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A股和港股创新药方向。受代表性创新药公司BD（商务拓展）超预期的影响，基金持仓的创新药表现较好。","declarationDate":"2025-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:49:53.815Z","mo":"我们对医药板块继续保持乐观。基本面方面，医保重回平稳增长趋势，商保等政策可能对创新药支付带来增量，板块回归内生增长。政策层面，财政部提出适当提高退休人员基本养老金，提高城乡居民基础养老金，提高城乡居民医保财政补助标准；集采及行业整顿预计常态化推进，对板块的影响持续减弱；全方面支持创新药发展、商业保险助力药品支付等支持政策有望不断落地，利好创新药等产业发展。外部看，尽管短期降息节奏放缓，但不改美国已处于降息通道趋势，对港股及创新药为代表的成长板块的压制有望缓解；同时我们认为药品关税对当前中国药品产业影响较为有限，一方面中国药品直接对美敞口较小，且创新药主要以授权服务贸易形式出海，此外中国CDMO（医药合同研发生产机构）尤其是小分子具备稀缺性，有一定议价能力。从长期角度看，随着人口老龄化、居民收入水平和健康意识的不断提高，医药行业预计会长期维持稳健较快的增长，有望持续保持超过GDP的增速。未来医药在创新升级、制造升级及消费升级方面均有较大的发展潜力，医药长期投资逻辑稳固。","fund":{"_id":3000000013356,"__csrcFundId":10258,"stockCode":"013356","shortName":"大摩沪港深精选混合(013356)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13356,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:44:42.832Z","status":"normal","exchange":"jj","name":"摩根士丹利沪港深精选混合型证券投资基金","fundCollectionId":4000050230000,"inceptionDate":"2021-11-22T16:00:00.000Z","masterFundShortName":"大摩沪港深精选混合","followedNum":0,"setUpDate":"2021-11-22T16:00:00.000Z","setUpAssetScale":85528720.5,"setUpShares":85528720.5,"pinyin":"mgsdlhgsjxhhxzqtzjj","managers":[{"stockCode":"db20321122","stockType":"fund_manager","exchange":"fm","tickerId":230416153020,"name":"王大鹏"}]},"announcement":{"linkText":"摩根士丹利沪港深精选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=1339387","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0017fea5b3eb0506107","date":"2025-03-30T16:00:00.000Z","stockId":3000000013356,"sao":"2025年一季度，权益市场整体表现平淡，但行业间分化明显。前期由于年报、季报真空期，叠加以deepseek为代表的国内科技进步明显，AI、机器人等产业趋势推动汽车、机械、电子、计算机、传媒行业显著上涨。3月后，市场更加关注消费政策以及消费复苏，顺周期和消费资产表现优异，有色、钢铁、基础化工等行业持续上涨。　　一季度中信医药指数上涨2.27%，排名中上游，恒生医疗保健指数上涨25.23%，排名前列。一方面，政策持续支持创新药产业等发展，同时政府工作报告提出优化集采政策，有力促进了板块估值提升；另一方面，AI应用渗透医疗产业，对相关公司形成了股价催化；此外行业内的优秀公司商业化、BD（商务拓展） 进展顺利，基本面整体呈现向上趋势，也为板块上涨提供了支撑。而港股医药除了反映整体医药政策影响外，对外部影响更为敏感，在中国资产估值修复方面反映更为积极，同时港股医药汇聚了众多生物科技公司，估值弹性表现更为突出。　　一季度本基金的持仓集中在 AH创新药、CXO（医疗研发外包） 等方向。受政策及龙头年度业绩改善正向影响，基金持仓的创新药、CXO表现较好。　　我们对后续医药板块继续保持乐观。基本面方面，随着宏观政策力度超预期，经济预期及消费预期持续改善，经济基本面持续好转可期，医保重回均衡趋势，板块回归稳健增长，经济复苏预期也有利于内需相关资产。医药政策方面，从2025年政府工作报告看，集采政策优化，强调价格的情况下同时强调质量，集采价格预期改善；全方面支持创新药发展、商业保险助力药品支付等支持政策有望不断落地，利好创新药等产业发展。外部看，预计美国已处于降息通道，对港股及创新药为代表的成长板块的压制有望缓解，同时关税政策增加了外部扰动，中国AI、机器人、创新药等科技行业快速发展有利于中国资产相较于美股资产估值回升。从长期角度看，随着人口老龄化、居民收入水平和健康意识的不断提高，医药行业预计会长期维持稳健较快的增长，有望持续保持超过GDP的增速。未来医药在创新升级、制造升级及消费升级方面均有较大的发展潜力，医药长期投资逻辑稳固。　　具体方向上，我们看好创新药、CXO等方向；看好创新药领域，政府工作报告提出支持创新药发展，商业保险发展有望贡献增量，创新药企业迎来研发收获期，对外授权等持续落地，在全球创新产业地位不断提升，头部公司业绩呈现盈利加速或加速转盈趋势，同时港股聚集了众多优质创新药企业，具备较好的差异化投资价值；看好CXO领域，美生物安全法案影响预计持续降低，同时海内外行业投融资呈现稳步回升态势利于CXO订单修复，外向型代表性公司订单增长趋势良好，头部公司2025年指引良好增长，相较于2024年显著改善，随着国内经济的不断复苏，内需型CXO也具备复苏潜力。","declarationDate":"2025-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:49:53.812Z","fund":{"_id":3000000013356,"__csrcFundId":10258,"stockCode":"013356","shortName":"大摩沪港深精选混合(013356)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13356,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:44:42.832Z","status