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跌1.21%，中证全指医药卫生指数上涨1.80%。医药指数行情节奏与大盘相似，整体跑赢大盘，主要是由于政策层面对医药板块的支持以及产业层面进展带来情绪边际变好。　　基于产业趋势与政策周期的共振研判，我们长期坚定看好创新药械领域的战略配置价值。当前行业政策环境迎来转折，国家通过全产业链支持、商保扩容、集采规则优化等政策组合拳构建创新友好型生态，构建起覆盖创新孵化、临床转化到市场准入的全周期支持体系。在估值层面，经历深度调整后板块已进入价值区间，企业盈利改善与估值弹性的正向反馈机制逐步形成。此外、产业进化脉络愈发清晰：创新成果的商业化转化已突破临界点，具备持续造血能力的平台型企业进入发展新阶段，管线布局的前瞻性与商业化效率正成为价值分化核心要素。与此同时，中国医药技术被全球市场认可，具备国际竞争力的突破性成果持续涌现。我们认为，创新驱动型医药企业将进入价值再发现通道，其成长确定性与产业引领地位有望迎来持续性重估。","declarationDate":"2025-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:17:41.068Z","fund":{"_id":3000000005237,"stockCode":"005237","stockType":"fund","areaCode":"cn","followedNum":10,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2017-10-15T16:00:00.000Z","setUpScale":33722900,"market":"a","tickerId":5237,"custody":"中国工商银行股份有限公司","name":"银华医疗健康量化优选股票型发起式证券投资基金","shortName":"银华医疗健康量化股票发起式(005237)","fundSecondLevel":"company","__csrcFundId":4825,"fundStatus":"normal","lastUpdated":"2026-04-30T19:30:22.863Z","masterFundFlag":1,"inceptionDate":"2017-11-08T16:00:00.000Z","fundCollectionId":4000050140000,"currency":"CNY","masterFundShortName":"银华医疗健康量化股票发起式","pinyin":"yhyljklhyxgpxfqszqtzjj","managers":[{"stockCode":"db20157310","stockType":"fund_manager","exchange":"fm","tickerId":1310120590,"name":"马君"},{"stockCode":"db20831737","stockType":"fund_manager","exchange":"fm","tickerId":2520210350,"name":"杨腾"}]},"announcement":{"linkText":"银华医疗健康量化优选股票型发起式证券投资基金2025年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1267457","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8757fea5b3eb047ec66","date":"2024-12-30T16:00:00.000Z","stockId":3000000005237,"sao":"在报告期内，我们积极改进自行开发的量化投资管理系统，采用系统管理和人工管理相结合的方式处理基金日常运作中所碰到的申购赎回处理、结构配比校验、风险优化等一系列事件。除此之外运用自行开发的量化投资模型，精选细分子行业个股，力争实现超越行业的阿尔法收益。　　2024年度，沪深300指数上涨14.68%，中证全指医药卫生指数下跌14.05%。由于大环境整体扰动以及生物医药企业业绩相对平淡导致医药板块表现较为疲软。","declarationDate":"2025-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:17:41.065Z","mo":"鉴于当前市场环境，我们看好创新药和创新器械产业链的发展前景。政策面上，国家及地方政府持续出台了一系列促进医药创新的政策措施，覆盖研发、生产、审批到流通各环节，为创新药械产业提供了坚实的制度保障和支持。此外，鼓励医疗商业保险的政策从支付端助力产业发展，形成了从研发到支付端的全面政策支持框架。从业绩表现来看，创新药企展现了稳定的增长态势，在整个医药行业中脱颖而出，成为内部表现最为强劲的子板块。尽管医疗器械行业在过去一段时间内受到了一定影响，但我们对其未来一年的复苏持乐观态度。值得注意的是，越来越多的创新药械企业凭借自身的技术优势和成本竞争力，通过积极拓展海外市场，正在逐步扩大其全球市场份额并增强国际影响力。过去三年多时间里，医药板块经历了估值消化，目前行业的整体估值处于合理区间，而市场对该板块的预期和关注均较为保守。这种市场预期与产业实际发展潜力之间的差异，形成了一定的预期差。