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药店、CXO等下滑较多。随着仿制药集采基本出清，创新药成为业绩增量关键，部分创新能力突出的药企，海外销售或授权贡献更大业绩增量。高值耗材领域，渗透率低的电生理、多焦人工晶体等保持快速增长，设备受采购延迟影响明显承压。展望4季度，创新药医保谈判落地，预计谈判延续以往规则，相关创新药迎来放量；9月份设备招标额度企稳向好，4季度各省设备换新陆续启动招标，医疗设备业绩逐步修复。本产品围绕创新药和器械布局，持仓变化不大，持有创新药、高值耗材、医疗设备。考虑到行业和政策趋势，减持了部分仿制药、药店等，增配了医疗设备、临床CRO、减肥产业链个股等。","declarationDate":"2024-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:11:52.908Z","fund":{"_id":3000000003230,"stockCode":"003230","stockType":"fund","areaCode":"cn","followedNum":48,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2016-08-21T16:00:00.000Z","setUpScale":800215000,"market":"a","tickerId":3230,"custody":"中国邮政储蓄银行股份有限公司","name":"创金合信医疗保健行业股票型证券投资基金","shortName":"创金合信医疗保健股票(003230)","fundSecondLevel":"company","__csrcFundId":698,"fundStatus":"normal","lastUpdated":"2026-04-30T18:48:55.591Z","masterFundFlag":1,"inceptionDate":"2016-08-29T16:00:00.000Z","fundCollectionId":4000050990000,"currency":"CNY","masterFundShortName":"创金合信医疗保健股票","pinyin":"cjhxylbjhygpxzqtzjj","managers":[{"stockCode":"db20624945","stockType":"fund_manager","exchange":"fm","tickerId":161019182300,"name":"皮劲松"}]},"announcement":{"linkText":"创金合信医疗保健行业股票型证券投资基金2024年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1169225","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7187fea5b3eb0464a12","date":"2024-06-29T16:00:00.000Z","stockId":3000000003230,"sao":"上半年申万医药指数下跌20.17%。中药、创新药、医药分销表现较好，主要是业绩高增长、新药获批或临床数据披露；医疗服务、CRO、疫苗跌幅较大，主要是医疗消费降级、地缘脱钩等导致预期悲观，相关公司业绩承压。3月国务院印发《推动大规模设备更新和消费品以旧换新行动方案》，已有多省份发布医疗设备更新可行性报告，对设备种类、资金来源等作了明确，随着审批流程落地，今年3季度起设备招标采购逐步落地，未来两年医疗设备增长确定性较强。上半年多地医保局发布药品比价小程序，对零售药店线上和线下价格对比，治理不合理高价。部分线下高价药品调价，外加个账下滑滞后影响，零售药店增长面临压力，但零售药店在处方外流、整合加速背景下，上市连锁药店发展潜力仍然较大。7月初国常会通过《全链条支持创新药发展实施方案》，对创新药医保支付、商业保险、药品配备使用、投融资等方面提供支持，加快创新药发展，方案有望解决创新药产业痛点，稳定创新药发展预期。 上半年受多因素影响，板块业绩承压，创新药、创新器械相对景气。随着基数效应减弱，下半年板块将恢复较快增长。从产业趋势看，随着drg/dip等控费政策深化，竞争激烈、格局差领域面临增长压力，创新成为分享结构性增量的来源，目前国内创新药、器械处在快速发展阶段，政策对创新药较为友好，产业变化为二级市场投资者提供了较多选择。考虑到仿制药集采基本出清，政策明确扶持创新药，传统制药和biotech的产业趋势向好；部分高值耗材仍然处在渗透率快速提升阶段，如电生理、动态血糖监测、TAVR等，本基金上半年增配了药品板块，继续持有快速增长的高值耗材以及医疗设备。下半年年，随着设备换新落地，板块趋势有望企稳向好，悲观情绪有望修复。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:11:52.905Z","mo":"2024 年上半年，全国规模以上工业企业实现利润总额 35110.3 亿元， 累计同比增长3.5%。二季度增长放缓，政治局经济工作提出稳增长、逆周期调节。美联储降息预期增加，汇率压力有望缓解，政策发力空间加大。上半年市场红利资产表现较强，成长类受风格、自身业绩承压等表现较差，下半年极致行情有望均衡。医药板块上半年跌幅较大，下半年设备换新、创新药政策有望带动板块表现。","fund":{"_id":3000000003230,"stockCode":"003230","stockType":"fund","areaCode":"cn","followedNum":48,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2016-08-21T16:00:00.000Z","setUpScale":800215000,"market":"a","tickerId":3230,"custody":"中国邮政储蓄银行股份有限公司","name":"创金合信医疗保健行业股票型证券投资基金","shortName":"创金合信医疗保健股票(003230)","fundSecondLevel":"company","__csrcFundId":698,"fundStatus":"normal","lastUpdated":"2026-04-30T18:48:55.591Z","masterFundFlag":1,"inceptionDate":"2016-08-29T16:00:00.000Z","fundCollectionId":4000050990000,"currency":"CNY","masterFundShortName":"创金合信医疗保健股票","pinyin":"cjhxylbjhygpxzqtzjj","managers":[{"stockCode":"db20624945","stockType":"fund_manager","exchange":"fm","tickerId":161019182300,"name":"皮劲松"}]},"announcement":{"linkText":"创金合信医疗保健行业股票型证券投资基金2024年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1142122","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7187fea5b3eb0464a11","date":"2024-03-30T16:00:00.000Z","stockId":3000000003230,"sao":"2024年1季度申万医药指数下跌11.06%，表现较好的主要有呼吸道检测、减肥药、高分红类，集中在稀缺高增长及低估红利公司，表现较弱的主要有CXO、生命科学类、部分创新药等，主要是业绩承压及地缘风险类公司。