核 心 观 点 特朗普医药新政延续减少政府干预的理念，近期表达将对医药行业加关税的想法。那么，对全球医疗行业有何影响？我国医药企业又会遭遇何种挑战呢？ 以史为鉴，美国医疗体系如何发展成熟？ 美国医药行业政策的变迁 可以划分为四个阶段，变迁核心为扩面和控费并行： 一是 重视药品监管及医保扩面， 二是 支付方式改革和提升监管灵活性， 三是 成本控制、灵活监管与全过程监管并行， 四是 医保扩围和监管信息化。 美国的医疗体系中， 医疗保险为连结各主体的 纽带。美国卫生与公众服务部是负责政策制定与支出的核心部门；食品药品监管局负责监管。 国际比较来看， 美国医药支出远超别国，医疗支出占GDP比重超 15%，结构上以政府及强制性计划为主。 对比我国， 当前我国药监准入与医保支付系统发展与美国2000年相近；人均医疗支出中政府支付比例与美国开启《平 价医疗法案》前相近，未来或提高政府在医疗支出中的支付率。 新政开启，医疗政策有哪些变与不变？ 从特朗普与拜登任期的主张来看， 拜登任期 主张加强政府干预医疗，减少医疗保健中市场失灵情况； 特朗普的两次 任 期侧重均减少政府干预，不过 新任期 最主要变化在医疗支出方面，为获得更多 ...

Core Viewpoint - Trump's new healthcare policy continues the idea of reducing government intervention, with recent expressions of imposing tariffs on the pharmaceutical industry, raising questions about the impact on the global healthcare sector and challenges for Chinese pharmaceutical companies [1][3]. Historical Development of the US Healthcare System - The evolution of the US healthcare system can be divided into four stages, focusing on the dual goals of expanding coverage and controlling costs: 1. Emphasis on drug regulation and insurance expansion [5]. 2. Reform of payment methods and increased regulatory flexibility [6]. 3. Strengthened cost control and comprehensive regulation [7]. 4. Promotion of insurance expansion and regulatory informatization [7][14]. Comparison of Healthcare Policies Under Trump and Biden - Trump's administration focused on reducing government intervention, while Biden's administration aimed to strengthen government involvement in healthcare [19][22]. - During Trump's term, healthcare insurance spending remained stable, while Biden's term saw a gradual increase in the proportion of insurance spending [25]. - Employment in the healthcare sector improved under Biden, attributed to the expansion of the Affordable Care Act (ACA) and increased healthcare investment [25]. Future Direction of the US Pharmaceutical Industry - Trump's new term is expected to continue reducing government intervention and promote the return of pharmaceutical manufacturing to the US, impacting the global pharmaceutical landscape [33]. - Domestic implications include potential reductions in insurance coverage and increased out-of-pocket costs for patients, which may lead to decreased pharmaceutical consumption in the short term [33][35]. - Regulatory relaxation may benefit US biotech and generic drug companies, while tariffs on pharmaceutical products could significantly affect imports, particularly from China [3][42]. Impact of Tariffs on Chinese Pharmaceutical Industry - Trump's tariffs aim to protect domestic pharmaceutical manufacturers and suppress the development of Chinese companies, with significant implications for Chinese pharmaceutical exports to the US and Europe [3][45]. - The Chinese pharmaceutical industry primarily exports to the US and Europe, making it vulnerable to tariff increases, especially in the medical device sector [3][45][49]. - The overall export scale of China's pharmaceutical industry is relatively small, with exports to the US and Europe accounting for over 20% [45][46].

新华社北京4月21日电 （记者张辛欣）一场"人机共跑"马拉松后，有关"机器人跌倒又爬起"的话题持续 冲上热搜。尽管比赛中的一些"翻车现场"和人们心中对完美机器人的期望有落差，但更多的网友给予了 积极评价——"谁的成长路上不摔跤呢？" 学会走路，先要学会摔跤。正如人们所说，人形机器人跌倒、爬起，迈出的每一步，都是具身智能向前 的阶梯。 产业的发展要通过不断试错和调整来找到正确的方向，问题是最好的标尺。 以我国发展新能源汽车为例，起步之初曾面临各种质疑，经历路线选择的焦虑、技术的推倒重来和整个 产业体系的迭代。面对"低温趴窝"问题，加速对电池续航里程的攻坚；针对充电难推广难，提速基础设 施建设和换电等新模式发展……正是在化解问题中持续不懈攻关，才有了今天结出的硕果。 "10年时间、10亿美金、10%成功率"——医药界关于研发新药的"三个10"定律背后，既道出了创新的艰 辛，更体现了敢于试错、勇于纠错的厚积薄发。 今天，无论是人形机器人、低空经济，还是合成生物、量子通信，都面临着技术路线的选择、应用场景 的突破。未来产业的竞速也要求我们在打破常规、大胆探索的同时，把问题当课题，在破解难题中填补 空白、突破卡点，找到 ...

