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宏观经济与政策环境　　宏观层面，“双宽松”的政策基调有望延续，为资本市场提供流动性支持。具体到医疗健康产业，“十五五”规划建议将“实施健康优先发展战略”置于重要位置，明确提出支持创新药和医疗器械发展，并致力于健全多层次医疗保障体系。政策环境的持续优化与稳定，为创新药械的研发、定价、支付和应用扫清了制度障碍，奠定了行业长期高质量发展的基石。　　2. 医疗创新行业趋势　　行业的核心发展逻辑将更加清晰：　　（1）创新深化与价值重估：行业的复苏并非短期炒作，而是建立在估值泡沫出清、企业研发立项更趋理性的坚实基础上。投资逻辑将彻底转向对临床数据确定性、产品全球差异化及商业化潜力的深度审视。能够读出优异海外临床数据、达成重大对外授权协议的企业，将持续获得价值重估。　　（2）产业链景气度传导：随着下游创新药研发与商业化进程的加速，其高景气度将向中上游传导。CXO板块的订单与业绩修复趋势预计将得到强化。　　（3）技术融合与前沿突破：AI制药等新技术与医药研发的深度融合，将成为提升研发效率、降低成本的革命性工具，为行业带来新的增长维度。　　3. 投资策略与重点关注方向　　基于以上研判，本基金在2026年将继续深耕医疗创新赛道，坚持“聚焦核心、动态优化”的策略：　　（1）坚守创新药核心阵地：继续持有并精选那些管线具备全球竞争力、临床数据持续验证、商业化路径清晰的企业。　　（2）巩固并优化CXO配置：持有四季度加仓的CXO资产，紧密跟踪其订单与业绩的兑现情况，验证拐点判断。同时，在产业链中挖掘受益于国产替代和新技术需求的细分机会。　　（3）拓展创新外延：在控制风险的前提下，我们将适时关注由政策驱动的其他创新领域机会，如医疗AI应用、脑机接口等。　　中国医药创新正站在从“并跑”到部分领域“领跑”的历史性拐点。尽管短期市场难免波动，行业内部将持续分化，但真正具备源头创新能力和全球商业价值的公司，其长期成长路径愈发清晰。本基金管理人将一如既往，以勤勉尽责的态度，深入产业研究，努力甄别真创新，规避同质化内卷，力争在医疗创新的黄金时代中，为基金份额持有人实现资产的长期稳健增值。","fund":{"_id":3000000021027,"__csrcFundId":13994,"stockCode":"021027","masterFundShortName":"太平医疗创新混合发起式","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":21027,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"太平医疗创新混合发起式A","lastUpdated":"2025-01-01T23:59:47.048Z","name":"太平医疗创新混合型发起式证券投资基金","fundCollectionId":4000050760000,"pinyin":"tpylcxhhxfqszqtzjj","setUpAssetScale":11408045.35,"setUpDate":"2024-06-03T16:00:00.000Z","setUpShares":11408045.35,"inceptionDate":"2024-06-06T16:00:00.000Z","followedNum":3,"managers":[{"stockCode":"j101019670","stockType":"fund_manager","exchange":"fm","tickerId":121212240270,"name":"陆玲玲"}]},"announcement":{"linkText":"太平医疗创新混合型发起式证券投资基金2025年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1457825","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed37b7fea5b3eb053dcba","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-27T16:00:00.000Z","stockId":3000000021027,"sao":"三季度，我们的投资主要聚焦在创新药上，同时由于创新药标的在上涨后估值吸引力有所下降，我们降低了预期收益率，增加了对CXO和一些底部变化标的的仓位。　　四季度，我们将更重视对风险的管理，我们将对持仓的创新药标的要求更高的确定性，同时更积极的寻找深度价值的标的。　　我们将投入更多精力做好创新药个股的跟踪研究，做好权重管理，同时积极研究一些其他子行业已经进入深度价值区间的标的。","lastUpdated":"2026-03-09T14:04:43.474Z","fund":{"_id":3000000021027,"__csrcFundId":13994,"stockCode":"021027","masterFundShortName":"太平医疗创新混合发起式","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":21027,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"太平医疗创新混合发起式A","lastUpdated":"2025-01-01T23:59:47.048Z","name":"太平医疗创新混合型发起式证券投资基金","fundCollectionId":4000050760000,"pinyin":"tpylcxhhxfqszqtzjj","setUpAssetScale":11408045.35,"setUpDate":"2024-06-03T16:00:00.000Z","setUpShares":11408045.35,"inceptionDate":"2024-06-06T16:00