window.pageData = {"stock":{"_id":3000000022081,"stockCode":"022081","masterFundShortName":"景顺长城医疗产业股票","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":22081,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"景顺长城医疗产业股票A","name":"景顺长城医疗产业股票型发起式证券投资基金","pinyin":"jsccylcygpxfqszqtzjj","fundCollectionId":4000050290000,"inceptionDate":"2025-01-23T16:00:00.000Z","setUpAssetScale":10116697.25,"setUpDate":"2025-01-23T16:00:00.000Z","setUpShares":10116697.25,"followedNum":4,"fundCollection":{"exchange":"jjgs","stockType":"fund_collection","stockCode":"50290000","tickerId":50290000,"name":"景顺长城基金管理有限公司"},"managers":[{"name":"乔海英","stockType":"fund_manager","stockCode":"8801388194","exchange":"fm","tickerId":170825140020}],"hotMetrics":{"fss":{"stockId":3000000022081,"type":"fss","last_data_date":"2025-12-30T16:00:00.000Z","f_ins_h_s_r":0.4894,"f_ind_h_s_r":0.5106,"f_h_a":698,"f_ind_h_s_r_c_hy":0.3117000000000001,"f_ins_h_s_r_c_hy":-0.31170000000000003},"fpr":{"stockId":3000000022081,"type":"fpr","f_p_r_m1_ssc":5795,"f_p_r_m1_ssrp":0.9962029685881947,"f_cagr_p_r_fs_ssc":5860,"f_cagr_p_r_fs_ssrp":0.3242874210616146,"f_p_r_m3_ssc":5662,"f_p_r_m3_ssrp":0.6671966083730789,"f_p_r_m6_ssc":5365,"f_p_r_m6_ssrp":0.9064131245339299,"f_p_r_fys_ssc":5566,"f_p_r_fys_ssrp":0.7144654088050314,"f_p_r_y1_ssc":4608,"f_p_r_y1_ssrp":0.7838072498372043},"fp":{"stockId":3000000022081,"type":"fp","f_cagr_p_r_fs":0.16683485505184148,"f_p_r_d1":-0.0033991124539702877,"f_p_r_m1":-0.061904029529376015,"last_data_date":"2026-05-07T16:00:00.000Z","f_p_r_m3":0.011777390727378156,"f_p_r_m6":-0.0685653203023604,"f_p_r_fys":0.033200643685947995,"f_p_r_y1":0.13817876469490398},"ff":{"stockId":3000000022081,"type":"ff","f_fr_d":"2025-12-30T16:00:00.000Z","f_m_fr":0.012,"f_c_fr":0.002,"f_mac_fr":0.014},"f_nlacan":{"stockId":3000000022081,"type":"f_nlacan","f_nv_d":"2026-05-07T16:00:00.000Z","f_nv":1.2199,"f_nv_cr":-0.007323622752054781},"f_as":{"stockId":3000000022081,"type":"f_as","f_tas":21397497.9716,"f_tas_d":"2026-03-30T16:00:00.000Z"}},"masterSlaveFunds":[{"_id":3000000022082,"name":"景顺长城医疗产业股票型发起式证券投资基金","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","status":"normal","stockCode":"022082","tickerId":22082,"shortName":"景顺长城医疗产业股票C","currency":"CNY","__csrcFundId":14643,"exchange":"jj","masterFundFlag":null,"indexFundFlag":null,"activeFundFlag":null,"etfFundFlag":null,"lofFundFlag":null,"pensionTargetFlag":null,"feederFundFlag":null,"classificationFlag":null,"closedEnd":null,"lastUpdated":"2025-02-03T07:54:34.308Z","inceptionDate":"2025-01-23T16:00:00.000Z","pinyin":"jsccylcygpxfqszqtzjj","fundCollectionId":4000050290000}],"shareholdings":[{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000022081,"stockId":1000000000006990,"holdings":15400,"marketCap":6254817,"netValueRatio":0.0986,"quarterlyChange":0.17287098419173907,"stock":{"exchange":"hk","stockType":"company","stockCode":"06990","tickerId":6990,"name":"科伦博泰生物"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000022081,"stockId":1000000000002157,"holdings":1200000,"marketCap":5657943,"netValueRatio":0.0892,"quarterlyChange":0.07444668008048283,"stock":{"exchange":"hk","stockType":"company","stockCode":"02157","tickerId":2157,"name":"乐普生物-B"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000022081,"stockId":1000000000001801,"holdings":75000,"marketCap":5622184,"netValueRatio":0.0887,"quarterlyChange":0.11344262295081897,"stock":{"stockCode":"01801","exchange":"hk","stockType":"company","tickerId":1801,"name":"信达生物"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000022081,"stockId":300677,"holdings":80000,"marketCap":4694400,"netValueRatio":0.074,"quarterlyChange":0.5084832904884322,"stock":{"stockCode":"300677","exchange":"sz","stockType":"company","tickerId":300677,"name":"英科医疗"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000022081,"stockId":300204,"holdings":150000,"marketCap":4504500,"netValueRatio":0.071,"quarterlyChange":0.09919472913616345,"stock":{"stockCode":"300204","exchange":"sz","stockType":"company","tickerId":300204,"name":"舒泰神"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000022081,"stockId":1000000000001833,"holdings":400000,"marketCap":4068633,"netValueRatio":0.0642,"quarterlyChange":-0.18181818181818177,"stock":{"stockCode":"01833","exchange":"hk","stockType":"company","tickerId":1833,"name":"平安好医生"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000022081,"stockId":1000000000002315,"holdings":67000,"marketCap":3274375,"netValueRatio":0.0516,"quarterlyChange":0.5679886685552415,"stock":{"exchange":"hk","stockType":"company","stockCode":"02315","tickerId":2315,"name":"百奥赛图-B"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000022081,"stockId":688506,"holdings":11600,"marketCap":3224800,"netValueRatio":0.0509,"quarterlyChange":-0.13958526771897228,"stock":{"name":"百利天恒","exchange":"sh","stockType":"company","stockCode":"688506","tickerId":688506}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000022081,"stockId":301201,"holdings":44000,"marketCap":2274800,"netValueRatio":0.0359,"quarterlyChange":0.2702702702702695,"stock":{"stockCode":"301201","tickerId":301201,"exchange":"sz","