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　　本基金上半年消费和医药的仓位中，医药的仓位更重，并且超配了港股，因为很多港股的公司的基本面和估值更加有吸引力。","fund":{"_id":3000000013956,"__csrcFundId":10462,"stockCode":"013956","shortName":"华商医药消费精选混合(013956)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13956,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:00:13.591Z","status":"normal","exchange":"jj","name":"华商医药消费精选混合型证券投资基金","fundCollectionId":4000050510000,"masterFundShortName":"华商医药消费精选混合","inceptionDate":"2021-12-15T16:00:00.000Z","followedNum":9,"setUpDate":"2021-12-15T16:00:00.000Z","setUpAssetScale":511324806.02,"setUpShares":511324806.02,"pinyin":"hsyyxfjxhhxzqtzjj","managers":[{"stockCode":"db20892728","stockType":"fund_manager","exchange":"fm","tickerId":1923230020,"name":"孙蔚"}]},"announcement":{"linkText":"华商医药消费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=1345245","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0677fea5b3eb050c721","date":"2025-03-30T16:00:00.000Z","stockId":3000000013956,"sao":"一季度指数层面表现平平，上证指数小幅收跌在0.48%，创业板跌1.77%，沪深300跌1.21%，医药板块上涨2.29%，内地消费上涨1.91%。一季度医药板块中表现突出的是创新药和创新药产业链板块。2024年医药行业经历了诸多挑战，行业表现一度承压。然而，2025年医药行业或迎转机，最先迎来政策利好的是创新药板块，2024年7月，《全链条支持创新药发展实施方案》出台，明确2025年将细化创新药定价与支付政策，赋予企业更大市场自由度。同时，商业保险对创新药械的支付占比也在逐步提升，将成为高价值创新产品的重要支付方。　　后续，随着国际局势的复杂多变，医药具有防御和国产替代的内需属性，医疗器械和耗材或将迎来国产替代的最佳窗口期；同时我们认为国内逆周期政策的调节力度或将进一步加强，医疗领域例如生育政策、消费医疗补贴等，也将会持续出台。　　2025 年消费板块可能会迎来转机，政府工作报告提出“实施提振消费专项行动”，并强调扩大内需与优化消费环境，消费会有诸多细分领域获得政策补跌，尤其看好新消费赛道，例如智能驾驶，谷子经济，化妆品等。 　　本基金目前消费和医药的仓位比较均衡，并且超配了港股，因为很多港股的公司的基本面和估值更加有吸引力。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:51:35.294Z","fund":{"_id":3000000013956,"__csrcFundId":10462,"stockCode":"013956","shortName":"华商医药消费精选混合(013956)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13956,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:00:13.591Z","status":"normal","exchange":"jj","name":"华商医药消费精选混合型证券投资基金","fundCollectionId":4000050510000,"masterFundShortName":"华商医药消费精选混合","inceptionDate":"2021-12-15T16:00:00.000Z","followedNum":9,"setUpDate":"2021-12-15T16:00:00.000Z","setUpAssetScale":511324806.02,"setUpShares":511324806.02,"pinyin":"hsyyxfjxhhxzqtzjj","managers":[{"stockCode":"db20892728","stockType":"fund_manager","exchange":"fm","tickerId":1923230020,"name":"孙蔚"}]},"announcement":{"linkText":"华商医药消费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=1274754","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0677fea5b3eb050c720","date":"2024-12-30T16:00:00.000Z","stockId":3000000013956,"sao":"2024年是变化的一年，国内逆周期调节加力加速，“两新”“两重”工作扎实推进，预计后续国内宏观环境有望得到改善。国际环境看，美国经济保持韧性，消费支出强劲，降息的预期进一步推迟，在美国大选落地之后，政策的变化带来的不确定性会加大。