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follow，到同步的ADC 双抗，再到真正FIC的创新）；出海也已经成为先进医药制造生产力的第二成长曲线（欧美市场规模更大、定价更高）；本轮宏观经济调整周期里，连锁专科医院为代表的消费医疗供给也得到了一定程度的出清和集中。其次，医药行业相关的监管政策转向积极：医保局牵头发展商业保险，有助于拉升医药内需，利好创新药械和高端综合民营医院；财政政策刺激背景下基层医疗装备升级叠加设备更新，利好医疗设备国产替代；医疗行业整顿从运动式转向常态化，利好创新药和高值耗材的进院和推广，也利好医疗设备招标。第三，2024年9月底以来国内资本市场也发生变化：从“国九条”到“并购重组国六条”；从引导投资较高股息较高分红到鼓励投早投新投硬科技；越来越多的创新药企出海采用Newco模式；2025年美联储也存在一定概率降息。","fund":{"_id":3000000005433,"__csrcFundId":8231,"stockCode":"005433","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":5433,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:36:46.399Z","status":"normal","name":"申万菱信医药先锋股票型证券投资基金","exchange":"jj","inceptionDate":"2020-11-15T16:00:00.000Z","shortName":"申万菱信医药先锋股票(005433)","followedNum":11,"fundCollectionId":4000050340000,"currency":"CNY","masterFundShortName":"申万菱信医药先锋股票","setUpDate":"2020-11-15T16:00:00.000Z","setUpAssetScale":879816754.11,"setUpShares":879816754.11,"memoNum":0,"pinyin":"swlxyyxfgpxzqtzjj","managers":[{"stockCode":"db20124236","stockType":"fund_manager","exchange":"fm","tickerId":250806224330,"name":"姚宏福"}]},"announcement":{"linkText":"申万菱信医药先锋股票型证券投资基金2024年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1252410","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8aa7fea5b3eb0482b94","date":"2024-06-29T16:00:00.000Z","stockId":3000000005433,"sao":"二季度医药延续一季度行情，板块调整幅度超过10%，跑输调整幅度5.13%的万德全A指数以及调整幅度2.14%的沪深300指数。二季度医药调整幅度加大，一方面与医保资金收支压力下市场对医保局出台院内外比价政策以及后续中药集采等政策担忧加剧有关，另一方面与此前中药以及药店等医药中偏防御属性板块资金集中度较高也有一定关系。回顾二季度投资操作，我们主要加大了医疗器械设备领域的投资力度，我们认为随着三季度纠风整顿以及以旧换新设备更新政策落地前医院招标需求的短期压抑陆续解除，医疗设备或将呈现国内招标恢复驱动市场表现加速，出海竞争力增强后长期成长空间打开的局面。此外，我们仍然从长期角度，继续看好短期被经济环境暂时压制的消费医疗板块。消费医疗不是简单的经济顺周期的高端消费，相反以眼科为代表，我们认为屈光以及白内障晶体手术，随着居民经济收入在新的水平均衡稳定，此前压制的自费择期医疗需求或将陆续恢复释放，社会办医机构凭借更权威的专家、更先进的设备、更周到的服务、更有竞争力的价格有望相比公立医院更好的承接这类消费需求，从而有望迎来新一轮的发展机遇。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:18:34.128Z","fund":{"_id":3000000005433,"__csrcFundId":8231,"stockCode":"005433","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":5433,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:36:46.399Z","status":"normal","name":"申万菱信医药先锋股票型证券投资基金","exchange":"jj","inceptionDate":"2020-11-15T16:00:00.000Z","shortName":"申万菱信医药先锋股票(005433)","followedNum":11,"fundCollectionId":4000050340000,"currency":"CNY","masterFundShortName":"申万菱信医药先锋股票","setUpDate":"2020-11-15T16:00:00.000Z","setUpAssetScale":879816754.11,"setUpShares":879816754.11,"memoNum":0,"pinyin":"swlxyyxfgpxzqtzjj","managers":[{"stockCode":"db20124236","stockType":"fund_manager","exchange":"fm","tickerId":250806224330,"name":"姚宏福"}]},"announcement":{"linkText":"申万菱信医药先锋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=1146028","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8aa7fea5b3eb0482b93","date":"2024-03-30T16:00:00.000Z","stockId":3000000005433,"sao":"一季度申万医药行业一级指数下跌12.08%，上证指数同期上涨2.22%，沪深300指数同期上涨3.1%，wind全A指数同期下跌2.85%，医药板块一季度明显跑输大盘。医药板块今年一季度表现较弱，一方面与前期机构增配较为强势有关（2023年下半年及四季度医药皆跑赢大盘），另一方面一季度以来前期医疗整顿过程对医药板块情绪有所压制。展望下半年，我们认为医疗整顿对行业的影响有望趋于平缓。此外，部分子行业去年上半年经营基数高，基本面在今年下半年摆脱基数影响后有望迎来拐点，我们对医疗行业今年的机会不悲观。从行业长期发展逻辑来看，老龄化深化以及创新药械国际化让产业链中受益的企业正在进入一轮非常好的发展战略机遇期和红利期。AI以及脑机接口等前沿科学的突破也有望带动医药产业融入本轮科技革命浪潮。