天天基金个基分析：汇添富医药保健四季报点评

天天基金个基分析：汇添富医药保健四季报点评 报告 软件系统测试报告下载sgs报告如何下载关于路面塌陷情况报告535n,sgs报告怎么下载竣工报告下载 摘要: 采取相对积极的投资策略，四季度收益领先业绩基准。2013年四季度汇添富医药保健净值累计涨幅为-2.25%，同期业绩比较基准涨幅为-2.72%。本基金四季度采取相对积极的投资策略，减持了部分可能受政策影响的个股，业绩领先比较基准0.47%。 汇添富医药保健2013年四季度规模有所增加，期间共申购8.73亿份，赎回4.69亿份，净申购4.04亿份，期末剩余总份额24.21亿份，较上季度增加20.04%， 期末净资产为28.90亿元，较上季度增加12.40%。 小幅调整，维持高仓位运作。2013年四季度汇添富医药保健小幅减仓，基金股票仓位水平明显高于股票型基金平均水平。截止2013-12-31，基金股票资产占净资产比例为87.09%，较上季度减少5.03%，债券资产占净资产比例为3.46%，较上季度减少0.42%。 调整持股结构，增持了医疗服务行业相关股票。2013年四季度汇添富医药保健十大重仓股仅更换3只股票， 新增了莱美药业(行情 股吧 买卖点)、恩华药业(行情 股吧 买卖点)、上海医药(行情 股吧 买卖点)，换出了益佰制药(行情 股吧 买卖点)、康缘药业(行情 股吧 买卖点)、华邦颖泰(行情 股吧 买卖点)。本基金重仓股变动率低于同类基金平均水平，2013年四季度重仓股变动率为30%，同期股票型平均为45.89%。 该基金为医药行业(行情 股吧 买卖点)主题基金，由于受到药品降价和反商业贿赂等负面政策预期影响，医药板块四季度整体承压，期间汇添富医药保健业绩受到影响。但是通过主动管理，基金还是小幅跑赢业绩基准。基金经理周睿有着丰富的医药行业从业和研究经验，擅于挖掘优质个股，自2012年二季度上任以来基金业绩表现出色。 一、 本报告期业绩及比较基准收益率比较 净值增长率标业绩比较基准业绩比较基准收阶段 净值增长率? ?-? ?-? 准差? 收益率? 益率标准差? 过去三个月 -2.25% 1.14% -2.72% 1.00% 0.47% 0.14% 2013年四季度汇添富医药保健净值累计涨幅为-2.25%，同期业绩比较基准涨幅为-2.72%。本基金四季度采取相对积极的投资策略，减持了部分可能受政策影响的个股，业绩领先比较基准0.47%。 pipe and the metal structure installation part main including Yunnan province tengchong County yongxing River primary and secondary hydropower station in the of pressure pipe and the power station metal structure, which level power station pressure pipe total about 562t (containing annex); II level power station pressure pipe about 733 t (containing annex); level power station metal structure about 52.5 t, containing discharge Gate 2 hole, rushed sand Gate 1 hole, water mouth work door and the stopped dirt gate the 1 hole, Qian pool work door and the stopped dirt gate the 1 hole; Secondary power station metal junction at about 19.5 t, containing sand Gate 1 hole, water inlet water gate and trash the 1 hole; their auxiliary hoist equipment and electrical equipment. Concrete pressure pipe, gate, trash and hoisting device project property list 1-1~1-3. Table 1-1 the main characteristics of the penstock number item parameter type controller size head a long pipe diameter pipe length 11 hydropower station penstock open-air exposed pipe, single pipe joint water supply 1.3M 931m 0.8M 8.3*2m 22 hydropower station penstock open-air exposed pipe, single pipe joint water supply 1.4m 1063.506 m 0.8M 10*2m table 1-2 hydropower station Main characteristics of hydraulic metal structure number project name gate, trash rack, door (gate ... Pressure pipe and the metal structure installation 9.1 main engineering profile yongxing river level hydropower station pressure pipe pipeline plane Shang along Ridge is line layout, and slope surface contour close vertical, Guan Po with original ground line changes, used open type Ming tube, single tube joint water way, competent diameter 1.3M, long 931.00m, two root non-symmetric "Bu" type support tube, diameter 0.8M, single root long 8.3M. Competent to establish 12 town Pier, 107 buttress, telescopic section 11. Support Pier spacing 8M, side-sliding bearing. Town pier for the closed-end structure of gravity, base surface into bedrock, pipe excavation slope 1:0.75 with M5 grouted rubble slope protection, 0.3M, bottom side sewer, 0.25m wide, deep 0.3m,M5 grouted rubble masonry, set maintenance step ladder on the left side, 1.0M wide. Yongxinghe-? hydropower station penstock pipes arranged along the ridge line on the plane, and nearly vertical slope contour lines, Guan Po changes with the original ground line, with shallow backfill-pipe, single-pipe water supply, the competent 1.4m, long 1063.506m, two asymmetric "y" pipe, diameter 0.8M, single 10m. Competent to establish 12 town Pier, 8 expansion joint. Town pier for the closed-end structure of gravity, placed on soft rock base surface, pipe concrete C20 on a pedestal. Pipe trench excavation slope 1:0.75, after the installation of steel tube, compacted gravel backfill material to the surface, and 1:100 slope drainage to gutters. Gutter width 0.5M depth 0.5m,M5 grouted rubble masonry. 