2025年风险与机遇共存，我们会更加集中于能力圈内做谨慎选股。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:51:35.291Z","mo":"2025年我们认为医药板块仍然面临着机遇和挑战，挑战是医保资金压力大，集采和控费政策依然继续，医疗反腐专项整治行动也在持续，对医疗器械、部分药品仍然有影响，海外环境不确定大，美国政府对中国药业的生物安全法案和关税政策风险还需要观察；但是，经过四年的消化估值，很多医药股的估值在历史最低分位数，不乏便宜的好公司，医药的需求仍然刚性，并且很多产品的创新能力获得了出海的能力，所以我们认为现在是精选医药个股的好时机。2025年消费板块可能会迎来转机，随着国内逆周期政策的调节力度加强，我们认为国内需求或持续修复，尤其看好新消费赛道，例如智能驾驶，谷子经济，机器人等。本基金目前消费和医药的仓位比较均衡，并且超配了港股，因为很多港股的公司的基本面和估值更加有吸引力。","fund":{"_id":3000000013956,"__csrcFundId":10462,"stockCode":"013956","shortName":"华商医药消费精选混合(013956)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13956,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:00:13.591Z","status":"normal","exchange":"jj","name":"华商医药消费精选混合型证券投资基金","fundCollectionId":4000050510000,"masterFundShortName":"华商医药消费精选混合","inceptionDate":"2021-12-15T16:00:00.000Z","followedNum":9,"setUpDate":"2021-12-15T16:00:00.000Z","setUpAssetScale":511324806.02,"setUpShares":511324806.02,"pinyin":"hsyyxfjxhhxzqtzjj","managers":[{"stockCode":"db20892728","stockType":"fund_manager","exchange":"fm","tickerId":1923230020,"name":"孙蔚"}]},"announcement":{"linkText":"华商医药消费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=1255697","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0677fea5b3eb050c71f","date":"2024-09-29T16:00:00.000Z","stockId":3000000013956,"sao":"三季度中国经济增速略有放缓，在9月24日之前市场仍然保持下跌趋势，但是9月24日三部门出台一揽子政策拖底经济以及呵护资本市场，9月26日政治局会议聚焦经济，10月12日财政部稳步推进地方政府化债，促进地产止跌回稳，市场开始大幅反弹，本基金的策略在医药和消费仓位比较均衡，同时配置了一定比例的港股。三季度医药生物反弹19.43%，沪深300反弹16.07%，创业板反弹29.21%，中证医药三季度反弹19.43%。我们认为医药板块目前同时面临着机遇和挑战，挑战是医保资金仍然吃紧，医保的集采和控费政策面还没有看到太多的放松，医疗反腐专项整治继续，对医疗器械、部分药品仍然有影响，同时美国政府对医药的限定立法也尚未解除，因此医药板块的业绩总体不够亮眼。目前我们能够看到的机会多产生于创新产品上，政策对于创新药械比较友好，同时产品力强的公司也会寻求出海带来更多的机会。因此我们在医药板块的持仓集中于有成长性的创新药械产品的公司上。三季度内地消费指数反弹16.64%，相对于医药，消费属于顺周期板块，直接受益于政策的变化。三季度的消费加速下滑，一线城市的社融首次出现负增长，但是政策已经开始发生变化，促进地产止跌企稳、鼓励消费的政策接踵出台。同时消费的估值也经过三年的杀跌开始有性价比，尤其是香港市场的部分消费龙头公司。本产品消费策略主要精选竞争稳定、业绩确定性高的消费品公司，均衡配置在食品饮料、汽车、家电、地产链、美护、餐饮等板块。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:51:35.288Z","fund":{"_id":3000000013956,"__csrcFundId":10462,"stockCode":"013956","shortName":"华商医药消费精选混合(013956)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13956,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:00:13.591Z","status":"normal","exchange":"jj","name":"华商医药消费精选混合型证券投资基金","fundCollectionId":4000050510000,"masterFundShortName":"华商医药消费精选混合","inceptionDate":"2021-12-15T16:00:00.000Z","followedNum":9,"setUpDate":"2021-12-15T16:00:00.000Z","setUpAssetScale":511324806.02,"setUpShares":511324806.02,"pinyin":"hsyyxfjxhhxzqtzjj","managers":[{"stockCode":"db20892728","stockType":"fund_manager","exchange":"fm","tickerId":1923230020,"name":"孙蔚"}]},"announcement":{"linkText":"华商医药消费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=1178658","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0677fea5b3eb050c71e","date":"2024-06-29T16:00:00.000Z","stockId":3000000013956,"sao":"上半年医药生物依旧表现不佳，市场关注度较低。