stockType":"company","name":"诚达药业"}},{"date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000022081,"stockId":2432,"holdings":30000,"marketCap":2207400,"netValueRatio":0.0348,"quarterlyChange":0.8376623376623373,"stock":{"stockCode":"002432","exchange":"sz","stockType":"company","tickerId":2432,"name":"九安医疗"}}],"bondHoldings":[{"_id":"69e8fbad1398d79843003caf","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","fundId":3000000022081,"stockCode":"019773","stockName":"25国债08","holdings":31000,"marketCap":3141151,"netValueRatio":0.0495,"lastUpdated":"2026-04-22T16:47:41.984Z"}],"lastFsMetrics":{"latestTurnoverRate":3.611620995906708,"latestTurnoverRateDate":"2025-12-30T16:00:00.000Z"}},"list":[{"_id":"69e8ec6b1398d79843fe9de7","date":"2026-03-30T16:00:00.000Z","declarationDate":"2026-04-21T16:00:00.000Z","stockId":3000000022081,"sao":"报告期内，医药板块整体呈现景气度和股价的错配，经过两个季度的调整，部分股票进入非常扎实的市值支撑区间。从产业趋势看，创新药及其产业链仍是基本面最强劲的细分领域。我们组合仍聚焦于最能反应产业趋势、兑现度较高的标的，具体看以创新出海的头部公司、当前市值并未充分反应其价值的标的为主。同时也在创新产业链上面布局高成长的标的。创新链条以外，我们也布局了差异化的器械等标的，遵从我们个股性价比的选股标准，在各自领域选择最有竞争力的标的。　　关于产业趋势，我们看到今年一季度的药品研发授权交易无论从交易规模、价格和合作深度，都较2025年进一步提高。可以得出这样的结论：中国创新药的研发能力和效率正在逐步为海外合作伙伴认可并定价，产业竞争力持续提升。短期股价与基本面的错配恰恰是中长期布局的时机。药物研发周期长，估值区间宽，必然要面对短期市场博弈、股价宽幅波动。阶段性波动放大的贝塔行情仍会反复出现，基金经理认为真正赚大钱的机会并不在于博弈而是选股，创新出海的阿尔法挖掘的机会也非常确定。我们的任务就在于选出有竞争力的公司，跟踪验证。报告期内，我们延续前期策略，从成药性和商业化两个维度分析其确定性和弹性，基于竞争格局和成长空间角度选股。　　同时我们认为市场对医疗内需的重要性认知不足，我们认为内需一方面存在很大的估值修复空间，另一方面，分层的医疗产品和服务的需求，以及分层的供给是内需未来最值得期待的变化。国内市场中长期支付环境改善是大概率事件，依据此判断我们优化了组合结构，基于竞争格局而非景气度的选股是基金经理对内需市场的有效应对。　　当前组合仓位稳定，结构上大体可以分为出海和内需两类标的，以创新药械和相关产业链、传统向创新转型的药企和互联网医疗标的为主。　　我们对医药板块维持乐观的判断。随着估值水位抬升，将更注重丰富超额收益的来源，从分散到集中，聚焦各领域更有阿尔法的标的，管理收益和风险。","lastUpdated":"2026-04-22T15:42:35.898Z","fund":{"_id":3000000022081,"__csrcFundId":14643,"stockCode":"022081","masterFundShortName":"景顺长城医疗产业股票","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":22081,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"景顺长城医疗产业股票(022081)","lastUpdated":"2026-05-01T03:25:54.162Z","name":"景顺长城医疗产业股票型发起式证券投资基金","pinyin":"jsccylcygpxfqszqtzjj","fundCollectionId":4000050290000,"inceptionDate":"2025-01-23T16:00:00.000Z","setUpAssetScale":10116697.25,"setUpDate":"2025-01-23T16:00:00.000Z","setUpShares":10116697.25,"followedNum":4,"managers":[{"stockCode":"8801388194","stockType":"fund_manager","exchange":"fm","tickerId":170825140020,"name":"乔海英"}]},"announcement":{"linkText":"景顺长城医疗产业股票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=1473442","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69c61a0b5315f995c600a829","date":"2025-12-30T16:00:00.000Z","declarationDate":"2026-03-26T16:00:00.000Z","stockId":3000000022081,"sao":"2025年医药板块涨幅显著，板块充满贝塔但又有非常多的阿尔法，未来更确定的是选股难度加大，投资进入到分化阶段。