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率没有明显上行的前提下，预计会进一步提高高股息率公司的配置比例。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:04:02.203Z","mo":"当前宏观总体数据偏弱，市场预期悲观，但从库存周期的角度，国内库存预计将在三季度末至四季度见底，届时有望迎来补库的机会，届时反映到生产数据上会有改善。需求端也能看到部分领域需求较好，比如出行、旅游、餐饮等，此外居民信贷也逐步企稳，都显示出社会需求有一定韧性，且在逐步恢复过程中。国内流动性持续处于宽松水平，美国加息节奏放缓，国内和海外货币流动性不会成为权益市场的负面因素。并且权益市场的风险溢价处于历史较低水平。因此我们对权益市场并不悲观，后续会密切关注政策支持力度以及经济复苏的斜率。","fund":{"_id":3000000001266,"stockCode":"001266","stockType":"fund","areaCode":"cn","followedNum":3,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-05-10T16:00:00.000Z","setUpScale":2603010000,"market":"a","tickerId":1266,"name":"国投瑞银招财灵活配置混合型证券投资基金","shortName":"国投瑞银招财混合(001266)","fundSecondLevel":"hybrid","__csrcFundId":4013,"fundStatus":"normal","lastUpdated":"2026-04-30T17:54:18.442Z","masterFundFlag":1,"inceptionDate":"2015-06-02T16:00:00.000Z","fundCollectionId":4000050180000,"currency":"CNY","pinyin":"gtryzclhpzhhxzqtzjj","managers":[{"stockCode":"db20883264","stockType":"fund_manager","exchange":"fm","tickerId":81326222660,"name":"贺明之"}]},"announcement":{"linkText":"国投瑞银招财灵活配置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=960284","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5427fea5b3eb044353a","date":"2023-03-30T16:00:00.000Z","stockId":3000000001266,"sao":"2023年一季度，市场对于经济复苏的预期变化较大，从高频跟踪的数据看，经济复苏确实在发生。随着地产销售持续回暖，出口降幅逐步收窄，叠加低基数的因素，预计经济总量数据在下半年会呈现更明显的改善，大部分相关公司的股价当前仍处于低位。基于此，与顺周期相关的行业、公司是我们重点跟踪的方向，并且在持仓里也做了相对较多的配置，如金融、消费、机械等。同时我们也关注到，新一代ChatGPT模型的诞生，可能会催化出新一轮技术革命，我们已经在仓位上做了配置，未来需要密切关注技术的演变进度以及对相应产业链的业绩贡献。针对自主可控、数字经济等国家政策重点支持的方向，我们结合竞争格局、公司壁垒、估值情况进行了十分审慎地筛选，挖掘出有投资价值的公司进行了配置，未来我们会持续在这个领域进行更深入的挖掘。综合考虑国内经济复苏逐步推进，国内流动性持续处于宽松水平，美国加息节奏放缓，权益市场的风险溢价仍处于历史较低水平等因素，我们对权益市场继续保持乐观。未来需要关注的风险是海外银行风险是否会继续发酵以及下半年通胀是否会大幅提升。","declarationDate":"2023-04-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:04:02.199Z","fund":{"_id":3000000001266,"stockCode":"001266","stockType":"fund","areaCode":"cn","followedNum":3,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-05-10T16:00:00.000Z","setUpScale":2603010000,"market":"a","tickerId":1266,"name":"国投瑞银招财灵活配置混合型证券投资基金","shortName":"国投瑞银招财混合(001266)","fundSecondLevel":"hybrid","__csrcFundId":4013,"fundStatus":"normal","lastUpdated":"2026-04-30T17:54:18.442Z","masterFundFlag":1,"inceptionDate":"2015-06-02T16:00:00.000Z","fundCollectionId":4000050180000,"currency":"CNY","pinyin":"gtryzclhpzhhxzqtzjj","managers":[{"stockCode":"db20883264","stockType":"fund_manager","exchange":"fm","tickerId":81326222660,"name":"贺明之"}]},"announcement":{"linkText":"国投瑞银招财灵活配置混合型证券投资基金2023年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=879446","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5427fea5b3eb0443539","date":"2022-12-30T16:00:00.000Z","stockId":3000000001266,"sao":"2022年权益市场波动较大，本基金在仓位上做了灵活调整，以更好地应对市场的变化。