上半年上证A股指数下跌0.25%，创业板-10.99%,科创100跌幅25.29%，上半年中证医药回撤20.15%，年初至今中证行业中医药行业排名倒数。从基本面的角度看，我们认为下跌的主要原因有以下几点：1、年初以来，美国方面认为医疗服务外包这个行业影响了其自身国家安全，正在立法限定我们的服务范围，此影响尚未消除，影响可能涉及到更多的实体业务；2、医疗反腐专项整治继续，对医疗器械、部分药品仍然有影响；3、医疗消费的复苏仍然较为平淡。同时，由于去年一、二季度疫情复苏带动的门诊量的爆发增长，医药的基数较高，整体一、二季报医药的业绩也不会太亮眼，所以医药板块目前变现平淡。但是，我们也看到了产业层面在正在运酿支持和鼓励创新药的政策，设备更新政策也在促进设备招标的恢复，所以对于长坡厚雪的医药板块来说也并不用悲观。上半年的消费板块也出现了消费不及预期的情况，内地消费指数回调2.9%，相对于医药，消费还是具有一定的防御性，并且消费板块分化比较大，其中由于白酒消费需求的不及预期，食品饮料在二季度回撤最大，下跌14.36%；农林渔牧回调7.86%，家电板块依旧抗跌回调1.61%，整体看资金还是更倾向于低估值高分红的家电板块。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:51:35.286Z","mo":"从市场风格看，主要集中在确定性最高的高科技和低估值高股息这种哑铃型结构，对于医药投资环境并不友好，所以应对这种市场风格我们做出如下调整，第一，调减医药公司涉及美国业务的个股的持仓，目前看尚未到风险完全释放的时候，估值会容易被压制；第二，相对而言，医药子版块中创新方向的比较优势较好，重在自下而上选择个股。第三，低估值商业模式稳定的个股。我们后续会优先考虑估值便宜、现金流充裕、高分红的公司做进一步加仓。本基金目前在消费和医药的持仓比较均衡，医药板块的持仓在创新药，医药消费，血制品，刚需放量大单品上，消费板块可能在汽车，家电，地产链等板块均衡配置。","fund":{"_id":3000000013956,"__csrcFundId":10462,"stockCode":"013956","shortName":"华商医药消费精选混合(013956)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13956,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:00:13.591Z","status":"normal","exchange":"jj","name":"华商医药消费精选混合型证券投资基金","fundCollectionId":4000050510000,"masterFundShortName":"华商医药消费精选混合","inceptionDate":"2021-12-15T16:00:00.000Z","followedNum":9,"setUpDate":"2021-12-15T16:00:00.000Z","setUpAssetScale":511324806.02,"setUpShares":511324806.02,"pinyin":"hsyyxfjxhhxzqtzjj","managers":[{"stockCode":"db20892728","stockType":"fund_manager","exchange":"fm","tickerId":1923230020,"name":"孙蔚"}]},"announcement":{"linkText":"华商医药消费精选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=1149477","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0677fea5b3eb050c71d","date":"2024-03-30T16:00:00.000Z","stockId":3000000013956,"sao":"一季度医药生物表现不佳，市场关注度较低。一季度上证A股指数上涨2.23%，创业板下跌3.87%，沪深300医药卫生指数下跌11.78%，年初至今中证行业中医药行业排名倒数。从基本面的角度看，我们认为下跌的主要原因有以下几点：1、年初以来，美国方面认为医疗服务外包这个行业影响了其自身国家安全，正在立法限定我们的服务范围，此影响尚未消除，影响可能涉及到更多的实体业务；2、医疗反腐专项整治继续，对医疗器械、部分药品仍然有影响；3、医疗消费的复苏仍然较为平淡。同时，去年一季度医药基数较高，整体一季报医药的业绩也不会太亮眼，所以医药板块目前变现平淡。但是，我们也看到了产业层面正在运酿支持和鼓励创新药的政策，所以对于长坡厚雪的医药板块来说也并不用悲观。从市场风格看，主要集中在高科技和低估值高股息这种哑铃型结构，对于医药投资环境并不友好，所以应对这种市风格我们做出如下调整，第一，调减医药公司涉及美国业务的个股的持仓，目前看尚未到风险完全释放的时候，估值会容易被压制；第二，相对而言，医药子版块中创新方向的比较优势较好，重在自下而上选择个股。