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板块抽水，导致板块走势波动加大。本基金看好中国创新药行业的下半场行情。虽然阶段性的BD交易（Business 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一个可能的突破口。从2023年的股票市场来看，医药行业除了需要按照既往的研究范式做深入研究指导投资，还需要在投资策略上做好迎接“游击战”和“遭遇战”的准备，以适应医药行业阶段性的投资特点。我们在2023年提升了多个板块的换手率，以期增强局部收益。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:38:27.541Z","mo":"经济发展的驱动力可能是现阶段比较值得思考的问题。过去几十年，作为一个庞大的经济体，我国经济经历了持续长期的高速发展。未来哪些产业将成为经济驱动的主力，是非常值得我们关注的方向。我们认为目前医药行业的估值已经一定程度反映了对未来发展的担忧，中长期来看部分标的已经具备一定的投资赔率。中短期的震荡是一个继续布局长期资产、选择方向的较好时机。","fund":{"_id":3000000010110,"__csrcFundId":8204,"stockCode":"010110","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10110,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:09:24.238Z","status":"normal","name":"广发医药健康混合型证券投资基金","exchange":"jj","followedNum":36,"inceptionDate":"2020-10-20T16:00:00.000Z","shortName":"广发医药健康混合(010110)","fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发医药健康混合","setUpDate":"2020-10-20T16:00:00.000Z","setUpAssetScale":3905979128.58,"setUpShares":3905979128.58,"pinyin":"gfyyjkhhxzqtzjj","managers":[{"stockCode":"8801394902","stockType":"fund_manager","exchange":"fm","tickerId":232423151170,"name":"吴兴武"}]},"announcement":{"linkText":"广发医药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=1051772","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd537fea5b3eb04d7c4e","date":"2023-09-29T16:00:00.000Z","stockId":3000000010110,"sao":"三季度的大部分时间内，医药板块仍然处在存量或减量思维中，交易结构是资金相对比较重要的考量要素，总体操作难度仍然很大。中药板块在二季度的强势上涨过后迎来明显回调，头部公司持续调整。尽管板块基本面并未明显走弱，但由于市场博弈四季度高基数的心态较为明显，导致资金提前减持。反腐是一个突如其来的利空，对院内药品和设备耗材的短期业务和中期逻辑均有明显影响，相关公司短期跌幅较大。医疗服务和消费医疗持续疲弱。CXO行业大部分公司未见订单恢复。GLP-1（减肥药）、AD（阿尔茨海默）等大单品成为三季度为数不多的活跃主题，但是大部分相关公司无法在业绩上得以体现。本基金在不同子行业间做了一些轮动，小幅增加了CXO的持仓，适度降低了中药行业的持仓。我们认为当前医药行业处在一个基本面偏弱的阶段，但是从投资的角度看，医药板块已经历了漫长的下跌，可以积极寻找结构性机会。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:38:27.539Z","fund":{"_id":3000000010110,"__csrcFundId":8204,"stockCode":"010110","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10110,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:09:24.238Z","status":"normal","name":"广发医药健康混合型证券投资基金","exchange":"jj","followedNum":36,"inceptionDate":"2020-10-20T16:00:00.000Z","shortName":"广发医药健康混合(010110)","fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发医药健康混合","setUpDate":"2020-10-20T16:00:00.000Z","setUpAssetScale":3905979128.58,"setUpShares":3905979128.58,"pinyin":"gfyyjkhhxzqtzjj","managers":[{"stockCode":"8801394902","stockType":"fund_manager","exchange":"fm","tickerId":232423151170,"name":"吴兴武"}]},"announcement":{"linkText":"广发医药健康混合型证券投资基金2023年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=983448","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd537fea5b3eb04d7c4d","date":"2023-06-29T16:00:00.000Z","stockId":3000000010110,"sao":"上半年的市场环境，对价值投资人并不友好，疫情导致经济增长红利带动龙头公司强劲发展的模式在今年发生了较大变化。一些行业的需求呈现出疲弱的迹象，优质公司的长逻辑在一定程度上受损，这些现象对股票的估值形成了压制。落实到交易层面而言，市场对于短期业绩、高频数据非常看重，利好兑现、短期轮动成了阶段性的主流操作思路，这对过去优选好公司长期持有的资产管理方法造成了不小的挑战。