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板块表现较好，高分红板块和消费板块表现一般。配置方面，一季度万家瑞隆主要配置了农业、AI以及人形机器人相关标的。一季度科技股表现相对较好，部分AI个股以及人形机器人板块涨幅较好，农业板块在一季度表现相对一般。　　市场展望：　　展望未来，美国关税政策带来全球震荡，短期市场波动加剧，市场有调整压力，但中长期仍相对看好A股市场表现：　　国内经济在复苏，但短期可能受美国关税影响。去年10月开始国内PMI走强，过去6个月中有5个月PMI在50上方，国内经济开始复苏。特朗普对全球加征关税，幅度超市场预期，带来全球贸易风险加剧和衰退风险，造成市场短期波动加剧。　　对美出口的不确定性可能导致国内尽快降准降息，以及出台更多的稳增长、促内需政策，中长期角度仍相对看好A股全年市场表现。　　投资展望：　　投资方面，万家瑞隆短期相对看好农业和高分红板块，中长期仍看好科技板块：1）我国是农产品进口大国，国内对美国农产品加征进口关税，利好国内种植和种子产业链；此外，农业板块估值便宜，部分公司一季度业绩预计不错，短期农业板块有望取得超额收益。2）高分红板块前期跌幅较多，部分公司股息率提升，当前时间点市场风险偏好降低，高股息个股有配置价值。3）AI应用端有望取得突破，为全球带来新的产业和技术革命，短期风险释放之后，中长期仍相对看好科技板块。","declarationDate":"2025-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:13:28.517Z","fund":{"_id":3000000003751,"stockCode":"003751","stockType":"fund","areaCode":"cn","followedNum":24,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2016-11-13T16:00:00.000Z","setUpScale":300049000,"market":"a","tickerId":3751,"custody":"华夏银行股份有限公司","name":"万家瑞隆混合型证券投资基金","shortName":"万家瑞隆(003751)","fundSecondLevel":"hybrid","__csrcFundId":1079,"fundStatus":"normal","lastUpdated":"2026-04-30T18:59:51.142Z","masterFundFlag":1,"inceptionDate":"2016-11-29T16:00:00.000Z","fundCollectionId":4000050190000,"currency":"CNY","masterFundShortName":"万家瑞隆","memoNum":1,"pinyin":"wjrlhhxzqtzjj","managers":[{"stockCode":"db20606337","stockType":"fund_manager","exchange":"fm","tickerId":1225187510,"name":"刘洋"}]},"announcement":{"linkText":"万家瑞隆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=1268559","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7787fea5b3eb046b60b","date":"2024-12-30T16:00:00.000Z","stockId":3000000003751,"sao":"2024年前三季度国内经济增速有所放缓，9月底召开了中央政治局会议，此后部署了一揽子稳增长、促消费和化解地产和地方政府债务风险的政策，四季度国内经济开始回升，全年经济增长达到5%，顺利实现年初目标。　　股市表现方面，2024年A股波动较大，上证指数一度跌至2600点附近，9月底中央政策提振了市场信心，指数快速反弹，上证指数全年上涨12.7%，但板块分化较大：全年来看，金融TMT等板块涨幅较大，医药、农业、食品饮料等消费类板块跌幅较多。　　配置方面，2024年万家瑞隆主要配置了农业、AI、高分红板块、光伏，以及受益于国内内需提振政策的社会服务和交运板块。农业和AI全年配置比例较高，受市场风格影响，农业全年表现不佳；AI布局以芯片等硬件为主，全年收益较好。阶段性配置的高分红板块表现较好，光伏等板块波动较大。","declarationDate":"2025-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:13:28.514Z","mo":"展望未来，国内经济企稳回升，科技进展超预期给与市场更多信心，有利于修复长期估值，看好A股全年市场表现：　　1）24年9月中央会议扭转了市场预期，此后出台一系列稳增长、促消费以及化解房地产风险政策，国内经济开始企稳回升，25年国内经济增长预计也在5%左右。 　　2）春节期间Deepseek和人型机器人的火爆增强了投资者对国内科技信心，也增强了投资者对国家长期增长的信心，有利于提升A股长期估值水平。　　3）特朗普上台给全球政治、经济带来较大不确定性，但对中国来说是机遇和挑战并存，特朗普短期注意力集中在美国国内改革以及俄乌和中东问题，在很多方面还需要中国的支持，不排除短期中美阶段性合作的可能。　　政策的扭转和投资者信心的恢复带来去年9月以来的市场反弹，A股已经走出底部区域，随着稳增长政策的持续实施，国内经济逐步复苏，且在AI、机器人、芯片等领域的科技进展提振了投资者对长期增长的信心，看好A股未来市场表现。　　投资方面，万家瑞隆继续看好科技和生物育种板块，关注消费板块和高分红板块投资机会：　　1）科技板块。Deepseek大大降低了AI训练计算成本，今年AI应用端很有可能出现实质性进展，汽车智能驾驶、人形机器人、AI眼镜以及AI手机等都有可能在25年出现较大的突破，看好AI应用带来的科技板块投资机会。　　2）生物育种。农业1号文提出“继续推进生物育种产业化”，25年进一步放开了转基因玉米种植区域限制，预计今年转基因玉米推广有望加速，25年开始性状公司进入业绩释放期。　　3）关注受益于国内消费刺激政策，且估值已经具备性价比的消费板块，如消费者服务、商贸零售和食品饮料等。此外，高分红板块近期有所回调，部分公司股息率提升，关注其投资机会。","fund":{"_id":3000000003751,"stockCode":"003751","stockType":"fund","areaCode":"cn","followedNum":24,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2016-11-13T16:00:00.000Z","setUpScale":300049000,"market":"a","tickerId":3751,"custody":"华夏银行股份有限公司","name":"万家瑞隆混合型证券投资基金","shortName":"万家瑞隆(003751)","fundSecondLevel":"hybrid","__csrcFundId":1079,"fundStatus":"normal","lastUpdated":"2026-04-30T18:59:51.142Z","masterFundFlag":1,"inceptionDate":"2016-11-29T16:00:00.000Z","fundCollectionId":4000050190000,"currency":"CNY","masterFundShortName":"万家瑞隆","memoNum":1,"pinyin":"wjrlhhxzqtzjj","managers":[{"stockCode":"db20606337","stockType":"fund_manager","exchange":"fm","tickerId":1225187510,"name":"刘洋"}]},"announcement":{"linkText":"万家瑞隆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=1254797","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7787fea5b3eb046b60a","date":"2024-09-29T16:00:00.000Z","stockId":3000000003751,"sao":"9月底召开政治局会议，提出“发行使用好超长期特别国债和地方政府专项债”、“促进房地产市场止跌回稳” ，努力完成全年经济社会发展目标任务，国内经济有望企稳回升。三季度A股呈现出反转态势，前期指数一路下行，但9月下旬政治局会议召开前后，市场风险偏好提升，A股快速反弹，至9月底主要指数突破年内新高。板块方面呈现行业普涨态势，科技、券商和地产板块反弹幅度领先；前期涨幅较多的高分红板块反弹相对较弱。　　配置方面，三季度万家瑞隆减仓了建筑板块，增加了猪价持续超预期、且股价已经调整到位的生猪养殖板块持仓。三季度瑞隆主要持有农业、科技和红利等板块。　　