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年前三季度，医药板块（剔除次新股及ST股）整体营业收入、归母净利润、扣非净利润均小幅下降，这对于需求端稳定的医药行业来说历史上较为罕见。上述下滑的原因是多方面的：一是来自集采降费背景下药品和医疗耗材价格的持续下行；二是来自地方政府财政压力下公立医院设备招标采购周期的递延；三是部分偏消费属性的子行业（主要为消费医疗服务、品牌OTC）因居民端消费力不足亦有压力；四是部分外需相关的子行业（主要为新药研发外包）受到地缘政治因素扰动。值得留意的是，根据国家卫健委披露的数据，我国公立医院门诊量仍然保持稳定的增长，这说明行业需求侧长期“量”的逻辑未被破坏。此外，结构性的机会仍然存在，整个医药板块仍有20%左右的个股在2024年为正收益，有10%左右的个股年度涨幅大于10%。本基金在2024年降低了医疗服务、零售药店板块的配置，增加了部分有国际化逻辑的创新药、医疗器械的配置。","declarationDate":"2025-01-20T16:00:00.000Z","lastUpdated":"2026-03-09T13:59:34.915Z","mo":"2024年全国基本医保基金总收入3.48万亿元，同比增长4.4%，总支出为2.97万亿元，同比增长5.5%。我国医保基金收支增速在过去的十年内逐渐下行，目前已和GDP增速接近。考虑到我国居民参保率已经较高，且劳动力人口数缓慢下降，预计基本医保收支在未来相当长一段时间会维持平稳增长，而难以大幅提速。在此背景下，医药行业仍以结构性机会为主。如果参考部分医保政策类似的其他国家的发展历史，创新、国际化、消费是三个重要的选股方向。医药行业在本轮周期中调整时间较长，机构投资者配置比例在低位，而从需求侧看，在人口结构老龄化背景下，行业需求仍会经历一个较长的成长期。本基金会努力结合基本面和估值，通过独立研究选股，挖掘未被市场发现的机会，以期实现基金资产的保值增值。","fund":{"_id":3000000017479,"__csrcFundId":12690,"stockCode":"017479","shortName":"广发医药精选股票(017479)","masterFundShortName":"广发医药精选股票","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":17479,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:31:37.672Z","status":"normal","exchange":"jj","fundCollectionId":4000050300000,"name":"广发医药精选股票型证券投资基金","inceptionDate":"2023-07-05T16:00:00.000Z","setUpDate":"2023-07-05T16:00:00.000Z","followedNum":5,"setUpAssetScale":201459357.83,"setUpShares":201459357.83,"pinyin":"gfyyjxgpxzqtzjj","managers":[{"stockCode":"db20738866","stockType":"fund_manager","exchange":"fm","tickerId":231804202540,"name":"王瑞冬"}]},"announcement":{"linkText":"广发医药精选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=1252105","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2467fea5b3eb052b609","date":"2024-09-29T16:00:00.000Z","stockId":3000000017479,"sao":"2024年三季度，医药板块先抑后扬，行业指数自7月初至9月中旬持续调整，但在9月下旬后开启大幅反弹。各子行业内，前期跌幅较大的医疗服务涨幅最大，相对抗跌的中药板块反弹幅度较小。国内医药生物的投资当前处于一个较为复杂的阶段，单纯基于子行业景气度来进行投资决策的有效性在下降，而个股选择的重要性大幅提升。自三季度以来，偏消费属性的民营医疗、OTC板块需求端承压，偏刚需的院内处方药和高值耗材持续降价，外需主导的研发服务外包行业则受海外地缘政治扰动，波动剧烈。即便在上述诸多挑战下，依然有部分上市公司体现出较强的经营韧性，股价表现较好。报告期内，本基金维持了较高的股票仓位，规避了短期政策压力较大的方向，围绕“消费、创新、国际化”三条主线，筛选了部分个股。子行业配置上，主要增加了创新药和医疗器械行业的配置，降低了医美和中成药板块的持仓。