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     具体到操作层面，我们减持了部分业绩预期不明朗乃至有压力的公司，增持了部分经营趋势向上的个股，并逆周期加大了医疗设备等方向的配置比例。我们认为，当前的刺激政策在落地中需要时间，但是基本面的兑现迟早会来，我们要寻找什么样的行业和公司在政策刺激下能否实现业绩的兑现，以及思考兑现的斜率。      我们坚持内外双循环的投资策略。对内，我们寻找能分享银发经济和国内需求迭代的投资标的，包括但不限于创新药械、设备、血制品、高壁垒仿制药、中药等领域；对外，我们挖掘积极拥抱出海浪潮的公司，包括但不限于医疗耗材和设备、原料药、创新药械等领域。在持有基本面持续向好板块的同时，逐步布局业绩趋势有望反转的板块和个股。      我们始终坚持寻找产业周期和企业经营周期共振的公司，希望打造一支能较为稳定战胜业绩基准的产品，并持续拓展认知边界，优化组合管理能力，为持有人的利益不断努力。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T14:01:32.826Z","fund":{"_id":3000000018484,"__csrcFundId":12800,"stockCode":"018484","shortName":"财通资管医疗保健混合A","masterFundShortName":"财通资管医疗保健混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":18484,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:42.257Z","status":"normal","exchange":"jj","fundCollectionId":4000051320000,"name":"财通资管医疗保健混合型证券投资基金","inceptionDate":"2023-08-02T16:00:00.000Z","setUpDate":"2023-08-02T16:00:00.000Z","setUpAssetScale":390752193.19,"setUpShares":390752193.19,"pinyin":"ctzgylbjhhxzqtzjj","followedNum":2,"managers":[{"stockCode":"j101020617","stockType":"fund_manager","exchange":"fm","tickerId":232425251590,"name":"王鑫园"}]},"announcement":{"linkText":"财通资管医疗保健混合型证券投资基金2024年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1174607","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2bc7fea5b3eb05322cb","date":"2024-06-29T16:00:00.000Z","stockId":3000000018484,"sao":"在去年上半年院内诊疗复苏的高基数效应下，今年上半年医药板块的基本面表现缺乏亮点，且随着二季度开始的一系列专项治理政策，导致部分子行业的短期景气度和中期可见度发生了变化。内外部压力交织下，上半年医药行业表现乏善可陈，且缺乏清晰的主线。在整体板块缺乏β的情况下，板块内个股分化进一步拉大，且今年市场对于个股的审视更为严苛，不仅看重业绩增速的绝对值，也要考量业绩增长的质量，包括业绩增长的确定性、可持续性。       上半年，我们继续坚持内外双循环的投资策略。对内，我们寻找能分享银发经济和国内需求迭代的投资标的，包括但不限于创新药械、血制品、高壁垒仿制药、中药、设备耗材等领域；对外，我们挖掘积极拥抱出海浪潮的公司，包括但不限于医疗耗材和设备、原料药、创新药械等领域。在持有基本面持续向好板块和个股的同时，逐步布局基本面迎来改善或者即将见底的板块和个股。","declarationDate":"2024-07-18T16:00:00.000Z","lastUpdated":"2026-03-09T14:01:32.823Z","mo":"我们对于医药行业的中长期成长前景依然乐观，且认为当前的压力测试是检验公司质地的好时机。在内卷加剧的情况下，向管理要效率、向创新要未来、向海外要空间成为企业的必然选择。对内，人口老龄化的大背景会确定性地提升诊疗需求，且部分子行业还存在较大的进口替代空间；对外，出海已经是一道时代命题，医药行业部分公司已经取得了可喜的突破，我们坚信中国有希望诞生一批具备世界级竞争力的国际化企业。我们选择跟坚定者、奋进者、搏击者站在一起。      我们始终坚持寻找产业周期和企业经营节奏共振的公司，希望打造一支能较为稳定战胜业绩基准的产品，并持续拓展认知边界，优化组合管理能力，为持有人的利益不断努力。","fund":{"_id":3000000018484,"__csrcFundId":12800,"stockCode":"018484","shortName":"财通资管医疗保健混合A","masterFundShortName":"财通资管医疗保健混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":18484,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:42.257Z","status":"normal","exchange":"jj","fundCollectionId":4000051320000,"name":"财通资管医疗保健混合型证券投资基金","inceptionDate":"2023-08-02T16:00:00.000Z","setUpDate":"2023-08-02T16:00:00.000Z","setUpAssetScale":390752193.19,"setUpShares":390752193.19,"pinyin":"ctzgylbjhhxzqtzjj","followedNum":2,"managers":[{"stockCode":"j101020617","stockType":"fund_manager","exchange":"fm","tickerId":232425251590,"name":"王鑫园"}]},"announcement":{"linkText":"财通资管医疗保健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=1148789","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2bc7fea5b3eb05322ca","date":"2024-03-30T16:00:00.000Z","stockId":3000000018484,"sao":"2024年一季度医药板块表现疲软，显著跑输大盘指数，一方面去年四季度医药被明显加仓，导致今年初的交易拥挤度有所提升；另一方面由于美国议员提案影响CXO等子行业情绪，叠加基数效应下的业绩比较优势不明显，板块缺乏清晰的高共识度方向。