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上涨2.76%，沪深300上涨0.03%，创业板指上涨0.53%，中证800上涨0.87%，申万医药生物指数上涨7.36%。总体而言，今年在大健康产业领域出现了较多投资机会，创新药、医药外包研发服务以及各种与现代生活相关的健康消费、悦己消费领域都有良好表现。报告期内，本基金对创新药板块进行了结构调整，止盈和替换了部分市场预期充分的个股，同时降低了相关仓位。我们力求获得在自身理解与定价能力范围内的收益，但不追随阶段性市场共识，以避免系统性风险发生时产生较大的回撤。为保持组合的成长性，我们同时配置了与绿色健康、现代生活相关的多个方向，降低对单一因子的暴露。此外，组合也增配了一部分高自由现金流、高分红、估值合理的个股，预先布局一些即使在行业低迷期也具备安全边际，并有望在下轮周期中实现较好回报的企业。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:07:10.378Z","mo":"展望未来，我们认为中国经济仍处于深度转型与结构升级的过程中，全球宏观环境的不确定性也将长期存在。即便如此，消费者依然在积极追求美好、健康的生活方式，推动着商品与服务供给不断进化。企业若仅靠模仿与重复已难以获得持续成长，必须通过功能、体验、品牌、渠道等多维度的创新与差异化，满足更加多元和个性化的市场需求。我们将持续重点关注那些在复杂环境中仍能不断创造价值、塑造竞争优势的公司。从市场角度看，我们对未来一年权益市场持中性偏乐观态度，认为随着估值与情绪逐步修复，可能会有更多行业自底部回升。但我们也深知，即使市场一直向好，错误的选股与操作时机仍可能带来亏损。因此，我们的目标是通过交易纪律的约束和脱离市场情绪的思考，在控制回撤的基础上稳步提升净值表现，尽可能守住已取得的成果，追求更长期、可持续的复利回报。","fund":{"_id":3000000001898,"stockCode":"001898","stockType":"fund","areaCode":"cn","followedNum":36,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-08-27T16:00:00.000Z","setUpScale":1682840000,"market":"a","tickerId":1898,"custody":"中国建设银行股份有限公司","name":"易方达大健康主题灵活配置混合型证券投资基金","shortName":"易方达大健康主题混合","fundSecondLevel":"hybrid","__csrcFundId":4773,"fundStatus":"normal","lastUpdated":"2024-05-16T10:28:51.106Z","masterFundFlag":1,"inceptionDate":"2017-09-26T16:00:00.000Z","fundCollectionId":4000050110000,"currency":"CNY","masterFundShortName":"易方达大健康主题混合","pinyin":"yfddjkztlhpzhhxzqtzjj","managers":[{"stockCode":"db20896307","stockType":"fund_manager","exchange":"fm","tickerId":2426238980,"name":"许征"}]},"announcement":{"linkText":"易方达大健康主题灵活配置混合型证券投资基金2025年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1349849","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5fe7fea5b3eb045046d","date":"2025-03-30T16:00:00.000Z","stockId":3000000001898,"sao":"2025年第一季度上证指数下跌0.48%，沪深300指数下跌1.21%，创业板指数下跌1.77%，中证800指数下跌0.32%，而申万医药生物指数上涨2.29%。总体来看A股的中小市值股票表现更好，同时医药板块在经历了前期的低迷之后表现有所好转。在报告期内，本基金增加了创新药的投资比例，减持了部分以海外出口为导向的股票，以表达对中国自主科技创新相关行业的看好；同时保留了一些业绩稳定或者在2025年可能会困境反转的消费标的，这样既有希望增加组合的收益空间，也避免单一行业占比太高带来较大波动。总体来看我们的投资思路依然以成长股为主，精选势能强劲的公司，但也会尽量做好风险控制和止盈，让净值整体表现更加稳健。在注重成长性的同时，本基金同样会控制仓位，做好止盈和止损，努力减少组合的波动，避免在短时间内出现过高的回撤。对于表现强劲但是上行空间不足的市场热门股，我们会预留一定的操作空间提前止盈，对于短期基本面并不强劲、潜在回报率较高的股票，我们也会提前去布局和等待。站在当下时点，国内居民端的消费很可能正在慢慢进入新一轮上行周期。基于上述判断，我们会结合持仓个股的具体情况，逐渐将定价充分的出口、科技类股票转换为业绩已经企稳、有新增长曲线的优质内需类股票，一方面保护已经取得的浮盈，同时争取下一阶段组合能继续有好的表现。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:07:10.376Z","fund":{"_id":3000000001898,"stockCode":"001898","stockType":"fund","areaCode":"cn","followedNum":36,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-08-27T16:00:00.000Z","setUpScale":1682840000,"market":"a","tickerId":1898,"custody":"中国建设银行股份有限公司","name":"易方达大健康主题灵活配置混合型证券投资基金","shortName":"易方达大健康主题混合","fundSecondLevel":"hybrid","__csrcFundId":4773,"fundStatus":"normal","lastUpdated":"2024-05-16T10:28:51.106Z","masterFundFlag":1,"inceptionDate":"2017-09-26T16:00:00.000Z","fundCollectionId":4000050110000,"currency":"CNY","masterFundShortName":"易方达大健康主题混合","pinyin":"yfddjkztlhpzhhxzqtzjj","managers":[{"stockCode":"db20896307","stockType":"fund_manager","exchange":"fm","tickerId":2426238980,"name":"许征"}]},"announcement":{"linkText":"易方达大健康主题灵活配置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=1276200","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5fe7fea5b3eb045046c","date":"2024-12-30T16:00:00.000Z","stockId":3000000001898,"sao":"2024年上证指数上涨12.67%，沪深300指数上涨14.68%，创业板指上涨13.23%，申万医药生物指数下跌14.33%，总体来看医药行业和大消费行业的表现要弱于整体大盘。