本基金一季度重点配置了能源板块，二季度以来逐步均衡。四季度，我们关注到国内经济呈现见底回升的趋势并且美国加息节奏放缓，因此提高了权益仓位，行业配置上也显著得提高了金融、通用机械等权重。","declarationDate":"2023-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:04:02.196Z","mo":"在诸多政策的支持下，国内经济见底回升的趋势基本确立，只是节奏还有待确认，我们预计2023年二季度可能会看到更加积极的复苏信号。预计国内流动性持续处于宽松水平，美国加息节奏放缓，权益市场的风险溢价处于历史较低水平，因此我们对权益市场保持乐观。我们会积极跟踪经济复苏的力度和节奏，以及关注疫情是否会反复以及通胀是否会大幅提升。行业配置上，2023年我们重点关注如下领域：（1）金融：随着房地产行业风险逐步缓解，居民消费逐步复苏，金融股有望迎来估值的修复；（2）消费：疫情防控措施进一步优化，消费场景修复，居民出行半径增加，我们重点关注消费场景和居民出行相关领域的投资机会；（3）通用机械：主动去库接近尾声，随着下游需求复苏，订单预期逐步修复，并且部分细分领域同时具备国产替代化的逻辑；（4）从产业变迁的角度，我们还关注新能源、半导体国产替代、军工供应链等领域的中长期投资机会，我们会结合竞争格局、盈利确定性以及估值情况来更审慎地辨别和筛选，从中挖掘出最有投资价值的公司。","fund":{"_id":3000000001266,"stockCode":"001266","stockType":"fund","areaCode":"cn","followedNum":3,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-05-10T16:00:00.000Z","setUpScale":2603010000,"market":"a","tickerId":1266,"name":"国投瑞银招财灵活配置混合型证券投资基金","shortName":"国投瑞银招财混合(001266)","fundSecondLevel":"hybrid","__csrcFundId":4013,"fundStatus":"normal","lastUpdated":"2026-04-30T17:54:18.442Z","masterFundFlag":1,"inceptionDate":"2015-06-02T16:00:00.000Z","fundCollectionId":4000050180000,"currency":"CNY","pinyin":"gtryzclhpzhhxzqtzjj","managers":[{"stockCode":"db20883264","stockType":"fund_manager","exchange":"fm","tickerId":81326222660,"name":"贺明之"}]},"announcement":{"linkText":"国投瑞银招财灵活配置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=865914","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5427fea5b3eb0443538","date":"2022-09-29T16:00:00.000Z","stockId":3000000001266,"sao":"三季度，在国内经济复苏节奏低于预期、海外经济体加息节奏高于预期、人民币汇率承压等多种因素的影响下，权益市场出现较大的下跌。基于对市场谨慎的判断，我们适当调整了组合仓位，并且增配了业绩确定性强且估值相对偏低的价值股。低仓位和价值股为主的组合比较好的应对了市场下跌。行业配置上主要集中在上游、地产、消费、军工等。宏观层面，我们关注到，本轮全球经济周期中，中国经济和海外经济周期发生背离，国内经济见底回升，海外经济见顶回落。国内政策在推动基建投资、稳定房地产和大众消费上持续发力，海外经济体为了应对通胀，加息力度超出预期，美国10年期国债收益率一度接近4%。展望后市，经过本轮下跌，权益市场已经具备较高的性价比，风险溢价处于历史较低水平，各种悲观情绪都反映的比较充分，我们密切关注并等待更多的积极变化，寻找时机做更积极的仓位配置。行业上，我们关注比较多的包括：（1）房地产行业，我们认为房地产市场的稳定是国内经济能否有效见底的关键，随着多项稳定房地产政策的落地，我们密切关注头部企业销售和盈利能力改善的幅度和节奏。（2）消费行业，我们关注居民出行、产品升级等相关领域的投资机会。（3）上游行业，我们关注未来1-2个季度经济复苏斜率的变化，如果有明显的复苏，上游大宗商品价格上会有明显反映，因此我们会密切关注与经济关联度高，且股价相对偏低的上游公司。