从医药板块中的各大子行业来看，消费医疗自二季度开始冲高回落，外部环境的改变和高利率导致CXO行业订单受损，这两大行业的头部公司均未能从中幸免。上半年，针对市场上述特征，本基金积极应对，但由于在消费医疗和CXO行业的仓位相对较重，中药行业仓位相对较轻，导致净值表现不佳。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:38:27.536Z","mo":"下半年，预计医药板块将是磨底行情，国内经济复苏节奏和海外宏观利率环境均为重要变量，这些因素对医药行业的内需和外需均有很大影响。中药行业处在政策回暖周期，预计行业整体将良性发展。创新药行业中有些公司在研发水准上能够局部贴近全球领先水平，预计这类公司自身有较强的阿尔法。一方面，本基金会积极应对当前市场环境，通过把握阶段性投资机会，努力使净值稳定增长。另一方面，本基金将逐步加仓估值已跌到合理区间的长期优质公司，期待获取长期收益。","fund":{"_id":3000000010110,"__csrcFundId":8204,"stockCode":"010110","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10110,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:09:24.238Z","status":"normal","name":"广发医药健康混合型证券投资基金","exchange":"jj","followedNum":36,"inceptionDate":"2020-10-20T16:00:00.000Z","shortName":"广发医药健康混合(010110)","fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发医药健康混合","setUpDate":"2020-10-20T16:00:00.000Z","setUpAssetScale":3905979128.58,"setUpShares":3905979128.58,"pinyin":"gfyyjkhhxzqtzjj","managers":[{"stockCode":"8801394902","stockType":"fund_manager","exchange":"fm","tickerId":232423151170,"name":"吴兴武"}]},"announcement":{"linkText":"广发医药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=955026","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd537fea5b3eb04d7c4c","date":"2023-03-30T16:00:00.000Z","stockId":3000000010110,"sao":"一季度，医药板块分化较为严重。其中，在过去一年多的时间里，中药板块相关政策较温和，且短期业绩受益于疫情，在行业层面和企业业绩层面等因素共振下，中药板块走势最强。CXO板块内部基本面出现了分化，二三线公司业绩普遍不及预期，一线公司业绩较好，但受地缘政治担忧、医药行业融资数据疲软、大股东减持等因素影响，CXO板块呈现普跌走势。医疗服务板块由于估值偏高、消费需求恢复不及预期等因素，总体走势偏弱，创新药企业表现分化较大。本基金重仓CXO和医疗服务板块的大市值公司，且对中药等强势板块配置较少，是一季度净值表现不佳的主要原因。我们认可重仓企业的长期竞争力和企业价值，但从股价走势和市场风格看，这些竞争力在短期内无法抵御存量市场特征下强势板块对资金的吸纳作用，而走势较强的中药板块在政策暖风的驱动下迎来了较好的发展时期。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:38:27.533Z","fund":{"_id":3000000010110,"__csrcFundId":8204,"stockCode":"010110","fundSecondLevel":"hybrid","stockType":"fund","areaCode":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端医疗器械等子行业的占比仍较大，适度提高了头部优秀企业的持仓比例，减持了部分长期成长性松动或受政策负面影响较大的行业。部分涨幅较大的企业并不在本基金的投资视野里，其原因主要是这些企业不太符合我们一直强调的“护城河深、进化力强”的企业筛选标准。阶段性的景气度或者业绩释放带来了这类企业阶段性的股价走强，但我们仍然坚持对公司进行深度研究，尽量用长期视角筛选企业，构建持仓标的。","declarationDate":"2021-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:38:27.514Z","mo":"目前很多企业的PE估值都处在历史高位。一方面，我们认为估值更多反映的是交易结果，另一方面，我们也认为这里面很大概率存在未来市值无法维持当前水平的资产。我们将更加严格地评估企业的护城河和进化能力，甄选优秀企业。同时，我们也会考虑组合整体的稳定性，深挖估值相对有优势、尚未被市场充分认可的优秀企业。","fund":{"_id":3000000010110,"__csrcFundId":8204,"stockCode":"010110","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10110,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:09:24.238Z","status":"normal","name":"广发医药健康混合型证券投资基金","exchange":"jj","followedNum":36,"inceptionDate":"2020-10-20T16:00:00.000Z","shortName":"广发医药健康混合(010110)","fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发医药健康混合","setUpDate":"2020-10-20T16:00:00.000Z","setUpAssetScale":3905979128.58,"setUpShares":3905979128.58,"pinyin":"gfyyjkhhxzqtzjj","managers":[{"stockCode":"8801394902","stockType":"fund_manager","exchange":"fm","tickerId":232423151170,"name":"吴兴武"}]},"announcement":{"linkText":"广发医药健康混合型证券投资基金2021年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=628715","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd537fea5b3eb04d7c44","stockId":3000000010110,"sao":"本基金主要选取医药行业内的优质资产进行长期投资。