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康险规模扩大为创新药提供增量支付空间；同时，医药反腐与价格治理常态化促使企业逐步完善学术推广体系，从而推动国内医疗市场形成更加健康、可持续的经营环境。创新药领域，多抗、ADC等前沿技术研发加速突破，国内多家企业与海外跨国公司就多个品种达成重磅合作协议，标志着国产创新药国际化能力显著提升。医疗器械方面，国内医疗设备市场招投标数据在一季度显著回升。基于长期价值投资思路，结合企业盈利周期、历史估值水平和经营趋势，我们继续在创新药械及其产业链、OTC、消费医疗等领域进行重点配置。  展望二季度，我们仍旧看好创新药持续突破、消费医疗复苏与产业链关键环节国产替代等方向。创新药领域，全球合作持续推进及关键临床数据披露值得期待。中国企业在ADC、多抗、多肽等领域的竞争力已逐步获得全球认可，与国内企业的项目合作已成为海外公司管线布局的重要组成部分。同时，海外企业在收购国内品种后正持续推进多种适应症的全球临床试验。此外，AACR和ASCO等国际会议期间，国内企业将披露多项重要临床数据。AI制药技术在靶点发现中的应用及其对研发效率的提升也值得持续关注。  消费医疗板块的结构性机会有望延续。医美、眼科等可选消费领域受益于居民健康管理意识提升，终端需求有望随经济复苏进一步回暖。同时，家用医疗设备在老龄化趋势下需求将稳步增长。  医疗设备板块有望持续复苏。一季度国内招投标恢复至较高增长水平，这一方面有助于加速渠道库存消化，另一方面随着装机逐步落地，将对公司经营业绩产生积极影响。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:11:25.060Z","fund":{"_id":3000000003095,"stockCode":"003095","stockType":"fund","areaCode":"cn","followedNum":2361,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2016-08-16T16:00:00.000Z","setUpScale":209163000,"market":"a","tickerId":3095,"custody":"中国工商银行股份有限公司","name":"中欧医疗健康混合型证券投资基金","shortName":"中欧医疗健康混合A","fundSecondLevel":"hybrid","__csrcFundId":815,"fundStatus":"normal","lastUpdated":"2024-05-16T10:28:54.463Z","masterFundFlag":1,"inceptionDate":"2016-09-28T16:00:00.000Z","memoNum":10,"fundCollectionId":4000050570000,"currency":"CNY","masterFundShortName":"中欧医疗健康混合","pinyin":"zoyljkhhxzqtzjj","managers":[{"stockCode":"8801391995","stockType":"fund_manager","exchange":"fm","tickerId":712150000,"name":"葛兰"},{"stockCode":"8801640678","stockType":"fund_manager","exchange":"fm","tickerId":2612250950,"name":"赵磊"}]},"announcement":{"linkText":"中欧医疗健康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=1276921","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6fd7fea5b3eb0462903","date":"2024-12-30T16:00:00.000Z","stockId":3000000003095,"sao":"2024年海外宏观环境复杂多变，全球经济增长的稳定性和持续性面临了较多的不确定性挑战。国内经济尽管面临外部需求收缩、内部结构调整的压力，但总体仍呈现了弱复苏的态势。医药生物行业整体呈现宽幅震荡调整的趋势，申万医药生物指数全年下跌约14%，跑输沪深300指数，板块估值持续处于历史较低水平。年初地缘政治与宏观经济不确定性加剧行业调整，同时零售药店、中药等子行业因政策试点调整幅度较大；三季度市场情绪随国内经济政策密集出台显著改善，医药指数大幅反弹，领先沪深300指数，医疗服务、化学制药等子领域领涨；后续医药行业仍缺乏主线逻辑，指数出现回调。  2024年国内医药政策框架总体稳定，以“高创新性”、“高临床价值”、“高性价比”为导向的产业支持方向未发生根本性变化。国家医保延续对创新药的支持，胰岛素专项接续、创新药国家谈判等规则总体温和。集采政策持续推进，第五批高值耗材、第十批仿制药集采落地，框架总体稳定。从地方层面来看，联盟集采以及深圳、西安等上线的零售药店比价系统等探索，总体也还是延续继续加强医保基金管理，使得药品价格更加透明、合理的思路，相关各方也都在积极应对相应的变化。支付端扩容有望成为医药行业的重要增长动力，商业化医疗保险、丙类药品目录的深入研究、推进，有效地扩大了医疗保障范围、为优质创新药提供了多元支付机制，将会有力地推进行业高质量的发展。此外，严肃医疗合规化常态化推进，医院端与企业端已逐步适应新环境，行业持续恢复。  基于长期价值投资的思路，同时结合企业的盈利周期、历史估值水平、经营趋势等，我们仍持续聚焦创新驱动、OTC、消费医疗等领域。创新药械及其产业链为核心布局主线，政策端国家持续支持、海外进入降息周期且投融资回暖、国内企业研发能力提升使得相关公司仍有着较大的成长空间。  消费医疗与OTC板块长期受益于居民健康消费升级与品牌壁垒，重点关注产品管线丰富、渠道管理高效的龙头企业。在医疗器械设备领域，尽管2024年受设备置换政策影响招标延后、财政紧张等影响面临短期的压力，但需求相对刚性，影像、内镜等高端设备采购逐步呈现修复趋势，具备技术突破与成本优势的企业值得关注。  国际化能力逐步成为筛选标的的重要维度。2024年创新药海外授权交易显著增加，ADC、多抗、小分子等领域涌现预付款超5亿美元的重磅合作，NewCo模式拓宽融资渠道；医疗器械企业通过创新设备与诊断产品逐步切入高价值链国际市场，有望拉动公司中长期成长。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:11:25.057Z","mo":"展望2025年，我们仍旧最为看好创新产业链。国内政策层面，国家对创新药械的支持力度加码，医保支付、融资、人才、数据要素保障措施等都有望落地。创新药研发质量与效率仍在较高水平，国内上市申请新药数量持续增长，多款产品也在逐步推进全球临床。