1季度受美国生物安全法案影响，CXO板块跌幅较大，投融资数据还在低位，行业仍在出清阶段；集采方面，胰岛素续约释放温和信号，价格和入围厂家数量相对宽松，延续稳预期基调。目前未集采大品种数量少，集采政策对板块影响可控；1季度国务院出台以旧换新政策，医疗设备预计将受益；2024年政府工作报告中，首次提到创新药，支持政策落地后将推动产业发展。1季度受行业整顿政策延续、同期高基数及消费偏弱影响，板块业绩一般，仅呼吸道检测、抗病毒等少数领域高增长，板块走势较弱。展望2季度，创新仍是增长主要动力，23年以来多个国产创新药实现海外授权，24年国产创新药如自免小分子、ADC、单抗等有望上市，器械如内窥镜、高端影像、电生理、手术机器人等低渗透率领域快速增长，潜力较大。全年看，随着行业整顿接近尾声，板块有望呈现前低后高趋势。结合创新药产业和经营趋势，产品增配了部分有业绩支撑的创新药，减配了部分业绩承压的CXO、医疗设备等，继续持有零售药店，保持组合均衡。","declarationDate":"2024-04-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:11:52.903Z","fund":{"_id":3000000003230,"stockCode":"003230","stockType":"fund","areaCode":"cn","followedNum":48,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2016-08-21T16:00:00.000Z","setUpScale":800215000,"market":"a","tickerId":3230,"custody":"中国邮政储蓄银行股份有限公司","name":"创金合信医疗保健行业股票型证券投资基金","shortName":"创金合信医疗保健股票(003230)","fundSecondLevel":"company","__csrcFundId":698,"fundStatus":"normal","lastUpdated":"2026-04-30T18:48:55.591Z","masterFundFlag":1,"inceptionDate":"2016-08-29T16:00:00.000Z","fundCollectionId":4000050990000,"currency":"CNY","masterFundShortName":"创金合信医疗保健股票","pinyin":"cjhxylbjhygpxzqtzjj","managers":[{"stockCode":"db20624945","stockType":"fund_manager","exchange":"fm","tickerId":161019182300,"name":"皮劲松"}]},"announcement":{"linkText":"创金合信医疗保健行业股票型证券投资基金2024年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1066555","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7187fea5b3eb0464a10","date":"2023-12-30T16:00:00.000Z","stockId":3000000003230,"sao":"2023年申万医药指数下跌7.36%，板块分化加大。涨幅较好的主要是创新药、中成药、血制品等，创新药在海外授权、临床数据读出等催化下，板块行情突出，中成药业绩稳健增长、性价比较高；跌幅较大的主要是CXO、科研服务、医疗服务、疫情受益股等，原因基本都是需求低迷，造成业绩下滑。 政策方面，2023年医保局推进中成药、仿制药、化学发光试剂、人工晶体等集采，规则设置保底中标价，降幅基本在50-60%，工业出厂价降幅可控，有利于企业稳定预期。国家医保局已明确，24年将推动集采“扩围提质”，开展新批次国家组织药品耗材集采。总体看，只有渗透率低或者国产率低的集采产品具备成长性，集采加快企业向创新转型。23年创新药医保谈判，续约品种降幅为零或小幅降价，新纳入品种降幅符合预期，政策对创新药价格相对宽松，创新药生命周期延长。此外，23年医疗反腐对行业影响较大，行业业绩有所收缩，中长期将规范行业秩序，利好研发能力强、产品管线全的企业，医疗反腐、集采等政策加快医药分开，回归医疗本质。产业方面，23年行业最大亮点是创新药海外授权。23年国内数十个ADC、cart、双抗、优效靶点实现海外授权，体现了国产创新药质量，打开创新的市场空间。23年由于消费需求减弱，医疗消费增长较为疲软；一级市场投融资低迷，产业链相关的CRO、科研服务等承压，需要跟踪复苏信号。部分企业依靠创新产品放量实现了较快增长，创新是行业增长的主要驱动力。操作方面，基于组合均衡性考虑，减配了部分医疗器械、医疗服务，结合产业趋势和业绩估值，增配临床CRO、零售药店、创新药。24年重点关注有创新产品兑现的公司，包括创新药械、生物药出口、NASH产业链等。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:11:52.900Z","mo":"2024年国内经济维持修复趋势。房地产信用风险下降，但销售端承压，政策有望加大调控力度，稳增长发力；地方政府收支压力有望缓解，居民就业和收入改善，有利于消费修复；全球商品库存回补，贸易渠道多元化，有望带动出口增速回升。2024年货币政策偏宽松，利率有望下行，有利于权益资产价格提升。目前市场调整较充分，大部分行业估值处于底部位置，重点关注过去两年跌幅较大行业及个股修复机会。