window.pageData = {"stock":{"_id":3000000014333,"stockCode":"014333","shortName":"工银优势领航混合A","masterFundShortName":"工银优势领航混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14333,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","name":"工银瑞信优势领航混合型证券投资基金","fundCollectionId":4000050470000,"inceptionDate":"2022-03-22T16:00:00.000Z","followedNum":2,"setUpDate":"2022-03-22T16:00:00.000Z","setUpAssetScale":266160111.88,"setUpShares":266160111.88,"pinyin":"gyrxyslhhhxzqtzjj","fundCollection":{"exchange":"jjgs","stockType":"fund_collection","stockCode":"50470000","tickerId":50470000,"name":"工银瑞信基金管理有限公司"},"managers":[{"name":"胡志利","stockType":"fund_manager","stockCode":"db20361607","exchange":"fm","tickerId":82612156670}],"hotMetrics":{"fss":{"stockId":3000000014333,"type":"fss","f_s_s_d":"2024-06-29T16:00:00.000Z","f_ins_h_s_r":0.5859000000000001,"f_ins_h_s_r_c_hy":0.5859000000000001,"f_ins_h_s_r_c_1y":0.5859000000000001,"f_ind_h_s_r":0.41409999999999997,"f_ind_h_s_r_c_hy":-0.5859000000000001,"f_ind_h_s_r_c_1y":-0.5859000000000001,"f_h_a":1629,"f_h_s_a":58243,"last_data_date":"2025-06-29T16:00:00.000Z"},"fpr":{"stockId":3000000014333,"type":"fpr","f_p_r_fys_ssc":8989,"f_p_r_fys_ssrp":0.24020916777926124,"f_p_r_m1_ssc":9231,"f_p_r_m1_ssrp":0.1789815817984832,"f_p_r_m3_ssc":9128,"f_p_r_m3_ssrp":0.22055439903582777,"f_p_r_m6_ssc":8818,"f_p_r_m6_ssrp":0.29182261540206417,"f_p_r_y1_ssc":8349,"f_p_r_y1_ssrp":0.2680881648298994,"f_p_r_y2_ssc":7732,"f_p_r_y2_ssrp":0.3708446514034407,"f_cagr_p_r_fs_ssc":9174,"f_cagr_p_r_fs_ssrp":0.6088520658454158,"f_p_r_y3_ssc":6942,"f_p_r_y3_ssrp":0.434087307304423},"fp":{"stockId":3000000014333,"type":"fp","f_p_r_fys":0.2020799347471447,"f_p_r_m1":0.11711199545196105,"f_p_r_m3":0.1392405063291131,"f_p_r_m6":0.22037056205361738,"f_cagr_p_r_fs":0.04039368786656383,"f_p_r_y1":0.540371047818134,"f_p_r_d1":-0.0062539885130823425,"f_p_r_y2":0.472093894368836,"last_data_date":"2026-05-19T16:00:00.000Z","f_p_r_y3":0.28180039138943425},"ff":{"stockId":3000000014333,"type":"ff","f_m_f":573929,"f_m_f_r":0.012,"f_c_f":95654,"f_c_f_r":0.002,"f_m_a_c_f":669583,"f_m_a_c_f_r":0.014,"f_m_c_f_d":"2024-11-28T16:00:00.000Z","f_c_fr":0.002,"f_fr_d":"2025-11-27T16:00:00.000Z","f_m_fr":0.012,"f_mac_fr":0.014},"f_nlacan":{"stockId":3000000014333,"type":"f_nlacan","f_nv_d":"2026-05-19T16:00:00.000Z","f_nv":1.179,"f_nv_cr":0.006917755572636519},"f_as":{"stockId":3000000014333,"type":"f_as","f_tas":169006574.1984,"f_tas_d":"2026-03-30T16:00:00.000Z"}},"masterSlaveFunds":[{"_id":3000000014334,"name":"工银瑞信优势领航混合型证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","stockCode":"014334","tickerId":14334,"shortName":"工银优势领航混合C","currency":"CNY","__csrcFundId":10926,"exchange":"jj","lastUpdated":"2025-01-04T00:32:14.990Z","fundCollectionId":4000050470000,"inceptionDate":"2022-03-22T16:00:00.000Z","followedNum":0,"status":"normal","setUpDate":"2022-03-22T16:00:00.000Z","setUpAssetScale":185008017.47,"setUpShares":185008017.47,"masterFundFlag":null,"activeFundFlag":null,"classificationFlag":null,"closedEnd":null,"etfFundFlag":null,"feederFundFlag":null,"indexFundFlag":null,"lofFundFlag":null,"pensionTargetFlag":null,"pinyin":"gyrxyslhhhxzqtzjj"}],"shareholdings