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资了CXO，并以二线景气度最好的标的为主要配置方向。二三季度通过继续验证行业景气度，坚持了CXO的配置结构，同时基于对行业的理解，从市值观角度出发，较早的降低了医疗服务、自费消费品的配置比例，较好规避了此类资产的下跌。全年坚持以CXO为主体的配置结构，获得了较好的超额收益；  比较失误在于2021年四季度尤其是12月份，随着辉瑞小分子新冠药物获批上市，CXO的情绪高点没有及时获利了结。","declarationDate":"2022-01-23T16:00:00.000Z","lastUpdated":"2026-03-09T14:11:11.205Z","mo":"展望2022年医药行业逐步进入到疫后回归正常的状态；我们预计医保费用增速能够维持10~15%的增长区间，受到疫情冲击的子板块有望进入到修复期；与此同时医药集采已经进入到新常态运作，并开始向自费药、种植牙等领域渗透。2022年需要权衡疫后恢复和政策压力的共同作用。  结构上而言，  创新药产业链（CXO）板块的景气度未显现出拐点，但是对未来行业减速、竞争格局恶化的担忧开始有信号出现，我们认为2022年下半年行业订单情况能够较好地反映出行业景气度状况；  与此同时：  中药板块已经在政策层面出现鼓励发展的趋势，从医保支持、到药品审批明确，顶层设计已经清晰。但是中药板块仍旧面临集采的压力，我们需要跟踪和判断中药领域能否在政策支持下迎来新的一波加速发展以及选择出最优的标的；  随着医药上游供应链相关公司的上市，陆陆续续进入到二级市场投资范围，2022年开始核心品种进入到下游是否能否快速渗透的验证阶段；  基于对行业的梳理和理解，2022年是医药行业分化的一年，板块性投资机会预计较弱，因此深入挖掘各细分板块能够得到景气度继续扩张的公司成为2022年获取收益的最佳手段。","fund":{"_id":3000000240020,"stockCode":"240020","stockType":"fund","areaCode":"cn","followedNum":51,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2012-01-29T16:00:00.000Z","setUpScale":554322000,"market":"a","tickerId":240020,"custody":"中国建设银行股份有限公司","name":"华宝医药生物优选混合型证券投资基金","shortName":"华宝医药生物混合(240020)","fundSecondLevel":"hybrid","__csrcFundId":3154,"fundStatus":"normal","lastUpdated":"2026-05-01T07:07:23.703Z","masterFundFlag":1,"inceptionDate":"2012-02-27T16:00:00.000Z","fundCollectionId":4000050220000,"currency":"CNY","masterFundShortName":"华宝医药生物混合","memoNum":1,"pinyin":"hbyyswyxhhxzqtzjj","managers":[{"stockCode":"db20382169","stockType":"fund_manager","exchange":"fm","tickerId":261020150250,"name":"张金涛"}]},"announcement":{"linkText":"华宝医药生物优选混合型证券投资基金2021年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=713321","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed4ff7fea5b3eb0553bba","date":"2021-09-29T16:00:00.000Z","stockId":3000000240020,"sao":"2021年3季度随着疫苗的大范围接种，我们看到海内外的疫情逐步得到控，全球疫情呈现总体可控、局部偶发的状态。疫情的可控带来了经济复苏顺利，同时3季度疫情背景下的宽松货币政策没有进入到快速收紧阶段，国内继续延续M2下行与 PPI 上行的态势。美国10年期国债收益率随着通胀预期下修不断下行，至季度末才进入上行阶段，映射到股票市场上，景气度取代估值成为选股的首要指标，在三季度，高景气度的CXO、新能源产业链体现出了显著的超额收益。临近季末，随着大宗商品价格超预期上行，美债收益率进入上行期，估值和景气度在股票市场配置中回归到同等重要的地位。A股资本市场在3季度呈现出了震荡的格局，但是结构性机会显著。在美债收益率下行和结构性板块景气度持续上行的背景下，高景气度资产展现了良好的超额收益，特别是CDMO、新能源板块表现出了很好的涨幅，同时景气度没有进一步向好或者变差的资产3季度收益较差，医疗服务、食品饮料是较为典型的代表。