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周期，尤其欧元区的经济表现明显低于预期。年初受经济增速放缓及流动性担忧影响，市场一度低迷，但9月24日一揽子政策密集出台后，上证指数5个交易日内大涨21.37%，全年累计上涨12.67%，深证成指、创业板指分别上涨9.34%、13.23%。政策驱动下，市场信心显著修复，四季度成交额屡创新高，单日最高突破3.4万亿元，创历史纪录。政策方面，2024年政策对A股市场的影响显著。9月24日之后，多项稳经济、促消费、宽货币的政策密集发布，包括10万亿化债政策和3万亿刺激计划，为市场注入了强心剂。这些政策推动了市场估值修复和投资者情绪的改善。从风格变化角度观察，市场风格从“极致防御”转向“科技成长”。上半年高股息板块（如银行、公用事业）表现突出；下半年随着市场风险偏好提振，小微盘、新能源、科技先后接棒，其中年末的AI、机器人等方向表现卓越。报告期内，本基金维持高仓位运作，以优化调整持仓结构为主。从整体行业配置看，本基金主要增加了环保、医药生物和基础化工等细分行业的龙头，降低了公共事业、非银金融和家用电器的配置。","declarationDate":"2025-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:53:22.459Z","mo":"展望2025年，我们对市场整体保持乐观态度。经济增长预期方面，预计2025年经济增速将稳定在5%左右。政策层面，财政政策有望进一步加力，货币政策相比2024年更为积极，存在降准、降息的空间。这些政策将为市场提供有力支撑，推动经济基本面回升向好。市场趋势方面，预计2025年下半年A股将迎来新一轮盈利上行周期，非金融板块的ROE有望企稳回升。市场风格和资金配置或将发生转变，带来新的投资机遇。同时，随着基本面的改善，A股盈利增速也将迎来边际好转。投资机会方面，我们认为A股市场将迎来一轮上行机遇期，当下看好金融科技、券商、TMT等高弹性板块；如果下半年经济如期改善，我们也会适当加配一些顺周期品种例如消费、周期及有色等。总体而言，2025年A股市场在政策支持和经济基本面改善的背景下，有望延续震荡上行的格局。投资者应关注政策动向、赛道热点，并在资产配置中注重分散化，把握市场带来的投资机会。","fund":{"_id":3000000014591,"__csrcFundId":10683,"stockCode":"014591","shortName":"广发瑞誉一年持有期混合(014591)","masterFundShortName":"广发瑞誉一年持有期混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14591,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:16:54.083Z","status":"normal","exchange":"jj","name":"广发瑞誉一年持有期混合型证券投资基金","fundCollectionId":4000050300000,"inceptionDate":"2022-01-18T16:00:00.000Z","followedNum":4,"setUpDate":"2022-01-18T16:00:00.000Z","setUpAssetScale":3696309844.81,"setUpShares":3696309844.81,"pinyin":"gfryyncyqhhxzqtzjj","managers":[{"stockCode":"8801481034","stockType":"fund_manager","exchange":"fm","tickerId":1904179950,"name":"孙迪"},{"stockCode":"j101020842","stockType":"fund_manager","exchange":"fm","tickerId":82503268020,"name":"胡英粲"}]},"announcement":{"linkText":"广发瑞誉一年持有期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=1251806","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0d27fea5b3eb0513681","date":"2024-09-29T16:00:00.000Z","stockId":3000000014591,"sao":"7月份，国内宏观经济相对平淡，海外波动加大。美国降息交易、日元套利平仓，以及特朗普交易等影响因素叠加，导致海外资产价格出现大幅波动。A股市场则呈现板块轮动的特征，非银行金融、军工等行业涨幅明显，出口产业链则受到预期的影响下跌较多。8月份，由于财报缺乏亮点，资本市场震荡下跌。9月下旬，资本市场期待已久的政策“组合拳”终于公布。首先是央行、金融监管总局和证监会表态，货币政策进一步宽松。其后，政治局会议围绕我国经济相关议题展开讨论与部署，会议中强调“加大财政货币政策逆周期调节力度”，就地产、消费等领域也作出了积极表态。资本市场积极响应，9月最后五个交易日，上证指数上涨21.37%，创业板指数上涨42.12%。本报告期内，本基金重点配置了金融、公用事业、高端制造、创新药等细分行业龙头。在货币政策出现超预期变化之后，四季度我们需要密切关注财政政策是否将加速扩张，房地产以及消费基本面是否有改善的迹象。总体上，我们维持持仓，看好非银金融、具有基本面潜力的成长板块（如创新药、高端制造等）。