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。全年主要指数均实现上涨，万得全A年涨幅达10% 。行业表现分化，银行、公用事业等红利资产以及科技方向的通信、电子涨幅居前，而医药生物、农林牧渔等板块下跌。医药板块受市场风格切换及政策等因素影响，整体表现不佳。板块内部分化明显，创新药、医药商业、原料药表现居前，而药店、疫苗、生命科学表现居后。本基金重仓医药板块，重点配置了创新药及其研发服务外包产业链、医疗设备及耗材、仿制药转型相关细分赛道。","declarationDate":"2025-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:46:03.391Z","mo":"展望后市，全球经济面临挑战，美国经济保持韧性，劳动力市场强劲，通胀符合预期，但衰退风险降低。中国经济政策落地显效，制造业PMI连续站上荣枯线，GDP增速超预期，消费、出口、投资均呈现积极态势，经济保持韧性。A股市场在政策支持和经济韧性背景下，科技行业（如AI、机器人）迎来发展机遇，红利资产配置价值凸显。医药板块方面，近期国家医保局对商业保险及创新药的态度发生了积极变化：一方面，医保局强调支持创新药发展，通过医保目录调整、优化首发价格管理、拓宽支付渠道等方式，助力创新药更快进入市场并降低企业成本；另一方面，医保局也在探索医保基金与商业保险的同步结算机制，推动商业健康险纳入更多创新药品种，以构建多层次医疗支付体系。这使得医药板块在2025年的业绩复苏和困境反转值得关注，看好AI医疗、创新药、CXO及药械出海等细分板块的投资机会。","fund":{"_id":3000000012186,"__csrcFundId":9856,"stockCode":"012186","shortName":"招商品质成长混合(012186)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12186,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:11:21.850Z","status":"normal","exchange":"jj","name":"招商品质成长混合型证券投资基金","fundCollectionId":4000050210000,"followedNum":3,"inceptionDate":"2021-09-23T16:00:00.000Z","masterFundShortName":"招商品质成长混合","setUpDate":"2021-09-22T16:00:00.000Z","setUpAssetScale":1891813102.06,"setUpShares":1891813102.06,"pinyin":"zspzczhhxzqtzjj","managers":[{"stockCode":"8801391328","stockType":"fund_manager","exchange":"fm","tickerId":121003159600,"name":"李佳存"}]},"announcement":{"linkText":"招商品质成长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=1248949","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf1b7fea5b3eb04f7107","date":"2024-09-29T16:00:00.000Z","stockId":3000000012186,"sao":"报告期内，国内制造业订单持续承压，出口超预期，进口补库不及预期；CPI保持平稳，PPI走弱，居民、企业加杠杆意愿仍趋弱，财政发力亟待加速；投资增速出现反弹，房地产各指标边际企稳；社零增速不及预期，失业率仍在续升。政策方面，金融政策组合拳提振市场信心，增量政策仍可期待。海外方面，美国劳务市场降温趋势明确，但尚未衰退，服务类通胀仍有韧性，9月美联储降息50bps，降息通道确立。报告期内，伴随内需预期边际走弱，叠加外部环境存在较强不确定性，内需主导的消费板块和外需主导的资源及出海板块调整较大，市场整体持续震荡回调，9月末出现明显反弹。行业层面，非银金融表现相对强势，煤炭、美容护理和农林牧渔等行业表现靠后。医药板块经历了一轮探底后随大盘反弹，基本跑平。药品研发服务外包龙头受美国生物安全法案进展影响涨幅较大，带动了细分板块乃至医药板块的整体回升。本基金看好医药板块的增长潜力及比较优势，重点配置了创新药及其研发服务外包产业链、医疗设备及耗材、仿制药转型相关细分赛道。","declarationDate":"2024-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:46:03.388Z","fund":{"_id":3000000012186,"__csrcFundId":9856,"stockCode":"012186","shortName":"招商品质成长混合(012186)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12186,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:11:21.850Z","status":"normal","exchange":"jj","name":"招商品质成长混合型证券投资基金","fundCollectionId":4000050210000,"followedNum":3,"inceptionDate":"2021-09-23T16:00:00.000Z","masterFundShortName":"招商品质成长混合","setUpDate":"2021-09-22T16:00:00.000Z","setUpAssetScale":1891813102.06,"setUpShares":1891813102.06,"pinyin":"zspzczhhxzqtzjj","managers":[{"stockCode":"8801391328","stockType":"fund_manager","exchange":"fm","tickerId":121003159600,"name":"李佳存"}]},"announcement":{"linkText":"招商品质成长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=1169526","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf1b7fea5b3eb04f7106","date":"2024-06-29T16:00:00.000Z","stockId":3000000012186,"sao":"报告期内，国内经济边际复苏明显，但力度相对有限，主要拉动项是制造业投资与出口，消费表现平淡而地产投资是拖累项，流动性继续维持在正常区间内。