医药全年的跌幅较为明显，从内部的细分来看，创新药板块的亮点相对更多，而医疗服务、中药、零售、疫苗等方向则表现不佳。2024年本基金在维持以医药行业作为投资主体的前提下，提升了部分消费行业和绿色制造业的配置，一方面适当减少对医药行业整体的暴露度，避免过高的回撤，同时通过分散行业捕捉一些新的机会，减少短期波动。目前组合的思路是相对偏重平衡，既注重企业的质地和经营壁垒，也注重行业的成长性和远期空间，不追求极限的收益弹性，而是希望基金净值能够在长期行稳致远。","declarationDate":"2025-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:07:10.373Z","mo":"展望未来，我们认为中国经济结构的持续优化将为多个行业带来长期投资机会。重点关注以下三个方向：首先，泛消费行业仍具备广阔的发展空间。随着社会精神文化水平的提升，健康生活、绿色生活理念日益深入人心，相关产品的渗透率持续提高。高性价比的本土品牌正在加速替代进口产品，并在多个细分市场占据优势地位。同时，部分龙头企业依托供应链优势和品牌升级，积极拓展国际市场，推动中国消费品在全球范围内的竞争力不断提升。其次，中国医药行业正处于创新和国际化并行的产业升级阶段。国产创新药和高端医疗器械企业凭借技术突破与成本优势，加快海外市场布局，通过海外授权、临床合作等方式，逐步参与全球医药市场竞争，分享全球市场增长红利。政策支持、人才积累与资本助推将进一步提升中国医药行业的国际化水平，带来长期投资机会。第三，新一轮AI应用浪潮正在加速到来。人工智能技术的深度应用有望提升全社会的生产效率，推动财富创造进入新阶段。AI驱动的智能制造、个性化消费、医疗健康等多个领域有望迎来变革式发展，为居民端消费升级提供新的增长点。综合来看，我们认为未来消费、医药与科技的深度融合将成为经济增长的重要驱动力，在未来几年可能会出现“多点开花”的局面，我们也将持续关注优质企业在这些领域的发展潜力。","fund":{"_id":3000000001898,"stockCode":"001898","stockType":"fund","areaCode":"cn","followedNum":36,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-08-27T16:00:00.000Z","setUpScale":1682840000,"market":"a","tickerId":1898,"custody":"中国建设银行股份有限公司","name":"易方达大健康主题灵活配置混合型证券投资基金","shortName":"易方达大健康主题混合","fundSecondLevel":"hybrid","__csrcFundId":4773,"fundStatus":"normal","lastUpdated":"2024-05-16T10:28:51.106Z","masterFundFlag":1,"inceptionDate":"2017-09-26T16:00:00.000Z","fundCollectionId":40000501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报告期内本基金依然以医药行业作为投资主体，保留了对医疗器械国际化和创新药的较高配置，同时在原有的食品饮料、精细化工、运动鞋服基础上，增配了新能源汽车和储能。我们在非医药行业选股的出发点依然是看重增量和成长，所选标的主要特征是有新产品、新客户、新技术，管理层积极进取，企业能力出众，这样既保证了组合的整体风格，也可以分散在医药单一行业持仓过重带来的波动。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:07:10.370Z","fund":{"_id":3000000001898,"stockCode":"001898","stockType":"fund","areaCode":"cn","followedNum":36,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-08-27T16:00:00.000Z","setUpScale":1682840000,"market":"a","tickerId":1898,"custody":"中国建设银行股份有限公司","name":"易方达大健康主题灵活配置混合型证券投资基金","shortName":"易方达大健康主题混合","fundSecondLevel":"hybrid","__csrcFundId":4773,"fundStatus":"normal","lastUpdated":"2024-05-16T10:28:51.106Z","masterFundFlag":1,"inceptionDate":"2017-09-26T16:00:00.000Z","fundCollectionId":4000050110000,"currency":"CNY","masterFundShortName":"易方达大健康主题混合","pinyin":"yfddjkztlhpzhhxzqtzjj","managers":[{"stockCode":"db20896307","stockType":"fund_manager","exchange":"fm","tickerId":2426238980,"name":"许征"}]},"announcement":{"linkText":"易方达大健康主题灵活配置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=1178973","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5fe7fea5b3eb045046a","date":"2024-06-29T16:00:00.000Z","stockId":3000000001898,"sao":"2024上半年上证指数下跌0.25%，沪深300指数上涨0.89%，创业板指数下跌10.99%，其中申万医药生物指数下跌21.09%，医药行业相对其他行业表现较弱。 