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,"date":"2024-12-30T16:00:00.000Z","stockId":3000000050026,"sao":"报告期内，医药行业波动较大，整体走势弱于大盘。一方面，部分企业由于高基数、政策压力等原因业绩承压；另一方面，部分出海型的行业和公司遭遇黑天鹅事件，导致不确定性提升。但在整体行业偏弱的背景下，仍有结构性机会，如创新药行业表现突出，一方面持续有政策催化，另一方面业绩表现也较为强劲。在报告期内，我们重点配置了创新药行业，并在左侧提前埋伏了部分业绩反转或即将反转的公司，我们认为这类公司在2025年也将有望获得超额收益。对于一些景气度趋势性下行的行业如中药，以及自身业绩持续低迷的公司做了减配。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:07:48.712Z","mo":"目前，医药行业的估值水平、市场预期都在底部位置。医药行业经历了三年半的持续下行，目前新的风险事件已经很少，部分子行业在低基数背景下存在超预期可能。展望2025年，我们一方面仍然看好创新药行业，尤其是产品在持续放量的公司，目前的政策环境对创新药产品非常友好，业绩超预期可能大；此外，我们也看好业绩反转型行业，如骨科、医疗设备，这些行业正在从低迷期走出，持续兑现业绩；消费医疗中的部分公司我们认为也有机会。此外，AI+医疗将对行业造成商业模式上的改变，我们也看好未来在其中获益的公司。创新药行业是新质生产力的典型代表，也是目前国内政策环境较为优渥的行业方向。我们认为随着国内创新药行业的持续发展，中国创新药公司将在世界扮演越来越重要的角色；此外，政策的持续支持鼓励，也将改善此前创新药产品在国内叫好不叫座的现象，在销售端表现突出；有部分行业在过去的一两年时间里业绩严重承压，但在2025年有望发生较大变化。其中，骨科行业从2024年中开始陆续有公司报表开始出现积极变化，2025年预计将是全行业较为景气的一年；此外，医疗设备行业2024年由于招标节奏原因，表观业绩与终端需求在短时间出现脱节，这一现象在2025年也有望获得较大改观。消费医疗行业中，我们认为部分公司由于产品结构或门店分布的原因，业绩将率先走出，我们看好此类自身具有阿尔法的公司，不管行业贝塔何时修复，投资这类公司均有望获得超额收益。","fund":{"_id":3000000050026,"stockCode":"050026","stockType":"fund","areaCode":"cn","followedNum":314,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2012-07-22T16:00:00.000Z","setUpScale":276920000,"market":"a","tickerId":50026,"custody":"中国银行股份有限公司","name":"博时医疗保健行业混合型证券投资基金","shortName":"博时医疗保健混合(050026)","fundSecondLevel":"hybrid","__csrcFundId":3230,"fundStatus":"normal","lastUpdated":"2026-05-01T05:34:09.351Z","masterFundFlag":1,"inceptionDate":"2012-08-27T16:00:00.000Z","fundCollectionId":4000050050000,"currency":"CNY","memoNum":1,"masterFundShortName":"博时医疗保健混合","pinyin":"bsylbjhyhhxzqtzjj","managers":[{"stockCode":"db20832536","stockType":"fund_manager","exchange":"fm","tickerId":32413214680,"name":"陈西铭"}]},"announcement":{"linkText":"博时医疗保健行业混合型证券投资基金2024年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1251133","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed4347fea5b3eb054604f","date":"2024-09-29T16:00:00.000Z","stockId":3000000050026,"sao":"2024年三季度，医药行业体现出了一定相对收益，在30个中信一级子行业中排名第11。报告期内，前期，由于大盘偏弱，行业随之下行，但体现了较好的防御性；后期，大盘上涨，行业也能跟随上涨不掉队。主要原因一方面是医药行业经历了3年左右的下行后，估值偏低，市场预期也比较低；另一方面，医药公司在24Q3业绩普遍有所回暖，相关经营数据温和复苏。我们继续看好行业，一方面原因是行业目前的估值性价比仍然很高，另外，行业基本面好转的趋势目前也没有变化。在报告期中，我们看好创新药、院内药械等相关机会，创新药行业持续受到政策支持，后续有望看到业绩上的落地；院内的精麻、骨科等子行业，也有望兑现业绩。此外，我们认为消费医疗、中药等板块也有结构性机会。尤其是在市场回暖期间，我们认为与消费强相关的消费医疗（医疗服务、医美等）、估值弹性较大的创新药及创新产业链有较好机会，并进行了相应布局。