":[{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000014333,"stockId":300750,"holdings":34434,"marketCap":13832137,"netValueRatio":0.0782,"quarterlyChange":0.09377552687469404,"stock":{"stockCode":"300750","exchange":"sz","stockType":"company","tickerId":300750,"name":"宁德时代"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000014333,"stockId":688041,"holdings":64236,"marketCap":13506261,"netValueRatio":0.0763,"quarterlyChange":-0.06273993694950597,"stock":{"name":"海光信息","exchange":"sh","stockType":"company","stockCode":"688041","tickerId":688041}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000014333,"stockId":601899,"holdings":340900,"marketCap":11154248,"netValueRatio":0.063,"quarterlyChange":-0.05076878445024502,"stock":{"stockCode":"601899","exchange":"sh","stockType":"company","tickerId":601899,"name":"紫金矿业"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000014333,"stockId":2384,"holdings":86200,"marketCap":8904460,"netValueRatio":0.0503,"quarterlyChange":0.22031896042528043,"stock":{"stockCode":"002384","exchange":"sz","stockType":"company","tickerId":2384,"name":"东山精密"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000014333,"stockId":1000000000000700,"holdings":20700,"marketCap":8846099,"netValueRatio":0.05,"quarterlyChange":-0.19198664440734592,"stock":{"stockCode":"00700","exchange":"hk","stockType":"company","tickerId":700,"name":"腾讯控股"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000014333,"stockId":688012,"holdings":28619,"marketCap":8768289,"netValueRatio":0.0496,"quarterlyChange":0.12342329128776686,"stock":{"stockCode":"688012","exchange":"sh","stockType":"company","tickerId":688012,"name":"中微公司"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000014333,"stockId":1000000000001787,"holdings":261250,"marketCap":7459890,"netValueRatio":0.0422,"quarterlyChange":-0.06501763294210505,"stock":{"stockCode":"01787","exchange":"hk","stockType":"company","tickerId":1787,"name":"山东黄金"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000014333,"stockId":2409,"holdings":67200,"marketCap":5291328,"netValueRatio":0.0299,"quarterlyChange":0.06261808367071509,"stock":{"stockCode":"002409","exchange":"sz","stockType":"company","tickerId":2409,"name":"雅克科技"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000014333,"stockId":301413,"holdings":44149,"marketCap":5093028,"netValueRatio":0.0288,"quarterlyChange":-0.1442136498516311,"stock":{"name":"安培龙","exchange":"sz","stockType":"company","stockCode":"301413","tickerId":301413}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000014333,"stockId":688362,"holdings":135612,"marketCap":4995946,"netValueRatio":0.0282,"quarterlyChange":0.136686207960506,"stock":{"name":"甬矽电子","exchange":"sh","stockType":"company","stockCode":"688362","tickerId":688362}}],"lastFsMetrics":{"latestTurnoverRate":1.4997781800592394,"latestTurnoverRateDate":"2025-06-29T16:00:00.000Z"}},"list":[{"_id":"69e8ebb01398d79843fe9584","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","stockId":3000000014333,"sao":"海外方面，年初至2月末，海外经济延续增长动能平稳修复、通胀温和的态势。3月以来中东局势持续升级并带动油价飙升，通胀预期抬升下，市场对于主要海外央行货币政策宽松预期下降。流动性收紧预期叠加避险情绪，全球主要国家债券收益率上行、权益市场走弱。　　国内方面，年初至2月末，经济增长动能维持平稳，外需维持强劲、内需底部震荡。供需调整使得工业品价格呈现上行态势，并带动1-2月工业企业营收增速和利润增速回升。