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:59:34.905Z","fund":{"_id":3000000017479,"__csrcFundId":12690,"stockCode":"017479","shortName":"广发医药精选股票(017479)","masterFundShortName":"广发医药精选股票","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":17479,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:31:37.672Z","status":"normal","exchange":"jj","fundCollectionId":4000050300000,"name":"广发医药精选股票型证券投资基金","inceptionDate":"2023-07-05T16:00:00.000Z","setUpDate":"2023-07-05T16:00:00.000Z","followedNum":5,"setUpAssetScale":201459357.83,"setUpShares":201459357.83,"pinyin":"gfyyjxgpxzqtzjj","managers":[{"stockCode":"db20738866","stockType":"fund_manager","exchange":"fm","tickerId":231804202540,"name":"王瑞冬"}]},"announcement":{"linkText":"广发医药精选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=1176202","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2467fea5b3eb052b608","date":"2024-06-29T16:00:00.000Z","stockId":3000000017479,"sao":"2024年上半年，A股医药行业波动较大，中证医药指数上半年下跌20.15%，其中医疗服务、生物制品板块下跌较多，中药、医药商业板块跌幅较小。根据国家统计局公布的数据，2024年上半年我国规模以上医药制造业企业工业增加值同比增长2.0%，其中6月单月增长6.2%。行业增速在2023年上半年较高的基数上已经开始企稳向上。行业政策层面，自2023年下半年开始，医药行业的反腐行动一直在进行当中，至今年上半年已经逐步常态化。大型医疗设备招采和院内药品准入虽有一定放缓，但其影响正边际弱化。国家医保局继续推进集采，并对院外药品价格进行了专项治理。出于对需求端及行业政策的担忧，本基金在报告期内减配了消费属性较强的眼科医疗服务板块和连锁药店板块。为规避地缘政治扰动，本基金减持了医药研发服务外包板块。另一方面，本基金增加了需求相对刚性的中成药、创新药方向的配置，总体股票仓位未有明显变化。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T13:59:34.898Z","mo":"人口年龄结构作为长周期的确定性变量，决定了我国医药行业的需求端会持续增长，且从需求量的角度会快于大部分消费品。上述判断是我们对于医药行业发展信心的主要理由之一，在当前全球复杂的地缘政治环境和经济背景下，医药行业需求的确定性更显得可贵。但需要留意的是，一方面我国医保基金收支增速中枢在缓慢下移，另一方面医保覆盖的医用耗材和药品的价格已经形成了常态化的降价机制，这决定了未来医药板块的行情大概率是结构化甚至个股化的，而非全面的牛市，这对选股提出了更高的要求。本基金会努力沿着“创新、消费、国际化”三个方向寻找投资机会，争取为持有人创造超额回报。","fund":{"_id":3000000017479,"__csrcFundId":12690,"stockCode":"017479","shortName":"广发医药精选股票(017479)","masterFundShortName":"广发医药精选股票","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":17479,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:31:37.672Z","status":"normal","exchange":"jj","fundCollectionId":4000050300000,"name":"广发医药精选股票型证券投资基金","inceptionDate":"2023-07-05T16:00:00.000Z","setUpDate":"2023-07-05T16:00:00.000Z","followedNum":5,"setUpAssetScale":201459357.83,"setUpShares":201459357.83,"pinyin":"gfyyjxgpxzqtzjj","managers":[{"stockCode":"db20738866","stockType":"fund_manager","exchange":"fm","tickerId":231804202540,"name":"王瑞冬"}]},"announcement":{"linkText":"广发医药精选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=1147535","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2467fea5b3eb052b607","date":"2024-03-30T16:00:00.000Z","stockId":3000000017479,"sao":"2024年一季度，中证医药指数下跌11.13%，子行业中医疗服务、生物制药板块大幅下跌，中药、医药商业相对跌幅较小。