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T14:07:48.710Z","fund":{"_id":3000000050026,"stockCode":"050026","stockType":"fund","areaCode":"cn","followedNum":314,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2012-07-22T16:00:00.000Z","setUpScale":276920000,"market":"a","tickerId":50026,"custody":"中国银行股份有限公司","name":"博时医疗保健行业混合型证券投资基金","shortName":"博时医疗保健混合(050026)","fundSecondLevel":"hybrid","__csrcFundId":3230,"fundStatus":"normal","lastUpdated":"2026-05-01T05:34:09.351Z","masterFundFlag":1,"inceptionDate":"2012-08-27T16:00:00.000Z","fundCollectionId":4000050050000,"currency":"CNY","memoNum":1,"masterFundShortName":"博时医疗保健混合","pinyin":"bsylbjhyhhxzqtzjj","managers":[{"stockCode":"db20832536","stockType":"fund_manager","exchange":"fm","tickerId":32413214680,"name":"陈西铭"}]},"announcement":{"linkText":"博时医疗保健行业混合型证券投资基金2024年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1172727","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed4347fea5b3eb054604e","date":"2024-06-29T16:00:00.000Z","stockId":3000000050026,"sao":"在过去的半年中，医药行业波动较大，整体走势偏弱。整体来看，政策压力、高基数问题使得部分企业业绩表现承压，而这一压力也体现在了股价表现上。此外，部分出海型企业的海外业务尤其是美国业务由于海外政策环境变化出现了一定不确定性，对这些公司的报表和股价也产生了负面影响。在这一背景下，我们一方面追求确定性的业绩表现，如国企改革成果持续释放的中药公司，如业绩稳定增长、分红比例较高的制药公司；另一方面，我们敏锐跟踪政策动向，加大对政策支持鼓励子行业的配置比例，如创新药；对于目前景气度偏低、或是业绩压力较大的子行业或公司进行了减配。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T14:07:48.707Z","mo":"我们对24年下半年的医药行情有所期待，基数效应导致行业增长较为容易，政策压力也将有所缓和。子行业方面，我们认为2024年中药板块将是分化行情，其中我们更看好国企改革成果持续释放的公司；我们维持对院内复苏板块的看好，这部分公司在下半年具有业绩弹性；创新药方面，我们认为创新药行业本身目前处于磨底阶段，部分公司已出现较好的投资机会，政策方面的支持鼓励也比较频繁；我们更看好自身造血能力较优的创新药公司，认为经历行业的寒冬后，这类公司将能够发出新芽，成长为茁壮的大树。","fund":{"_id":3000000050026,"stockCode":"050026","stockType":"fund","areaCode":"cn","followedNum":314,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2012-07-22T16:00:00.000Z","setUpScale":276920000,"market":"a","tickerId":50026,"custody":"中国银行股份有限公司","name":"博时医疗保健行业混合型证券投资基金","shortName":"博时医疗保健混合(050026)","fundSecondLevel":"hybrid","__csrcFundId":3230,"fundStatus":"normal","lastUpdated":"2026-05-01T05:34:09.351Z","masterFundFlag":1,"inceptionDate":"2012-08-27T16:00:00.000Z","fundCollectionId":4000050050000,"currency":"CNY","memoNum":1,"masterFundShortName":"博时医疗保健混合","pinyin":"bsylbjhyhhxzqtzjj","managers":[{"stockCode":"db20832536","stockType":"fund_manager","exchange":"fm","tickerId":32413214680,"name":"陈西铭"}]},"announcement":{"linkText":"博时医疗保健行业混合型证券投资基金2024年中期报告","linkUrl":"http://eid.csrc.gov.c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id":"69aed4347fea5b3eb054604a","date":"2023-06-29T16:00:00.000Z","stockId":3000000050026,"sao":"报告期内，我们持续看好中药国企改革、复苏及创新药三个方向。我们持续看好2023年中药板块行情，但认为2023年中药板块将是分化行情，后续将去伪存真，部分业绩持续兑现的公司，尤其是国企改革成果持续释放的公司是我们的首选；复苏方面，我们选择了复苏确定性高、估值较为合理的公司；创新药方面，我们认为创新药行业本身目前处于磨底阶段，但部分公司已出现较好的投资机会。整体而言，本基金在报告期内抓住了院内复苏、中药等行业性机会，但对一些偏短期的反弹性机会参与不多。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:07:48.696Z","mo":"2023年上半年，医药行业经历了跌宕起伏的走势。年初，创新药板块受益于宏观方面的利好因素表现非常突出，而消费医疗表现较好，则是由于终端数据快速恢复，叠加市场对于消费复苏的期望值持续攀升。4-5月，市场发现部分中药公司业绩变现明显超市场预期，中药公司的业绩并未由于疫情高峰退去而出现明显回落，中药公司表现较好。6-7月后，由于政策端温和化，创新药公司重回大众视野。 此外，院内复苏相关药械由于业绩确定性强也受到市场青睐。