（4）更长期的看，从产业变迁的角度，我们还关注新能源、半导体国产替代、军工供应链等领域的机会，考虑到估值情况，我们会结合竞争格局和盈利确定性来更审慎地辨别和筛选，从中挖掘出最有投资价值的公司。","declarationDate":"2022-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:04:02.194Z","fund":{"_id":3000000001266,"stockCode":"001266","stockType":"fund","areaCode":"cn","followedNum":3,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-05-10T16:00:00.000Z","setUpScale":2603010000,"market":"a","tickerId":1266,"name":"国投瑞银招财灵活配置混合型证券投资基金","shortName":"国投瑞银招财混合(001266)","fundSecondLevel":"hybrid","__csrcFundId":4013,"fundStatus":"normal","lastUpdated":"2026-04-30T17:54:18.442Z","masterFundFlag":1,"inceptionDate":"2015-06-02T16:00:00.000Z","fundCollectionId":4000050180000,"currency":"CNY","pinyin":"gtryzclhpzhhxzqtzjj","managers":[{"stockCode":"db20883264","stockType":"fund_manager","exchange":"fm","tickerId":81326222660,"name":"贺明之"}]},"announcement":{"linkText":"国投瑞银招财灵活配置混合型证券投资基金2022年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=811990","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5427fea5b3eb0443537","date":"2022-06-29T16:00:00.000Z","stockId":3000000001266,"sao":"2022年上半年，受多重因素影响，实体经济表现一直偏弱，上市公司盈利承压，市场走势震荡。结构上，一季度稳经济，二季度新能源，反应了投资者对经济预期的变化。先是对逆周期调节有所期待，后是在经济持续走弱下追逐少数成长性的亮点。本基金在2021年四季度降低了仓位，同时在行业配置上向逆周期集中，这种仓位和结构一直延续到了一季度末。二季度，我们增加了权益仓位的配置，同时在结构上向成长做了一定的偏移。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:04:02.191Z","mo":"展望后市，我们认为低点已现，四月底到五月初经济和投资情绪的低点大概率就是年内的低点。宏观层面，我们认为经济会求稳，所以边际改善的方向不变。相比于实体，股票市场在5、6月份有所抢跑，后面需要等待实体经济改善跟上来。综合下来，我们倾向于认为市场会维持相对稳定的状态，机会在局部。行业方面，可选择的不多。当前我们关心的焦点依然在房地产，这是实体经济绕不过去的坎。我们预计保交付、稳销售的政策会陆续落地，弱总量、强结构，市场份额会向行业龙头集中。新能源赛道依然是为数不多的增长亮点，但在投资层面我们会选择谨慎。风电和光伏需求大爆发没有问题，但缺点是竞争格局在可见的恶化。包括上市公司在内的各路资本大量涌入，新技术也层出不穷，同时高估值对确定性的保护不足，投资性价比变得不太友好。当然，我们也看到了各种技术进步和竞争格局变化带来的爆发性投资机会，会有选择的聚焦这类机会。","fund":{"_id":3000000001266,"stockCode":"001266","stockType":"fund","areaCode":"cn","followedNum":3,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-05-10T16:00:00.000Z","setUpScale":2603010000,"market":"a","tickerId":1266,"name":"国投瑞银招财灵活配置混合型证券投资基金","shortName":"国投瑞银招财混合(001266)","fundSecondLevel":"hybrid","__csrcFundId":4013,"fundStatus":"normal","lastUpdated":"2026-04-30T17:54:18.442Z","masterFundFlag":1,"inceptionDate":"2015-06-02T16:00:00.000Z","fundCollectionId":4000050180000,"currency":"CNY","pinyin":"gtryzclhpzhhxzqtzjj","managers":[{"stockCode":"db20883264","stockType":"fund_manager","exchange":"fm","tickerId":81326222660,"name":"贺明之"}]},"announcement":{"linkText":"国投瑞银招财灵活配置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=781743","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5427fea5b3eb0443536","date":"2022-03-30T16:00:00.000Z","stockId":3000000001266,"sao":"2022年一季度，A股市场调整显著，市场风格开始偏向价值。