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特点：（1）创新药国谈政策较为友好、商保目录有望推出，产品力、市场、临床体系强的公司将进一步提升其医院市场份额，且通过产品海外授权、享受到海外市场的更大空间；（2）医疗设备的动销增速重回较好增长；（3）海外新药研发外包的景气度回升；（4）设备器械龙头公司积极出海；（5）老龄化人群扩大、线上化率提升，院外OTC产品包括器械和中药有望抓住增长契机。　　本基金将持续关注以下方向：（1）创新药在国内市场的较快增长，以及出海机会；（2）创新器械的国产替代和出海；（3）院外市场，格局稳定、股东回报较好的公司；（4）AI技术对药物研发和医疗诊断的赋能。","fund":{"_id":3000000004075,"stockCode":"004075","stockType":"fund","areaCode":"cn","followedNum":284,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2017-02-19T16:00:00.000Z","setUpScale":1343810000,"market":"a","tickerId":4075,"custody":"中国工商银行股份有限公司","name":"交银施罗德医药创新股票型证券投资基金","shortName":"交银医药创新股票A","fundSecondLevel":"company","__csrcFundId":1597,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:41.327Z","masterFundFlag":1,"inceptionDate":"2017-03-22T16:00:00.000Z","fundCollectionId":4000050480000,"currency":"CNY","masterFundShortName":"交银医药创新股票","memoNum":3,"pinyin":"jysldyycxgpxzqtzjj","managers":[{"stockCode":"db20605567","stockType":"fund_manager","exchange":"fm","tickerId":120825180750,"name":"楼慧源"}]},"announcement":{"linkText":"交银施罗德医药创新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=1344570","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7a77fea5b3eb046eeb8","date":"2025-03-30T16:00:00.000Z","stockId":3000000004075,"sao":"回顾2025年一季度，沪深300指数下跌1.21%，中证医药上涨0.94%。　　国内医院市场景气度维持平淡，其中三级医院表现较好，医疗设备的采购重新恢复不错的增长；创新药械、低渗透率的产品保持了较快的增速。院外市场，药店客流有所恢复，部分品牌中药表现较好，大部分较为平淡，消费医疗中眼科好于其他类别、企稳回升。海外市场，新药研发生产外包服务商订单维持此前趋势，部分公司表现亮眼。　　当期我们对持仓结构的调整主要是：适当增加创新药仓位且精选个股、加仓了景气度回升的研发外包公司，减仓了业绩不及预期的个股。　　展望2025年二季度，我们认为医药行业将呈现几项特点：（1）创新药国谈加速进院、丙类目录有望推出，产品力、市场、临床体系强的公司将进一步提升其医院市场份额，且通过产品海外授权、享受到海外市场的收益；（2）医疗设备的动销增速重回较好增长；（3）海外新药研发外包的景气度已经回升；（4）设备器械龙头公司积极出海；（5）老龄化人群扩大，消费医疗、院外OTC产品有望抓住增长契机。　　本基金将持续关注以下方向：（1）院内市场，创新药械、国产替代的机会；（2）院外市场，格局稳定、商业模型突出、股东回报较好的公司；（3）海外市场可及空间较大，在产品、渠道及本土化运营等方面优势不断加强的公司；（4）AI技术对药物研发和医疗诊断的赋能。","declarationDate":"2025-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:14:15.014Z","fund":{"_id":3000000004075,"stockCode":"004075","stockType":"fund","areaCode":"cn","followedNum":284,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2017-02-19T16:00:00.000Z","setUpScale":1343810000,"market":"a","tickerId":4075,"custody":"中国工商银行股份有限公司","name":"交银施罗德医药创新股票型证券投资基金","shortName":"交银医药创新股票A","fundSecondLevel":"company","__csrcFundId":1597,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:41.327Z","masterFundFlag":1,"inceptionDate":"2017-03-22T16:00:00.000Z","fundCollectionId":4000050480000,"currency":"CNY","masterFundShortName":"交银医药创新股票","memoNum":3,"pinyin":"jysldyycxgpxzqtzjj","managers":[{"stockCode":"db20605567","stockType":"fund_manager","exchange":"fm","tickerId":120825180750,"name":"楼慧源"}]},"announcement":{"linkText":"交银施罗德医药创新股票型证券投资基金2025年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1268140","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7a77fea5b3eb046eeb7","date":"2024-12-30T16:00:00.000Z","stockId":3000000004075,"sao":"回顾2024年全年，沪深300指数上涨14.68%，中证医药下跌13.86%。　　