3月以来油价上行带来输入性成本抬升，进一步加强了工业品价格上行的幅度。　　A股方面，岁末年初市场一度大幅上涨，1月中下旬后转向震荡，“涨价”主线贯穿1-2月市场。3月以来中东局势升级，风险偏好、流动性预期进一步下降背景下，指数有所回调。整体来看，一季度红利风格小幅占优，申万一级行业中煤炭、石油石化、电力及公用事业涨幅居前。一季度整体A股风险偏好波动较大，主要的影响还是来自外部的冲击。国内经济围绕PPI回升，企业盈利修复的态势，相应顺周期资产相对占优，但3月之后风险偏好受地缘冲突急剧下降，压制风险偏好高的资产表现，稳健红利类资产相对占优。　　产业趋势角度看，AI产业发展继续维持了高景气，相应的投入还在持续增加，技术的进步日新月异，资产处在相对高位，总体呈现震荡态势。　　操作上还是优选性价比，组合结构上产业升级类资产配置主要为科技创新类资产，超配AI产业链和互联网资产，并增持具备供需改善的半导体设备公司；消费升级方向则聚焦基本面与估值匹配的优质个股，降低部分业绩存在压力的个股仓位，优化风险收益比。","lastUpdated":"2026-04-22T15:39:28.206Z","fund":{"_id":3000000014333,"__csrcFundId":10926,"stockCode":"014333","shortName":"工银优势领航混合(014333)","masterFundShortName":"工银优势领航混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14333,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:09:56.550Z","status":"normal","exchange":"jj","name":"工银瑞信优势领航混合型证券投资基金","fundCollectionId":4000050470000,"inceptionDate":"2022-03-22T16:00:00.000Z","followedNum":2,"setUpDate":"2022-03-22T16:00:00.000Z","setUpAssetScale":266160111.88,"setUpShares":266160111.88,"pinyin":"gyrxyslhhhxzqtzjj","managers":[{"stockCode":"db20361607","stockType":"fund_manager","exchange":"fm","tickerId":82612156670,"name":"胡志利"}]},"announcement":{"linkText":"工银瑞信优势领航混合型证券投资基金2026年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1476584","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0a67fea5b3eb05109df","date":"2025-12-30T16:00:00.000Z","declarationDate":"2026-01-21T16:00:00.000Z","stockId":3000000014333,"sao":"海外方面，美联储如期于10月和12月分别降息25个基点，海外流动性整体维持宽松，但预期的波动有所加大。国内方面，四季度经济增长回落，短期下行压力有所增加，宏观政策在保持力度的同时更注重提质增效。考虑到房地产调整对经济冲击最大的时候可能已经过去，经济结构转型下新兴产业发展动能仍强，预计中期经济增长整体或维持平稳。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。　　市场方面，四季度宽基指数震荡，成长和顺周期板块均有表现。从申万一级行业上看，石油石化、通信、有色涨幅居前，而房地产、医药、传媒跌幅居前。四季度指数震荡，成长类资产表现突出。组合主要增持受益权益市场回暖的非银资产，以及受益反内卷推升中游制造业盈利修复的个股。优化部分涨幅较大的资产，保持组合结构稳定，提升组合风险收益比。","lastUpdated":"2026-03-09T13:52:38.549Z","fund":{"_id":3000000014333,"__csrcFundId":10926,"stockCode":"014333","shortName":"工银优势领航混合(014333)","masterFundShortName":"工银优势领航混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14333,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:09:56.550Z","status":"normal","exchange":"jj","name":"工银瑞信优势领航混合型证券投资基金","fundCollectionId":4000050470000,"inceptionDate":"2022-03-22T16:00:00.000Z","followedNum":2,"setUpDate":"2022-03-22T16:00:00.000Z","setUpAssetScale":266160111.88,"setUpShares":266160111.88,"pinyin":"gyrxyslhhhxzqtzjj","managers":[{"stockCode":"db20361607","stockType":"fund_manager","exchange":"fm","tickerId":82612156670,"name":"胡志利"}]},"announcement":{"linkText":"工银瑞信优势领航混合型证券投资基金2025年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1459641","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0a67fea5b3eb05109de","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-27T16:00:00.000Z","stockId":3000000014333,"sao":"2025年3季度，美联储货币政策重回宽松预期、主要国家财政政策延续发力、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。三季度风险偏好相对高，成长类资产表现突出，产品围绕消费升级和产业升级投资；消费升级类资产主要集中在港股资产，部分代表新需求、新人群、新产品等特征的资产处在经营趋势向上的周期中，择优配置。产业升级的资产，其中部分需求和供给双重影响下资本回报处在上升周期的资产表现相应较好，比如AI全产业链，储能，创新药等。港股表现弱于A股市场。　　