医药行业维持稳定增长，细分领域如创新药、创新器械保持快速成长，集采控费等政策相对温和。","fund":{"_id":3000000003230,"stockCode":"003230","stockType":"fund","areaCode":"cn","followedNum":48,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2016-08-21T16:00:00.000Z","setUpScale":800215000,"market":"a","tickerId":3230,"custody":"中国邮政储蓄银行股份有限公司","name":"创金合信医疗保健行业股票型证券投资基金","shortName":"创金合信医疗保健股票(003230)","fundSecondLevel":"company","__csrcFundId":698,"fundStatus":"normal","lastUpdated":"2026-04-30T18:48:55.591Z","masterFundFlag":1,"inceptionDate":"2016-08-29T16:00:00.000Z","fundCollectionId":4000050990000,"currency":"CNY","masterFundShortName":"创金合信医疗保健股票","pinyin":"cjhxylbjhygpxzqtzjj","managers":[{"stockCode":"db20624945","stockType":"fund_manager","exchange":"fm","tickerId":161019182300,"name":"皮劲松"}]},"announcement":{"linkText":"创金合信医疗保健行业股票型证券投资基金2023年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1049752","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7187fea5b3eb0464a0f","date":"2023-09-29T16:00:00.000Z","stockId":3000000003230,"sao":"三季度申万医药指数下跌0.7%，表现较好的主要是减重主题、创新药、业绩加速公司，表现较弱的主要有中成药、疫苗、部分医疗服务。集采方面，中药配方颗粒集采方案出台，骨科创伤耗材集采落地，年内人工晶体、运动医学、化学发光等集采也将开标，集采常态化且规则设定保底降幅确保中标，规则趋于合理，稳定企业经营预期，总体看行业集中度提升，龙头企业相对受益。市场增量方面，预计医保目录、新基药目录年内调整，多个创新产品将进入目录，加快产品放量。药品和器械审评政策持续优化，如附条件上市、特别审查程序、优先审批等，鼓励差异化创新，近几年国内创新药对外授权数量增加，器械海外销售持续扩容。三季度受行业政策影响，企业销售推广、招标等受影响，预计板块三季度业绩普遍受损。随着推广逐步恢复，预计四季度板块业绩企稳回升。在行业总量增长放缓，部分领域承压背景下，部分依靠创新及消费升级驱动的细分领域，仍有较多结构性机会。操作方面，本基金根据行业趋势和个股基本面进行调整，增配了部分医疗服务、创新药，持仓以医疗器械、中成药、CRO为主。展望四季度，随着行业恢复常态，市场情绪修复，板块低估修复加企业业绩驱动，行情有望向好。","declarationDate":"2023-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:11:52.898Z","fund":{"_id":3000000003230,"stockCode":"003230","stockType":"fund","areaCode":"cn","followedNum":48,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2016-08-21T16:00:00.000Z","setUpScale":800215000,"market":"a","tickerId":3230,"custody":"中国邮政储蓄银行股份有限公司","name":"创金合信医疗保健行业股票型证券投资基金","shortName":"创金合信医疗保健股票(003230)","fundSecondLevel":"company","__csrcFundId":698,"fundStatus":"normal","lastUpdated":"2026-04-30T18:48:55.591Z","masterFundFlag":1,"inceptionDate":"2016-08-29T16:00:00.000Z","fundCollectionId":4000050990000,"currency":"CNY","masterFundShortName":"创金合信医疗保健股票","pinyin":"cjhxylbjhygpxzqtzjj","managers":[{"stockCode":"db20624945","stockType":"fund_manager","exchange":"fm","tickerId":161019182300,"name":"皮劲松"}]},"announcement":{"linkText":"创金合信医疗保健行业股票型证券投资基金2023年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=983692","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7187fea5b3eb0464a0e","date":"2023-06-29T16:00:00.000Z","stockId":3000000003230,"sao":"上半年申万医药指数下跌 5.88%， 第二季度板块调整较大。受业绩提速、国企改革等因素驱动，中成药、医药分销、化学制药表现较好；因订单及业绩增速下滑、高估值消化等原因，CXO、疫苗、医疗服务等跌幅较大。上半年全国层面仿制药、中成药集采落地，降幅符合预期；省级层面药品、耗材集采持续推进，集采价格降幅趋缓，加上大品种基本完成集采，集采对行业边际影响减弱。政策延续对创新支持，医保局发布了医保谈判续约规则征求意见，加大对创新药价格保护，国内药企创新能力不断提升，医药产业进入高质量发展阶段，投资上仍有较多结构性机会。上半年，本基金围绕创新和消费升级布局，主要仓位集中在医疗设备、高值耗材、疫苗、CXO及医疗服务。上半年部分领域复苏偏慢，持仓个股业绩较弱影响股价，随着诊疗活动常态，预计下半年会有较好补偿。考虑到目前持仓个股估值性价比适合，持仓变化不大，等待业绩和估值逐步回归。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:11:52.895Z","mo":"上半年国内生产总值同比增长5.5%，一季度防疫政策调整后经济快速反弹，二季度增长低于预期，地产、民间投资和出口压力较大，消费端修复较强。预计下半年逆周期调控政策将托底经济增长，经济回归常态化运行。