window.pageData = {"stock":{"_id":3000000021028,"name":"太平医疗创新混合型发起式证券投资基金","fundSecondLevel":"hybrid","stockType":"fund","areaCode":"cn","market":"a","status":"normal","stockCode":"021028","tickerId":21028,"shortName":"太平医疗创新混合发起式C","currency":"CNY","exchange":"jj","masterFundFlag":null,"indexFundFlag":null,"activeFundFlag":null,"etfFundFlag":null,"lofFundFlag":null,"pensionTargetFlag":null,"feederFundFlag":null,"classificationFlag":null,"closedEnd":null,"inceptionDate":"2024-06-06T16:00:00.000Z","pinyin":"tpylcxhhxfqszqtzjj","fundCollectionId":4000050760000,"fundCollection":{"exchange":"jjgs","stockType":"fund_collection","stockCode":"50760000","tickerId":50760000,"name":"太平基金管理有限公司"},"managers":[{"name":"陆玲玲","stockType":"fund_manager","stockCode":"j101019670","exchange":"fm","tickerId":121212240270}],"hotMetrics":{"fss":{"stockId":3000000021028,"type":"fss","last_data_date":"2025-12-30T16:00:00.000Z","f_ins_h_s_r":0,"f_ind_h_s_r":1,"f_h_a":195,"f_ind_h_s_r_c_hy":0,"f_ins_h_s_r_c_hy":0,"f_ind_h_s_r_c_1y":0,"f_ins_h_s_r_c_1y":0},"fpr":{"stockId":3000000021028,"type":"fpr","f_p_r_fys_ssc":8926,"f_p_r_fys_ssrp":0.6703641456582633,"f_p_r_m1_ssc":9376,"f_p_r_m1_ssrp":0.03264,"f_p_r_m3_ssc":9175,"f_p_r_m3_ssrp":0.5289949858295182,"f_p_r_m6_ssc":8970,"f_p_r_m6_ssrp":0.6939458133571189,"f_cagr_p_r_fs_ssc":9318,"f_cagr_p_r_fs_ssrp":0.2256091016421595,"f_p_r_y1_ssc":8447,"f_p_r_y1_ssrp":0.9177125266398295,"f_p_r_y2_ssc":7792,"f_p_r_y2_ssrp":0.6032601719933256},"fp":{"stockId":3000000021028,"type":"fp","f_p_r_d1":-0.01245387453874558,"f_cagr_p_r_fs":0.10544933333908313,"f_p_r_m1":0.08947600176133919,"f_p_r_m3":-0.02490738551272853,"f_p_r_m6":-0.0793331844905848,"f_p_r_fys":-0.014733991717106654,"last_data_date":"2026-07-22T16:00:00.000Z","f_p_r_y1":-0.10198896631823373,"f_p_r_y2":0.2466995868185018,"f_i_d":"2024-06-06T16:00:00.000Z"},"ff":{"stockId":3000000021028,"type":"ff","f_m_f_r":0.012,"f_c_f_r":0.002,"f_m_a_c_f_r":0.014,"f_m_c_f_d":"2024-06-27T16:00:00.000Z","f_c_fr":0.002,"f_fr_d":"2026-04-19T16:00:00.000Z","f_m_fr":0.012,"f_mac_fr":0.014},"f_nlacan":{"stockId":3000000021028,"type":"f_nlacan","f_nv_d":"2026-07-22T16:00:00.000Z","f_nv":1.2371,"f_nv_cr":-0.0013722957701000071},"f_as":{"stockId":3000000021028,"type":"f_as","f_tas":2344500.8479999998,"f_tas_d":"2026-06-29T16:00:00.000Z"}},"masterSlaveFunds":[{"_id":3000000021027,"__csrcFundId":13994,"stockCode":"021027","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(021027)","lastUpdated":"2026-05-01T03:01:41.856Z","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":7}],"shareholdings":[{"date":"2026-06-29T16:00:00.000Z","declarationDate":"2026-07-20T16:00:00.000Z","fundId":3000000021027,"stockId":600276,"holdings":23500,"marketCap":1222940,"netValueRatio":0.0739,"quarterlyChange