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（数据来源：Wind）其中，创新药由于短期缺乏催化、科技板块虹吸资金、国际地缘政治等原因呈现调整态势，四季度调整幅度有所加大。根据药监局数据，2025 年中国药企 license out 交易总金额突破1300亿美元，中国创新药产业站上发展新周期起点；中国创新药在研管线从数量规模与研发推进进度双维度考量已跻身全球第二，成为仅次于美国的全球优质创新药管线核心高地。立足当下，中国创新药产业核心竞争力已获得全球跨国药企MNC广泛认可；展望未来，行业有望逐步孕育出具备全球影响力的制药领军企业。我们在四季度继续创新药主线配置，长期相对看好我国创新药为代表的中长期医药产业发展趋势。　　展望 2026 年，创新药产业趋势有望持续，创新药及其产业链或继续成为医药板块核心关注主线之一。2025 年创新药板块系统性价值重估，呈现高贝塔属性，2026 年创新药行业或转向聚焦阿尔法，创新药投资逻辑随之回归临床价值本质——临床试验推进与临床数据读出的驱动效力，相较 BD 合作的驱动，或许将更为坚实可靠。依托更快更好更经济的核心产业优势，创新药产业趋势有望长期向好，出海逻辑有望长期存在。与此同时，创新药产业链核心配套的 CXO 行业亦有望充分受益于产业发展红利，行业订单与经营业绩的持续修复改善值得期待。","lastUpdated":"2026-03-09T13:51:33.020Z","fund":{"_id":3000000013940,"__csrcFundId":10298,"stockCode":"013940","shortName":"东吴医疗服务股票(013940)","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":13940,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:00:02.965Z","status":"normal","exchange":"jj","name":"东吴医疗服务股票型证券投资基金","fundCollectionId":4000050410000,"inceptionDate":"2021-11-29T16:00:00.000Z","masterFundShortName":"东吴医疗服务股票","followedNum":4,"setUpDate":"2021-11-29T16:00:00.000Z","setUpAssetScale":170296816.14,"setUpShares":170296816.14,"pinyin":"dwylfwgpxzqtzjj","managers":[{"stockCode":"db20802586","stockType":"fund_manager","exchange":"fm","tickerId":131110219190,"name":"毛可君"}]},"announcement":{"linkText":"东吴医疗服务股票型证券投资基金2025年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1457871","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0657fea5b3eb050c5a8","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-27T16:00:00.000Z","stockId":3000000013940,"sao":"三季度，市场以AI为代表的科技表现相对突出，医药整体震荡。其中，创新药由于短期缺乏催化、被科技板块虹吸资金、国际地缘政治等原因呈现调整态势，医疗器械等相对较低位板块在医药内部轮动中呈现避险防御特征。我们认为应该持续关注产业趋势作为核心线索，我国创新药产业低成本高效率的全球竞争优势较为显著，在多年累积与发展后的创新能力和技术竞争力有望持续发挥并引领产业走向正循环。中国创新药或才刚刚开始真正参与欧美医药市场的商业价值分配，未来产业逻辑与业绩兑现的时间与空间可能都较为充足。报告期内我们继续以产业趋势和公司竞争力为基础构建了创新药为主的组合配置。展望后市，我们比较持续看好我国创新药为代表的中长期医药产业发展趋势。","lastUpdated":"2026-03-09T13:51:33.018Z","fund":{"_id":3000000013940,"__csrcFundId":10298,"stockCode":"013940","shortName":"东吴医疗服务股票(013940)","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":13940,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:00:02.965Z","status":"normal","exchange":"jj","name":"东吴医疗服务股票型证券投资基金","fundCollectionId":4000050410000,"inceptionDate":"2021-11-29T16:00:00.000Z","masterFundShortName":"东吴医疗服务股票","followedNum":4,"setUpDate":"2021-11-29T16:00:00.000Z","setUpAssetScale":170296816.14,"setUpShares":170296816.14,"pinyin":"dwylfwgpxzqtzjj","managers":[{"stockCode":"db20802586","stockType":"fund_manager","exchange":"fm","tickerId":131110219190,"name":"毛可君"}]},"announcement":{"linkText":"东吴医疗服务股票型证券投资基金2025年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1375908","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0657fea5b3eb050c5a7","date":"2025-06-29T16:00:00.000Z","stockId":3000000013940,"sao":"今年上半年，市场整体震荡上行，4月初因国际贸易形势造成短期较大波动，但随后市场在较快时间内就展开了持续修复态势。其中，医药行业整体向好，创新药表现突出，成为引领板块的市场主线。尤其是4月初的短期扰动后创新药是几乎最快回升向上的板块之一，市场的快速纠正体现了对创新药产业趋势的认可与信心。国内药企和海外跨国大药企MNC的大额BD交易事件频频落地与未来的交易常态化预期，实质上集中反映了我国创新药产业在多年累积与发展后的创新能力和技术竞争力，我国低成本高效率的创新药资产有望未来得以持续重估。本轮创新药行情是由明确的产业趋势驱动，中国创新药才刚刚开始真正参与欧美医药市场的商业价值分配，未来产业逻辑与业绩兑现的时间与空间可能都相对较为充足。报告期内我们继续以产业趋势和公司竞争力为基础构建了创新药为主的组合配置。展望后市，中长期我们比较看好我国创新药为代表的医药产业发展趋势。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:51:33.015Z","mo":"宏观经济层面，2025年上半年我国经济整体韧性较强。