上半年股票市场呈现结构性行情，AI 、中成药等板块表现较好，其他板块较弱。鉴于经济企稳，PPI拐点显现，下半年经济有望修复，市场有望进入上行周期。医药板块整体运行平稳，集采常态化，政策支持创新、传承的大方向不变。在医药总盘子不断扩大背景下，板块仍有结构性机会","fund":{"_id":3000000003230,"stockCode":"003230","stockType":"fund","areaCode":"cn","followedNum":48,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2016-08-21T16:00:00.000Z","setUpScale":800215000,"market":"a","tickerId":3230,"custody":"中国邮政储蓄银行股份有限公司","name":"创金合信医疗保健行业股票型证券投资基金","shortName":"创金合信医疗保健股票(003230)","fundSecondLevel":"company","__csrcFundId":698,"fundStatus":"normal","lastUpdated":"2026-04-30T18:48:55.591Z","masterFundFlag":1,"inceptionDate":"2016-08-29T16:00:00.000Z","fundCollectionId":4000050990000,"currency":"CNY","masterFundShortName":"创金合信医疗保健股票","pinyin":"cjhxylbjhygpxzqtzjj","managers":[{"stockCode":"db20624945","stockType":"fund_manager","exchange":"fm","tickerId":161019182300,"name":"皮劲松"}]},"announcement":{"linkText":"创金合信医疗保健行业股票型证券投资基金2023年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=957334","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7187fea5b3eb0464a0d","date":"2023-03-30T16:00:00.000Z","stockId":3000000003230,"sao":"1季度申万医药指数上涨2.3%，涨幅靠前的主要是中成药、商业、化学药等，跌幅较大的主要是CXO、疫情相关。1季度国家医保局对2023年医药集中采购做出具体要求：开展第八批药品集采及新一轮高值耗材国家集采，继续扩大中成药、干扰素等药品及脑膜、疝补片等省际集采。政策落地情况来看，第八批国家药品集采平均降价56%，中成药集采征求意见稿规则温和，种植牙集采平均降价55%，集采结果符合预期，集采可预期更强。2月份以来，诊疗活动较快恢复，预计后续复苏趋势更明确，医药基本面逐季向好。创新药、器械、消费医疗等领域受益于临床刚性需求，仍将保持快速发展。目前医药板块经过较充分调整，估值性价比已较高。操作策略，1季度本基金继续持有医疗器械、疫苗、CXO及创新产业类标的。持仓器械较多，主要是器械成长性好，个股创新产品处在放量期，估值性价比高。考虑种植牙集采后，种植牙需求释放，增配了种植牙相关标的；诊疗常态化后，医美及检测等领域快速增长，同时增配了体外诊断标的。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:11:52.892Z","fund":{"_id":3000000003230,"stockCode":"003230","stockType":"fund","areaCode":"cn","followedNum":48,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2016-08-21T16:00:00.000Z","setUpScale":800215000,"market":"a","tickerId":3230,"custody":"中国邮政储蓄银行股份有限公司","name":"创金合信医疗保健行业股票型证券投资基金","shortName":"创金合信医疗保健股票(003230)","fundSecondLevel":"company","__csrcFundId":698,"fundStatus":"normal","lastUpdated":"2026-04-30T18:48:55.591Z","masterFundFlag":1,"inceptionDate":"2016-08-29T16:00:00.000Z","fundCollectionId":4000050990000,"currency":"CNY","masterFundShortName":"创金合信医疗保健股票","pinyin":"cjhxylbjhygpxzqtzjj","managers":[{"stockCode":"db20624945","stockType":"fund_manager","exchange":"fm","tickerId":161019182300,"name":"皮劲松"}]},"announcement":{"linkText":"创金合信医疗保健行业股票型证券投资基金2023年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=881966","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7187fea5b3eb0464a0c","date":"2022-12-30T16:00:00.000Z","stockId":3000000003230,"sao":"2022年医药板块受疫情散发多发、投融资数据下滑等影响，行业数据承压，全年申万医药指数下跌20.3%。细分领域看，新冠药物相关、中成药、零售药店、业绩加速个股表现较好，CXO、疫苗等跌幅较大；风格上看，估值合理个股表现占优，高估值成长股调整消化估值。2022年，肝功能生化试剂、脊柱、电生理、种植牙等集采降幅都相对温和，释放出政策缓和的趋势，板块估值压力有望缓解。国内医药企业创新能力不断提高，已经有多个创新药实现海外授权，高端设备、高值耗材实现技术或销售积极进展，行业进入创新驱动阶段。落实到投资，更需要关注产品管线、研发投入等决定长期价值的变量。2023年，随着国内医疗就诊活动恢复，预计行业整体经营会逐步向好，受疫情影响大的医疗服务、高值耗材恢复更快。医药板块估值已到合理偏低水平，板块性价比较高。本基金目前持有医疗器械、疫苗、CXO、消费医疗等个股，持仓个股业绩稳定，配置均衡。