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:53:22.456Z","fund":{"_id":3000000014591,"__csrcFundId":10683,"stockCode":"014591","shortName":"广发瑞誉一年持有期混合(014591)","masterFundShortName":"广发瑞誉一年持有期混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14591,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:16:54.083Z","status":"normal","exchange":"jj","name":"广发瑞誉一年持有期混合型证券投资基金","fundCollectionId":4000050300000,"inceptionDate":"2022-01-18T16:00:00.000Z","followedNum":4,"setUpDate":"2022-01-18T16:00:00.000Z","setUpAssetScale":3696309844.81,"setUpShares":3696309844.81,"pinyin":"gfryyncyqhhxzqtzjj","managers":[{"stockCode":"8801481034","stockType":"fund_manager","exchange":"fm","tickerId":1904179950,"name":"孙迪"},{"stockCode":"j101020842","stockType":"fund_manager","exchange":"fm","tickerId":82503268020,"name":"胡英粲"}]},"announcement":{"linkText":"广发瑞誉一年持有期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=1174942","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0d27fea5b3eb0513680","date":"2024-06-29T16:00:00.000Z","stockId":3000000014591,"sao":"2024年上半年资本市场波动较大。一季度受个别产品平仓等因素影响，市场流动性快速萎缩，导致下跌比较明显。随后，中央汇金官宣加大入市力度，扩大ETF投资范围和规模。同时，监管相继推出多项稳预期措施。央行也调降了5年期LPR 25个基点，创历史最大调整幅度，从信用端呵护地产市场。在解决了资本市场流动性问题后，A股市场也迎来了比较明显的反弹。二季度资本市场窄幅波动，房地产行业迎来了变化，多个部门推出房地产政策“组合拳”，出台了包括首付比例最低降至15%、取消商贷利率下限等一系列政策。此后，新房销售数据出现了不同程度的改善。总体看，2024上半年红利指数和AI海外产业链的相关细分行业表现较好。本报告期内，本基金重点配置了金融、公用事业、高端制造、创新药等细分行业龙头。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:53:22.453Z","mo":"展望未来，当前市场底部特征较为明显，国内经济有望延续自发修复态势。从短期增长态势来看，国内经济最近两个季度正在触底反弹。下半年我们需要密切关注广义财政落地是否加速，房地产库存去化等指标的改善，以及消费等领域修复的动能。海外全球经济整体处于底部待复苏状态，但是修复的动力和幅度并不一致。随着欧美经济疫后财政扩张红利触顶、超额储蓄释放完毕，其消费和服务业动能将继续放缓。但在过去两年财政扩张的过程中，制造业周期已完成相当程度的调整，高通胀的缓和也有助于私人部门实际投资和消费能力的提升。整体看，我们对下半年资本市场并不悲观。随着国内地产政策的逐渐明朗，以及美联储的降息预期，我们可能已经进入到宏观经济企稳见底，但是缺乏向上弹性的阶段。","fund":{"_id":3000000014591,"__csrcFundId":10683,"stockCode":"014591","shortName":"广发瑞誉一年持有期混合(014591)","masterFundShortName":"广发瑞誉一年持有期混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14591,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:16:54.083Z","status":"normal","exchange":"jj","name":"广发瑞誉一年持有期混合型证券投资基金","fundCollectionId":4000050300000,"inceptionDate":"2022-01-18T16:00:00.000Z","followedNum":4,"setUpDate":"2022-01-18T16:00:00.000Z","setUpAssetScale":3696309844.81,"setUpShares":3696309844.81,"pinyin":"gfryyncyqhhxzqtzjj","managers":[{"stockCode":"8801481034","stockType":"fund_manager","exchange":"fm","tickerId":1904179950,"name":"孙迪"},{"stockCode":"j101020842","stockType":"fund_manager","exchange":"fm","tickerId":82503268020,"name":"胡英粲"}]},"announcement":{"linkText":"广发瑞誉一年持有期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=1146353","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0d27fea5b3eb051367f","date":"2024-03-30T16:00:00.000Z","stockId":3000000014591,"sao":"1月宏观环境相对平淡，但是资本市场表现分化明显。一方面，煤炭、银行等高股息行业有明显的超额收益，另一方面，TMT、军工等成长行业出现大幅回调。1月下旬，受个别产品平仓等因素影响，市场流动性快速萎缩，市场下跌较为明显。事后来看，1月份无论是社融还是M1数据均超预期。2月，中央汇金官宣加大入市力度，扩大投资ETF的范围和规模；证监会连续推出多项稳预期措施；央行对5年期LPR进行了史上最大幅度的下调，在信用端呵护地产市场等多重利好因素的作用下，A股市场迎来了明显的反弹，算力、AI应用、人形机器人等成长股反弹非常明显。3月市场进入震荡期。由于美国经济“软着陆”的预期概率提升，出海相关的行业及全球定价的大宗商品均有较好的表现，A股市场呈现出板块轮动的特征。