经过四季度的调整，部分股票进入非常扎实的市值支撑区间。我们要认识到，创新药整体的产业趋势和中国企业的竞争力毋庸置疑，但单个项目研发周期长，估值区间宽，必然要面对短期市场博弈、股价宽幅波动。但国内外的例子都可以看到，真正赚大钱的机会仍来自于长期持有。中国药企的研发能力和效率没有争议，但研发内卷严重，未来出海难度加大。我们的任务就在于选出有竞争力的公司，跟踪验证，长期持有。报告期内，我们延续前期策略，从成药性和商业化两个维度分析其确定性和弹性，基于竞争格局和成长空间角度选股。　　同时我们认为市场对医疗内需的重要性认知不足，我们认为内需一方面存在很大的估值修复空间，另一方面，分层的医疗产品和服务的需求和分层的供给是内需未来最值得期待的变化。国内市场中长期支付环境改善是大概率事件，依据此判断我们优化了组合结构，基于竞争格局而非景气度的选股是基金经理对内需市场的有效应对。　　当前组合仓位稳定，结构上大体可以分为出海和内需两类标的，以创新药械和相关产业链、传统向创新转型的药企和互联网医疗标的为主。　　我们对医药板块维持乐观的判断。短期的调整更有利于对产业趋势的认知仍有分歧的资金增配医药、调整医药的持仓结构。随着估值水位抬升，将更注重丰富超额收益的来源，从分散到集中，聚焦各领域更有阿尔法的标的，管理收益和风险。","lastUpdated":"2026-03-27T05:47:55.224Z","mo":"全年维度看，2026年医药板块仍然充满机会，且已来到性价比较高的布局时点。市场流动性宽裕，医药板块的基本面兑现持续强劲，但股价表现极差，短期的错配恰恰是增配时点。中期维度看，中国创新药研发能力和效率无争议，且出海授权的案例数、金额和价格都在上涨。我们判断创新药阶段性波动放大的贝塔行情仍会反复出现，创新出海的阿尔法挖掘的机会也非常确定，而真正赚大钱的机会我认为仍来自持有。　　与此同时，我们认为板块整体机会更加多元，创新出海相关产业链的景气度改善逐步兑现，内需市场的悲观情绪也将逐步修复，我们会继续基于竞争格局而非景气度变化左侧布局在特定领域有竞争力的企业，期待盈利和估值的双重修复。　　短期预测市场的方向不是我们主要的投资策略，我们依然坚持以确定的产业趋势应对万变的市场的投资策略，通过精选产业发展趋势的受益者，捕获那些能够从小变大，从大变强的优质企业，力争为持有人创造投资回报。","fund":{"_id":3000000022081,"__csrcFundId":14643,"stockCode":"022081","masterFundShortName":"景顺长城医疗产业股票","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":22081,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"景顺长城医疗产业股票(022081)","lastUpdated":"2026-05-01T03:25:54.162Z","name":"景顺长城医疗产业股票型发起式证券投资基金","pinyin":"jsccylcygpxfqszqtzjj","fundCollectionId":4000050290000,"inceptionDate":"2025-01-23T16:00:00.000Z","setUpAssetScale":10116697.25,"setUpDate":"2025-01-23T16:00:00.000Z","setUpShares":10116697.25,"followedNum":4,"managers":[{"stockCode":"8801388194","stockType":"fund_manager","exchange":"fm","tickerId":170825140020,"name":"乔海英"}]},"announcement":{"linkText":"景顺长城医疗产业股票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=1447329","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3b47fea5b3eb0540d11","date":"2025-09-29T16:00:00.000Z","declarationDate":"2025-10-27T16:00:00.000Z","stockId":3000000022081,"sao":"我们在报告期内延续前期的策略，组合构建重点遵循国内药物研发的赶超和出海的产业趋势，优化持仓，从成药性和商业化两个维度分析其确定性和弹性，即基于竞争格局和成长空间角度选股。我们认为市场对医疗内需的重要性认知不足，我们认为内需存在很大的估值修复空间，且中长期支付环境改善是大概率事件，依据此判断我们优化了组合结构。当前组合仓位稳定，结构上大体可以分为出海和内需两类标的，以创新药械、传统向创新转型的药企和互联网医疗标的为主。　　报告期内创新药阶段性受资金扰动，调整明显，头部公司也明显回调。可以做出这样的判断：创新药的投资进入到选股阶段，普涨阶段结束，分化行情即将来临。头部确定性强、兑现度高、共识度高的标的是首选，中小市值公司将逐渐进入验证期，兑现度和催化剂都是我们重要考量因素。　　我们对医药板块维持乐观的判断。短期的调整更有利于对产业趋势的认知仍有分歧的资金增配医药、调整医药的持仓结构。