展望未来，A股拐点已经出现，中长线看好股市上行：1）政策面：9月底的政治局会议提出“抓住重点、主动作为，有效落实存量政策，加力推出增量政策，努力完成全年经济社会发展目标任务”，随后央行降准降息、降低存量房贷利率。预计未来政策面会推出一揽子增量政策扭转经济下行趋势。2）情绪面，9月底的政治局会议点燃了市场热情，国庆期间港股大涨，此前外资中国市场配置比较低，有配置需求；此外，过去几年股市和房地产下行，居民大类资产配置上存款大幅增长，股市上行给居民带来了一个资产配置方向。3）流动性方面：央行降息降准，创设新的政策工具，大力引导中长期资金入市等，给A股提供了流动性支持。　　上市公司盈利的周期反转预计会在2025年到来，一揽子增量政策的推出，也有望加速国内经济反转上行，基本面催化阶段也正在路上。对市场后续看法是，A股将进入基本面催化阶段，中长线看好A股反转上行。　　投资方面，万家瑞隆看好受益市场流动性宽松的科技板块，以及业绩开始兑现且持续性有望超预期的生猪养殖板块，此外，关注调整后的高分红板块和顺周期板块投资机会：1）科技板块：整体受益于市场流动性宽松，估值有望继续提升；国产算力成长性好、市场空间大，继续看好。2）农业板块。5月份以来猪价超预期上涨，预计三季度开始上市公司兑现业绩，且季度业绩非常靓丽。但产业对未来猪价偏谨慎，产能扩张较慢，预计本轮行情持续性有望超市场预期。3）高分红板块前期涨幅较大，在风险偏好提升以及股市快速上涨阶段弹性不够，但高分红板块长期受益，调整下来后可重点关注。此外，随着政策的出台，后续经济开始企稳回升，可以关注顺周期板块以及消费板块。","declarationDate":"2024-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:13:28.511Z","fund":{"_id":3000000003751,"stockCode":"003751","stockType":"fund","areaCode":"cn","followedNum":24,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2016-11-13T16:00:00.000Z","setUpScale":300049000,"market":"a","tickerId":3751,"custody":"华夏银行股份有限公司","name":"万家瑞隆混合型证券投资基金","shortName":"万家瑞隆(003751)","fundSecondLevel":"hybrid","__csrcFundId":1079,"fundStatus":"normal","lastUpdated":"2026-04-30T18:59:51.142Z","masterFundFlag":1,"inceptionDate":"2016-11-29T16:00:00.000Z","fundCollectionId":4000050190000,"currency":"CNY","masterFundShortName":"万家瑞隆","memoNum":1,"pinyin":"wjrlhhxzqtzjj","managers":[{"stockCode":"db20606337","stockType":"fund_manager","exchange":"fm","tickerId":1225187510,"name":"刘洋"}]},"announcement":{"linkText":"万家瑞隆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=1170443","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7787fea5b3eb046b609","date":"2024-06-29T16:00:00.000Z","stockId":3000000003751,"sao":"受国内有效需求不足、房地产下行等因素影响，二季度国内GDP增速4.7%，低于一季度的5.3%，二季度国内经济有所放缓。海外方面，二季度美国经济数据也有所走弱，美国年内降息次数和幅度都有预期再修正的可能。　　上半年A股指数波动较大，一月份指数快速下跌，随后在一系列稳增长、稳资本市场等政策催化下，2-5月份股市整体上行，5月下旬开始市场偏好进一步降低，市场快速下行。总体来看，上半年上证指数小幅收跌，创业板跌幅较大。板块来看，上半年高分红板块如银行、煤炭、电力和石油石化等板块涨幅靠前，消费、医药、地产产业链和科技板块跌幅靠前。　　配置方面，上半年万家瑞隆主要持有农业、AI和红利以及建筑等板块。结构上，一季度加仓了生猪养殖板块，并在二季度股票有超额受益后减仓；此外，降低了政策已基本出台完毕处于空窗期，且短期业绩有压力的生物育种板块，加仓了高分红的煤炭、交运板块，以及建筑板块。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:13:28.509Z","mo":"展望未来，我们认为不必对下半年过于悲观。7月政治局会议提出“要加强逆周期调节，实施好积极的财政政策和稳健的货币政策”，结合近期央行降息，以及3000亿特别国债支持设备更新和消费品以旧换新政策，我们认为稳增长在下半年将加速发力，预计全年5%的GDP增长目标可以完成，但消费和房地产偏弱的局面短期反转的难度较大，且受海外经济走弱和贸易壁垒等影响，出口增速可能有放缓的风险。此外，近期美国经济数据开始走弱，市场预计美国9月开始降息，美国降息有望给国内带来更多的货币政策空间。A股已经超跌，估值便宜，继续下跌的空间有限，当前时间点可以更乐观一些。　　投资方面，万家瑞隆相对看好农业、高分红个股、电子以及顺周期板块：　　1）农业板块。生猪养殖：猪价5月中旬开始上涨，此后震荡上行，当前价格已创出年内新高，二季度优秀公司开始盈利，预计三季度业绩有望大幅增长，我们认为猪周期拐点已至，且产业对未来行情谨慎，产能扩张较慢，预计本轮行情持续性有望超市场预期，且6月以来生猪板块在猪价大幅上涨下股价超跌，当前位置性价比很高。生物育种：转基因玉米商业化种植开启，行业进入快速扩张期，静待业绩释放对板块的催化。　　2）高分红板块：前期高分红板块涨幅较多，近期股价高位有所调整，但从长期来看，市场风险偏好降低利好稳定分红类资产，下半年稳定高分红板块有望继续上涨行情。　　3）电子：AI长期高景气，算力需求高增长，继续看好受益于自主可控的国产算力；此外，AI手机推出有望带来换机潮，看好相关产业链投资机会。　　4）顺周期板块：下半年专项债有望加快发行，稳增长有望加码，看好有色、建筑等顺周期板块投资机会。","fund":{"_id":3000000003751,"stockCode":"003751","stockType":"fund","areaCode":"cn","followedNum":24,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2016-11-13T16:00:00.000Z","setUpScale":300049000,"market":"a","tickerId":3751,"custody":"华夏银行股份有限公司","name":"万家瑞隆混合型证券投资基金","shortName":"万家瑞隆(003751)","fundSecondLevel":"hybrid","__csrcFundId":1079,"fundStatus":"normal","lastUpdated":"2026-04-30T18:59:51.142Z","masterFundFlag":1,"inceptionDate":"2016-11-29T16:00:00.000Z","fundCollectionId":4000050190000,"currency":"CNY","masterFundShortName":"万家瑞隆","memoNum":1,"pinyin":"wjrlhhxzqtzjj","managers":[{"stockCode":"db20606337","stockType":"fund_manager","exchange":"fm","tickerId":1225187510,"name":"刘洋"}]},"announcement":{"linkText":"万家瑞隆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=1149092","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7787fea5b3eb046b608","date":"2024-03-30T16:00:00.000Z","stockId":3000000003751,"sao":"从公布的2024年1-2月份经济数据来看，一季度经济有望超预期复苏，1-2月份国内工业增加值、固定资产投资、消费以及出口数据超预期，地产数据相对薄弱，对国内经济有所拖累。海外方面，预计美国今年开始步入降息周期，市场预期年内降息三次。一季度A股波动较大，一月份指数快速下跌，随后在一系列稳增长、稳资本市场等政策催化下，2-3月份股市整体上行，一季度上证收涨2.2%，但深证综指和中小创指数收跌。总体来看红利类指数涨幅较好，偏小盘和成长型跌幅较多。从板块角度来看，一季度A股各板块表现分化较大，上游资源类板块石油石化、煤炭和有色等板块涨幅较好，银行和家电板块也表现较好；但医药、军工、TMT和房地产板块跌幅较多。　　