其中二季度宏观经济波动加大，主因是4月中美关税升级、地产走弱和消费下行。随着中美谈判取得实质性进展、高关税缓和，带动经济触底反弹，二季度GDP增速仍有韧性。展望2025年下半年，关税不确定性或仍在，内需不足的问题仍待解决。　　展望下半年，我们对下半年A股市场行情相对比较乐观，认为市场结构性机会可能比较多。我们认为当前A股市场可能处在历史相对三重底：估值底、政策底和业绩底，中长期有望具备较显著投资价值。此外，在低利率环境下，A股市场对机构资金、个人投资者及海外资本的吸引力有望进一步增强，市场流动性可能会比较充裕。具体行业方面，我们中长期相对比较看好创新药产业趋势的持续性与成长空间。","fund":{"_id":3000000013940,"__csrcFundId":10298,"stockCode":"013940","shortName":"东吴医疗服务股票(013940)","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":13940,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:00:02.965Z","status":"normal","exchange":"jj","name":"东吴医疗服务股票型证券投资基金","fundCollectionId":4000050410000,"inceptionDate":"2021-11-29T16:00:00.000Z","masterFundShortName":"东吴医疗服务股票","followedNum":4,"setUpDate":"2021-11-29T16:00:00.000Z","setUpAssetScale":170296816.14,"setUpShares":170296816.14,"pinyin":"dwylfwgpxzqtzjj","managers":[{"stockCode":"db20802586","stockType":"fund_manager","exchange":"fm","tickerId":131110219190,"name":"毛可君"}]},"announcement":{"linkText":"东吴医疗服务股票型证券投资基金2025年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1342907","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0657fea5b3eb050c5a6","date":"2025-03-30T16:00:00.000Z","stockId":3000000013940,"sao":"一季度，权益市场整体表现为以科技领涨为主的结构性行情特征，港股相较A股具有较显著超额收益。根据WIND统计，上证指数、沪深300、创业板指、科创综指、恒生指数一季度涨跌幅分别为-0.48%、-1.3%、-1.77%、+6.45%、+15.25%。医药板块方面，医药生物申万行业指数、恒生医疗保健指数一季度分别上涨2.29%、25.23%。 医药板块一月表现平淡，二月以来AI医疗、创新药相继有较好表现，尤其是创新药板块在二月和三月持续表现较为突出，主要原因还是在于诸多事件加强了市场对我国创新药产业趋势的认可度。具体包括近期部分国内药企与海外MNC的BD交易频发、我国创新药企随着年报披露显示逐渐迎来盈利周期、创新药得到我国政策和医保多维度支持等方面，这些实质上是集中反映了我国创新药产业在多年的累积与发展后医药创新能力和技术竞争力得到了越来越多的显性化证明。伴随着春节前后DeepSeek引发我国科技资产价值重估的讨论，我国低成本高效率的真创新药资产也迎来了市场的广泛关注与肯定。报告期内我们以产业趋势为基础构建了创新药为主的组合配置。展望后市，短期来看，国际贸易博弈对市场或有较大冲击，避险情绪或阶段性主导，但中长期看我们依然相对看好我国创新药为代表的的医药产业发展趋势。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:51:33.012Z","fund":{"_id":3000000013940,"__csrcFundId":10298,"stockCode":"013940","shortName":"东吴医疗服务股票(013940)","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":13940,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:00:02.965Z","status":"normal","exchange":"jj","name":"东吴医疗服务股票型证券投资基金","fundCollectionId":4000050410000,"inceptionDate":"2021-11-29T16:00:00.000Z","masterFundShortName":"东吴医疗服务股票","followedNum":4,"setUpDate":"2021-11-29T16:00:00.000Z","setUpAssetScale":170296816.14,"setUpShares":170296816.14,"pinyin":"dwylfwgpxzqtzjj","managers":[{"stockCode":"db20802586","stockType":"fund_manager","exchange":"fm","tickerId":131110219190,"name":"毛可君"}]},"announcement":{"linkText":"东吴医疗服务股票型证券投资基金2025年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1272226","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0657fea5b3eb050c5a5","date":"2024-12-30T16:00:00.000Z","stockId":3000000013940,"sao":"2024年，医药板块表现较差，在各申万一级行业指数中排名居末，主要原因仍在于医药国内市场支付端压力担忧的扰动，以及地缘政治冲突等对医药出海市场的扰动。但实际上我们可以看到国内医药政策环境与医药出海环境实际上都呈现边际改善迹象，有望助力医药板块筑底。生物医药行业作为新质生产力代表之一，报告期内我们仍以成长板块为主要配置，中长期比较关注医药以科技创新为主线的成长机会，坚持自下而上选股并集中关注创新药、创新器械以及各细分领域内成长空间有望较足的优质医药公司。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:51:33.010Z","mo":"2024年我国GDP同比增长5%，整体符合年初预期，证券市场在年初开始调整后震荡，9月底开始显著回暖，主要是9月底一揽子政策集中出台提振了信心，此后政策效果逐步显现。展望2025年，政策大方向可能需要更积极、更扩张、更给力。具体看，重点关注4个方面： 一是货币宽松有望仍是方向，预计降准、降息仍然可以期待。二是财政可能进一步加码，按照测算，2025年广义赤字率相比2024年可能明显抬升，财政支出节奏也有望前置。三是产业政策预计也可能进一步发力，包括更大规模的“以旧换新”、存量商品房收储、北京和上海可能进一步放松地产限购限售。