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:11:52.890Z","mo":"2023年国内经济迎来疫后复苏。海外需求疲软背景下，内需重要性提升，工业生产制造和居民消费活动快速复苏；地产投资降幅收窄，实现平稳发展；预计货币政策保持相对宽松。随着企业盈利改善，加上2022年市场调到相对较低估值，证券场整体走势相对乐观。医药板块政策压力减小，行业在创新产品、消费升级驱动下盈利质量提升，板块走势相对乐观。","fund":{"_id":3000000003230,"stockCode":"003230","stockType":"fund","areaCode":"cn","followedNum":48,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2016-08-21T16:00:00.000Z","setUpScale":800215000,"market":"a","tickerId":3230,"custody":"中国邮政储蓄银行股份有限公司","name":"创金合信医疗保健行业股票型证券投资基金","shortName":"创金合信医疗保健股票(003230)","fundSecondLevel":"company","__csrcFundId":698,"fundStatus":"normal","lastUpdated":"2026-04-30T18:48:55.591Z","masterFundFlag":1,"inceptionDate":"2016-08-29T16:00:00.000Z","fundCollectionId":4000050990000,"currency":"CNY","masterFundShortName":"创金合信医疗保健股票","pinyin":"cjhxylbjhygpxzqtzjj","managers":[{"stockCode":"db20624945","stockType":"fund_manager","exchange":"fm","tickerId":161019182300,"name":"皮劲松"}]},"announcement":{"linkText":"创金合信医疗保健行业股票型证券投资基金2022年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=864623","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7187fea5b3eb0464a0b","date":"2022-09-29T16:00:00.000Z","stockId":3000000003230,"sao":"第三季度申万医药指数下跌16.0%，前三季度申万医药指数下跌27.9%，整体表现较弱。市场弱势下，医药板块低估值风格占优，成长股估值普遍下调，过去三年高低估值分化的行情快速收敛。第三季度，全国集采继续进行。第七批全国仿制药集采结果公示，平均降价48%，降幅有所缓和；全国脊柱类耗材集采结果公示，中选价格比原终端价降幅84%，大部分中选在最高有效报价上降价60%，降幅较关节、创伤耗材温和。随着集采常态化，中标规则逐步完善优化，政策预期更加稳定，对行业的冲击更小。创新产品方面，政策倾斜更加明确。北京医保局明确，创新药、创新器械不按DRG方式支付，实行单独支付。国家医保局也表态“创新医疗器械临床使用尚未成熟、使用量暂时难以预估，尚难以实施带量方式，在集中带量采购之外留出一定市场为创新产品开拓市场提供空间”。加上每年的医保目录调整，创新药能更快进入医保目录，创新药的社会价值和经济性能快速体现，为创新研发生态创造良性的条件。三季度国常会确定了贴息贷款支持医院采购医疗设备，预计医疗机构上报需求超2000亿。基于短期催化和长期国产器械高端化逻辑，本基金在三季度加大了医疗设备配置。此外，本基金维持配置疫苗、CXO、高值耗材、创新产业链。","declarationDate":"2022-10-24T16:00:00.000Z","lastUpdated":"2026-03-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贡献降低。整体经济结构中，不乏增长亮点，如新能源、半导体、光伏等高端制造保持快速增长，带动国内产业升级。预计国内证券市场依然是结构性行情，市场主要关注高景气和传统消费领域两大方向。2021年医药板块表现一般，仅少数低估值和政策免疫的细分领域表现突出，经过全年估值消化及集采政策预期消化，预计2022年医药行业会迎来较好表现。","fund":{"_id":3000000003230,"stockCode":"003230","stockType":"fund","areaCode":"cn","followedNum":48,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2016-08-21T16:00:00.000Z","setUpScale":800215000,"market":"a","tickerId":3230,"custody":"中国邮政储蓄银行股份有限公司","name":"创金合信医疗保健行业股票型证券投资基金","shortName":"创金合信医疗保健股票(003230)","fundSecondLevel":"company","__csrcFundId":698,"fundStatus":"normal","lastUpdated":"2026-04-30T18:48:55.591Z","masterFundFlag":1,"inceptionDate":"2016-08-29T16:00:00.000Z","fundCollectionId":4000050990000,"currency":"CNY","masterFundShortName":"创金合信医疗保健股票","pinyin":"cjhxylbjhygpxzqtzjj","managers":[{"stockCode":"db20624945","stockType":"fund_manager","exchange":"fm","tickerId":161019182300,"name":"皮劲松"}]},"announcement":{"linkText":"创金合信医疗保健行业股票型证券投资基金2021年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=709698","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7187fea5b3eb0464a07","date":"2021-09-29T16:00:00.000Z","stockId":3000000003230,"sao":"第三季度申万医药指数下跌13.7%，28个申万一级行业排名28位。前三季度申万医药指数下跌5.6%，申万一级行业排名18位。