医药板块在全市场表现相对不佳。国内医院市场景气度相对平淡，等级高的医院基本面好于基层市场，其中创新药械、低渗透率的产品、具备更好合规体系的公司还是取得了更多的市场份额；医院对医疗设备的采购一季度之后降速明显甚至转负、年底企稳、重新增长；院外市场，药店客流下行、呼吸道等相关产品在上半年呈现较好景气度、下半年需求下行、处于去库存周期；消费医疗需求呈现回落、年底企稳。海外市场中，设备器械、检验试剂公司均继续保持较好的增长，新药研发外包增速回升。　　当期我们对持仓结构的调整主要是：适当增加了创新药仓位且精选个股、加仓了景气度回升的研发外包公司、见底回升的医疗设备龙头以及股东回报加大的品牌中药，减仓了业绩持续不及预期的一些个股。","declarationDate":"2025-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:14:15.012Z","mo":"展望2025年，我们认为医药行业或将呈现几项特点：（1）创新药国谈加速进院、丙类目录等政策不断推进，行业环境净化，产品力、市场、临床体系强的药品器械公司将进一步提升其医院市场份额；（2）医疗设备的动销增速重回较好增长；（3）海外新药研发外包的景气度已经回升；（4）器械设备龙头公司积极出海，在海外市场展现了产品力、渠道、本土化生产运营等多方面的优势，继续保持较快增长；（5）老龄化人群扩大，消费医疗、院外OTC产品有望抓住增长契机。　　本基金将持续关注以下方向：（1）院内市场，创新药械、国产替代的机会；（2）院外市场，格局稳定、客单价稳定、消费人群扩大、加大股东回报的公司；（3）海外市场，可及空间较大，在产品、渠道及本土化运营等方面优势不断加强的公司；（4）AI技术对药物研发和医疗诊断的赋能。","fund":{"_id":3000000004075,"stockCode":"004075","stockType":"fund","areaCode":"cn","followedNum":284,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2017-02-19T16:00:00.000Z","setUpScale":1343810000,"market":"a","tickerId":4075,"custody":"中国工商银行股份有限公司","name":"交银施罗德医药创新股票型证券投资基金","shortName":"交银医药创新股票A","fundSecondLevel":"company","__csrcFundId":1597,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:41.327Z","masterFundFlag":1,"inceptionDate":"2017-03-22T16:00:00.000Z","fundCollectionId":4000050480000,"currency":"CNY","masterFundShortName":"交银医药创新股票","memoNum":3,"pinyin":"jysldyycxgpxzqtzjj","managers":[{"stockCode":"db20605567","stockType":"fund_manager","exchange":"fm","tickerId":120825180750,"name":"楼慧源"}]},"announcement":{"linkText":"交银施罗德医药创新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=1246438","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7a77fea5b3eb046eeb6","date":"2024-09-29T16:00:00.000Z","stockId":3000000004075,"sao":"回顾2024年三季度，沪深300指数上涨16.07%，中证500上涨16.19%，中证医药上涨19.43%。　　医药板块在全市场表现不佳。分板块看，则有一定的结构分化。国内院内市场需求稳健，创新药械、低渗透率的产品、具备更好合规体系的公司取得了更多的市场份额。院外市场，药店客流走弱，感冒类OTC药品面临景气度下行；消费医疗需求继续较为平淡。海外市场，器械设备类公司持续开拓国际市场；新药研发外包的景气度底部略有回升，但受外部因素的影响仍有不确定性风险。　　当期我们对持仓结构的调整主要是：加仓了创新药平台型公司、周期底部回升的研发外包公司、股东回报加大的院外市场类消费品公司，减仓了业绩不及预期的个股。　　本基金将重点关注以下方向：（1）院内市场：创新药械、国产替代的机会，进院准入、审批、支付端有政策鼓励；（2）院外市场：格局稳定、客单价稳定、消费人群扩大、加大股东回报的公司；（3）海外市场：可及空间较大，在产品、渠道及本土化运营等方面优势不断加强的公司。