":"normal","exchange":"jj","name":"摩根士丹利沪港深精选混合型证券投资基金","fundCollectionId":4000050230000,"inceptionDate":"2021-11-22T16:00:00.000Z","masterFundShortName":"大摩沪港深精选混合","followedNum":0,"setUpDate":"2021-11-22T16:00:00.000Z","setUpAssetScale":85528720.5,"setUpShares":85528720.5,"pinyin":"mgsdlhgsjxhhxzqtzjj","managers":[{"stockCode":"db20321122","stockType":"fund_manager","exchange":"fm","tickerId":230416153020,"name":"王大鹏"}]},"announcement":{"linkText":"摩根士丹利沪港深精选混合型证券投资基金2025年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1266779","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0017fea5b3eb0506106","date":"2024-12-30T16:00:00.000Z","stockId":3000000013356,"sao":"2024年权益市场先抑后扬，整体表现较好。国内经济弱复苏，消费不振一度压制市场表现，9月以后宏观政策超预期，经济及消费预期改善，市场大幅上扬。AI、机器人等产业趋势推动通信、电子、计算机、传媒行业显著上涨；经济弱复苏背景下，红利资产表现优异，银行、非银、家电、电力、建筑、煤炭等行业表现较好；周期类资产表现相对一般，包括房地产、轻工、基础化工、建材等；除商贸零售、家电行业外，消费板块整体表现靠后，食品饮料、医药、消费者服务等均表现较差。　　本基金的投资仍以医药板块为主，本基金年初的投资集中在院内诊疗药械、创新药及生物科技、CXO（医疗研发外包） 等方向，二季度本基金降低了消费医疗板块的配置，三、四季度减持了医疗器械板块，截至报告期末的持仓主要集中在创新药及生物科技、CXO（医疗研发外包）、院内诊疗等方向。","declarationDate":"2025-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:49:53.810Z","mo":"展望2025年，宏观政策有望延续加码逆周期调节的基调，需求侧刺激继续发挥作用，居民收入和楼市将缓慢复苏，宏观经济在政策推动下保持平稳增长。A股整体盈利或有一定改善，但弹性不大，A股面临的流动性环境则更为有利。时隔十多年政治局会议再次将货币政策基调转变为适度宽松，2025年降息力度或将进一步扩大，储蓄资金有望加大流向资本市场。“新国九条”背景下融资规模显著下降，而分红回购规模提升，股票的供需显著改善。　　随着宏观政策力度超预期，经济预期及消费预期有望改善，经济基本面持续好转可期；财政部提出适当提高退休人员基本养老金，提高城乡居民基础养老金，提高城乡居民医保财政补助标准有助于提振板块；2024年医保局继续推进全方面集采，预计提前完成十四五目标，药械品类再超预期降价的可能性降低；全链条创新药支持政策、商业保险发展支持政策等有望不断落地，利好创新等产业发展。外部看，尽管美元短期强势，但美国已处于降息通道，对医药成长板块的压制有望缓解。从长期角度看，随着人口老龄化、居民收入水平和健康意识的不断提高，医药行业预计会长期维持稳健较快的增长，有望持续保持超过GDP的增速。未来医药在创新升级、制造升级及消费升级方面均有较大的发展潜力，医药长期投资逻辑依然稳固。","fund":{"_id":3000000013356,"__csrcFundId":10258,"stockCode":"013356","shortName":"大摩沪港深精选混合(013356)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13356,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:44:42.832Z","status":"normal","exchange":"jj","name":"摩根士丹利沪港深精选混合型证券投资基金","fundCollectionId":4000050230000,"inceptionDate":"2021-11-22T16:00:00.000Z","masterFundShortName":"大摩沪港深精选混合","followedNum":0,"setUpDate":"2021-11-22T16:00:00.000Z","setUpAssetScale":85528720.5,"setUpShares":85528720.5,"pinyin":"mgsdlhgsjxhhxzqtzjj","managers":[{"stockCode":"db20321122","stockType":"fund_manager","exchange":"fm","tickerId":230416153020,"name":"王大鹏"}]},"announcement":{"linkText":"摩根士丹利沪港深精选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=1245728","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0017fea5b3eb0506105","date":"2024-09-29T16:00:00.000Z","stockId":3000000013356,"sao":"2024年三季度，权益市场先抑后扬，整体表现优异。国内宏观政策超预期，有力的催化了权益市场上涨，资本市场活跃度显著提升；美国开启降息通道，对国内市场也产生了一定的积极影响；分板块看，受宏观政策提振，金融地产等表现领先，同时受市场偏好提升催化，计算机、传媒、电新等成长板块也表现靠前；在政策催化下，消费预期显著改善，家电、食品饮料及医药等也表现较好。前期表现相对较好的偏红利及防御标的如石油石化、煤炭及电力等板块表现靠后。　　二季度中信医药指数下跌9.25%，恒生医疗保健指数下跌8.15%，均排名中下游，主要受集采政策、医保比价等因素的影响，同时由于去年基数较高、行业整顿等因素，二季报整体展望一般。美生物安全提案等进展对外向型医药公司造成较大冲击，尤其是以创新药、CXO为主的港股制药板块，对外部利空更为敏感。此外，部分公司新药研发数据低于预期也对板块形成了负面冲击。　　2024年三季度医药中信指数上涨18.04%，排名中上游，香港医疗保健指数上涨31.32%，排名靠前。