:00.000Z","followedNum":3,"managers":[{"stockCode":"j101019670","stockType":"fund_manager","exchange":"fm","tickerId":121212240270,"name":"陆玲玲"}]},"announcement":{"linkText":"太平医疗创新混合型发起式证券投资基金2025年第3季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1377765","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed37b7fea5b3eb053dcb9","date":"2025-06-29T16:00:00.000Z","stockId":3000000021027,"sao":"上半年GDP实际增长5.3%，为全年实现5%左右的增长打下了良好的基础。然而名义GDP同比增长只有4.3%影响了微观体感。二季度工业产能利用率同环比继续走低至74%，同时6月份消费、投资、地产销售整体趋缓，或意味着工业产销量有进一步下行压力，二者趋势会影响未来价格和名义GDP中枢。与此同时，我们看到了政策对稳价格和稳增长的加码，包括近期“反内卷”政策的升温以及对雅鲁藏布江水电站的投资，未来预计会有更多新的政策线索和信号。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:04:43.471Z","mo":"对证券市场而言，由于中国经济处于复苏期，人民币资产估值又处于历史低位，内资的信心在逐渐恢复，外资也从“普遍悲观”转向“重新评估”，我们认为下半年市场仍将活跃并存在诸多机会。　　对于医药行业，最确定的产业趋势依然是创新药处于十年投入的收获期，一方面诸多新产品在国内市场进入上市商业化阶段，另一方面更多临床阶段的新分子借助MNC的海外授权交易将分享海外市场，从而药企的盈利能力进入非线性的高速增长阶段。这一产业趋势仍将延续较长时间。","fund":{"_id":3000000021027,"__csrcFundId":13994,"stockCode":"021027","masterFundShortName":"太平医疗创新混合发起式","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":21027,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"太平医疗创新混合发起式A","lastUpdated":"2025-01-01T23:59:47.048Z","name":"太平医疗创新混合型发起式证券投资基金","fundCollectionId":4000050760000,"pinyin":"tpylcxhhxfqszqtzjj","setUpAssetScale":11408045.35,"setUpDate":"2024-06-03T16:00:00.000Z","setUpShares":11408045.35,"inceptionDate":"2024-06-06T16:00:00.000Z","followedNum":3,"managers":[{"stockCode":"j101019670","stockType":"fund_manager","exchange":"fm","tickerId":121212240270,"name":"陆玲玲"}]},"announcement":{"linkText":"太平医疗创新混合型发起式证券投资基金2025年中期报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1348288","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed37b7fea5b3eb053dcb8","date":"2025-03-30T16:00:00.000Z","stockId":3000000021027,"sao":"当前，创新药是医药行业中积极变化最大的领域。我们抓住一季度初的下跌加大了对创新药的布局。　　今年以来，政策延续了对创新药领域的支持，包括2025年政府工作报告中明确提出“健全药品价格形成机制，制定创新药目录”等措施；国家医保局探索建立丙类药品目录；多地出台创新药进院绿色通道政策，改善支付环境，提高患者可及性等。　　产业层面国产医药创新步入收获期也持续得到验证，包括多家国产创新药企获得高额海外授权交易，部分创新药企开始实现经营利润转正等。　　我们对于国内创新药产业的发展持乐观态度，企业的创新成果正进入加速落地阶段，企业的盈利能力也处于拐点期，我们对于医药行业的投资重点仍将聚焦在创新药上。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:04:43.468Z","fund":{"_id":3000000021027,"__csrcFundId":13994,"stockCode":"021027","masterFundShortName":"太平医疗创新混合发起式","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","tickerId":21027,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"太平医疗创新混合发起式A","lastUpdated":"2025-01-01T23:59:47.048Z","name":"太平医疗创新混合型发起式证券投资基金","fundCollectionId":4000050760000,"pinyin":"tpylcxhhxfqszqtzjj","set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