行业方面，煤炭、房地产建筑建材表现较好，军工、电子、汽车、食品饮料表现落后。本基金在2021年四季度降低了股票仓位，在一季度末已经适度提高了权益仓位，后面会继续择机增加权益仓位。结构上，重点配置了房地产、煤炭、农业、公用事业，同时也自下而上配置了部分低估值细分子行业龙头。展望后市，我们认为市场最差的时候已经过去，政策方面释放出了强烈的稳经济信号。只是我们也观察到，今年的内外部环境都非常复杂，政策出台的时机会受制于海外冲突和国内疫情。同时政策从出台到效果显现，也将是一个曲折的过程。好在这只影响时机，不影响方向。主线上，今年的关键词就是稳经济，后面我们会密切观察经济动向，按着稳经济受益的先后次序一路配置过去。理论上应该是先上游，再中游，最后到下游，这是自上而下的想法。另一方面，我们也在寻找自下而上的投资机会。我们对成长股总体依然谨慎，成长股过去两年业绩不错，一个大的背景是疫情后的宏观经济整体不错，成长股的业绩增速里隐含了经济好的贝塔因素在内。但在2021年四季度之后，经济开始加速下行，成长股的业绩增速承压，而估值依然不能说便宜。我们自下而上的也储备了一些成长品种，只是当系统承压的时候，个股和细分机会盈利的难度也会加大。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:04:02.188Z","fund":{"_id":3000000001266,"stockCode":"001266","stockType":"fund","areaCode":"cn","followedNum":3,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-05-10T16:00:00.000Z","setUpScale":2603010000,"market":"a","tickerId":1266,"name":"国投瑞银招财灵活配置混合型证券投资基金","shortName":"国投瑞银招财混合(001266)","fundSecondLevel":"hybrid","__csrcFundId":4013,"fundStatus":"normal","lastUpdated":"2026-04-30T17:54:18.442Z","masterFundFlag":1,"inceptionDate":"2015-06-02T16:00:00.000Z","fundCollectionId":4000050180000,"currency":"CNY","pinyin":"gtryzclhpzhhxzqtzjj","managers":[{"stockCode":"db20883264","stockType":"fund_manager","exchange":"fm","tickerId":81326222660,"name":"贺明之"}]},"announcement":{"linkText":"国投瑞银招财灵活配置混合型证券投资基金2022年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=727795","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5427fea5b3eb0443535","date":"2021-12-30T16:00:00.000Z","stockId":3000000001266,"sao":"2021年，A股市场指数平淡，但内部结构调整剧烈。以医药消费为代表的赛道股大幅调整，相对应的传统低估值周期股表现突出，尤其是在四季度，市场高低切换迹象显著。本基金在2021年一季度超配了新能源和低估值周期，一直维持到三季度。四季度我们对之前观点做出了较大的修正。在高景气中做趋势，在低估值中找绝对，所以组合向全面均衡和低估值倾斜转换，并降低了权益仓位，相对配置较多的是房地产、养殖、绿电和煤炭，同时自下而上增加了低估值和细分子行业龙头的配置。","declarationDate":"2022-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:04:02.185Z","mo":"展望2022年，我们对市场总体不悲观，宽货币、宽信用背景下，权益市场表现不会太差。短期市场调整，我们认为有几个原因叠加在一起，一是市场担心美国收流动性，引发市场调整；二是国内政策转向信号明显，但实际出台的政策还不够多，力度有待观察。两者相比，我们更在意后续国内的政策力度，对此持比较乐观的态度。后面我们应该能够看到更多的实质性稳经济动作出现，直到经济企稳为止。主线上，我们依然对成长股谨慎，成长股估值依然不便宜，从资金博弈层面也很难看到整体上有提估值的可能。成长股调整企稳后可以在里面找阿尔法，但前提是贝塔要稳定。低估值蓝筹大概率会有超额，但利润增速决定了超额天花板不会太高。前几年赛道躺平的做法会失效，需要做宏观择时。组合方面，当前仓位不高，一方面是我们认为结构比仓位更加重要，另一方面我们也需要等待更明确的政策信号。配置上比较均衡，地产、养殖、周期品相对较多，也都属于底仓的性质。其余的自下而上配置，行业个股都比较分散。后面，我们会密切跟踪政策和实体经济信号，择机增加权益仓位，加仓方向有二，一是顺周期的低估值蓝筹股。