在2025年的ASCO、ESMO等重要的国际会议上，预计仍将有众多中国企业公布研发数据，展示最新的研发进展。可以预见，中国创新产品竞争力将持续获国际认可，创新药出海在2025年仍值得期待。  医疗器械创新聚焦国产替代与国际化双主线。内镜、影像设备等高端领域国产化率提升，AI辅助诊断、手术机器人等新技术加速临床应用。海外市场突破方面，化学发光、分子诊断等体外诊断产品凭借性价比优势逐步进入欧美主流市场，部分企业通过并购整合建立全球化供应链能力。  2024年医药生物行业在海内外宏观环境的影响下，以及国内医保基金面临一定压力的背景下，二级市场整体出现了较大幅度的调整。但我们也看到政策定力与产业升级为行业长期发展奠定基础。创新药械作为新质生产力的代表，在政策支持、临床推进与资本助力下进入高质量发展阶段。企业核心竞争力从单一产品优势向全球化研发、商业化能力延伸。2025年，随着海外降息周期开启、国内投融资环境改善及设备采购需求释放，行业有望迎来估值与业绩的双重修复，我们仍旧看好行业的长期投资机会。","fund":{"_id":3000000003095,"stockCode":"003095","stockType":"fund","areaCode":"cn","followedNum":2361,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2016-08-16T16:00:00.000Z","setUpScale":209163000,"market":"a","tickerId":3095,"custody":"中国工商银行股份有限公司","name":"中欧医疗健康混合型证券投资基金","shortName":"中欧医疗健康混合A","fundSecondLevel":"hybrid","__csrcFundId":815,"fundStatus":"normal","lastUpdated":"2024-05-16T10:28:54.463Z","masterFundFlag":1,"inceptionDate":"2016-09-28T16:00:00.000Z","memoNum":10,"fundCollectionId":4000050570000,"currency":"CNY","masterFundShortName":"中欧医疗健康混合","pinyin":"zoyljkhhxzqtzjj","managers":[{"stockCode":"8801391995","stockType":"fund_manager","exchange":"fm","tickerId":712150000,"name":"葛兰"},{"stockCode":"8801640678","stockType":"fund_manager","exchange":"fm","tickerId":2612250950,"name":"赵磊"}]},"announcement":{"linkText":"中欧医疗健康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=1257923","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6fd7fea5b3eb0462902","date":"2024-09-29T16:00:00.000Z","stockId":3000000003095,"sao":"回顾2024年第三季度，医药生物行业整体呈现先抑后扬的走势。申万医药生物指数上涨17.6%，超过了沪深300指数16.1%的涨幅。三季度基本面开始改善，交易层面二级市场情绪较为敏感，医药行业指数前期仍在探底过程中。随着季度末国内重磅经济政策密集出台，未来经济增长预期以及二级市场交易情绪都有较大改善，医药行业指数也迎来了较大幅度修复。  从行业基本面角度，医药生物行业内部不同细分行业处在不同盈利周期，但整体较为稳定。政策层面总体相对平稳，尽管部分省市部分试点政策引起较多市场关注，但总体上延续了“高创新性”、“高临床价值”以及“高性价比”的产业引导趋势。企业经营方面，2023年第三季度国内医疗合规化持续推进，基数较低，2024年第三季度同比呈现了一定程度的增长。治疗性药品等严肃医疗需求刚性更强，相对恢复更好。设备等受制于需求方资金压力，招采节奏有所放缓。总体来看，医疗服务、化学制药等子领域股价表现较好，商业、器械、中药等股价涨幅相对较低。  在宏观环境持续变化、行业内部不断调整的阶段中，我们仍旧认为只有具备核心产品竞争力、高效经营管理能力的优质企业才能够真正走出产业调整周期，迎来可持续的长期发展。基于长期价值投资的思路，同时结合企业的盈利周期、历史估值水平、经营趋势等，我们在创新药械及其产业链、OTC、消费医疗等领域进行了重点配置。  展望2024年第四季度，我们仍旧看好创新药械及其产业链。海外美联储在2024年9月降息50个基点，标志着美国正式进入降息周期，对于全球投融资以及创新类资产估值水平提升都有着较大的正向意义。国内创新药国家谈判推进方面，国家对于真正“高创新性”和“高临床价值”创新药仍维持着一贯性支持态度。创新产品竞争力持续提升，在9月举办的重要国际会议WCLC上，部分中国产品在重要疾病领域发布了对比全球一线疗法的优秀结果数据。产品力提升使得国内企业在对外授权数量上持续增加，NewCo模式不断探索，这也给国内企业融资带来了新的途径，相关融资可以使得中国创新药企业实现长期发展。从全球创新领域探索来看，GLP1等相关靶点的研究仍在持续深入，适应症领域拓展以及不同给药周期、给药途径等新品种也在持续推进，相关领域市场规模仍未到天花板。  医疗器械设备领域，2024年前三季度需求方的财务压力、设备置换的政策推进使得采购周期有所波动。随着置换方案逐步落地、国家重磅经济政策密集出台，需求刚性的设备采购有望实现一定程度的修复。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:11:25.055Z","fund":{"_id":3000000003095,"stockCode":"003095","stockType":"fund","areaCode":"cn","followedNum":2361,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2016-08-16T16:00:00.000Z","setUpScale":209163000,"market":"a","tickerId":3095,"custody":"中国工商银行股份有限公司","name":"中欧医疗健康混合型证券投资基金","shortName":"中欧医疗健康混合A","fundSecondLevel":"hybrid","__csrcFundId":815,"fundStatus":"normal","lastUpdated":"2024-05-16T10:28:54.463Z","