四是着力构建现代产业体系和发展新质生产力尤其是跟AI人工智能相关的战略产业和新兴产业。我们判断，当前A股市场具有以下三大特征：（1）市场估值处在历史相对底部区域；（2）政策宽松拐点相对明确；（3）2025年A股上市公司净利润增速有望进入上行趋势。另外，2025年随着海外资金对中国企业竞争优势的认识，中国资产有望得到重估。其中，医药生物行业2024年在申万行业指数中表现靠后，连续四年收跌，展望2025年，有望在基本面、政策面、估值面、筹码面等多方面出清，未来向上可期。","fund":{"_id":3000000013940,"__csrcFundId":10298,"stockCode":"013940","shortName":"东吴医疗服务股票(013940)","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":13940,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:00:02.965Z","status":"normal","exchange":"jj","name":"东吴医疗服务股票型证券投资基金","fundCollectionId":4000050410000,"inceptionDate":"2021-11-29T16:00:00.000Z","masterFundShortName":"东吴医疗服务股票","followedNum":4,"setUpDate":"2021-11-29T16:00:00.000Z","setUpAssetScale":170296816.14,"setUpShares":170296816.14,"pinyin":"dwylfwgpxzqtzjj","managers":[{"stockCode":"db20802586","stockType":"fund_manager","exchange":"fm","tickerId":131110219190,"name":"毛可君"}]},"announcement":{"linkText":"东吴医疗服务股票型证券投资基金2024年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1254335","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0657fea5b3eb050c5a4","date":"2024-09-29T16:00:00.000Z","stockId":3000000013940,"sao":"三季度市场出现一轮集中的反弹，其中，医药生物申万一级行业指数上涨17.62%，一举结束了该行业指数此前连续五个季度收跌的态势。三季度医药和市场均迎来连续的积极催化，主要包括7月的创新药支持政策的发布以及9月中下旬的美联储降息和国内一系列宏观经济政策出台。7月5日，国务院常务会议审议通过《全链条支持创新药发展实施方案》，有望持续提振我国创新药产业发展。9月18日，美联储宣布将联邦基金利率目标区间下调50个基点，美联储降息周期终于正式开启，资金敏感型的创新药等医药产业有望受益。9月24日以来，一系列宏观经济政策叠加出台，直指消费、房地产、信贷等当前宏观面关键环节。9月26日中央政治局会议指出“要全面客观冷静看待当前经济形势、正视困难、坚定信心”并“有效落实存量政策，加力推出增量政策”，除了在财政、地产等方面持续加码外，中央也提出“要努力提振资本市场，大力引导中长期资金入市”、“支持上市公司并购重组”等方向。这些有望提振上市公司基本面预期。对于资本市场而言，相对比较重要的变化主要发生于9月最后一周。9月24日-9月30日、今年前三季度，医药生物申万行业指数涨跌幅分别为28.1%、-7.2%，相对沪深300的超额收益分别为+2.62%、-24.28%，医药行业连续大幅跑输市场后在三季度最后一周迎来显著反弹并实现超额。生物医药行业作为新质生产力代表之一，我们中长期继续相对看好医药以科技创新为主线的成长机会，并在报告期内比较集中 布局了创新药及其产业链、医疗服务与消费医疗、医疗设备等。（以上数据来源：wind）","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:51:33.007Z","fund":{"_id":3000000013940,"__csrcFundId":10298,"stockCode":"013940","shortName":"东吴医疗服务股票(013940)","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":13940,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:00:02.965Z","status":"normal","exchange":"jj","name":"东吴医疗服务股票型证券投资基金","fundCollectionId":4000050410000,"inceptionDate":"2021-11-29T16:00:00.000Z","masterFundShortName":"东吴医疗服务股票","followedNum":4,"setUpDate":"2021-11-29T16:00:00.000Z","setUpAssetScale":170296816.14,"setUpShares":170296816.14,"pinyin":"dwylfwgpxzqtzjj","managers":[{"stockCode":"db20802586","stockType":"fund_manager","exchange":"fm","tickerId":131110219190,"name":"毛可君"}]},"announcement":{"linkText":"东吴医疗服务股票型证券投资基金2024年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1176474","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0657fea5b3eb050c5a3","date":"2024-06-29T16:00:00.000Z","stockId":3000000013940,"sao":"上半年市场整体承压，个股表现相对弱于指数，市场风格分化比较明显。其中，医药生物申万行业指数上半年累计跌幅达到21%。当前已非常接近2月5日指数位置。政策面上，我们看到各地陆续出台创新药支持政策，国务院发布大规模设备更新行动方案并陆续在各地开始逐步落地，这些积极政策都对市场有所提振，同时医药反腐的持续推进和各地药品比价小程序的上线又令一部分投资者情绪谨慎起来。基本面上，医药上半年业绩存在高基数压力，下半年医药业绩有望在低基数下好转。二季度我们聚焦布局于高成长的创新药械和稳健增长的中药OTC等领域机会。长期来看，医药之中的优质创新成长资产和稳健ROE资产有望穿越周期。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:51:33.004Z","mo":"2024上半年我国经济延续修复，但有一定下行压力。出口、工业生产、制造业投资链条是经济的主要支撑，而地产、基建实物工作量和消费等内需相关方向压力依然较大。展望2024下半年，GDP增速有望维持在较高水平，但可能需要稳增长、稳地产、稳消费的政策进一步发力。结构上看，2024下半年经济的主要支撑可能仍在出口和出口链，预计年内出口有望仍有韧性。