展望2023年下半年，我们认为医药行业经历长时间的下行后，目前处在磨底阶段，后续需要持续紧跟行业基本面，抓住结构性机会，度过行业艰难时期，终究会见到彩虹。","fund":{"_id":3000000050026,"stockCode":"050026","stockType":"fund","areaCode":"cn","followedNum":314,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2012-07-22T16:00:00.000Z","setUpScale":276920000,"market":"a","tickerId":50026,"custody":"中国银行股份有限公司","name":"博时医疗保健行业混合型证券投资基金","shortName":"博时医疗保健混合(050026)","fundSecondLevel":"hybrid","__csrcFundId":3230,"fundStatus":"normal","lastUpdated":"2026-05-01T05:34:09.351Z","masterFundFlag":1,"inceptionDate":"2012-08-27T16:00:00.000Z","fundCollectionId":4000050050000,"currency":"CNY","memoNum":1,"masterFundShortName":"博时医疗保健混合","pinyin":"bsylbjhyhhxzqtzjj","managers":[{"stockCode":"db20832536","stockType":"fund_manager","exchange":"fm","tickerId":32413214680,"name":"陈西铭"}]},"announcement":{"linkText":"博时医疗保健行业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=962272","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed4347fea5b3eb0546049","date":"2023-03-30T16:00:00.000Z","stockId":3000000050026,"sao":"2023年一季度，医药板块走出疫情的干扰，开始演绎复苏的逻辑。中药子行业大放异彩，涨幅远远领先其他版块。报告期内，医药投资继续估值中枢回归；过去5年增速较快的赛道，由于基数越来越高，经营数据增长势头放缓。大市值医药公司需要第二增长曲线。另外，市场风险偏好依然较低，疫情带来基本面预期变化波动加大，大家更多关注短期业绩变化，对长期逻辑的信仰变得越发模糊。医药板块“核心资产”继续去泡沫化，小市值、低估值公司表现显著好于“核心资产”类公司。报告期内中药板块涨幅惊人，究其原因，除了有政策支持等基本面原因之外，市场目前厌恶高估值个股的情绪依然存在。其他子行业并没有太多的板块机会，板块中那些中高增长、估值偏低的公司涨幅依然可观。这一类公司主要集中在集采落地的药品、器械公司，还有疫情受损巨大的院内处方企业。传统消费升级公司由于短期数据不佳，估值较高，表现继续一般。创新药板块在1月份表现优异，但是随着市场风险偏好下降，一季度整体表现分化。在基本面上，1-2月份由于疫情和春节因素，医药工业和消费医疗数据波动较大；随着3月份各项工作恢复正常，预计医疗行业将恢复合理增长。2023年，我们预计医疗政策相应变化较小，主要医改政策都在稳步推进。整体而言，我们长期仍然看好行业，医药行业持续增长的驱动力是老龄化加重和我国人均可支配收入的持续提升。这两个驱动力将长期存在，而政策波动影响行业中短期表现。后续我们将更加重视标的的本身质地与估值水平，并持续加大对中小市值以及新股次新股的研究，寻找估值合理、行业发生积极变化的细分赛道龙头。","declarationDate":"2023-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:07:48.693Z","fund":{"_id":3000000050026,"stockCode":"050026","stockType":"fund","areaCode":"cn","followedNum":314,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2012-07-22T16:00:00.000Z","setUpScale":276920000,"market":"a","tickerId":50026,"custody":"中国银行股份有限公司","name":"博时医疗保健行业混合型证券投资基金","shortName":"博时医疗保健混合(050026)","fundSecondLevel":"hybrid","__csrcFundId":3230,"fundStatus":"normal","lastUpdated":"2026-05-01T05:34:09.351Z","masterFundFlag":1,"inceptionDate":"2012-08-27T16:00:00.000Z","fundCollectionId":4000050050000,"currency":"CNY","memoNum":1,"masterFundShortName":"博时医疗保健混合","pinyin":"bsylbjhyhhxzqtzjj","managers":[{"stockCode":"db20832536","stockType":"fund_manager","exchange":"fm","tickerId":32413214680,"name":"陈西铭"}]},"announcement":{"linkText":"博时医疗保健行业混合型证券投资基金2023年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=887283","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed4347fea5b3eb0546048","date":"2022-12-30T16:00:00.000Z","stockId":3000000050026,"sao":"2022年四季度，医药板块行情围绕着疫情展开，此外，创新药资产大放异彩，而别的板块乏善可陈。回顾2022年，医药投资似乎摆脱了赛道投资的框架；相同赛道的公司由于管理能力不同，经营数据出现了很大差异，而这样的差异也反应在股价上。另一方面，疫情带来基本面预期变化波动加大，大家更多关注短期业绩变化，对长期逻辑的信仰变得越发模糊。这两点叠加，使得2022年医药板块“核心资产”出现了估值去泡沫。