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:14:15.009Z","fund":{"_id":3000000004075,"stockCode":"004075","stockType":"fund","areaCode":"cn","followedNum":284,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2017-02-19T16:00:00.000Z","setUpScale":1343810000,"market":"a","tickerId":4075,"custody":"中国工商银行股份有限公司","name":"交银施罗德医药创新股票型证券投资基金","shortName":"交银医药创新股票A","fundSecondLevel":"company","__csrcFundId":1597,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:41.327Z","masterFundFlag":1,"inceptionDate":"2017-03-22T16:00:00.000Z","fundCollectionId":4000050480000,"currency":"CNY","masterFundShortName":"交银医药创新股票","memoNum":3,"pinyin":"jysldyycxgpxzqtzjj","managers":[{"stockCode":"db20605567","stockType":"fund_manager","exchange":"fm","tickerId":120825180750,"name":"楼慧源"}]},"announcement":{"linkText":"交银施罗德医药创新股票型证券投资基金2024年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1176491","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7a77fea5b3eb046eeb5","date":"2024-06-29T16:00:00.000Z","stockId":3000000004075,"sao":"回顾2024年上半年，沪深300指数上涨0.89%，中证500下跌8.96%，恒生指数上涨3.94%。　　医药板块在全市场表现不佳。分板块看，则有一定的结构分化。国内院内市场，从2023年四季度开始逐步恢复，创新药械、低渗透率的产品、具备更好合规体系的公司取得了更多的市场份额。院外市场，药店客流有所下滑，感冒类OTC药品面临景气度下行，品牌力好的产品取得更多份额；消费医疗需求较淡。海外市场，器械设备类公司继续开拓国际市场；新药研发外包的景气度仍然处于底部、商业化创新药大单品对部分公司有拉动，但是面临外部因素影响下的不确定性风险。　　当期我们对持仓结构的调整主要是：加仓了海外竞争力持续提升的医疗器械公司、周期见底的国内临床研发外包龙头，增加了格局稳定、股东回报加大的个股的配置，减仓了受外部环境影响较大、盈利不明朗的的个股。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:14:15.007Z","mo":"本基金将重点关注以下方向：（1）院内市场：创新药械、国产替代的机会，进院准入、审批、支付端有政策的鼓励；（2）院外市场：格局稳定、客单价稳定、面向消费人群扩大，加大股东回报的公司；（3）海外市场：可及空间较大，在产品、渠道及本土化运营等方面优势不断加强的公司。","fund":{"_id":3000000004075,"stockCode":"004075","stockType":"fund","areaCode":"cn","followedNum":284,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2017-02-19T16:00:00.000Z","setUpScale":1343810000,"market":"a","tickerId":4075,"custody":"中国工商银行股份有限公司","name":"交银施罗德医药创新股票型证券投资基金","shortName":"交银医药创新股票A","fundSecondLevel":"company","__csrcFundId":1597,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:41.327Z","masterFundFlag":1,"inceptionDate":"2017-03-22T16:00:00.000Z","fundCollectionId":4000050480000,"currency":"CNY","masterFundShortName":"交银医药创新股票","memoNum":3,"pinyin":"jysldyycxgpxzqtzjj","managers":[{"stockCode":"db20605567","stockType":"fund_manager","exchange":"fm","tickerId":120825180750,"name":"楼慧源"}]},"announcement":{"linkText":"交银施罗德医药创新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=1148423","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7a77fea5b3eb046eeb4","date":"2024-03-30T16:00:00.000Z","stockId":3000000004075,"sao":"回顾2024年一季度，沪深300指数上涨3.10%，中证500下跌2.64%，中证医药下跌11.13%。　　总体，医药板块在全市场表现不佳，可能有一定的高基数原因。分板块看，则有一定的结构分化。国内的院内市场，从2023年四季度开始逐步恢复，创新药械、低渗透率的产品、具备更好合规体系的公司显示出更好的复苏韧性和增长势头。院外市场，部分品牌力较好的中药产品动销良好，部分OTC公司则面临高基数，有所下滑，而加大股东回报的公司股价表现相对更好；药店客流有所恢复；消费医疗仍然呈现淡季较淡的情况。海外市场，器械设备类公司继续开拓国际市场；新药研发外包的景气度仍然处于底部，且商业化创新药大单品对部分公司有拉动，需观察外部因素潜在影响。　　本基金重点关注以下方向：（1）院内市场，创新药械、国产替代，支付审批等政策的鼓励方向；（2）院外市场，成熟行业、格局稳定、客单价稳定、加大股东回报的公司；（3）海外市场，可及空间较大、产品力好，且在产品、渠道、本土化运营等方面展露优势的公司。　　