三季度行业政策较多，包括安徽省体外诊断试剂集采、人工关节全国集采、广东联盟药品带量采购等。整体来看，安徽体外诊断和人工关节集采降价幅度较大，但是考虑器械流通环节可压缩空间较大，此外中标企业通过集采扩大份额也能消化部分降价，对生产企业的利润影响偏中性。从近期集采来看，政策转暖的信号明显，医保支付方不再追求极端低价，会给企业保留合理的利润。以近期南京医保局和迈瑞医疗的谈判为例，南京市医保局组织南京地区医疗机构联盟与迈瑞开展整体性价格谈判，包括体外诊断试剂和部分骨科耗材两大类产品，整体降价幅度35.51%。我们认为，医保支付方会平衡好医保资金安全和医药企业可持续发展，出现极端政策的可能性较小，政策负面影响在减弱。医药大逻辑没有变化，医保资金每年5-10%增速扩容，在总量增长情况下，结构性机会更多。估值角度看，经过2019 和2020年上涨，医药板块估值确实不便宜，不少公司的盈利跟不上股价涨幅。今年虽然股价下跌，但很多公司竞争力在增强，上市公司基本都是行业龙头，持续的研发投入、产品管线不断丰富，公司长期价值在不断增加。估值调整后，为后面走势奠定健康的基础。展望四季度，医药重点公司都保持较快增长，明年不少公司估值都较为合理，预计四季度有估值切换行情。投资角度，首先关注顺应产业趋势的领域，目前看医疗器械、创新药、医药研发外包、疫苗等保持较高景气。其次，关注能提供差异化或者强壁垒产品的公司，最后是寻找处在最好发展阶段的公司，对企业来说，发展才是硬道理，只有持续增长才能创造价值。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T13:11:52.877Z","fund":{"_id":3000000003230,"stockCode":"003230","stockType":"fund","areaCode":"cn","followedNum":48,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2016-08-21T16:00:00.000Z","setUpScale":800215000,"market":"a","tickerId":3230,"custody":"中国邮政储蓄银行股份有限公司","name":"创金合信医疗保健行业股票型证券投资基金","shortName":"创金合信医疗保健股票(003230)","fundSecondLevel":"company","__csrcFundId":698,"fundStatus":"normal","lastUpdated":"2026-04-30T18:48:55.591Z","masterFundFlag":1,"inceptionDate":"2016-08-29T16:00:00.000Z","fundCollectionId":4000050990000,"currency":"CNY","masterFundShortName":"创金合信医疗保健股票","pinyin":"cjhxylbjhygpxzqtzjj","managers":[{"stockCode":"db20624945","stockType":"fund_manager","exchange":"fm","tickerId":161019182300,"name":"皮劲松"}]},"announcement":{"linkText":"创金合信医疗保健行业股票型证券投资基金2021年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=653727","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7187fea5b3eb0464a06","date":"2021-06-29T16:00:00.000Z","stockId":3000000003230,"sao":"2021年二季度，第五批药品带量采购结果公布，中选价格平均降幅56%；人工关节国家集采方案公布，分组规则和中选率较预期缓和，骨科创伤耗材集采也即将落地，由于采用差额竞价，最终降幅还需观察。总体看，政策引导企业创新转型是明确的，集采常态化会影响成熟药品和耗材市场规模，企业只有开发新领域寻求新增长点，只有研发能力强的企业才能获得成长机会。一季度医药板块调整后，二季度快速反弹。上半年涨幅较大有医药研发外包、医美、疫苗、医药装备以及科创板的中小成长股，主要的逻辑还是成长逻辑通畅、业绩快速增长。目前市场结构分化，高增长的好公司估值偏高，成长性稍弱或者短期经营困难的公司估值折价。下半年我们会坚持既定思路，以合理估值持有优秀公司，同时紧跟产业趋势，淡化短期干扰因素，努力挖掘好公司。","declarationDate":"2021-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:11:52.874Z","mo":"2020年上半年国内生产总值同比增长12.7%，二季度同比增长7.9%，其中工业活动总体稳定增长，新能源汽车、工业机器人等快速增长，基建投资偏弱，消费复苏较快。总体看经济复苏持续稳中向好，下半年有望保持良好趋势。医药行业受宏观经济影响较小，仿制药、部分高值耗材受集采政策影响较大，政策免疫的领域如医疗服务、创新药、消费医药持续高景气。","fund":{"_id":3000000003230,"stockCode":"003230","stockType":"fund","areaCode":"cn","followedNum":48,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2016-08-21T16:00:00.000Z","setUpScale":800215000,"market":"a","tickerId":3230,"custody":"中国邮政储蓄银行股份有限公司","name":"创金合信医疗保健行业股票型证券投资基金","shortName":"创金合信医疗保健股票(003230)","fundSecondLevel":"company","__csrcFundId":698,"fundStatus":"normal","lastUpdated":"2026-04-30T18:48:55.591Z","masterFundFlag":1,"inceptionDate":"2016-08-29T16:00:00.000Z","fundCollectionId":4000050990000,"currency":"CNY","masterFundShortName":"创金合信医疗保健股票","pinyin":"cjhxylbjhygpxzqtzjj","managers":[{"stockCode":"db20624945","stockType":"fund_manager","exchange":"fm","tickerId":161019182300,"name":"皮劲松"}]},"announcement":{"linkText":"创金合信医疗保健行业股票型证券投资基金2021年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=630355","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7187fea5b3eb0464a05","stockId":3000000003230,"sao":"2021年1季度申万医药指数下跌4.1%，板块表现一般，但仍有细分领域表现强势，如二线研发外包、疫苗、零售药店、医美等，表现较好的个股主要原因是经营趋势向好、估值性价比高，高估值核心资产表现较弱。    