基于以上因素，我们相信医药板块，特别是创新药械产业链，将在未来的市场表现中超越当前市场的普遍预期，迎来价值重新评估与新的增长机会，为投资者带来丰厚回报。","fund":{"_id":3000000005237,"stockCode":"005237","stockType":"fund","areaCode":"cn","followedNum":10,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2017-10-15T16:00:00.000Z","setUpScale":33722900,"market":"a","tickerId":5237,"custody":"中国工商银行股份有限公司","name":"银华医疗健康量化优选股票型发起式证券投资基金","shortName":"银华医疗健康量化股票发起式(005237)","fundSecondLevel":"company","__csrcFundId":4825,"fundStatus":"normal","lastUpdated":"2026-04-30T19:30:22.863Z","masterFundFlag":1,"inceptionDate":"2017-11-08T16:00:00.000Z","fundCollectionId":4000050140000,"currency":"CNY","masterFundShortName":"银华医疗健康量化股票发起式","pinyin":"yhyljklhyxgpxfqszqtzjj","managers":[{"stockCode":"db20157310","stockType":"fund_manager","exchange":"fm","tickerId":1310120590,"name":"马君"},{"stockCode":"db20831737","stockType":"fund_manager","exchange":"fm","tickerId":2520210350,"name":"杨腾"}]},"announcement":{"linkText":"银华医疗健康量化优选股票型发起式证券投资基金2024年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1250242","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8757fea5b3eb047ec65","date":"2024-09-29T16:00:00.000Z","stockId":3000000005237,"sao":"在报告期内，我们积极改进自行开发的量化投资管理系统，采用系统管理和人工管理相结合的方式处理基金日常运作中所碰到的申购赎回处理、结构配比校验、风险优化等一系列事件。除此之外运用自行开发的量化投资模型，精选细分子行业个股，力争实现超越行业的阿尔法收益。　　2024年三季度沪深300指数上涨16.07%，中证全指医药卫生指数上涨17.97%。医药整体跑赢大盘。医药行业内部呈现出明显的结构性行情，其中以创新药为代表的创新型公司表现较为突出。一方面，在已发布的半年报中，药品龙头企业凭借新产品的市场放量以及降本增效等有效策略，成功实现了业绩的稳健增长。另一方面，政策对创新产业链的扶持方向明确，这一因素促使创新药的市场表现良好。　　展望四季度，我们仍然对创新药品与创新器械等创新产业链保持乐观态度。首先，在政策层面，《全链条支持创新药发展实施方案》的正式出台，为整个行业构建起了全方位的政策保障体系。与此同时，各地方层面也迅速做出反应，跟进推出鼓励创新的相关政策，进而形成了良好的政策协同效应。此外，在业绩方面，我们持续看好创新药械的商业化放量前景。随着医疗技术的不断进步和人们对健康需求的日益增长，创新药械的市场需求呈现出持续上升的趋势。创新药械企业通过不断加大研发投入，推出更多具有创新性和临床价值的产品，满足了市场的多样化需求。最后，从风险偏好角度来看，我们认为未来市场的风险偏好有可能提升。美联储降息的落地有望提振市场对创新药械投资的风险偏好。当前，创新药械企业正积极地拥抱国际市场，通过国际合作以及产品出海等方式，不断拓展自身的业务版图。中国创新药械在全球舞台上初露锋芒，为企业的长期增长开辟了崭新路径。我们坚信，在政策的有力护航、业绩的持续向好、风险偏好提升以及全球布局的共同作用下，创新药械公司正稳步迈入新一轮的发展阶段。","declarationDate":"2024-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:17:41.063Z","fund":{"_id":3000000005237,"stockCode":"005237","stockType":"fund","areaCode":"cn","followedNum":10,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2017-10-15T16:00:00.000Z","setUpScale":33722900,"market":"a","tickerId":5237,"custody":"中国工商银行股份有限公司","name":"银华医疗健康量化优选股票型发起式证券投资基金","shortName":"银华医疗健康量化股票发起式(005237)","fundSecondLevel":"company","__csrcFundId":4825,"fundStatus":"normal","lastUpdated":"2026-04-30T19:30:22.863Z","masterFundFlag":1,"inceptionDate":"2017-11-08T16:00:00.000Z","fundCollectionId":4000050140000,"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逐步完善，政策面整体趋于温和。其次估值端，医药行业已经经历了几年的调整，估值消化较为充分，站在现在看估值已经处于底部区域，继续向下空间有限。2）收益端，行业持续具备高成长性。