在报告期内，本基金仍然超配医药行业，保留了对医疗器械国际化和创新药的较高配置，降低了中药板块权重，但是医药总体的仓位有所降低。同时，增加了食品饮料、运动鞋服等行业配置。我们投资非常看重企业的成长潜力和积极进取精神，在实操上谨慎行动、集中投资，尽力挑选行业地位突出同时又有上行期权的优质标的。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:07:10.368Z","mo":"随着中国的城镇化水平提高、人口老龄化程度加深以及现代生活理念的普及，我们认为大健康领域在长周期视角下还是个充满活力的朝阳行业。在需求端，我们一方面看到了1960年代出生的“婴儿潮”人群逐渐开始退休并成为医药健康消费的主力，他们对于自身的生活体验较为看重，愿意为高质量的产品和服务付出溢价；另一方面作为职场主力军的80后和90后开始更早关注自己的身体与精神健康，控糖减肥、马拉松比赛、户外露营等新风潮融入了他们的日常生活。这些社会的变迁带来了增量的需求和产业的变化，也给我们的投资提供了机遇。在供给端，中国高端制造和前沿科技在过去的十年里突飞猛进，越来越多国内企业研发的产品进入全球市场，从行业的追赶者变成了引领者，也就此迈过了便宜实用的性价比阶段，真正进入了差异化创新的蓝海。虽然短期内行业感受到了一些经营压力，我们组合里的部分股票也表现不佳，但我们认为它们只是在漫长攀登之路上遇到了暂时的困难。本基金一方面平衡短期波动和回撤并进行少量仓位调整，另一方面会坚持对长期前景良好、质地出众企业的集中投资。感谢各位投资者的信任和陪伴，我们将继续努力挖掘更多投资机会，以期在未来给大家带来出众的回报。","fund":{"_id":3000000001898,"stockCode":"001898","stockType":"fund","areaCode":"cn","followedNum":36,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-08-27T16:00:00.000Z","setUpScale":1682840000,"market":"a","tickerId":1898,"custody":"中国建设银行股份有限公司","name":"易方达大健康主题灵活配置混合型证券投资基金","shortName":"易方达大健康主题混合","fundSecondLevel":"hybrid","__csrcFundId":4773,"fundStatus":"normal","lastUpdated":"2024-05-16T10:28:51.106Z","masterFundFlag":1,"inceptionDate":"2017-09-26T16:00:00.000Z","fundCollectionId":4000050110000,"currency":"CNY","masterFundShortName":"易方达大健康主题混合","pinyin":"yfddjkztlhpzhhxzqtzjj","managers":[{"stockCode":"db20896307","stockType":"fund_manager","exchange":"fm","tickerId":2426238980,"name":"许征"}]},"announcement":{"linkText":"易方达大健康主题灵活配置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=1150509","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5fe7fea5b3eb0450469","date":"2024-03-30T16:00:00.000Z","stockId":3000000001898,"sao":"报告期内，上证指数上涨2.23%，沪深300指数上涨3.10%，创业板指数下跌3.87%，申万医药生物指数下跌12.08%。2024年一季度医药板块整体表现较为低迷，部分中药、创新药和体外诊断表现较好，而医药外包研发服务、消费医疗等方向则表现较差，而且行业内整体呈现了比较明显的轮动特征，股价的波动性也被相应地放大。在报告期内，本基金坚持既有的投资策略，优选具有核心竞争力的细分领域优质公司进行配置，主方向依旧是医药的创新与全球化，维持了有出海潜力的创新药、医疗器械、诊断试剂等方向较高的投资比例，同时增配了合成生物学、科学仪器等泛大健康领域的投资标的，以表达我们对国内产业升级长期空间的看好，同时适当分散对医药单一行业过度暴露的风险。在上述非医药领域的投资选择方面，本基金将依旧秉持精选个股、集中投资、谨慎研究后再行动的原则，以期在风险可控的前提下尽可能为持有人创造回报。最后感谢全体持有人对本基金的支持，我们将继续努力寻找更多新的投资机会。","declarationDate":"2024-04-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:07:10.365Z","fund":{"_id":3000000001898,"stockCode":"001898","stockType":"fund","areaCode":"cn","followedNum":36,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-08-27T16:00:00.000Z","setUpScale":1682840000,"market":"a","tickerId":1898,"custody":"中国建设银行股份有限公司","name":"易方达大健康主题灵活配置混合型证券投资基金","shortName":"易方达大健康主题混合","fundSecondLevel":"hybrid","__csrcFundId":4773,"fundStatus":"normal","lastUpdated":"2024-05-16T10:28:51.106Z","masterFundFlag":1,"inceptionDate":"2017-09-26T16:00:00.000Z","fundCollectionId":4000050110000,"currency":"CNY","masterFundShortName":"易方达大健康主题混合","pinyin":"yfddjkztlhpzhhxzqtzjj","managers":[{"stockCode":"db20896307","stockType":"fund_manager","exchange":"fm","tickerId":2426238980,"name":"许征"}]},"announcement":{"linkText":"易方达大健康主题灵活配置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=1074650","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5fe7fea5b3eb0450468","date":"2023-12-30T16:00:00.000Z","stockId":3000000001898,"sao":"2023年上证指数下跌3.70%，沪深300指数下跌11.38%，创业板指下跌 19.41%，申万医药生物指数下跌7.05%，在申万31个一级行业中排名第16位，从2023年来看，中药、创新药、血液制品等子板块相对表现较好，而医疗服务、医药外包等领域则相对表现较弱。