随着估值水位抬升，将更注重丰富超额收益的来源，从分散到集中，聚焦各领域更有阿尔法的标的，管理收益和风险。","lastUpdated":"2026-03-09T14:05:40.598Z","fund":{"_id":3000000022081,"__csrcFundId":14643,"stockCode":"022081","masterFundShortName":"景顺长城医疗产业股票","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":22081,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"景顺长城医疗产业股票(022081)","lastUpdated":"2026-05-01T03:25:54.162Z","name":"景顺长城医疗产业股票型发起式证券投资基金","pinyin":"jsccylcygpxfqszqtzjj","fundCollectionId":4000050290000,"inceptionDate":"2025-01-23T16:00:00.000Z","setUpAssetScale":10116697.25,"setUpDate":"2025-01-23T16:00:00.000Z","setUpShares":10116697.25,"followedNum":4,"managers":[{"stockCode":"8801388194","stockType":"fund_manager","exchange":"fm","tickerId":170825140020,"name":"乔海英"}]},"announcement":{"linkText":"景顺长城医疗产业股票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=1378073","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3b47fea5b3eb0540d10","date":"2025-06-29T16:00:00.000Z","stockId":3000000022081,"sao":"我们在报告期内延续前期的策略，转向乐观，适当增加组合的进攻性，优化了在创新和出海链条方向上的持仓，从竞争格局和成长空间角度选股。当前组合仓位稳定，结构上以创新药、创新器械和创新产业链的标的为主。创新产品出海分享更大的商业化价值是我们看好的方向，我们认为出海是2025年最重要的竞争要素。　　报告期内，市场如期演绎我们的判断，科技创新在医药行业的收获期来临，阶段性我们也看到了越来越多的出海合作。基金经理认为本轮创新药的表现不是板块轮动而是产业趋势，当下火热的行情仍只是开始，中国创新药的全面追赶和超越正在进行。创新药尤其是复杂生物制剂是典型的工程创新，缩短临床开发时间、延长药品商业化寿命是对面临专利悬崖的跨国药企最大的吸引力，即延续自己的竞争优势或争夺重磅药物专利过期留下的巨大市场。中国药企早研管线试错成本低，试错快，研发效率和成本优势使得中国药企已经取代美股初创型药企的生态位。这种新形式的研发外包既能分享更大的价值量，又相对少地缘风险的暴露。　　接下来我们期待医药行情从点到面，期待龙头公司和权重股的估值重估，修复既往对内需市场过度悲观的估值折价，对过去的创新投入重新估值。中长期看，我们对本轮行情的高度和持续性更加乐观。一方面是创新药出海分享的价值量大为提升，另一方面会持续有里程碑和商业化收入兑现。当下市场普遍仅给予授权交易的首付款估值，对授权品种上市、商业化分成等利润端的非线性增信心不足。我们对医药板块维持乐观的判断。当前持仓以创新药及其相关链条标的为主，平衡胜率和赔率，自下而上从成药性和商业化角度等评估标的构建组合，获取超额收益。同时，我们也要看到国内医疗需求的刚性，随着行业整顿告一段落，院内需求陆续恢复，C端医疗消费也有望随着经济复苏而走出低迷。我们在配置上优选创新和出海，其次是从竞争格局而非景气度层面精选各细分领域的头部公司等。　　我们将继续着眼中长期，从基本面出发选股，兼顾估值水平，追求复利，积小胜为大胜，希望能够在中长期的维度为持有人创造稳定的净值增长。","declarationDate":"2025-07-20T16:00:00.000Z","lastUpdated":"2026-03-09T14:05:40.595Z","mo":"在连续下跌四年以后，今年上半年医药板块迎来罕见的高景气周期，这轮行情绝非简单的行业轮动或主题投资，而是中国生物医药产业历经十年沉淀后的集中爆发。从\"跟随\"到\"首创\"，从\"内需\"到\"出海\"，产业底层逻辑已发生根本性转变，中国生物医药正在从全球医药价值链的中低端向高端跃迁。理解这一轮行情的关键，在于把握\"科技赶超\"背后的产业趋势。中国药企研发实力的提升并非偶然，其竞争优势我们认为主要有三点：一是工程创新效率较高，二是产业链资源相对丰富，三是有内需市场支撑。为此中国药企已经取代海外初创药企成为面临专利悬崖的跨国药企引进品种的首选。　　我们继续看好医药行业的整体表现。本轮行情是创新驱动，不同于上一轮医药行情的业绩驱动，我们认为其高度和持续性都将均有望显著超越历史水平，且地缘风险更小。本轮创新药的表现不是板块轮动不是主题投资而是产业趋势，中国药企的竞争力已经不断被国际定价。但当前，大部分投资人仍只愿意给已授权交易的首付款估值，尚未充分反应2到3年后逐步有授权品种上市、有商业化分成兑现到收入端的非线性成长。无论在产业趋势还是个股估值上，我们都认为市场的定价仍不充分，仍有很好的投资机会可以挖掘。