在本基金的运作上，在医药行业内部选择景气的子行业和优质公司，创新药服务产业链在3季度成为景气度持续改善的资产，基金配置也围绕创新药服务链条景气度的不断上行，提升相关标的配置比重，取得了一定超额收益。","declarationDate":"2021-10-26T16:00:00.000Z","lastUpdated":"2026-03-09T14:11:11.202Z","fund":{"_id":3000000240020,"stockCode":"240020","stockType":"fund","areaCode":"cn","followedNum":51,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2012-01-29T16:00:00.000Z","setUpScale":554322000,"market":"a","tickerId":240020,"custody":"中国建设银行股份有限公司","name":"华宝医药生物优选混合型证券投资基金","shortName":"华宝医药生物混合(240020)","fundSecondLevel":"hybrid","__csrcFundId":3154,"fundStatus":"normal","lastUpdated":"2026-05-01T07:07:23.703Z","masterFundFlag":1,"inceptionDate":"2012-02-27T16:00:00.000Z","fundCollectionId":4000050220000,"currency":"CNY","masterFundShortName":"华宝医药生物混合","memoNum":1,"pinyin":"hbyyswyxhhxzqtzjj","managers":[{"stockCode":"db20382169","stockType":"fund_manager","exchange":"fm","tickerId":261020150250,"name":"张金涛"}]},"announcement":{"linkText":"华宝医药生物优选混合型证券投资基金2021年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=653819","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed4ff7fea5b3eb0553bb9","date":"2021-06-29T16:00:00.000Z","stockId":3000000240020,"sao":"2021年上半年，在全球疫情可控背景下，宽松流动性的退出节奏，带来了国内和海外市场都经历了剧烈的波动。  从宏观背景上看形成风格的明显分化的原因主要有三个方面：首先全球疫苗的快速接种，疫情已经进入到总体可控，局部爆发的状态，对经济的冲击减弱，全球经济进入到疫后复苏阶段。其次，在疫情可控背景下，全球宽松货币政策的退出节奏，尤其是美联储货币政策的方向成为资本市场关注的重点因素之一。最后，经济复苏的节奏看，2021年大概率出现经济复苏见顶的状态，经济过热的状态并未发生，反而由于疫情控制全球区域不均衡，导致部分商品较大幅度的上涨。综上所述，上半年处于疫情后全球经济复苏，但是未过热，同时全球流动性逐渐进入到回归正常化的过程中。在此背景下，上半年表现优异的板块主要集中在几个方向：一是景气度持续改善向上的板块，主要是医药、半导体、新能源，二是在疫情后经济复苏背景下，供给受限的品种出现了价格的大幅上行，价格上行的品种表现了较好的超额收益。  报告期内，本基金在坚持长期看好的创新药服务产业链、医疗服务、医疗器械等子行业的基础上，通过对创新药服务产业链的集中配置，获取了一定的超额收益。","declarationDate":"2021-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:11:11.199Z","mo":"展望下半年经济复苏和宽松流动性退出的组合仍旧持续，经济过热和滞胀的宏观组合形成概率都较低。大概率呈现的情形一是经济温和向上，货币政策逐渐回归正常化；二是美联储的货币决策以预期中的节奏展开；仍旧呈现有利于成长的宏观背景，行业板块的景气度成为选择配置方向的重要标准。  但是我们警惕可能打破我们预判的宏观组合的情形。一是下半年进入到秋冬季后，疫情是否出现反复或者较大面积二次流行，进而影响经济的复苏和货币政策正常化的节奏；二是全球通胀是否出现持续超预期，进而导致货币政策提升了应对短期通胀的权重。  本基金将继续在长期看好的创新药及服务产业链、医疗服务、医疗器械等子行业寻找投资机会，同时随着新冠治疗药物临近展现临床结果，下半年关注新冠治疗药物领域的进展。","fund":{"_id":3000000240020,"stockCode":"240020","stockType":"fund","areaCode":"cn","followedNum":51,"blackenedNum":0,"status":"normal","exchange":"jj","fundType":"stock","ipoDate":"2012-01-29T16:00:00.000Z","setUpScale":554322000,"market":"a","tickerId":240020,"custody":"中国建设银行股份有限公司","name":"华宝医药生物优选混合型证券投资基金","shortName":"华宝医药生物混合(240020)","fundSecondLevel":"hybrid","__csrcFundId":3154,"fundStatus":"normal","lastUpdated":"2026-05-01T07:07:23.703Z","masterFundFlag":1,"inceptionDate":"2012-02-27T16:00:00.000Z","fundCollectionId":4000050220000,"currency":"CNY","masterFundShortName":"华宝医药生物混合","memoNum":1,"pinyin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