在报告期内，本基金投资策略为优选具有明显产业成长趋势，且有较强经营能力的优质公司进行配置，组合重点配置了医疗器械、体外诊断、创新药，回避了医药可选消费、药品零售、血液制品和疫苗等相关领域，同时在个股层面整体维持较高集中度，以表达我们在投资标的上的主动选择。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:07:10.362Z","mo":"2023年医药行业发生了很多变化，但最核心的特征还是国内企业在新的社会阶段进行转型与升级，产品力不足、创新能力不强的企业利润被集采压缩，医疗产业的灰色地带随着监管透明化而逐渐消失，行业的投资机会也从产业红利阶段转变为创新引领阶段。我们认为随着人口的老龄化进程，国内的整体医药消费需求依然会稳步增长，但在收入特别是利润结构上会不断向有新产品周期、强进口替代能力的企业倾斜，同时在产业升级的过程中越来越多的企业会走向国际市场，通过海外业务创造收入增量。基于以上的认识，本基金的投资策略依然会集中在创新和国际化这两个方向上：2023年中国本土的创新药企在海外授权方面进步显著，以抗体偶联药物为代表的多个分子被全球大药企收入囊中，各类医学论坛上中国公司的发言与影响力也在持续提升，在全球流动性较为紧张的大环境下，中国创新药表现出了很强的生命力与韧性，我们认为在未来几年这一产业趋势依然会维持并成为医药板块最强的成长性机会。除了创新药之外，中国医药的中高端制造业也开始进入国际化的导入阶段。随着进口替代的不断深入，国内的医疗设备、高值耗材、诊断设备已逐渐可以平替甚至超越进口产品，而中国企业的服务效率、研发改进速度和性价比在全球都有压倒性地优势，它们既可以在新兴市场开拓业务，也有能力在发达国家获取份额。实际上在2023年国内多家公司都提出了国际化的战略目标，并且在初步的尝试中收获颇丰。在全球的成长行业投资视角下，生物医药领域拥有庞大的未被满足的需求和宽广繁复的技术纵深，也给了各个国家、各种类型的企业百花齐放的发展空间。我们坚定地看好国内产业的未来，并且着重投资拥有创新探索精神、决心成为国际龙头的企业。最后，衷心感谢持有人对本基金的信任和支持，我们将努力工作，挖掘更多优质地投资机会。","fund":{"_id":3000000001898,"stockCode":"001898","stockType":"fund","areaCode":"cn","followedNum":36,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-08-27T16:00:00.000Z","setUpScale":1682840000,"market":"a","tickerId":1898,"custody":"中国建设银行股份有限公司","name":"易方达大健康主题灵活配置混合型证券投资基金","shortName":"易方达大健康主题混合","fundSecondLevel":"hybrid","__csrcFundId":4773,"fundStatus":"normal","lastUpdated":"2024-05-16T10:28:51.106Z","masterFundFlag":1,"inceptionDate":"2017-09-26T16:00:00.000Z","fundCollectionId":4000050110000,"currency":"CNY","masterFundShortName":"易方达大健康主题混合","pinyin":"yfddjkztlhpzhhxzqtzjj","managers":[{"stockCode":"db20896307","stockType":"fund_manager","exchange":"fm","tickerId":2426238980,"name":"许征"}]},"announcement":{"linkText":"易方达大健康主题灵活配置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=1050743","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5fe7fea5b3eb0450467","date":"2023-09-29T16:00:00.000Z","stockId":3000000001898,"sao":"报告期内，上证指数下跌2.86%，沪深 300 下跌3.98%，创业板指下跌9.53%， 申万医药生物指数下跌1.57%。 三季度医药板块由于医疗反腐出现较大波动，以院内销售为主的药品、医疗器械、体外诊断试剂等公司在经历了一轮快速回撤后，于近期有所回暖；此前一直表现相对较弱的医药研发外包服务板块开始逐渐企稳。总体来说，医药板块内部依然呈现明显的分化状态，投资机会主要表现为个股的阿尔法。在报告期内，本基金坚持既有的投资策略，优选具有核心竞争力的细分行业龙头公司进行配置，主要方向还是国内医药产业的创新与全球化。在报告期内本基金进一步加大了对有出海潜力的高端医疗器械、高值耗材、诊断试剂等方向的投资比例，同时将头部企业的仓位集中度进一步提高，以体现我们对优质个股的主动选择。最后，衷心感谢持有人对本基金的支持，我们将努力挖掘更多的投资机会，回报大家的信任。