其中我们尤其看好创新药品和创新器械的机会。以创新药为例，近几年国内制药企业持续加大创新投入，一批拥有临床价值的优质创新药管线陆续商业化落地。并且经过前期出海阶段的探索，中国创新药的出海也已经进入全新的兑现阶段。我们认为明年中国药企将会更深度加入全球医药产业竞争中。最后，再叠加上宏观环境明年美联储可能停止加息甚至开始降息，我们预期明年医药板块有望迎来触底反转，进入新的一轮成长周期。","fund":{"_id":3000000005237,"stockCode":"005237","stockType":"fund","areaCode":"cn","followedNum":10,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2017-10-15T16:00:00.000Z","setUpScale":33722900,"market":"a","tickerId":5237,"custody":"中国工商银行股份有限公司","name":"银华医疗健康量化优选股票型发起式证券投资基金","shortName":"银华医疗健康量化股票发起式(005237)","fundSecondLevel":"company","__csrcFundId":4825,"fundStatus":"normal","lastUpdated":"2026-04-30T19:30:22.863Z","masterFundFlag":1,"inceptionDate":"2017-11-08T16:00:00.000Z","fundCollectionId":4000050140000,"currency":"CNY","masterFundShortName":"银华医疗健康量化股票发起式","pinyin":"yhyljklhyxgpxfqszqtzjj","managers":[{"stockCode":"db20157310","stockType":"fund_manager","exchange":"fm","tickerId":1310120590,"name":"马君"},{"stockCode":"db20831737","stockType":"fund_manager","exchange":"fm","tickerId":2520210350,"name":"杨腾"}]},"announcement":{"linkText":"银华医疗健康量化优选股票型发起式证券投资基金2023年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1057784","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8757fea5b3eb047ec61","date":"2023-09-29T16:00:00.000Z","stockId":3000000005237,"sao":"在报告期内，我们积极改进自行开发的量化投资管理系统，采用系统管理和人工管理相结合的方式处理基金日常运作中所碰到的申购赎回处理、结构配比校验、风险优化等一系列事件。除此之外运用自行开发的量化投资模型，精选细分子行业个股，力争实现超越行业的阿尔法收益。　　2023年三季度A股市场先小幅上涨后单边下跌，沪深300指数下跌3.98%，中证全指医药卫生指数下跌2.45%，医药跑赢大盘。行业方面，中信一级行业中，有正收益的是煤炭、非银行金融、石油石化、银行、房地产、钢铁、食品饮料、纺织服装、综合金融、建材等行业。　　展望2023年四季度，科技进步、政策驱暖和估值修复等角度都使得医药股票配置价值凸显，我们看好医药尤其是创新药板块的投资价值。九月中旬国家卫健委强调医疗反腐聚焦“关键少数”、“纠建并举”的原则，规范开展的学术会议和正常医学活动有望逐步恢复，行业合规走向常态化。具备临床价值及合规经营的院内药品及器械有望迎来恢复性增长。另外，2023WCLC、ESMO、ASH会议将密集披露临床数据。23-25年重磅品种上市，创新药企管线的集中收获期。创新品种的大量上市申请受理，为创新药市场扩容及商业化提供了充足的“弹药粮草”。产业政策层面，医保谈判规则反复确认了创新药的政策底，国家持续支持创新药产业发展。之前市场对于药企短期业绩不确定性有所担忧导致板块过分调整至低估区域，目前创新药估值处于10年以来相对低位水平，同时减持新规下，biotech筹码结构进一步优化，随着三季度企业业绩落地及行业合规常态化，预计有较大估值修复空间。CXO产业虽依旧在不断出清，但龙头业绩坚挺已经走出反弹行情，GLP-1也有望带动多肽类CDMO需求快速提升。伴随三季度业绩逐渐明朗，创新药“集采出清+新药放量+底部位置”，股价弹性较大，依旧是医药皇冠上的明珠。","declarationDate":"2023-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:17:41.052Z","fund":{"_id":3000000005237,"stockCode":"005237","stockType":"fund","areaCode":"cn","followedNum":10,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2017-10-15T16:00:00.000Z","setUpScale":33722900,"market":"a","tickerId":5237,"custody":"中国工商银行股份有限公司","name":"银华医疗健康量化优选股票型发起式证券投资基金","shortName":"银华医疗健康量化股票发起式(005237)","fundSecondLevel":"company","__csrcFundId":4825,"fundStatus":