龙头公司二季度业绩稳健，在宏观政策超预期出台背景下，医药作为超跌板块整体反弹明显，美国开启降息通道以及美国生物安全法案进展边际转好对港股医药板块形成了较好的正向催化。　　我们对后续医药板块继续保持乐观。内部看，随着宏观政策力度超预期，经济预期及消费预期有望改善，经济基本面持续好转可期；医药政策方面医保局继续推进全方面集采，各药械细分品类覆盖趋于完善，后续超预期集采的可能性减弱，反腐历时超过1年，对行业的短期冲击不断减弱，长期看有利于净化行业生态，促进行业健康发展，利于优质创新公司脱颖而出；外部看，美国开启降息周期，对港股及创新药为代表的成长板块的压制有望逐渐缓解。","declarationDate":"2024-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:49:53.807Z","fund":{"_id":3000000013356,"__csrcFundId":10258,"stockCode":"013356","shortName":"大摩沪港深精选混合(013356)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13356,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:44:42.832Z","status":"normal","exchange":"jj","name":"摩根士丹利沪港深精选混合型证券投资基金","fundCollectionId":4000050230000,"inceptionDate":"2021-11-22T16:00:00.000Z","masterFundShortName":"大摩沪港深精选混合","followedNum":0,"setUpDate":"2021-11-22T16:00:00.000Z","setUpAssetScale":85528720.5,"setUpShares":85528720.5,"pinyin":"mgsdlhgsjxhhxzqtzjj","managers":[{"stockCode":"db20321122","stockType":"fund_manager","exchange":"fm","tickerId":230416153020,"name":"王大鹏"}]},"announcement":{"linkText":"摩根士丹利沪港深精选混合型证券投资基金2024年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1169560","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0017fea5b3eb0506104","date":"2024-06-29T16:00:00.000Z","stockId":3000000013356,"sao":"2024年上半年权益市场整体表现平淡。国内经济处于缓慢复苏、不断巩固复苏基础的状态，海外市场AI+硬件应用等产业趋势不断发展，在此背景下权益市场内部分化明显，红利显著占优，具备高股息属性的周期行业表现优异，银行、煤炭、石油石化等表现较好；海外AI延续高景气，因而通信、部分电子股表现也相对较好；消费年初以来呈现弱复苏状态，板块表现不佳，除家电具备红利属性表现较好外，消费者服务、零售、医药、食品饮料等行业表现较为疲弱。　　报告期内，本基金的投资仍以医药板块为主。受消费相对疲软、政策扰动以及生物安全法提案等因素的影响，报告期内医药行业表现较差，中信医药指数下跌20%，恒生医疗保健指数下跌27.6%。上半年本基金减持了CXO板块，增持了院内诊疗药械，持仓集中在院内诊疗药械、港股创新药&生物科技及CXO等细分行业。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:49:53.804Z","mo":"地产销售数据持续下滑叠加居民收入预期下降，上半年宏观经济表现总体平淡。展望下半年，随着地产放松、大规模设备更新和消费品以旧换新等政策逐渐显效，市场对消费及经济增长的悲观预期有望好转。美联储9月降息的概率在增加，国内货币政策放松的空间进一步提升，对A股和港股市场的压制也有望缓解。目前A股和港股的估值处于历史较低水平，横向比较也相对较低，具备修复空间。　　尽管年初以来医药板块调整较多，但我们对后续医药板块仍保持乐观。内部看，反腐对诊疗的影响持续减弱，预计板块呈现环比持续恢复态势，长期看反腐有望常态化，有利于优质的头部企业竞争力提升；政策方面，2024年集采提质扩面，继续全方位推进，预计市场逐步消化，同时政策持续鼓励创新基调不变，地方政府不断出台鼓励政策；外部看，美国通胀逐步缓解，有望在年内开启降息周期，对医药成长的压制有望迎来缓解。我们认为医药板块经过3年多的调整，估值性价比已经较为突出，具备较强的吸引力。","fund":{"_id":3000000013356,"__csrcFundId":10258,"stockCode":"013356","shortName":"大摩沪港深精选混合(013356)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13356,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:44:42.832Z","status":"normal","exchange":"jj","name":"摩根士丹利沪港深精选混合型证券投资基金","fundCollectionId":4000050230000,"inceptionDate":"2021-11-22T16:00:00.000Z","masterFundShortName":"大摩沪港深精选混合","followedNum":0,"setUpDate":"2021-11-22T16:00:00.000Z","setUpAssetScale":85528720.5,"setUpShares":85528720.5,"pinyin":"mgsdlhgsjxhhxzqtzjj","managers":[{"stockCode":"db20321122","stockType":"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CXO、港股创新药等方向。根据我们对行业的跟踪，本基金减持了CXO板块，增持了院内制剂、流通、疫苗等方向。虽然对持仓做了调整，但由于年初CXO板块持仓比例过高，导致本基金2023年业绩表现较差，跑输业绩比较基准、中信医药指数及恒生医疗保健指数，对此我们深表歉意。究其原因，第一，我们高估了国内经济复苏的力度、低估了美联储加息的力度；第二，行业景气下行后板块估值调整的幅度超出我们的预期。