与之对应地，工业生产、制造业投资预计也有望保持较高增速，同样是经济的重要支撑。但是，内需相关的社零、地产、基建实物工作量可能仍然面临诸多约束。宏观政策层面，鉴于当前经济仍有一定压力，后续更多稳增长、稳需求、稳地产相关政策有望陆续出台，但强刺激政策的可能性或不高。促改革有望也是重点方向。7月二十届三中全会召开，提出了300多项具体改革任务，亮点包括：高水平社会主义市场经济、教育科技人才一体化、新质生产力、财税体制改革、统一大市场、土地改革、国企民企关系等，大体确定了未来5-10年中国经济发展路线。展望2024年下半年A股市场，我们认为当前A股市场可能处在历史相对底部区域，中长期投资价值有望比较明显。我们对2024年下半年A股市场行情相对比较乐观，认为可能存在结构性投资机会。","fund":{"_id":3000000013940,"__csrcFundId":10298,"stockCode":"013940","shortName":"东吴医疗服务股票(013940)","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":13940,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:00:02.965Z","status":"normal","exchange":"jj","name":"东吴医疗服务股票型证券投资基金","fundCollectionId":4000050410000,"inceptionDate":"2021-11-29T16:00:00.000Z","masterFundShortName":"东吴医疗服务股票","followedNum":4,"setUpDate":"2021-11-29T16:00:00.000Z","setUpAssetScale":170296816.14,"setUpShares":170296816.14,"pinyin":"dwylfwgpxzqtzjj","managers":[{"stockCode":"db20802586","stockType":"fund_manager","exchange":"fm","tickerId":131110219190,"name":"毛可君"}]},"announcement":{"linkText":"东吴医疗服务股票型证券投资基金2024年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1147268","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0647fea5b3eb050c5a2","date":"2024-03-30T16:00:00.000Z","stockId":3000000013940,"sao":"一季度，市场呈深V走势，春节后持续回暖向上。其中，医药生物申万行业指数在申万一级行业中表现靠后，但以创新为代表的的结构性增量机会仍然相对较为显著并有望持续。医药基本面有望持续出清。尽管高基数叠加行业反腐影响，医药2024年一季度整体增速相对不快，但全年有望前低后高。医药政策端也有望持续回暖。2024政府工作报告中提到，加快前沿创新药等产业发展。创新药作为新质生产力代表，也是全球具备竞争力的战略性新兴产业，未来我们或有望看到国内政策对创新药发展的系统性全方位支持。我国创新药企在ADC、双抗、细胞治疗等全球前沿新方向均展现出较强竞争优势，在减重、阿尔茨海默症、NASH等空间广阔的领域均有积极布局，我国创新药产业有望百花齐放。叠加考虑全球降息周期，尽管中途可能难免震荡但2024年创新有望引领医药板块积极向上。总体而言，医药行业目前或处于政策面、基本面、估值面、交易面的多重相对底部，以创新药为代表的的新兴产业发展趋势有望积极向上，因此展望后市乐观。报告期内我们布局侧重于创新药产业。","declarationDate":"2024-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:51:32.999Z","fund":{"_id":3000000013940,"__csrcFundId":10298,"stockCode":"013940","shortName":"东吴医疗服务股票(013940)","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":13940,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:00:02.965Z","status":"normal","exchange":"jj","name":"东吴医疗服务股票型证券投资基金","fundCollectionId":4000050410000,"inceptionDate":"2021-11-29T16:00:00.000Z","masterFundShortName":"东吴医疗服务股票","followedNum":4,"setUpDate":"2021-11-29T16:00:00.000Z","setUpAssetScale":170296816.14,"setUpShares":170296816.14,"pinyin":"dwylfwgpxzqtzjj","managers":[{"stockCode":"db20802586","stockType":"fund_manager","exchange":"fm","tickerId":131110219190,"name":"毛可君"}]},"announcement":{"linkText":"东吴医疗服务股票型证券投资基金2024年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1073859","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0647fea5b3eb050c5a1","date":"2023-12-30T16:00:00.000Z","stockId":3000000013940,"sao":"回顾2023年，医药生物申万行业指数连续第三年收跌，恒生医疗保健指数连续第四年收跌，我们的组合回撤较大，表现很不理想。年初我们预期的放开后复苏逻辑并没有兑现，医药行业整体缺乏主线行情的情况下高度博弈、主题盛行的结构特征显著，子行业快速轮动。未来我们会更加谨慎审视持仓，争取净值的修复与增长。当前市场整体处于相对底部区域，复盘历史似乎每次看不见希望的阶段往往都可能是蕴含较好长期投资回报机会的起点阶段。我们将继续致力于挖掘并跟踪医药行业中产业景气并具备竞争优势的企业，在对市场保持谨慎乐观的基础上构建组合，守望市场回暖。具体方向上，我们持续关注创新药械的投资机会，我们判断这有望是医药里产业趋势向上的成长性资产，创新药和创新器械具有渗透率低、定价能力强、患者真正获益的属性，并且有望受益于美国降息周期。此外，我们也关注中药、疫苗等领域长期受益于银发经济可能带来的增量需求机会。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:51:32.996Z","mo":"展望2024年，我们判断，国内经济在政策可能持续发力的基础上可能温和复苏。鉴于2024年国内经济或仍有下行压力，宏观政策大概率继续偏宽松，国内有望“中央加杠杆”，中美货币政策可能从分化逐步走向一致。海外方面，2020年3月以来美联储持续加息，联邦基金目标利率从2020年3月的0.25%加至2023年7月的5.5%，加息幅度达到525bp。