masterFundFlag":1,"inceptionDate":"2016-09-28T16:00:00.000Z","memoNum":10,"fundCollectionId":4000050570000,"currency":"CNY","masterFundShortName":"中欧医疗健康混合","pinyin":"zoyljkhhxzqtzjj","managers":[{"stockCode":"8801391995","stockType":"fund_manager","exchange":"fm","tickerId":712150000,"name":"葛兰"},{"stockCode":"8801640678","stockType":"fund_manager","exchange":"fm","tickerId":2612250950,"name":"赵磊"}]},"announcement":{"linkText":"中欧医疗健康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=1179016","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6fd7fea5b3eb0462901","date":"2024-06-29T16:00:00.000Z","stockId":3000000003095,"sao":"回顾2024年上半年，一季度受地缘政治及宏观环境影响医药板块有所调整，在4月初经历一波阶段性反弹后整体重回下行趋势。上半年医药生物板块下跌21%，落后于沪深300指数。总体来看医药生物行业内部不同细分行业处在不同的盈利周期，板块估值处在历史较低水平。  从子领域来看，2023年上半年疫情政策调整后医药、医疗需求迎来小高峰，在相对较高的基数下行业增速在2024年上半年总体面临一定的压力。其中严肃医疗方面，医院端和企业端已经逐步适应了医疗合规化大背景下更加规范有序的新环境，诊疗及企业经营稳步恢复，表现相对较好。新药研发外包服务在一季度受到地缘政治的影响调整较多，二季度经营总体在低位区域逐步企稳。零售药店、中药等受部分地区药店比价系统上线等影响，出现了较大幅度的调整。消费医疗、医疗服务受宏观环境影响也面临短期的需求压力。  在经历了行业秩序规范化、内外部宏观因素考验的洗礼之后，只有具备核心产品竞争力、高效经营管理能力的优质企业才能够真正走出产业调整周期，迎来可持续的长期发展。我们也看到了即使在行业调整期，治理优秀的公司也在不断的提升市场占有率，取得了超越行业的增长。我们仍坚持长期价值投资的理念，继续在创新药械及其产业链、消费医疗、OTC等方面进行了重点配置。  稳定清晰的政策框架是医疗行业高质量发展的重要基石。近年来，围绕“高创新性”、“高临床价值”以及“高性价比”的产业引导政策逐步落地。2024年公布的国家医保调整方案，规则总体基本保持一致，也体现了国家对于稳定企业预期的重视。在“高创新性”方面，以创新药为代表的生物医药行业作为新质生产力之一，正受到政策逐步加码支持。伴随资金、人才、数据等多要素保障措施落地，优质企业的发展基础不断夯实，产业链协同效应将逐步显现。在“高性价比”方面，从较为密集发布的地方联盟集采以及深圳、西安等上线的零售药店比价系统等来看，总体还是继续加强医保基金管理，使得药品价格更加透明、合理。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:11:25.052Z","mo":"展望2024年下半年，在严肃医疗领域，医疗合规化仍在各个层面持续推进，经过一年的适应、调整医院诊疗，企业经营活动都在持续地向好恢复。考虑到2023年下半年仍处于行业合规化的适应调整期，企业经营端基数较低，2024年下半年有望实现一定程度的回升。  我们仍旧看好创新药械及相关产业链的投资机会。创新药械方面，政策上除了支付端的国家医保政策稳定，各地对于行业创新也陆续出台了相关的支持政策。产品力方面，ASCO会议国内企业公布的数据表现亮眼，部分产品已经成为了合作方在全球临床管线布局的重要组成部分。对外合作方面，随着对外授权的企业和品种逐步增加，国内企业的对外授权经验越加丰富，对于有竞争力的品种也在逐步探索新的、更有优势的合作方式。  创新药产业链方面，本轮海外需求复苏相对较弱，美国制造业PMI近期出现了连续性回落，市场预期整体流动性趋势将走向宽松，海外投融资有望持续回暖，拉动创新活动更加活跃。对以海外市场为主的创新服务企业而言，《生物安全法案》预计仍会对业务产生一定扰动。国内投融资环境目前仍在逐步寻底阶段，但我们也看到部分企业的新签项目数同比呈现增长的趋势，新签订单金额在2024年下半年也有望逐步好转。  在医疗器械设备领域，2024年上半年各地逐步开始出台设备置换的相关支持政策，但短时间内也造成了部分需求有所延后，使得二季度招标相对放缓。考虑到2023年下半年医疗合规化推迟了部分招标进度、2024年设备置换方案逐步落地，2024年下半年有较强需求刚性的医疗设备招标有望实现一定程度的恢复。","fund":{"_id":3000000003095,"stockCode":"003095","stockType":"fund","areaCode":"cn","followedNum":2361,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2016-08-16T16:00:00.000Z","setUpScale":209163000,"market":"a","tickerId":3095,"custody":"中国工商银行股份有限公司","name":"中欧医疗健康混合型证券投资基金","shortName":"中欧医疗健康混合A","fundSecondLevel":"hybrid","__csrcFundId":815,"fundStatus":"normal","lastUpdated":"2024-05-16T10:28:54.463Z","masterFundFlag":1,"inceptionDate":"2016-09-28T16:00:00.000Z","memoNum":10,"fundCollectionId":4000050570000,"currency":"CNY","masterFundShortName":"中欧医疗健康混合","pinyin":"zoyljkhhxzqtzjj","managers":[{"stockCode":"8801391995","stockType":"fund_manager","exchange":"fm","tickerId":712150000,"name":"葛兰"},{"stockCode":"8801640678","stockType":"fund_manager","exchange":"fm","tickerId":2612250950,"name":"赵磊"}]},"announcement":{"linkText":"中欧医疗健康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=1152901","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6fd7fea5b3eb0462900","date":"2024-03-30T16:00:00.000Z","stockId":3000000003095,"sao":"回顾2024年一季度，受地缘政治及宏观环境相关影响，医药板块仍处于调整阶段，板块内部子行业走势分化。