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:49:53.798Z","mo":"随着各项政策逐渐落地，市场对经济增长及消费的悲观预期有望扭转。美联储降息及国内政策效果显现有望带来资金面的改善。A股估值水平为近年低位，股债比达到2倍左右的水平，估值具备修复空间。港股的估值水平更低，预计国内经济复苏及美联储降息将给港股带来投资机会。　　我们对后续医药板块依然保持乐观。在目前的经济环境下，医药的需求及支付具有刚性，行业比较优势较为明显。在医药政策方面，集采框架已趋于成熟稳定、预期均较为充分，且部分领域呈现边际改善态势，同时医保持续鼓励创新基调不变，医保续约降幅边际改善；反腐有利于净化行业生态，促进行业健康发展，利于优质创新公司脱颖而出。外部看，美联储2024年将进入降息通道，利于医药板块估值提升。经过两年半的调整，板块估值性价比较为突出。具体方向上，我们继续看好创新条线，包括创新药及海外业务为主的CXO板块；看好刚性医疗需求的不断复苏与增长，包括院内刚性诊疗、疫苗、药品流通等方向。","fund":{"_id":3000000013356,"__csrcFundId":10258,"stockCode":"013356","shortName":"大摩沪港深精选混合(013356)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13356,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:44:42.832Z","status":"normal","exchange":"jj","name":"摩根士丹利沪港深精选混合型证券投资基金","fundCollectionId":4000050230000,"inceptionDate":"2021-11-22T16:00:00.000Z","masterFundShortName":"大摩沪港深精选混合","followedNum":0,"setUpDate":"2021-11-22T16:00:00.000Z","setUpAssetScale":85528720.5,"setUpShares":85528720.5,"pinyin":"mgsdlhgsjxhhxzqtzjj","managers":[{"stockCode":"db20321122","stockType":"fund_manager","exchange":"fm","tickerId":230416153020,"name":"王大鹏"}]},"announcement":{"linkText":"摩根士丹利沪港深精选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=1050308","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0017fea5b3eb0506101","date":"2023-09-29T16:00:00.000Z","stockId":3000000013356,"sao":"2023年三季度，权益市场延续疲软表现，海内外经济形势依然复杂，国内经济呈现缓慢复苏的状态，国内房地产政策等陆续出台，活跃资本市场的措施也在持续落地；与此同时美国通胀压力依然较大，加息预期依然高企对国内市场也产生影响，权益市场细分表现差异明显；周期板块受到政策及经济预期影响表现较好，煤炭、非银、石油石化、银行、房地产、钢铁等表现靠前；前期表现突出的TMT板块如传媒、计算机、通信等出现较大幅度回调，排名靠后；消费板块整体处于中游，表现中规中矩，消费信心有待进一步恢复。本基金的投资仍然以健康产业的医药板块为主，2023年三季度中信医药指数下跌1.97%，排名中游，恒生医疗保健指数下跌2.18%，从二季报看医药板块呈现环比增长的态势，符合预期，板块在8月份下跌明显，但随着反腐细则的逐步明确，政策预期以及对板块业绩影响的预期改善，板块企稳反弹，而降糖减重等方向表现活跃也提振了板块表现。   三季度本基金的持仓集中在 CXO、港股创新药&生物科技等方向，三季度海外投融资呈现稳中回升的态势，带动海外CXO相关公司股价的良好表现，而以GLP-1类为代表的糖尿病减重药增加了CDMO需求，提振了CDMO订单预期，同时本基金配置的CXO以及优质的创新药等标的也在一定程度上规避了反腐的影响，美国加息预期抬升对本基金部分创新药标的产生一定不利影响，但整体较小，以上使得本基金三季度收益好于医药指数。本基金坚定产业中长期价值投资、三季度增加了创新相关条线的配置。  我们对后续医药板块依然保持乐观。内部看，预计经济已经进入筑底回升的阶段，经济基本面有望持续好转；医药政策方面2023年 医保局继续推进全方面集采，框架已趋于成熟稳定、预期均较为充分且稳定，部分领域存在边际改善的可能，同时医保持续鼓励创新基调不变，医保续约降幅边际改善，反腐虽短期影响部分公司业绩，但长期看有利于净化行业生态，促进行业健康发展，利于优质创新公司脱颖而出；外部看，尽管美国加息预期持续抬升，美债收益率高企，人民币存在汇率贬值压力，对港股及创新药为代表的成长板块形成了一定压制，但美国加息预计进入尾声，加息顶点渐行渐近，其压制有望迎来缓解。具体方向上，我们继续看好创新条线，包括CXO、创新药板块。","declarationDate":"2023-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:49:53.795Z","fund":{"_id":3000000013356,"__csrcFundId":10258,"stockCode":"013356","shortName":"大摩沪港深精选混合(013356)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13356,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:44:42.832Z","status":"normal","exchange":"jj","name":"摩根士丹利沪港深精选混合型证券投资基金","fundCollectionId":4000050230000,"inceptionDate":"2021-11-22T16:00:00.000Z","masterFundShortName":"大摩沪港深精选混合","followedNum":0,"setUpDate":"2021-11-22T16:00:00.000Z","setUpAssetScale":85528720.5,"setUpShares":85528720.5,"pinyin":"mgsdlhgsjxhhxzqtzjj","managers":[{"stockCode":"db20321122","stockType":"fund_manager","exchange":"fm","tickerId":230416153020,"name":"王大鹏"}]},"announcement":{"linkText":"摩根士丹利沪港深精选混合型证券投资基金2023年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=985771","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0017fea5b3eb0506100","date":"2023-06-29T16:00:00.000Z","stockId":3000000013356,"sao":"2023年上半年权益市场整体表现平淡。