一季度我们根据市场风格和个股基本面进行了组合调整，增配了部分成长性好、潜力大的标的，同时减配了预期偏悲观个股。后期还需围绕企业经营情况等基本面进行组合优化，发掘投资机会。医药板块会长期呈结构分化，投资机会还要从高景气板块中挑选，现阶段看景气度高的领域有研发外包、创新药和器械、医药消费、零售药店等。    医药行业可能会面临政策扰动，如高值耗材降价、支付方式改革等，但长期看我们认为医药行业依然有机会创造较好收益，主要基于国家鼓励创新，医保对创新药、创新器械支持加大，老百姓对高质量医药产品需求增长。在投资上我们需要持续跟踪，着眼于企业竞争力，寻找能持续增长、为投资者创造长期价值的公司。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:11:52.871Z","fund":{"_id":3000000003230,"stockCode":"003230","stockType":"fund","areaCode":"cn","followedNum":48,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2016-08-21T16:00:00.000Z","setUpScale":800215000,"market":"a","tickerId":3230,"custody":"中国邮政储蓄银行股份有限公司","name":"创金合信医疗保健行业股票型证券投资基金","shortName":"创金合信医疗保健股票(003230)","fundSecondLevel":"company","__csrcFundId":698,"fundStatus":"normal","lastUpdated":"2026-04-30T18:48:55.591Z","masterFundFlag":1,"inceptionDate":"2016-08-29T16:00:00.000Z","fundCollectionId":4000050990000,"currency":"CNY","masterFundShortName":"创金合信医疗保健股票","pinyin":"cjhxylbjhygpxzqtzjj","managers":[{"stockCode":"db20624945","stockType":"fund_manager","exchange":"fm","tickerId":161019182300,"name":"皮劲松"}]},"announcement":{"linkText":"创金合信医疗保健行业股票型证券投资基金2021年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=573626","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7187fea5b3eb0464a04","stockId":3000000003230,"sao":"2020年申万医药指数上涨51.1%，28个申万子行业中排名第5，延续了2019年良好表现。上半年疫情背景下，医药抗风险属性明显，板块表现突出；下半年，国内疫情得到控制，疫情受损板块预期好转，加上医药相对估值偏高，板块表现偏弱。我们的策略是以合理价格投资快速成长的好公司。上半年我们紧抓业绩主线，持仓公司受疫情影响较小，部分还实现了业绩加速，带动基金净值走强。下半年部分持仓公司受集采降价预期影响，整体表现较弱。我们对政策预判相对滞后，需要总结提高。医药投资逻辑依然清晰，创新和需求升级带动医药产业稳定发展。展望2021年，高值耗材和集采将常态化执行，市场已有充分预期，短期对部分公司有镇痛，长期看行业落后产能得以快速出清，创新会得到更高溢价。投资方面，看好受政策影响小的创新药及相关产业链、医药消费、医药零售、医疗器械等领域。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:11:52.869Z","mo":"国内经济持续回升，海外疫苗接种加快，国内外经济共振向上概率较大。社融虽然在去年11月达到阶段性高点，考虑到央行维持经济稳定，货币政策不会急转弯，信用环境依然良好。现阶段部分板块估值较高，但也没有明显泡沫，随着竞争格局优化，优质公司能依靠业绩增长消化估值。医药板块成长性确定，预计仍然呈现结构性行情，部分受负面政策影响的领域需要回避。","fund":{"_id":3000000003230,"stockCode":"003230","stockType":"fund","areaCode":"cn","followedNum":48,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2016-08-21T16:00:00.000Z","setUpScale":800215000,"market":"a","tickerId":3230,"custody":"中国邮政储蓄银行股份有限公司","name":"创金合信医疗保健行业股票型证券投资基金","shortName":"创金合信医疗保健股票(003230)","fundSecondLevel":"company","__csrcFundId":698,"fundStatus":"normal","lastUpdated":"2026-04-30T18:48:55.591Z","masterFundFlag":1,"inceptionDate":"2016-08-29T16:00:00.000Z","fundCollectionId":4000050990000,"currency":"CNY","masterFundShortName":"创金合信医疗保健股票","pinyin":"cjhxylbjhygpxzqtzjj","managers":[{"stockCode":"db20624945","stockType":"fund_manager","exchange":"fm","tickerId":161019182300,"name":"皮劲松"}]},"announcement":{"linkText":"创金合信医疗保健行业股票型证券投资基金2020年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=552341","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7187fea5b3eb0464a03","stockId":3000000003230,"sao":"2020年前三季度，申万医药指数上涨44.4%，涨幅较大主要是防疫相关及受疫情影响较小、业绩稳定增长类公司。