一季度申万医药生物指数下跌12.08%，位居申万一级行业指数末位。从行业基本面来看，不同细分行业处在不同的盈利周期，但整体表现平稳，且位于低估值阶段；从政策层面来看，依然以引导提供“高创新性”、“高临床价值”以及“高性价比”的产品及服务为主要方向，最新公布的胰岛素专项接续规则等总体温和；从供需格局来看，在内需整体企稳的环境下，医保支付以及居民多元化医疗健康支出需求仍呈现出一定刚性，供给端正在经历低谷期的洗牌优化，优质企业的核心竞争力及护城河也在不断强化中。    展望二季度，我们依然看好以创新驱动的相关医药产业链。海外方面，尽管2024年降息节奏仍具有不确定性，但整体流动性相对宽松的趋势确定。国内方面，政策持续强化对医药生物领域创新的支持力度。作为新质生产力的重要组成部分，医药创新也是企业布局最为坚定的方向。2023年化药、生物药、中药创新药申请上市的品种数持续增加，2024年有望迎来相关创新药获批上市的高峰期。    当然我们也看到，国内创新药产业链的发展面临一定曲折性和复杂性。产业链的健康可持续发展需要从企业融资、产品立项、研发推进、注册申请、进入医院采购目录、合规销售、医保支付等多方进行统一的协调。针对产业链各环节痛点，近年来国家层面也不断通过政策措施进行科学统筹、精准疏通，对产业链的总体引导方向仍是真正的创新，主要体现在新靶点、新机制、新结构、新技术且有自主知识产权的药物，以及有效的治疗手段来解决临床需求。可以预见的是，国家政策层面的支持和引导有望带动新一轮更健康、可持续的研发周期，其中也蕴藏着值得提前布局的机会。    此外，我们也积极关注具备竞争力的医疗产业链出海进展。随着医疗器械领域的国际化水平不断推进，一些企业在高价值链领域逐步取得国际突破并占据海外市场机会，主要集中在创新设备、体外诊断等领域。尽管部分企业的国际化进程会受到全球地缘政治形势阶段性变化的影响，但国内创新产业链中优质资产的长期核心竞争力没有改变。","declarationDate":"2024-04-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:11:25.045Z","fund":{"_id":3000000003095,"stockCode":"003095","stockType":"fund","areaCode":"cn","followedNum":2361,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2016-08-16T16:00:00.000Z","setUpScale":209163000,"market":"a","tickerId":3095,"custody":"中国工商银行股份有限公司","name":"中欧医疗健康混合型证券投资基金","shortName":"中欧医疗健康混合A","fundSecondLevel":"hybrid","__csrcFundId":815,"fundStatus":"normal","lastUpdated":"2024-05-16T10:28:54.463Z","masterFundFlag":1,"inceptionDate":"2016-09-28T16:00:00.000Z","memoNum":10,"fundCollectionId":4000050570000,"currency":"CNY","masterFundShortName":"中欧医疗健康混合","pinyin":"zoyljkhhxzqtzjj","managers":[{"stockCode":"8801391995","stockType":"fund_manager","exchange":"fm","tickerId":712150000,"name":"葛兰"},{"stockCode":"8801640678","stockType":"fund_manager","exchange":"fm","tickerId":2612250950,"name":"赵磊"}]},"announcement":{"linkText":"中欧医疗健康混合型证券投资基金2024年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1075033","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6fd7fea5b3eb04628ff","date":"2023-12-30T16:00:00.000Z","stockId":3000000003095,"sao":"2023年是全球疫后经济渐次复苏的一年。受国内外宏观环境等多重因素以及医疗合规化影响，全年医疗行业呈现出阶段性波动，板块内部各子行业仍旧延续了快速轮动的风格。年初在经济快速恢复的预期下，医疗服务等板块涨幅较大；随着经济波动的预期提升，经营相对稳健的中药等板块，以及需求刚性的严肃医疗有着较好的相对收益，而医疗服务等受宏观经济影响较大的板块出现了较大幅度的调整；下半年医疗合规化的推进以及市场理解的加深，使得严肃医疗相关板块出现了大幅震荡。  本基金继续在核心创新药、创新器械、创新产业链、医疗服务、消费性医疗领域进行重点布局，这些资产长期有望受益于国内创新产业链向好发展以及行业环境改善的大趋势。严肃医疗以及中药等板块也为组合贡献了较高的投资价值；四季度医疗服务等部分板块的持续调整，也为长期看好的优质资产提供了一定安全边际。  在宏观环境的不断变化中，医疗行业也传递出一些积极信号。一方面，我们看到创新疗法技术突破层出不穷，国内创新药企在力争首创上也迎来实质性突破。过去几年，中国制药行业经历了仿制药、Me-too/Me-better仿创药、创新药几个发展阶段，目前正处于由快速仿创向真创新的提升过程。过去国内药企以快速跟进海外已验证靶点为主要研发策略，而今已在开发同类首创、同类最佳疗法上取得突破，相关成果也在全球创新药会议和核心期刊上得到展示。  另一方面，我国医药产业链出海步伐也在加速。在创新药领域，越来越多的产品和企业受到了海外大药企的青睐，达成合作开发。全年以ADC（抗体偶联药物）引领的国产创新药的对外授权金额较去年显著提升。医疗器械领域的国际化水平不断推进，从过去依靠成本优势先在低值耗材领域扩大全球市场份额，到如今在高价值链领域逐步取得国际突破，主要集中在创新设备、体外诊断等领域等，这些成果依靠的是企业不断打磨自身技术，并在法规监管政策上快速与国际接轨。