[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"detail-JP2024090222085253510":3,"related-JP2024090222085253510":32},{"pageSize":4,"id":5,"productLine":6,"status":7,"articleCode":8,"articleType":9,"showStyle":7,"mediaType":10,"fileInputUrl":11,"articleTitle":12,"coverImage":13,"listImage":14,"introduction":15,"description":16,"nonVipDescription":17,"postTime":18,"viewTime":18,"sortNumber":19,"isFree":20,"isShowList":7,"isRecommend":20,"linkType":7,"isOriginal":6,"hasMiniUrl":20,"miniUrl":11,"miniScheme":11,"miniImage":11,"itemTag":11,"createBy":21,"updateBy":22,"createTime":23,"visitCount":24,"isLiked":20,"realSearch":25,"isRead":20,"productId":26,"isCollected":20,"collectCount":20,"vipExclusive":20,"allowComment":7,"style":27,"likeCount":20,"duration":20,"playStyle":7,"seoKeywords":11,"articleModuleVoList":28,"extendContentList":29,"noteCount":20,"categoryList":30,"dailyKeywordList":31},10,6477,"1",1,"JP2024090222085253510","1041018",3,"","亏了50%，我才想明白亏在哪里","https:\u002F\u002Fimage.jane7.com\u002F3375725c-d389-414b-8026-187a459f2892.png","https:\u002F\u002Fjane7-prod.oss-cn-hangzhou.aliyuncs.com\u002Fmanager\u002Farticle_default_img.png","医药基金跌了3年多，还能回本吗？","\u003Csection>\n \u003Cp style=\"text-align:center;margin-bottom: 0px;text-wrap: wrap;outline: 0px;color: rgb(34, 34, 34);letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 1.5em;visibility: visible;margin-left: 16px;margin-right: 16px;font-family:-apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(0, 0, 0);font-family:Optima-Regular, PingFangTC-light;\">晚上好，我是简七编辑部的犀利君。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(0, 0, 0);font-family:Optima-Regular, PingFangTC-light;\">最近有朋友和我吐槽，说她买了只医药基金，3年多一直在跌，已经亏了50%，感觉回不来了，现在账户都懒得打开。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(0, 0, 0);font-family:Optima-Regular, PingFangTC-light;\">虽然她都已经跌得「心如止水」了，可还是有些不死心，问我\u003Cstrong>医药行业会好起来吗？\u003C\u002Fstrong>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(0, 0, 0);font-family:Optima-Regular, PingFangTC-light;\">我说，从大方向上看，人们看病吃药的需求始终存在，叠加人口老龄化的趋势，医药行业是有很大发展空间。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(0, 0, 0);font-family:Optima-Regular, PingFangTC-light;\">但是……\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(0, 0, 0);font-family:Optima-Regular, PingFangTC-light;\">医药股投资很容易踩坑，如果你不知道怎么避开它，那就是妥妥地送钱了。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(0, 0, 0);font-family:Optima-Regular, PingFangTC-light;\">今天就来聊聊，让人「又爱又恨」的医药股，普通人该怎么投才能赚到钱。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(255, 76, 0);background-color: rgb(255, 254, 213);font-size: 14px;font-family:Optima-Regular, PingFangTC-light;\">风险提示：本文所提及的个股，仅为示例参考，不作任何投资推荐。投资有风险，决策需谨慎。据此买卖，请自担风险。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cimg class=\"rich_pages wxw-img\" src=\"https:\u002F\u002Fimage.jane7.com\u002F3971d311-65df-43b0-9f6b-d74d219d9225.jpg\">\u003C\u002Fp>\n \u003Csection>\n  \u003Cstrong>\u003Cspan style=\"outline: 0px;font-size: 16px;letter-spacing: 1px;caret-color: #333333;visibility: visible;color: #d6a841;font-family:Optima-Regular, PingFangTC-light;\">01\u003C\u002Fspan>\u003C\u002Fstrong> \n \u003C\u002Fsection>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(0, 0, 0);font-family:Optima-Regular, PingFangTC-light;\">在聊医药的坑之前，先来说说，大家看好医药行业的原因。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(0, 0, 0);font-family:Optima-Regular, PingFangTC-light;\">美国沃顿商学院的西格尔教授，对1957-2003年美国标普500指数成份股中，涨幅最高的20家公司进行统计：\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"text-align:center;margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cimg class=\"rich_pages wxw-img\" src=\"https:\u002F\u002Fimage.jane7.com\u002F952fb724-3ce3-408a-8f25-a6848f33d1ed.jpg\">\u003C\u002Fp>\n \u003Cp style=\"text-align:center;margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(136, 136, 136);font-size: 14px;font-family:Optima-Regular, PingFangTC-light;\">（数据来源：《投资者的未来》，西格尔）\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(0, 0, 0);font-family:Optima-Regular, PingFangTC-light;\">他发现「大牛股」主要来自两个行业：\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(0, 0, 0);font-family:Optima-Regular, PingFangTC-light;\">一个是消费品行业，共有11家公司入选\u003C\u002Fspan>\u003Cspan