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:07:10.360Z","fund":{"_id":3000000001898,"stockCode":"001898","stockType":"fund","areaCode":"cn","followedNum":36,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-08-27T16:00:00.000Z","setUpScale":1682840000,"market":"a","tickerId":1898,"custody":"中国建设银行股份有限公司","name":"易方达大健康主题灵活配置混合型证券投资基金","shortName":"易方达大健康主题混合","fundSecondLevel":"hybrid","__csrcFundId":4773,"fundStatus":"normal","lastUpdated":"2024-05-16T10:28:51.106Z","masterFundFlag":1,"inceptionDate":"2017-09-26T16:00:00.000Z","fundCollectionId":4000050110000,"currency":"CNY","masterFundShortName":"易方达大健康主题混合","pinyin":"yfddjkztlhpzhhxzqtzjj","managers":[{"stockCode":"db20896307","stockType":"fund_manager","exchange":"fm","tickerId":2426238980,"name":"许征"}]},"announcement":{"linkText":"易方达大健康主题灵活配置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=992810","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5fe7fea5b3eb0450466","date":"2023-06-29T16:00:00.000Z","stockId":3000000001898,"sao":"2023年上半年上证指数上涨3.65%，沪深300指数下跌0.75%，创业板指数下跌5.61%，其中申万医药生物指数下跌5.56%，医药行业相对其他行业表现较弱。从细分领域表现来看，中药、商业流通和传统制药领域相关标的表现较好，医药外包、疫苗、消费医疗服务等行业表现不佳。在报告期内，本基金坚持既有的投资策略，优选具有核心竞争力的细分行业龙头公司进行配置。组合重点配置了创新药、创新医疗器械、体外诊断和严肃医疗服务方向，低配了中药和医药外包研发服务，同时回避了可选医疗服务、药品零售、血液制品和疫苗以及新冠产业相关的领域，并且将长期看好的资产配置做了进一步的集中。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:07:10.357Z","mo":"2023年上半年医药领域整体延续了自2021年7月以来较为低迷的状态。自2018年医保局成立以来，以内需为主的医药产业商业模式发生了很大的变化，产品力不足、创新性不高的企业利润被压缩，市场在股价层面对此给予了比较悲观的态度。从我们的角度来看，国内医药企业正处在一个转型过渡的特殊时期，但长期依然有很大的成长空间，主要来自于两个方向：研发创新和产品出海。研发创新：2023年对医药创新方面的鼓励明显加强，例如创新药的续约谈判规则被进一步明确和优化，创新医疗器械可以豁免DRG（疾病诊断相关分组）支付，企事业单位优先采购国产的高端设备、装备，我们认为市场没有充分认识和定价政策鼓励产业的部分。同时，随着成熟的存量产品集采降价的推进，企业盈利端负面冲击的压力逐渐被释放，有创新能力的公司未来几年将迎来新一轮的成长曲线。产品出海：我们认为中国制造业在全球的比较优势在医药领域同样成立，主要体现为产品性价比高、服务及时高效、配合下游研发的灵活性强，过去国内的医药商品价格水平较高，企业只通过内需市场也可以获得持续的盈利和成长，在政府开展控费降价之后企业开始有更强的动力去参与全球竞争，发挥出本土制造产业的优势。从这一角度而言，相对严格的规则制度非但不会压制本土企业的发展，反而促进了它们的成长，市场同样低估了这一方面的投资价值。基于上述两点，我们坚定地看好医药健康产业的长期投资机会，并且着重投资拥有产品创新能力、有决心成为全球龙头的企业。最后，衷心感谢持有人对本基金的信任和支持，我们将努力工作，力争回报大家的信任。","fund":{"_id":3000000001898,"stockCode":"001898","stockType":"fund","areaCode":"cn","followedNum":36,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-08-27T16:00:00.000Z","setUpScale":1682840000,"market":"a","tickerId":1898,"custody":"中国建设银行股份有限公司","name":"易方达大健康主题灵活配置混合型证券投资基金","shortName":"易方达大健康主题混合","fundSecondLevel":"hybrid","__csrcFundId":4773,"fundStatus":"normal","lastUpdated":"2024-05-16T10:28:51.106Z","masterFundFlag":1,"inceptionDate":"2017-09-26T16:00:00.000Z","fundCollectionId":4000050110000,"currency":"CNY","masterFundShortName":"易方达大健康主题混合","pinyin":"yfddjkztlhpzhhxzqtzjj","managers":[{"stockCode":"db20896307","stockType":"fund_manager","exchange":"fm","tickerId":2426238980,"name":"许征"}]},"announcement":{"linkText":"易方达大健康主题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=961286","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5fe7fea5b3eb0450465","date":"2023-03-30T16:00:00.000Z","stockId":3000000001898,"sao":"报告期内，上证指数上涨5.94%，沪深300指数上涨4.63%，创业板指上涨2.25%，申万医药生物指数上涨1.86%，在申万 31 个一级行业中排名第22名，在经历了二月份的快速下跌之后，近期企稳。从细分行业来看，受国家政策鼓励的中药行业表现较好，另外有国企改革预期的商业流通板块亦表现突出，而医药外包研发服务细分领域则表现相对较差。在报告期内，本基金坚持既有的投资策略，优选具有核心竞争力的细分行业龙头公司进行配置。在报告期内我们逐渐减持了部分预期充分、估值较高的中药与医疗设备公司，提高了与院内治疗与可选消费恢复相关的医疗耗材、医疗服务企业的持仓比例。最后，衷心感谢持有人对本基金的信任和支持，我们将努力工作，力争回报大家的信任。