当期我们对持仓结构的调整主要是：加仓了创新药龙头、海外竞争力持续提升的医疗器械公司、格局优化的检验龙头，减仓了业绩不及预期的内需股、研发外包公司。","declarationDate":"2024-04-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:14:15.004Z","fund":{"_id":3000000004075,"stockCode":"004075","stockType":"fund","areaCode":"cn","followedNum":284,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2017-02-19T16:00:00.000Z","setUpScale":1343810000,"market":"a","tickerId":4075,"custody":"中国工商银行股份有限公司","name":"交银施罗德医药创新股票型证券投资基金","shortName":"交银医药创新股票A","fundSecondLevel":"company","__csrcFundId":1597,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:41.327Z","masterFundFlag":1,"inceptionDate":"2017-03-22T16:00:00.000Z","fundCollectionId":4000050480000,"currency":"CNY","masterFundShortName":"交银医药创新股票","memoNum":3,"pinyin":"jysldyycxgpxzqtzjj","managers":[{"stockCode":"db20605567","stockType":"fund_manager","exchange":"fm","tickerId":120825180750,"name":"楼慧源"}]},"announcement":{"linkText":"交银施罗德医药创新股票型证券投资基金2024年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1072678","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7a77fea5b3eb046eeb3","date":"2023-12-30T16:00:00.000Z","stockId":3000000004075,"sao":"回顾2023年全年，开年经济复苏的预期较强，但一季度经历了阶段性复苏后，宏观数据预期逐步下修，股票市场也随之走跌。全年上证指数下跌3.70%，创业板指下跌19.41%，沪深300指数下跌11.38%，恒生指数下跌13.82%。就医药行业来看，一月消费复苏个股表现较好；二月至五月，感冒药、血制品、大输液等因疫情景气度带来了业绩超预期、表现较好；六月、七月，院内药品器械股表现较好，但八月受到政策影响较大，又有较大幅度的下跌；九月至十一月，医药板块相对于全市场有比较明显的超额收益，主要体现在药品器械和研发外包板块；十二月，相对分化，创新药板块较好，但其他板块表现一般。　　回顾2023年的操作，开年对复苏的预期过高，内需个股超配，最终持仓的估值中枢下移较多，影响了组合回报；高景气度板块和0到1的投资参与较少，暴露了上行风险。未来将吸取经验：宏观预期的波动对组合的估值扰动较大，需要加入考量，但选股的重点，仍以自己可定价的投资回报为主要标准，对持续性较短的景气度投资或者无法定价的投资，仍然会谨慎对待。　　当下的沪深300指数，无论是PE、PB、股息率，均处于历史低位水平。在当下估值水平下，应当积极做个股的风险定价，以获得更好的投资回报。总量放缓的大背景下，我们积极寻找的个股可能有以下表现形式：1）中低增速行业的优质龙头，供给端相对紧张，格局已经优化或本就稳定，资本开支减少，盈利能力提升，自由现金流改善；2）可及市场较大，低渗透率，需求端维持较快增长的公司，且先进入者有先发优势；3）创新带来了新的供给，满足了之前未满足需求。同时我们也认识到，因为真成长的稀缺性，第二、第三类股票在A股的价格普遍较高，我们将耐心等待机会。","declarationDate":"2024-01-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:14:15.002Z","mo":"我们认为中国自身的市场大且有层次，不同行业的发展阶段并不一样，我们依然努力寻找有较好成长动能的细分行业，或者格局优化、回报率正在提高的成熟行业，从中筛选持续增长的优质公司，以分享公司的高资本回报水平。总的来说，公司的资本回报率如何，是否有不错的增长（可以把部分留存收益以高回报率进行再投资），是否具备良好的自由现金流，是否有意愿实现良好的股东回报（包括分红和回购注销），是我们会重点关注的问题。　　展望2024年，我们认为医药行业将呈现几项特点：　　1）创新药谈判规则温和、DRGS除外支付、国谈药品加速进院等政策在不断推进，行业环境不断净化，产品力刚性、市场、临床、合规体系强的药品器械公司将进一步提升其医院市场份额，检验龙头通过特检项目的领先优势、普检的成本优势、较强的合规优势，提升自身份额；　　2）老龄化人群扩大，院外市场品牌消费产品或服务呈现出较好的业绩，量价齐升的增长仍在持续；　　3）器械设备龙头公司积极出海，已有公司在海外市场展现了产品力、渠道、本土化生产运营等多方面的优势，且未来可及市场较大；　　4）海外新药研发外包的景气度处于底部、商业化创新药大单品和新技术对一些公司的拉动已经开始显现，且有望催生进一步的研发需求。　　