style=\"letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(136, 136, 136);font-size: 14px;font-family:Optima-Regular, PingFangTC-light;\">（涵盖烟草、食品饮料、糖果等知名品牌）\u003C\u002Fspan>\u003Cspan style=\"font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(0, 0, 0);font-family:Optima-Regular, PingFangTC-light;\">；\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(0, 0, 0);font-family:Optima-Regular, PingFangTC-light;\">另一个是医药行业，共有6家制药公司入选\u003C\u002Fspan>\u003Cspan style=\"letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(136, 136, 136);font-size: 14px;font-family:Optima-Regular, PingFangTC-light;\">（如雅培制药、百时美施贵宝、辉瑞、默克等）\u003C\u002Fspan>\u003Cspan style=\"font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(0, 0, 0);font-family:Optima-Regular, PingFangTC-light;\">。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(0, 0, 0);font-family:Optima-Regular, PingFangTC-light;\">除了少数医药巨头，美股医药行业整体走势，长期看也能超越标普500指数：\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"text-align:center;margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cimg class=\"rich_pages wxw-img\" src=\"https:\u002F\u002Fimage.jane7.com\u002F625272fd-dfc5-451b-bbff-933fcf412585.jpg\">\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(0, 0, 0);font-family:Optima-Regular, PingFangTC-light;\">背后的原因其实不难理解：\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(0, 0, 0);font-family:Optima-Regular, PingFangTC-light;\">一方面，\u003Cstrong>全球人口老龄化的程度都在加深，对于医疗保健的依赖会加大。\u003C\u002Fstrong>\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(0, 0, 0);font-family:Optima-Regular, PingFangTC-light;\">数据显示，近60年来，全世界「变老」的速度明显加快：\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(0, 0, 0);font-family:Optima-Regular, PingFangTC-light;\">1960年全世界65岁及以上人囗占比为5%，2000年为7％，2019年达到9％。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(0, 0, 0);font-family:Optima-Regular, PingFangTC-light;\">联合国预测，2050年全球人囗将达98亿，65岁及以上老年人囗将超过15亿。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(0, 0, 0);font-family:Optima-Regular, PingFangTC-light;\">另一方面，\u003Cstrong>医药需求是真正的刚需\u003C\u002Fstrong>。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(0, 0, 0);font-family:Optima-Regular, PingFangTC-light;\">当基本的衣食住行等需求得到满足后，人们期望得到更好的医疗救治，期望能有更健康的生活方式。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(0, 0, 0);font-family:Optima-Regular, PingFangTC-light;\">在需求的推动下，医药行业赢得不少国内外投资者的青睐。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cimg class=\"rich_pages wxw-img\" src=\"https:\u002F\u002Fimage.jane7.com\u002Fa4a673ed-b9b6-4c01-ab1f-7eb3aadea9a9.jpg\">\u003C\u002Fp>\n \u003Cp style=\"text-align:center;text-wrap: wrap;outline: 0px;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;visibility: visible;margin-left: 16px;margin-right: 16px;margin-bottom: 8px;font-family:-apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cstrong>\u003Cspan style=\"outline: 0px;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);visibility: visible;color: rgb(214, 168, 65);font-family:Optima-Regular, PingFangTC-light;\">02\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"color: rgb(0, 0, 0);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">在海外市场，医药行业可谓是「牛股集中营」，那国内是不是也符合这个投资逻辑呢？\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(0, 0, 0);font-family:Optima-Regular, PingFangTC-light;\">不得不提醒大家，医药股有两个容易被忽视的「大坑」——\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cstrong>\u003Cspan style=\"font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(214, 168, 65);font-family:Optima-Regular, PingFangTC-light;\">第一，「老龄化社会」医疗需求增加，但医保资金有限，导致医药行业整体增长放缓\u003C\u002Fspan>\u003C\u002Fstrong>\u003Cstrong>\u003Cspan style=\"font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(214, 168, 65);font-family:Optima-Regular, PingFangTC-light;\">。\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(0, 0, 0);font-family:Optima-Regular, PingFangTC-light;\">在老龄化趋势下，民众的医疗消费开支可能持续上升，但是「医保控费」一定程度上，会抑制医疗开支过度增长。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(0, 0, 0);font-family:Optima-Regular, PingFangTC-light;\">以我爸妈为例，年纪大了跑医院的次数逐渐增加，医疗开支确实是上升了，但他们有医保，可以报销一部分比例，自己出的钱，占比并不太多。