9.2 main engineering content this standard pressure pipe and the metal structure 二、 报告期内基金投资策略和运作分析 第四季度医药板块先跌后涨，相对大盘收益不明显。虽然医药行业依然保持了较好的增长，但由于受到药品降价和反商业贿赂等负面政策预期影响，市场对医药板块投资热情不高，四季度中证医药指数下跌了3.38%，行业中表现较好的股票主要是医疗服务相关个股。 四季度我们采取了相对积极的投资策略，仓位维持在85-90%之间，进行持股结构的调整，减持了部分可能受政策影响的个股，增持了医疗服务行业相关股票。 展望2014年，我们对医药板块走势相对乐观。首先，在人口老龄化等因素驱动下，医药行业依然会保持良好增长，而且2014年是药品招标大年，随着招标落地，基本药物和新进医保药物销售放量可期;其次，医药行业管理政策趋于理性，药品降价幅度可能会低于预期，政策对行业的负面冲击或在减弱; 再者，医疗服务和医疗器械子板块正迎来新一轮的快速发展期，为投资提供了较多标的;最后，医药板块估值相对合理，在中国经济结构调整的背景下，从行业比较角度，医药板块具有较大吸引力。 个股配置上，我们继续看好基本药物独家受益品种和高端仿制药，另外我们积极关注医疗服务的行业性机会。 三、 当季投资组合分析 1、规模变动情况 pipe and the metal structure installation part main including Yunnan province tengchong County yongxing River primary and secondary hydropower station in the of pressure pipe and the power station metal structure, which level power station pressure pipe total about 562t (containing annex); II level power station pressure pipe about 733 t (containing annex); level power station metal structure about 52.5 t, containing discharge Gate 2 hole, rushed sand Gate 1 hole, water mouth work door and the stopped dirt gate the 1 hole, Qian pool work door and the stopped dirt gate the 1 hole; Secondary power station metal junction at about 19.5 t, containing sand Gate 1 hole, water inlet water gate and trash the 1 hole; their auxiliary hoist equipment and electrical equipment. Concrete pressure pipe, gate, trash and hoisting device project property list 1-1~1-3. Table 1-1 the main characteristics of the penstock number item parameter type controller size head a long pipe diameter pipe length 11 hydropower station penstock open-air exposed pipe, single pipe joint water supply 1.3M 931m 0.8M 8.3*2m 22 hydropower station penstock open-air exposed pipe, single pipe joint water supply 1.4m 1063.506 m 0.8M 10*2m table 1-2 hydropower station Main characteristics of hydraulic metal structure number project name gate, trash rack, door (gate ... Pressure pipe and the metal structure installation 9.1 main engineering profile yongxing river level hydropower station pressure pipe pipeline plane Shang along Ridge is line layout, and slope surface contour close vertical, Guan Po with original ground line changes, used open type Ming tube, single tube joint water way, competent diameter 1.3M, long 931.00m, two root non-symmetric "Bu" type support tube, diameter 0.8M, single root long 8.3M. Competent to establish 12 town Pier, 107 buttress, telescopic section 11. Support Pier spacing 8M, side-sliding bearing. Town pier for the closed-end structure of gravity, base surface into bedrock, pipe excavation slope 1:0.75 with M5 grouted rubble slope protection, 0.3M, bottom side sewer, 0.25m wide, deep 0.3m,M5 grouted rubble masonry, set maintenance step ladder on the left side, 1.0M wide. Yongxinghe-? hydropower station penstock pipes arranged along the ridge line on the plane, and nearly vertical slope contour lines, Guan Po changes with the original ground line, with shallow backfill-pipe, single-pipe water supply, the competent 1.4m, long 1063.506m, two asymmetric "y" pipe, diameter 0.8M, single 10m. Competent to establish 12 town Pier, 8 expansion joint. Town pier for the closed-end structure of gravity, placed on soft rock base surface, pipe concrete C20 on a pedestal. Pipe trench excavation slope 1:0.75, after the installation of steel tube, compacted gravel backfill material to the surface, and 1:100 slope drainage to gutters. Gutter width 0.5M depth 0.5m,M5 grouted rubble masonry. 