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:07:10.354Z","fund":{"_id":3000000001898,"stockCode":"001898","stockType":"fund","areaCode":"cn","followedNum":36,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-08-27T16:00:00.000Z","setUpScale":1682840000,"market":"a","tickerId":1898,"custody":"中国建设银行股份有限公司","name":"易方达大健康主题灵活配置混合型证券投资基金","shortName":"易方达大健康主题混合","fundSecondLevel":"hybrid","__csrcFundId":4773,"fundStatus":"normal","lastUpdated":"2024-05-16T10:28:51.106Z","masterFundFlag":1,"inceptionDate":"2017-09-26T16:00:00.000Z","fundCollectionId":4000050110000,"currency":"CNY","masterFundShortName":"易方达大健康主题混合","pinyin":"yfddjkztlhpzhhxzqtzjj","managers":[{"stockCode":"db20896307","stockType":"fund_manager","exchange":"fm","tickerId":2426238980,"name":"许征"}]},"announcement":{"linkText":"易方达大健康主题灵活配置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=885299","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5fe7fea5b3eb0450464","date":"2022-12-30T16:00:00.000Z","stockId":3000000001898,"sao":"2022年上证指数下跌15.13%，沪深300指数下跌21.63%，创业板指下跌29.37%，申万医药生物指数下跌20.34%，在申万31个一级行业中排名第20位，表现不佳，尤其是前三个季度表现更差，从2021年下半年开始到2022年下半年，医药指数高位回撤最高超过40%，其中机构投资者重仓的CXO（医药研发生产外包）等细分行业回撤更大，而相对估值较低、机构持仓较少的细分行业比如中药、OTC（非处方药）、某些仿制药、创新药，以及疫情相关的部分公司表现相对较好。在报告期内，本基金坚持既有的投资策略，优选具有核心竞争力的细分行业龙头公司进行配置，但考虑到部分行业有供需格局恶化的趋势进行了减持，增持了部分竞争格局在改善的细分行业。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:07:10.352Z","mo":"从2021年下半年以来，申万医药行业指数最大回撤超过40%，机构持仓在剔除医药基金之后处在历史低位。从行业基本面看，一方面国内的医药产业进入转型期，存量业务出现下滑，同时创新产品的出现需要一定的时间，行业进入“青黄不接”的时期；另一方面，疫情也在一定程度上影响了行业的增长，尤其是新产品和新技术的推广放量，导致行业整体的业绩增速出现波动。站在当下的时点，我们认为医药行业已经逐步走出了调整期，存量业务风险已经基本出清，同时创新业务带来的增量在迅速扩大，行业的“腾笼换鸟”已经初步完成，随着疫情过去，整个行业将重新回到良性的增长轨道。同时，考虑到近年来国家对医疗行业的投入加大以及退休人口的增多，这些都会为医药行业带来新的增长。因此，相较于疫情前，医药行业有可能会进入一个加速增长的阶段。而在此期间，医院端的严肃医疗可能是医药行业内部更主要的发展方向，也是我们关注的重点，在这个方向上，包括创新药、转型的仿制药、医疗器械及耗材、IVD（体外诊断）、医疗服务等各种细分行业。除此之外，消费医疗仍是国内医药行业中长期发展的方向，尤其是眼科、医美等有新产品周期、景气度较高的相关领域，也会是我们持续关注的重点。最后，衷心感谢持有人对本基金的信任和支持，我们将努力工作，力争回报大家的信任。","fund":{"_id":3000000001898,"stockCode":"001898","stockType":"fund","areaCode":"cn","followedNum":36,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-08-27T16:00:00.000Z","setUpScale":1682840000,"market":"a","tickerId":1898,"custody":"中国建设银行股份有限公司","name":"易方达大健康主题灵活配置混合型证券投资基金","shortName":"易方达大健康主题混合","fundSecondLevel":"hybrid","__csrcFundId":4773,"fundStatus":"normal","lastUpdated":"2024-05-16T10:28:51.106Z","masterFundFlag":1,"inceptionDate":"2017-09-26T16:00:00.000Z","fundCollectionId":4000050110000,"currency":"CNY","masterFundShortName":"易方达大健康主题混合","pinyin":"yfddjkztlhpzhhxzqtzjj","managers":[{"stockCode":"db20896307","stockType":"fund_manager","exchange":"fm","tickerId":2426238980,"name":"许征"}]},"announcement":{"linkText":"易方达大健康主题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=868523","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5fe7fea5b3eb0450463","date":"2022-09-29T16:00:00.000Z","stockId":3000000001898,"sao":"报告期内，上证指数下跌11.01%，沪深300下跌15.16%，创业板指下跌18.56%，申万医药生物指数下跌15.98%，在31个申万一级行业中排名第25，表现不佳。从细分行业来看，医疗设备、中药、连锁药店等行业表现相对较好。在报告期内，本基金坚持既有的投资策略，优选具有核心竞争力的细分行业龙头公司进行配置。 报告期内，本基金增持了具有核心研发能力并受益于医疗新基建的部分医疗设备公司，减持了部分终端竞争格局有恶化趋势的CDMO公司（合同定制研发生产机构）。