A股复盘 | 普涨的行情 / 2025.04.21 今天最火爆的事情就是美元的暴跌了吧！ 6点开盘，美元指数直接跌破99关口，下午快四点的时候，美元指数跌破98关 口。 盘中最低触及97.96。 彭博社援引交易员的话称，对冲基金正将美元抛售兑几乎所有货币，这一切的导 火索是：白宫国家经济委员会主任凯文·哈塞特周五表示，特朗普总统仍在研究 撤换美联储主席鲍威尔的方式。 这意味着特朗普可能将货币政策控制权收归自己手中，结果就是主要货币对出现 全面清算。 黄金受益于避险属性，今天节节攀升，现货黄金一度逼近3400美元！ 不过，在今晚的美元抛售潮中，有一个显著的异类：比特币。突然的买盘推动比 特币暴涨近2000美元，突破87000美元，创下"解放日"以来的最大单日涨 幅…… 美元与比特币关联性的破裂意味着：随着黄金价格变得荒谬，市场对美元崩溃的 避险需求下一站或将转向比特币——毕竟，各国央行全面启动货币印钞潮、压低 本币汇率只是时间问题。 刘煜辉指出，当前的G2博弈是非稳态、非常态的，其最终归宿仍将是某种形式的 谈判与交易。尽管过程可能伴随剧烈冲突，但最终结果将在实力博弈中产生。他 判断，政治时间的倒逼机制决定了谈判 ...

好投资是信任与认知的双重胜利， 期 待我们始终走在双向奔赴的路上。 姜 诚 一季度市场似乎缺乏清晰的基本面主线，在技术进步的背景下，人工智能和机器人相关领域有不错表现。 因为我们组合中的标的整体价格变化不大，所以整体仓位和结构也变化不大，仅在个别标的价格有显著波 动时进行了"被动"应对。 四月是传统的财报季，叠加贸易战的影响，市场或许会更聚焦于政策对基本面的长中短期影响。但 我们 更专注于为资产进行称重，而非过度关注阶段性波动。我们不会对企业的利润曲线求解一阶导数（利润增 长率）或者二阶导数（增长率的变化率），而是试图对长期分红的现值求解"积分"，所以不太关心增速， 更关心竞争格局和竞争优势的结构性变化。 在结构性变化的维度内，我们的组合有喜有忧，忧的是一些 行业的差竞争格局持续的时间较长，这对长期价值有杀伤；喜的是重点品种的竞争优势在潮水退却后变得 更加明显。简而言之，弱β叠加强α，让我们暂无修订长期结论的必要。对贸易战的前景，很难做出准确 判断，但我们仍有底气，原因有两方面：一是我国完备的产业链和巨大的内需给经济提供了韧性；二是可 运用的政策空间还有很大余量。所以不必急于做判断，后续的操作仍是以多看少动为 ...

点击小程序查看报告原文 提振内需的必要性与政策实施的有效性正在提升 外部冲击之下，"扩内需"必要性进一步提升。 美国近期实施的关税政策力度远超预期，扰动全球贸易秩序，加剧全球经济放缓风险。中美贸易摩擦动态 演绎，截至4月16日，中国出口美国的个别商品累计各种名目的关税已达到245%[1]。在此背景下，我国政府迅速采取针对性措施，包括对等关税、出口管 制、反倾销调查、WTO诉讼等[2]，维护多边贸易。与此同时，在外部尤其贸易前景尚不明朗的背景下，更为积极地实施内需刺激政策必要性提升，以国 内增长确定性应对外部环境的不确定性。 当前时点"扩内需"的效果或优于以往。第一，从政策空间来看， 近期公布的物价数据显示，CPI同比2月起再次进入负增长区间，PPI同比持续低位运行， 通胀低位为货币宽松和财政刺激提供了更大操作空间。 第二，从政策目标来看， 扩大内需是去年底经济工作会议以及两会明确的首要任务[3]。特别地， 2024年地方政府债务置换计划落地后，地方偿债压力缓解，为新增投资及民生支出释放财政空间，地方政府配合中央逆周期调控的能力和意愿增强。 第 三，私人部门信心逐步企稳。 3月统计局公布的商品房销售面积、销售金 ...