一季度的消费板块的表现超预期，内地消费指数上涨4.34%，主要相对于医药消费具有一定的防御性，并且消费板块分化比较大，其中涨幅最好的是家用电器板块上涨10.2%，汽车一季度微涨0.58%，食品饮料微跌0.88%，社会服务板块跌幅最大跌幅7.32%，整体看资金还是更倾向于出口和低估值高分红的家电板块，目前我们认为从数据上看，海外开启库存周期，国内经济缓慢见底，消费行业可能开始缓慢复苏，同时估值经过三年的消化，也开始有性价比，我们后续会进一步增加消费的权重配置。本基金在消费尚未确认复苏前以医药为主，医药板块的持仓在创新药，血制品，刚需放量大单品上，消费板块可能在汽车，家电，白酒，农业等板块均衡配置。","declarationDate":"2024-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:51:35.278Z","fund":{"_id":3000000013956,"__csrcFundId":10462,"stockCode":"013956","shortName":"华商医药消费精选混合(013956)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13956,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:00:13.591Z","status":"normal","exchange":"jj","name":"华商医药消费精选混合型证券投资基金","fundCollectionId":4000050510000,"masterFundShortName":"华商医药消费精选混合","inceptionDate":"2021-12-15T16:00:00.000Z","followedNum":9,"setUpDate":"2021-12-15T16:00:00.000Z","setUpAssetScale":511324806.02,"setUpShares":511324806.02,"pinyin":"hsyyxfjxhhxzqtzjj","managers":[{"stockCode":"db20892728","stockType":"fund_manager","exchange":"fm","tickerId":1923230020,"name":"孙蔚"}]},"announcement":{"linkText":"华商医药消费精选混合型证券投资基金2024年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1073886","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0677fea5b3eb050c71c","date":"2023-12-30T16:00:00.000Z","stockId":3000000013956,"sao":"2023年过的并不容易，宏观来说，美国经济强劲，还在加息通道中，对于医药这种依赖全球融资的行业非常不友好，行业的景气度还在磨底；微观层面，医药行业的反腐升级，让我们对于医药商业的模式重新进行审视。消费版块的子行业中复苏差异分化比较大，相对来说汽车行业在2023年恢复较好，主要得益于国产新能源车的渗透率提升，其他的消费赛道尚需要进一步恢复数据的确认。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T13:51:35.275Z","mo":"2024年从全年的角度看，我们需要观察几个因素：第一，美国宏观经济的强弱，以及美联储的利率政策，同时2024年是美国的大选年，地缘政策的风险也需要密切关注；第二，医疗反腐的进展，判断对于上市公司的影响程度，目前还没有的定论；第三，消费复苏情况，以及新的消费模式等等。2024年我们可能重个股轻指数，提高风险意识，用绝对收益的思路更加谨慎地去选股。医药行业展望全年：医药板块是一个非常大的行业，我们将医药整体分为成长科技型，高技术含量，依赖投融资；防御型，有很深的护城河，（品牌、资源、政策保护等），我们的配置会客观依赖于我们观察的各种因子进行调整。成长型资产我们认为需求永在且刚性，所以一个能填补需求空缺的优秀产品永远是医药最好的投资逻辑，所以我们在去年能成功布局创新药中的ADC、双抗赛道，眼科产品阿托品、内窥镜等等产品刚需的领域，2024年，我们仍然会寻找医药中的稀有单品。防御型资产我们认为在药店，血制品，OTC药械会是比较好的选择，同时估值和筹码结构在这个领域比较重要，院内药械目前我们比较谨慎，需要观察医疗反腐的进展。消费行业展望全年：内地消费指数还在调整阶段，需求还比较弱，主要反应是市场对于消费复苏的悲观情绪，但是经过几年的消化，估值目前处于历史低位，进行了一定的风险补偿，个股的选择更加重要，我们比较关注出海、消费降级方向，消费的复苏还需要耐心。开年第一个月比较难，尤其是对于医药来说，跌幅居前，原因比较复杂，机构调仓、中美关系、医疗反腐等等，但是冷静下来，人类回归最本质的需求，不过饿了吃饭，生病吃药，我们相信最困难的时间会过去的，医药和消费是可以穿越牛熊的。","fund":{"_id":3000000013956,"__csrcFundId":10462,"stockCode":"013956","shortName":"华商医药消费精选混合(013956)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13956,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:00:13.591Z","status":"normal","exchange":"jj","name":"华商医药消费精选混合型证券投资基金","fundCollectionId":4000050510000,"masterFundShortName":"华商医药消费精选混合","inceptionDate":"2021-12-15T16:00:00.000Z","followedNum":9,"setUpDate":"2021-12-15T16:00:00.000Z","setUpAssetScale":511324806.02,"setUpShares":511324806.02,"pinyin":"hsyyxfjxhhxzqtzjj","managers":[{"stockCode":"db20892728","stockType":"fund_manager","exchange":"fm","tickerId":1923230020,"name":"孙蔚"}]},"announcement":{"linkText":"华商医药消费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=1057790","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0677fea5b3eb050c71b","date":"2023-09-29T16:00:00.000Z","stockId":3000000013956,"sao":"三季度医药先跌后涨，主要是反腐事件对板块有影响。三季度上证A股指数下跌2.86%，创业板下跌9.53%，申万生物医药下跌1.57%，其中7月下跌0.91%，8月下跌4.76%，主要是对医疗反腐的担忧，9月上涨4.3%，基本上把医药反腐的影响造成的回撤涨回来，同时医药板块演绎减肥药的主题炒作行情。我们认为中长期医药在周期底部，这几年经历了集采，药审审批收紧，反腐，总的来说医药是在做供给侧改革，未来随着新产品需求的提升，医药进入中长期底部向上周期。三季度消费是先涨后跌，内地消费指数下跌1.81%，其中7月上涨7.64%，主要是博弈顺周期政策，8月下跌6.93%，9月下跌1.98%，主要是顺周期数据均不及预期，我们认为经济的复苏还需要时间，耐心等待。在消费各个板块中，汽车的数据相对较好，主要是在消费降级背景下，智能化带来的国产汽车进口替代的结构性机会。组合现在的思路比较清晰，重点在于医药中长期见底的公司，其次是消费板块中的汽车和汽车零部件，底仓为白酒的高端品种。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:51:35.269Z","fund":{"_id":3000000013956,"__csrcFundId":10462,"stockCode":"013956","shortName":"华商医药消费精选混合(013956)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13956,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:00:13.591Z","status":"normal","exchange":"jj","name":"华商医药消费精选混合型证券投资基金","fundCollectionId":4000050510000,"masterFundShortName":"华商医药消费精选混合","inceptionDate":"2021-12-15T16:00:00.000Z","followedNum":9,"setUpDate":"2021-12-15T16:00:00.000Z","setUpAssetScale":511324806.02,"setUpShares":511324806.02,"pinyin":"hsyyxfjxhhxzqtzjj","managers":[{"stockCode":"db20892728","stockType":"fund_manager","exchange":"fm","tickerId":1923230020,"name":"孙蔚"}]},"announcement":{"linkText":"华商医药消费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=993034","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0677fea5b3eb050c71a","date":"2023-06-29T16:00:00.000Z","stockId":3000000013956,"sao":"2023年上半年的国内复苏是低于预期的，主要原因是大疫三年，消费的复苏不会一蹴而就，需要时间建立信心。然而在某些领域的消费的复苏也看好了数据的超预期好转，例如汽车，旅游，出行，餐饮，同时出口的数据也在缓慢回暖的。所以站在当前的时间点，我们仍然是看好复苏的，我们判断后续还有系列的刺激政策出台，增加人民群众的信心，所以我们判断现在是政策底，业绩底，估值底，静待花开即可。","declarationDate":"2023-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:51:35.266Z","mo":"消费行业中央经济工作会议中，把着力扩大内需放在了重点工作第一位，显示政府会出台相应的政策全力支持消费。同时，居民存款也显示出较大的消费潜力，2022年居民存款累计新增高达14.95万亿，环比上年多增约5万亿。尽管消费信心有待恢复，我们已看到较多的积极信号。第一，随着疫情防疫政策的改变，被抑制的消费需求有望逐步释放，很多场景类的消费复苏确定性较大。第二，即使新的变异株依然有可能造成二次感染，但是其影响相比第一次会减弱很多，预计对消费不会造成较大影响。第三，促消费支持政策有望持续出台。所以今年我们看好餐饮链、汽车链、还有新型消费赛道。医药行业2023年下半年主要看好三个方向：国内创新药行业的复苏、国内医院内诊疗的复苏、高技术壁垒的高端制造。第一，国内创新药行业的复苏。2022年全球的创新药融资数据继续加速恶化，尤其是下半年很多创新药服务的龙头企业都感受到了压力。2023年我们认为会看到创新药融资数据的改善，更加看好国内的创新药以及创新药产业链的复苏。