组合结构上产业升级类资产配置主要为科技创新类资产，超配医药与AI产业链，并增持具备主业竞争力及供需改善的储能细分龙头；消费升级方向则聚焦基本面与估值匹配的优质个股，降低部分业绩存在压力的个股仓位，优化风险收益比。","lastUpdated":"2026-03-09T13:52:38.546Z","fund":{"_id":3000000014333,"__csrcFundId":10926,"stockCode":"014333","shortName":"工银优势领航混合(014333)","masterFundShortName":"工银优势领航混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14333,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:09:56.550Z","status":"normal","exchange":"jj","name":"工银瑞信优势领航混合型证券投资基金","fundCollectionId":4000050470000,"inceptionDate":"2022-03-22T16:00:00.000Z","followedNum":2,"setUpDate":"2022-03-22T16:00:00.000Z","setUpAssetScale":266160111.88,"setUpShares":266160111.88,"pinyin":"gyrxyslhhhxzqtzjj","managers":[{"stockCode":"db20361607","stockType":"fund_manager","exchange":"fm","tickerId":82612156670,"name":"胡志利"}]},"announcement":{"linkText":"工银瑞信优势领航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=1378550","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0a67fea5b3eb05109dd","date":"2025-06-29T16:00:00.000Z","stockId":3000000014333,"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。2025年上半年，围绕市场修复，经济触底，外部环境受挑战的大背景下，优化组合为主。组合结构上产业升级类资产配置主要为科技创新类资产，超配医药与AI产业链，并增持具备主业竞争力及机器人主题催化的细分龙头；消费升级方向则聚焦基本面与估值匹配的优质个股，降低部分业绩存在压力的个股仓位，优化风险收益比。行业上增持了医药，电子，机械等行业，减持有色行业。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:52:38.539Z","mo":"海外方面，我们认为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或将促使美联储重启降息。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。中长期看好市场具备结构性机会的特征，尤其经济总量平稳，结构上新技术，新需求变化导致的局部景气机会，传统行业供需错配带来的盈利修复机会。围绕超额收益动能角度思考，主要还是投资来自于产业升级和消费升级领域的资产，相对看好细分优质龙头资产，竞争力突出，持续造血能力强，力争通过中长期持有获取收益。操作计划，增持走出底部的龙头优质资产，分布在各个行业中。","fund":{"_id":3000000014333,"__csrcFundId":10926,"stockCode":"014333","shortName":"工银优势领航混合(014333)","masterFundShortName":"工银优势领航混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14333,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:09:56.550Z","status":"normal","exchange":"jj","name":"工银瑞信优势领航混合型证券投资基金","fundCollectionId":4000050470000,"inceptionDate":"2022-03-22T16:00:00.000Z","followedNum":2,"setUpDate":"2022-03-22T16:00:00.000Z","setUpAssetScale":266160111.88,"setUpShares":266160111.88,"pinyin":"gyrxyslhhhxzqtzjj","managers":[{"stockCode":"db20361607","stockType":"fund_manager","exchange":"fm","tickerId":82612156670,"name":"胡志利"}]},"announcement":{"linkText":"工银瑞信优势领航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=1345756","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0a67fea5b3eb05109dc","date":"2025-03-30T16:00:00.000Z","stockId":3000000014333,"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。2025年一季度市场主要受到科技事件突破，全球对中国资产重估，尤其以港股资产为主。代表恒生科技资产表现尤为突出，结构性的创新药，智能化汽车板块拥有科技属性资产也得到较大的修复，细分消费类资产基本面较强表现靠前。A股市场对应的板块也有不同程度的表现。但总体弱于港股。　　组合结构上产业升级类资产配置高于消费升级类资产，产业升级资产主要集中在医药和AI应用领域的布局，增加部分主业竞争力突出叠加机器人预期的细分龙头公司，消费升级主要优化更符合基本面和估值相匹配的个股，增加港股资产配置比例。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:52:38.537Z","fund":{"_id":3000000014333,"__csrcFundId":10926,"stockCode":"014333","shortName":"工银优势领航混合(014333)","masterFundShortName":"工银优势领航混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14333,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:09:56.550Z","status":"normal","exchange":"jj","name":"工银瑞信优势领航混合型证券投资基金","fundCollectionId":4000050470000,"inceptionDate":"2022-03-22T16:00:00.000Z","followedNum":2,"setUpDate":"2022-03-22T16:00:00.000Z","setUpAssetScale":266160111.88,"setUpShares":266160111.88,"pinyin":"gyrxyslhhhxzqtzjj","managers":[{"stockCode":"db20361607","stockType":"fund_manager","exchange":"fm","tickerId":82612156670,"name":"胡志利"}]},"announcement":{"linkText":"工银瑞信优势领航混合型证券投资基金2025年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1278286","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0a67fea5b3eb05109db","date":"2024-12-30T16:00:00.000Z","stockId":3000000014333,"sao":"2024年，欧美经济处于经济增长和通货膨胀均呈现回落态势，货币政策进入宽松周期。欧美连续降息后，四季度全球经济环比温和修复，主要经济体中除欧元区外均出现改善态势。　　2024年国内经济呈现“U型”走势。一季度GDP增速较高，二、三季度有所放缓，随着一揽子稳增长政策的接续发力，四季度以来增长动能逐渐企稳。外需方面，海外经济景气温和回落与补库存接近尾声，出口较2023年回落但韧性仍强。内需方面，“以旧换新”政策红利带动耐用消费品零售明显增长，宽松政策支持下房地产销售呈现企稳迹象，新兴产业发展带动制造业投资维持高位。　　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年整体市场操作可以分为两阶段，三季度以前，企业盈利压力较大，风险偏好谨慎，市场表现较好的主要集中在价值类资产，例如公用事业类、银行、家电等，组合操作上，随着上涨性价比下降，减持了公用事业类资产。　　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，组合结合市场偏好适当增加了性价比较好的成长类资产，但结构上弹性不够，相对市场偏弱。　　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":"2026-03-09T13:52:38.534Z","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":3000000014333,"__csrcFundId":10926,"stockCode":"014333","shortName":"工银优势领航混合(014333)","masterFundShortName":"工银优势领航混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14333,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:09:56.550Z","status":"normal","exchange":"jj","name":"工银瑞信优势领航混合型证券投资基金","fundCollectionId":4000050470000,"inceptionDate":"2022-03-22T16:00:00.000Z","followedNum":2,"setUpDate":"2022-03-22T16:00:00.000Z","setUpAssetScale":266160111.88,"setUpShares":266160111.88,"pinyin":"gyrxyslhhhxzqtzjj","managers":[{"stockCode":"db20361607","stockType":"fund_manager","exchange":"fm","tickerId":82612156670,"name":"胡志利"}]},"announcement":{"linkText":"工银瑞信优势领航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=1256798","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0a67fea5b3eb05109da","date":"2024-09-29T16:00:00.000Z","stockId":3000000014333,"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":"2026-03-09T13:52:38.531Z","fund":{"_id":3000000014333,"__csrcFundId":10926,"stockCode":"014333","shortName":"工银优势领航混合(014333)","masterFundShortName":"工银优势领航混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14333,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:09:56.550Z","status":"normal","exchange":"jj","name":"工银瑞信优势领航混合型证券投资基金","fundCollectionId":4000050470000,"inceptionDate":"2022-03-22T16:00:00.000Z","followedNum":2,"setUpDate":"2022-03-22T16:00:00.000Z","setUpAssetScale":266160111.88,"setUpShares":266160111.88,"pinyin":"gyrxyslhhhxzqtzjj","managers":[{"stockCode":"db20361607","stockType":"fund_manager","exchange":"fm","tickerId":82612156670,"name":"胡志利"}]},"announcement":{"linkText":"工银瑞信优势领航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=1179868","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0a67fea5b3eb05109d9","date":"2024-06-29T16:00:00.000Z","stockId":3000000014333,"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":"2026-03-09T13:52:38.529Z","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":3000000014333,"__csrcFundId":10926,"stockCode":"014333","shortName":"工银优势领航混合(014333)","masterFundShortName":"工银优势领航混