在子行业分布上，CXO、医疗服务、创新药、高端医疗器械的占比较大，持仓结构较为稳定，换手率较低。一季度，市场风格变化剧烈，过去两年持续强势的优质资产由于估值高企、筹码结构复杂等因素，出现了较大幅度的调整。本基金由于重仓持有这类资产，净值表现也经历了较大波动。优质资产的阶段性调整是必然发生的正常市场现象，我们认可并接受。同时，我们认为调整发生的触发因素、时间节奏均是难以提前预知的。更重要的是，拉长时间来看，这类波动在优质资产长期上涨的过程中是可忽略的。因此，我们并不过度关注此类波动。本基金以长期回报为初衷，致力于选取护城河深、赛道较长、有进化力的企业进行长期投资。同时，本基金关注时代红利，重点关注符合时代发展的行业。在组合构建上，秉承适度分散的原则，在行业、估值、经营模式等方面进行多个维度的分散。","date":"2021-03-30T16:00:00.000Z","declarationDate":"2021-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:38:27.511Z","fund":{"_id":3000000010110,"__csrcFundId":8204,"stockCode":"010110","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10110,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:09:24.238Z","status":"normal","name":"广发医药健康混合型证券投资基金","exchange":"jj","followedNum":36,"inceptionDate":"2020-10-20T16:00:00.000Z","shortName":"广发医药健康混合(010110)","fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发医药健康混合","setUpDate":"2020-10-20T16:00:00.000Z","setUpAssetScale":3905979128.58,"setUpShares":3905979128.58,"pinyin":"gfyyjkhhxzqtzjj","managers":[{"stockCode":"8801394902","stockType":"fund_manager","exchange":"fm","tickerId":232423151170,"name":"吴兴武"}]},"announcement":{"linkText":"广发医药健康混合型证券投资基金2021年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=568563","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecd537fea5b3eb04d7c43","stockId":3000000010110,"sao":"疫情的发生对报告期内国内外的经济形势、社会活动和企业经营产生了较为明显的影响。我们关注疫情，不是为了根据疫情的变化做较频繁的仓位调整，也不是为了做过多的个股交易，而是关注在外部因素的影响下，不同企业经营能力会受到多大程度的影响，从而对企业进行梳理和评估。本基金于2020年四季度成立，在建仓期采取逐步建仓的策略。在投资标的上，一方面是以长期价值为初衷，寻找护城河深、赛道长、具备进化能力的企业进行长期持有，伴随优秀企业发展。另一方面从多个维度分散组合的风险、平抑组合的波动。","date":"2020-12-30T16:00:00.000Z","declarationDate":"2021-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:38:27.508Z","mo":"经历了过去两年流动性的持续释放和权益市场的单边上涨，很多企业的估值都突破了历史高点。我们认为估值更多反映的是交易的结果，而优质企业未来发展前景的可预测性更强，即便阶段性的波动会在某一个时间段出现，但我们相信优质公司不会给基金带来永久性的净值损失","fund":{"_id":3000000010110,"__csrcFundId":8204,"stockCode":"010110","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":10110,"masterFundFlag":1,"lastUpdated":"2026-04-30T22:09:24.238Z","status":"normal","name":"广发医药健康混合型证券投资基金","exchange":"jj","followedNum":36,"inceptionDate":"2020-10-20T16:00:00.000Z","shortName":"广发医药健康混合(010110)","fundCollectionId":4000050300000,"currency":"CNY","masterFundShortName":"广发医药健康混合","setUpDate":"2020-10-20T16:00:00.000Z","setUpAssetScale":3905979128.58,"setUpShares":3905979128.58,"pinyin":"gfyyjkhhxzqtzjj","managers":[{"stockCode":"8801394902","stockType":"fund_manager","exchange":"fm","tickerId":232423151170,"name":"吴兴武"}]},"announcement":{"linkText":"广发医药健康混合型证券投资基金2020年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=553008","linkType":"PDF","source":"csrc_pdf"}}]}