2023年继续加息，幅度达到100bp，对国内货币政策和资本流动有一定掣肘。整体看，2024年美国通胀中枢可能趋于回落，美联储大概率从加息转为降息，中美货币政策可能从过去3年的分化逐步走向一致，国内货币政策面临的制约也可能有所弱化。2024开年首月，市场大幅调整，成长板块领跌，其中医药生物申万行业指数单月跌幅超过18%，位居自2000年以来历史单月跌幅前五，仅次于2016年初熔断和2008年全球金融危机阶段的表现。沪深300指数从2021年2月18日见顶回落至今最大调整幅度在47%左右，医药生物申万行业指数也从2021年2月18日见顶回落至今最大调整幅度超过52%，调整时间接近3年，估值基本到了历史相对低分位数，并且2024年上市公司利润增速有望进入上行周期。我们认为，当前市场中长期投资价值可能相对比较明显，或值得投资者关注。美国国债收益率大幅下行，今年美国预期可能进入降息周期，基准利率的大幅下行有望有利于创新药的融资，我们相对看好国内的创新药的未来发展。","fund":{"_id":3000000013940,"__csrcFundId":10298,"stockCode":"013940","shortName":"东吴医疗服务股票(013940)","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":13940,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:00:02.965Z","status":"normal","exchange":"jj","name":"东吴医疗服务股票型证券投资基金","fundCollectionId":4000050410000,"inceptionDate":"2021-11-29T16:00:00.000Z","masterFundShortName":"东吴医疗服务股票","followedNum":4,"setUpDate":"2021-11-29T16:00:00.000Z","setUpAssetScale":170296816.14,"setUpShares":170296816.14,"pinyin":"dwylfwgpxzqtzjj","managers":[{"stockCode":"db20802586","stockType":"fund_manager","exchange":"fm","tickerId":131110219190,"name":"毛可君"}]},"announcement":{"linkText":"东吴医疗服务股票型证券投资基金2023年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1055049","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0647fea5b3eb050c5a0","date":"2023-09-29T16:00:00.000Z","stockId":3000000013940,"sao":"三季度，医药行业整顿事件影响较大，尽管短期会对相关医药公司业绩造成一定影响，但预计长期来看对医药行业影响有望更为积极正面。长期来看，反腐有望强化企业的产品力、加速行业出清，产品、经营、管理等方面具有突出竞争优势的创新药械有望实现可持续的优质成长。医药行业目前处于基本面、估值面、交易面的多重相对底部，基于行业需求稳定性、政策引导方向、估值性价比，报告期内本基金布局侧重于创新药械、医疗服务、CXO等领域。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:51:32.994Z","fund":{"_id":3000000013940,"__csrcFundId":10298,"stockCode":"013940","shortName":"东吴医疗服务股票(013940)","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":13940,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:00:02.965Z","status":"normal","exchange":"jj","name":"东吴医疗服务股票型证券投资基金","fundCollectionId":4000050410000,"inceptionDate":"2021-11-29T16:00:00.000Z","masterFundShortName":"东吴医疗服务股票","followedNum":4,"setUpDate":"2021-11-29T16:00:00.000Z","setUpAssetScale":170296816.14,"setUpShares":170296816.14,"pinyin":"dwylfwgpxzqtzjj","managers":[{"stockCode":"db20802586","stockType":"fund_manager","exchange":"fm","tickerId":131110219190,"name":"毛可君"}]},"announcement":{"linkText":"东吴医疗服务股票型证券投资基金2023年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=990487","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0647fea5b3eb050c59f","date":"2023-06-29T16:00:00.000Z","stockId":3000000013940,"sao":"上半年医药表现疲弱，存量博弈市场导致内部结构分化显著。医药生物申万行业指数上半年累计涨跌幅为-5.6%，同期万得全A（除金融石油石化）累计涨跌幅为3.3%，医药显著跑输。从申万二级子行业来看分化极致，其中中药（上涨9.1%）领涨，生物制品（下跌-12.9%）和医疗服务（下跌21.6%）大幅回调。年初市场交易复苏，强预期弱现实下交易线索转为持续集中于科技创新与“中特估“主题，博弈政策也逐渐成为当下重要线索。医药当前处于多重相对底部，基于行业刚性增长需求和复苏态势、政策引导方向、估值性价比，报告期内本基金布局侧重于内需，包括中药、创新药、医疗服务等领域。本基金持续关注医药行业多个持续深度回调板块是否具备潜在的反转机会。此外前期强势板块比如符合政策引导方向的中药行业，本基金重点关注公司是否有望由政策驱动转向政策加业绩驱动进而提升长期成长性。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:51:32.991Z","mo":"宏观经济层面，2023年上半年经济复苏低于市场预期，市场对经济基本面和政策面预期较为悲观。展望2023年下半年，预计中国经济虽可能有压力但大概率温和触底，有希望进入弱复苏阶段。政策层面，2023年国内通胀压力可能相对较小，而海外通胀也已呈现下行趋势，下半年国内外货币政策有望由分歧逐渐走向一致，全球流动性可能由紧变松。2023年下半年，预计国内可能继续保持中性偏宽松的货币政策格局，以美联储为代表的发达国家央行有望结束加息周期。资本市场方面， 2023年下半年市场向上机会可能大于向下风险。展望2023年下半年，A股基本面、流动性和估值这三大因素中至少有两个因素是有望改善的。一是国内经济基本面有望触底。