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14333,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:09:56.550Z","status":"normal","exchange":"jj","name":"工银瑞信优势领航混合型证券投资基金","fundCollectionId":4000050470000,"inceptionDate":"2022-03-22T16:00:00.000Z","followedNum":2,"setUpDate":"2022-03-22T16:00:00.000Z","setUpAssetScale":266160111.88,"setUpShares":266160111.88,"pinyin":"gyrxyslhhhxzqtzjj","managers":[{"stockCode":"db20361607","stockType":"fund_manager","exchange":"fm","tickerId":82612156670,"name":"胡志利"}]},"announcement":{"linkText":"工银瑞信优势领航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=1148785","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0a67fea5b3eb05109d8","date":"2024-03-30T16:00:00.000Z","stockId":3000000014333,"sao":"2024年一季度，整体市场呈现波动特征，市场交易结构的影响下指数先调整后反弹，结构上表现分化较大，代表稳定类、上游周期类、人工智能相关资产表现较好，呈现风险偏好分化的特征。本基金主要保持2023年年报的展望判断，操作上一季度主要增加稳定类资产，增加受益经济弱复苏的消费类资产，以及受益出口恢复的制造业龙头。减持受政策影响的医药资产。","declarationDate":"2024-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:52:38.526Z","fund":{"_id":3000000014333,"__csrcFundId":10926,"stockCode":"014333","shortName":"工银优势领航混合(014333)","masterFundShortName":"工银优势领航混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14333,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:09:56.550Z","status":"normal","exchange":"jj","name":"工银瑞信优势领航混合型证券投资基金","fundCollectionId":4000050470000,"inceptionDate":"2022-03-22T16:00:00.000Z","followedNum":2,"setUpDate":"2022-03-22T16:00:00.000Z","setUpAssetScale":266160111.88,"setUpShares":266160111.88,"pinyin":"gyrxyslhhhxzqtzjj","managers":[{"stockCode":"db20361607","stockType":"fund_manager","exchange":"fm","tickerId":82612156670,"name":"胡志利"}]},"announcement":{"linkText":"工银瑞信优势领航混合型证券投资基金2024年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1076759","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0a67fea5b3eb05109d7","date":"2023-12-30T16:00:00.000Z","stockId":3000000014333,"sao":"2023年A股市场宽基指数先涨后跌，全年上证指数下跌3.70%，沪深300指数下跌11.38%。结构上低估值红利板块和代表科技成长类的TMT资产表现相对较好，结构特征明显。整体宏观环境也和市场相吻合，一季度疫情快速过峰后经济复苏，出行、地产、餐饮等行业景气快速恢复，市场整体预期明显好转。二季度后受地产市场疲弱、海外需求回落、居民消费信心不足等因素影响，经济扩展力度降低，导致市场进入明显回调区间持续到年末。海外预期降息的开启迟迟低于市场预期，美国经济韧性较强，造成人民币压力，维护汇率的稳定下挤压国内流动性，也是市场调整的一个因素。 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":"2026-03-09T13:52:38.523Z","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":3000000014333,"__csrcFundId":10926,"stockCode":"014333","shortName":"工银优势领航混合(014333)","masterFundShortName":"工银优势领航混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14333,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:09:56.550Z","status":"normal","exchange":"jj","name":"工银瑞信优势领航混合型证券投资基金","fundCollectionId":4000050470000,"inceptionDate":"2022-03-22T16:00:00.000Z","followedNum":2,"setUpDate":"2022-03-22T16:00:00.000Z","setUpAssetScale":266160111.88,"setUpShares":266160111.88,"pinyin":"gyrxyslhhhxzqtzjj","managers":[{"stockCode":"db20361607","stockType":"fund_manager","exchange":"fm","tickerId":82612156670,"name":"胡志利"}]},"announcement":{"linkText":"工银瑞信优势领航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=1055176","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0a67fea5b3eb05109d6","date":"2023-09-29T16:00:00.000Z","stockId":3000000014333,"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