9.2 main engineering content this standard pressure pipe and the metal structure 汇添富医药保健2013年四季度规模有所增加，期间共申购8.73亿份，赎回4.69亿份，净申购4.04亿份，期末剩余总份额24.21亿份，较上季度增加20.04%，期末净资产为28.90亿元，较上季度增加12.40%。 2、资产配置变动情况 2013年四季度汇添富医药保健小幅减仓，基金股票仓位水平明显高于股票型基金平均水平。截止2013-12-31，基金股票资产占净资产比例为87.09%，较上季度减少5.03%，债券资产占净资产比例为3.46%，较上季度减少0.42%。 3、行业配置情况 pipe and the metal structure installation part main including Yunnan province tengchong County yongxing River primary and secondary hydropower station in the of pressure pipe and the power station metal structure, which level power station pressure pipe total about 562t (containing annex); II level power station pressure pipe about 733 t (containing annex); level power station metal structure about 52.5 t, containing discharge Gate 2 hole, rushed sand Gate 1 hole, water mouth work door and the stopped dirt gate the 1 hole, Qian pool work door and the stopped dirt gate the 1 hole; Secondary power station metal junction at about 19.5 t, containing sand Gate 1 hole, water inlet water gate and trash the 1 hole; their auxiliary hoist equipment and electrical equipment. Concrete pressure pipe, gate, trash and hoisting device project property list 1-1~1-3. Table 1-1 the main characteristics of the penstock number item parameter type controller size head a long pipe diameter pipe length 11 hydropower station penstock open-air exposed pipe, single pipe joint water supply 1.3M 931m 0.8M 8.3*2m 22 hydropower station penstock open-air exposed pipe, single pipe joint water supply 1.4m 1063.506 m 0.8M 10*2m table 1-2 hydropower station Main characteristics of hydraulic metal structure number project name gate, trash rack, door (gate ... Pressure pipe and the metal structure installation 9.1 main engineering profile yongxing river level hydropower station pressure pipe pipeline plane Shang along Ridge is line layout, and slope surface contour close vertical, Guan Po with original ground line changes, used open type Ming tube, single tube joint water way, competent diameter 1.3M, long 931.00m, two root non-symmetric "Bu" type support tube, diameter 0.8M, single root long 8.3M. Competent to establish 12 town Pier, 107 buttress, telescopic section 11. Support Pier spacing 8M, side-sliding bearing. Town pier for the closed-end structure of gravity, base surface into bedrock, pipe excavation slope 1:0.75 with M5 grouted rubble slope protection, 0.3M, bottom side sewer, 0.25m wide, deep 0.3m,M5 grouted rubble masonry, set maintenance step ladder on the left side, 1.0M wide. Yongxinghe-? hydropower station penstock pipes arranged along the ridge line on the plane, and nearly vertical slope contour lines, Guan Po changes with the original ground line, with shallow backfill-pipe, single-pipe water supply, the competent 1.4m, long 1063.506m, two asymmetric "y" pipe, diameter 0.8M, single 10m. Competent to establish 12 town Pier, 8 expansion joint. Town pier for the closed-end structure of gravity, placed on soft rock base surface, pipe concrete C20 on a pedestal. Pipe trench excavation slope 1:0.75, after the installation of steel tube, compacted gravel backfill material to the surface, and 1:100 slope drainage to gutters. Gutter width 0.5M depth 0.5m,M5 grouted rubble masonry. 