":-0.06289581019426205,"stock":{"stockCode":"600276","exchange":"sh","stockType":"company","tickerId":600276,"name":"恒瑞医药"}},{"date":"2026-06-29T16:00:00.000Z","declarationDate":"2026-07-20T16:00:00.000Z","fundId":3000000021027,"stockId":688131,"holdings":11400,"marketCap":1078440,"netValueRatio":0.0652,"quarterlyChange":0.40690065437239653,"stock":{"stockCode":"688131","tickerId":688131,"exchange":"sh","stockType":"company","name":"皓元医药"}},{"date":"2026-06-29T16:00:00.000Z","declarationDate":"2026-07-20T16:00:00.000Z","fundId":3000000021027,"stockId":300759,"holdings":33000,"marketCap":954690,"netValueRatio":0.0577,"quarterlyChange":0.08109118086696476,"stock":{"stockCode":"300759","exchange":"sz","stockType":"company","tickerId":300759,"name":"康龙化成"}},{"date":"2026-06-29T16:00:00.000Z","declarationDate":"2026-07-20T16:00:00.000Z","fundId":3000000021027,"stockId":1000000000006990,"holdings":2400,"marketCap":909267,"netValueRatio":0.0549,"quarterlyChange":-0.04300131636682747,"stock":{"exchange":"hk","stockType":"company","stockCode":"06990","tickerId":6990,"name":"科伦博泰生物"}},{"date":"2026-06-29T16:00:00.000Z","declarationDate":"2026-07-20T16:00:00.000Z","fundId":3000000021027,"stockId":1000000000006160,"holdings":5700,"marketCap":843605,"netValueRatio":0.051,"quarterlyChange":-0.00409117475160814,"stock":{"stockCode":"06160","exchange":"hk","stockType":"company","tickerId":6160,"name":"百济神州"}},{"date":"2026-06-29T16:00:00.000Z","declarationDate":"2026-07-20T16:00:00.000Z","fundId":3000000021027,"stockId":739,"holdings":34000,"marketCap":566440,"netValueRatio":0.0342,"quarterlyChange":-0.05631004786990901,"stock":{"stockCode":"000739","exchange":"sz","stockType":"company","tickerId":739,"name":"普洛药业"}},{"date":"2026-06-29T16:00:00.000Z","declarationDate":"2026-07-20T16:00:00.000Z","fundId":3000000021027,"stockId":1000000000001801,"holdings":7000,"marketCap":483956,"netValueRatio":0.0292,"quarterlyChange":-0.07549361207897753,"stock":{"stockCode":"01801","exchange":"hk","stockType":"company","tickerId":1801,"name":"信达生物"}},{"date":"2026-06-29T16:00:00.000Z","declarationDate":"2026-07-20T16:00:00.000Z","fundId":3000000021027,"stockId":688073,"holdings":7400,"marketCap":398268,"netValueRatio":0.0241,"quarterlyChange":0.01639054481175828,"stock":{"name":"毕得医药","exchange":"sh","stockType":"company","stockCode":"688073","tickerId":688073}},{"date":"2026-06-29T16:00:00.000Z","declarationDate":"2026-07-20T16:00:00.000Z","fundId":3000000021027,"stockId":688301,"holdings":3000,"marketCap":372000,"netValueRatio":0.0225,"quarterlyChange":0.6872779345117697,"stock":{"stockCode":"688301","tickerId":688301,"exchange":"sh","stockType":"company","name":"奕瑞科技"}},{"date":"2026-06-29T16:00:00.000Z","declarationDate":"2026-07-20T16:00:00.000Z","fundId":3000