在人口老龄化过程中，我国医疗保健相关需求长期向上，这是由人口周期决定的，也是医药行业比很多传统消费品有优势的地方。但我国医保体系的特点决定了大部分医保支付的产品长期价格是下行的，这为医疗行业的投资带来了更多的复杂性。从2018年国家医保局挂牌成立以来，大量仿制药、高值耗材的超额利润因集采而崩塌，部分产品单一的上市企业经历了市值的大幅收缩。而与此同时，一批具备产品创新能力、国际化销售能力的企业维持了良好的增长。在此过程中，我国基本医疗保险的支出总额并未缩减，只不过后者获得了更大的份额提升。报告期内，本组合持续围绕“创新、消费、国际化”的主线，筛选政策压力较小、有望获得长期份额提升的个股或细分行业进行投资。报告期间，考虑到行业竞争的加剧和居民端消费力有限，本组合减配了眼科医疗板块；同时，考虑到当前国际环境的复杂性，本组合减配了外需占比较高的医药研发服务业，将上述仓位转移至需求更加确定的中药OTC药品及创新药上。","declarationDate":"2024-04-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:59:34.891Z","fund":{"_id":3000000017479,"__csrcFundId":12690,"stockCode":"017479","shortName":"广发医药精选股票(017479)","masterFundShortName":"广发医药精选股票","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":17479,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:31:37.672Z","status":"normal","exchange":"jj","fundCollectionId":4000050300000,"name":"广发医药精选股票型证券投资基金","inceptionDate":"2023-07-05T16:00:00.000Z","setUpDate":"2023-07-05T16:00:00.000Z","followedNum":5,"setUpAssetScale":201459357.83,"setUpShares":201459357.83,"pinyin":"gfyyjxgpxzqtzjj","managers":[{"stockCode":"db20738866","stockType":"fund_manager","exchange":"fm","tickerId":231804202540,"name":"王瑞冬"}]},"announcement":{"linkText":"广发医药精选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=1065475","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2467fea5b3eb052b606","date":"2023-12-30T16:00:00.000Z","stockId":3000000017479,"sao":"2023年，申万医药指数下跌超过7%，二级行业中除化学制药指数为正收益外，其他子行业指数均为负收益，其中医疗服务指数调整幅度最大。2023年国内医院端的诊疗逐步恢复正常，从国家卫健委披露的医疗机构就诊数据和国家医保局披露的医保基金支出数据均可以看到：国内医药行业的增长依然平稳健康，且快于整体经济增速。行业政策上，2023年医疗卫生体系的反腐行动对行业带来了阶段性影响，从上市公司已公布的三季报看，部分医药企业在医疗反腐的大背景下确实出现了短期增长的降速。但通过产业调研，我们判断行业总体压力环比三季度趋于缓和。背后核心的原因是反腐并未影响医药行业的需求端，在人口老龄化的大背景下，国内医疗保健的需求仍然是刚性且稳定增长的，反腐更多是影响的产业结构而非总量。此外在医保政策方面，仿制药、高值耗材的集采，以及创新药“国谈”已逐步常态化。国家医保在不断扩大覆盖面的同时，也在不断压降不合理利润，让医保基金的使用更有效率。而上述过程对行业的影响一定是结构性的，部分公司受益的同时也会有部分企业严重受损。2023年是我国创新药大量对外授权的一年，我们欣喜地看到部分国产创新药已迈出国际化的脚步，通过和欧美大型跨国药企合作，实现产品的全球开发和销售。中国的制药工业在过去的二十年间，从仿制到“仿创”，再到“首创”，获得了长足的进步。本基金成立于2023年7月，在建仓期内以相对平缓的方式提升股票仓位，截至报告期末本基金已基本完成建仓。在行业的选择上，本基金规避了价格压力较大的方向，围绕“消费、创新、国际化”三条主线，配置的细分行业主要包括连锁药店及OTC药品、消费医疗、创新药及其产业链、药用包材等。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T13:59:34.888Z","mo":"展望2024年，我们相信国内医药卫生产业仍然会实现稳定的增长，且有较大概率超过同期GDP增速，这是人口结构变迁和行业刚性的需求属性决定的。此外，由于医保基金支出结构的优化调整，我们预计医药各子行业之间的表现依然会分化明显，这对管理人提出了更高的选股要求。考虑到2024年国内经济面临“有效需求不足”的挑战，我们判断部分依赖消费升级获得增长的行业可能会阶段性降速，而院内刚需的药品器械、国际化需求等方向的确定性相对更高。