9.2 main engineering content this standard pressure pipe and the metal structure 行业配置方面，2013年四季度汇添富医药保健增加了批发和零售业、卫生和社会工作等行业配置比例，降低了制造业、信息传输、软件和信息技术服务业等行业配置比例。本基金超配行业集中在制造业、卫生和社会工作、批发和零售业等，低配信息传输、软件和信息技术服务业、科学研究和技术服务业。 表1: 汇添富医药保健四季度行业配置情况 行业资产配置比例 同类平超配比行业名称 均 例 2013/12/31 2013/9/30 2013/6/30 2013/3/31 制造业 68.53% 80.08% 79.33% 85.13% 55.34% 13.19% 批发和零售业 11.85% 6.01% 8.05% 3.96% 4.04% 7.81% 信息传输、软件和信息技术服务0.86% 1.94% 4.21% -3.35% 业 科学研究和技术服务业 0.47% 0.92% -0.45% 卫生和社会工作 5.38% 4.10% 0.70% 2.04% 3.34% 合计 87.09% 92.12% 88.08% 89.09% 85.11% 1.98% 数据来源:Choice资讯、天天基金研究中心 4、十大重仓股变动情况 2013年四季度汇添富医药保健十大重仓股仅更换3只股票，新增了莱美药业、恩华药业、上海医药，换出了益佰制药、康缘药业、华邦颖泰。本基金重仓股变动率低于同类基金平均水平，2013年四季度重仓股变动率为30%，同期股票型平均为45.89%。 从业绩贡献看，四季度中证医药指数下跌了3.38%，基金重仓的医药股跌多涨少，但整体上跌幅不大，其中云南白药(行情 股吧 买卖点)和通化东宝(行情 股吧 买卖点)表现不佳，跌幅超10%。 表2: 汇添富医药保健四季度重仓股情况 市值(万持股数(万较上期增减2013年四季度涨证券代码 证券简称 占基金净值比 元) 股) (万股) 跌幅 华兰生物 (行情 股002007 5.46% 15784.71 549.99 49.99 1.88% 吧 买卖 点) 天士力(行600535 5.34% 15434.83 359.87 -10.77 -4.73% 情 股 pipe and the metal structure installation part main including Yunnan province tengchong County yongxing River primary and secondary hydropower station in the of pressure pipe and the power station metal structure, which level power station pressure pipe total about 562t (containing annex); II level power station pressure pipe about 733 t (containing annex); level power station metal structure about 52.5 t, containing discharge Gate 2 hole, rushed sand Gate 1 hole, water mouth work door and the stopped dirt gate the 1 hole, Qian pool work door and the stopped dirt gate the 1 hole; Secondary power station metal junction at about 19.5 t, containing sand Gate 1 hole, water inlet water gate and trash the 1 hole; their auxiliary hoist equipment and electrical equipment. Concrete pressure pipe, gate, trash and hoisting device project property list 1-1~1-3. Table 1-1 the main characteristics of the penstock number item parameter type controller size head a long pipe diameter pipe length 11 hydropower station penstock open-air exposed pipe, single pipe joint water supply 1.3M 931m 0.8M 8.3*2m 22 hydropower station penstock open-air exposed pipe, single pipe joint water supply 1.4m 1063.506 m 0.8M 10*2m table 1-2 hydropower station Main characteristics of hydraulic metal structure number project name gate, trash rack, door (gate ... Pressure pipe and the metal structure installation 9.1 main engineering profile yongxing river level hydropower station pressure pipe pipeline plane Shang along Ridge is line layout, and slope surface contour close vertical, Guan Po with original ground line changes, used open type Ming tube, single tube joint water way, competent diameter 1.3M, long 931.00m, two root non-symmetric "Bu" type support tube, diameter 0.8M, single root long 8.3M. Competent to establish 12 town Pier, 107 buttress, telescopic section 11. Support Pier spacing 8M, side-sliding bearing. Town pier for the closed-end structure of gravity, base surface into bedrock, pipe excavation slope 1:0.75 with M5 grouted rubble slope protection, 0.3M, bottom side sewer, 0.25m wide, deep 0.3m,M5 grouted rubble masonry, set maintenance step ladder on the left side, 1.0M wide. Yongxinghe-? hydropower station penstock pipes arranged along the ridge line on the plane, and nearly vertical slope contour lines, Guan Po changes with the original ground line, with shallow backfill-pipe, single-pipe water supply, the competent 1.4m, long 1063.506m, two asymmetric "y" pipe, diameter 0.8M, single 10m. Competent to establish 12 town Pier, 8 expansion joint. Town pier for the closed-end structure of gravity, placed on soft rock base surface, pipe concrete C20 on a pedestal. Pipe trench excavation slope 1:0.75, after the installation of steel tube, compacted gravel backfill material to the surface, and 1:100 slope drainage to gutters. Gutter width 0.5M depth 0.5m,M5 grouted rubble masonry. 