投资策略上，我们继续看好受益老龄化的民营眼科医院、国产替代空间大或者出海销售能力突出的优质器械公司的中长期价值，另一方面，在创新药、抗衰老、减肥药、医疗AI和脑机接口等新兴领域我们也会积极跟踪和挖掘，关注卡位领先、竞争优势明显的机会。","declarationDate":"2024-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:18:34.125Z","fund":{"_id":3000000005433,"__csrcFundId":8231,"stockCode":"005433","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":5433,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:36:46.399Z","status":"normal","name":"申万菱信医药先锋股票型证券投资基金","exchange":"jj","inceptionDate":"2020-11-15T16:00:00.000Z","shortName":"申万菱信医药先锋股票(005433)","followedNum":11,"fundCollectionId":4000050340000,"currency":"CNY","masterFundShortName":"申万菱信医药先锋股票","setUpDate":"2020-11-15T16:00:00.000Z","setUpAssetScale":879816754.11,"setUpShares":879816754.11,"memoNum":0,"pinyin":"swlxyyxfgpxzqtzjj","managers":[{"stockCode":"db20124236","stockType":"fund_manager","exchange":"fm","tickerId":250806224330,"name":"姚宏福"}]},"announcement":{"linkText":"申万菱信医药先锋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=1071685","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8aa7fea5b3eb0482b92","date":"2023-12-30T16:00:00.000Z","stockId":3000000005433,"sao":"2023年各个季度医药板块投资主线各有不同：一季度市场交易疫后消费和诊疗复苏；二季度医药板块交易主线变成中药；三季度医疗整顿下整体市场情绪不高；四季度整顿影响边际降低驱动创新药和院内仿制药走强。短期追逐热点交易不是我们擅长的打法，我们仍然坚持自下而上研究精选个股长期持有的投资风格。通过对医药板块内一级、二级产业资源的跟踪和研究，我们认为老龄化和创新药械国际化有望成为医药领域具备机会的细分领域。我们布局的个股也主要围绕以上相关领域展开。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:18:34.123Z","mo":"在老龄化加速这一产业趋势下，我们看好眼科医疗服务和国产占比低的眼科高值耗材领域的机会。白内障在60岁以上人群中超过80%的发病率和国内白内障手术对比发达国家低渗透率是产业链上相关公司未来强劲的产业前景和成长逻辑。此外，学术力强大且领先的抗衰老药物研发企业也将具备较大的机会。在创新药械国际化这样产业趋势下，我们看好近几年发力赶超进口品牌的血透、手术耗材等低市占率、国内成长未及天花板的同时又开始逐渐在海外市场起势和发力的创新力强的器械公司以及通过美国FDA审评标准的创新药龙头企业。","fund":{"_id":3000000005433,"__csrcFundId":8231,"stockCode":"005433","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":5433,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:36:46.399Z","status":"normal","name":"申万菱信医药先锋股票型证券投资基金","exchange":"jj","inceptionDate":"2020-11-15T16:00:00.000Z","shortName":"申万菱信医药先锋股票(005433)","followedNum":11,"fundCollectionId":4000050340000,"currency":"CNY","masterFundShortName":"申万菱信医药先锋股票","setUpDate":"2020-11-15T16:00:00.000Z","setUpAssetScale":879816754.11,"setUpShares":879816754.11,"memoNum":0,"pinyin":"swlxyyxfgpxzqtzjj","managers":[{"stockCode":"db20124236","stockType":"fund_manager","exchange":"fm","tickerId":250806224330,"name":"姚宏福"}]},"announcement":{"linkText":"申万菱信医药先锋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=1055653","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8aa7fea5b3eb0482b91","date":"2023-09-29T16:00:00.000Z","stockId":3000000005433,"sao":"三季度申万医药行业一级指数下跌1.57%，上证指数同期下跌2.86%、沪深300指数同期下跌3.98%、wind全A指数同期下跌4.33%，医药板块三季度表现强于大盘。考虑到8月医药行业经历纠风整顿的影响，医药板块的韧性超出大部分投资者预期。虽然三季度市场波动较大，但是基于对我们持仓上市公司所处细分赛道、公司自身的未来成长性的信心，我们并没有大幅调整二季度末持仓的结构和标的，对个别盈利预期较高的器械标的做了调整。同时考虑到市场目前对眼科消费未来的潜力过于谨慎，我们在三季度进一步加大了眼科医疗服务方向的配置比例。