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(0, 0, 0);font-family:Optima-Regular, PingFangTC-light;\">真正出钱的大头是医保，并不是患病的老年人，而缴纳医保的在职职工，是青壮年人，目前这批人还能覆盖庞大的医保支出；\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(0, 0, 0);font-family:Optima-Regular, PingFangTC-light;\">但随着人口老龄化程度加深，未来医保收入大幅减少，过高的医疗开支，必然会有入不敷出的一天。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(0, 0, 0);font-family:Optima-Regular, PingFangTC-light;\">因此，我们这两年看到的「医药集采」「\u003C\u002Fspan>\u003Ca href=\"https:\u002F\u002Fmp.weixin.qq.com\u002Fs?__biz=MjM5MzA3MjI2NQ==&mid=2650673455&idx=1&sn=d66c3642d009fe5ee750ae4c4c25a6bc&scene=21#wechat_redirect\" style=\"font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(0, 82, 255);font-family:Optima-Regular, PingFangTC-light;;color:#409eff\">\u003Cspan style=\"font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(0, 82, 255);font-family:Optima-Regular, PingFangTC-light;\">DRG\u003C\u002Fspan>\u003C\u002Fa>\u003Cspan style=\"font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(0, 0, 0);font-family:Optima-Regular, PingFangTC-light;\">」等改革，都属于「医保控费」的政策手段。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cstrong>\u003Cspan style=\"color: rgb(0, 0, 0);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">对于医药行业来说，「控费」会导致行业增速整体下降。\u003C\u002Fspan>\u003C\u002Fstrong>\u003Cspan style=\"color: rgb(0, 0, 0);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">\u003C\u002Fspan>\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(0, 0, 0);font-family:Optima-Regular, PingFangTC-light;\">上世纪70年代，日本的医疗费用年均增速高达20%左右，但进入90年代，国民医疗费用增速降到5%以下：\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"text-align:center;margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cimg class=\"rich_pages wxw-img\" src=\"https:\u002F\u002Fimage.jane7.com\u002Fb801f4bc-3f2f-4499-9fb5-f8dff5a67c05.jpg\">\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(0, 0, 0);font-family:Optima-Regular, PingFangTC-light;\">照理说，日本迈入人口老龄化社会，吃药的人变多了，医疗开支是增加的，但行业增速却在大幅下降。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(0, 0, 0);font-family:Optima-Regular, PingFangTC-light;\">原因是80年代起，日本开始搞「医保控费」了。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(0, 0, 0);font-family:Optima-Regular, PingFangTC-light;\">1988年，日本卫生部开始控制药品定价，平均每2年1次，对医保目录涉及的药品进行降价。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(0, 0, 0);font-family:Optima-Regular, PingFangTC-light;\">在此期间，日本大批医药企业倒闭，医药行业整体跑输市场，只有少数制药企业实现「逆袭」。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cstrong>\u003Cspan style=\"font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(214, 168, 65);font-family:Optima-Regular, PingFangTC-light;\">第二，国内医药行业「to G」的商业模式，很难诞生出超级「大牛股」。\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(0, 0, 0);font-family:Optima-Regular, PingFangTC-light;\">市面上常见的商业模式有3种，to C\u003C\u002Fspan>\u003Cspan style=\"letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(136, 136, 136);font-size: 14px;font-family:Optima-Regular, PingFangTC-light;\">（个人客户）\u003C\u002Fspan>\u003Cspan style=\"font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(0, 0, 0);font-family:Optima-Regular, PingFangTC-light;\">，to B\u003C\u002Fspan>\u003Cspan style=\"letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(136, 136, 136);font-size: 14px;font-family:Optima-Regular, PingFangTC-light;\">（企业客户）\u003C\u002Fspan>\u003Cspan style=\"font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(0, 0, 0);font-family:Optima-Regular, PingFangTC-light;\">，to G\u003C\u002Fspan>\u003Cspan style=\"letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(136, 136, 136);font-size: 14px;font-family:Optima-Regular, PingFangTC-light;\">（政府客户）\u003C\u002Fspan>\u003Cspan style=\"font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(0, 0, 0);font-family:Optima-Regular, PingFangTC-light;\">。