配置方面，万家瑞隆继续持有农业板块，结构上加仓了生猪养殖标的，降低了生物育种板块持仓。此外，维持了AI板块整体仓位，小幅加仓了煤炭和建筑板块个股。　　展望后市，我们认为国内经济有望企稳复苏，房地产当前对国内经济有所拖累，但随着稳地产政策的落实和房地产自身周期属性，未来房地产也有望逐步企稳。经济超预期复苏，有助于缓解投资者悲观预期，且当前市场下，A股整体估值便宜，当前时间点看好市场反弹行情。　　投资方面，万家瑞隆看好农业、AI以及顺周期板块个股：1）生猪养殖板块。能繁母猪去化接近尾声，猪周期拐点临近，今年生猪养殖有望迎来周期反转，且板块估值位于历史底部区域，后续看好猪价上涨对板块的拉动。2）生物育种。转基因玉米已经开始商业化种植，优质品种涨价超预期，未来行业步入量价齐升阶段，且龙头公司优势明显，行业集中度加速提升，静待业绩释放对板块的催化。3）AI。看好算力爆发式增长带来的投资机会，且今年有望出现爆款应用的突破，行业前景巨大。4）顺周期板块。国内经济有望企稳回升，有色、建筑建材等顺周期板块有望受益。","declarationDate":"2024-04-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:13:28.506Z","fund":{"_id":3000000003751,"stockCode":"003751","stockType":"fund","areaCode":"cn","followedNum":24,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2016-11-13T16:00:00.000Z","setUpScale":300049000,"market":"a","tickerId":3751,"custody":"华夏银行股份有限公司","name":"万家瑞隆混合型证券投资基金","shortName":"万家瑞隆(003751)","fundSecondLevel":"hybrid","__csrcFundId":1079,"fundStatus":"normal","lastUpdated":"2026-04-30T18:59:51.142Z","masterFundFlag":1,"inceptionDate":"2016-11-29T16:00:00.000Z","fundCollectionId":4000050190000,"currency":"CNY","masterFundShortName":"万家瑞隆","memoNum":1,"pinyin":"wjrlhhxzqtzjj","managers":[{"stockCode":"db20606337","stockType":"fund_manager","exchange":"fm","tickerId":1225187510,"name":"刘洋"}]},"announcement":{"linkText":"万家瑞隆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=1068214","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7787fea5b3eb046b607","date":"2023-12-30T16:00:00.000Z","stockId":3000000003751,"sao":"2023年二季度开始国内经济短期走弱，下半年随着稳增长、稳预期等政策的出台，国内经济开始有企稳迹象。但是市场过于担忧房地产投资下滑，以及国内需求不足问题，对未来国内经济维持较高增长信心不足。　　股市表现方面，A股全年波动较大，AI板块、分红率较高的煤炭、石油石化等板块全年涨幅领先；新能源、消费、房地产等板块全年跌幅较多。　　配置方面，2023年万家瑞隆主要配置方向是农业、AI以及有色等板块。农业板块中，生物育种在2023年正式开启产业化，我们跟踪的品种提价幅度略超预期，但短期贡献的利润较小，在市场整体风险偏好下降的环境下，高估值的生物育种全年表现不佳，但本基金长期看好生物育种行业方向，仍保持较高的配置比例。此外，生猪养殖板块处于产能去化过程中，周期反转预期临近，养殖板块中的高成长个股在全年表现较好。高景气度的AI板块在上半年表现较好，瑞隆在AI板块布局相对较早，且在二季度兑现了部分涨幅较大的AI个股，并在三季度买回了部分超跌个股，全年来看，AI贡献的收益相对较多。此外，瑞隆还持有了有色板块，其中部分电解铝个股带来了较好的相对收益。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:13:28.503Z","mo":"随着国内稳增长和稳预期政策陆续出台，以及政府投资项目的持续发力，我们认为2024年全年经济仍将在5%左右的较高增速。此外，市场担忧美国降息时间点和节奏低于预期，对国内货币政策压制，我们认为不必过于担忧，国内货币政策将保持较强的独立性，后续仍有降准降息空间，全年流动性将相对宽松。　　过于悲观的情绪正在扭转，看好市场反弹行情：投资者极度悲观除了担忧地产和国内经济增长问题外，也有市场快速下跌带来的恐慌情绪。经济情况持续好转有助于缓解投资者悲观情绪，此前超跌的板块和个股也有更好的投资机会，当前市场下，不宜再过度悲观，看好市场的反弹行情。　　展望2024年，万家瑞隆相对看好农业、AI以及高分红板块投资机会：　　1、2024年预计农业板块中生猪养殖和生物育种都有投资机会：　　1）生猪养殖板块：根据农业部口径，能繁母猪产能相对2021年6月峰值已经累计去化10.9%，且最近3个月产能去化有明显加速的趋势。根据历次猪周期情况，一般产能去化幅度在10%-15%以上或将迎来周期拐点，本轮周期已经基本接近产能去化尾声。未来猪价将震荡走出底部区间，过程也或有一定反复，但最悲观的阶段已经过去。目前生猪养殖公司估值处于历史底部区间，大部分生猪养殖公司PB处于历史20%分位以下，头均市值处于历史10%分位数以下。若猪周期反转上行，相关标的仍有较大市值空间。　　2）生物育种板块：2023年底转基因品种审定公示通过，目前转基因产业化在政策端已无阻力。根据2024年中央一号文件对于“推动生物育种产业化扩面提速”的要求，我们预计2024年转基因商业化将进入加速推广期。根据示范种植情况来看，转基因玉米种植效果良好，当地种植户和经销商接受度较高，价格方面，我们观察到相关品种显著提价。转基因玉米商业化正式开启，种子初步定价符合市场预期，性状费收取模式也得到产业认可，转基因玉米种子行业有望迎来量价齐升。　　2、AI板块：看好AI长期趋势，2024年AI有望在应用端出现较大进展。近期OpenAI发布的文生视频模型Sora，给未来商业化带来想象空间。2024年智能驾驶、人形机器人也有望出现突破性进展。AI远期前景和应用对算力需求巨大，英伟达产业链和国产化算力公司有望受益。　　3、高分红个股：长期利率中枢下移、对经济长期波动担忧，导致市场对稳定受益的需求在增加，高分红板块从长期来看有非常好的配置价值。","fund":{"_id":3000000003751,"stockCode":"003751","stockType":"fund","areaCode":"cn","followedNum":24,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2016-11-13T16:00:00.000Z","setUpScale":300049000,"market":"a","tickerId":3751,"custody":"华夏银行股份有限公司","name":"万家瑞隆混合型证券投资基金","shortName":"万家瑞隆(003751)","fundSecondLevel":"hybrid","__csrcFundId":1079,"fundStatus":"normal","lastUpdated":"2026-04-30T18:59:51.142Z","masterFundFlag":1,"inceptionDate":"2016-11-29T16:00:00.000Z","fundCollectionId":4000050190000,"currency":"CNY","masterFundShortName":"万家瑞隆","memoNum":1,"pinyin":"wjrlhhxzqtzjj","managers":[{"stockCode":"db20606337","stockType":"fund_manager","exchange":"fm","tickerId":1225187510,"name":"刘洋"}]},"announcement":{"linkText":"万家瑞隆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=1056071","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7787fea5b3eb046b606","date":"2023-09-29T16:00:00.000Z","stockId":3000000003751,"sao":"三季度国内经济开始企稳，9月份制造业PMI连续第四个月反弹，并重新站上扩张区间。