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国家医保局明确表示，为进一步提升药品和医用耗材集中带量采购的质量和可持续性，国家医保局正在对集采中选规则进行优化，明确表示未来集采中选将不再简单以最低报价作为唯一参考标准。这一点对于医药公司的平稳发展很有帮助。因此我们对医药行业的观点仍然乐观，尤其是创新药以外的板块，股价仍然处于相对低位。我们仍然看好创新药板块行情，认为行情已从所有创新药公司普遍重估的第一阶段进入考验实际兑现的第二阶段，真正能谈成好的BD合作、产品放量超预期的公司仍有望表现突出；此外，小部分遗珠也有待进一步发掘。因此，我们将倾向哑铃型布局，即高胜率或高赔率的创新药公司。此外，我们也看好业绩表现突出的板块，如骨科、创新药上游；部分业绩有望改善的板块，我们也做了提前配置，如医疗设备。此外，我们认为AI、脑机接口等新技术将改变医疗体系运行方式，但由于医疗机构的预算约束，短期相关上市公司报表变化不大，但我们相信，随着时间推移，这一变化将改变行业，我们将持续积极研究和发掘这些帮助改变行业的公司。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:45:39.636Z","mo":"报告期内港股创新药走势偏强，一方面在弱美元的背景下，港股自身流动性占优；另一方面，港股市场的创新药企业整体质地更优。创新药行业仍然是医药板块较为景气的子行业，我们认为向外授权的趋势仍有望持续，能在窗口期拿到好的合作的企业将迎来新的发展期。此外，我们认为医药行业整体仍然有较多机会，尤其是国内政策回暖后，部分医药企业的盈利预测有望上修。虽然市场的关注点目前在创新药上，但我们认为其他子行业也有一定机会。我们认为，政策的回摆大概率不是短期行为，相关企业的报表修复也有望在后续持续体现。","fund":{"_id":3000000012086,"__csrcFundId":9132,"stockCode":"012086","shortName":"博时健康生活混合A","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12086,"masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:29.729Z","status":"normal","name":"博时健康生活混合型证券投资基金","exchange":"jj","followedNum":6,"fundCollectionId":4000050050000,"inceptionDate":"2021-05-25T16:00:00.000Z","currency":"CNY","masterFundShortName":"博时健康生活混合","setUpDate":"2021-05-25T16:00:00.000Z","setUpAssetScale":497289573.72,"setUpShares":497289573.72,"pinyin":"bsjkshhhxzqtzjj","managers":[{"stockCode":"db20832536","stockType":"fund_manager","exchange":"fm","tickerId":32413214680,"name":"陈西铭"}]},"announcement":{"linkText":"博时健康生活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=1340488","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf037fea5b3eb04f5bca","date":"2025-03-30T16:00:00.000Z","stockId":3000000012086,"sao":"本报告期内，医药板块的股价表现相比过去三年有所改善。一方面，创新药板块表现持续突出，带动整体行业表现；另一方面，AI+、脑机接口、机器人等板块轮番表现，带动医药行业投资情绪。我们仍然看好创新药板块，政策端的支持鼓励使得创新药板块在2025年业绩确定性较强；此外，我国创新药在海外授权的金额和案例数屡创新高，也旁证了行业发展已经进入新的高度。此外，我们看好2025年业绩确定性见底的板块，如骨科、医疗设备及药房行业。虽然这些板块在一季度中表现相对平淡，但我们仍然认为在2025年中，这些板块或有很大机会。最后，我们认为部分业绩有可能改善的板块也有结构性机会，如医疗服务、中药。我们在这类板块中精选了一些业绩确定性相对高，或是估值弹性较大的公司进行布局。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:45:39.631Z","fund":{"_id":3000000012086,"__csrcFundId":9132,"stockCode":"012086","shortName":"博时健康生活混合A","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12086,"masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:29.729Z","status":"normal","name":"博时健康生活混合型证券投资基金","exchange":"jj","followedNum":6,"fundCollectionId":4000050050000,"inceptionDate":"2021-05-25T16:00:00.000Z","currency":"CNY","masterFundShortName":"博时健康生活混合","setUpDate":"2021-05-25T16:00:00.000Z","setUpAssetScale":497289573.72,"setUpShares":497289573.72,"pinyin":"bsjkshhhxzqtzjj","managers":[{"stockCode":"db20832536","stockType":"fund_manager","exchange":"fm","tickerId":32413214680,"name":"陈西铭"}]},"announcement":{"linkText":"博时健康生活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=1270239","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf037fea5b3eb04f5bc9","date":"2024-12-30T16:00:00.000Z","stockId":3000000012086,"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":"2026-03-09T13:45:39.628Z","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":3000000012086,"__csrcFundId":9132,"stockCode":"012086","shortName":"博时健康生活混合A","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