2022年四季度，医药“困境反转”的资产表现依然较好。代表公司包括集采落地的药品、器械公司，还有疫情受损巨大的院内处方企业。传统消费升级公司由于短期数据不佳，估值较高，表现继续一般。从子行业看，医疗设备、cxo、医疗消费、科研上游表现不佳；而创新药、药店、部分专科药表现优异。在基本面上，四季度国内疫情管控出现了巨大变化。因此市场反复交易疫情板块，包括口服小分子药物、感冒药，出现了一批涨幅巨大的公司。今年四季度，医疗政策相应变化较小，主要医改政策都在稳步推进，缓和了2021年下半年悲观的政策预期。整体而言，我们长期仍然看好行业，医药行业持续增长的驱动力是老龄化加重和我国人均可支配收入的持续提升。这两个驱动力将长期存在，而政策波动影响行业中短期表现。后续我们将更加重视标的的本身质地与估值水平，并持续加大对中小市值以及新股次新股的研究，寻找估值合理、行业发生积极变化的细分赛道龙头。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T14:07:48.690Z","mo":"展望2023年，新冠的长期影响不可小觑，可能会继续干扰医疗和消费的行为。我们需要进一步关注疫情后消费和医疗恢复情况，关注口服小分子新冠药物的进展，对医疗消费、医药科技发展保持乐观。","fund":{"_id":3000000050026,"stockCode":"050026","stockType":"fund","areaCode":"cn","followedNum":314,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2012-07-22T16:00:00.000Z","setUpScale":276920000,"market":"a","tickerId":50026,"custody":"中国银行股份有限公司","name":"博时医疗保健行业混合型证券投资基金","shortName":"博时医疗保健混合(050026)","fundSecondLevel":"hybrid","__csrcFundId":3230,"fundStatus":"normal","lastUpdated":"2026-05-01T05:34:09.351Z","masterFundFlag":1,"inceptionDate":"2012-08-27T16:00:00.000Z","fundCollectionId":4000050050000,"currency":"CNY","memoNum":1,"masterFundShortName":"博时医疗保健混合","pinyin":"bsylbjhyhhxzqtzjj","managers":[{"stockCode":"db20832536","stockType":"fund_manager","exchange":"fm","tickerId":32413214680,"name":"陈西铭"}]},"announcement":{"linkText":"博时医疗保健行业混合型证券投资基金2022年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=864979","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed4347fea5b3eb0546047","date":"2022-09-29T16:00:00.000Z","stockId":3000000050026,"sao":"2022年三季度，医药中“困境反转”的资产表现较好。代表公司包括集采落地的药品、器械公司，还有管理改善的部分企业。而传统的创新和消费升级公司表现较差。从子行业看，创新药、医疗服务、医疗消费跌幅较大；而医疗器械、仿制药、中药、药店板块抗跌表现优异。在基本面上，三季度，各地疫情不稳定，同时国内医药政策环境趋于缓和。大家更多看重低估值防御，对高估值资产表现出厌恶。虽然医疗消费数据相比二季度有显著提升，但是并没有恢复到去年同期的增长水平。今年三季度，医疗政策相应变化较小，主要医改政策都在稳步推进，缓和了2021年下半年悲观的政策预期。整体而言，我们长期仍然看好行业，医药行业持续增长的驱动力是老龄化加重和我国人均可支配收入的持续提升。这两个驱动力将长期存在，而政策波动影响行业中短期表现。后续我们将更加重视标的的本身质地与估值水平，并持续加大对中小市值以及新股次新股的研究，寻找估值合理、行业发生积极变化的细分赛道龙头。展望2022年四季度，我们需要进一步关注疫情后消费和医疗恢复情况，关注口服小分子新冠药物的进展对全球抗疫措施和疫情的影响，对医疗消费、医药科技发展保持乐观。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T14:07:48.687Z","fund":{"_id":3000000050026,"stockCode":"050026","stockType":"fund","areaCode":"cn","followedNum":314,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2012-07-22T16:00:00.000Z","setUpScale":276920000,"market":"a","tickerId":50026,"custody":"中国银行股份有限公司","name":"博时医疗保健行业混合型证券投资基金","shortName":"博时医疗保健混合(050026)","fundSecondLevel":"hybrid","__csrcFundId":3230,"fundStatus":"normal","lastUpdated":"2026-05-01T05:34:09.351Z","masterFundFlag":1,"inceptionDate":"2012-08-27T16:00:00.000Z","fundCollectionId":4000050050000,"currency":"CNY","memoNum":1,"masterFundShortName":"博时医疗保健混合","pinyin":"bsylbjhyhhxzqtzjj","managers":[{"stockCode":"db20832536","stockType":"fund_manager","exchange":"fm","tickerId":32413214680,"name":"陈西铭"}]},"announcement":{"linkText":"博时医疗保健行业混合型证券投资基金2022年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=805669","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed4347fea5b3eb0546046","date":"2022-06-29T16:00:00.000Z","stockId":3000000050026,"sao":"2022年上半年是医药投资风格鲜明的一段时间。