经历了一季度的强复苏预期后，二季度经济整体呈现缓慢复苏状态，同时AI的不断发展以及海外加息等事件对国内权益市场产生了不同的影响，权益市场表现差异明显，TMT板块表现突出，房地产、农林牧渔、建材、化工等周期板块表现较差，消费板块受到消费信心不足影响，除家电表现较好外，消费者服务、食品饮料、医药等均表现较差。  一季度本基金的持仓集中在 CXO、港股创新药&生物科技等方向，一季度国内疫情、海外短期通胀超预期，硅谷银行事件等影响对板块及持仓个股造成一定的负面影响，尤其是港股医药回撤更为明显，使得本基金整体表现弱于医药指数。二季度国内整体复苏节奏缓慢、海外加息预期不断抬升、汇率贬值等因素影响了CXO和港股创新药板块的表现，使得本基金二季度整体表现弱于医药指数。本基金坚定产业中长期景气投资，继续强化创新相关产业链的配置。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:49:53.792Z","mo":"我们对医药板块依然保持乐观。尽管二季度板块复苏缓慢，消费信心不足，但预计随着政策的不断落地和发力，经济增速有望企稳回升，经济基本面存在持续好转的条件；医药政策方面23年医保局继续推进全方面集采，框架已趋于成熟稳定、预期较为充分且稳定，部分领域存在边际改善的可能，同时加大创新药纳入医保力度，持续鼓励创新基调不变。外部看，尽管美国加息预期持续抬升，人民币汇率贬值，对创新及成长方向形成较大压制，但美国加息进入尾声，加息顶点渐行渐近，其压制有望迎来缓解。具体方向上，我们持续看好CXO及创新药、疫后复苏板块。","fund":{"_id":3000000013356,"__csrcFundId":10258,"stockCode":"013356","shortName":"大摩沪港深精选混合(013356)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13356,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:44:42.832Z","status":"normal","exchange":"jj","name":"摩根士丹利沪港深精选混合型证券投资基金","fundCollectionId":4000050230000,"inceptionDate":"2021-11-22T16:00:00.000Z","masterFundShortName":"大摩沪港深精选混合","followedNum":0,"setUpDate":"2021-11-22T16:00:00.000Z","setUpAssetScale":85528720.5,"setUpShares":85528720.5,"pinyin":"mgsdlhgsjxhhxzqtzjj","managers":[{"stockCode":"db20321122","stockType":"fund_manager","exchange":"fm","tickerId":230416153020,"name":"王大鹏"}]},"announcement":{"linkText":"摩根士丹利沪港深精选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=956145","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0017fea5b3eb05060ff","date":"2023-03-30T16:00:00.000Z","stockId":3000000013356,"sao":"2023年一季度，权益市场整体表现较好。一月份疫情冲击结束后，国内迎来了经济复苏，同时两会胜利召开，全年各项增长目标设定落地，对发展预期起到了良好的支撑。与此同时AI的兴起以及海外硅谷银行事件等对国内权益市场产生了不同的影响，权益市场细分表现差异明显，计算机、传媒、通信及电子等TMT板块表现突出，建筑、石油石化、家电、机械等经济顺周期行业表现也较好；房地产、消费者服务、银行、电力设备及新能源表现较差；本基金的投资仍然以医药板块为主，2023年一季度中信医药指数上涨1.84%，恒生医疗保健指数下跌9.39%，排名均靠后。主要原因在于除了部分疫情受益细分领域外，大部分细分行业和公司在一季度尤其是1月份受疫情影响较大，恢复尚需时间，因此一季度业绩预期展望较为一般，同时美国阶段性通胀超预期，硅谷银行事件等对板块也带来了负向冲击，尤其是以创新药为主的港股制药板块，对外部利空更为敏感。  一季度本基金主要关注CXO、港股创新药和生物科技等方向，一季度国内疫情、海外短期通胀超预期，硅谷银行事件等影响对板块及持仓个股造成一定的负面影响，尤其是港股医药回撤更为明显，使得本基金整体表现弱于医药指数。本基金坚定产业中长期景气投资，继续强化创新相关产业链的配置。  我们对2023年医药板块保持乐观。内部看，尽管一季度还有疫情的尾部冲击效应，但对市场冲击有限，对业绩端影响也较为短暂，医药疫后复苏依旧可期；两会胜利召开，全年各项目标设定以及配套政策的落地，经济增速有望回升，经济基本面有望持续好转；政策方面2023年医保局继续推进全方面集采，但预期均较为充分且稳定，同时医保持续鼓励创新基调不变；外部看，尽管美国短期通胀压力依然高企，对港股及创新药为代表的成长板块压制依然较大，但考虑到美国加息进入中后期，其压制有望迎来缓解。总的来说，2023年内外部环境有望改善，利于医药板块基本面及估值的修复，港股及A股医药后续面临较为有利的环境。自2021年7月份以来A股医药板块持续下跌，而港股医疗保健调整时间更长，我们认为板块估值性价比已经较为突出。  具体方向上，我们持续看好2023年医药的全面复苏行情。看好药品流通复苏、院内诊疗复苏、消费医疗复苏、以及科研复苏及HPV疫苗等方向，预计其恢复趋势可贯穿全年；看好CXO领域，预计一级市场投融资处在相对底部，后续有望回暖推动行业订单增长；看好创新药械等领域，创新是医药的永恒主题，经过近2年的产业调整，预计行业重复研发效率低下等现象大为改善，研发含金量大为提升，行业发展更加健康，2023年重点品种的研发进度、商业化进度及国际化值得期待，同时美国加息中后期对创新药的估值压制也有望缓解，港股创新及科技经过长期的下跌后估值已较为安全，未来值得重点关注和挖掘。