000021027,"stockId":1000000000002268,"holdings":7000,"marketCap":346855,"netValueRatio":0.021,"quarterlyChange":-0.003493449781658775,"stock":{"stockCode":"02268","exchange":"hk","stockType":"company","tickerId":2268,"name":"药明合联"}}]},"list":[{"_id":"6a5f4fab8cdf3996de5a637a","date":"2026-06-29T16:00:00.000Z","declarationDate":"2026-07-20T16:00:00.000Z","stockId":3000000021027,"sao":"本基金为医疗创新主题基金，重点投资于创新药研发、CXO（医药研发生产外包服务）及其他医疗创新领域的优质企业。2026年第二季度，本基金基本延续了2026年第一季度的持仓结构，将核心仓位集中于国产创新药和CXO龙头公司，此外，增加了对AI转型相关公司的布局。　　本季度的配置策略主要基于以下判断：一方面，中国创新药产业的全球竞争力正经历系统性提升，对外授权（BD）交易持续放量，重要的全球临床数据将陆续读出，商业化盈利将陆续兑现，行业基本面上行逻辑清晰，具有中长期配置价值。此外，我们也注意到，AI基建相关投资高速增长，部分医疗行业公司将原有技术禀赋迁移到AI相关需求上，打开了新的增长空间。　　2026年二季度，创新药与CXO产业趋势延续了一季度的高景气态势：创新药BD出海量价齐升、政策定位升级；CXO受益于内外需共振——外需受新分子商业化驱动持续回暖，内需受BD资金反哺订单高速增长。尽管产业基本面向好的趋势未变，但由于AI相关板块对流动性的虹吸效应等原因，上半年板块估值经历了深度回调。　　我们保持了对国产创新药和CXO的主要持仓，并密切关注能够将技术资源禀赋迁移到AI需求上的公司，在新空间预期尚未完全发酵时进行了一定的布局。由于5月份板块发生了较大幅度的调整，为了控制风险，本基金在6月上旬降低了整体仓位。　　我们对于创新药产业的中长期发展前景依然保持坚定信心。中国创新药的全球竞争力持续加强、出海持续落地，未来终将陆续兑现到商业化盈利上。展望后市，本基金将对产业和公司的基本面保持密切跟踪，谨慎评估公司的估值性价比，耐心等待更好的时机，在产业逻辑未变、估值具备吸引力的位置重新加仓，把握创新药产业链的中长期投资机遇。","lastUpdated":"2026-07-21T10:53:31.738Z","fund":{"_id":3000000021027,"__csrcFundId":13994,"stockCode":"021027","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(021027)","lastUpdated":"2026-05-01T03:01:41.856Z","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":7,"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2026年第2季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1534588","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69e8ec531398d79843fe9cd2","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","stockId":3000000021027,"sao":"一、投资策略回顾　　本基金为医疗创新主题基金，重点投资于创新药研发、CXO（医药研发生产外包服务）及其他医疗创新领域的优质企业。2026年第一季度，本基金延续了2025年第四季度的持仓结构，将核心仓位集中于国产创新药和CXO龙头公司。　　本季度延续前期配置策略，主要基于以下判断：中国创新药产业的全球竞争力正经历系统性提升，对外授权（BD）交易持续放量，重要的全球临床数据将陆续读出，行业基本面上行逻辑清晰，具有中长期配置价值。　　二、运作分析　　（一）看好创新药与CXO产业趋势　　2026年第一季度，中国创新药行业交出了一份亮眼的成绩单。据国家药监局数据显示，一季度我国创新药对外授权交易总额突破600亿美元，已接近2025年全年1357亿美元总额的一半。跨国药企对中国创新资产的关注度持续提升，合作意愿明显增强，中国创新药的国际认可度和供给质量均在提升，中国创新药BD出海已经从偶发性事件转变为系统性趋势。更多差异化的新管线将陆续进入临床；对于已经BD出海的管线，今年也有许多将迎来全球临床数据的披露，进而改变企业未来价值的预期，带来企业估值提升的机会。　　对于为创新药企服务的CXO来说，2025年全球生物医药投融资回暖与创新药研发活跃度提升，已带动CXO行业需求由修复进入实质性扩张阶段。　　基于以上产业判断，本基金在一季度初期的市场调整过程中，认为创新药和CXO板块的估值已进入合理区间，产业趋势并未改变，因此采取了逐步加仓的操作策略，在下跌过程中分批增持了核心持仓品种。　　（二）防范地缘政治冲击减仓控制下行风险　　进入3月以来，中东地缘政治局势急剧恶化。美以伊军事冲突全面爆发并持续升级，冲突导致全球能源贸易的主要通道霍尔木兹海峡每日通行量下降约90%至95%，引发国际油价暴涨，滞涨和衰退预期攀升，医药板块尤其港股通创新药标的受大市情绪影响股价发生大幅调整。　　尽管本基金一季度前期表现相对平稳，但由于3月以来医药行情的调整，本基金在3月下旬降低了整体仓位，以控制下行风险、保护投资者利益。　　三、未来展望　　我们对于创新药产业的中长期发展前景依然保持坚定的信心。中国创新药的全球竞争力持续加强、出海持续落地、商业化盈利兑现的产业逻辑并未因短期外部扰动而发生根本性改变。生物医药产业定位已从“新兴赛道培育”升级为“经济增长与产业升级的重要支柱方向”，创新药作为高附加值环节，发展方向明确。　　