9.2 main engineering content this standard pressure pipe and the metal structure 吧 买卖 点) 爱尔眼科 300015 (行情 股4.32% 12483.73 399.99 60.68 0.45% 吧买卖点) 300006 莱美药业 3.57% 10315.92 355.97 新增 -2.16% 002262 恩华药业 3.31% 9554.42 339.17 新增 -4.09% 000538 云南白药 3.26% 9414.5 92.31 -12.1 -12.87% 601607 上海医药 3.07% 8874 600 新增 -5.01% 双鹭药业 (行情 股002038 2.87% 8284.14 163.88 13.94 -9.49% 吧 买卖 点) 恒瑞医药 (行情 股600276 2.77% 8000.77 210.66 2.4 4.43% 吧 买卖 点) 600867 通化东宝 2.68% 7731.56 505 -73.6 -13.16% 数据来源:Choice资讯、天天基金研究中心 本基金股票集中度略有降低，前十大股票集中度为36.65%，较上季度减少4.59%，前五大股票集中度为22%，较上季度减少2.79%。同期股票型基金前十大股票集中度平均为34.06%，前五大股票集中度平均为21.27%。 pipe and the metal structure installation part main including Yunnan province tengchong County yongxing River primary and secondary hydropower station in the of pressure pipe and the power station metal structure, which level power station pressure pipe total about 562t (containing annex); II level power station pressure pipe about 733 t (containing annex); level power station metal structure about 52.5 t, containing discharge Gate 2 hole, rushed sand Gate 1 hole, water mouth work door and the stopped dirt gate the 1 hole, Qian pool work door and the stopped dirt gate the 1 hole; Secondary power station metal junction at about 19.5 t, containing sand Gate 1 hole, water inlet water gate and trash the 1 hole; their auxiliary hoist equipment and electrical equipment. Concrete pressure pipe, gate, trash and hoisting device project property list 1-1~1-3. Table 1-1 the main characteristics of the penstock number item parameter type controller size head a long pipe diameter pipe length 11 hydropower station penstock open-air exposed pipe, single pipe joint water supply 1.3M 931m 0.8M 8.3*2m 22 hydropower station penstock open-air exposed pipe, single pipe joint water supply 1.4m 1063.506 m 0.8M 10*2m table 1-2 hydropower station Main characteristics of hydraulic metal structure number project name gate, trash rack, door (gate ... Pressure pipe and the metal structure installation 9.1 main engineering profile yongxing river level hydropower station pressure pipe pipeline plane Shang along Ridge is line layout, and slope surface contour close vertical, Guan Po with original ground line changes, used open type Ming tube, single tube joint water way, competent diameter 1.3M, long 931.00m, two root non-symmetric "Bu" type support tube, diameter 0.8M, single root long 8.3M. Competent to establish 12 town Pier, 107 buttress, telescopic section 11. Support Pier spacing 8M, side-sliding bearing. Town pier for the closed-end structure of gravity, base surface into bedrock, pipe excavation slope 1:0.75 with M5 grouted rubble slope protection, 0.3M, bottom side sewer, 0.25m wide, deep 0.3m,M5 grouted rubble masonry, set maintenance step ladder on the left side, 1.0M wide. Yongxinghe-? hydropower station penstock pipes arranged along the ridge line on the plane, and nearly vertical slope contour lines, Guan Po changes with the original ground line, with shallow backfill-pipe, single-pipe water supply, the competent 1.4m, long 1063.506m, two asymmetric "y" pipe, diameter 0.8M, single 10m. Competent to establish 12 town Pier, 8 expansion joint. Town pier for the closed-end structure of gravity, placed on soft rock base surface, pipe concrete C20 on a pedestal. Pipe trench excavation slope 1:0.75, after the installation of steel tube, compacted gravel backfill material to the surface, and 1:100 slope drainage to gutters. Gutter width 0.5M depth 0.5m,M5 grouted rubble masonry. 