创新和消费升级再次回到了医药投资的主赛场；以医疗服务、个人美护为代表的健康消费板块涨幅明显，创新药和创新产业链也有诸多优质个股出现。我们把主要研究精力集中到消费产业疫情后恢复上，发现在疫情结束后1-2月，医疗消费都稳定恢复到疫情前水平。这说明医疗是非常刚性的消费需求。因此，我们也把仓位逐步集中到消费医疗上。今年上半年，医疗政策相应变化较小，主要医改政策都在稳步推进中，缓和了2021年下半年悲观的政策预期。预计2022年下半年，医药政策可能出现集采风险，我们会高度关注相关政策。整体而言，我们长期仍然看好行业，医药行业持续增长的驱动力是老龄化加重和我国人均可支配收入的持续提升。这两个驱动力将长期存在，而政策波动影响行业中短期表现。后续我们将更加重视标的的本身质地与估值水平，并持续加大对中小市值以及新股次新股的研究，寻找估值合理、行业发生积极变化的细分赛道龙头。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:07:48.683Z","mo":"展望2022年下半年，我们需要进一步关注疫情后消费和医疗恢复情况，关注口服小分子新冠药物的进展对全球抗疫措施和疫情的影响，对医疗消费、医药科技发展保持乐观。","fund":{"_id":3000000050026,"stockCode":"050026","stockType":"fund","areaCode":"cn","followedNum":314,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2012-07-22T16:00:00.000Z","setUpScale":276920000,"market":"a","tickerId":50026,"custody":"中国银行股份有限公司","name":"博时医疗保健行业混合型证券投资基金","shortName":"博时医疗保健混合(050026)","fundSecondLevel":"hybrid","__csrcFundId":3230,"fundStatus":"normal","lastUpdated":"2026-05-01T05:34:09.351Z","masterFundFlag":1,"inceptionDate":"2012-08-27T16:00:00.000Z","fundCollectionId":4000050050000,"currency":"CNY","memoNum":1,"masterFundShortName":"博时医疗保健混合","pinyin":"bsylbjhyhhxzqtzjj","managers":[{"stockCode":"db20832536","stockType":"fund_manager","exchange":"fm","tickerId":32413214680,"name":"陈西铭"}]},"announcement":{"linkText":"博时医疗保健行业混合型证券投资基金2022年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=785563","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed4347fea5b3eb0546045","date":"2022-03-30T16:00:00.000Z","stockId":3000000050026,"sao":"2022年以来，医药板块呈现出主题投资的行情特征。伴随着一季度新冠疫情的零星散发，防疫继续成为2022年医药板块最重要的投资线索。中药抗疫异军突起，表现出明显的正收益，而2021年大放异彩的赛道股在2022年一季度承受了比较大的压力。在政策角度，2022年医药政策总体环比平稳，医保和药品监管机构更多把注意力集中在国内疫情管理上，对集采等政策没有过多发酵。但是投资者对于集采扩大化的担忧依然没有消除。医药行业历经了2年多的上涨，累积了较多的获利盘，同时估值依然偏高，板块性的机会不多。我们今年更多的将仓位分散到中药和疫情相关公司上，希望借此获得相对收益。整体而言，我们长期仍然看好行业，医药行业持续增长的驱动力是老龄化加重和我国人均可支配收入的持续提升。这两个驱动力将长期存在。后续我们将更加重视标的的本身质地与估值水平，并持续加大对中小市值以及新股次新股的研究，寻找估值合理、行业发生积极变化的细分赛道龙头。展望2022年二季度，我们需要进一步关注国内口服小分子新冠药物的研发进展，同时跟踪国外新冠药物的销售情况，以及对全球经济的影响。口服小分子药物最大的优点在于服药便捷、占用医疗资源小，且性价比高、实现低成本大规模生产较为容易。新冠小分子药物的问世不代表疫情即将很快结束，也不代表可以不再接种疫苗；但疫苗+小分子口服药的组合将进一步提升新冠流感化的可能性。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:07:48.680Z","fund":{"_id":3000000050026,"stockCode":"050026","stockType":"fund","areaCode":"cn","followedNum":314,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2012-07-22T16:00:00.000Z","setUpScale":276920000,"market":"a","tickerId":50026,"custody":"中国银行股份有限公司","name":"博时医疗保健行业混合型证券投资基金","shortName":"博时医疗保健混合(050026)","fundSecondLevel":"hybrid","__csrcFundId":3230,"fundStatus":"normal","lastUpdated":"2026-05-01T05:34:09.351Z","masterFundFlag":1,"inceptionDate":"2012-08-27T16:00:00.000Z","fundCollectionId":4000050050000,"currency":"CNY","memoNum":1,"masterFundShortName":"博时医疗保健混合","pinyin":"bsylbjhyhhxzqtzjj","managers":[{"stockCode":"db20832536","stockType":"fund_manager","exchange":"fm","tickerId":32413214680,"name":"陈西铭"}]},"announcement":{"linkText":"博时医疗保健行业混合型证券投资基金2022年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=725148","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed4347fea5b3eb0546044","date":"2021-12-30T16:00:00.000Z","stockId":3000000050026,"sao":"2021年，医药板块大幅震荡，板块分化巨大。其中，cxo板块涨幅居前，中药等低估值板块表现出明显的正收益，而医疗服务、创新药等在政策压力下出现回调。投资者对于集采扩大化的担忧进一步放大；同时，医药行业历经了2年多的上涨，累积了较多的获利盘，因而对负面信息变得敏感。在2021年也出现了一些新的投资机会，比如专精特新中的生物医药研发上游设备和耗材。整体而言，我们长期仍然看好行业，医药行业持续增长的驱动力是老龄化加重和我国人均可支配收入的持续提升。这两个驱动力将长期存在，而政策波动影响行业中短期表现。后续我们将更加重视标的的本身质地与估值水平，并持续加大对中小市值以及新股次新股的研究，寻找估值合理、行业发生积极变化的细分赛道龙头。","declarationDate":"2022-01-23T16:00:00.000Z","lastUpdated":"2026-03-09T14:07:48.677Z","mo":"展望2022年，我们需要进一步关注口服小分子新冠药物的进展对全球抗疫措施和疫情的影响。实验室研究表明，口服药对Omicron变种有效。口服小分子药物最大的优点在于服药便捷、占用医疗资源小，且性价比高、实现低成本大规模生产较为容易。新冠小分子药物的问世不代表疫情即将很快结束，也不代表可以不再接种疫苗；但疫苗+小分子口服药的组合将进一步提升新冠流感化的可能性。后续我们将密切关注新冠小分子药物在真实世界中对抗新冠疫情的能力，对医疗消费、医药科技发展保持乐观。","fund":{"_id":3000000050026,"stockCode":"050026","stockType":"fund","areaCode":"cn","followedNum":314,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2012-07-22T16:00:00.000Z","setUpScale":276920000,"market":"a","tickerId":50026,"custody":"中国银行股份有限公司","name":"博时医疗保健行业混合型证券投资基金","shortName":"博时医疗保健混合(050026)","fundSecondLevel":"hybrid","__csrcFundId":3230,"fundStatus":"normal","lastUpdated":"2026-05-01T05:34:09.351Z","masterFundFlag":1,"inceptionDate":"2012-08-27T16:00:00.000Z","fundCollectionId":4000050050000,"currency":"CNY","memoNum":1,"masterFundShortName":"博时医疗保健混合","pinyin":"bsylbjhyhhxzqtzjj","managers":[{"stockCode":"db20832536","stockType":"fund_manager","exchange":"fm","tickerId":32413214680,"name":"陈西铭"}]},"announcement":{"linkText":"博时医疗保健行业混合型证券投资基金2021年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=709393","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed4347fea5b3eb0546043","date":"2021-09-29T16:00:00.000Z","stockId":3000000050026,"sao":"三季度以来，医药板块出现一定回调。究其原因，一方面是监管政策密集释放、投资者对于集采扩大化的担忧进一步放大；另一方面，医药行业历经了2年多的上涨，累积了较多的获利盘，因而对负面信息变得敏感。正如我们在本基金二季度及中报展望中所预期的，医药行业一方面波动性有所增加，另一方面在Q3呈现出进一步的结构分化现象，部分高景气板块持续景气，且在股价相对表现上也更加突出；而部分子版块显示出持续无人问津的态势。整体而言，我们长期仍然看好行业，医药行业持续增长的驱动力是老龄化加重和我国人均可支配收入的持续提升。这两个驱动力将长期存在，而政策波动影响行业中短期表现。后续我们将更加重视标的的本身质地与估值水平，并持续加大对中小市值以及新股次新股的研究，寻找估值合理、行业发生积极变化的细分赛道龙头。展望四季度，我们认为需要关注口服小分子新冠药物的进展对全球抗疫措施和疫情的影响。9月底Merck/Ridgeback的口服新冠小分子药物Molnupiravir针对新冠轻中症的III期临床数据公布，在降低住院率/死亡率方面取得了积极的结果。虽然仍然有对于其基因毒性的质疑，但其毕竟证实了口服小分子药物（至少是RNA聚合酶抑制剂这一路径）在治疗新冠轻中症方面的有效性，更何况其他企业也在紧锣密鼓的开展。口服小分子药物最大的优点在于服药便捷、占用医疗资源小，且性价比高、实现低成本大规模生产较为容易。