最后，衷心感谢持有人对本基金的信任和支持，我们将努力工作，力争回报大家的信任。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:07:10.349Z","fund":{"_id":3000000001898,"stockCode":"001898","stockType":"fund","areaCode":"cn","followedNum":36,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-08-27T16:00:00.000Z","setUpScale":1682840000,"market":"a","tickerId":1898,"custody":"中国建设银行股份有限公司","name":"易方达大健康主题灵活配置混合型证券投资基金","shortName":"易方达大健康主题混合","fundSecondLevel":"hybrid","__csrcFundId":4773,"fundStatus":"normal","lastUpdated":"2024-05-16T10:28:51.106Z","masterFundFlag":1,"inceptionDate":"2017-09-26T16:00:00.000Z","fundCollectionId":4000050110000,"currency":"CNY","masterFundShortName":"易方达大健康主题混合","pinyin":"yfddjkztlhpzhhxzqtzjj","managers":[{"stockCode":"db20896307","stockType":"fund_manager","exchange":"fm","tickerId":2426238980,"name":"许征"}]},"announcement":{"linkText":"易方达大健康主题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=801929","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5fe7fea5b3eb0450462","date":"2022-06-29T16:00:00.000Z","stockId":3000000001898,"sao":"2022年上半年上证指数下跌6.63%，沪深300指数下跌9.22%，创业板指数下跌15.41%，其中 A股申万医药指数下跌14.24%，在31个申万一级行业中排名第23，表现相对较弱。从细分行业来看，中药、消费医疗和部分新冠产业链相关标的表现较好，机构持仓较重的CXO（医药研发生产外包）、疫苗等行业表现不佳。在报告期内，本基金坚持既有的投资策略，优选具有核心竞争力的细分行业龙头公司进行配置。一季度，考虑到医药行业本身容易受到外部政策环境变化的影响，本基金对部分受政策不确定性影响较大且估值较高的部分细分行业和公司进行了减持，提高了政策鼓励的细分行业和公司的配置比例；二季度，随着疫情的影响边际减弱，本基金增持了预期能快速恢复的消费医疗行业，以及政策上边际缓和的民营医疗服务行业的公司；同时减持了受新冠小分子药物订单影响较大的部分 CDMO 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65.28%，申万医药生物指数上涨 51.10%。报告期内本基金整体仓位没有大的变化，消费板块方面，主要调低了低利率环境下受损品种的占比，同时根据子行业变化加大了高景气度公司的权重；医药板块方面，整体受益于疫情表现较好，其中政策免疫的赛道如服务和CRO（研发外包）等整体表现好于受政策影响的子行业，我们在这些领域加大了配置力度，同时也更加注重公司长期的竞争力和前景，对估值容忍度作了提升。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:07:10.329Z","mo":"2020年市场整体流动性较为宽松，个股上涨更多来自于估值的上涨。而当前经济整体随着疫情趋稳处于复苏阶段，我们认为2021年的宏观环境相对2020年会有一定变化，表现在流动性难以更加宽松。在目前估值和市场环境下，我们在注重行业景气度的同时，会更加注重标的本身的估值性价比。此外，医药相关政策依然会在投资中扮演重要角色，政策变化带来的行业重构依然在进行。我们后续将更加注重这种重构带来的长期趋势变化，在新的细分领域中挖掘符合行业发展趋势的标的。","fund":{"_id":3000000001898,"stockCode":"001898","stockType":"fund","areaCode":"cn","followedNum":36,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-08-27T16:00:00.000Z","setUpScale":1682840000,"market":"a","tickerId":1898,"custody":"中国建设银行股份有限公司","name":"易方达大健康主题灵活配置混合型证券投资基金","shortName":"易方达大健康主题混合","fundSecondLevel":"hybrid","__csrcFundId":4773,"fundStatus":"normal","lastUpdated":"2024-05-16T10:28:51.106Z","masterFundFlag":1,"inceptionDate":"2017-09-26T16:00:00.000Z","fundCollectionId":4000050110000,"currency":"CNY","masterFundShortName":"易方达大健康主题混合","pinyin":"yfddjkztlhpzhhxzqtzjj","managers":[{"stockCode":"db20896307","stockType":"fund_manager","exchange":"fm","tickerId":2426238980,"name":"许征"}]},"announcement":{"linkText":"易方达大健康主题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=556957","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5fe7fea5b3eb045045b","stockId":3000000001898,"sao":"2020年三季度，市场继续保持相当的热度震荡，爆款基金不断出现，外资也持续涌入A股市场。上证综指上涨7.82%，代表大盘风格的上证50指数上涨9.87%，代表中小盘成长风格的创业板指数上涨5.60%。