报告期内，本基金适当减少了景气度边际下滑的中小盘个股，增持了部分高景气度个股和有望持续成长的港股成长股。结构上，本基金重点配置了非银行金融、电力、创新药等细分行业龙头。","declarationDate":"2024-04-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:53:22.446Z","fund":{"_id":3000000014591,"__csrcFundId":10683,"stockCode":"014591","shortName":"广发瑞誉一年持有期混合(014591)","masterFundShortName":"广发瑞誉一年持有期混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14591,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:16:54.083Z","status":"normal","exchange":"jj","name":"广发瑞誉一年持有期混合型证券投资基金","fundCollectionId":4000050300000,"inceptionDate":"2022-01-18T16:00:00.000Z","followedNum":4,"setUpDate":"2022-01-18T16:00:00.000Z","setUpAssetScale":3696309844.81,"setUpShares":3696309844.81,"pinyin":"gfryyncyqhhxzqtzjj","managers":[{"stockCode":"8801481034","stockType":"fund_manager","exchange":"fm","tickerId":1904179950,"name":"孙迪"},{"stockCode":"j101020842","stockType":"fund_manager","exchange":"fm","tickerId":82503268020,"name":"胡英粲"}]},"announcement":{"linkText":"广发瑞誉一年持有期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=1065372","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0d27fea5b3eb051367e","date":"2023-12-30T16:00:00.000Z","stockId":3000000014591,"sao":"2023年A股市场在复苏预期和预期落空之间反复。2023年一季度下游消费行业复苏较为明显，外资短期净流入远超2022年全年。在经济复苏强预期及外资涌入的背景下，消费、医药等行业出现较为明显的涨幅。同时，AI引领的科技创新风潮席卷全球，TMT行业也跟随出现大幅上涨。二季度宏观经济复苏斜率放缓，市场呈现出非常明显的结构性特征，AI等行业持续上涨，而新能源、消费等行业因资金持续流出有所调整。三季度中央政治局会议明确要求“加强逆周期调节和政策储备”，并提出了一些超出市场预期的要求，比如实施一揽子化债方案、活跃资本市场、适时调整优化房地产政策等等，资本市场对此反应强烈，非银行金融、地产等顺周期行业有比较明显的涨幅，但随着原油价格和美债利率大幅走高，A股开始走弱。由于宏观经济缺乏亮点，市场成交量持续走低，资本市场呈现出主题轮动的特征，华为产业链、光刻机、机器人、AI等细分行业均有所表现。四季度由于美债利率显著回落，市场判断美国经济“软着陆”的可能性提高，海外市场普涨。国内宏观经济走势相对平稳，A股市场表现相对平淡，市场仍呈现出板块轮动的特征。2023年市场情绪波动较大，沪深300指数下跌11.38%，创业板指下跌19.41%。从行业表现看，以传媒、计算机、电子和通信为代表的AI相关行业表现出色，而新能源、制造业、消费等行业持续下跌，市场风格相比2022年发生了明显的变化。本基金操作方面，一季度期间，市场在经济复苏预期的作用下表现较为亢奋，我们适当减少了部分强β的权益资产，增加了小盘成长标的的配置，以及部分港股，如具有安全边际的高股息公用事业股、估值合适的AI标的。二季度期间，随着市场调整，本基金重点加仓了非银行金融、光伏、汽车零部件、锂电池等细分行业龙头。三季度期间，受到“活跃资本市场、提振投资者信心”的鼓舞，本基金重点配置了非银金融和汽车产业链个股，逢高兑现了部分偏防御的港股公用事业个股。四季度期间，我们认为市场可能已经处于较低分位水平，本基金适当减持了偏防御的港股公用事业股、供需格局不佳且估值处于阶段性高位的光伏板块，增持了部分低估值的板块，如港股中的非银金融板块、A股中的银行股等。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:53:22.444Z","mo":"展望2024年，美国通胀回落、经济转冷进一步加深降息预期，在美债利率显著回落、汇率压力缓解之下，全球风险偏好均有望修复。国内方面，利好因素正在累积，市场也有望先抑后扬。我们将继续密切关注宏观经济指标变化，寻找未来具有较强经营杠杆的行业和个股，同时关注盈利稳定、且抵御市场波动能力较强的红利低波类资产。","fund":{"_id":3000000014591,"__csrcFundId":10683,"stockCode":"014591","shortName":"广发瑞誉一年持有期混合(014591)","masterFundShortName":"广发瑞誉一年持有期混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":14591,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:16:54.083Z","status":"normal","exchange":"jj","name":"广发瑞誉一年持有期混合型证券投资基金","fundCollectionId":4000050300000,"inceptionDate":"2022-01-18T16:00:00.000Z","followedNum":4,"setUpDate":"2022-01-18T16:00:00.000Z","setUpAs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