从政策端，2021年开始国内收紧了临床审批的政策，也使得很多创新药企业在2022年调整其管线，集中资源从低端仿制药全面转向有全球竞争力的创新药管线，竞争格局的优化会利好一部份头部优秀企业。第二，国内医院内诊疗的复苏。随着疫情的逐步结束，在2023年我们的医院内市场会逐步恢复正常，这将会带动院内制剂、耗材等的复苏。第三，中美关系的不确定、中国经济转型的需求都会使制造业从低端人力密集型转为高端高科技制造。前三年的制造业增长多因为疫情期间的出口红利，但2022年随着海外经济复苏的弱化，未来还能继续成长的企业一定是高壁垒、研发驱动的高端制造业，这类企业凭借自身的产品壁垒，在国内市场可以实现国产替代，在海外也能逐步打开市场空间。","fund":{"_id":3000000013956,"__csrcFundId":10462,"stockCode":"013956","shortName":"华商医药消费精选混合(013956)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13956,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:00:13.591Z","status":"normal","exchange":"jj","name":"华商医药消费精选混合型证券投资基金","fundCollectionId":4000050510000,"masterFundShortName":"华商医药消费精选混合","inceptionDate":"2021-12-15T16:00:00.000Z","followedNum":9,"setUpDate":"2021-12-15T16:00:00.000Z","setUpAssetScale":511324806.02,"setUpShares":511324806.02,"pinyin":"hsyyxfjxhhxzqtzjj","managers":[{"stockCode":"db20892728","stockType":"fund_manager","exchange":"fm","tickerId":1923230020,"name":"孙蔚"}]},"announcement":{"linkText":"华商医药消费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=966884","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed0677fea5b3eb050c719","date":"2023-03-30T16:00:00.000Z","stockId":3000000013956,"sao":"一季度的生物医药板块高开低走，板块轮动加速。一季度上证A股指数上涨5.94%，创业板上涨2.25%，申万生物医药上涨1.86%，其中1月上涨5.47%，主要是创新药产业链引领；2月略持平和3月下跌3.35%，涨幅相对比较好的是中药板块。医药板块下跌的主要原因有几点：1、由于医药估值相对较高，美国加息的超预期的背景下，不利好高估值成长股；2、由于医药是从去年9月开始率先反弹，很多标的积累了大量的涨幅，有兑现收益的需求；3、市场的其他板块出现了超级大主题，医药板块相比没有比较优势，例如AI带来的产业大变革；4、尚未到业绩期，医药没有业绩确定性的优势。我们认为目前的位置不用非常悲观，首先随着年报和一季报的发布，医药的业绩优势开始显现；其次，医药经过一轮回调很多公司的估值具有性价比；最后，医药的复苏旺盛且具有确定性。随着大多数品类的集采的落地，医药的政策风险在减少，叠加老龄化的需求，医药的成长性和确定性都非常高。一季度的消费板块分化比较大，其中涨幅最好的是家用电器板块上涨11%，食品饮料、轻工、社会服务都在5%，美容护理-3%，消费板块内部轮动也非常的快速，整体看估值便宜的板块涨幅居前。今年消费主要是看复苏的强弱，目前看还是强预期弱现实，未来还是需要跟踪经济复苏的预期。组合在一季度进行了调仓，整体的思路还是在弱复苏背景下医药优于消费，医药持仓集中在创新药械、医美、中药、院内复苏，消费持仓集中在数据不断验证向上的啤酒、餐饮、农业等板块。","declarationDate":"2023-04-22T16:00:00.000Z","lastUpdated":"2026-03-09T13:51:35.263Z","fund":{"_id":3000000013956,"__csrcFundId":10462,"stockCode":"013956","shortName":"华商医药消费精选混合(013956)","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":13956,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T00:00:13.591Z","status":"normal","exchange":"jj","name":"华商医药消费精选混合型证券投资基金","fundCollectionId":4000050510000,"masterFundShortName":"华商医药消费精选混合","inceptionDate":"2021-12-15T16:00:00.000Z","followedNum":9,"setUpDate":"2021-12-15T16:00:00.000Z","setUpAssetScale":511324806.02,"setUpShares":511324806.02,"pinyin":"hsyyxfjxhhxzqtzjj","managers":[{"stockCode":"db20892728","stockType":"fund_manager","exchange":"fm","tickerId":19232300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