短期预测市场的方向不是我们主要的投资策略，我们依然坚持以确定的产业趋势应对万变的市场，聚焦基本面研究、持续发掘阿尔法，通过精选产业发展趋势的受益者，捕获那些能够从小变大，从大变强的优质企业，力争为持有人创造投资回报。","fund":{"_id":3000000022081,"__csrcFundId":14643,"stockCode":"022081","masterFundShortName":"景顺长城医疗产业股票","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":22081,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"景顺长城医疗产业股票(022081)","lastUpdated":"2026-05-01T03:25:54.162Z","name":"景顺长城医疗产业股票型发起式证券投资基金","pinyin":"jsccylcygpxfqszqtzjj","fundCollectionId":4000050290000,"inceptionDate":"2025-01-23T16:00:00.000Z","setUpAssetScale":10116697.25,"setUpDate":"2025-01-23T16:00:00.000Z","setUpShares":10116697.25,"followedNum":4,"managers":[{"stockCode":"8801388194","stockType":"fund_manager","exchange":"fm","tickerId":170825140020,"name":"乔海英"}]},"announcement":{"linkText":"景顺长城医疗产业股票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=1340370","linkType":"PDF","source":"csrc_pdf"}},{"_id":"69aed3b47fea5b3eb0540d0f","date":"2025-03-30T16:00:00.000Z","stockId":3000000022081,"sao":"本基金成立于医药行业比较低迷的阶段，但我们对医药行业的判断较为乐观，是以较早完成了建仓。我们认为，2025年是预期修复的一年：对商业健康险和支付端改革的探讨有助于修复对行业的悲观情绪；2025年也会是很多研发型公司扭亏的一年，多年的创新投入逐渐迎来收获期，随着国内创新品种的出海合作不断催化，持续四年对医药创新的估值下杀有望扭转，创新能力的提升有望赢得市场正视；过去两年本该呈现经营韧性的医药板块适逢行业整顿影响了业绩释放，但医疗需求持续增长，竞争壁垒高的优质公司经营业绩也会迎来修复甚至加速。　　我们看好2025年医药的表现：伴随整体的业绩修复和信心修复，认为医药板块或有风险偏好的提升，判断仍以结构性的投资机会为主，整体风格会更偏向成长，优选增量，次选存量。我们更看好创新药械和出海链条。当前组合持仓结构上以创新药、创新器械和创新产业链的标的为主。创新产品出海分享更大的商业化价值是我们看好的方向，认为出海是2025年最重要的竞争要素。　　报告期内，我们不做针对市场波动的博弈交易，主要做的工作还是对个股竞争优势和产业趋势做研究。随着生物安全法案暂时告一段落，越来越多的创新药企临近或实现盈利，产业趋势已经越来越明朗：科技创新在医药行业的收获期来临，国内企业在早期药物研发环节更具成本和效率优势，国内的产业链配套更完备更有粘性。医药产业已经逐渐走出药品集采对利润的影响，创新含金量的提升使企业可以分享到国内外更大的价值量和更高的利润率。阶段性我们看到的越来越多的出海合作、交易是一次性的首付款兑现到报表层面，随着临床推进，产品上市后的后端商业化弹性将是更大的产业链价值陆续兑现。医药行业的成长天花板不再受限于国内的支付能力。同时，我们也要看到国内医疗需求的刚性，随着行业整顿告一段落，院内需求陆续恢复，C端医疗消费也有望随着经济复苏而走出低迷。我们在配置上优选创新和出海，其次是竞争格局较好的医保内份额稳定的品种，如慢病和手术用药、耗材等。　　我们将继续着眼中长期，从基本面出发选股，兼顾估值水平，追求复利，积小胜为大胜，希望能够在中长期的维度为持有人创造稳定的净值增长。","declarationDate":"2025-04-21T16:00:00.000Z","lastUpdated":"2026-03-09T14:05:40.591Z","fund":{"_id":3000000022081,"__csrcFundId":14643,"stockCode":"022081","masterFundShortName":"景顺长城医疗产业股票","fundSecondLevel":"company","stockType":"fund","areaCode":"cn","market":"a","tickerId":22081,"currency":"CNY","masterFundFlag":1,"status":"normal","exchange":"jj","shortName":"景顺长城医疗产业股票(022081)","lastUpdated":"2026-05-01T03:25:54.162Z","name":"景顺长城医疗产业股票型发起式证券投资基金","pinyin":"jsccylcygpxfqszqtzjj","fundCollectionId":4000050290000,"inceptionDate":"2025-01-23T16:00:00.000Z","setUpAssetScale":10116697.25,"setUpDate":"2025-01-23T16:00:00.000Z","setUpShares":10116697.25,"followedNum":4,"managers":[{"stockCode":"8801388194","stockType":"fund_manager","exchange":"fm","tickerId":170825140020,"name":"乔海英"}]},"announcement":{"linkText":"景顺长城医疗产业股票型发起式证券投资基金2025年第1季度报告","linkUrl":"http://eid.csrc.gov.cn/fund/disclose/instance_show_pdf_id.do?instanceid=1271298","linkType":"PDF","source":"csrc_pdf"}}]}