我们认为，医药需求侧的逻辑市场并无分歧，供给侧的变化需要时间来消化。当前，国内企业需要积极拥抱海外市场，同时中国供给也是降低海外国家医疗开支占比的高性价比解决方案，因此脱钩不应该成为核心担忧点，虽然美国选举大年存在不可控的风险，但医药板块长期逻辑仍然是清晰的。因此，我们坚持内外双循环的投资策略。对内，我们寻找能分享银发经济和国内需求迭代的投资标的，包括但不限于创新药械、血制品、高壁垒仿制药、仿制药CXO、药店、中药等领域；对外，我们挖掘积极拥抱出海浪潮的公司，包括但不限于医疗耗材和设备、原料药、创新药械等领域。我们始终坚持寻找产业周期和企业经营周期共振的公司，希望打造一支能较为稳定战胜业绩基准的产品，并持续拓展认知边界，优化组合管理能力，为持有人的利益不断努力。","declarationDate":"2024-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:01:32.820Z","fund":{"_id":3000000018484,"__csrcFundId":12800,"stockCode":"018484","shortName":"财通资管医疗保健混合A","masterFundShortName":"财通资管医疗保健混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":18484,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:42.257Z","status":"normal","exchange":"jj","fundCollectionId":4000051320000,"name":"财通资管医疗保健混合型证券投资基金","inceptionDate":"2023-08-02T16:00:00.000Z","setUpDate":"2023-08-02T16:00:00.000Z","setUpAssetScale":390752193.19,"setUpShares":390752193.19,"pinyin":"ctzgylbjhhxzqtzjj","followedNum":2,"managers":[{"stockCode":"j101020617","stockType":"fund_manager","exchange":"fm","tickerId":232425251590,"name":"王鑫园"}]},"announcement":{"linkText":"财通资管医疗保健混合型证券投资基金2024年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1073998","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed2bc7fea5b3eb05322c9","date":"2023-12-30T16:00:00.000Z","stockId":3000000018484,"sao":"2023年医药板块整体表现符合我们在年初的判断，全年医药指数走势偏弱，分化明显。其中上半年医药板块以中药、仿制药、创新药和国企改革为代表的方向走势较强，我们成功把握了其中一些板块和个股的机会；进入6月份后，医药开始缺失主线，同时随着7月份下旬医药行业专项治理启动，板块回调明显，随后8月底在市场整体情绪回暖的背景下开启反弹，板块和个股轮动较快。整体来说，医药投资全年走势跌宕起伏，缺乏清晰的主线，对于交易灵活性要求变高，个股收益预期空间和容错度在变窄。","declarationDate":"2024-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:01:32.817Z","mo":"当前医药行业处于旧产业周期消退和新产业周期孕育的交织混沌期，投资难度较之前有所加大。国内对于医药行业的监管环境愈发严谨、政策体系更加科学化，同时伴随着经济高质量发展的导向，对于企业的要求在变高。而对参与全球化竞争的企业来说，地缘政治的影响仍不容忽视，同时中国供给带给全球供需格局的变化需要重新审视。但我们对于2024年医药行业要比2023年更为乐观，预计整体仍是结构性行情，但个股和细分板块的机会将有望更多。一方面，国内人口老龄化的趋势强化了医药行业需求端的逻辑，而在当前的宏观背景下医药行业的稳定增长属性将有望被重新定价。另一方面，随着医药行业进入高质量增长的新阶段，部分细分领域的龙头不仅在国内出类拔萃，在全球来看事实上也颇具竞争力，而海外医药市场规模数倍于国内，出海成为医药企业的必选项。因此，我们将继续坚持内外双循环的投资策略。对内，我们寻找能分享银发经济和国内需求迭代的投资标的，包括但不限于中药、高壁垒仿制药、创新药/械、仿制药CXO、药店等领域；对外，我们挖掘积极拥抱出海浪潮的公司，包括但不限于医疗耗材和设备、原料药、创新药/械等领域。我们始终坚持去寻找产业周期和企业经营节奏共振的公司，希望打造一支能较为稳定战胜业绩基准的产品，并持续拓展认知边界，优化组合管理能力，为持有人的利益不断努力。","fund":{"_id":3000000018484,"__csrcFundId":12800,"stockCode":"018484","shortName":"财通资管医疗保健混合A","masterFundShortName":"财通资管医疗保健混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":18484,"currency":"CNY","masterFundFlag":1,"lastUpdated":"2025-01-01T23:59:42.257Z","status":"normal","exchange":"jj","fundCollectionId":4000051320000,"name":"财通资管医疗保健混合型证券投资基金","inceptionDate":"2023-08-02T16:00:00.000Z","setUpDate":"2023-08-02T16:00:00.000Z","setUpAssetScale":390752193.19,"setUpShares":390752193.19,"pinyin":"ctzgylbjhhxzqtzjj","followedNum":2,"managers":[{"stockCode":"j101020617","stockType":"fund_manager","exchange":"fm","tickerId":232425251590,"name":"王鑫园"}]},"announcement":{"linkText":"财通资管医疗保健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=1057124","linkType":"PDF","source":"csrc_pdf"}}]}