展望后市，本基金将密切跟踪中东局势演变及全球资本市场流动性变化，耐心等待更好的时机，在产业逻辑未变、估值具备吸引力的位置重新加仓，把握创新药产业链的中长期投资机遇。","lastUpdated":"2026-04-22T15:42:11.867Z","fund":{"_id":3000000021027,"__csrcFundId":13994,"stockCode":"021027","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(021027)","lastUpdated":"2026-05-01T03:01:41.856Z","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":7,"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2026年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1478871","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69ce01f125720ceacaf7723b","date":"2025-12-30T16:00:00.000Z","declarationDate":"2026-03-30T16:00:00.000Z","stockId":3000000021027,"sao":"2025年，本基金始终坚持既定的“医疗创新”主题投资策略，恪守深度研究和价值发现的投资理念。报告期内，我们紧密跟踪行业基本面与政策动向，将资产主要配置于具备真创新能力的优质创新药企业以及具备核心竞争力的CXO。我们观察到，中国医药产业的全球竞争力经过十年的努力，已经从第三梯队跻身至全球前列，国产创新药的全球份额有望大幅提升，这为我们提供了坚实的投资基础。尽管四季度板块有所调整，但我们认为这是长期上涨趋势中的健康整固。本基金通过优化持仓结构，在波动中积极寻找具有更高风险收益比的优质标的，力求为持有人创造可持续的长期回报。　　报告期内，创新药是本基金的核心配置方向。我们优先选择那些致力于解决未满足临床需求、拥有市场空间广阔且竞争格局清晰管线的企业。重点考量因素包括：疗效的颠覆性突破、对外授权（License-out）的潜在价值，以及企业的研发平台实力与全球化商业能力。2025年，中国创新药对外授权交易金额创下历史新高，这直观印证了中国研发成果正获得全球市场的实质性认可，也为相关企业打开了巨大的价值重估空间。　　我们持仓的创新药企业多集中在肿瘤、自身免疫等大病种领域，并在双抗、ADC（抗体偶联药物）等中国优势突出的前沿技术平台进行了布局。我们偏好的企业拥有持续差异化创新的能力，有望从Biotech成长为Biopharma。　　在四季度我们显著加大了对CXO板块的配置力度。这一决策基于我们对产业周期的判断：CXO行业作为创新药的“卖水人”，其景气度与全球生物医药研发投入紧密相连。我们从三季报看到了更明确的需求复苏信号，我们认为该板块正迎来明确的景气拐点，并且从商业模式上看，该板块的业绩确定性更高，估值也具有一定性价比优势。　　我们的加仓侧重于两类公司：一是具备全球竞争力的细分赛道龙头，它们能最大程度受益于全球研发需求的复苏；二是在新技术、新业务方面有突破，或即将进入商业化项目放量阶段的公司，这类企业具备更大的业绩弹性。我们相信，本次加仓是在产业周期从底部开始复苏阶段进行的布局，有望捕捉到产业链业绩修复带来的投资机会。","lastUpdated":"2026-04-02T05:43:13.939Z","mo":"展望2026年，我们认为中国资产在基本面与政策的共振下，有望走出健康的“慢牛”行情。市场将从2025年以情绪和估值驱动为主的阶段，逐步进入需要盈利兑现支撑的阶段。在此过程中，结构性机会将多于普涨行情。对于医疗创新产业，我们保持审慎乐观，并认为以下几个维度将塑造未来的投资图景：　　1. 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","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(021027)","lastUpdated":"2026-05-01T03:01:41.856Z","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":7,"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","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(021027)","lastUpdated":"2026-05-01T03:01:41.856Z","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":7,"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","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(021027)","lastUpdated":"2026-05-01T03:01:41.856Z","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":7,"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","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(021027)","lastUpdated":"2026-05-01T03:01:41.856Z","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":7,"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年第一季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1275095","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed37b7fea5b3eb053dcb7","date":"2024-12-30T16:00:00.000Z","stockId":3000000021027,"sao":"2024年，我们将投资的重点放在有真正差异化创新能力的创新药公司上。　　