当期我们对持仓结构的调整主要是：加仓了海外竞争力持续提升的医疗器械公司、格局优化的检验龙头，减仓了业绩不及预期的内需股，加仓了产品结构优化的血制品龙头。","fund":{"_id":3000000004075,"stockCode":"004075","stockType":"fund","areaCode":"cn","followedNum":284,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2017-02-19T16:00:00.000Z","setUpScale":1343810000,"market":"a","tickerId":4075,"custody":"中国工商银行股份有限公司","name":"交银施罗德医药创新股票型证券投资基金","shortName":"交银医药创新股票A","fundSecondLevel":"company","__csrcFundId":1597,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:41.327Z","masterFundFlag":1,"inceptionDate":"2017-03-22T16:00:00.000Z","fundCollectionId":4000050480000,"currency":"CNY","masterFundShortName":"交银医药创新股票","memoNum":3,"pinyin":"jysldyycxgpxzqtzjj","managers":[{"stockCode":"db20605567","stockType":"fund_manager","exchange":"fm","tickerId":120825180750,"name":"楼慧源"}]},"announcement":{"linkText":"交银施罗德医药创新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=1056522","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7a67fea5b3eb046eeb2","date":"2023-09-29T16:00:00.000Z","stockId":3000000004075,"sao":"回顾2023年三季度，国内医疗市场复苏较好，但院内药品器械设备的收入端一定程度上受到了影响，海外新药早期研发的整体景气度仍然处于底部、但新技术新需求开始显现。　　当期我们对持仓结构的调整主要是：加仓了由减肥药等新需求拉动的创新药供应链公司，第三方检验龙头，加仓了具有较好产品力的创新药品器械公司，减仓了业绩不及预期的院内药品股。　　我们认为，随着集采的出清、创新药谈判议价进院等鼓励政策逐步出台，中长期看，产品力好、合规体系强的公司有望进一步提升市场份额。我们将继续精选持续成长的高质量个股。","declarationDate":"2023-10-23T16:00:00.000Z","lastUpdated":"2026-03-09T13:14:14.999Z","fund":{"_id":3000000004075,"stockCode":"004075","stockType":"fund","areaCode":"cn","followedNum":284,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2017-02-19T16:00:00.000Z","setUpScale":1343810000,"market":"a","tickerId":4075,"custody":"中国工商银行股份有限公司","name":"交银施罗德医药创新股票型证券投资基金","shortName":"交银医药创新股票A","fundSecondLevel":"company","__csrcFundId":1597,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:41.327Z","masterFundFlag":1,"inceptionDate":"2017-03-22T16:00:00.000Z","fundCollectionId":4000050480000,"currency":"CNY","masterFundShortName":"交银医药创新股票","memoNum":3,"pinyin":"jysldyycxgpxzqtzjj","managers":[{"stockCode":"db20605567","stockType":"fund_manager","exchange":"fm","tickerId":120825180750,"name":"楼慧源"}]},"announcement":{"linkText":"交银施罗德医药创新股票型证券投资基金2023年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=983734","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7a67fea5b3eb046eeb1","date":"2023-06-29T16:00:00.000Z","stockId":3000000004075,"sao":"回顾2023年上半年，国内的医药市场继续处于恢复的通道，医药作为刚性需求，复苏的持续性较好。二月、三月，积压需求释放后，二季度持续性仍然较好。　　当期我们对持仓结构的调整主要是：增持受益于国内复苏的主线，在检验服务、医疗服务、创新药、器械等各领域中精选个股，减配了国内复苏不达预期的个股、受海外需求负面影响的个股。","declarationDate":"2023-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:14:14.996Z","mo":"随着疫情等负面因素逐步出清，行业趋势总体向上，创新药谈判续约政策有所改善，政策稳定预期逐步形成，我们主要关注格局清晰稳定、渗透率有提升空间的方向，比如创新药新术式的推广，创新医疗器械的国产替代，第三方检验的市占率提升，眼科、医美、减肥等新产品品类。