申万医药指数上涨2.93%，中证内地消费指数上涨18.55%，市场整体表现较好。从大健康领域内细分子行业看，医疗服务、药店、CRO等板块相对有超额收益。本基金在三季度持仓变化不大，依然以大健康领域细分板块内有竞争力的公司为主，在医疗服务、创新药、医疗器械等方向上保持了重仓配置，同时也依据不同公司预期收益率的变化在个股权重上做了微调。本基金主要基于进口替代的逻辑以及相对估值性价比角度，增加了对化学发光板块的相关公司配置比例；此外，本基金也增加了对保健品、化妆品等公司的配置比例。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-27T16:00:00.000Z","lastUpdated":"2026-03-09T13:07:10.325Z","fund":{"_id":3000000001898,"stockCode":"001898","stockType":"fund","areaCode":"cn","followedNum":36,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-08-27T16:00:00.000Z","setUpScale":1682840000,"market":"a","tickerId":1898,"custody":"中国建设银行股份有限公司","name":"易方达大健康主题灵活配置混合型证券投资基金","shortName":"易方达大健康主题混合","fundSecondLevel":"hybrid","__csrcFundId":4773,"fundStatus":"normal","lastUpdated":"2024-05-16T10:28:51.106Z","masterFundFlag":1,"inceptionDate":"2017-09-26T16:00:00.000Z","fundCollectionId":4000050110000,"currency":"CNY","masterFundShortName":"易方达大健康主题混合","pinyin":"yfddjkztlhpzhhxzqtzjj","managers":[{"stockCode":"db20896307","stockType":"fund_manager","exchange":"fm","tickerId":2426238980,"name":"许征"}]},"announcement":{"linkText":"易方达大健康主题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=490535","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec5fe7fea5b3eb045045a","stockId":3000000001898,"sao":"2020上半年，上证综指下跌2.15%，深证成指上涨14.97%，沪深300上涨1.64%，创业板指数上涨35.60%。中证内地消费指数涨11.70%，申万医药指数上涨40.28%，表现均较好。消费细分子行业层面，免税销售、养殖、食品饮料等板块涨幅居前；医药细分子行业层面，疫情受益的相关行业如医疗器械、体外诊断等细分行业表现相对较好。本基金在报告期内根据国内和海外疫情的变化，对组合内的持仓做了一定微调。本基金在一季度增加了一些疫情受益股的配置，减持了低利率环境下受损的行业及个股，并在二季度兑现了一部分收益。总体上看，本基金依然坚持自下而上精选细分行业龙头的投资策略，以食品饮料、处方药、医疗服务等行业作为核心配置；此外，本基金也根据估值的相对变化调整了各个股票仓位的权重。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:07:10.321Z","mo":"2020年上半年，大范围的疫情爆发使得全球经济遭到了史无前例的破坏。医药行业作为刚需行业，在整体受损的同时，也有一部分公司业绩逆势增长。医药行业相对的优势使得整个行业在上半年表现出彩，这与2019年上半年的颓势形成了鲜明对照，也印证了我们之前对于医药行业的长期看好观点。在消费领域，疫情加速了企业的优胜劣汰，龙头企业的市占率进一步提升，也给我们带来不少投资机会。低利率环境带来流动性宽松，但流动性宽松推高市场整体估值的同时，也会引发市场强烈分化的风险。无论是疫情影响还是科技进步，给消费和医药板块带来新的空间的同时也导致其估值大幅上升。我们必须以严谨的研究来区分哪些个股的估值上升是价值发现，哪些则蕴含风险。我们认为在规模增长以及结构优化的过程中，消费和医药行业依然孕育着大量投资机会，这些机会可能是结构性的，需要我们深入到新的细分行业以及新的具体公司，去理解公司的发展空间以及竞争力。我们依然长期看好具备强烈内生增长能力的消费、医药行业龙头，我们相信有核心竞争力的细分行业龙头公司最终能够持续为投资人带来丰厚回报。","fund":{"_id":3000000001898,"stockCode":"001898","stockType":"fund","areaCode":"cn","followedNum":36,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":null,"ipoDate":"2017-08-27T16:00:00.000Z","setUpScale":1682840000,"market":"a","tickerId":1898,"custody":"中国建设银行股份有限公司","name":"易方达大健康主题灵活配置混合型证券投资基金","shortName":"易方达大健康主题混合","fundSecondLevel":"hybrid","__csrcFundId":4773,"fundStatus":"normal","lastUpdated":"2024-05-16T10:28:51.106Z","masterFundFlag":1,"inceptionDate":"2017-09-26T16:00:00.000Z","fundCollectionId":4000050110000,"currency":"CNY","masterFundShortName":"易方达大健康主题混合","pinyin":"yfddjkztlhpzhhxzqtzjj","managers":[{"stockCode":"db20896307","stockType":"fund_manager","exchange":"fm","tickerId":2426238980,"name":"许征"}]},"announcement":{"linkText":"易方达大健康主题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=451437","linkType":"PDF","source":"csrc_pdf"}}]}