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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。　　当前组合以产业升级为主导，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，增加港股资产配置比例。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:53:00.968Z","fund":{"_id":3000000014466,"__csrcFundId":11294,"stockCode":"014466","shortName":"工银行业优选混合(014466)","masterFundShortName":"工银行业优选混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14466,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:13:50.890Z","status":"normal","exchange":"jj","name":"工银瑞信行业优选混合型证券投资基金","inceptionDate":"2022-07-03T16:00:00.000Z","fundCollectionId":4000050470000,"followedNum":0,"setUpDate":"2022-07-03T16:00:00.000Z","setUpAssetScale":144724296.24,"setUpShares":144724296.24,"pinyin":"gyrxhyyxhhxzqtzjj","managers":[{"stockCode":"j101019797","stockType":"fund_manager","exchange":"fm","tickerId":132517240040,"name":"母亚乾"}]},"announcement":{"linkText":"工银瑞信行业优选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=1278282","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0bc7fea5b3eb05121d4","date":"2024-12-30T16:00:00.000Z","stockId":3000000014466,"sao":"2024年，欧美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，以及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":"2026-03-09T13:53:00.965Z","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":3000000014466,"__csrcFundId":11294,"stockCode":"014466","shortName":"工银行业优选混合(014466)","masterFundShortName":"工银行业优选混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14466,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:13:50.890Z","status":"normal","exchange":"jj","name":"工银瑞信行业优选混合型证券投资基金","inceptionDate":"2022-07-03T16:00:00.000Z","fundCollectionId":4000050470000,"followedNum":0,"setUpDate":"2022-07-03T16:00:00.000Z","setUpAssetScale":144724296.24,"setUpShares":144724296.24,"pinyin":"gyrxhyyxhhxzqtzjj","managers":[{"stockCode":"j101019797","stockType":"fund_manager","exchange":"fm","tickerId":132517240040,"name":"母亚乾"}]},"announcement":{"linkText":"工银瑞信行业优选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=1256791","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0bc7fea5b3eb05121d3","date":"2024-09-29T16:00:00.000Z","stockId":3000000014466,"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":"2026-03-09T13:53:00.962Z","fund":{"_id":3000000014466,"__csrcFundId":11294,"stockCode":"014466","shortName":"工银行业优选混合(014466)","masterFundShortName":"工银行业优选混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14466,"currency":"CNY","masterFundFlag":1,"lastUp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本基金在全年保持稳健的配置思路，行业配置结构基本稳定，配置的银行和消费行业贡献负超额，银行内部出现较大分化，优质银行和稳健银行估值收敛；消费资产在短期和长期预期双重悲观下，估值下杀力度较大， 内部偏细分成长类代表持续升级的资产调整大。另外一部分个股调整来自宏观压力和资金的负循环。 最后作为基金经理需持续迭代投资能力，力争实现更好的业绩。我们坚信事物总有其规律，不能线性预期业绩，也不能一味的悲观。风物长宜放眼量，着力寻找未来符合高质量发展的优质公司，渡过市场底部区域。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:53:00.952Z","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":3000000014466,"__csrcFundId":11294,"stockCode":"014466","shortName":"工银行业优选混合(014466)","masterFundShortName":"工银行业优选混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14466,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:13:50.890Z","status":"normal","exchange":"jj","name":"工银瑞信行业优选混合型证券投资基金","inceptionDate":"2022-07-03T16:00:00.000Z","fundCollectionId":4000050470000,"followedNum":0,"setUpDate":"2022-07-03T16:00:00.000Z","setUpAssetScale":144724296.24,"setUpShares":144724296.24,"pinyin":"gyrxhyyxhhxzqtzjj","managers":[{"stockCode":"j101019797","stockType":"fund_manager","exchange":"fm","tickerId":132517240040,"name":"母亚乾"}]},"announcement":{"linkText":"工银瑞信行业优选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=1055135","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0bc7fea5b3eb05121cf","date":"2023-09-29T16:00:00.000Z","stockId":3000000014466,"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":"2026-03-09T13:53:00.949Z","fund":{"_id":3000000014466,"__csrcFundId":11294,"stockCode":"014466","shortName":"工银行业优选混合(014466)","masterFundShortName":"工银行业优选混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14466,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:13:50.890Z","status":"normal","exchange":"jj","name":"工银瑞信行业优选混合型证券投资基金","inceptionDate":"2022-07-03T16:00:00.000Z","fundCollectionId":4000050470000,"followedNum":0,"setUpDate":"2022-07-03T16:00:00.000Z","setUpAssetScale":144724296.24,"setUpShares":144724296.24,"pinyin":"gyrxhyyxhhxzqtzjj","managers":[{"stockCode":"j101019797","stockType":"fund_manager","exchange":"fm","tickerId":132517240040,"name":"母亚乾"}]},"announcement":{"linkText":"工银瑞信行业优选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=993604","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0bc7fea5b3eb05121ce","date":"2023-06-29T16:00:00.000Z","stockId":3000000014466,"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，增加了竞争力突出和安全边际高的相关资产。