我们将继续精选业绩确定性高、持续成长的个股。","fund":{"_id":3000000004075,"stockCode":"004075","stockType":"fund","areaCode":"cn","followedNum":284,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2017-02-19T16:00:00.000Z","setUpScale":1343810000,"market":"a","tickerId":4075,"custody":"中国工商银行股份有限公司","name":"交银施罗德医药创新股票型证券投资基金","shortName":"交银医药创新股票A","fundSecondLevel":"company","__csrcFundId":1597,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:41.327Z","masterFundFlag":1,"inceptionDate":"2017-03-22T16:00:00.000Z","fundCollectionId":4000050480000,"currency":"CNY","masterFundShortName":"交银医药创新股票","memoNum":3,"pinyin":"jysldyycxgpxzqtzjj","managers":[{"stockCode":"db20605567","stockType":"fund_manager","exchange":"fm","tickerId":120825180750,"name":"楼慧源"}]},"announcement":{"linkText":"交银施罗德医药创新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=960216","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7a67fea5b3eb046eeb0","date":"2023-03-30T16:00:00.000Z","stockId":3000000004075,"sao":"回顾2023年一季度，国内的医药市场处于疫后恢复的通道。一月初，仍有疫情的负面影响，春节后逐步恢复增长。从二月和三月的数据来看，医药作为刚性需求，复苏的持续性较好。  当期我们对持仓结构的调整主要是：增持受益于国内疫后复苏的主线，在医疗服务、专科药、中药、创新药、检验服务以及器械等各领域中精选个股，减配了受益于疫情2023年业绩持续性不明确的品种和面向外需业绩不确定的个股。  2022年医药行业集采和疫情等负面因素反应较为充分，展望2023年二季度，行业总体向上，政策稳定预期逐步形成，疫后修复将是主线，其中包括医院就诊场景的恢复、新药新术式的学术推广，医美、眼科、牙科等可选医疗消费的弹性，以及国产替代的继续加速。基于海外经济衰退的不确定性，我们将在医药出口行业精选业绩确定性高的个股。","declarationDate":"2023-04-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:14:14.994Z","fund":{"_id":3000000004075,"stockCode":"004075","stockType":"fund","areaCode":"cn","followedNum":284,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2017-02-19T16:00:00.000Z","setUpScale":1343810000,"market":"a","tickerId":4075,"custody":"中国工商银行股份有限公司","name":"交银施罗德医药创新股票型证券投资基金","shortName":"交银医药创新股票A","fundSecondLevel":"company","__csrcFundId":1597,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:41.327Z","masterFundFlag":1,"inceptionDate":"2017-03-22T16:00:00.000Z","fundCollectionId":4000050480000,"currency":"CNY","masterFundShortName":"交银医药创新股票","memoNum":3,"pinyin":"jysldyycxgpxzqtzjj","managers":[{"stockCode":"db20605567","stockType":"fund_manager","exchange":"fm","tickerId":120825180750,"name":"楼慧源"}]},"announcement":{"linkText":"交银施罗德医药创新股票型证券投资基金2023年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=882977","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7a67fea5b3eb046eeaf","date":"2022-12-30T16:00:00.000Z","stockId":3000000004075,"sao":"回顾2022年，三月、四月，在疫情反复、海外加息以及俄乌战争等负面因素作用下，市场出现较大幅度的调整。五月、六月，市场出现反弹且景气度较高的成长赛道表现较好。但在三季度，尤其是八月后，在国内疫情、房地产信用危机、海外经济衰退的再度担心下，市场再次出现较大幅度的调整，直至十一月后，市场有所反弹。从全年来看，疫情、房地产行业信用危机以及美联储加息等各项负面因素的持续性和强度超出了年初的预期，全年上证指数下跌15.13%，创业板指下跌29.37%。  当期我们对持仓结构的调整主要是：增持受益于国内疫后复苏的主线，主要是在医疗服务、专科药、创新药、检验服务以及器械等领域中精选个股，重点关注产品结构升级、竞争力加强的品种。","declarationDate":"2023-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:14:14.991Z","mo":"2022年，影响医药行业负面因素反应较为充分。展望2023年，行业总体向上，政策稳定预期逐步形成，疫后修复将是主线，其中包括医院就诊场景的恢复（医美眼科牙科等可选医疗消费的弹性，以及国产替代的继续加速。