股市表现方面，三季度市场分化较大，低估值、高分红板块如煤炭、石油石化表现较好，有政策利好的金融、地产板块也有较好涨幅；但TMT、新能源等成长板块跌幅较大。　　配置方面，三季度万家瑞隆维持了农业板块持仓，减持了光伏板块，并增加了AI板块持仓。农业持仓以种子和生猪养殖板块为主。光伏方面，硅料价格下降后虽然带来下半年排产提升，但排产提升幅度低于预期，此外，光伏行业长期担忧产能过剩问题，业绩有较大不确定性。三季度增加了部分超跌的AI个股持仓，AI板块是产业趋势带来的投资机会，长线角度增加了部分超跌AI个股持仓。　　三季度国内政策明显转向，且经济开始企稳复苏，当前A股处于底部区域，看好四季度A股表现：　　从当前情况来看，稳经济、稳市场的政策正在陆续出台，“政策底”已经出现，在政策陆续不断的催化下乐观预期会逐步形成，信心正在强化。　　稳经济类政策目前来看集中在房地产、地方债、消费等，对地产供求关系发生转变的表述，可以期待有更强有力的放松政策出台，顺周期产业链建材、轻工、有色等板块短期利好。　　此外，出台了降低印花税率、规范股东减持、再融资阶段性收紧等稳市场类政策，有助于稳定投资者信心，当前市场处于底部，且估值便宜，随着经济企稳，股市有望企稳上行。　　投资方面，万家瑞隆看好农业、顺周期板块以及AI板块：　　1）农业板块：　　生物育种将为行业带来巨大的成长空间。今年种植的转基因玉米迎来收获期，从效果来看，抗虫和增产效果不错。政策端对生物育种支持并未改变，对龙头公司支持在加强，生物育种产业化持续推进，转基因品种审定落地后，有望为传统的种子行业带来巨大的成长空间。此外，种子板块调整到位，市值低估，继续看好。板块调整较多，龙头公司市值低估，看好生物育种板块投资机会。　　近期仔猪价格大幅下行，有望加快行业产能去化，一般来说产能加速去化阶段是股价投资的最好时机，养殖公司当前估值处于历史低位，股价下行风险低。　　2）顺周期板块。三季度国家出台了一系列稳经济措施，房地产是稳定经济的核心，随着房地产等稳增长政策出台，国内经济有望企稳回升，看好电解铝和地产产业链投资机会。　　3）AI板块。AI板块是产业趋势带来的投资机会，上半年大模型、算力等板块涨幅较多，三季度迟迟未见爆款应用推出市场，导致行业大幅调整。当前阶段，AI板块股价调整后，估值已具有投资吸引力，继续看好算力和自动驾驶等板块投资机会。","declarationDate":"2023-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:13:28.501Z","fund":{"_id":3000000003751,"stockCode":"003751","stockType":"fund","areaCode":"cn","followedNum":24,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2016-11-13T16:00:00.000Z","setUpScale":300049000,"market":"a","tickerId":3751,"custody":"华夏银行股份有限公司","name":"万家瑞隆混合型证券投资基金","shortName":"万家瑞隆(003751)","fundSecondLevel":"hybrid","__csrcFundId":1079,"fundStatus":"normal","lastUpdated":"2026-04-30T18:59:51.142Z","masterFundFlag":1,"inceptionDate":"2016-11-29T16:00:00.000Z","fundCollectionId":4000050190000,"currency":"CNY","masterFundShortName":"万家瑞隆","memoNum":1,"pinyin":"wjrlhhxzqtzjj","managers":[{"stockCode":"db20606337","stockType":"fund_manager","exchange":"fm","tickerId":1225187510,"name":"刘洋"}]},"announcement":{"linkText":"万家瑞隆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=985335","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7787fea5b3eb046b605","date":"2023-06-29T16:00:00.000Z","stockId":3000000003751,"sao":"一季度国内经济复苏超预期，二季度国内经济开始阶段性转弱，投资端增速下行，消费也弱于预期。海外方面，美日经济超预期，欧洲相对较弱。股市表现方面，上半年A股波动较大，一季度相对较好，二季度震荡下行。总体来看，TMT为代表的AI相关板块，以及石油石化、建筑、银行为代表的“中特估”板块涨幅较好，房地产板块和消费板块跌幅较大。　　配置方面，上半年万家瑞隆继续持有中长线看好的生物育种板块，一季度新增了AI板块、电解铝板块持仓，并在二季度减持了部分涨幅较高的AI个股，增加了光伏板块持仓。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:13:28.498Z","mo":"国内开始出台一系列稳增长政策，如特大城市城中村改造政策、民营经济支持政策，以及消费刺激政策等，随着后续政策落地，国内经济有望逐步企稳回升。　　当前时间点，政策底已经出现，且制造业PMI边际回升，市场对经济下行风险的担忧有望逐步减弱，当前市场估值已经反应了悲观预期，下半年A股有望企稳上行。　　投资方面，下半年本基金看好农业、顺周期板块以及AI板块：　　1）农业板块。继续看好生物育种板块，阶段性看好生猪养殖板块。政策端对生物育种支持并未改变，对龙头公司支持在加强，生物育种产业化持续推进，生物育种将为行业带来巨大的成长空间；此外，种子板块受益于全球粮食价格上涨。当前位置，股价调整到位，市值低估，继续看好。　　猪周期处于产能去化阶段，本轮猪周期产能去化时间较以往更长，养殖户对下半年旺季的高期待导致上半年产能去化较慢，当前时间点冻肉库存较大，今年中秋国庆养殖户集中出栏很可能导致旺季不旺，若生猪价格在旺季低迷将导致四季度产能加速去化。养殖公司估值处于历史低位，股价下行风险低，当前时间点适合提前配置。　　2）顺周期板块。随着房地产等稳增长政策出台，国内经济有望企稳回升，看好电解铝和地产产业链投资机会。电解铝库存低，产能有天花板，稳增长政策有望提升需求、拉动铝价上行，带动行业盈利提升。房地产政策出台有望拉动建材、轻工等上下游板块需求，当前市场预期较低，估值处于低位。　　3）AI板块。AI板块上半年股价波动较大，我们认为这是产业趋势带来的投资机会，而不是主题炒作，股价调整后，继续看好算力和自动驾驶等应用端公司。","fund":{"_id":3000000003751,"stockCode":"003751","stockType":"fund","areaCode":"cn","followedNum":24,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2016-11-13T16:00:00.000Z","setUpScale":300049000,"market":"a","tickerId":3751,"custody":"华夏银行股份有限公司","name":"万家瑞隆混合型证券投资基金","shortName":"万家瑞隆(003751)","fundSecondLevel":"hybrid","__csrcFundId":1079,"fundStatus":"normal","lastUpdated":"2026-04-30T18:59:51.142Z","masterFundFlag":1,"inceptionDate":"2016-11-29T16:00:00.000Z","fundCollectionId":4000050190000,"currency":"CNY","masterFundShortName":"万家瑞隆","memoNum":1,"pinyin":"wjrlhhxzqtzjj","managers":[{"stockCode":"db20606337","stockType":"fund_manager","exchange":"fm","tickerId":1225187510,"name":"刘洋"}]},"announcement":{"linkText":"万家瑞隆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=960083","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7787fea5b3eb046b604","date":"2023-03-30T16:00:00.000Z","stockId":3000000003751,"sao":"2023年一季度在投资和消费拉动下，国内经济持续复苏。流动性方面，国内维持宽松的货币环境，3月份降准0.25个百分点。海外方面，美国通胀小幅放缓，预计美联储年内加息节奏有所放缓。一季度A股整体上行，TMT等AI相关标的大幅上涨，此外，石油石化、建筑等低估值央企在“中国特色估值体系”催化下也有靓丽表现。