尽管部分企业的国际化进程会受到全球地缘政治形势阶段性变化的影响，但国内创新产业链中优质资产的长期核心竞争力没有改变。  长期来看，供需关系决定行业发展。医药行业一直有大量临床需求未得到充分满足，新技术的突破也会带来新的临床需求增量。着眼未来几年，行业整体的引导方向是提供“高创新性”、“高临床价值”以及“高性价比”的产品及服务，研发流程的质量提升也将有助于行业的长期健康发展。因此，跨越周期的技术创新能力、企业经营能力仍然是行业成长的核心驱动力，创新药、创新器械、创新产业链、消费性医疗领域等值得中长期关注。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:11:25.042Z","mo":"展望2024年，伴随全球投融资大环境的改善，叠加国内医药行业在政策端得到持续护航与支持，医疗行业供需格局有望进一步改善。今年的政府工作报告中，创新药、生物制造等行业被重点提及，成为发展新质生产力的重要领域。尽管逆全球化趋势抬头的宏观背景下，企业可能一定程度面临发展的曲折性，但是以创新为驱动力的优质医药企业在国内乃至全球产业链的重要性并未改变，我国医疗行业长期来看有望保持稳健增长。  从需求端来看，国内疾病谱的变化以及人口结构的变迁也在推动医药企业不断调整自身布局，更好应对新环境下的全民医疗健康需求。过去20年，中国疾病谱从传染性疾病逐步向癌症和慢性非传染性疾病变迁。在这一变迁过程，中国医药企业的管线也在逐步迁移补充，肿瘤、代谢性疾病、自身免疫性疾病、心脑血管疾病、精神神经类疾病等逐步成为企业重点布局的方向。随着创新驱动下的新靶点发现与应用，我们很有可能看到这些疾病的新疗法不断迎来突破。中欧医疗投研团队也将不断加大研究投入力度，紧跟行业与企业周期变化，力争获取优质企业成长红利期的阿尔法。","fund":{"_id":3000000003095,"stockCode":"003095","stockType":"fund","areaCode":"cn","followedNum":2361,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2016-08-16T16:00:00.000Z","setUpScale":209163000,"market":"a","tickerId":3095,"custody":"中国工商银行股份有限公司","name":"中欧医疗健康混合型证券投资基金","shortName":"中欧医疗健康混合A","fundSecondLevel":"hybrid","__csrcFundId":815,"fundStatus":"normal","lastUpdated":"2024-05-16T10:28:54.463Z","masterFundFlag":1,"inceptionDate":"2016-09-28T16:00:00.000Z","memoNum":10,"fundCollectionId":4000050570000,"currency":"CNY","masterFundShortName":"中欧医疗健康混合","pinyin":"zoyljkhhxzqtzjj","managers":[{"stockCode":"8801391995","stockType":"fund_manager","exchange":"fm","tickerId":712150000,"name":"葛兰"},{"stockCode":"8801640678","stockType":"fund_manager","exchange":"fm","tickerId":2612250950,"name":"赵磊"}]},"announcement":{"linkText":"中欧医疗健康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=1057462","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6fd7fea5b3eb04628fe","date":"2023-09-29T16:00:00.000Z","stockId":3000000003095,"sao":"回顾2023年前三季度，国际市场方面，海外财政赤字、美联储持续加息预期等依然对市场形成一定挑战，海外股市也出现相应回调。国内市场方面，一系列逆周期调节政策出台，宏观经济仍在逐步恢复进程中，医疗行业一定程度受到宏观环境影响，此外医疗体系合规化能力提升对于行业短期有所扰动。行业政策方面仍较为平稳，无论是药品的国家谈判、IVD的化学发光集采等，在政策框架稳定的前提下，行业整体的引导方向是提供“高创新性”、“高临床价值”以及“高性价比”的产品及服务，研发流程的质量提升也将有助于行业的长期健康发展。    三季度医药板块整体出现一定幅度的震荡，板块内部各子行业延续快速轮动风格，呈现涨跌分化。季度初期市场对于医疗体系合规化有着较为悲观的预期，使得市场出现了较大幅度的调整，后续随着政策理解程度的加深，市场信心逐步恢复，9月份医药生物板块实现了整体反弹。    操作层面，我们基于对优质企业核心竞争力的判断，着重挖掘具备中长期超额收益个股。截至三季度末，本组合主要配置板块为医疗服务，三季度该子板块领涨，我们配置的部分医疗服务相关标的也为组合贡献了较高的投资价值。同时，组合在长期看好的核心创新药、创新器械、创新产业链、消费性医疗领域进行重点布局。    展望2023年4季度，国内行业受合规化扰动有望在4季度有所修复，全球的投融资环境有望逐步恢复，虽然宏观环境仍在复苏进程中，这可能会对医疗行业产生一定程度影响，但优秀企业长期增长的驱动力并未出现重大变化。我们认为，行业外部环境的短期变化可能会对企业盈利乃至股价表现造成一定扰动，但跨越周期的技术创新能力、企业经营能力仍然是行业成长的最强驱动力，也是我们争取中长期超额收益的重要来源。    从政策层面，创新药的审评审批政策框架相对稳定，支付端无论是从国家谈判还是多种支付途径的探索，对于创新药企都有望形成长期利好。    从供给端看，经过多年的洗礼，国内创新药企整体研发管线布局已经更加理性，此外越来越多的企业已经出海开展关键临床、获批上市以及对外产品授权，4季度也有望持续取得收获，这些不仅是创新能力的体现，未来也可能会体现在业绩和估值的双重提升。    在销售层面，国内的优质企业在多年前就开始注重销售的合规性，临床价值导向也更有利于公司形成长期稳定的竞争壁垒。此外，国内的创新药服务企业也逐步形成了有全球竞争力的产业集群，在部分细分领域达到全球领先水平。我们认为，相关企业的竞争力更多地体现在平台技术和管理能力，优质企业的市占率仍将持续提升，保持较高的景气度。    从需求端看，居民对消费性医疗及医疗服务的需求也在快速增长。虽然减重、阿尔茨海默症等领域都不断有新的研发突破，但依然有大量临床需求未得到充分满足，创新药及创新器械都有着广阔的成长空间。    