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:49:53.789Z","fund":{"_id":3000000013356,"__csrcFundId":10258,"stockCode":"013356","shortName":"大摩沪港深精选混合(013356)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13356,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:44:42.832Z","status":"normal","exchange":"jj","name":"摩根士丹利沪港深精选混合型证券投资基金","fundCollectionId":4000050230000,"inceptionDate":"2021-11-22T16:00:00.000Z","masterFundShortName":"大摩沪港深精选混合","followedNum":0,"setUpDate":"2021-11-22T16:00:00.000Z","setUpAssetScale":85528720.5,"setUpShares":85528720.5,"pinyin":"mgsdlhgsjxhhxzqtzjj","managers":[{"stockCode":"db20321122","stockType":"fund_manager","exchange":"fm","tickerId":230416153020,"name":"王大鹏"}]},"announcement":{"linkText":"摩根士丹利华鑫沪港深精选混合型证券投资基金2023年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=881869","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0017fea5b3eb05060fe","date":"2022-12-30T16:00:00.000Z","stockId":3000000013356,"sao":"受疫情反复、地产销售下行、美联储加息及俄乌冲突等负面因素的影响，2022年权益市场表现较差，虽然市场在11月和12月受疫情防控政策的影响有所反弹，但沪深300指数全年仍然下跌21.63%，创业板指数下跌29.37%。全年仅有煤炭、消费者服务和交通运输三个行业上涨，电子、计算机、军工、传媒、电力设备及新能源等成长板块跌幅居前。本基金的投资仍然以健康产业中的医药板块为主，2022年中信医药指数下跌20.59%，恒生医疗保健指数下跌22.34%，本基金跑赢业绩比较基准、中信医药指数和恒生医疗保健指数。  本基金秉持价值投资的理念，坚持基本面研究驱动投资，从中观子行业景气度出发，结合公司核心竞争优势、估值水平、公司治理等因素精选个股。本基金通过集中持股、长期持有、分享公司的长期业绩增长来获得超额收益。本基金在一季度逐渐提高了仓位，建仓方向主要以医药板块为主，具体包括CXO、疫苗、及创新药。根据海外和国内疫情的变化，本基金二季度在CXO板块内部做了小幅的结构调整，并在疫苗板块下跌后增加了疫苗行业的持仓比例。本基金在二季度增加了港股的配置，港股投资主要集中在创新药及CXO板块。在二季度医药大幅下跌的情况下，本基金仍然坚守在创新和成长方向的优质公司，虽然净值曾出现较大回撤，但在医药反弹时净值涨幅也较大。7月初医药板块在多重负面因素影响下开始下跌，本基金在下跌过程中，综合考虑行业景气度、估值性价比、季报展望及疫情影响，进一步增加了超跌的高景气行业如CXO、生物科技、疫苗等相关个股的配置，但由于受到美国加息等影响，成长风格被压制，尤其是港股对美国加息等外部干扰更为敏感，在板块整体下跌中相关弹性标的回撤更大，使得三季度本基金回撤大于同类基金。四季度疫情防控政策调整的进度超出我们的预期，我们基本没有参与受益于疫情管控放开的标的，但本基金持仓的港股创新药及CXO标的四季度表现相对较好，本基金在四季度跑赢业绩比较基准。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:49:53.781Z","mo":"美国经济2023年进入衰退的可能性较大，美联储加息步伐将放缓，在外需受到影响的情况下，预计国内政策会进一步发力。今年国家实施积极的财政政策，同时保持合理充裕的流动性，预计投资增速会上行，经济大概率触底回升。随着社会秩序回归常态，居民对未来收入预期会逐渐回升，疫情期间积累的储蓄有望重新流向消费，进一步扩大内需。另一方面，目前A股估值处于历史低位，经济复苏预期有望提升市场风险偏好，外资也可能重新流入。我们看好2023年A股市场的投资机会。  我们看好医药板块2023年的表现。我们认为医药行业的积极因素在不断积累，所面对的内外部因素有望不断好转。内部看，医保资金运行健康良好，结余率不断提升，支持创新药械的大方向不变，集采预期充分且较为稳定；疫情政策调整后，医药板块有望迎来全面的复苏。外部看，美国加息逐步进入后期，对成长及创新药板块的估值压制有望逐步缓解。具体方向上，我们看好2023年医药的全面复苏行情，看好消费医疗复苏、院内复苏以及科研复苏、HPV疫苗等方向，预计其主线可贯穿全年。看好CXO领域，相关公司订单持续保持快速增长，创新药一级投融资随着经济的复苏有望触底回升。看好创新药械等领域，创新是医药的永恒主题，经过近2年的产业调整，预计行业重复研发、效率低下等现象大为改善，研发含金量大为提升，行业发展更加健康，2023年重点品种的研发进度、商业化进度及国际化值得期待。","fund":{"_id":3000000013356,"__csrcFundId":10258,"stockCode":"013356","shortName":"大摩沪港深精选混合(013356)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13356,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:44:42.832Z","status":"normal","exchange":"jj","name":"摩根士丹利沪港深精选混合型证券投资基金","fundCollectionId":4000050230000,"inceptionDate":"2021-11-22T16:00:00.000Z","masterFundShortName":"大摩沪港深精选混合","followedNum":0,"setUpDate":"2021-11-22T16:00:00.000Z","setUpAssetScale":85528720.5,"setUpShares":85528720.5,"pinyin":"mgsdlhgsjxhhxzqtzjj","managers":[{"stockCode":"db20321122","stockType":"fund_manager","exchange":"fm","tickerId":230416153020,"name":"王大鹏"}]},"announcement":{"linkText":"摩根士丹利华鑫沪港深精选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=868630","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0017fea5b3eb05060fd","date":"2022-09-29T16:00:00.000Z","stockId":3000000013356,"sao":"受美联储加息幅度超预期、地缘政治冲突加剧、国内疫情延续多点爆发等因素的影响，三季度A股市场调整幅度较大。