去年四季度表现较好的地产、消费者服务等板块相对较弱。　　配置方面，万家瑞隆一季度继续持有中长线看好的生物育种板块，以及股价在底部区域的生猪养殖板块。此外，基金减持了部分新能源标的，增加了TMT板块和电解铝板块持仓。　　展望未来，在消费、地产和基建等投资拉动下，国内经济有望延续复苏态势；美国加息周期接近尾声，为国内维持宽松的货币环境提供了外部条件。在经济复苏和货币宽松利好下，继续看好整体A股市场表现。　　季度投资方面，万家瑞隆看好受益于转基因玉米商业化种植带来的生物育种板块性机会，以及AI等技术进步带来的科技股投资机会，并阶段性看好生猪养殖和电解铝板块：1）生物育种板块是我们中长线看好的板块。转基因玉米商业化即将开启，转基因玉米由于较好的抗虫和抗除草剂特性，带来单产增加且节约人工和农资费用，为玉米种植业带来可观的利润增量，转基因玉米相关企业有望享受行业快速产业化、以及行业竞争格局的改善带来的红利。2）AI相关板块。ChatGPT等AI大模型带来行业巨大突破，教育、医疗、传媒等诸多行业有望被AI新生态赋能，当前国内外科技公司纷纷布局AI大模型。具有大模型技术和AI应用场景的公司，以及支持AI训练和推理的算力公司有望受益。3）生猪养殖板块。猪价低迷，养殖企业普遍开始亏损，生猪养殖板块产能持续去化，行业周期拐点临近，当前生猪养殖个股头均市值在历史低位，且股价也在底部区域，适合提前布局。4）电解铝板块。电解铝板块需求受益于经济复苏，因缺水云南地区电解铝供给产能受限，此外，铝锭库存持续去化，预计全年铝价有望上行，看好电解铝板块盈利复苏。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:13:28.496Z","fund":{"_id":3000000003751,"stockCode":"003751","stockType":"fund","areaCode":"cn","followedNum":24,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2016-11-13T16:00:00.000Z","setUpScale":300049000,"market":"a","tickerId":3751,"custody":"华夏银行股份有限公司","name":"万家瑞隆混合型证券投资基金","shortName":"万家瑞隆(003751)","fundSecondLevel":"hybrid","__csrcFundId":1079,"fundStatus":"normal","lastUpdated":"2026-04-30T18:59:51.142Z","masterFundFlag":1,"inceptionDate":"2016-11-29T16:00:00.000Z","fundCollectionId":4000050190000,"currency":"CNY","masterFundShortName":"万家瑞隆","memoNum":1,"pinyin":"wjrlhhxzqtzjj","managers":[{"stockCode":"db20606337","stockType":"fund_manager","exchange":"fm","tickerId":1225187510,"name":"刘洋"}]},"announcement":{"linkText":"万家瑞隆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=884841","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7787fea5b3eb046b603","date":"2022-12-30T16:00:00.000Z","stockId":3000000003751,"sao":"2022年，全球政治、经济动荡不安，俄乌冲突、能源危机、欧美高通胀、美联储加息等黑天鹅事件层出不穷；此外，国内也面临疫情反复、出口增速下滑、消费低迷和经济下行带来的压力。受此影响，2022年A股全年整体下跌，少数月份出现反弹。全年来看，上证指数跌幅15.1%，沪深300指数跌幅21.6%。板块来看，煤炭行业逆势上涨，电子、计算机等偏成长板块跌幅靠前。　　配置方面，万家瑞隆全年维持了较高仓位的生物育种板块配置，生物育种板块估值较高，前三季度表现较弱，四季度开始有较好超额收益。此外，阶段性配置了生猪养殖、动保、稳增长和新能源等板块。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:13:28.493Z","mo":"展望未来，在消费和投资拉动下，国内经济有望逐步复苏。受益于防疫政策调整，2023年国内消费有望逐步回升；随着房地产稳定政策出台，地产销售有望企稳回暖，长期来看，房地产行业也有望回归平稳发展；此外，基建投资增速有望维持相对较高水平，且形成更多的实物工作量。流动性方面，预计国内货币政策将维持宽松环境，美国通胀回落，加息周期临近拐点，国内也有进一步宽松的可能。在经济复苏和货币宽松利好下，且A股估值在底部，预计整体市场将迎来较好表现。　　展望2023年，万家瑞隆看好受益于转基因玉米商业化种植带来的生物育种板块性机会，以及受益于房地产销售企稳和国内经济复苏的相关产业链机会，此外继续看好风光等新能源板块：　　1）生物育种板块。2023年一号文件中提及“加快玉米大豆生物育种产业化步伐”，为转基因提供了积极定调，预计转基因玉米商业化销售有望开启，市场化定价下转基因玉米种子价格较传统种子预计有明显溢价。转基因商业化除了带来利润增量以外，还将为种子行业带来竞争格局、盈利模式以及产业链利润分配的巨大变化，生物育种板块是我们中长线看好的板块。　　2）经济复苏相关板块。去年底开始，防疫政策调整，国内消费有望逐步好转，此外房地产稳定政策也在去年底密集出台，地产销售也有望出现回暖。我们看好2023年国内经济的持续复苏，地产相关的建材、轻工和家电等板块个股估值便宜，有望迎来预期修复。此外，偏上游的化工、有色等板块也将受益。　　3）新能源板块。相对看好景气上行的风电、光伏板块。风电行业确定性高，从2022年风电招标量来看，2023年风电装机量快速增长。此外，2023年硅料产能将逐步释放，硅料价格有望震荡下行，从而带动组件价格下行，以及光伏装机量提升。","fund":{"_id":3000000003751,"stockCode":"003751","stockType":"fund","areaCode":"cn","followedNum":24,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2016-11-13T16:00:00.000Z","setUpScale":300049000,"market":"a","tickerId":3751,"custody":"华夏银行股份有限公司","name":"万家瑞隆混合型证券投资基金","shortName":"万家瑞隆(003751)","fundSecondLevel":"hybrid","__csrcFundId":1079,"fundStatus":"normal","lastUpdated":"2026-04-30T18:59:51.142Z","masterFundFlag":1,"inceptionDate":"2016-11-29T16:00:00.000Z","fundCollectionId":4000050190000,"currency":"CNY","masterFundShortName":"万家瑞隆","memoNum":1,"pinyin":"wjrlhhxzqtzjj","managers":[{"stockCode":"db20606337","stockType":"fund_manager","exchange":"fm","tickerId":1225187510,"name":"刘洋"}]},"announcement":{"linkText":"万家瑞隆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=867952","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7787fea5b3eb046b602","date":"2022-09-29T16:00:00.000Z","stockId":3000000003751,"sao":"三季度，俄乌冲突升级，欧洲能源短缺加剧，欧美通胀数据持续高位，美国加快加息步伐，欧美经济有面临衰退的风险。三季度国内基建增速提升，但房地产投资增速仍在下行；此外，受海外影响，出口增速有所下行。A股三季度表现较弱，大部分板块下跌，建材、新能源、医药等板块跌幅靠前。配置方面，本基金减仓了稳增长板块，增加了生猪养殖板块和新能源板块持仓。三季度，生物育种经历过一波反弹后跟随大盘再次走弱，动保板块表现相对坚挺。  展望未来，海外主要经济体通胀压力较大，美国加息有超预期风险。受海外经济面临衰退风险影响，国内出口增速或有下行风险；疫情影响仍在持续，国内消费复苏仍有不确定性。国内稳增长政策持续加码，房地产政策有所放松，有助于稳定国内经济预期。目前市场已经历了大幅回调，风险得到部分释放，估值已在低位，继续下跌的空间不大，短期看市场已在底部区域。  