美国通胀边际降温，美股市场上行。A股涨跌不一，大盘股表现好于小盘股，行业方面，煤炭、银行、家电等涨幅居前，计算机、商贸零售、社会服务等表现落后。医药板块表现落后，医保局针对“四同药品”的价格专项治理措施引得市场对于院外渠道药品价格的担忧加剧，带动了药房及中药OTC板块的整体回调。本基金看好医药板块确定性增长的比较优势，重点配置了创新药及其研发服务外包产业链、医疗设备及耗材、仿制药转型相关细分赛道。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:46:03.385Z","mo":"展望后市，市场调整反而提供了逆向布局的时机，不确定性的降低会推动股市“进二退一”式的震荡上升。不确定性下降但风险意愿偏低，常态化退市机制逐步完善，壳价值预期正被打破，价值投资有望重回视野。当前投资重点在有产品、有订单、有业绩、估值合理的蓝筹股，新“国九条”与股市基础制度改革同步指向投资策略需侧重经营质量与公司治理，叠加“科创板八条”发布，看好科技蓝筹与港股优质公司迎来转机：如港股互联网，以及A股半导体、通信、机械、军工、医药等板块龙头公司。医药板块从第三季度开始迎来去年反腐带来的低基数效应，此外基金二季报显示机构的配置比例也进一步新低，这也给下半年的反弹留出了空间，继续看好创新药全链条支持政策带给行业的重大利好，此外设备更新的资金落地使得医院设备采购逐步回归正常也值得进一步期待。","fund":{"_id":3000000012186,"__csrcFundId":9856,"stockCode":"012186","shortName":"招商品质成长混合(012186)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12186,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:11:21.850Z","status":"normal","exchange":"jj","name":"招商品质成长混合型证券投资基金","fundCollectionId":4000050210000,"followedNum":3,"inceptionDate":"2021-09-23T16:00:00.000Z","masterFundShortName":"招商品质成长混合","setUpDate":"2021-09-22T16:00:00.000Z","setUpAssetScale":1891813102.06,"setUpShares":1891813102.06,"pinyin":"zspzczhhxzqtzjj","managers":[{"stockCode":"8801391328","stockType":"fund_manager","exchange":"fm","tickerId":121003159600,"name":"李佳存"}]},"announcement":{"linkText":"招商品质成长混合型证券投资基金2024年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1147510","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf1b7fea5b3eb04f7105","date":"2024-03-30T16:00:00.000Z","stockId":3000000012186,"sao":"报告期内，国内经济维持弱复苏局面，货币政策相对宽松。A股市场先跌后涨，上证指数整个季度小幅上涨2.23%。板块来看，高股息板块涨幅较大，成长板块中AI带领TMT板块反弹幅度较大。海外美联储降息节奏后移；国内对于经济政策的宽松预期也回归中性。受美国安全法案的影响，药品研发服务外包龙头公司大幅下跌，也带动整个医药板块整体下跌，后随市场一起反弹时表现靠后。考虑到去年同期医药板块业绩基数较高，预期今年将呈现逐季度改善的态势。本基金重点关注医药板块确定性增长及创新药政策支持的优势，重点配置了创新药及其研发服务外包产业链、医疗设备及耗材、仿制药转型相关细分赛道。","declarationDate":"2024-04-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:46:03.382Z","fund":{"_id":3000000012186,"__csrcFundId":9856,"stockCode":"012186","shortName":"招商品质成长混合(012186)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12186,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:11:21.850Z","status":"normal","exchange":"jj","name":"招商品质成长混合型证券投资基金","fundCollectionId":4000050210000,"followedNum":3,"inceptionDate":"2021-09-23T16:00:00.000Z","masterFundShortName":"招商品质成长混合","setUpDate":"2021-09-22T16:00:00.000Z","setUpAssetScale":1891813102.06,"setUpShares":1891813102.06,"pinyin":"zspzczhhxzqtzjj","managers":[{"stockCode":"8801391328","stockType":"fund_manager","exchange":"fm","tickerId":121003159600,"name":"李佳存"}]},"announcement":{"linkText":"招商品质成长混合型证券投资基金2024年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1066039","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf1b7fea5b3eb04f7104","date":"2023-12-30T16:00:00.000Z","stockId":3000000012186,"sao":"报告期内，国内经济维持弱复苏局面，货币政策仍相对宽松，A股市场震荡调整。