二是海外美联储有望在2023年结束加息， 国内流动性可能继续维持中性偏宽。三是当前A股估值处于历史相对偏低水平。这对权益市场来说或许是个相对有利的组合。医药行业，从需求端看市场空间仍然有望较大，从供给端看中国拥有全球庞大的工程师红利，从支付端看医保政策趋于边际缓和并鼓励创新，医药仍有望是具备持续诞生优质公司土壤的长期优质赛道。","fund":{"_id":3000000013940,"__csrcFundId":10298,"stockCode":"013940","shortName":"东吴医疗服务股票(013940)","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":13940,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:00:02.965Z","status":"normal","exchange":"jj","name":"东吴医疗服务股票型证券投资基金","fundCollectionId":4000050410000,"inceptionDate":"2021-11-29T16:00:00.000Z","masterFundShortName":"东吴医疗服务股票","followedNum":4,"setUpDate":"2021-11-29T16:00:00.000Z","setUpAssetScale":170296816.14,"setUpShares":170296816.14,"pinyin":"dwylfwgpxzqtzjj","managers":[{"stockCode":"db20802586","stockType":"fund_manager","exchange":"fm","tickerId":131110219190,"name":"毛可君"}]},"announcement":{"linkText":"东吴医疗服务股票型证券投资基金2023年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=964414","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0647fea5b3eb050c59e","date":"2023-03-30T16:00:00.000Z","stockId":3000000013940,"sao":"23年一季度市场整体表现为较为显著的结构性行情。年初以来在国内基本面持续复苏预期的支撑下，A股1月整体快速上行，市场主要交易复苏预期；随着外围扰动加剧以及国内复苏力度与持续性待验证，市场自1月底以来行情明显分化，科技板块和“中特估”领涨，政策、主题等因素的催化成为重要交易线索。医药板块一季度内部表现分化极致，政策和国企改革催化下，中药持续强势，医疗服务、创新药、CXO、器械等医药大多数细分板块则普遍经历了过山车行情甚至连续回调至阶段性新低。考虑到未来国内复苏仍有望好于预期，美联储有望年内结束加息，投融资数据有望年内环比改善，医药主赛道未来有望迎来上行。医药极致结构性行情下，本基金一季度净值表现跑输基准。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:51:32.989Z","fund":{"_id":3000000013940,"__csrcFundId":10298,"stockCode":"013940","shortName":"东吴医疗服务股票(013940)","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":13940,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:00:02.965Z","status":"normal","exchange":"jj","name":"东吴医疗服务股票型证券投资基金","fundCollectionId":4000050410000,"inceptionDate":"2021-11-29T16:00:00.000Z","masterFundShortName":"东吴医疗服务股票","followedNum":4,"setUpDate":"2021-11-29T16:00:00.000Z","setUpAssetScale":170296816.14,"setUpShares":170296816.14,"pinyin":"dwylfwgpxzqtzjj","managers":[{"stockCode":"db20802586","stockType":"fund_manager","exchange":"fm","tickerId":131110219190,"name":"毛可君"}]},"announcement":{"linkText":"东吴医疗服务股票型证券投资基金2023年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=883790","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0647fea5b3eb050c59d","date":"2022-12-30T16:00:00.000Z","stockId":3000000013940,"sao":"2022年市场受到较大内外部冲击影响，行情一波三折，各大指数均有较大幅度下跌，根据wind统计，上证指数下跌15.1%，沪深300、深证成指下跌超21%，代表成长的创业板下跌29.3%、科创50下跌31.3%。医药生物申万指数全年下跌超过20%，在31个申万一级行业指数中表现位列后三分之一， 既有海外加息冲击以及医药投融资周期的影响，也有国内政策影响和企业盈利受大环境压制的因素。 前三季度由于上述压制因素，医药行业整体表现尤其疲弱，根据wind统计，医药生物申万指数累积下跌幅度近28%，位居31个申万一级行业指数的倒数第5 ，此后伴随着防控措施优化的预期与实际推出，医药行业四季度跟随整体市场上行而回暖。四季度，医药各细分板块几乎均有轮动机会但也经历了过山车般的波动与博弈。 由于医药全年结构性机会重点围绕大环境影响因素展开、以及存量市场下医药各细分板块不断超跌反弹轮动等因素，因此医药板块行情呈现快速轮动与高度博弈。 为应对这种极致结构行情，本基金操作上阶段性采用了短久期策略但这并不会是常态交易风格。展望2023年，市场的核心关键词之一可能是复苏，把握内需复苏的相对确定性机会或尤为重要。医疗场景常态化的修复，导致医药行业既可能存在刚需必选复苏机会，也可能具备可选升级消费需求复苏机会，这些都有望给医药带来业绩比较优势。海外加息周期的预期结束也有利于医药的基本面与估值双修复。此外及其值得重视的是，2023年国内医药政策的预期稳定性与适应性相较前两年也显著提高。相对低估值低配置的医药板块在具备业绩比较优势的情况下，有望迎来表现更为乐观的2023年。基于四季度的政策变化与环境演绎，以及对2023年的机会展望，本基金报告期内重点配置了医疗服务、CXO等。本基金长期关注医疗服务及消费医疗、医药创新的成长机会。","declarationDate":"2023-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:51:32.986Z","mo":"宏观经济层面，2023年中国经济有望迎来一轮复苏。国内经济自2021年下半年呈现减速迹象，并在2022年遭受大环境冲击，国内GDP增速从2022年一季度的4.8%降至2022年四季度的2.9%。