配置方面，本基金继续看好生物育种板块和动保板块，并阶段性看好生猪养殖板块。此外，将关注中长期景气度上行且股价大幅回调的新能源板块。生物育种板块周期反转，且行业成长属性越来越强，是中长线看好板块。目前板块正经历周期反转，在全球粮价处于高位的情况下，行业景气度有望持续。四季度转基因玉米种子有望开始销售，行业中长期成长空间打开。动保板块是养殖后周期板块，受益于猪价上行、生猪产能恢复。板块周期见底，业绩有望逐步恢复。受产能去化及压栏影响，三季度猪价超预期上涨，且养殖户补栏不积极，四季度旺季猪价有望继续维持在较高位置，预计三季度生猪养殖个股业绩靓丽，且股价已大幅回调，短期有较好的配置价值。新能源板块中长期景气度上行，经过近期大幅下跌后，板块高估值得以消化，部分标的已经到了配置区间。","declarationDate":"2022-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:13:28.490Z","fund":{"_id":3000000003751,"stockCode":"003751","stockType":"fund","areaCode":"cn","followedNum":24,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2016-11-13T16:00:00.000Z","setUpScale":300049000,"market":"a","tickerId":3751,"custody":"华夏银行股份有限公司","name":"万家瑞隆混合型证券投资基金","shortName":"万家瑞隆(003751)","fundSecondLevel":"hybrid","__csrcFundId":1079,"fundStatus":"normal","lastUpdated":"2026-04-30T18:59:51.142Z","masterFundFlag":1,"inceptionDate":"2016-11-29T16:00:00.000Z","fundCollectionId":4000050190000,"currency":"CNY","masterFundShortName":"万家瑞隆","memoNum":1,"pinyin":"wjrlhhxzqtzjj","managers":[{"stockCode":"db20606337","stockType":"fund_manager","exchange":"fm","tickerId":1225187510,"name":"刘洋"}]},"announcement":{"linkText":"万家瑞隆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=803013","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7787fea5b3eb046b601","date":"2022-06-29T16:00:00.000Z","stockId":3000000003751,"sao":"受疫情反复、欧美滞胀担忧以及俄乌冲突等因素影响，上半年A股走势大幅震荡，4月底之前A股大幅下行，随后在新能源、消费等板块带领下开始反弹。总体来看，上半年煤炭、石油等上游资源品以及建筑、汽车等板块涨幅较好；军工和TMT等板块表现较差。  上半年万家瑞隆主要配置了农业、稳增长和新能源板块，其中农业板块以生物育种和生猪养殖为主，稳增长板块以建筑和地产为主，新能源板块主要配置了新能源汽车产业链和新能源运营标的。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:13:28.488Z","mo":"展望下半年，欧美经济有衰退的风险，或将影响国内出口；且受疫情反复影响，消费相对疲弱，下半年国内经济增长压力仍在。此外，在猪价上行影响下，预计国内通胀有超预期的风险，或将制约国内宽松的货币政策。市场在前期快速上涨后，预计会重回震荡走势。  投资方面，万家瑞隆继续看好处于周期上行阶段且成长空间巨大的生物育种板块：在全球气候异常下，预计粮食价格将维持在高位，种子板块维持高景气；且预计转基因玉米种子有望在下个销售季开始销售，将打开种子板块成长空间。此外，看好受益于猪价上涨和生猪产能恢复的养殖后周期——动保板块，以及中长期景气度上行的新能源板块。","fund":{"_id":3000000003751,"stockCode":"003751","stockType":"fund","areaCode":"cn","followedNum":24,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2016-11-13T16:00:00.000Z","setUpScale":300049000,"market":"a","tickerId":3751,"custody":"华夏银行股份有限公司","name":"万家瑞隆混合型证券投资基金","shortName":"万家瑞隆(003751)","fundSecondLevel":"hybrid","__csrcFundId":1079,"fundStatus":"normal","lastUpdated":"2026-04-30T18:59:51.142Z","masterFundFlag":1,"inceptionDate":"2016-11-29T16:00:00.000Z","fundCollectionId":4000050190000,"currency":"CNY","masterFundShortName":"万家瑞隆","memoNum":1,"pinyin":"wjrlhhxzqtzjj","managers":[{"stockCode":"db20606337","stockType":"fund_manager","exchange":"fm","tickerId":1225187510,"name":"刘洋"}]},"announcement":{"linkText":"万家瑞隆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=782234","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7787fea5b3eb046b600","date":"2022-03-30T16:00:00.000Z","stockId":3000000003751,"sao":"受经济预期下行、美联储加息预期、俄乌冲突以及疫情反复等影响，一季度，A股指数大幅下跌，板块方面，仅业绩高增长和高分红的煤炭，以及受益于稳增长的地产、基建等板块取得正收益，其他消费和科技板块均大幅下跌。  配置方面，一季度万家瑞隆主要配置了生物育种、稳增长、新能源，以及生猪养殖板块。去年四季度瑞隆加仓的建筑、建材等稳增长板块在一季度有较好的收益；但持仓的生物育种板块和新能源板块因普遍估值较贵，今年一季度同样出现板块性回调。此外，一季度瑞隆加仓了有周期反转预期的生猪养殖个股。  展望未来，2022年经济下行压力较大，且面临滞胀风险，政府将全年GDP增速目标设定为5.5%左右，略超市场预期，后续稳增长政策仍有望持续加码，且货币政策有望保持宽松状态。短期来看，A股市场或将持续震荡磨底，但最恐慌的时候正在过去。  配置方面，相对看好：1）生物育种板块。生物育种板块周期反转，且行业成长属性越来越强。中长期视角，三大逻辑持续验证。第一是粮价上涨带动种子行业量价齐升，预计种子行业景气向上有望持续。第二是政策红利持续释放，种子法修订后官方对知识产权保护重拳出击，原研种企市场份额有望持续提升。第三是转基因商业化在即，转基因品种审定方案已经发布，预计2022年底转基因种子有望开始销售。短期视角，宏观层面俄乌冲突加剧全球粮食供应链紧张情况，俄乌冲突将给贸易运输、资金结算、新季粮食生产带来不确定性。2）生猪养殖板块。本轮猪周期下行已近尾声，目前猪价处于底部区间，能繁母猪产能逐月去化，行业最低迷的阶段已经出现，后续将逐渐改善。3）稳增长板块。1-2月宏观经济数据虽然较好，但在疫情仍有反复、全球动荡下，未来经济情况仍面临下行压力，稳增长仍是发力的重点，且相关标的估值便宜，行业边际改善有望带来业绩和估值的巨大弹性，当前时间点仍有投资价值。4）新能源板块。