第三季度医药指数上涨2.9%，属于表现较弱的板块，主要是上半年涨幅大，市场风格变化所致，医药行业基本面没有变化。8月份第三批国家药品集中采购结果公布，拟中选品种平均降价53%，符合市场预期，仿制药集中采购将成为常态。9月份国家医保局公示2020年国家医保目录形式审查名单，包括PD-1在内的多款创新药被纳入，医保动态调整也将成为常态。创新药市场快速扩容，国内的用药结构将发生明显变化，需要跟踪对医药投资机会的影响。第三季度本基金延续前期投资思路，挑选高景气领域的优质公司，包括创新药、医疗器械、医药零售等，这些公司受疫情影响较小，抗风险能力强。本基金部分个股由于上半年涨幅较大，估值相对较高，三季度明显下跌，我们仔细检查了公司基本面，进行了相应的调整；同时针对市场风格变化，本基金增配了疫苗、医药外包等相关标的。根据产业和政策趋势，我们判断医药投资大方向不会变化，但需要在个股上进行更深度研究，争取更好投资收益。","date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-27T16:00:00.000Z","lastUpdated":"2026-03-09T13:11:52.866Z","fund":{"_id":3000000003230,"stockCode":"003230","stockType":"fund","areaCode":"cn","followedNum":48,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2016-08-21T16:00:00.000Z","setUpScale":800215000,"market":"a","tickerId":3230,"custody":"中国邮政储蓄银行股份有限公司","name":"创金合信医疗保健行业股票型证券投资基金","shortName":"创金合信医疗保健股票(003230)","fundSecondLevel":"company","__csrcFundId":698,"fundStatus":"normal","lastUpdated":"2026-04-30T18:48:55.591Z","masterFundFlag":1,"inceptionDate":"2016-08-29T16:00:00.000Z","fundCollectionId":4000050990000,"currency":"CNY","masterFundShortName":"创金合信医疗保健股票","pinyin":"cjhxylbjhygpxzqtzjj","managers":[{"stockCode":"db20624945","stockType":"fund_manager","exchange":"fm","tickerId":161019182300,"name":"皮劲松"}]},"announcement":{"linkText":"创金合信医疗保健行业股票型证券投资基金2020年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=493770","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7187fea5b3eb0464a02","stockId":3000000003230,"sao":"上半年新冠疫情冲击下，医药行业韧性充分体现，龙头公司业绩受影响相对可控，部分防疫类、创新药公司业绩逆势增长，行业比较优势突出。本基金持续关注创新药、医疗器械、医药消费等符合产业趋势的高景气领域，着眼于企业中长期竞争力，以中长期产业视角挑选公司，同时结合疫情、业绩表现平衡组合。下半年需要跟踪药品带量采购、高值耗材采购执行落地对行业及公司影响，虽然上半年医药涨幅较大，部分公司估值处在较高位置，但产业趋势和时间都站在优势公司一边，本基金会继续持有优势公司以时间化解估值，并拓展研究范围，努力挖掘更多性价比更高的标的。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:11:52.864Z","mo":"上半年宏观经济受疫情影响较大，目前国内疫情得到有效控制，基建和地产投资显著回升，消费逐步修复，出口仍然低迷。流动性宽松大环境下，大类资产配置仍然有利于权益市场。医药产业向好趋势不变，行业增速稳健，结构继续分化。","fund":{"_id":3000000003230,"stockCode":"003230","stockType":"fund","areaCode":"cn","followedNum":48,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2016-08-21T16:00:00.000Z","setUpScale":800215000,"market":"a","tickerId":3230,"custody":"中国邮政储蓄银行股份有限公司","name":"创金合信医疗保健行业股票型证券投资基金","shortName":"创金合信医疗保健股票(003230)","fundSecondLevel":"company","__csrcFundId":698,"fundStatus":"normal","lastUpdated":"2026-04-30T18:48:55.591Z","masterFundFlag":1,"inceptionDate":"2016-08-29T16:00:00.000Z","fundCollectionId":4000050990000,"currency":"CNY","masterFundShortName":"创金合信医疗保健股票","pinyin":"cjhxylbjhygpxzqtzjj","managers":[{"stockCode":"db20624945","stockType":"fund_manager","exchange":"fm","tickerId":161019182300,"name":"皮劲松"}]},"announcement":{"linkText":"创金合信医疗保健行业股票型证券投资基金2020年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=464309","linkType":"PDF","source":"csrc_pdf"}}]}