新冠小分子药物的问世不代表疫情即将很快结束，也不代表可以不再接种疫苗；但疫苗+小分子口服药的组合将进一步提升新冠流感化的可能性，而这一可能性多快实现又与小分子药物的实际药效密切相关。后续我们将密切关注新冠小分子药物的进一步临床数据。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T14:07:48.674Z","fund":{"_id":3000000050026,"stockCode":"050026","stockType":"fund","areaCode":"cn","followedNum":314,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2012-07-22T16:00:00.000Z","setUpScale":276920000,"market":"a","tickerId":50026,"custody":"中国银行股份有限公司","name":"博时医疗保健行业混合型证券投资基金","shortName":"博时医疗保健混合(050026)","fundSecondLevel":"hybrid","__csrcFundId":3230,"fundStatus":"normal","lastUpdated":"2026-05-01T05:34:09.351Z","masterFundFlag":1,"inceptionDate":"2012-08-27T16:00:00.000Z","fundCollectionId":4000050050000,"currency":"CNY","memoNum":1,"masterFundShortName":"博时医疗保健混合","pinyin":"bsylbjhyhhxzqtzjj","managers":[{"stockCode":"db20832536","stockType":"fund_manager","exchange":"fm","tickerId":32413214680,"name":"陈西铭"}]},"announcement":{"linkText":"博时医疗保健行业混合型证券投资基金2021年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=654161","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed4347fea5b3eb0546042","date":"2021-06-29T16:00:00.000Z","stockId":3000000050026,"sao":"2021年初医药行业表现非常强劲，部分公司在1个月左右时间里透支了全年的涨幅。2-3月医药板块随市场出现深度调整，3月中旬由于海内外尤其是印度疫情超预期反复及部分子行业高景气等因素影响，板块整体反弹。整体而言，2021年上半年，医药行业呈现出非常显著的结构分化现象，部分高景气板块持续景气，而部分子版块显示出无人问津的态势，最终医药行业基金的持仓集中度越来越高，这也将导致未来行业波动性将显著增大。因此，截止二季度末，我们在子板块的配置上逐渐倾向相对均衡、不过于极端的配置方法，以降低组合的波动率和回撤幅度。我们长期看好CXO行业，中国企业在CXO行业具有显著优势，核心原因是中国企业人力成本更低、经营管理更为精细、产业链集中导致物料成本更低。而疫情显著加速了中国企业对原有既得利益者的替代，因此近期行业景气度处于高位，部分企业订单排期至2022年底，行业长短期确定性均高。我们长期看好并在CXO行业有一定配置。对于新冠疫情，我们认为将常态化、流感化。一方面，病毒持续变异，Delta变异毒株最早在印度发现，可能是目前为止所发现的传染性最强的变异毒株，且有一定的免疫逃逸能力，能够重复感染已接种过新冠疫苗的人群。目前Delta株快速在全球成为主导株，国内和海外在新冠疫情方面均面临新的压力。另一方面，全球新冠疫苗接种率不足，面对像Delta株这样高传播能力的变异毒株，需要人群接种率达到80%以上才能形成较好的群体免疫。因此，未来疫情很难随着疫苗接种而快速平息，新冠疫情将常态化、流感化。新冠疫苗也将流感疫苗化，后续大概率需要每年接种。由于变异毒株要求更高的保护效力，也需要国内更频繁及大量进行新冠核酸检测，我们看好mRNA疫苗平台，集中仓位在部分优质mRNA疫苗公司和第三方医学检验公司上。","declarationDate":"2021-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:07:48.671Z","mo":"整体而言，医药行业受疫情扰动小、增长确定性高，部分子行业目前处于高景气阶段；但另一方面，2019-2020行业表现均较为突出，整体估值处于相对高位。我们仍然看好行业，但建议降低2021年全年的收益率预期。具体策略方面，我们认为2021年下半年要少去人多的地方。一方面，我们将维持相对均衡、不过于极端的子行业配置，以降低组合的波动率和回撤幅度；另一方面，我们将持续加大对中小市值公司以及新股次新股的研究，寻找估值合理、行业发生积极变化的细分赛道龙头，目前市场对于此类公司的研究仍然不充分，有较大价值发现的机会。","fund":{"_id":3000000050026,"stockCode":"050026","stockType":"fund","areaCode":"cn","followedNum":314,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2012-07-22T16:00:00.000Z","setUpScale":276920000,"market":"a","tickerId":50026,"custody":"中国银行股份有限公司","name":"博时医疗保健行业混合型证券投资基金","shortName":"博时医疗保健混合(050026)","fundSecondLevel":"hybrid","__csrcFundId":3230,"fundStatus":"normal","lastUpdated":"2026-05-01T05:34:09.351Z","masterFundFlag":1,"inceptionDate":"2012-08-27T16:00:00.000Z","fundCollectionId":4000050050000,"currency":"CNY","memoNum