":"2026-03-09T13:52:38.521Z","fund":{"_id":3000000014333,"__csrcFundId":10926,"stockCode":"014333","shortName":"工银优势领航混合(014333)","masterFundShortName":"工银优势领航混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14333,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:09:56.550Z","status":"normal","exchange":"jj","name":"工银瑞信优势领航混合型证券投资基金","fundCollectionId":4000050470000,"inceptionDate":"2022-03-22T16:00:00.000Z","followedNum":2,"setUpDate":"2022-03-22T16:00:00.000Z","setUpAssetScale":266160111.88,"setUpShares":266160111.88,"pinyin":"gyrxyslhhhxzqtzjj","managers":[{"stockCode":"db20361607","stockType":"fund_manager","exchange":"fm","tickerId":82612156670,"name":"胡志利"}]},"announcement":{"linkText":"工银瑞信优势领航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=993615","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0a67fea5b3eb05109d5","date":"2023-06-29T16:00:00.000Z","stockId":3000000014333,"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，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":"2026-03-09T13:52:38.518Z","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":3000000014333,"__csrcFundId":10926,"stockCode":"014333","shortName":"工银优势领航混合(014333)","masterFundShortName":"工银优势领航混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14333,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:09:56.550Z","status":"normal","exchange":"jj","name":"工银瑞信优势领航混合型证券投资基金","fundCollectionId":4000050470000,"inceptionDate":"2022-03-22T16:00:00.000Z","followedNum":2,"setUpDate":"2022-03-22T16:00:00.000Z","setUpAssetScale":266160111.88,"setUpShares":266160111.88,"pinyin":"gyrxyslhhhxzqtzjj","managers":[{"stockCode":"db20361607","stockType":"fund_manager","exchange":"fm","tickerId":82612156670,"name":"胡志利"}]},"announcement":{"linkText":"工银瑞信优势领航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=957235","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0a67fea5b3eb05109d4","date":"2023-03-30T16:00:00.000Z","stockId":3000000014333,"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，这些公司主要集中诞生在产业升级与消费升级的大方向里。操作上本基金一季增持中期受益经济复苏的消费类资产，减持新能源相关资产。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:52:38.515Z","fund":{"_id":3000000014333,"__csrcFundId":10926,"stockCode":"014333","shortName":"工银优势领航混合(014333)","masterFundShortName":"工银优势领航混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14333,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:09:56.550Z","status":"normal","exchange":"jj","name":"工银瑞信优势领航混合型证券投资基金","fundCollectionId":4000050470000,"inceptionDate":"2022-03-22T16:00:00.000Z","followedNum":2,"setUpDate":"2022-03-22T16:00:00.000Z","setUpAssetScale":266160111.88,"setUpShares":266160111.88,"pinyin":"gyrxyslhhhxzqtzjj","managers":[{"stockCode":"db20361607","stockType":"fund_manager","exchange":"fm","tickerId":82612156670,"name":"胡志利"}]},"announcement":{"linkText":"工银瑞信优势领航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=882763","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0a67fea5b3eb05109d3","date":"2022-12-30T16:00:00.000Z","stockId":3000000014333,"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":"2026-03-09T13:52:38.511Z","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。