板块来看，低波红利板块涨幅较大。海外美联储进入加息尾声，货币政策转向预期上升；另一方面，政治局会议和中央经济工作会议正式召开，市场传导积极政策信号。医药板块经历了一轮反弹后随大盘调整，基本持平。药品研发服务外包龙头公司对业绩的下修引得市场对于整个医药板块业绩的担忧加剧，带动了细分板块的整体回调。本基金看好医药板块确定性增长的比较优势，重点配置了创新药及其研发服务外包产业链、医疗设备及耗材、仿制药转型相关细分赛道。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:46:03.379Z","mo":"展望2024年，GDP增速或在5%左右，节奏前高后低，依然处在结构转型压力期。2024年重要宏观因素是地缘冲突、居民储蓄持续高增、部分行业产能过剩。考虑到经济增长预期相对偏弱，市场后续或为短期震荡修复，指数高度较为有限。风格上，中美利差收窄叠加历史处于相对低位，正为中大盘股票提供缓冲垫。行业配置上，兼顾安全边际与产业催化，低波红利资产短期的相对优势仍显著，中期相对看好受益于全球金融条件改善和行业周期回升的电子和医药板块。","fund":{"_id":3000000012186,"__csrcFundId":9856,"stockCode":"012186","shortName":"招商品质成长混合(012186)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12186,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:11:21.850Z","status":"normal","exchange":"jj","name":"招商品质成长混合型证券投资基金","fundCollectionId":4000050210000,"followedNum":3,"inceptionDate":"2021-09-23T16:00:00.000Z","masterFundShortName":"招商品质成长混合","setUpDate":"2021-09-22T16:00:00.000Z","setUpAssetScale":1891813102.06,"setUpShares":1891813102.06,"pinyin":"zspzczhhxzqtzjj","managers":[{"stockCode":"8801391328","stockType":"fund_manager","exchange":"fm","tickerId":121003159600,"name":"李佳存"}]},"announcement":{"linkText":"招商品质成长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=1055203","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf1b7fea5b3eb04f7103","date":"2023-09-29T16:00:00.000Z","stockId":3000000012186,"sao":"三季度国内经济整体依然弱势，流动性仍在正常区间内。海外方面，美国加息尾声的偏鹰表态，高利率环境仍将持续。回顾A股市场，由于景气度缺乏与外部地缘的不确定性，市场显著调整。随着近期反腐对产业和市场情绪的影响逐步减弱，叠加多项政策促医保覆盖范围扩大，医药行业在整体市场低迷的情况下具备了相对的优势，其中优秀的企业实际运营情况较好，趋势反转向上，A股医药行业最近呈现反弹走势，相对大盘表现较强。我们认为医药板块中长期的投资逻辑并未发生变化。目前时点看，医药板块处于估值、政策、基本面三重叠加的相对底部区域，我们看好医药板块中长期的投资机会。基金重点配置了药品板块和疫后消费医疗复苏板块。除医药领域外，我们还少量配置布局电子等领域。基金后续会继续遵循总体投资思路：选择优质赛道和个股，遵循逢低买入，兼顾行业基本面变化和仓位动态调整，在控制回撤的情况下创造更高收益。","declarationDate":"2023-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:46:03.376Z","fund":{"_id":3000000012186,"__csrcFundId":9856,"stockCode":"012186","shortName":"招商品质成长混合(012186)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12186,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:11:21.850Z","status":"normal","exchange":"jj","name":"招商品质成长混合型证券投资基金","fundCollectionId":4000050210000,"followedNum":3,"inceptionDate":"2021-09-23T16:00:00.000Z","masterFundShortName":"招商品质成长混合","setUpDate":"2021-09-22T16:00:00.000Z","setUpAssetScale":1891813102.06,"setUpShares":1891813102.06,"pinyin":"zspzczhhxzqtzjj","managers":[{"stockCode":"8801391328","stockType":"fund_manager","exchange":"fm","tickerId":121003159600,"name":"李佳存"}]},"announcement":{"linkText":"招商品质成长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=983805","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf1b7fea5b3eb04f7102","date":"2023-06-29T16:00:00.000Z","stockId":3000000012186,"sao":"上半年国内经济复苏弱于预期，流动性偏宽松。