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out首付款超过70亿美元，总包接近1400亿美元，首付款和总包相比2024年均实现三倍左右增长，信达×武田、三生×辉瑞等标志性BD事件表明中国创新药企差异化创新能力已经充分被海外MNC认可。操作层面，我们延续之前的仓位运作及选股策略，重点配置两类企业，一是遵从产业趋势，聚焦未满足临床需求，重点布局“市场空间大、竞争格局领先、临床数据优异”的真创新的品种；二是适当配置具备预期差，经营层面处于左侧但即将迎来拐点的企业。我们认为创新与出海是未来医药板块的投资主线，其中创新药是二者兼具、产业不断向前发展的细分子行业，经过2025年上半年的快速上涨与下半年的震荡回调，目前创新药板块估值处在合理位置，具备较高的投资性价比。但不可否认的是未来板块内个股将会持续聚焦与分化，我们希望秉持自上而下研判产业趋势与自下而上精选个股的策略，寻找具备真正创新与成长性的企业，努力创造超额收益。","lastUpdated":"2026-04-02T12:50:42.994Z","mo":"我们从流动性、产业和估值三个维度展望2026年资本市场的可能表现。流动性层面，我们预计2026年国内外流动性依然维持宽松。产业趋势来看，2026年1月中国创新药license out首付款金额约30亿美元，超越2025年任何一个单季度规模，并超过了2024年全年BD首付款规模。我们预计2026年中国创新药BD交易大概率会非常亮眼，并且交易重心会向早期资产和技术平台转移。估值维度，我们预计板块估值会继续分化，企业的阿尔法将更为重要。我们将更加仔细地平衡企业的研发、商业化、出海可能性等因素，力争以合适的价格买入基本面优异的公司，努力获取超额收益。总体而言，我们对2026年市场表现持乐观态度，科技成长仍是市场的重要主线之一，创新药作为成长性板块，亦有望步入“质量提升、出海提速”的发展新阶段，具备差异化优势和全球竞争力的创新药企业有望迎来估值修复。","fund":{"_id":3000000019620,"__csrcFundId":14118,"stockCode":"019620","masterFundShortName":"汇安行业优选混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":19620,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"汇安行业优选混合(019620)","lastUpdated":"2026-05-01T02:26:21.895Z","name":"汇安行业优选混合型证券投资基金","pinyin":"hahyyxhhxzqtzjj","fundCollectionId":4000051300000,"setUpAssetScale":7948503.92,"setUpDate":"2024-07-22T16:00:00.000Z","setUpShares":7948503.92,"inceptionDate":"2024-07-25T16:00:00.000Z","followedNum":0,"managers":[{"stockCode":"8801390221","stockType":"fund_manager","exchange":"fm","tickerId":231923140110,"name":"吴尚伟"},{"stockCode":"j101020671","stockType":"fund_manager","exchange":"fm","tickerId":719256200,"name":"高苏"}]},"announcement":{"linkText":"汇安行业优选混合型证券投资基金2025年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1460640","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3187fea5b3eb0537d13","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-27T16:00:00.000Z","stockId":3000000019620,"sao":"回顾三季度，上证指数上涨12.73%，万得全A指数上涨19.46%，创业板指上涨50.40%，科创50指数上涨49.02%，彰显市场对科技成长类板块的偏好。三季度，分析中信一级行业指数，涨幅靠前的行业分别为通信、电子、有色金属、电力设备与新能源、机械等；表现靠后的行业有综合金融、银行、交通运输、电力及公共事业、食品饮料等。回顾三季度市场表现，投资者聚焦于“新质生产力”与“海外降息驱动”等主线，行业轮动较快。受益于政策持续加持、海外需求扩张和国内科技进步的预期，海外AI算力链、国产算力链、储能与固态电池、机器人等新质生产力相关板块受到持续关注，涨幅居前。同时，受益于“反内卷”政策的逐渐落地和美联储降息后外需回暖逻辑，有色金属、化工、快递等板块也有一定表现。在组合管理过程中，我们保持了对宏观经济与资本市场逐渐修复的判断，三季度的主要时间内，配置保持了一定的稳定，主要包括科技制造、互联网传媒、创新药、内需消费等板块，并依据行业的景气度变化、企业的竞争力等因素，对个股进行了部分调整。三季度末，基于对行业中长期空间的判断，组合更加聚焦于医药生物板块；我们预计在创新、国际化、政策等多重因素驱动下，该板块将呈现较好的结构性机会。医保支出稳健增长，政策持续鼓励真正创新，创新药、创新器械的研发进展和产品出海，都将提升板块的长期吸引力。