中长期围绕消费升级和产业升级方向，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":3000000014333,"__csrcFundId":10926,"stockCode":"014333","shortName":"工银优势领航混合(014333)","masterFundShortName":"工银优势领航混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14333,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:09:56.550Z","status":"normal","exchange":"jj","name":"工银瑞信优势领航混合型证券投资基金","fundCollectionId":4000050470000,"inceptionDate":"2022-03-22T16:00:00.000Z","followedNum":2,"setUpDate":"2022-03-22T16:00:00.000Z","setUpAssetScale":266160111.88,"setUpShares":266160111.88,"pinyin":"gyrxyslhhhxzqtzjj","managers":[{"stockCode":"db20361607","stockType":"fund_manager","exchange":"fm","tickerId":82612156670,"name":"胡志利"}]},"announcement":{"linkText":"工银瑞信优势领航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=865452","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0a67fea5b3eb05109d2","date":"2022-09-29T16:00:00.000Z","stockId":3000000014333,"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，这些公司主要集中诞生在产业升级与消费升级的大方向里。操作上本基金三季度还在建仓期间，基金保持原有配置结构，整体加仓，主要增持周期向上新能源类，中期受益经济复苏的消费类资产。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:52:38.509Z","fund":{"_id":3000000014333,"__csrcFundId":10926,"stockCode":"014333","shortName":"工银优势领航混合(014333)","masterFundShortName":"工银优势领航混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14333,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:09:56.550Z","status":"normal","exchange":"jj","name":"工银瑞信优势领航混合型证券投资基金","fundCollectionId":4000050470000,"inceptionDate":"2022-03-22T16:00:00.000Z","followedNum":2,"setUpDate":"2022-03-22T16:00:00.000Z","setUpAssetScale":266160111.88,"setUpShares":266160111.88,"pinyin":"gyrxyslhhhxzqtzjj","managers":[{"stockCode":"db20361607","stockType":"fund_manager","exchange":"fm","tickerId":82612156670,"name":"胡志利"}]},"announcement":{"linkText":"工银瑞信优势领航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=809465","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0a67fea5b3eb05109d1","date":"2022-06-29T16:00:00.000Z","stockId":3000000014333,"sao":"2022年二季度，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。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年二季度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。  该基金处于建仓周期，遵循稳健投资的理念，操作较为平稳，主要建仓符合产业升级与消费升级大方向的优质资产。操作上本基金二季度建仓主要买入消费类、新能源、军工等优质资产，同期配置港股市场的优质细分行业头部企业。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:52:38.506Z","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":3000000014333,"__csrcFundId":10926,"stockCode":"014333","shortName":"工银优势领航混合(014333)","masterFundShortName":"工银优势领航混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14333,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:09:56.550Z","status":"normal","exchange":"jj","name":"工银瑞信优势领航混合型证券投资基金","fundCollectionId":4000050470000,"inceptionDate":"2022-03-22T16:00:00.000Z","followedNum":2,"setUpDate":"2022-03-22T16:00:00.000Z","setUpAssetScale":266160111.88,"setUpShares":266160111.88,"pinyin":"gyrxyslhhhxzqtzjj","managers":[{"stockCode":"db20361607","stockType":"fund_manager","exchange":"fm","tickerId":82612156670,"name":"胡志利"}]},"announcement":{"linkText":"工银瑞信优势领航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=784615","linkType":"PDF","source":"csrc_pdf"}}]}