Z","followedNum":6,"masterFundShortName":"工银兴瑞一年持有期混合","setUpDate":"2021-09-14T16:00:00.000Z","setUpAssetScale":2361205577.1,"setUpShares":2361205577.1,"pinyin":"gyrxxryncyqhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"db20487648","stockType":"fund_manager","exchange":"fm","tickerId":200408168310,"name":"谭冬寒"}]},"announcement":{"linkText":"工银瑞信兴瑞一年持有期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=784638","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecfa97fea5b3eb05004ff","date":"2022-03-30T16:00:00.000Z","stockId":3000000012888,"sao":"一季度权益市场较为动荡。全球来看，俄乌冲突突然爆发，地缘政治冲突加剧，经济不确定性增加。战争导致全球风险偏好提升，资本回流趋势明显，全球流动性呈现结构性转移，美国等成熟资本市场流动性充裕，而新兴国家市场面临较大的流动性冲击。国内方面，疫情多点破防带来的管控加剧，国内经济下行压力增加，局部地区的短期压力尤为突出。稳增长政策逐步发力，市场流动性保持充裕。聚焦在医药行业里，CXO的基本面高景气趋势维持，医疗服务、药店和消费品受一定程度的疫情冲击，但整体影响可控，短期冲击并不影响长期经营趋势和竞争力。市场风格依然不利于成长股，但市场一度对地缘政治因素过度担忧也给以CXO为代表的医药成长股带来了有吸引力的低估值买点。  我们的投资策略是选择顺应产业发展方向的高景气度领域，通过自上而下判断与自下而上选股相结合的策略，坚持深入研究、重仓和长期持股。在仓位选择上，年初估值较高有待消化之时，我们保持在65%左右的低仓位。3月份以后估值有了大幅消化，我们加仓至75%左右仓位。结构上，CXO在大幅下跌后估值性价比开始出现，我们有一定加仓。中药行业在经历政策环境转暖，我们也有一定加仓。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:48:25.941Z","fund":{"_id":3000000012888,"__csrcFundId":9850,"stockCode":"012888","shortName":"工银兴瑞一年持有期混合(012888)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12888,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:31:31.889Z","status":"normal","exchange":"jj","name":"工银瑞信兴瑞一年持有期混合型证券投资基金","fundCollectionId":4000050470000,"inceptionDate":"2021-09-14T16:00:00.000Z","followedNum":6,"masterFundShortName":"工银兴瑞一年持有期混合","setUpDate":"2021-09-14T16:00:00.000Z","setUpAssetScale":2361205577.1,"setUpShares":2361205577.1,"pinyin":"gyrxxryncyqhhxzqtzjj","memoNum":1,"managers":[{"stockCode":"db20487648","stockType":"fund_manager","exchange":"fm","tickerId":200408168310,"name":"谭冬寒"}]},"announcement":{"linkText":"工银瑞信兴瑞一年持有期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=726990","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecfa97fea5b3eb05004fe","date":"2021-12-30T16:00:00.000Z","stockId":3000000012888,"sao":"报告期内该产品逐步完成建仓操作，我们的投资策略是选择顺应产业发展方向的高景气度领域，通过自上而下判断与自下而上选股相结合的策略，坚持深入研究、重仓和长期持股。自2021年9月15日兴瑞基金成立以来，中信医药指数基本持平，但基金的负超额收益较为显著。原因是下半年尤其是四季度以后，风格摆动非常突出，市场风格开始从上半年的极度偏成长向价值倾斜，高估值高景气赛道有持续的大幅度的调整，虽然行业基本面变化并不大。我们在组合风格上略有做一些平衡，年底的价值风格对我们一直以来的成长股投资策略较为不利，所以年负超额收益比较显著。当前我们的组合风格已经做了适当平衡，展望后市，我们认为成长与价值风格的切换已经相对充分，高估值成长股在调整后的性价比已经显著提高，而低估值价值股反弹以后的性价比也没有那么突出了，后市风格可能也会较为平衡了，风格因素的影响预计不会很大了。  另一方面是依据各个赛道增长前景的变化而调整我们的组合方向，这是我们一直以来期望做好的事情，也是我们期望获得超额收益的重要来源。2021年医保局政策压力加大，在应采尽采的政策指引下，医疗器械集采不断扩大品种范围和试点地区范围；医疗服务的个别项目也开始出现集采担忧，DRG政策带来的不确定性增加；国产创新药竞争加剧，格局恶化速度超预期。相应的，我们首先建仓的是CXO、政策影响小的上游设备耗材原材料、一些制造业属性更强的低值耗材和药店、OTC药品的相关标的。对创新药、创新医疗器械和综合性医疗服务的一些标的，我们在建仓时相对更审慎。CXO依然是我们认为景气度高，确定性强的板块，我们保持了较高的持仓配置。","declarationDate":"2022-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:48:25.938Z","mo":"展望后市，预计市场仍将延续振荡走势，经济下行压力较大但流动性较好，我们认为指数级别的大牛市或大熊市条件或都不具备，仍然以结构性机会为主。以CXO为代表的高景气赛道经历了近半年的调整，主要原因是市场风格切换，我们并没有看到行业基本面有显著恶化。我们认为，成长与价值风格的切换已经相对充分，高估值成长股在调整后的性价比已经显著提高，而低估值价值股反弹以后的性价比也没有那么突出了，后市风格可能会较为平衡，但也很难回归到2021年上半年的极度成长风格。聚焦到医药行业来看，我们更需要关注行业的发展前景有无变化，毕竟中长期的收益率更多来自企业EPS的增长，而与市场估值波动或风格摆动关系不大。CXO依然是我们认为景气度高，确定性也比较高的大板块；全球还在生物制药创新大周期中；国内创新景气度经历了一轮投资小泡沫的出清（港股和一级市场比较有代表性），但企业能力和项目质量都在稳步提升中，创新药和创新器械赛道的长远发展空间仍在，并不是长景气周期的拐点；中药的政策环境显著回暖；仿制药、竞争性医疗器械的政策环境或已经见底，企业经营底部或逐步探明；连锁药店正在经历恢复性增长和竞争压力中期维度减弱的变化；一些制造业的低值耗材、上游原材料与设备领域涌现出来一些竞争力在持续加强的公司，发展机会越来越大。通过对医药行业内部各个赛道领域的梳理，我们相信坚持选择顺应产业发展方向的高景气度投资领域，通过自上而下判断与自下而上选股相结合的方式依然是有可为的投资策略，也是我们期望获取超额收益的来源。","fund":{"_id":3000000012888,"__csrcFundId":9850,"stockCode":"012888","shortName":"工银兴瑞一年持有期混合(012888)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12888,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:31:31.889Z","status":"normal","exchange":"jj","name":"工银瑞信兴瑞一年持有期混合型证券投资基金","fundCollectionId":4000050470000,"inceptionDate":"2021-09-14T16:00:00.000Z","followedNum":6,"masterFundShortName":"工银兴瑞一年持有期混合","setUpDate":"2021-09-14T16:00:00.000Z","se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