上证综指-11.01%，沪深300指数-15.16%，创业板指数-18.56%。行业走势继续分化，资源相关板块表现较好。中信煤炭、电力及公用事业、石油石化行业表现相对较好，涨跌幅分别为4.34%、-3.08%、-3.36%；中信建材、电子、传媒行业表现较差，涨跌幅分别为-22.57%、-17.45%、-15.87%。  本基金在三季度的持仓集中在 CXO、港股创新药&生物科技、疫苗等方向，经过6月份的反弹后，7月出医药板块在多重负面因素影响下开始下跌，本基金在下跌过程中，综合考虑行业景气度、估值性价比、季报展望及疫情影响，进一步增加了超跌的高景气行业如CXO、生物科技、疫苗等相关个股的配置，但由于受到美国加息及中美关系变化预期的影响，成长风格被压制，尤其是港股对美国加息、中美关系等外部干扰更为敏感，在板块整体下跌中相关弹性标的回撤更大，使得3季度本基金回撤大于同类基金。  三季度市场大幅下跌主要源于海外加息及地缘政治风险加剧。目前看美联储大幅加息预期已经较为充分，年内有望看到拐点，美国中期选举后中美摩擦有望阶段性缓和。在海外衰退预期增强、地缘政治风险加剧的背景下，预计国内政策会进一步发力，四季度的宏观经济可能较三季度会小幅改善。另一方面，目前A股估值处于历史低位，对负面信息的反映已经非常充分。预计四季度仍然有投资机会。  年初以来、俄乌冲突、集采政策，“UVL事件”、疫情反复、美国通胀加息、中美关系变化等多重因素导致医药板块下跌较多，我们认为医药板块经过长时间的调整，板块估值性价比已经较为突出，目前股价已经反映了较为悲观的市场预期，从中长期看，具备良好的行业比较优势及投资价值。当前时点，积极的因素在不断积累，从国内看，集采、创新药谈判等政策边际变化趋于温和，医保资金运行健康良好，结余率不断提升，年初以来相关部门陆续发布的《“十四五”医药工业发展规划》、《政府工作报告》均支持医药行业稳定健康发展；从外部看，美国加息逐步进入中后段，对成长及创新药等估值压制有望逐步缓解，而近期的“移出UVL”事件也有利于提振CXO估值。长期来看，医药行业整体发展前景良好，建议把握医药中长期增长的良好趋势。从 1-2 年的维度来看，本基金相对看好 CXO、疫苗、自主可控尤其是器械等领域。CXO公司经过较长时间调整，估值性价比已经比较突出，而下游创新需求依然旺盛，显示行业持续的高景气度；疫苗行业HPV疫苗等持续放量，发展前景良好；具备自主可控属性领域包括高端医疗器械、科研试剂等也是我们积极关注的方向。","declarationDate":"2022-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:49:53.776Z","fund":{"_id":3000000013356,"__csrcFundId":10258,"stockCode":"013356","shortName":"大摩沪港深精选混合(013356)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13356,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:44:42.832Z","status":"normal","exchange":"jj","name":"摩根士丹利沪港深精选混合型证券投资基金","fundCollectionId":4000050230000,"inceptionDate":"2021-11-22T16:00:00.000Z","masterFundShortName":"大摩沪港深精选混合","followedNum":0,"setUpDate":"2021-11-22T16:00:00.000Z","setUpAssetScale":85528720.5,"setUpShares":85528720.5,"pinyin":"mgsdlhgsjxhhxzqtzjj","managers":[{"stockCode":"db20321122","stockType":"fund_manager","exchange":"fm","tickerId":230416153020,"name":"王大鹏"}]},"announcement":{"linkText":"摩根士丹利华鑫沪港深精选混合型证券投资基金2022年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=803621","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0017fea5b3eb05060fc","date":"2022-06-29T16:00:00.000Z","stockId":3000000013356,"sao":"受美联储加息、俄乌冲突、国内疫情恶化等因素的影响，2022年上半年A股市场整体表现较差，受汽车补贴等经济刺激政策的影响，5月和6月市场反弹力度较大。上证综指下跌6.63%，沪深300指数下跌9.22%，创业板指数下跌15.41%。中信煤炭、消费者服务、交通运输分别上涨33.74%、8.44%、3.20%；中信电子、传媒、计算机分别下跌-23.58%、-21.80%、-20.34%。  本基金在一季度逐渐提高了仓位，建仓方向主要以医药板块为主，具体包括CXO、疫苗、及创新药。根据海外和国内疫情的变化，本基金二季度在CXO板块内部做了小幅的结构调整，并在疫苗板块下跌后增加了疫苗行业的持仓比例。本基金在二季度增加了港股的配置，期末持仓仍然集中在创新药、CXO、疫苗等方向，港股投资主要集中在创新药及CXO板块。在二季度医药大幅下跌的情况下，本基金仍然坚守在创新和成长方向的优质公司，虽然净值曾出现较大回撤，但在医药反弹时净值涨幅也较大。本基金上半年基金净值上涨0.67%，同期中信医药指数下跌14.57%，恒生医疗保健指数下跌18.65%。