通胀整体保持在正常区间内。A 股指数震荡下行，AI相关板块表现占优。具体来看，由于前期市场上涨已阶段性接近充分，边际上市场对总量经济的担忧、政策的等待期以及地缘政治的波折令市场预期重新出现分歧，指数行情进入震荡下行阶段。同时，由于北上资金净流出，公募基金的仓位处于相对高位，叠加前期有一定收益被兑现，AI外其他板块有一定回调。本基金重点配置了医药行业中的药品板块和疫后消费医疗复苏板块，具体主要包括五个细分赛道：（1）创新药及其相关产业链（研发/生产外包服务行业）；（2）中药行业；（3）医保支付外的消费属性的药械；（4）医疗服务；（5）零售连锁药店。在存量资金博弈的背景下，医药板块上半年跑输大盘，在众多行业中排在中下游位置，其中药品子板块尤其是创新药和中药超额收益明显。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:46:03.374Z","mo":"展望下半年，在经济弱复苏的情景假设下，医药投资具有较为明显的性价比优势，配置仓位较低、风险溢价率处于10年以来低位，医保基金收支增长稳健，医药政策预期清晰化边际温和，看好医药板块未来一年的市场表现。但在增量资金有限情况下，自下而上个股机会更多。","fund":{"_id":3000000012186,"__csrcFundId":9856,"stockCode":"012186","shortName":"招商品质成长混合(012186)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12186,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:11:21.850Z","status":"normal","exchange":"jj","name":"招商品质成长混合型证券投资基金","fundCollectionId":4000050210000,"followedNum":3,"inceptionDate":"2021-09-23T16:00:00.000Z","masterFundShortName":"招商品质成长混合","setUpDate":"2021-09-22T16:00:00.000Z","setUpAssetScale":1891813102.06,"setUpShares":1891813102.06,"pinyin":"zspzczhhxzqtzjj","managers":[{"stockCode":"8801391328","stockType":"fund_manager","exchange":"fm","tickerId":121003159600,"name":"李佳存"}]},"announcement":{"linkText":"招商品质成长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=958526","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf1b7fea5b3eb04f7101","date":"2023-03-30T16:00:00.000Z","stockId":3000000012186,"sao":"一季度疫情防控放开后国内经济持续复苏，流动性偏紧，但依然在正常区间内。通胀整体震荡向上，依然保持在正常区间内。A股指数区间震荡，中小市值表现占优。具体来看，由于前期市场全局性的上涨对中国经济恢复与宏观风险下降的定价已阶段性接近充分，边际上市场对总量政策力度的担忧、业绩的等待期以及地缘政治的波折令市场预期重新出现分歧，指数行情降速进入震荡上升阶段。同时，由于北上资金净流入趋缓，公募基金的仓位处于相对高位，叠加数据与政策的空窗期，中小市值与主题投资弹性凸显。医药投资具有性价比，配置仓位较低、风险溢价率处于10年以来低位，医保基金收支增长稳健，医药政策预期清晰化边际温和，看好医药板块未来一年的市场表现。但在增量资金有限情况下，自下而上个股机会更多。本基金重点配置了医药板块，尤其看好药品板块的投资机会。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:46:03.371Z","fund":{"_id":3000000012186,"__csrcFundId":9856,"stockCode":"012186","shortName":"招商品质成长混合(012186)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12186,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:11:21.850Z","status":"normal","exchange":"jj","name":"招商品质成长混合型证券投资基金","fundCollectionId":4000050210000,"followedNum":3,"inceptionDate":"2021-09-23T16:00:00.000Z","masterFundShortName":"招商品质成长混合","setUpDate":"2021-09-22T16:00:00.000Z","setUpAssetScale":1891813102.06,"setUpShares":1891813102.06,"pinyin":"zspzczhhxzqtzjj","managers":[{"stockCode":"8801391328","stockType":"fund_manager","exchange":"fm","tickerId":121003159600,"name":"李佳存"}]},"announcement":{"linkText":"招商品质成长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=882272","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf1b7fea5b3eb04f7100","date":"2022-12-30T16:00:00.000Z","stockId":3000000012186,"sao":"2022年制造业整体维持弱势震荡格局，除基建投资外，固定资产投资、房地产投资、制造业投资均呈现下降态势，政府托底经济的意图十分明显。社会消费品零售总额增速波动较大，整体也呈现弱势震荡格局。疫情以来，国内出口数据相对较强，但下半年由于海外经济的下滑，下行较为明显。通胀方面，2022年PPI呈现出明显回落态势，CPI整体震荡向上，但仍保持在正常区间内。医药板块在调整了三个季度后，于四季度迎来了探底回升，特别是疫情防控政策预期出现转折后，中药和抗疫相关主题涨幅明显。本基金重点配置了医药板块，重点配置了医疗器械、疫苗、创新药、药店等子赛道。","declarationDate":"2023-01-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:46:03.368Z","mo":"总体来看，整个2022年经济均处在弱势周期中，考虑到疫情放开后对各地经济的冲击，预计2023年上半年经济弱势格局还将持续， 2023年下半年或将有所好转。通胀方面，考虑到2023年下半年经济整体还将处在弱势，我们认为未来半年PPI或还将继续回落，CPI预计依然保持在正常区间内。随着地产政策的调整与投资正常化，疫情防控措施优化与潜在消费动能的恢复，表明政策态度向经济增长倾斜。疫情三年后，中国来到了休养生息、扩张内需的阶段，正站在一轮新的复苏周期和信用扩张的起点。从投资和企业去库存行为的角度看，一轮上行的周期往往将持续6个季度左右。与此同时，A股估值与信用、利润结构高度相关，有望受益。目前医药板块处于估值、政策、基本面三重底部叠加的区域，看好医药板块的投资机会。首先在估值层面，前期医药板块整体静态市盈率跌至了过去十年的历史最低位，剔除医药主题基金的机构持仓也跌至历史低位。其次政策上压力最大的部分已经结束，过去占医药指数最大权重的仿制药板块，经历了4年的集采，占比金额超过70%的品种都已经经历了一轮到几轮集采，产品价格出清的同时，企业报表也已经大部分出清，可以在里面寻找二次增长曲线，此外针对创新的友好政策也持续兑现。第三在基本面方面，过去三年时间，疫情压制了患者常规的就医需求；从医保基金的结余情况可见一斑，一方面绝对金额非常充沛，另一方面疫情期间结余率远高于疫情前水平，这给疫情防控放松后常规就医需求恢复留出了空间。本基金重点配置了医药板块，重点看好医疗器械、疫苗、创新药、药店等子赛道。","fund":{"_id":3000000012186,"__csrcFundId":9856,"stockCode":"012186","shortName":"招商品质成长混合(012186)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12186,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:11:21.850Z","status":"normal","exchange":"jj","name":"招商品质成长混合型证券投资基金","fundCollectionId":4000050210000,"followedNum":3,"inceptionDate":"2021-09-23T16:00:00.000Z","masterFundShortName":"招商品质成长混合","setUpDate":"2021-09-22T16:00:00.000Z","setUpAssetScale":1891813102.06,"setUpShares":1891813102.06,"pinyin":"zspzczhhxzqtzjj","managers":[{"stockCode":"8801391328","stockType":"fund_manager","exchange":"fm","tickerId":121003159600,"name":"李佳存"}]},"announcement":{"linkText":"招商品质成长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=866744","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf1b7fea5b3eb04f70ff","date":"2022-09-29T16:00:00.000Z","stockId":3000000012186,"sao":"三季度宏观经济复苏弱于预期，资金面继续维持宽松，成长板块见顶回调带动大盘下跌，医药板块跟随回调，板块中报数据表现差强人意，主要原因是受疫情影响下消费医疗以及院内患者流量数据一般，最终板块整体上实现了收入和利润的个位数增长，在各板块中处于中上游位置，但疫苗、CXO等赛道还是维持了高景气度。