展望2023年，国内经济有望触底并适度修复，市场的核心关键线索可能为“复苏”，复苏的高度仍需进一步跟踪研判。政策层面，2022年国内和海外呈现比较明显的分化，2023年国内外货币政策可能将由分歧逐渐走向一致。国内货币政策在2022年整体偏宽松，全年实施了两次降准，1年期LPR利率从3.8%降至3.65%，5年期LPR利率从4.65%降至4.3%。展望2023年，国内通胀压力相对较小，而海外通胀也已呈现明显的下行趋势，预计2023年国内大概率继续保持中性偏宽松的货币政策格局，以美联储为代表的发达国家央行则有望结束加息周期。资本市场方面，我们认为2023年市场可能明显优于2022年，市场向上机会有望大于向下风险。2023年的A股有望迎来基本面和流动性的双轮驱动。一是国内经济环比修复，企业盈利逐级修复。二是海外美联储有望在上半年结束加息，国内流动性继续维持中性偏宽，这对权益市场来说可能是个相对有利的组合。长期看好医药、消费、高端制造的成长机会，从需求端看这些领域市场空间较大，从供给端看中国拥有全球庞大的工程师红利，参考海外经验，这些领域中有望诞生优秀公司。","fund":{"_id":3000000013940,"__csrcFundId":10298,"stockCode":"013940","shortName":"东吴医疗服务股票(013940)","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":13940,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:00:02.965Z","status":"normal","exchange":"jj","name":"东吴医疗服务股票型证券投资基金","fundCollectionId":4000050410000,"inceptionDate":"2021-11-29T16:00:00.000Z","masterFundShortName":"东吴医疗服务股票","followedNum":4,"setUpDate":"2021-11-29T16:00:00.000Z","setUpAssetScale":170296816.14,"setUpShares":170296816.14,"pinyin":"dwylfwgpxzqtzjj","managers":[{"stockCode":"db20802586","stockType":"fund_manager","exchange":"fm","tickerId":131110219190,"name":"毛可君"}]},"announcement":{"linkText":"东吴医疗服务股票型证券投资基金2022年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=871830","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0647fea5b3eb050c59c","date":"2022-09-29T16:00:00.000Z","stockId":3000000013940,"sao":"2022年三季度，医药行业回调，盖因市场和行业层面多重制约。宏观与流动性方面，美国通胀数据超预期，市场提升了美联储加息幅度的预期，俄乌战争持续胶着，同时国内经济仍存稳增长压力。具体产业方面，美欧与中国摩擦边际加剧对清洁能源、医药制造等成长板块造成风险偏好与基本面预期的双重冲击，拜登政府签署行政命令扶持本土生物技术和生物制造，严重影响了医药外包产业链情绪。尽管医药整体持续调整，板块在三季度的表现还是可以窥见一些曙光。我们陆续看到政策面和基本面均有边际利好趋势——新基建在持续拉动医药投资建设、贴息贷款有望释放设备采购需求、脊柱集采结果令市场对于骨科集采乃至高耗集采部分转向乐观、种植牙医疗服务费落地价格远好于预期等等，这些都引起了医药较为显著的结构性行情。可见行业处于相对极致的悲观底部之时任何边际向上的微小变化可能都足以引发星火燎原之势。医药历经一年多的持续深度调整，除医药基金以外的机构医药持仓几乎已降至相对历史冰点。尽管医保控费和中美脱钩的预期仍将可能对板块有影响，但考虑到医药处于政策预期底、持仓底、估值底的多重相对底部，我们可以更细致的甄选细分领域与个股，有望有机会以较好价格布局中长线投资。报告期内，本基金的布局相对均衡，注重公司的估值性价比与安全边际，重点配置了医疗服务、消费医疗和中药品牌消费品、医疗设备、零售药房等医药细分领域，基于风险衡量减配部分港股持仓。本基金将继续致力积极跟踪产业发展前沿趋势，关注医药行业的高成长方向，力争收获相对于医药行业的长期超额收益。","declarationDate":"2022-10-25T16:00:00.000Z","lastUpdated":"2026-03-09T13:51:32.983Z","fund":{"_id":3000000013940,"__csrcFundId":10298,"stockCode":"013940","shortName":"东吴医疗服务股票(013940)","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":13940,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:00:02.965Z","status":"normal","exchange":"jj","name":"东吴医疗服务股票型证券投资基金","fundCollectionId":4000050410000,"inceptionDate":"2021-11-29T16:00:00.000Z","masterFundShortName":"东吴医疗服务股票","followedNum":4,"setUpDate":"2021-11-29T16:00:00.000Z","setUpAssetScale":170296816.14,"setUpShares":170296816.14,"pinyin":"dwylfwgpxzqtzjj","managers":[{"stockCode":"db20802586","stockType":"fund_manager","exchange":"fm","tickerId":131110219190,"name":"毛可君"}]},"announcement":{"linkText":"东吴医疗服务股票型证券投资基金2022年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=806128","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0647fea5b3eb050c59b","date":"2022-06-29T16:00:00.000Z","stockId":3000000013940,"sao":"2022年上半年，市场开年即持续深度调整，4月底开始企稳筑底强势反弹，在外围金融市场普遍回调的情况下走出了相对独立行情，医药行业整体表现位于申万31个一级行业中的后三分之一。回顾上半年的反弹，截至2022/06/30，5月以来上证指数、深证成指、创业板指分别上涨11.54%、17.01%、21.19%，医药生物（申万）行业指数同期上涨11.74%。医药行业在5月以来持续回暖的市场中表现相对弱势，但我们对医药未来修复的持续性和空间表示乐观，乐观的背后是医药行业成长属性的支撑。短期来看，疫情扰动过后，医药经营运行有望在持续修复大方向之中。