12086,"masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:29.729Z","status":"normal","name":"博时健康生活混合型证券投资基金","exchange":"jj","followedNum":6,"fundCollectionId":4000050050000,"inceptionDate":"2021-05-25T16:00:00.000Z","currency":"CNY","masterFundShortName":"博时健康生活混合","setUpDate":"2021-05-25T16:00:00.000Z","setUpAssetScale":497289573.72,"setUpShares":497289573.72,"pinyin":"bsjkshhhxzqtzjj","managers":[{"stockCode":"db20832536","stockType":"fund_manager","exchange":"fm","tickerId":32413214680,"name":"陈西铭"}]},"announcement":{"linkText":"博时健康生活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=1254274","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf037fea5b3eb04f5bc8","date":"2024-09-29T16:0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较大，我们在不同时间段根据基本面情况做了相应的变动；创新药方面，我们全年看好创新药板块，但在一季度，由于前期预期和股价位置过高，我们降低了创新药板块的配置，并在二三季度左侧抄底。此外，我们全年低配消费医疗板块，主要原因是根据海外经验，疫后第一年消费需求普遍受到负面影响。整体来说，我们在2023年抓住了大部分的行业机会和部分黑马公司，但在年底行业上行期间，对于一些高弹性的品种配置稍显不足。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:45:39.617Z","mo":"与2023年不同的是，由于外部政治环境的变化，2024年医药行业外需的确定性走弱，内需则正相反，因此在2024年我们更看好内需。2024年医药行业政策环境相对2023年更为稳定，各项支持措施持续落地。我们认为2024年将是医药行业的业绩兑现之年，医保及药监相关政策大力呵护创新药及创新器械，叠加负面政策影响逐渐淡去，低基数背景下同时伴有正面的政策环境，将有一批公司体现出切实的业绩高增长，这些公司是我们2024年看好的主要对象。","fund":{"_id":3000000012086,"__csrcFundId":9132,"stockCode":"012086","shortName":"博时健康生活混合A","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12086,"masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:29.729Z","status":"normal","name":"博时健康生活混合型证券投资基金","exchange":"jj","followedNum":6,"fundCollectionId":4000050050000,"inceptionDate":"2021-05-25T16:00:00.000Z","currency":"CNY","masterFundShortName":"博时健康生活混合","setUpDate":"2021-05-25T16:00:00.000Z","setUpAssetScale":497289573.72,"setUpShares":497289573.72,"pinyin":"bsjkshhhxzqtzjj","managers":[{"stockCode":"db20832536","stockType":"fund_manager","exchange":"fm","tickerId":32413214680,"name":"陈西铭"}]},"announcement":{"linkText":"博时健康生活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=1052633","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf037fea5b3eb04f5bc4","date":"2023-09-29T16:00:00.000Z","stockId":3000000012086,"sao":"本报告期内，医药行业表现跌宕起伏，与市场对相关政策预期变化较大有关。医药行业是长坡厚雪的行业，医药行业的需求来自人们对于健康无止境的追求，这样的需求是不会消失的。短期的波动带来阵痛，未来在行业逐渐走向合规化后，医药行业也将迎来彩虹。在报告期内，本基金增加了对于行业内相对合规稳健，或是国际化程度较高，或是院外业务占比较高公司的配置。在政策预期逐渐稳定后，预计行业中的投资机会将持续涌现。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:45:39.614Z","fund":{"_id":3000000012086,"__csrcFundId":9132,"stockCode":"012086","shortName":"博时健康生活混合A","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12086,"masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:29.729Z","status":"normal","name":"博时健康生活混合型证券投资基金","exchange":"jj","followedNum":6,"fundCollectionId":4000050050000,"inceptionDate":"2021-05-25T16:00:00.000Z","currency":"CNY","masterFundShortName":"博时健康生活混合","setUpDate":"2021-05-25T16:00:00.000Z","setUpAssetScale":497289573.72,"setUpShares":497289573.72,"pinyin":"bsjkshhhxzqtzjj","managers":[{"stockCode":"db20832536","stockType":"fund_manager","exchange":"fm","tickerId":32413214680,"name":"陈西铭"}]},"announcement":{"linkText":"博时健康生活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=987374","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf037fea5b3eb04f5bc3","date":"2023-06-29T16:00:00.000Z","stockId":3000000012086,"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":"2026-03-09T13:45:39.611Z","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":3000000012086,"__csrcFundId":9132,"stockCode":"012086","shortName":"博时健康生活混合A","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12086,"masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:29.729Z","status":"normal","name":"博时健康生活混合型证券投资基金","exchange":"jj","followedNum":6,"fundCollectionId":4000050050000,"inceptionDate":"2021-05-25T16:00:00.000Z","currency":"CNY","masterFundShortName":"博时健康生活混合","setUpDate":"2021-05-25T16:00:00.000Z","setUpAssetScale":497289573.72,"setUpShares":497289573.72,"pinyin":"bsjkshhhxzqtzjj","managers":[{"stockCode":"db20832536","stockType":"fund_manager","exchange":"fm","tickerId":32413214680,"name":"陈西铭"}]},"announcement":{"linkText":"博时健康生活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=962428","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf037fea5b3eb04f5bc2","date":"2023-03-30T16:00:00.000Z","stockId":3000000012086,"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":"2026-03-09T13:45:39.609Z","fund":{"_id":3000000012086,"__csrcFundId":9132,"stockCode":"012086","shortName":"博时健康生活混合A","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12086,"masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:29.729Z","status":"normal","name":"博时健康生活混合型证券投资基金","exchange":"jj","followedNum":6,"fundCollectionId":4000050050000,"inceptionDate":"2021-05-25T16:00:00.000Z","currency":"CNY","masterFundShortName":"博时健康生活混合","setUpDate":"2021-05-25T16:00:00.000Z","setUpAssetScale":497289573.72,"setUpShares":497289573.72,"pinyin":"bsjkshhhxzqtzjj","managers":[{"stockCode":"db20832536","stockType":"fund_manager","exchange":"fm","tickerId":32413214680,"name":"陈西铭"}]},"announcement":{"linkText":"博时健康生活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=887427","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf037fea5b3eb04f5bc1","date":"2022-12-30T16:00:00.000Z","stockId":3000000012086,"sao":"2022年，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，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":"2026-03-09T13:45:39.605Z","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":3000000012086,"__csrcFundId":9132,"stockCode":"012086","shortName":"博时健康生活混合A","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12086,"masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:29.729Z","status":"normal","name":"博时健康生活混合型证券投资基金","exchange":"jj","followedNum":6,"fundCollectionId":4000050050000,"inceptionDate":"2021-05-25T16:00:00.000Z","currency":"CNY","masterFundShortName":"博时健康生活混合","setUpDate":"2021-05-25T16:00:00.000Z","setUpAssetScale":497289573.72,"setUpShares":497289573.72,"pinyin":"bsjkshhhxzqtzjj","managers":[{"stockCode":"db20832536","stockType":"fund_manager","exchange":"fm","tickerId":32413214680,"name":"陈西铭"}]},"announcement":{"linkText":"博时健康生活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=865294","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf037fea5b3eb04f5bc0","date":"2022-09-29T16:00:00.000Z","stockId":3000000012086,"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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