二是自下而上的聚焦细分子行业龙头，依然有不少低估的公司，需要投资经理“翻石头”。","fund":{"_id":3000000001266,"stockCode":"001266","stockType":"fund","areaCode":"cn","followedNum":3,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-05-10T16:00:00.000Z","setUpScale":2603010000,"market":"a","tickerId":1266,"name":"国投瑞银招财灵活配置混合型证券投资基金","shortName":"国投瑞银招财混合(001266)","fundSecondLevel":"hybrid","__csrcFundId":4013,"fundStatus":"normal","lastUpdated":"2026-04-30T17:54:18.442Z","masterFundFlag":1,"inceptionDate":"2015-06-02T16:00:00.000Z","fundCollectionId":4000050180000,"currency":"CNY","pinyin":"gtryzclhpzhhxzqtzjj","managers":[{"stockCode":"db20883264","stockType":"fund_manager","exchange":"fm","tickerId":81326222660,"name":"贺明之"}]},"announcement":{"linkText":"国投瑞银招财灵活配置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=709356","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5427fea5b3eb0443534","date":"2021-09-29T16:00:00.000Z","stockId":3000000001266,"sao":"2021年三季度，A股市场总体上呈指数区间震荡的结构性走势。结构上，以煤炭、有色、化工、钢铁为代表的周期行业表现突出，医药、食品饮料、农林牧渔和纺织服装等偏消费属性的行业表现落后。本基金在三季度继续维持中性仓位，行业配置上总体均衡，低估值、周期股配置相对较多，同时自下而上配置了部分中小市值股票。展望后市，我们的观点较之前有较大变化，之前我们对市场一直是看两端的策略：在高景气中做趋势，在低估值中找绝对。但当前，我们倾向于认为市场将进入观察等待期，组合结构上应该向均衡转变，等待市场找出方向。我们做出转变的理由如下：在经济持续下行过程中，有限的资金一直在追捧有限的景气行业，比如半导体、新能源等高景气行业。但从近期观察到的情况看，资金抱团开始松动，并且往后看，这些行业景气最高的时候即将过去。同时，以煤炭为代表的的低估值周期股在经历过一轮快速上涨后，最好的投资阶段也过去了。大宗价格是否能够持续也需要观察。消费股在经历过持续下跌后，估值回归到合理区间，长线资金可以考虑慢慢介入。综合下来，我们认为在市场总体风险不大的情况下，配置会先走向均衡，但后面的主线会走到哪里还需要观察等待。展望四季度，我们认为经济下行背景下，托底预期会升温，因此我们关注的重点将是后续的托底政策，这或许会是市场再平衡后的主线所在，但目前下结论还有点早，我们会买部分底仓密切跟踪。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:04:02.182Z","fund":{"_id":3000000001266,"stockCode":"001266","stockType":"fund","areaCode":"cn","followedNum":3,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-05-10T16:00:00.000Z","setUpScale":2603010000,"market":"a","tickerId":1266,"name":"国投瑞银招财灵活配置混合型证券投资基金","shortName":"国投瑞银招财混合(001266)","fundSecondLevel":"hybrid","__csrcFundId":4013,"fundStatus":"normal","lastUpdated":"2026-04-30T17:54:18.442Z","masterFundFlag":1,"inceptionDate":"2015-06-02T16:00:00.000Z","fundCollectionId":4000050180000,"currency":"CNY","pinyin":"gtryzclhpzhhxzqtzjj","managers":[{"stockCode":"db20883264","stockType":"fund_manager","exchange":"fm","tickerId":81326222660,"name":"贺明之"}]},"announcement":{"linkText":"国投瑞银招财灵活配置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=658626","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5427fea5b3eb0443533","date":"2021-06-29T16:00:00.000Z","stockId":3000000001266,"sao":"2021年上半年，A股市场总体上呈区间震荡走势。结构上，以新能源、半导体为代表的硬科技，以化工、钢铁、电解铝为代表的碳中和收益行业表现突出。风格上，中小市值公司超额收益明显。