Core Insights - The National Healthcare Security Administration (NHSA) has reported that as of March 31, 24 provinces in China have implemented instant settlement of medical insurance funds, covering 246,700 designated medical institutions with a total disbursement of 165.7 billion yuan [1][2] - The NHSA aims to enhance its operational efficiency and responsiveness to the needs of designated medical institutions, promoting instant settlement reforms to empower the development of the medical sector [1] Group 1 - As of March 31, 2023, 24 provinces have implemented instant settlement, covering 246,700 designated medical institutions with disbursements of 157.4 billion yuan for medical institutions and 8.3 billion yuan for pharmacies [1] - By 2025, the NHSA plans to prepay 72.3 billion yuan in basic medical insurance funds, indicating a proactive approach to funding [1] - The NHSA is establishing various mechanisms to facilitate communication and collaboration among healthcare departments, aiming to accelerate the instant settlement reform process [1] Group 2 - Different provinces are adopting various methods to enhance the efficiency of fund usage while ensuring the safety of the medical insurance fund, such as increasing payment frequency and shortening settlement periods [2] - The NHSA will continue to provide targeted guidance to ensure that the benefits of the instant settlement reforms reach more designated medical institutions, improving patient experience and the overall healthcare ecosystem [2]

Core Viewpoint - The article discusses the negative impact of Trump's tariffs on the U.S. economy, highlighting concerns over rising prices and inflation for both businesses and consumers [1][3]. Group 1: Impact on U.S. Economy - California has become the first state to sue the Trump administration over tariffs, claiming they are illegal and causing economic chaos [1]. - Professor Nick Vyas warns that the tariffs will increase the cost of imported goods, leading to price and inflation pressures on U.S. businesses and consumers [1][3]. - The World Trade Organization (WTO) reports that U.S. tariffs are severely deteriorating global trade prospects, with a projected 0.2% decline in global goods trade by 2025, and a 12.6% drop in North American exports [3]. Group 2: Manufacturing and Labor Market - Vyas expresses skepticism about the return of labor-intensive industries to the U.S. due to high labor costs, even in the medium to long term [3][4]. - He suggests that capital-intensive industries, such as electronics and pharmaceuticals, are more likely to thrive in the U.S. due to their reliance on advanced manufacturing and technology [3]. Group 3: Global Supply Chain Effects - Tariffs are not only affecting the U.S. economy but also have profound implications for global supply chains, with some Chinese goods facing tariffs as high as 245% [5]. - Vyas indicates that sustained high tariffs could lead to significant challenges for global economic growth, potentially being the largest challenge since World War II [6]. - The "friend-shoring" policy introduced during the Biden administration aims to limit supply chain outsourcing to trusted countries, but the current tariff situation undermines this strategy [6]. Group 4: Regional Economic Impact - Southeast Asian countries are particularly affected by the tariffs, with Vietnam facing a 46% tariff and Cambodia even higher at 49% [6]. - Vyas notes that high tariffs will weaken global competitiveness and force companies to seek new trade routes or relocate production [7].

Core Points - The core viewpoint of the news is the performance and structure of the Industrial Bank's Frontier Medical Stock A fund, highlighting its recent decline and overall returns since inception [1][2]. Group 1: Fund Performance - On April 17, Industrial Bank Frontier Medical Stock A (001717) fell by 0.42%, with a latest net value of 2.81 yuan, marking a cumulative decline of 0.95% over three consecutive trading days [1]. - Since its establishment in February 2016, the fund has achieved a cumulative return of 181.20% with a total fund size of 91.35 billion yuan [1]. Group 2: Holder Structure - As of the end of 2024, institutional investors hold 348 million shares of the fund, accounting for 10.02% of the total shares, while individual investors hold 3.124 billion shares, making up 89.98% of the total [1]. Group 3: Fund Management - The current fund manager, Zhao Bei, has extensive experience in the healthcare sector and has been managing the fund since February 3, 2016 [2]. - As of December 31, 2024, the top ten holdings of the fund account for a total of 50.04%, with significant positions in companies such as Heng Rui Pharmaceutical (9.52%) and Ke Lun Pharmaceutical (5.65%) [2].

来源：金融界 公开信息显示，现任基金经理梁静静女士:国籍中国,北京大学药物化学专业硕士,历任上海普霖贝利生物 医药有限公司分析部研究员、东北证券研究所医药研究员、安信证券研究中心医药研究员。2018年7月 进入公司工作,曾任高级分析师,现担任高级分析师兼基金经理助理。2020年7月11日起担任中海医药健康 产业精选灵活配置混合型证券投资基金基金经理。现任中海医疗保健主题股票型证券投资基金基金经 理。 截止2024年12月31日，中海医疗保健主题股票A前十持仓占比合计59.15%，分别为：人福医药 （9.43%）、药明康德（7.24%）、恒瑞医药（6.35%）、开立医疗（6.02%）、爱博医疗（5.80%）、泰 格医药（5.12%）、百济神州-U（5.12%）、泽璟制药-U（4.90%）、佐力药业（4.64%）、华海药业 （4.53%）。 4月17日，中海医疗保健主题股票A（399011）下跌0.85%，最新净值1.05元，连续3个交易日下跌，区 间累计跌幅1.95%。 据了解，中海医疗保健主题股票A成立于2012年3月，基金规模5.64亿元，成立来累计收益率165.78%。 从持有人结构来看，截至2024年末 ...