回溯过去几年所面临的市场大幅调整的考验，我们认为通过深度基本面研究，聚焦核心优质成长个股，尽可能避免永久性损失，是做好长期业绩的有效策略。站在当下时点来看，经过2年左右的调整，医药板块总体估值和市场持仓都在相对较低的水平，反应了较为悲观的基本面预期，我们认为随着后续基本面的逐步改善，板块整体仍有着较好的长期投资价值。中欧医疗投研团队也将持续加强深度研究，挖掘具有长期价值的个股，力争为投资者获取更好的长期回报。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:11:25.039Z","fund":{"_id":3000000003095,"stockCode":"003095","stockType":"fund","areaCode":"cn","followedNum":2361,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2016-08-16T16:00:00.000Z","setUpScale":209163000,"market":"a","tickerId":3095,"custody":"中国工商银行股份有限公司","name":"中欧医疗健康混合型证券投资基金","shortName":"中欧医疗健康混合A","fundSecondLevel":"hybrid","__csrcFundId":815,"fundStatus":"normal","lastUpdated":"2024-05-16T10:28:54.463Z","masterFundFlag":1,"inceptionDate":"2016-09-28T16:00:00.000Z","memoNum":10,"fundCollectionId":4000050570000,"currency":"CNY","masterFundShortName":"中欧医疗健康混合","pinyin":"zoyljkhhxzqtzjj","managers":[{"stockCode":"8801391995","stockType":"fund_manager","exchange":"fm","tickerId":712150000,"name":"葛兰"},{"stockCode":"8801640678","stockType":"fund_manager","exchange":"fm","tickerId":2612250950,"name":"赵磊"}]},"announcement":{"linkText":"中欧医疗健康混合型证券投资基金2023年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=993366","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6fd7fea5b3eb04628fd","date":"2023-06-29T16:00:00.000Z","stockId":3000000003095,"sao":"回顾2023年上半年，市场环境仍面临诸多挑战。海外市场方面，经济、通胀水平、货币政策预期乃至地缘政治等依然是市场的不确定性因素。国内市场方面，医疗行业一定程度受到宏观环境影响，但我们也看到上半年疫情扰动逐步结束，医药相关行业都出现了疫情后恢复的趋势，其中医院端的需求依然较为刚性。行业政策方面，在政策框架稳定的前提下，行业整体的引导方向是提供“高创新性”、“高临床价值”以及“高性价比”的产品及服务，研发流程的质量提升也将有助于行业的长期健康发展。  上半年医药板块整体出现调整，板块内部各子行业轮动速度较快，分化较大。总体来看本基金受到重仓的医疗服务板块下跌影响，出现净值回撤。  操作层面，在板块整体持续回调叠加内部热点快速轮动的复杂环境下，我们始终坚持以企业基本面的长期投资价值为导向，更着重于挖掘优质企业的长期增长驱动因素。同时保持稳定的投资框架进行个股选择，在长期看好的核心创新药、创新器械、创新产业链、医疗服务、消费性医疗领域进行重点布局，部分中药以及医院端场景相关标的也贡献了较高的投资价值。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:11:25.037Z","mo":"展望2023年下半年，国内外的投融资环境逐步筑底，虽然宏观环境复苏进程会对医疗行业产生一定程度影响，但优秀企业长期增长的驱动力并未出现重大变化，而创新也依然是行业成长的最强动力。  从政策层面，创新药的审评审批政策框架相对稳定，支付端无论是从国家谈判还是多种支付途径的探索，对于创新药企都形成长期利好。  从供给端看，经过多年的洗礼，国内创新药企整体研发管线布局已经更加理性，并且2023年也是产品管线临床数据集中公布大年，我们也看到了国内企业的研究成果在国际顶级期刊发表，此外部分企业已经出海做产品授权，这些不仅是创新能力的体现，未来也可能会体现在业绩和估值的双重提升。在销售层面，国内的优质企业在多年前就开始注重销售的合规性，临床价值导向也更有利于公司形成长期稳定的竞争壁垒。此外，国内的创新药服务企业也逐步形成了有全球竞争力的产业集群，在部分细分领域达到全球领先水平。我们认为，相关企业的竞争力更多地体现在平台技术和管理能力，优质企业的市占率仍将持续提升，保持较高的景气度。  从需求端看，居民对消费性医疗及医疗服务的需求也在快速增长。创新方面，包括减重、阿尔茨海默症等领域都不断有新的研发突破，但依然有大量临床需求未得到充分满足，创新药及创新器械都有着广阔的成长空间。  过去两年，医疗板块经历了深度估值调整，这对个人投资者和机构投资者来说，都是巨大的挑战和考验。在市场情绪陷入极度悲观时，机构投资者能做的是尽可能客观理性地去理解行业前景和投资机会，但同时也需要审慎地识别风险、保守评估细分行业和公司的差异。医疗作为典型的刚需行业，其需求可能会受阶段性因素影响而迟滞，但长期来看不会消失或减少。每一次的突发事件冲击都是对长期投资理念和心态的考验，也会相应地带来投资观察的窗口机会。在当前低谷阶段，我们仍将保持稳定的投资风格与投资框架，从行业景气度和个股选择两大维度出发，投向具备长期价值的医疗相关企业。