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　　出于避险考虑，我们在季度末适当降低了仓位，但整体仍保持较高仓位运作。我们继续遵循了景气度趋势投资的策略，以配置创新药、创新医疗器械、创新产业链为主，回避了部分短期景气度较差的药店、医疗服务等资产，更加聚焦于有研发实力、有资金实力、流动性更好的中大市值龙头上。","declarationDate":"2024-07-17T16:00:00.000Z","lastUpdated":"2026-03-09T14:01:22.134Z","mo":"宏观方面，由于当前财政发力以结构性为主而非总量的显著扩张，我们判断当前基本面的复苏是慢变量。随着美国大选的临近，欧美的外贸政策面对一定的不确定性，需要警惕一些行业欧美需求敞口过大的相关风险。我们认为未来总量上的大反攻仍需等待，但结构性的机会或将非常丰富，比如受政策催化的设备更新、低空经济、服务消费品种，有产业逻辑的消费电子、AI，以及有拐点逻辑的医药、军工等，总体还是可以有所为的市场。 　　医药板块由于2季度短期业绩压力仍大，股价延续了1季度的颓势。但我们仍能在其中看到一些亮点，如创新药公司的数据披露、减肥药产业链的业绩高增等。下半年医药的同比高基数压力消除，表观业绩上会恢复正常增长，叠加创新药全链条支持、设备更新等的政策推进，相对上半年的机会会更多。","fund":{"_id":3000000018364,"__csrcFundId":12932,"stockCode":"018364","shortName":"银华医疗健康混合(018364)","masterFundShortName":"银华医疗健康混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":18364,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:56:28.768Z","status":"normal","exchange":"jj","fundCollectionId":4000050140000,"inceptionDate":"2023-09-05T16:00:00.000Z","name":"银华医疗健康混合型证券投资基金","setUpDate":"2023-09-05T16:00:00.000Z","setUpAssetScale":137144352.87,"setUpShares":137144352.87,"followedNum":6,"pinyin":"yhyljkhhxzqtzjj","managers":[{"stockCode":"db20628543","stockType":"fund_manager","exchange":"fm","tickerId":2616189400,"name":"张萍"},{"stockCode":"db20892793","stockType":"fund_manager","exchange":"fm","tickerId":2312238520,"name":"王璐"}]},"announcement":{"linkText":"银华医疗健康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=1154147","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2b27fea5b3eb05316c0","date":"2024-03-30T16:00:00.000Z","stockId":3000000018364,"sao":"医药由于短期行业原因以及去年上半年的业绩高基数，未来1-2个季度内板块业绩并不十分亮眼，基本面有一定压力。但考虑到股价已经反应了大部分的利空，我们对医药板块的投资机会并不悲观。配置上，我们仍然以“创新”为主线，因为创新药是目前政策明确鼓励且持续有催化剂兑现的板块，其他板块均衡配置，包括高值耗材、中药、医疗服务等。","declarationDate":"2024-04-18T16:00:00.000Z","lastUpdated":"2026-03-09T14:01:22.131Z","fund":{"_id":3000000018364,"__csrcFundId":12932,"stockCode":"018364","shortName":"银华医疗健康混合(018364)","masterFundShortName":"银华医疗健康混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":18364,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:56:28.768Z","status":"normal","exchange":"jj","fundCollectionId":4000050140000,"inceptionDate":"2023-09-05T16:00:00.000Z","name":"银华医疗健康混合型证券投资基金","setUpDate":"2023-09-05T16:00:00.000Z","setUpAssetScale":137144352.87,"setUpShares":137144352.87,"followedNum":6,"pinyin":"yhyljkhhxzqtzjj","managers":[{"stockCode":"db20628543","stockType":"fund_manager","exchange":"fm","tickerId":2616189400,"name":"张萍"},{"stockCode":"db20892793","stockType":"fund_manager","exchange":"fm","tickerId":2312238520,"name":"王璐"}]},"announcement":{"linkText":"银华医疗健康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=1069448","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2b27fea5b3eb05316bf","date":"2023-12-30T16:00:00.000Z","stockId":3000000018364,"sao":"报告期内，我们保持高仓位，选择了重仓创新药、医疗器械，同时布局医疗服务、中药以及其他一些业绩确定性较高的公司。","declarationDate":"2024-01-18T16:00:00.000Z","lastUpdated":"2026-03-09T14:01:22.128Z","mo":"2023年医药震荡向下。展望2024年，创新药进入收获期，我们对2024年的医药板块继续保持乐观。配置上，我们会继续以“创新”为主线，主要仓位配置有国际竞争力的创新药、医疗器械；另外我们看到，消费医疗板块具备预期低、估值低、股价位置低的优势，我们也将底部布局一些业绩增速快、估值合理的医疗服务和其他消费医疗。　　我们坚守的长期主线还是创新。医药周期本质上是创新周期。2017年至今，医药的大行情都是创新驱动的。海外加息周期接近尾声，医药一级市场投融资数据开始回暖，叠加减重药、阿尔兹海默症诊断及用药、ADC、双抗等新靶点、新药物形式的出现，国内医药研发新一轮的创新周期已经开启。","fund":{"_id":3000000018364,"__csrcFundId":12932,"stockCode":"018364","shortName":"银华医疗健康混合(018364)","masterFundShortName":"银华医疗健康混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":18364,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2026-05-01T01:56:28.768Z","status":"normal","exchange":"jj","fundCollectionId":4000050140000,"inceptionDate":"2023-09-05T16:00:00.000Z","name":"银华医疗健康混合型证券投资基金","setUpDate":"2023-09-05T16:00:00.000Z","setUpAssetScale":137144352.87,"setUpShares":137144352.87,"followedNum":6,"pinyin":"yhyljkhhxzqtzjj","managers":[{"stockCode":"db20628543","stockType":"fund_manager","exchange":"fm","tickerId":2616189400,"name":"张萍"},{"stockCode":"db20892793","stockType":"fund_manager","exchange":"fm","tickerId":2312238520,"name":"王璐"}]},"announcement":{"linkText":"银华医疗健康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=1057789","linkType":"PDF","source":"csrc_pdf"}}]}