本基金在上半年维持了中性仓位，行业配置上总体均衡，低估值、周期股配置相对较多，自下而上增加了部分中小市值股票的配置。","declarationDate":"2021-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:04:02.179Z","mo":"展望后市，流动性、企业盈利、政策是我们策略框架的三个核心要素。上半年，流动性宽松、企业盈利高增、政策友好。展望下半年，企业盈利对市场的影响会由正向转向负面，这是一个重要的变化，但是流动性会继续维持宽松。宏观政策方面对经济会有所托底，上证50估值不高，对指数会形成支撑。综合下来，我们认为大概率是指数继续震荡，流动性支持成长和小盘股继续表现。结构上，上半年我们采用的是买两端的策略，一方面在高景气度中寻找超强景气的趋势性机会，另一方面在低估值中寻找价值回归。往下半年看，我们总体上会维持上半年策略不变，只是会更加重视盈利的可兑现性。超强景气度依旧会在硬科技方面，例如新能源车、半导体和军工，只是高估值会带来震荡加剧。硬科技对应的是市场上存在大量的“躺平”公司，这里面不乏下半年有改善的机会，只是左侧买入太早或者太多会让组合承压。组合上，我们可能会忍受高估值配置部分新能源方面的仓位，重点则是在低估或者估值合理的公司里面寻找机会，建议左侧先行买入底仓等待右侧出现，受此制约，我们的权益仓位不会上得太快。最后，我们会自下而上买入小盘成长股以增加组合向上弹性。","fund":{"_id":3000000001266,"stockCode":"001266","stockType":"fund","areaCode":"cn","followedNum":3,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-05-10T16:00:00.000Z","setUpScale":2603010000,"market":"a","tickerId":1266,"name":"国投瑞银招财灵活配置混合型证券投资基金","shortName":"国投瑞银招财混合(001266)","fundSecondLevel":"hybrid","__csrcFundId":4013,"fundStatus":"normal","lastUpdated":"2026-04-30T17:54:18.442Z","masterFundFlag":1,"inceptionDate":"2015-06-02T16:00:00.000Z","fundCollectionId":4000050180000,"currency":"CNY","pinyin":"gtryzclhpzhhxzqtzjj","managers":[{"stockCode":"db20883264","stockType":"fund_manager","exchange":"fm","tickerId":81326222660,"name":"贺明之"}]},"announcement":{"linkText":"国投瑞银招财灵活配置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=632612","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5427fea5b3eb0443532","stockId":3000000001266,"sao":"2021年一季度，A股市场总体上呈区间震荡走势。结构方面，前期机构抱团的“核心资产”开始松动，低估值、顺周期表现强势。本基金在一季度降低了股票仓位，行业配置方面总体均衡，低估值、周期股配置相对较多。    。展望2021年，我们延续2020年年报看法基本不变。我们对全年获得正的投资回报依然持乐观态度，但市场结构可能会发生根本性的变化。宏观方面，投资者开始担忧中国经济在一季度见高点后，后面逐季回落。但我们认为全年宏观环境依然对权益市场有利。中国经济依然在上升通道中，而海外经济才开始走出底部向上，两者叠加，现在就开始担心系统风险还太早。结构方面，投资者开始担忧“核心资产”负反馈。我们的观点是，“核心资产”确实有估值压力，估值继续回落是大概率事件。但同时市场上也存在着大量的估值不贵甚至低估的非核心资产。这些资产中也同样存在着数量众多的优质公司，过去几年仅仅是因为市场风格原因而被压制了估值，这将是2021年我们获得超额收益的所在。本基金接下来的配置重点将继续维持低估值蓝筹股和非机构抱团的子行业龙头公司。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:04:02.176Z","fund":{"_id":3000000001266,"stockCode":"001266","stockType":"fund","areaCode":"cn","followedNum":3,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-05-10T16:00:00.000Z","setUpScale":2603010000,"market":"a","tickerId":1266,"name":"国投瑞银招财灵活配置混合型证券投资基金","shortName":"国投瑞银招财混合(001266)","fundSecondLevel":"hybrid","__csrcFundId":4013,"fundStatus":"normal","lastUpdated":"2026-04-30T17:54:18.442Z","masterFundFlag":1,"inceptionDate":"2015-06-02T16:00:00.000Z","fundCollectionId":4000050180000,"currency":"CNY","pinyin":"gtryzclhpzhhxzqtzjj","managers":[{"stockCode":"db20883264","stockType":"fund_manager","exchange":"fm","tickerId":81326222660,"name":"贺明之"}]},"announcement":{"linkText":"国投瑞银招财灵活配置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=571138","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5427fea5b3eb0443531","stockId":3000000001266,"sao":"2020年A股市场表现良好，结构分化矛盾进一步突出。