本基金重仓医药板块，重点配置了疫苗、CXO、医疗设备等子赛道。","declarationDate":"2022-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:46:03.365Z","fund":{"_id":3000000012186,"__csrcFundId":9856,"stockCode":"012186","shortName":"招商品质成长混合(012186)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12186,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:11:21.850Z","status":"normal","exchange":"jj","name":"招商品质成长混合型证券投资基金","fundCollectionId":4000050210000,"followedNum":3,"inceptionDate":"2021-09-23T16:00:00.000Z","masterFundShortName":"招商品质成长混合","setUpDate":"2021-09-22T16:00:00.000Z","setUpAssetScale":1891813102.06,"setUpShares":1891813102.06,"pinyin":"zspzczhhxzqtzjj","managers":[{"stockCode":"8801391328","stockType":"fund_manager","exchange":"fm","tickerId":121003159600,"name":"李佳存"}]},"announcement":{"linkText":"招商品质成长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=803901","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf1b7fea5b3eb04f70fe","date":"2022-06-29T16:00:00.000Z","stockId":3000000012186,"sao":"整体来看，上半年经济先抑后扬。5月份以前主要受疫情影响，经济数据明显走弱。随着疫情影响消除，经济持续恢复中。流动性在上半年有所波动，但整体维持在合理充裕的区间内。A股市场从恐慌避险到逐级反弹。股票预期与经济是一个反复追赶的关系，行情主要分为两个阶段：1）2022年1~4月份，实物资产（上游）通胀与经济需求的通缩，在股票定价上则体现为投资者盈利预期的下降与贴现率预期的抬升，既杀盈利又杀估值。2）4月底以来，“稳增长”政策落地叠加疫情影响逐步消退，基本面预期最悲观时刻已然过去，A股市场拾级修复。本基金重点配置了医药板块，医药板块也是从恐慌避险到逐月反弹，4月份几个事件带动疫苗子板块快速下跌，从而医药板块也跟随大盘见底，5-6月受益于疫情冲击逐步消退，消费医疗相关板块跟随消费板块反弹。此外也配置了农业、新能源等板块。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:46:03.362Z","mo":"展望下半年，“稳增长”政策落地叠加疫情影响逐步消退，基本面预期最悲观时刻或已然过去。经济预期上修，风险偏好与风险评价积极变化，对A股判断转向乐观，上修上证指数运行区间，回调或是配置良机。基于DDM视角来看：1）盈利端：下半年A股盈利环比逐步改善，盈利预期的上修将是市场的积极支撑；2）“稳增长”政策持续加码与疫情防控发生积极变化，风险偏好与风险评价亦有驱动；3）无风险利率：有下行空间，但幅度相对有限，非市场下阶段的核心驱动。看好跟宏观经济关联度低、景气度高的成长赛道。医药板块跟宏观经济的相关性低，成长性确定，目前估值和机构持仓均处于历史低位，当前位置的性价比优势突出。","fund":{"_id":3000000012186,"__csrcFundId":9856,"stockCode":"012186","shortName":"招商品质成长混合(012186)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":12186,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:11:21.850Z","status":"normal","exchange":"jj","name":"招商品质成长混合型证券投资基金","fundCollectionId":4000050210000,"followedNum":3,"inceptionDate":"2021-09-23T16:00:00.000Z","masterFundShortName":"招商品质成长混合","setUpDate":"2021-09-22T16:00:00.000Z","setUpAssetScale":1891813102.06,"setUpShares":1891813102.06,"pinyin":"zspzczhhxzqtzjj","managers":[{"stockCode":"8801391328","stockType":"fund_manager","exchange":"fm","tickerId":121003159600,"name":"李佳存"}]},"announcement":{"linkText":"招商品质成长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=781001","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aecf1b7fea5b3eb04f70fd","date":"2022-03-30T16:00:00.000Z","stockId":3000000012186,"sao":"报告期内，中国经济基本面压力较大，政策面继续稳增长，而美国迫于通胀压力加息缩表的预期明确，中美政策周期反向的特征明显，期间俄乌冲突加剧了通胀压力及地缘政治风险，A股市场走势偏弱，低估值高股息风格有相对收益，国内多地疫情爆发带动医药板块底部反弹。本基金重点布局了医药板块，预计国内流动性将继续维持宽松，关注医药科技板块调整后的布局机会，自下而上选择性价比高的优势个股。","declarationDate":"2022-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:46:03.360Z","fund":{"_id":3000000012186,"__csrcFundId":9856,"stockCode":"012186","shortName":"招商品质成长混合(012186)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerI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