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及规则化资产配置的有效性。2024年，我们的整体配置思路是利用市场相对低位优选高质量公司。一是继续把具备持续盈利能力、估值合理偏低的行业和公司作为基础配置，同时优选具备竞争力和成长性的的制造业公司，重点配置的行业包括：煤炭、有色、家电、通信、汽车和零部件、电子等行业。2024年下半年适度降低了资源和化工行业的配置，适度增加了消费和国产算力的配置。","declarationDate":"2025-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:59:13.451Z","mo":"我们对2025年A股权益市场仍维持较为乐观的看法，认为机会大于风险。从两个方面来看：一方面，与目前相对较低的国债利率相比，沪深300的股息率比10年期国债收益率高出约1.5%。许多高质量的公司，包括资源、金融、消费等多个行业的优质公司，都具有配置价值；另一方面，多重政策的积极定调将继续修复市场对经济增长的信心。2025年经济有望逐步开启新周期，我们需要寻找新周期的引擎。新周期既包括新的经济发展周期，也包括新的技术变革周期。每个国家都需要一个创新、开放的高效发展模式。随着我国半导体能力的提升，以及科技巨头持续加码投入人工智能、智能驾驶、机器人等科技行业，我国的科技行业将迎来更多投资机会。同时，随着促消费政策的持续落地，消费股的投资机会也将更加丰富多元。2025年，本基金将继续优选具有盈利能力且具备竞争优势的高质量公司作为底仓，涉及行业主要包括家电、汽车、通信、资源、电子等。同时，我们将密切关注科技行业和消费行业的发展，在人工智能算力和应用、智能驾驶、新型消费等行业积极寻找机会。","fund":{"_id":3000000017216,"__csrcFundId":12242,"stockCode":"017216","shortName":"国投策略智选(017216)","masterFundShortName":"国投策略智选","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":17216,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:27:15.253Z","status":"normal","exchange":"jj","fundCollectionId":4000050180000,"name":"国投瑞银策略智选混合型证券投资基金","inceptionDate":"2023-02-27T16:00:00.000Z","setUpDate":"2023-02-27T16:00:00.000Z","setUpAssetScale":273488408.87,"setUpShares":273488408.87,"pinyin":"gtryclzxhhxzqtzjj","managers":[{"stockCode":"db20542352","stockType":"fund_manager","exchange":"fm","tickerId":1012171190,"name":"吉莉"}]},"announcement":{"linkText":"国投瑞银策略智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=1253666","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2317fea5b3eb052a12b","date":"2024-09-29T16:00:00.000Z","stockId":3000000017216,"sao":"2024年三季度，A股市场先抑后扬，中证800指数大幅上涨16.1%，非银、房地产、计算机、社服、电力设备等涨幅居前，煤炭、公用事业、石油石化涨幅相对较小。市场上涨主要受稳市场稳经济的政策带动。7月底开始，3000亿设备更新和以旧换新的财政支持已经对需求有所提振。目前，汽车和家电的以旧换新政策正在逐步落地，从8月以来的高频数据看，政策已经开始有效提高了汽车、家电行业的销售，这将有助于改善消费和企业盈利。随着未来存量房地产利率的逐步降低，居民的债务负担有望适度降低，这有利于提高居民的消费能力。同时，专项债的加快发行也将使得内需有效性提高。三季度，我们的整体配置思路是利用市场相对低位优选高质量公司。1、优选有盈利能力有竞争优势的高质量公司，目前的低估值确实对悲观假设反应比较充分，按这一思路，我们在制造、消费、资源、服务等很多行业都能找到很多机会。2、中国的优质制造业公司依然值得长期配置，包括家电、汽车、通信、电子、电力设备、轮胎、机械、军工等行业。我们在三季度提高了股票仓位，重点配置的行业包括：家电、汽车和零部件、互联网、通信、电子、消费、有色、煤炭等行业。","declarationDate":"2024-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:59:13.449Z","fund":{"_id":3000000017216,"__csrcFundId":12242,"stockCode":"017216","shortName":"国投策略智选(017216)","masterFundShortName":"国投策略智选","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":17216,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:27:15.253Z","status":"normal","exchange":"jj","fundCollectionId":4000050180000,"name":"国投瑞银策略智选混合型证券投资基金","inceptionDate":"2023-02-27T16:00:00.000Z","setUpDate":"2023-02-27T16:00:00.000Z","setUpAssetScale":273488408.87,"setUpShares":273488408.87,"pinyin":"gtryclzxhhxzqtzjj","managers":[{"stockCode":"db20542352","stockType":"fund_manager","exchange":"fm","tickerId":1012171190,"name":"吉莉"}]},"announcement":{"linkText":"国投瑞银策略智选混合型证券投资基金2024年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1169413","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2317fea5b3eb052a12a","date":"2024-06-29T16:00:00.000Z","stockId":3000000017216,"sao":"2024年上半年，A股市场震荡，中证800指数小幅下跌，银行、公用事业、能源资源、家电、通信等行业表现相对较好。