行业方面，食品饮料、电子、建材涨幅靠前，建筑、钢铁、采掘表现落后。本基金在2020年保持了相对较高股票仓位，行业配置方面总体均衡，重点配置了新能源、电子以及低估值蓝筹股。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:04:02.173Z","mo":"展望2021年，我们对获得正的投资回报依然持乐观态度。但我们认为市场结构在2021年可能会发生根本性的变化。核心资产、赛道、龙头公司，是过去几年贯穿A股市场的主线，这背后的主导因素是全球范围持续的货币宽松。展望未来，规模庞大的局面储蓄理财需求和可投资范围狭小的矛盾依然突出，这一因素在2021年仍将是主导股票市场走势的核心因素。然而不可忽视的一点是，通过公募基金渠道持续涌入的居民储蓄资金，在过去几年已经把“核心资产”估值推高到了过热的水平。在货币极度泛滥的背景下，投资者这种选择长期看非理性，但短期却有其合理性，并且这种趋势在当前还无法判断何时会结束。结构分化是市场另外一个共识，但我们认为当前结构过度扭曲，赛道型公司泡沫明显，但同时一些看起来不那么美好的赛道以及为数众多的子行业龙头估值存在较为明显的低估，这也将是2021年超额收益所在。我们在维持赛道型公司龙头配置权重的同时，会更多的在上述领域中寻找投资机会，为持有人带来更多的超额回报。","fund":{"_id":3000000001266,"stockCode":"001266","stockType":"fund","areaCode":"cn","followedNum":3,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-05-10T16:00:00.000Z","setUpScale":2603010000,"market":"a","tickerId":1266,"name":"国投瑞银招财灵活配置混合型证券投资基金","shortName":"国投瑞银招财混合(001266)","fundSecondLevel":"hybrid","__csrcFundId":4013,"fundStatus":"normal","lastUpdated":"2026-04-30T17:54:18.442Z","masterFundFlag":1,"inceptionDate":"2015-06-02T16:00:00.000Z","fundCollectionId":4000050180000,"currency":"CNY","pinyin":"gtryzclhpzhhxzqtzjj","managers":[{"stockCode":"db20883264","stockType":"fund_manager","exchange":"fm","tickerId":81326222660,"name":"贺明之"}]},"announcement":{"linkText":"国投瑞银招财灵活配置混合型证券投资基金2020年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=556474","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5427fea5b3eb0443530","stockId":3000000001266,"sao":"2020年三季度，A股市场总体上呈高位区间震荡走势。行业方面，新能源汽车相关、军工、非银金融表现突出，传媒、银行、计算机表现相对落后。展望后市，我们维持中报观点基本不变。即，未来没有牛熊，只有结构。当前市场总体估值不高，但成长、价值结构分化已经严重偏离历史中枢水平。价值股觉得了市场总体下跌风险有限，风险在于高估值的成长能否经受住业绩增长考验。投资机会方面，我们在三季度已经进行了重新梳理。医药、消费、科技代表未来长期趋势，但不代表任何时点进入都会取得良好的投资回报，对于这类公司，我们会以更加严格的标准来优中选优。同时，我们增加了部分显著低估的大盘蓝筹股配置权重，同时也自下而上的选择了一些估值合理的中游制造业子行业龙头公司。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-27T16:00:00.000Z","lastUpdated":"2026-03-09T13:04:02.170Z","fund":{"_id":3000000001266,"stockCode":"001266","stockType":"fund","areaCode":"cn","followedNum":3,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-05-10T16:00:00.000Z","setUpScale":2603010000,"market":"a","tickerId":1266,"name":"国投瑞银招财灵活配置混合型证券投资基金","shortName":"国投瑞银招财混合