新能源板块中长期景气度上行，经过近期大幅下跌后，板块高估值得以消化，部分标的已经到了配置区间。","declarationDate":"2022-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:13:28.485Z","fund":{"_id":3000000003751,"stockCode":"003751","stockType":"fund","areaCode":"cn","followedNum":24,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2016-11-13T16:00:00.000Z","setUpScale":300049000,"market":"a","tickerId":3751,"custody":"华夏银行股份有限公司","name":"万家瑞隆混合型证券投资基金","shortName":"万家瑞隆(003751)","fundSecondLevel":"hybrid","__csrcFundId":1079,"fundStatus":"normal","lastUpdated":"2026-04-30T18:59:51.142Z","masterFundFlag":1,"inceptionDate":"2016-11-29T16:00:00.000Z","fundCollectionId":4000050190000,"currency":"CNY","masterFundShortName":"万家瑞隆","memoNum":1,"pinyin":"wjrlhhxzqtzjj","managers":[{"stockCode":"db20606337","stockType":"fund_manager","exchange":"fm","tickerId":1225187510,"name":"刘洋"}]},"announcement":{"linkText":"万家瑞隆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=723141","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7787fea5b3eb046b5ff","date":"2021-12-30T16:00:00.000Z","stockId":3000000003751,"sao":"回顾2021年，上半年国内疫情缓解，在出口强势的带动下，上半年经济表现较为强势。下半年经济下行压力加大，12月的中央经济工作会议正式定调，稳增长进而成为下一阶段经济工作的重点，下半年货币政策也逐步边际宽松。市场表现方面，A股全年维持震荡走势，指数在全年小幅上涨，但板块差异较大。从全年维度看，有色、化工等周期板块，以及新能源板块表现较好，2019-2020年市场表现优异的医药、食品饮料等板块在2021年表现相对较差。配置方面，1）瑞隆2021年全年维持了较高比例的农业配置，由于下半年种业持仓比例更高，且在三季度加仓了生猪养殖个股，在农业全年市场走势U型下，农业板块仍给瑞隆贡献了不错的收益。我们看好种业景气上行和转基因带来行业成长空间打开的大逻辑不变。2）一季度瑞隆配置了化工、有色等周期类个股，并及时获利了结，周期股是瑞隆获得超额受益的来源之一。3）二季度，瑞隆布局了新能源、电子等成长类板块，以及军工板块，二三季度获得了较好收益。4）四季度，瑞隆减仓新能源，布局了建筑、建材等稳增长板块，我们认为稳增长有望成为2022年国内经济工作的重点方向，行业景气度向上且估值便宜，拥有非常好的配置价值。","declarationDate":"2022-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:13:28.483Z","mo":"展望2022年，预计国内经济下行压力较大、但全年流动性相对宽松。在消费和出口相对疲下，政府将通过发力稳增长拉动全年经济增长，预计2022年全年基建投资增速有望回升。配置方面思路上，中长线看好生物育种和新能源板块：1）生物育种板块：预计2022年是国内转基因玉米推广元年，转基因玉米商业化种植将打开行业成长空间。此外，全球粮食价格处于高位水平，种子板块景气度上行，去年四季度开始的玉米种子提价，有望带动行业业绩超预期。种子行业正在从政策主题投资变成有基本面的投资。2）新能源板块：2022年行业仍处于高速成长期，板块中长期景气度上行，且经过前期股价大幅调整，部分板块如核电和新能源运营等板块估值已经相对便宜，具备较好的投资价值。此外，上半年相对看好稳增长板块，稳增长政策在上半年是密集落地期，当前时间点估值不贵，具备配置价值。","fund":{"_id":3000000003751,"stockCode":"003751","stockType":"fund","areaCode":"cn","followedNum":24,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2016-11-13T16:00:00.000Z","setUpScale":300049000,"market":"a","tickerId":3751,"custody":"华夏银行股份有限公司","name":"万家瑞隆混合型证券投资基金","shortName":"万家瑞隆(003751)","fundSecondLevel":"hybrid","__csrcFundId":1079,"fundStatus":"normal","lastUpdated":"2026-04-30T18:59:51.142Z","masterFundFlag":1,"inceptionDate":"2016-11-29T16:00:00.000Z","fundCollectionId":4000050190000,"currency":"CNY","masterFundShortName":"万家瑞隆","memoNum":1,"pinyin":"wjrlhhxzqtzjj","managers":[{"stockCode":"db20606337","stockType":"fund_manager","exchange":"fm","tickerId":1225187510,"name":"刘洋"}]},"announcement":{"linkText":"万家瑞隆混合型证券投资基金2021年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=710645","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7787fea5b3eb046b5fe","date":"2021-09-29T16:00:00.000Z","stockId":3000000003751,"sao":"受疫情反复、灾害天气以及缺电等因素影响，三季度经济下行压力加大，固定资产投资增速有所放缓，消费也相对疲弱。市场表现方面，三季度A股市场波动较大且分化严重，总体来看，上游有色、煤炭、钢铁和电力板块表现较好，食品饮料、医药等板块表现较差。三季度瑞隆减仓了涨幅过大的军工和部分周期股标的，加仓了生猪养殖板块，猪周期尚未见底，但养殖户已经深度亏损，产能有加速去化的趋势，从数据来看，能繁母猪月度存栏已经环比下降三个月，部分生猪养殖股票已经跌到了价值区间，长线角度，优质公司当前已经有比较好的配置价值。展望四季度，随着海外经济运行和生产能力恢复平稳，国内出口增速有下行压力，市场对经济增长的担忧可能会贯穿四季度。此外，大宗原材料价格大幅上涨也挤压了企业盈利。经济下行压力较大，预计四季度有稳增长和货币政策再宽松的可能。配置思路上，倾向于从中长线维度寻找投资机会。结构上，继续看好生物育种板块，一方面，若转基因玉米种植放开，行业有望迎来巨大风口；另一方面，全球粮食价格上涨和玉米种子自身供需矛盾将带来行业提价周期开启，种子行业景气上行。此外，中长线看好代表未来方向的新能源板块投资机会，如风电、光伏和新能源车等。","declarationDate":"2021-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:13:28.480Z","fund":{"_id":3000000003751,"stockCode":"003751","stockType":"fund","areaCode":"cn","followedNum":24,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2016-11-13T16:00:00.000Z","setUpScale":300049000,"market":"a","tickerId":3751,"custody":"华夏银行股份有限公司","name":"万家瑞隆混合型证券投资基金","shortName":"万家瑞隆(003751)","fundSecondLevel":"hybrid","__csrcFundId":1079,"fundStatus":"normal","lastUpdated":"2026-04-30T18:59:51.142Z","masterFundFlag":1,"inceptionDate":"2016-11-29T16:00:00.000Z","fundCollectionId":4000050190000,"currency":"CNY","masterFundShortName":"万家瑞隆","memoNum":1,"pinyin":"wjrlhhxzqtzjj","managers":[{"stockCode":"db20606337","stockType":"fund_manager","exchange":"fm","tickerId":1225187510,"name":"刘洋"}]},"announcement":{"linkText":"万家瑞隆混合型证券投资基金2021年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=651732","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7787fea5b3eb046b5fd","date":"2021-06-29T16:00:00.000Z","stockId":3000000003751,"sao":"上半年A股整体波动较大，农历新年前A股指数表现较好，但年后开始出现一轮快速下跌，二季度以后市场逐渐企稳，高成长的新能源产业链和电子板块涨幅较大。