"normal","lastUpdated":"2026-04-30T19:30:22.863Z","masterFundFlag":1,"inceptionDate":"2017-11-08T16:00:00.000Z","fundCollectionId":4000050140000,"currency":"CNY","masterFundShortName":"银华医疗健康量化股票发起式","pinyin":"yhyljklhyxgpxfqszqtzjj","managers":[{"stockCode":"db20157310","stockType":"fund_manager","exchange":"fm","tickerId":1310120590,"name":"马君"},{"stockCode":"db20831737","stockType":"fund_manager","exchange":"fm","tickerId":2520210350,"name":"杨腾"}]},"announcement":{"linkText":"银华医疗健康量化优选股票型发起式证券投资基金2023年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=985559","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8757fea5b3eb047ec60","date":"2023-06-29T16:00:00.000Z","stockId":3000000005237,"sao":"在报告期内，我们积极改进自行开发的量化投资管理系统，采用系统管理和人工管理相结合的方式处理基金日常运作中所碰到的申购赎回处理、结构配比校验、风险优化等一系列事件。除此之外运用自行开发的量化投资模型，精选细分子行业个股，力争实现超越行业的阿尔法收益。","declarationDate":"2023-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:17:41.049Z","mo":"2023年上半年A股市场整体先涨后跌，沪深300指数小幅下跌0.75%，中证全指医药卫生指数下跌7.70%，医药大幅跑输大盘。行业方面，中信一级行业中，有正收益的是通信、传媒、计算机、家电、机械、电子、建筑、石油石化、汽车、电力及公用事业、国防军工、纺织服装、非银行金融等行业。　　展望2023年下半年，医药板块医保政策边际趋暖后医药整体估值修复，疫后复苏估值上移，23年二季度又经历了大盘缩量下跌及AI主题抽水，目前医药再次进入低估状态。一季度市场对于复苏的预期是消费医疗受益，到二季度经济基本面体现出弱复苏态势之后，医药板块的复苏主线从消费医疗及医美转到了严肃医疗院端复苏的药品和器械，尤其是确定性比较强的药品和器械。创新药板块在4月份AACR和6月份ASCO大会催化下经历了一波涨幅后回调，但整体药品板块产业层面来看，仿制药利空出尽，创新药处于国际化及商业化集中兑现期，预计随着后续兑现，创新药依旧会是皇冠上的明珠。过去几年出台的鼓励中医药发展的政策垫定了中医药板块长期发展的基石，中药创新药、中药相关资源品及国企改革投资主线也是我们会长期关注的板块，下半年中药面临去年业绩髙基数影响，但同时今年以来中药企业业绩频频超预期，长期来看我们看好中药买入高质量发展新阶段，短期来看，我们会持续关注跟踪中药上市公司的业绩变化情况。","fund":{"_id":3000000005237,"stockCode":"005237","stockType":"fund","areaCode":"cn","followedNum":10,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2017-10-15T16:00:00.000Z","setUpScale":33722900,"market":"a","tickerId":5237,"custody":"中国工商银行股份有限公司","name":"银华医疗健康量化优选股票型发起式证券投资基金","shortName":"银华医疗健康量化股票发起式(005237)","fundSecondLevel":"company","__csrcFundId":4825,"fundStatus":"normal","lastUpdated":"2026-04-30T19:30:22.863Z","masterFundFlag":1,"inceptionDate":"2017-11-08T16:00:00.000Z","fundCollectionId":4000050140000,"currency":"CNY","masterFundShortName":"银华医疗健康量化股票发起式","pinyin":"yhyljklhyxgpxfqszqtzjj","managers":[{"stockCode":"db20157310","stockType":"fund_manager","exchange":"fm","tickerId":1310120590,"name":"马君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以补短板为目标的国家后续重点建设领域、受益于科技周期以及受中美冲突影响的成长类行业或相对较强。长期维度看，宏观供给侧改革、微观行业竞争格局改善给头部企业带来的变化以及经济结构转型带来的影响，有利于核心资产的长期投资。未来可能引发A股估值扩张放缓或阶段性小幅收缩主要来源于监管规范异常市场行为、贸易战边际恶化等。全球疫情持续扩散，医药板块抗风险能力更强。连锁药店作为重要的TO 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