回顾上半年，房地产的销售和开工数据还在寻底，消费整体处于弱复苏阶段，主要亮点在制造业出口，包括汽车、家电，工程机械、通信等，中国制造业出口依然具备很强的竞争力。同时，全球制造业PMI的回升带动资源品价格回升，由于环境、社会和治理等多因素的影响，全球能源类资源品的产量增速较低，很多资源品行业的资本开支依然处于低位。上半年，本基金保持中性略高仓位，一是继续把具备持续盈利能力、估值合理偏低的行业和公司作为基础配置，同时优选具备竞争力和成长性的制造业公司。重点配置的行业包括：煤炭、有色、家电、通信、汽车和零部件、电子、公用事业等行业。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:59:13.446Z","mo":"展望下半年，欧美通胀数据下半年阶段性回落可能性大，但海外政治经济不确定性比较大。预计国内政策将适度宽松，继续进行产业升级。本基金将保持中性略高仓位，行业配置上适度均衡。一方面继续将高现金流、长久期、低杠杆，有一定定价权的公司，在合理的估值下作为底仓配置。资源能源公司更注重公司价值。科技方面，AI带来的影响还是非常深远，围绕算力、终端、应用方面的创新仍在继续，同时也正在带动消费电子、半导体的持续景气。汽车零部件、机械、新能源等制造类行业，未来经营情况受海外经济和关税政策影响相对较大，但很多公司还是具备核心竞争力，寻找具备定价权或者超跌的机会。大消费行业的许多龙头公司目前估值已经非常低，如果公司找到新增长动能或者股东回报增强，还是非常值得长期配置。总体上，我们认为中国经济具备深度、广度和韧性，我们将继续寻找具备竞争力的公司。","fund":{"_id":3000000017216,"__csrcFundId":12242,"stockCode":"017216","shortName":"国投策略智选(017216)","masterFundShortName":"国投策略智选","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":17216,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:27:15.253Z","status":"normal","exchange":"jj","fundCollectionId":4000050180000,"name":"国投瑞银策略智选混合型证券投资基金","inceptionDate":"2023-02-27T16:00:00.000Z","setUpDate":"2023-02-27T16:00:00.000Z","setUpAssetScale":273488408.87,"setUpShares":273488408.87,"pinyin":"gtryclzxhhxzqtzjj","managers":[{"stockCode":"db20542352","stockType":"fund_manager","exchange":"fm","tickerId":1012171190,"name":"吉莉"}]},"announcement":{"linkText":"国投瑞银策略智选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=1147277","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2317fea5b3eb052a129","date":"2024-03-30T16:00:00.000Z","stockId":3000000017216,"sao":"2024年第一季度A股市场震荡，中证800指数小幅上涨。能源资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的行业包括：互联网、家电、食品饮料、金融、通信、汽车、传媒等行业。","fund":{"_id":3000000017216,"__csrcFundId":12242,"stockCode":"017216","shortName":"国投策略智选(017216)","masterFundShortName":"国投策略智选","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":17216,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:27:15.253Z","status":"normal","exchange":"jj","fundCollectionId":4000050180000,"name":"国投瑞银策略智选混合型证券投资基金","inceptionDate":"2023-02-27T16:00:00.000Z","setUpDate":"2023-02-27T16:00:00.000Z","setUpAssetScale":273488408.87,"setUpShares":273488408.87,"pinyin":"gtryclzxhhxzqtzjj","managers":[{"stockCode":"db20542352","stockType":"fund_manager","exchange":"fm","tickerId":1012171190,"name":"吉莉"}]},"announcement":{"linkText":"国投瑞银策略智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=960358","linkType":"PDF","source":"csrc_pdf"}}]}