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:18:34.120Z","fund":{"_id":3000000005433,"__csrcFundId":8231,"stockCode":"005433","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":5433,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:36:46.399Z","status":"normal","name":"申万菱信医药先锋股票型证券投资基金","exchange":"jj","inceptionDate":"2020-11-15T16:00:00.000Z","shortName":"申万菱信医药先锋股票(005433)","followedNum":11,"fundCollectionId":4000050340000,"currency":"CNY","masterFundShortName":"申万菱信医药先锋股票","setUpDate":"2020-11-15T16:00:00.000Z","setUpAssetScale":879816754.11,"setUpShares":879816754.11,"memoNum":0,"pinyin":"swlxyyxfgpxzqtzjj","managers":[{"stockCode":"db20124236","stockType":"fund_manager","exchange":"fm","tickerId":250806224330,"name":"姚宏福"}]},"announcement":{"linkText":"申万菱信医药先锋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=989586","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8aa7fea5b3eb0482b90","date":"2023-06-29T16:00:00.000Z","stockId":3000000005433,"sao":"一季度医药上涨趋势比较明朗和持续的主要是中药，此外人工智能领域相关的医药上市公司股价表现也比较好。二季度尤其是5-6月医药经历了比较明显的调整。操作上，一季度我们降低了中药等方向的配置比例，增加了医疗服务（眼科医院、综合医院、儿科健康管理等）以及优质器械个股的配置。二季度我们在集中配置医疗服务和医疗器械的基础上，增加配置了在研发、临床和商业化均呈现积极变化，但在此轮调整中有可能被市场低估的创新药企业。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:18:34.118Z","mo":"二季度的调整不改我们今年以来对医药股的观点和判断。纵观近几年医药产业发展，企业经营业绩扎实、医保和药审政策友好、机构配置比例和市场关注度相对较低，天时地利人和三因素齐备。谋定而少动的我们，将精力更多的放在寻找长坡厚雪的子行业中，被市场忽视和低估“内在价值”的机会上。1）以眼科医院为代表的医疗服务领域，或将是老龄化和居民消费能力升级这两大长期产业红利受益的板块，尤其是眼科医院的竞争格局较佳，医疗资源的供给和数量少于其他消费医疗子行业，将有利于上市公司健康、良性的发展。2）医疗器械领域里，仍然存在着大量国产化比例低、设备化销售为主的子行业，这些领域未来具备着非常强劲的进口替代、渠道下沉、耗材化服务化以及出海的四大成长驱动力。我们相信这四个成长驱动力发挥作用下的医疗器械板块，有望迎来较好机遇。3）创新药板块，我们认为创新能力、临床能力、质量体系能力、商业化能力都“在线”的团队，将有助于中国创新药企业创造在全世界药企之林拥有一席之地的局面，我们积极关注在研发创新、医学临床、工艺质量体系、海内外商业化能力这四个创新药企业发展重要的业务环节上都网聚了国内甚至全球优秀管理层和团队的创新药公司。巴菲特和芒格在某一年股东大会演讲中提到过喜欢在“木桶里开枪射鱼”，我们团队在医药投资的蓝海中重点关注上述三个“木桶”，力争捕捞“肥”鱼。","fund":{"_id":3000000005433,"__csrcFundId":8231,"stockCode":"005433","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":5433,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:36:46.399Z","status":"normal","name":"申万菱信医药先锋股票型证券投资基金","exchange":"jj","inceptionDate":"2020-11-15T16:00:00.000Z","shortName":"申万菱信医药先锋股票(005433)","followedNum":11,"fundCollectionId":4000050340000,"currency":"CNY","masterFundShortName":"申万菱信医药先锋股票","setUpDate":"2020-11-15T16:00:00.000Z","setUpAssetScale":879816754.11,"setUpShares":879816754.11,"memoNum":0,"pinyin":"swlxyyxfgpxzqtzjj","managers":[{"stockCode":"db20124236","stockType":"fund_manager","exchange":"fm","tickerId":250806224330,"name":"姚宏福"}]},"announcement":{"linkText":"申万菱信医药先锋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=964140","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec8aa7fea5b3eb0482b8f","date":"2023-03-30T16:00:00.000Z","stockId":3000000005433,"sao":"一季度医药上涨较好的主要是中药，此外人工智能领域相关的医药上市公司股价表现也比较好。操作上，本季度我们降低了中药和创新药的配置比例，增加了医疗服务（眼科、综合医疗服务、儿科、医美等）以及优质器械个股（透析、感控、病理等）的配置。展望下一阶段投资，我们认为医疗需求复苏以及政策回暖的影响叠加下，医药板块仍然具备较好的机会，通过自下而上的基本面研究和跟踪，我们看好优质医疗服务和器械领域盈利和估值双击的机会。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:18:34.115Z","fund":{"_id":3000000005433,"__csrcFundId":8231,"stockCode":"005433","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":5433,"masterFundFlag":1,"lastUpdated":"2026-04-30T19:36:46.399Z","status":"normal","name":"申万菱信医药先锋股票型证券投资基金","exchange":"jj","inceptionDate":"2020-11-15T16:00:00.000Z","shortName":"申万菱信医药先锋股票(005433)","followedNum":11,"fundCollectionId":4000050340000,"currency":"CNY","masterFundShortName":"申万菱信医药先锋股票","setUp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