同时资本市场上医药行业指数上半年反弹幅度相对不大，因此对应的是对于医药行业下行空间理应具备一定的信心。展望未来，我们坚定相信医药中长期有望持续呈现向上发展趋势，创新和科技始终是产业进步向前的核心驱动力。医药整体在从去年开始的长时间调整中也较为充分的消化了估值与持仓的问题。此外，国内医保控费政策预期基本趋于稳定，全球流动性收紧、海外医药资本周期等对医药产业链影响的预期也已在股价层面定价较为充分。经历了市场对医药政策、医药估值、医药投融资环境等各方面因素的极致担忧后，医药行业基本面、政策面、估值面都有望酝酿着中长期筑底回升的潜力。本基金在报告期重点配置了医疗服务、创新药产业链、生命科学服务上游、医疗设备、消费医疗和品牌消费品等长期看好的医药细分领域。考虑到港股医药回调的幅度更深更久，同时港股中部分医药股仍然有望具备中长期优质成长空间，本基金在报告期内增配了估值性价比较高的港股医药股。本基金将积极跟踪产业发展前沿趋势，集中布局医药行业的高成长方向，力争收获相对于医药行业的长期稳健超额收益。","declarationDate":"2022-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:51:32.976Z","mo":"宏观经济层面，2022年下半年中国经济有望确定性环比回升。国内经济自2021年下半年呈现减速迹象，并在2022年上半年遭受本土奥密克戎疫情黑天鹅冲击，国内GDP增速从2022年一季度的4.8%降至二季度的0.4%。在国内稳增长政策发力和海外出口超预期的驱动下，国内经济有望稳步走出二季度的疫情冲击，下半年国内经济相比二季度有望环比逐渐改善，但整体呈现弱复苏的概率较大。政策层面，2022年上半年国内和海外呈现比较明显的分化，预计下半年依然是国内宽海外紧的货币政策格局。医药行业方面，经过较长时间、较大幅度的持续调整后板块估值处于合理区间，投资机构对于医药板块的配置比例也处于近十年较低位置，战略视角上市场有望对于医药逐步重视起来。医药政策上，创新药政策环境有所边际改善。近期2022年医保目录调整方案中创新药医保谈判新增简易续约规则清晰、降幅可控，政策风险减少。近日北京医保局还发布CHS-DRG付费政策，提出满足相关条件的创新性药品、医疗器械、诊疗项目可通过申报获得除外支付。从中可以看出医保对于真正有临床价值的创新药械的鼓励和支持。新药新技术的创新动力是医药真正的成长驱动力，政策鼓励创新之下，医药有望在经过较长时间、较大幅度调整后政策、估值、持仓齐筑底，迎来回暖机遇。","fund":{"_id":3000000013940,"__csrcFundId":10298,"stockCode":"013940","shortName":"东吴医疗服务股票(013940)","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":13940,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:00:02.965Z","status":"normal","exchange":"jj","name":"东吴医疗服务股票型证券投资基金","fundCollectionId":4000050410000,"inceptionDate":"2021-11-29T16:00:00.000Z","masterFundShortName":"东吴医疗服务股票","followedNum":4,"setUpDate":"2021-11-29T16:00:00.000Z","setUpAssetScale":170296816.14,"setUpShares":170296816.14,"pinyin":"dwylfwgpxzqtzjj","managers":[{"stockCode":"db20802586","stockType":"fund_manager","exchange":"fm","tickerId":131110219190,"name":"毛可君"}]},"announcement":{"linkText":"东吴医疗服务股票型证券投资基金2022年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=785531","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0647fea5b3eb050c59a","date":"2022-03-30T16:00:00.000Z","stockId":3000000013940,"sao":"东吴医疗服务一季度实现收益率-7.72%，同期中证医疗指数收益率-17.31%。开年以来市场疲弱，医药股也未能独善其身，产品收益率为负但相对中证医疗指数实现较显著相对收益。本基金在建仓期相对较为谨慎，采取分批逐步建仓的策略。医药在去年下半年持续调整后今年开年以来又进一步回调，短期的市场情绪修复或许仍需时间，2021年年报基金的医药持仓比例降到近年低位也可以反映出当下市场对医药的预期较低。但展望未来，我们坚定相信在人口老龄化和城镇化趋势下，医药中长期有望持续呈现向上发展趋势，本基金将致力积极跟踪产业发展趋势布局医药行业高成长方向，力争收获医药行业的长期稳健超额收益。3月16日金稳委专题会议后市场呈现筑底企稳趋势。国际形势和国内疫情不确定性影响下，考虑到医药的业绩持续性优势有望在疫情大环境情况下凸显，同时考虑到随着医药的回调，原本估值偏高和持仓拥挤问题都可能得到较为充分消化，因此综合看来，政策面、基本面、估值面均有望酝酿着着医药中长期筑底回升的潜力。","declarationDate":"2022-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:51:32.974Z","fund":{"_id":3000000013940,"__csrcFundId":10298,"stockCode":"013940","shortName":"东吴医疗服务股票(013940)","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":13940,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:00:02.965Z","status":"normal","exchange":"jj","name":"东吴医疗服务股票型证券投资基金","fundCollectionId":4000050410000,"inceptionDate":"2021-11-29T16:00:00.000Z","masterFundShortName":"东吴医疗服务股票","followedNum":4,"setUpDate":"2021-11-29T16:00:00.000Z","setUpAssetScale":170296816.14,"setUpShares":170296816.14,"pinyin":"dwylfwgpxzqtzjj","managers":[{"stockCode":"db20802586","stockType":"fund_manager","exchange":"fm","tickerId":131110219190,"name":"毛可君"}]},"announcement":{"linkText":"东吴医疗服务股票型证券投资基金2022年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=727253","linkType":"PDF","source":"csrc_pdf"}}]}