未来，我们将继续加大对医疗板块的投研资源投入，力争把握医疗行业创新成长及国际化进程中的投资机会，分享产业长期向好发展的红利。","fund":{"_id":3000000003095,"stockCode":"003095","stockType":"fund","areaCode":"cn","followedNum":2361,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2016-08-16T16:00:00.000Z","setUpScale":209163000,"market":"a","tickerId":3095,"custody":"中国工商银行股份有限公司","name":"中欧医疗健康混合型证券投资基金","shortName":"中欧医疗健康混合A","fundSecondLevel":"hybrid","__csrcFundId":815,"fundStatus":"normal","lastUpdated":"2024-05-16T10:28:54.463Z","masterFundFlag":1,"inceptionDate":"2016-09-28T16:00:00.000Z","memoNum":10,"fundCollectionId":4000050570000,"currency":"CNY","masterFundShortName":"中欧医疗健康混合","pinyin":"zoyljkhhxzqtzjj","managers":[{"stockCode":"8801391995","stockType":"fund_manager","exchange":"fm","tickerId":712150000,"name":"葛兰"},{"stockCode":"8801640678","stockType":"fund_manager","exchange":"fm","tickerId":2612250950,"name":"赵磊"}]},"announcement":{"linkText":"中欧医疗健康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=966388","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6fd7fea5b3eb04628fc","date":"2023-03-30T16:00:00.000Z","stockId":3000000003095,"sao":"回顾23年一季度，疫情在1月仍有一定的影响，海外经济增长仍有着不确定性，欧美银行危机也使得市场情绪出现波动，地缘政治也仍旧较为复杂。医药生物板块在22年4季度经过快速的修复后，1季度总体处于盘整状态。从基本面角度来看，医药生物板块总体来看在1月还是在一定程度上受到了疫情的影响，春节后基本都在持续的恢复过程中。政策方面，国家层面的第八批集采降价幅度总体延续了前期集采的趋势。我们仍然认为政策总体延续了稳健、积极的趋势，引导行业向有真正创新、有临床价值、提供高性价比产品及服务转变的导向没有变化，政策的可预期性在逐步提升。基金操作层面，部分子版块前期涨幅较大，一季度有所盘整，我们仍坚持以企业的长期投资价值为投资导向。我们仍严格按照我们的投资框架进行个股选择，在长期看好的核心创新药、创新器械，创新产业链，医疗服务、消费性医疗进行布局。医药行业仍保持了较强的韧性，随着疫情扰动的逐步减弱，行业总体恢复显著。我们认为优秀公司的长期增长驱动因素并未因近3年的疫情出现重大变化。展望23年2季度，随着疫情对于行业的扰动逐步减弱，相关公司将会回到长期增长的趋势中。医药行业的长期增长逻辑没有发生根本性的变化。创新依然是行业成长的最为重要的驱动力。经过多年的洗礼，国内创新企业整体研发管线布局更加理性，资源向差异化方向倾斜，甚至有全球竞争力的创新品种诞生，国内多家企业将不同阶段创新药的部分权益授权给海外企业，也在一定程度上体现了国内企业创新的价值。2季度密集举行的全球创新药会议也使得中国企业有机会展示目前取得的阶段性临床进展。目前，依然有大量临床需求未得到充分满足，创新药及器械都有着广阔的成长空间。与此同时，国内的创新药服务企业也逐步形成了有全球竞争力的产业集群，在部分细分领域达到了全球领先的水平，此外，我们认为相关服务商的竞争力更多的体现在平台的技术和管理能力，龙头企业的市占率大概率仍将持续提升，保持其较高的景气度。此外，伴随我国居民人均收入及认知水平快速提升，医疗服务以及消费性医疗的需求仍在快速增长且未得到充分满足，未来空间依然巨大，这些优质公司的价值终将有公允的市值体现。整体而言，短期市场波动难以避免，但中长期而言，我们继续看好医药生物板块的配置价值，我们也将继续努力为持有人创造长期投资回报。","declarationDate":"2023-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:11:25.034Z","fund":{"_id":3000000003095,"stockCode":"003095","stockType":"fund","areaCode":"cn","followedNum":2361,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2016-08-16T16:00:00.000Z","setUpScale":209163000,"market":"a","tickerId":3095,"custody":"中国工商银行股份有限公司","name":"中欧医疗健康混合型证券投资基金","shortName":"中欧医疗健康混合A","fundSecondLevel":"hybrid","__csrcFundId":815,"fundStatus":"normal","lastUpdated":"2024-05-16T10:28:54.463Z","masterFundFlag":1,"inceptionDate":"2016-09-28T16:00:00.000Z","memoNum":10,"fundCollectionId":4000050570000,"currency":"CNY","masterFundShortName":"中欧医疗健康混合","pinyin":"zoyljkhhxzqtzjj","managers":[{"stockCode":"8801391995","stockType":"fund_manager","exchange":"fm","tickerId":712150000,"name":"葛兰"},{"stockCode":"8801640678","stockType":"fund_manager","exchange":"fm","tickerId":2612250950,"name":"赵磊"}]},"announcement":{"linkText":"中欧医疗健康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=889928","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6fd7fea5b3eb04628fb","date":"2022-12-30T16:00:00.000Z","stockId":3000000003095,"sao":"回顾2022年，国内疫情的反复对全行业都产生了较大的短期冲击，同时叠加海外经济增长的不确定性、流动性等宏观环境的复杂变化，医药生物板块整体出现了较为明显的震荡。经过5个季度的调整，医药生物板块估值也回到了历史较低水平。从基本面角度来看，医药生物板块也不可避免的跟随疫情的变化有着较大的波动。