9.2 main engineering content this standard pressure pipe and the metal structure 四、 当期个基点评 该基金为医药行业主题基金，由于受到药品降价和反商业贿赂等负面政策预期影响，医药板块四季度整体承压，期间汇添富医药保健业绩受到影响。但是通过主动管理，基金还是小幅跑赢业绩基准。基金经理周睿有着丰富的医药行业从业和研究经验，擅于挖掘优质个股，自2012年二季度上任以来基金业绩表现出色。 给予该基金评级:推荐 投资建议等级划分 推荐 投资价值高，建议买入 谨慎推荐 投资价值良好，建议谨慎参与，可适当买入 中性 投资价值一般，风险点明显，建议观望 回避 风险较高，建议回避 免责声明: 本报告是天天基金网基于公开信息研究发布，不构成投资建议。投资者据此操作，风险自担。市场有风险，投资需谨慎。 pipe and the metal structure installation part main including Yunnan province tengchong County yongxing River primary and secondary hydropower station in the of pressure pipe and the power station metal structure, which level power station pressure pipe total about 562t (containing annex); II level power station pressure pipe about 733 t (containing annex); level power station metal structure about 52.5 t, containing discharge Gate 2 hole, rushed sand Gate 1 hole, water mouth work door and the stopped dirt gate the 1 hole, Qian pool work door and the stopped dirt gate the 1 hole; Secondary power station metal junction at about 19.5 t, containing sand Gate 1 hole, water inlet water gate and trash the 1 hole; their auxiliary hoist equipment and electrical equipment. Concrete pressure pipe, gate, trash and hoisting device project property list 1-1~1-3. Table 1-1 the main characteristics of the penstock number item parameter type controller size head a long pipe diameter pipe length 11 hydropower station penstock open-air exposed pipe, single pipe joint water supply 1.3M 931m 0.8M 8.3*2m 22 hydropower station penstock open-air exposed pipe, single pipe joint water supply 1.4m 1063.506 m 0.8M 10*2m table 1-2 hydropower station Main characteristics of hydraulic metal structure number project name gate, trash rack, door (gate ... Pressure pipe and the metal structure installation 9.1 main engineering profile yongxing river level hydropower station pressure pipe pipeline plane Shang along Ridge is line layout, and slope surface contour close vertical, Guan Po with original ground line changes, used open type Ming tube, single tube joint water way, competent diameter 1.3M, long 931.00m, two root non-symmetric "Bu" type support tube, diameter 0.8M, single root long 8.3M. Competent to establish 12 town Pier, 107 buttress, telescopic section 11. Support Pier spacing 8M, side-sliding bearing. Town pier for the closed-end structure of gravity, base surface into bedrock, pipe excavation slope 1:0.75 with M5 grouted rubble slope protection, 0.3M, bottom side sewer, 0.25m wide, deep 0.3m,M5 grouted rubble masonry, set maintenance step ladder on the left side, 1.0M wide. Yongxinghe-? hydropower station penstock pipes arranged along the ridge line on the plane, and nearly vertical slope contour lines, Guan Po changes with the original ground line, with shallow backfill-pipe, single-pipe water supply, the competent 1.4m, long 1063.506m, two asymmetric "y" pipe, diameter 0.8M, single 10m. Competent to establish 12 town Pier, 8 expansion joint. Town pier for the closed-end structure of gravity, placed on soft rock base surface, pipe concrete C20 on a pedestal. Pipe trench excavation slope 1:0.75, after the installation of steel tube, compacted gravel backfill material to the surface, and 1:100 slope drainage to gutters. Gutter width 0.5M depth 0.5m,M5 grouted rubble masonry. 9.2 main engineering content this standard pressure pipe and the metal structure