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deal占比持续提升；产业调研来看，趋势有望延续。中国新药研发的高效率、高产出、高性价比开始吸引世界的关注。这一交易占比有望在3-5年转化成全球销售额，为中国新药公司打开新的成长空间。我们认为这将是医药行业未来几年最重要的主线。MNC持续加码中国，凸显中国创新药资产数量、质量、性价比的全球优势，有望吸引更多元的投资者关注。内需持续回暖。我们认为，随着医药行业监管进入常态化，国内医疗需求和医疗行为逐渐修复，2025年产品型企业将迎来恢复性增长。同时，各项支持创新药行业发展的政策也会持续推出落地，支付端、准入端、投融资端均有望看到显著改善。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:21:33.444Z","mo":"随着市场风险偏好显著提升，具备核心竞争力的创新药企业也会开始体现长期成长空间。我们坚守投资主线、沿着以下方向布局：1）创新药：产品有全球竞争力和成长空间的pharma和biotech；2）进口替代率低，壁垒高的优秀设备耗材龙头。医药行业未来2-3年会持续展现出较好的抗周期性和科技属性。我们的组合也会持续聚焦在中长期看好的几个方向上。","fund":{"_id":3000000006113,"stockCode":"006113","stockType":"fund","areaCode":"cn","followedNum":306,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2018-07-29T16:00:00.000Z","setUpScale":1435140000,"market":"a","tickerId":6113,"custody":"中国建设银行股份有限公司","name":"汇添富创新医药主题混合型证券投资基金","shortName":"汇添富创新医药混合A","fundSecondLevel":"hybrid","__csrcFundId":5489,"fundStatus":"normal","lastUpdated":"2025-06-13T17:14:03.541Z","masterFundFlag":1,"inceptionDate":"2018-08-07T16:00:00.000Z","fundCollectionId":4000050460000,"currency":"CNY","masterFundShortName":"汇添富创新医药混合","memoNum":1,"pinyin":"htfcxyyzthhxzqtzjj","managers":[{"stockCode":"db20792229","stockType":"fund_manager","exchange":"fm","tickerId":2623218260,"name":"张韡"}]},"announcement":{"linkText":"汇添富创新医药主题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=1342548","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec95d7fea5b3eb0490528","date":"2025-03-30T16:00:00.000Z","stockId":3000000006113,"sao":"一季度市场整体先涨后跌，申万一级行业医药生物跑赢沪深300。子行业上，创新药表现最好，特别是3月后超额收益最为明显，其他超跌的板块比如医疗服务、CXO等表现也不错，之前相对抗跌的低估值板块，比如中药和医药流通等表现落后。我们认为国产创新药可能迎来了自己的Deepseek时刻，国内创新药企业的竞争水平提升较快，相当一批公司已经拥有了全球竞争力的新药管线，海外BD的活跃度创历史新高，也在证明这一点。一季度，我们对组合进行了一定的调整，主要看好三个方向：科技创新、自主可控、消费复苏，行业上我们仍然看好新技术带动的产业机会，进一步加仓了创新药；此外，基于当前全球经济环境，我们认为部分医疗器械行业即将迎来国产替代的良好时机，看好“卡脖子”环节的医疗器械龙头公司未来的成长性。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:21:33.442Z","fund":{"_id":3000000006113,"stockCode":"006113","stockType":"fund","areaCode":"cn","followedNum":306,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2018-07-29T16:00:00.000Z","setUpScale":1435140000,"market":"a","tickerId":6113,"custody":"中国建设银行股份有限公司","name":"汇添富创新医药主题混合型证券投资基金","shortName":"汇添富创新医药混合A","fundSecondLevel":"hybrid","__csrcFundId":5489,"fundStatus":"normal","lastUpdated":"2025-06-13T17:14:03.541Z","masterFundFlag":1,"inceptionDate":"2018-08-07T16:00:00.000Z","fundCollectionId":4000050460000,"currency":"CNY","masterFundShortName":"汇添富创新医药混合","memoNum":1,"pinyin":"htfcxyyzthhxzqtzjj","managers":[{"stockCode":"db20792229","stockType":"fund_manager","exchange":"fm","tickerId":2623218260,"name":"张韡"}]},"announcement":{"linkText":"汇添富创新医药主题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=1272115","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec95d7fea5b3eb0490527","date":"2024-12-30T16:00:00.000Z","stockId":3000000006113,"sao":"2024年A股市场震荡上行，医药继续跑输沪深300。4月，新“国九条”发布，进一步引导市场风格变化，大盘、高股息风格持续占优。9月下半月金融监管总局、央行、证监会联合出台一系列宽松政策，力度空前，周四政治局会议加开，财政和房地产增量政策加码，强力提振下，市场连续大涨，日均成交大幅放量。医药内部子行业仍然分化明显，和A股市场交易策略类似，哑铃型结构仍然明显占优，具体表现为低估值的中药和流通、高估值的创新药等表现较好，医疗服务、CXO等表现落后。当前国内医药产业政策仍在持续升级阶段，市场已经逐步消化此前对集采降价等负面政策的担心，国家鼓励创新药及产业链的大方向也愈发清晰。随着国内创新药企业水平的提升，新的投资机会孕育其中。2024年，我们对组合进行了一定的调整，由于担心下半年地缘的复杂性，我们对出口方向的资产进行了一定的减仓，比如医疗器械；此外，医药内需逻辑也在发生变化，我们对医疗消费的持仓也做了一些调整，降低了医疗服务的仓位，但可能这个交易反应有点迟。行业上我们仍然看好新技术带动的产业机会，进一步加仓了创新药，特别会关注海外GLP-1、老年痴呆、ADC等领域的变化。年初我们超配医疗服务较多，且选择的个股表现不佳，对净值拖累较为严重，组合对个股持仓做了调整，进一步聚集当下成长性较好的公司，主要看好创新药和医疗器械。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:21:33.439Z","mo":"过去几年，医药指数经历连续下跌，当前医药行业正处于重要变革期，2025年我们的投资策略主要及集中在创新药、自主可控、医疗AI等关键领域，捕捉行业结构性机会。创新药，黄金时代已至。政策上，国内顶层设计配套完整，力度空前，从研发、临床到准入、定价，行业发展趋势确定。从投资角度，我们主要重点关注两类创新药企业。一是具有全球创新能力的公司，其研发的产品具有FIC（全球同类最新）、BIC（全球同类最佳）潜力，其产品能够获得海外大药厂的认可，这类企业有望在国际化过程中成功突围。二是研发管线丰富、商业化能力较强且盈利迎来增长拐点的公司，主要看中这类公司的发展持续性。自主可控方面，我们主要看好医疗器械和创新药产业链的机会。在医疗器械领域，自主可控是重要投资主线。随着国内科技水平提升，国产医疗器械在技术上与国际差距缩小，叠加政策鼓励国产替代，国内企业迎来发展良机。在医药创新药产业链方面，自主可控同样关键。国内企业不断向产业链高端迈进，且在全球投融资复苏的背景下，增长有望进一步复苏。医疗AI，变革医药产业的新引擎。AI技术正深刻改变医药行业，未来医疗AI应用前景广阔。在药物研发环节，AI能够加速靶点发现、化合物筛选以及临床试验设计等流程，大大缩短研发周期、降低研发成本。在医疗服务中，AI赋能诊疗体系升级，基于深度学习算法的AI诊疗系统可模拟资深医生决策路径，提高诊断准确率和效率。在医疗器械领域，AI技术优化设备研发逻辑，提升产品性能，加速国产替代和国际化进度。","fund":{"_id":3000000006113,"stockCode":"006113","stockType":"fund","areaCode":"cn","followedNum":306,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2018-07-29T16:00:00.000Z","setUpScale":1435140000,"market":"a","tickerId":6113,"custody":"中国建设银行股份有限公司","name":"汇添富创新医药主题混合型证券投资基金","shortName":"汇添富创新医药混合A","fundSecondLevel":"hybrid","__csrcFundId":5489,"fundStatus":"normal","lastUpdated":"2025-06-13T17:14:03.541Z","masterFundFlag":1,"inceptionDate":"2018-08-07T16:00:00.000Z","fundCollectionId":4000050460000,"currency":"CNY","masterFundShortName":"汇添富创新医药混合","memoNum":1,"pinyin":"htfcxyyzthhxzqtzjj","managers":[{"stockCode":"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