目前，医药指数和部分优质个股的估值水平均处于过去5年的30%分位以下，在需求稳定增长的大背景下，已具备了中长期的投资价值。本基金会努力结合基本面和估值，通过独立研究选股，挖掘未被市场充分定价的机会，力争实现基金资产的保值增值。","fund":{"_id":3000000017479,"__csrcFundId":12690,"stockCode":"017479","shortName":"广发医药精选股票(017479)","masterFundShortName":"广发医药精选股票","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":17479,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:31:37.672Z","status":"normal","exchange":"jj","fundCollectionId":4000050300000,"name":"广发医药精选股票型证券投资基金","inceptionDate":"2023-07-05T16:00:00.000Z","setUpDate":"2023-07-05T16:00:00.000Z","followedNum":5,"setUpAssetScale":201459357.83,"setUpShares":201459357.83,"pinyin":"gfyyjxgpxzqtzjj","managers":[{"stockCode":"db20738866","stockType":"fund_manager","exchange":"fm","tickerId":231804202540,"name":"王瑞冬"}]},"announcement":{"linkText":"广发医药精选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=1052933","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2467fea5b3eb052b605","date":"2023-09-29T16:00:00.000Z","stockId":3000000017479,"sao":"自本年7月初，国家卫生健康委员会同9部门联合印发了有关文件，聚焦解决当前医药领域腐败的突出问题，以及医药购销、医疗服务全链条中容易产生问题的关键环节。可以说，医药反腐对医药行业的影响贯穿了整个三季度，不同医药子行业亦受到了不同程度的影响。其中院内处方药推广销售、设备招标采购等影响较大，而药店端的OTC产品、上游的研发外包服务、民营医疗等受反腐影响较小。在医药反腐以外，政策层面在三季度的其他变化包括：中药配方颗粒的省级联盟集采、免疫化学发光诊断试剂的省级联盟集采、第四批高值医用耗材国家集采等。而从数据层面来看，国内医疗行业的需求和医保基金的总支出仍在稳步增长。国家卫健委公开数据显示：2023年1-5月，全国医疗卫生机构总诊疗人次同比增长5.9%，出院人次同比增长23.1%。国家医保局公开数据同样显示：2023年1-7月，全国基本医疗保险基金（含生育保险）总收入18611.60亿元，同比增长8.8%，总支出15528.66亿元，同比增长19.3%。以上数据表明，医疗服务的总需求稳健增长，在金额上超过同期GDP的增速，行业内仍然存在大量的结构性投资机会。本基金目前仍处于建仓期，考虑到三季度医药行业阶段性承压，本基金采用了相对平稳的建仓节奏，目前仓位较低。在子行业的选择上，本基金规避了短期政策压力较大的方向，围绕“消费、创新、国际化”三条主线，在眼科医疗、品牌OTC、零售药店、创新药等方向选择了部分龙头企业。","declarationDate":"2023-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T13:59:34.885Z","fund":{"_id":3000000017479,"__csrcFundId":12690,"stockCode":"017479","shortName":"广发医药精选股票(017479)","masterFundShortName":"广发医药精选股票","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":17479,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:31:37.672Z","status":"normal","exchange":"jj","fundCollectionId":4000050300000,"name":"广发医药精选股票型证券投资基金","inceptionDate":"2023-07-05T16:00:00.000Z","setUpDate":"2023-07-05T16:00:00.000Z","followedNum":5,"setUpAssetScale":201459357.83,"setUpShares":201459357.83,"pinyin":"gfyyjxgpxzqtzjj","managers":[{"stockCode":"db20738866","stockType":"fund_manager","exchange":"fm","tickerId":231804202540,"name":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