基于海外经济衰退的不确定性，医药出口行业我们将精选业绩确定性高的个股。","fund":{"_id":3000000004075,"stockCode":"004075","stockType":"fund","areaCode":"cn","followedNum":284,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2017-02-19T16:00:00.000Z","setUpScale":1343810000,"market":"a","tickerId":4075,"custody":"中国工商银行股份有限公司","name":"交银施罗德医药创新股票型证券投资基金","shortName":"交银医药创新股票A","fundSecondLevel":"company","__csrcFundId":1597,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:41.327Z","masterFundFlag":1,"inceptionDate":"2017-03-22T16:00:00.000Z","fundCollectionId":4000050480000,"currency":"CNY","masterFundShortName":"交银医药创新股票","memoNum":3,"pinyin":"jysldyycxgpxzqtzjj","managers":[{"stockCode":"db20605567","stockType":"fund_manager","exchange":"fm","tickerId":120825180750,"name":"楼慧源"}]},"announcement":{"linkText":"交银施罗德医药创新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=867570","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7a67fea5b3eb046eeae","date":"2022-09-29T16:00:00.000Z","stockId":3000000004075,"sao":"回顾2022年三季度，国内疫情继续反复，海外经济衰退的不确定性加大，市场经历了五月、六月的快速反弹后持续回落，上证综指下跌11.0%，创业板指下跌18.6%。  我们对持仓结构的调整主要包括：增配医美、医疗设备等方向，减配面向海外需求、业绩不明朗的公司。  当下宏观环境复杂，对市场的短期扰动较大。经过三季度的持续调整，我们认为，对照估值水平，已经能找到一批竞争力突出的公司，或已具备不错的收益空间。我们将继续精选个股，持续关注如下方向：渗透率有较大提升空间、经历了疫情的考验后韧性较强的医疗服务和医疗消费品，受益于国产替代的设备和材料，生物医药创新技术，创新药研发外包和制造外包。","declarationDate":"2022-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:14:14.989Z","fund":{"_id":3000000004075,"stockCode":"004075","stockType":"fund","areaCode":"cn","followedNum":284,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2017-02-19T16:00:00.000Z","setUpScale":1343810000,"market":"a","tickerId":4075,"custody":"中国工商银行股份有限公司","name":"交银施罗德医药创新股票型证券投资基金","shortName":"交银医药创新股票A","fundSecondLevel":"company","__csrcFundId":1597,"fundStatus":"normal","lastUpdated":"2024-12-31T23:39:41.327Z","masterFundFlag":1,"inceptionDate":"2017-03-22T16:00:00.000Z","fundCollectionId":4000050480000,"currency":"CNY","masterFundShortName":"交银医药创新股票","memoNum":3,"pinyin":"jysldyycxgpxzqtzjj","managers":[{"stockCode":"db20605567","stockType":"fund_manager","exchange":"fm","tickerId":120825180750,"name":"楼慧源"}]},"announcement":{"linkText":"交银施罗德医药创新股票型证券投资基金2022年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=801778","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aec7a67fea5b3eb046eead","date":"2022-06-29T16:00:00.000Z","stockId":3000000004075,"sao":"回顾2022年上半年，在国内疫情反复、海外加息等变量冲击下，三月、四月对国内经济的悲观预期蔓延，市场出现较大幅度的调整。五月、六月随着疫情得到控制，货币和财政政策相对积极，海外发达经济体衰退的担心加剧，市场转向受宏观经济影响较小、景气度较高的成长赛道。  我们对持仓结构的调整主要包括：增配医疗消费方向如眼科、医美以及药妆等，增配景气度明确的成长性个股，减配前期受益于新冠疫情、未来成长性不明朗的公司。","declarationDate":"2022-07-19T16:00:00.000Z","lastUpdated":"2026-03-09T13:14:14.986Z","mo":"展望2022年下半年，目前在常态化核酸等防疫措施下，国内医疗的正常需求有望得到更好的恢复，我们也会较多关注其中的机会。中长期我们继续看好以下方向：承接全球需求的创新药研发外包和制造外包，渗透率仍有较大提升空间的医疗服务和医疗消费品，受益于国产替代的医药制造新材料和设备，生物医药创新技术的进步。","fund":{"_id":3000000004075,"stockCode":"004075","stockType":"fund","areaCode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