一方面我国通过多方面的政策支持为创新药的发展提供良好的环境和条件，这将加速创新药的上市和市场推广。2024年我国在多个层面上加大了对创新药的支持力度。①在顶层设计与政策文件上，政府工作报告首次将“创新药”列为积极培育的新兴产业和未来产业之一，明确提出加快创新药等产业发展。国务院常务会议审议通过《全链条支持创新药发展实施方案》，强调全链条强化政策保障，合力助推创新药突破发展，夯实创新药发展根基。②在药品审评审批方面，国家药监局发布《优化创新药临床试验审评审批试点工作方案》，提出探索建立全面提升药物临床试验质量和效率的工作制度和机制，缩短药物临床试验启动用时。③在最核心的支付问题上，银保监会出台《关于进一步促进商业健康保险发展的指导意见》，旨在进一步推动商业健康保险的发展，为创新药打开新的支付渠道。国家医保局办公室与财政部办公厅联合发布了《关于做好医保基金预付工作的通知》，标志着医保基金预付制度在全国范围内正式施行，帮助定点医疗机构缓解医疗费用垫支压力，改善医院和药械相关企业的现金流。在下一年的医保目录谈判中，新增药品中全球新的创新药绝对数量和比例都创了历年新高，创新药的谈判成功率达到了90%以上，较整体的成功率高16个百分点。　　另一方面，也更为重要的是，中国的创新药产业经过十年的发展，创新能力已迈入全球前列，且进入了创新成果收获期。这些真正具备差异化创新能力的企业不但将在国内市场进入商业化阶段，还通过海外授权模式，将创新药产品推向国际市场，获得高额预付款和里程碑付款。","declarationDate":"2025-01-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:04:43.465Z","mo":"从四季度的经济数据看，稳增长政策在地产销售、耐用品消费、城市基建等领域已看到积极效果。展望2025年，我们认为潜在的新增压力来自出口增速的波动，而内需则有望进一步发力来承接。在更加积极有为的宏观政策下，经济有望实现稳定增长。　　在中央明确“稳住楼市股市”的政策目标下，在经济稳增长政策与促进资本市场高质量发展的综合政策措施下，鉴于当前A股/港股处于全球相对估值洼地以及股债收益比处于较高水平，我们对2025年的证券市场抱有谨慎乐观的态度。　　对于医药行业，一些子领域酝酿着复苏的迹象，包括海外客户CXO订单的回暖，医疗设备招投标的改善等，我们将密切关注与跟踪行业的变化以及相关标的的性价比。当前我们认为确定性最强且超额回报最高的方向依然是创新药，我们相信中国创新药产业已经步入具备相当长度的商业化收获期，而且中国创新的竞争力仍在以较快的速度发展，有望不断获得全球份额的提升。","fund":{"_id":3000000021027,"__csrcFundId":13994,"stockCode":"021027","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(021027)","lastUpdated":"2026-05-01T03:01:41.856Z","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":7,"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2024年年度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1252643","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed37b7fea5b3eb053dcb6","date":"2024-09-29T16:00:00.000Z","stockId":3000000021027,"sao":"三季度，国内经济通缩压力进一步凸显，在9月下旬迎来重大政策转向。一系列宏观经济政策叠加出台，直指消费、房地产、信贷等当前宏观面三大关键环节，并通过强调落实“三个区分”，激发地方官员地方政府解决经济问题的弹性和主观能动性。政治局会议对资本市场的表述从7月份的“提升资本市场内在稳定性”转变为9月份的““努力提振资本市场”。　　医药生物指数与整体A股随之走出了先抑后扬的行情。前期由于医保增速放缓、集采扩面、医疗设备招标采购情况低于预期等情况，医药生物指数跑输沪深300。9月23日至9月末市场整体反弹过程中，医药生物指数跑赢沪深300，涨幅在31个申万一级行业分类中位于前35分位。　　本基金在三季度保持了相对低的仓位，并通过聚焦于创新药械以及积极的债券投资较好的控制了回撤。在9月下旬的反弹中，本基金及时的卖出了债券，增加了股票仓位，但仍有较大比例的资金由于回购未到期，至9月末本基金的股票仓位依然偏低，未能充分享受底部的反弹。展望四季度，医药板块有望继续触底回升，源于以下原因：一方面，医疗设备的招标采购有望在财政政策发力的支持下复苏提速；另一方面，支持创新医药高质量发展的举措有望逐步落地，医保谈判结果也将揭晓，出海仍在持续，创新药企业依然处于创新收获周期中；此外，稳增长的经济举措有望促进医疗消费，带动可选属性较高的环节增长。在投资策略上，我们认为医药产业创新进入收获阶段，创新+出海能为企业打开远期成长空间，本基金仍将聚焦于具备差异化创新+出海能力的公司，并将根据宏观形势的变化，增加股票仓位，进一步优化组合的资产配置。","declarationDate":"2024-10-24T16:00:00.000Z","lastUpdated":"2026-03-09T14:04:43.462Z","fund":{"_id":3000000021027,"__csrcFundId":13994,"stockCode":"021027","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(021027)","lastUpdated":"2026-05-01T03:01:41.856Z","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":7,"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2024年第三季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1177682","linkType":"PDF","source":"csrc_pdf"}}]}