(001266)","fundSecondLevel":"hybrid","__csrcFundId":4013,"fundStatus":"normal","lastUpdated":"2026-04-30T17:54:18.442Z","masterFundFlag":1,"inceptionDate":"2015-06-02T16:00:00.000Z","fundCollectionId":4000050180000,"currency":"CNY","pinyin":"gtryzclhpzhhxzqtzjj","managers":[{"stockCode":"db20883264","stockType":"fund_manager","exchange":"fm","tickerId":81326222660,"name":"贺明之"}]},"announcement":{"linkText":"国投瑞银招财灵活配置混合型证券投资基金2020年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=490034","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5427fea5b3eb044352f","stockId":3000000001266,"sao":"2020年一季度，市场总体呈现冲高回落的走势。年初，在行业景气、国产替代、5G技术升级的背景下，科技股继续上涨。国内疫情的阶段性打击下，国内市场很快收复失地并创出新高。然而一季度后半期，由于海外疫情的加剧恶化，以及全球金融市场的剧烈波动，国内市场回调明显。疫情的不确定性，导致海外市场对经济衰退的预期不断强化，以及金融市场暴跌导致的流动性风险，使得国内市场预期也变得悲观，科技股大幅回撤。市场二季度迎来了强劲的反弹，而反弹的原因，除了前期受国际疫情扩散影响，市场调整比较充分之外，流动性充裕，经济增长预期修复，加上外围市场向好也是主要原因。受疫情影响受益的版块，如必选消费和医药，表现强劲；而科技股在中国科技争霸的背景下，依然表现突出。纵观市场，二季度里，除了低估值蓝筹没有表现以外，消费和科技轮番上涨，带动创业板再创新高。报告期内，本基金围绕着疫情的发展，对组合进行调整布局。一季度本基金受益于科技股的相对强势，表现尚可。一季度后期，本基金逐步减持了前期受益于疫情的食品饮料、医药等板块，增持了回调明显的科技股。二季度本基金看好A股市场表现，仓位较高，结构适度均衡，重点突出，以TMT为主要持仓，兼顾低估值蓝筹如金融地产，以及新能源等。本期风格、选股贡献了超额正收益。其中重仓持有的股票表现较好，为组合贡献了较多的超额收益。5G技术创新大背景下，新技术和新商业模式将会引领成长风潮。中美技术争霸，华为对国内产业链的扶持，又进一步提升了国内科技进步的速度。本基金继续看好科技股的表现。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:04:02.167Z","mo":"展望2020年下半年，流动性宽松下，经济复苏已经在路上。货币政策和财政政策双发力，经济拐点已经出现。海外疫情虽然有所反复，但是复工趋势难以逆转，巨量的流动性下，海外经济和市场也好于预期。我们全年看好科技创新。主要看好并配置了云计算、半导体、消费电子、5G及应用，医疗信息化、券商、新能源汽车等板块。市场调整中，增配了电子和计算机板块，未来伴随市场上涨会逐步减持。5G/AI/IOT技术创新大背景下，新技术和新商业模式将会引领成长风潮。中美技术争霸，华为及国家对国内产业链的扶持，又进一步提升了国内科技进步的速度。依然看好科技创新主线。其中尤其看好，受益于全球科技创新周期，叠加国内国产替代逻辑下的行业板块，以及受益于疫情的中长期影响的板块。看好云计算、半导体、消费电子、5G及应用，医疗信息化、券商、新能源汽车、消费升级等板块。","fund":{"_id":3000000001266,"stockCode":"001266","stockType":"fund","areaCode":"cn","followedNum":3,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2015-05-10T16:00:00.000Z","setUpScale":2603010000,"market":"a","tickerId":1266,"name":"国投瑞银招财灵活配置混合型证券投资基金","shortName":"国投瑞银招财混合(001266)","fundSecondLevel":"hybrid","__csrcFundId":4013,"fundStatus":"normal","lastUpdated":"2026-04-30T17:54:18.442Z","masterFundFlag":1,"inceptionDate":"2015-06-02T16:00:00.000Z","fundCollectionId":4000050180000,"currency":"CNY","pinyin":"gtryzclhpzhhxzqtzjj","managers":[{"stockCode":"db20883264","stockType":"fund_manager","exchange":"fm","tickerId":81326222660,"name":"贺明之"}]},"announcement":{"linkText":"国投瑞银招财灵活配置混合型证券投资基金2020年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=455169","linkType":"PDF","source":"csrc_pdf"}}]}