":1,"masterFundShortName":"博时医疗保健混合","pinyin":"bsylbjhyhhxzqtzjj","managers":[{"stockCod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date":"2020-09-29T16:00:00.000Z","declarationDate":"2020-10-27T16:00:00.000Z","lastUpdated":"2026-03-09T14:07:48.661Z","fund":{"_id":3000000050026,"stockCode":"050026","stockType":"fund","areaCode":"cn","followedNum":314,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2012-07-22T16:00:00.000Z","setUpScale":276920000,"market":"a","tickerId":50026,"custody":"中国银行股份有限公司","name":"博时医疗保健行业混合型证券投资基金","shortName":"博时医疗保健混合(050026)","fundSecondLevel":"hybrid","__csrcFundId":3230,"fundStatus":"normal","lastUpdated":"2026-05-01T05:34:09.351Z","masterFundFlag":1,"inceptionDate":"2012-08-27T16:00:00.000Z","fundCollectionId":4000050050000,"currency":"CNY","memoNum":1,"masterFundShortName":"博时医疗保健混合","pinyin":"bsylbjhyhhxzqtzjj","managers":[{"stockCode":"db20832536","stockType":"fund_manager","exchange":"fm","tickerId":32413214680,"name":"陈西铭"}]},"announcement":{"linkText":"博时医疗保健行业混合型证券投资基金2020年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=489549","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed4347fea5b3eb054603e","stockId":3000000050026,"sao":"从年初武汉封城开始至今，新冠疫情无疑是这半年来国内乃至全球经济社会政治中的核心变量之一。原本经历了2019年全年的大幅上涨后，医药板块的估值已经不低。但在新冠疫情影响下其他各行业的不确定性大幅上升，医药的刚性需求属性优势进一步凸显，避险资金的大量涌入使得板块整体估值溢价进一步上升，目前医药行业的机构持仓比例和估值溢价率都处于历史高点。我们在投资时，一方面加大了受益于疫情的防控相关产品的持仓，比如检验检测、防护、治疗类产品等；另一方面，也投资了部分抓住疫情下原有秩序和结构暂时失衡的契机，将自身竞争格局优化的公司。","date":"2020-06-29T16:00:00.000Z","declarationDate":"2020-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:07:48.658Z","mo":"我们认为，中国通过严格的“早发现早报告早隔离早治疗”有效控制住了疫情在湖北以外地区的蔓延，虽然在部分地区有小规模反弹，但是整体而言很难再出现早期湖北那样的大爆发。然而由于种种原因，疫情在海外的蔓延持续超出预期。综合国内外防控措施和效果、新冠病毒的传播特性、疫苗研发进度等各方面因素，我们认为全球的疫情在短期（1年左右）不会结束，甚至有可能在中期（2-5年）持续存在。因此，疫情对经济社会和股市的影响，可能仍将持续较长时间，我们在做出投资决策时仍然要将疫情作为最重要的变量之一加以考虑。我们会更多挖掘那些能够在疫情防控常态化背景下，抓住特殊时期的特殊社会经济状态的契机，充分发挥自身竞争优势、改善竞争格局，即使疫情结束，其在疫情中的竞争优势也不会就此丧失，真正长远受益的公司。","fund":{"_id":3000000050026,"stockCode":"050026","stockType":"fund","areaCode":"cn","followedNum":314,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2012-07-22T16:00:00.000Z","setUpScale":276920000,"market":"a","tickerId":50026,"custody":"中国银行股份有限公司","name":"博时医疗保健行业混合型证券投资基金","shortName":"博时医疗保健混合(050026)","fundSecondLevel":"hybrid","__csrcFundId":3230,"fundStatus":"normal","lastUpdated":"2026-05-01T05:34:09.351Z","masterFundFlag":1,"inceptionDate":"2012-08-27T16:00:00.000Z","fundCollectionId":4000050050000,"currency":"CNY","memoNum":1,"masterFundShortName":"博时医疗保健混合","pinyin":"bsylbjhyhhxzqtzjj","managers":[{"stockCode":"db20832536","stockType":"fund_manager","exchange":"fm","tickerId":32413214680,"name":"陈西铭"}]},"announcement":{"linkText":"博时医疗保健行业混合型证券投资基金2020年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=457898","linkType":"PDF","source":"csrc_pdf"}}]}