在阶段性估值调整后，具备核心竞争力的医药龙头公司已经有一定配置价值。","lastUpdated":"2026-03-09T14:03:04.939Z","fund":{"_id":3000000019620,"__csrcFundId":14118,"stockCode":"019620","masterFundShortName":"汇安行业优选混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":19620,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"汇安行业优选混合(019620)","lastUpdated":"2026-05-01T02:26:21.895Z","name":"汇安行业优选混合型证券投资基金","pinyin":"hahyyxhhxzqtzjj","fundCollectionId":4000051300000,"setUpAssetScale":7948503.92,"setUpDate":"2024-07-22T16:00:00.000Z","setUpShares":7948503.92,"inceptionDate":"2024-07-25T16:00:00.000Z","followedNum":0,"managers":[{"stockCode":"8801390221","stockType":"fund_manager","exchange":"fm","tickerId":231923140110,"name":"吴尚伟"},{"stockCode":"j101020671","stockType":"fund_manager","exchange":"fm","tickerId":719256200,"name":"高苏"}]},"announcement":{"linkText":"汇安行业优选混合型证券投资基金2025年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1378324","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3187fea5b3eb0537d12","date":"2025-06-29T16:00:00.000Z","stockId":3000000019620,"sao":"2025年上半年，上证指数上涨2.76%，深圳成指上涨0.48%，沪深300上涨0.03%,创业板指上涨0.53%。指数自年初开始震荡上行，尤其是二月份在人工智能、机器人等行业快速发展的背景下，科技板块、高端制造板块带动二级市场表现较好；随后指数在经历了四月初的关税事件冲击快速回落后，市场信心逐渐恢复，最终半年度主要指数均取得正收益。回顾市场，上半年国防军工、美容护理、汽车、通信、计算机、有色等行业表现较好，煤炭、房地产、钢铁、商贸零售、食品饮料等行业表现靠后。从市场风格来看，中小盘、红利指数、科技成长等风格表现突出。整体看，科技与新兴产业持续受益于政策支持和产业趋势，而传统周期与可选消费板块承压。回顾宏观经济表现，一季度政策托底效应逐步显现，我国经济延续复苏态势，主要指标呈现企稳回升特征。二季度，经济一度受到关税事件冲击，但因阶段性抢出口带来的出口数据强劲，经济维持了较强动能，投资、生产相比一季度仅小幅回落，社会消费品零售总额的累计同比增速相比一季度有所提升，但6月当月数据有明显走弱迹象，经济内生动力仍需强化。回顾上半年组合操作，一季度组合主要聚焦在政策支持的内需修复、产业趋势较好的科技制造等板块，但内需的修复较为缓慢，股价表现一般；二季度，关税事件冲击市场，组合进行了部分结构调整进行应对，增加了创新药、传媒互联网、科技制造的配置比例，降低了可选消费品的权重。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:03:04.934Z","mo":"展望下半年，市场流动性较为充裕，“反内卷”政策推动行业格局优化，若干重大工程和支持内需复苏的多项政策逐步落地，经济稳中向好的趋势有望得以验证，市场情绪有逐步提升的可能。我们将从长期视角出发，以产业趋势为配置的牵引，自下而上选择个股来构建组合，力争取得较好回报。","fund":{"_id":3000000019620,"__csrcFundId":14118,"stockCode":"019620","masterFundShortName":"汇安行业优选混合","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":19620,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"汇安行业优选混合(019620)","lastUpdated":"2026-05-01T02:26:21.895Z","name":"汇安行业优选混合型证券投资基金","pinyin":"hahyyxhhxzqtzjj","fundCollectionId":4000051300000,"setUpAssetScale":7948503.92,"setUpDate":"2024-07-22T16:00:00.000Z","setUpShares":7948503.92,"inceptionDate":"2024-07-25T16:00:00.000Z","followedNum":0,"managers":[{"stockCode":"8801390221","stockType":"fund_manager","exchange":"fm","tickerId":231923140110,"name":"吴尚伟"},{"stockCode":"j101020671","stockType":"fund_manager","exchange":"fm","tickerId":719256200,"name":"高苏"}]},"announcement":{"linkText":"汇安行业优选混合型证券投资基金2025年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1350089","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3187fea5b3eb0537d11","date":"2025-03-30T16:0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