4季度随着疫情防控政策的进一步优化，防疫相关产品需求出现了较大幅度的提升，而医药行业诊疗端部分需求也随着全社会一起受到了短期冲击，但我们也看到从2季度开始已经出现了比较明确且持续的恢复趋势。政策方面，国家层面的创新药谈判、仿制药集采降幅框架稳定，降幅也在历次集采的降幅区间范围内。国家层面的高值耗材的谈判以及续约、省级联盟层面的生化、电生理等品类的集采也是总体延续了之前的摸索出的总体框架。我们仍然认为政策总体延续了稳健、积极的趋势，引导行业向有真正创新、有临床价值、提供高性价比产品及服务转变的导向没有变化，政策的可预期性在逐步提升。基金操作层面，在板块内部热点快速轮动的情况下，我们仍坚持以企业的长期投资价值为投资导向。我们仍严格按照我们的投资框架进行个股选择，在长期看好的核心创新药、创新器械，创新产业链，医疗服务、消费性医疗以及在疫情扰动背景下业绩兑现度较高的公司等方向进行了着重布局。医药行业仍保持了较强的韧性，我们认为优秀公司的长期增长驱动因素并未出现重大变化。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:11:25.031Z","mo":"展望2023年，随着疫情对于行业的扰动逐步减弱，相关公司将会回到长期增长的趋势中。医药行业的长期增长逻辑没有发生根本性的变化。创新依然是行业成长的最为重要的驱动力。经过多年的洗礼，国内创新企业整体研发管线布局更加理性，资源向差异化方向倾斜，甚至有全球竞争力的创新品种诞生，国内多家企业将不同阶段创新药的部分权益授权给海外企业，也在一定程度上体现了国内企业创新的价值。目前，依然有大量临床需求未得到充分满足，创新药及器械都有着广阔的成长空间。与此同时，国内的创新药服务企业也逐步形成了有全球竞争力的产业集群，在部分细分领域达到了全球领先的水平，此外，我们认为相关服务商的竞争力更多的体现在平台的技术和管理能力，龙头企业的市占率大概率仍将持续提升，保持其较高的景气度。此外，伴随我国居民人均收入及认知水平快速提升，医疗服务以及消费性医疗的需求仍在快速增长且未得到充分满足，未来空间依然巨大，这些公司的价值终将有公允的市值体现。整体而言，短期市场波动难以避免，但中长期而言，我们继续看好医药生物板块的配置价值，我们也将继续努力为持有人创造长期投资回报。","fund":{"_id":3000000003095,"stockCode":"003095","stockType":"fund","areaCode":"cn","followedNum":2361,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2016-08-16T16:00:00.000Z","setUpScale":209163000,"market":"a","tickerId":3095,"custody":"中国工商银行股份有限公司","name":"中欧医疗健康混合型证券投资基金","shortName":"中欧医疗健康混合A","fundSecondLevel":"hybrid","__csrcFundId":815,"fundStatus":"normal","lastUpdated":"2024-05-16T10:28:54.463Z","masterFundFlag":1,"inceptionDate":"2016-09-28T16:00:00.000Z","memoNum":10,"fundCollectionId":4000050570000,"currency":"CNY","masterFundShortName":"中欧医疗健康混合","pinyin":"zoyljkhhxzqtzjj","managers":[{"stockCode":"8801391995","stockType":"fund_manager","exchange":"fm","tickerId":712150000,"name":"葛兰"},{"stockCode":"8801640678","stockType":"fund_manager","exchange":"fm","tickerId":2612250950,"name":"赵磊"}]},"announcement":{"linkText":"中欧医疗健康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=873141","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec6fd7fea5b3eb04628fa","date":"2022-09-29T16:00:00.000Z","stockId":3000000003095,"sao":"回顾2022年3季度，受内外部环境影响，市场情绪较为脆弱，医药生物板块整体出现了较大调整。从基本面角度来看，尽管面临着疫情的扰动，但总体来看医药生物板块延续了二季度末的恢复趋势。政策方面，国家层面的骨科脊柱类耗材集采完成，总体集采框架保持了稳定性，政策延续稳健、积极的趋势我们认为没有变化。通过顶层政策引导行业向有真正创新、有临床价值、提供高性价比产品及服务转变尽管可能短期会给行业带来阵痛，但也为行业长期健康成长奠定了更加坚实的基础。在基金操作层面，在板块内部热点快速轮动的情况下，我们仍坚持以企业的长期投资价值为投资导向。我们仍严格按照我们的投资框架进行个股选择，在长期看好的核心创新药、创新器械，创新产业链，医疗服务以及消费性医疗等方向进行了着重布局。医药行业仍保持了较强的韧性，我们认为优秀公司的长期增长驱动因素并未出现重大变化。展望4季度，宏观环境短期仍有不确定性，但行业面对相关不确定性扰动的准备也更加充分，预计4季度仍将是振荡恢复的趋势。长期来看，我们认为医药行业的增长逻辑没有发生根本性的变化。创新是行业成长的最为重要的驱动力。经过多年的洗礼，国内创新企业整体研发管线布局更加理性，资源向差异化方向倾斜，甚至有全球竞争力的创新品种诞生。在有大量临床需求未得到充分满足的背景下，创新药及器械都有着广阔的成长空间。与此同时，国内的创新药服务企业也逐步形成了有全球竞争力的产业集群，在部分细分领域达到了全球领先的水平，此外，我们认为相关服务商的竞争力更多的体现在平台的技术和管理能力，龙头企业的市占率大概率仍将持续提升，保持其较高的景气度。此外，伴随我国居民人均收入及认知水平快速提升，医疗服务以及消费性医疗的需求仍在快速增长且未得到充分满足，未来空间依然巨大。整体而言，我们依然看好医药生物板块的中长期投资机会，但短期市场波动难以避免，本基金将继续努力为持有人创造长期投资回报。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:11:25.029Z","fund":{"_id":3000000003095,"stockCode":"003095","stockType":"fund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