A股的大幅波动预计主要是由于全球货币政策预期变化，以及疫情对经济复苏的扰动导致。万家瑞隆在上半年主要持有了转基因育种和顺周期板块，并在二季度布局了新能源汽车、电子以及军工等板块，上半年取得了不错的收益。经过过去两年大幅上涨，A股整体估值在历史偏高水平，且不同行业估值水平分化较大。随着未来疫情好转，全球经济复苏，市场对流动性拐点的担忧可能贯穿2021年全年，导致A股全年波动可能较大。但站在当前时点，国内经济平稳，通胀压力不大，短期流动性仍将处于相对宽松状态，我们认为A股有望维持震荡行情，且有结构性机会。","declarationDate":"2021-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:13:28.477Z","mo":"投资方面，全球经济复苏主线并未发生改变，行业景气上行、有强基本面支撑、估值相对便宜的个股是配置首选。下半年相对看好转基因育种，以及具有核心竞争力的中游制造公司。","fund":{"_id":3000000003751,"stockCode":"003751","stockType":"fund","areaCode":"cn","followedNum":24,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2016-11-13T16:00:00.000Z","setUpScale":300049000,"market":"a","tickerId":3751,"custody":"华夏银行股份有限公司","name":"万家瑞隆混合型证券投资基金","shortName":"万家瑞隆(003751)","fundSecondLevel":"hybrid","__csrcFundId":1079,"fundStatus":"normal","lastUpdated":"2026-04-30T18:59:51.142Z","masterFundFlag":1,"inceptionDate":"2016-11-29T16:00:00.000Z","fundCollectionId":4000050190000,"currency":"CNY","masterFundShortName":"万家瑞隆","memoNum":1,"pinyin":"wjrlhhxzqtzjj","managers":[{"stockCode":"db20606337","stockType":"fund_manager","exchange":"fm","tickerId":1225187510,"name":"刘洋"}]},"announcement":{"linkText":"万家瑞隆混合型证券投资基金2021年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=631551","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7787fea5b3eb046b5fc","stockId":3000000003751,"sao":"回顾一季度，农历新年前食品饮料、医药等机构重仓板块和顺周期的化工、有色、钢铁等板块均出现大幅上涨，带动A股指数表现较好。年后估值偏高的食品饮料、医药等出现快速下跌，此后，前期涨幅较大的周期股也出现大幅调整，一季度A股呈现大幅波动行情。一季度万家瑞隆主要配置了农业、化工、有色和建材等板块，并在周期股大幅上涨超时兑现了一部分收益，一季度瑞隆获得5.6%的正收益，跑赢市场。近期A股大幅杀跌，预计主要是美债收益率快速飙升引发市场对流动性担忧，以及抱团股杀估值导致。经过这轮大幅调整，部分板块高估值风险得到释放，且受益于全球经济复苏，部分上市公司业绩存在超预期的可能；此外“碳中和”也有望对行业产生深远影响。流动性方面，预计国内货币政策仍将以稳为主，不会发生急转弯。站在当前时点，对后续走势并不悲观，A股向下空间已经不大。配置方面，相对看好自身周期景气向上、转基因育种带来想象空间的种子板块，以及受益于全球经济复苏的顺周期板块，如化工、有色、建材等。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:13:28.475Z","fund":{"_id":3000000003751,"stockCode":"003751","stockType":"fund","areaCode":"cn","followedNum":24,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2016-11-13T16:00:00.000Z","setUpScale":300049000,"market":"a","tickerId":3751,"custody":"华夏银行股份有限公司","name":"万家瑞隆混合型证券投资基金","shortName":"万家瑞隆(003751)","fundSecondLevel":"hybrid","__csrcFundId":1079,"fundStatus":"normal","lastUpdated":"2026-04-30T18:59:51.142Z","masterFundFlag":1,"inceptionDate":"2016-11-29T16:00:00.000Z","fundCollectionId":4000050190000,"currency":"CNY","masterFundShortName":"万家瑞隆","memoNum":1,"pinyin":"wjrlhhxzqtzjj","managers":[{"stockCode":"db20606337","stockType":"fund_manager","exchange":"fm","tickerId":1225187510,"name":"刘洋"}]},"announcement":{"linkText":"万家瑞隆混合型证券投资基金2021年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=570660","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7787fea5b3eb046b5fb","stockId":3000000003751,"sao":"回顾2020年，新冠疫情给全球经济带来巨大波动，影响程度远超市场预期。受益于良好的管控和执行力，国内生产生活迅速恢复，中国经济从2020年二季度开始率先恢复增长，中国成为“世界工厂”，其全年出口增长4%超市场预期，2020年国内生产总值超100万亿，增长2.3%。流动性方面，为应对新冠疫情，刺激经济增长，2020年全球流动性宽松。市场表现方面，2020年沪深300上涨27%，上半年偏防御的医药、消费和受益于流动性宽松的TMT涨幅较大；下半年景气度较好的新能源汽车产业链和白酒板块表现较好；全年角度金融、地产表现相对较差。配置方面，瑞隆全年维持了较高的农业仓位配置，一季度主要配置了生猪养殖板块，二季度配置种子板块，取得较好的相对收益。此外，瑞隆二季度开始配置的顺周期建材、出口产业链，以及受益于经济复苏的顺周期板块表现相对较好。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:13:28.472Z","mo":"展望2021年，随着国内外陆续接种疫苗，全球经济将陆续进入恢复状态。但短期疫情威胁仍在，且全球经济百废待兴，面临经济复苏压力较大，预计短期全球流动性仍处于相对宽松状态，近期美联储会议也继续维持宽松基调不变。国内资金面短期有收紧迹象，引发市场担忧，但预计国内货币政策仍将以稳为主，不会发生急转弯。站在当前时点，市场对流动性担忧下前期涨幅过高的高估值板块有调整压力，市场维持震荡的概率较大，结构上相对看好行业景气上行的种植产业链、生猪养殖，以及受益于全球经济复苏的化工和有色板块龙头。","fund":{"_id":3000000003751,"stockCode":"003751","stockType":"fund","areaCode":"cn","followedNum":24,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2016-11-13T16:00:00.000Z","setUpScale":300049000,"market":"a","tickerId":3751,"custody":"华夏银行股份有限公司","name":"万家瑞隆混合型证券投资基金","shortName":"万家瑞隆(003751)","fundSecondLevel":"hybrid","__csrcFundId":1079,"fundStatus":"normal","lastUpdated":"2026-04-30T18:59:51.142Z","masterFundF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