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:49:53.773Z","mo":"随着疫情得到控制及政策发力，预计下半年经济数据将明显修复，上市公司盈利也将迎来反弹。6月以来外资恢复大幅流入、公募基金发行回暖，流动性充裕。信用扩张有望带动社融回升，刺激A股估值提升。下半年市场仍然有投资机会。  从医药板块来看，我们认为经过长时间的调整，估值性价比已较突出，板块比较优势明显，集采、外围战争冲突、海外制裁、疫情等因素带来的悲观情绪已得到消化。当前时点政策端及产业端均出现积极变化，国家医保局近期发布2022年医保目录调整方案，新增简易续约规则，对创新药企及产业而言，规则更加明确细化，创新药预期价格将更加有迹可循，有望推动创新药产业稳健持续健康发展；从产业端看，6月份国内外生物医药一级市场投融资均环比改善，后续投融资有望逐步回暖，提振创新药行业及创新药服务商乃至于整个医药板块。  我们看好医药板块的长期投资机会，本基金计划维持高仓位，投资方向仍然集中在创新药、CXO、疫苗等细分方向，并继续维持港股的高仓位。创新药行业政策端出现积极变化，产业端投融资环比改善，前期大幅下跌后已具备较高的投资价值；CXO公司订单充足，积极扩张产能，下游创新需求依然旺盛，行业持续高景气；HPV疫苗等持续放量，新冠序贯接种及突变株疫苗研发等也有望贡献增量，疫苗行业发展前景良好。","fund":{"_id":3000000013356,"__csrcFundId":10258,"stockCode":"013356","shortName":"大摩沪港深精选混合(013356)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13356,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:44:42.832Z","status":"normal","exchange":"jj","name":"摩根士丹利沪港深精选混合型证券投资基金","fundCollectionId":4000050230000,"inceptionDate":"2021-11-22T16:00:00.000Z","masterFundShortName":"大摩沪港深精选混合","followedNum":0,"setUpDate":"2021-11-22T16:00:00.000Z","setUpAssetScale":85528720.5,"setUpShares":85528720.5,"pinyin":"mgsdlhgsjxhhxzqtzjj","managers":[{"stockCode":"db20321122","stockType":"fund_manager","exchange":"fm","tickerId":230416153020,"name":"王大鹏"}]},"announcement":{"linkText":"摩根士丹利华鑫沪港深精选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=778800","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0017fea5b3eb05060fb","date":"2022-03-30T16:00:00.000Z","stockId":3000000013356,"sao":"受美联储加息、俄乌冲突、国内疫情恶化等因素的影响，2022年一季度A股市场跌幅较大。上证综指-10.65%，沪深300指数-14.53%，创业板指数-19.96%。行业分化明显，周期板块表现较好，成长及消费板块表现较差。中信煤炭、地产、银行分别上涨23.43%、6.2%、1.92%；中信汽车、国防军工、电子分别下跌21.52%、23.48%、25.17%。  本基金在一季度逐渐提高了仓位，建仓方向主要以医药板块为主，具体包括CXO、疫苗、及创新药。本基金在一季度跑赢业绩比较基准。  中央经济工作会议定调稳增长、政策纠偏，具体政策会逐渐落地，托底经济增长。国务院金融委召开专题会议，力挺资本市场，预计流动性仍保持宽松，而且有继续加码的可能。最近国内疫情恶化，市场担心国内经济面临压力。但是，一方面政府会采取积极措施对冲疫情的负面影响，另一方面我们相信在政府有力的防控政策下，疫情能得到有效控制，全年5.5%的经济增长目标仍有望实现。年初以来优质公司股价大幅调整，估值得到消化，已经具有配置价值。从医药行业的政策端来看，医保控费、仿制药和高值耗材集采已经常态化，出台新政策的可能性较小，国内CXO行业被海外制裁的担忧也在减弱，行业仍然保持高景气。股价调整后估值相对合理。从基金四季报数据来看，基金对医药的持仓处于历史低位。因此，本基金相对看好医药板块的投资机会，计划维持中性偏高仓位，重点关注医药板块。","declarationDate":"2022-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:49:53.769Z","fund":{"_id":3000000013356,"__csrcFundId":10258,"stockCode":"013356","shortName":"大摩沪港深精选混合(013356)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13356,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-04-30T23:44:42.832Z","status":"normal","exchange":"jj","name":"摩根士丹利沪港深精选混合型证券投资基金","fundCollectionId":4000050230000,"inceptionDate":"2021-11-22T16:00:00.000Z","masterFundShortName":"大摩沪港深精选混合","followedNum":0,"setUpDate":"2021-11-22T16:00:00.000Z","setUpAssetScale":85528720.5,"setUpShares":85528720.5,"pinyin":"mgsdlhgsjxhhxzqtzjj","managers":[{"stockCode":"db20321122","stockType":"fund_manager","exchange":"fm","tickerId":230416153020,"name":"王大鹏"}]},"announcement":{"linkText":"摩根士丹利华鑫沪港深精选混合型证券投资基金2022年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=722546","linkType":"PDF","source":"csrc_pdf"}}]}