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:53:00.946Z","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":3000000014466,"__csrcFundId":11294,"stockCode":"014466","shortName":"工银行业优选混合(014466)","masterFundShortName":"工银行业优选混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14466,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:13:50.890Z","status":"normal","exchange":"jj","name":"工银瑞信行业优选混合型证券投资基金","inceptionDate":"2022-07-03T16:00:00.000Z","fundCollectionId":4000050470000,"followedNum":0,"setUpDate":"2022-07-03T16:00:00.000Z","setUpAssetScale":144724296.24,"setUpShares":144724296.24,"pinyin":"gyrxhyyxhhxzqtzjj","managers":[{"stockCode":"j101019797","stockType":"fund_manager","exchange":"fm","tickerId":132517240040,"name":"母亚乾"}]},"announcement":{"linkText":"工银瑞信行业优选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=957236","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0bc7fea5b3eb05121cd","date":"2023-03-30T16:00:00.000Z","stockId":3000000014466,"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":"2026-03-09T13:53:00.943Z","fund":{"_id":3000000014466,"__csrcFundId":11294,"stockCode":"014466","shortName":"工银行业优选混合(014466)","masterFundShortName":"工银行业优选混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14466,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:13:50.890Z","status":"normal","exchange":"jj","name":"工银瑞信行业优选混合型证券投资基金","inceptionDate":"2022-07-03T16:00:00.000Z","fundCollectionId":4000050470000,"followedNum":0,"setUpDate":"2022-07-03T16:00:00.000Z","setUpAssetScale":144724296.24,"setUpShares":144724296.24,"pinyin":"gyrxhyyxhhxzqtzjj","managers":[{"stockCode":"j101019797","stockType":"fund_manager","exchange":"fm","tickerId":132517240040,"name":"母亚乾"}]},"announcement":{"linkText":"工银瑞信行业优选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=882657","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0bc7fea5b3eb05121cc","date":"2022-12-30T16:00:00.000Z","stockId":3000000014466,"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":"2026-03-09T13:53:00.940Z","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":3000000014466,"__csrcFundId":11294,"stockCode":"014466","shortName":"工银行业优选混合(014466)","masterFundShortName":"工银行业优选混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14466,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:13:50.890Z","status":"normal","exchange":"jj","name":"工银瑞信行业优选混合型证券投资基金","inceptionDate":"2022-07-03T16:00:00.000Z","fundCollectionId":4000050470000,"followedNum":0,"setUpDate":"2022-07-03T16:00:00.000Z","setUpAssetScale":144724296.24,"setUpShares":144724296.24,"pinyin":"gyrxhyyxhhxzqtzjj","managers":[{"stockCode":"j101019797","stockType":"fund_manager","exchange":"fm","tickerId":132517240040,"name":"母亚乾"}]},"announcement":{"linkText":"工银瑞信行业优选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=865445","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0bc7fea5b3eb05121cb","date":"2022-09-29T16:00:00.000Z","stockId":3000000014466,"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建仓期间，市场波动较大，建仓的节奏相对稳健，以组合构建的方式整体式提高仓位，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":"2026-03-09T13:53:00.936Z","fund":{"_id":3000000014466,"__csrcFundId":11294,"stockCode":"014466","shortName":"工银行业优选混合(014466)","masterFundShortName":"工银行业优选混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14466,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:13:50.890Z","status":"normal","exchange":"jj","name":"工银瑞信行业优选混合型证券投资基金","inceptionDate":"2022-07-03T16:00:00.000Z","fundCollectionId":4000050470000,"followedNum":0,"setUpDate":"2022-07-03T16:00:00.000Z","setUpAssetScale":144724296.24,"setUpShares":144724296.24,"pinyin":"gyrxhyyxhhxzqtzjj","managers":[{"stockCode":"j101019797","stockType":"fund_manager","exchange":"fm","tickerId":132517240040,"name":"母亚乾"}]},"announcement":{"linkText":"工银瑞信行业优选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=809457","linkType":"PDF","source":"csrc_pdf"}}]}