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(0, 0, 0);font-family:Optima-Regular, PingFangTC-light;\">按照难易程度排序，to C的消费行业大牛股比较多\u003C\u002Fspan>\u003Cspan style=\"letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(136, 136, 136);font-size: 14px;font-family:Optima-Regular, PingFangTC-light;\">（如美股的苹果、A股的茅台等）\u003C\u002Fspan>\u003Cspan style=\"font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(0, 0, 0);font-family:Optima-Regular, PingFangTC-light;\">；\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(0, 0, 0);font-family:Optima-Regular, PingFangTC-light;\">to B的企业有不少「隐形冠军」\u003C\u002Fspan>\u003Cspan style=\"letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(136, 136, 136);font-size: 14px;font-family:Optima-Regular, PingFangTC-light;\">（如福耀玻璃）\u003C\u002Fspan>\u003Cspan style=\"font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(0, 0, 0);font-family:Optima-Regular, PingFangTC-light;\">，可能公众知名度不高，但长期涨幅也挺可观；\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(0, 0, 0);font-family:Optima-Regular, PingFangTC-light;\">国内医药行业属于to G模式，它的最大买家既不是个人，也不是企业，而是医保局。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(0, 0, 0);font-family:Optima-Regular, PingFangTC-light;\">如果行业的下游客户太过单一，通常讨价还价的能力会较差，何况大买家还是政府，哪家药企敢漫天要价呢~\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(0, 0, 0);font-family:Optima-Regular, PingFangTC-light;\">在美国，医药行业的大买家有两类，一个是商业健康保险公司，一个是公立医疗保障机构，通过市场化机制去确定药品定价。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(0, 0, 0);font-family:Optima-Regular, PingFangTC-light;\">举个例子，某大型药企研发出一款特效新药，价格昂贵，商业保险公司愿意拿下这款特效药\u003C\u002Fspan>\u003Cspan style=\"letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(136, 136, 136);font-size: 14px;font-family:Optima-Regular, PingFangTC-light;\">（谈判时有一定折扣优惠）\u003C\u002Fspan>\u003Cspan style=\"font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(0, 0, 0);font-family:Optima-Regular, PingFangTC-light;\">。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(0, 0, 0);font-family:Optima-Regular, PingFangTC-light;\">这样它可以吸引更多民众参保，只要总体收入能覆盖支出，还是能赚到钱的。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(0, 0, 0);font-family:Optima-Regular, PingFangTC-light;\">于是，医药企业就在这些保险公司中，选择愿意出高价的买家。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(0, 0, 0);font-family:Optima-Regular, PingFangTC-light;\">相对来说，美国医药行业是to B模式，药企在定价上有较大自主权\u003C\u002Fspan>\u003Cspan style=\"letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(136, 136, 136);font-size: 14px;font-family:Optima-Regular, PingFangTC-light;\">（尽管也受到政策监督的制约）\u003C\u002Fspan>\u003Cspan style=\"font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(0, 0, 0);font-family:Optima-Regular, PingFangTC-light;\">，中国的医药行业是to G模式，药企的定价权相对较小。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cimg class=\"rich_pages wxw-img\" src=\"https:\u002F\u002Fimage.jane7.com\u002Fbd8379e4-61ec-4b5b-bff8-6357c34d0558.jpg\">\u003C\u002Fp>\n \u003Csection>\n  \u003Cstrong>\u003Cspan style=\"outline: 0px;font-size: 16px;letter-spacing: 1px;caret-color: #333333;visibility: visible;color: #d6a841;font-family:Optima-Regular, PingFangTC-light;\">03\u003C\u002Fspan>\u003C\u002Fstrong> \n \u003C\u002Fsection>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(0, 0, 0);font-family:Optima-Regular, PingFangTC-light;\">大家会发现，医药行业投资，原来还有这么多门道，之前想得有点简单了。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cstrong>\u003Cspan style=\"font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(0, 0, 0);font-family:Optima-Regular, PingFangTC-light;\">「医保控费」+「to G」商业模式，是不是意味着国内医药股没有投资价值呢？\u003C\u002Fspan>\u003C\u002Fstrong>\u003Cspan style=\"font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(0, 0, 0);font-family:Optima-Regular, PingFangTC-light;\">\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(0, 0, 0);font-family:Optima-Regular, PingFangTC-light;\">也并不是。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(0, 0, 0);font-family:Optima-Regular, PingFangTC-light;\">就拿现在的「医药集采」为例，医保局作为大买家，通过带量采购，把药品价格打下来了，确实会导致一部分药企的利润减少；\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(0, 0, 0);font-family:Optima-Regular, PingFangTC-light;\">不过这里面砍的，主要是「仿制药」虚高的价格\u003C\u002Fspan>\u003Cspan style=\"letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(136, 136, 136);font-size: 14px;font-family:Optima-Regular, PingFangTC-light;\">（挤掉一部分营销推广费用的水分）\u003C\u002Fspan>\u003Cspan style=\"font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(0, 0, 0);font-family:Optima-Regular, PingFangTC-light;\">。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(0, 0, 0);font-family:Optima-Regular, PingFangTC-light;\">而医保省下来的钱，最终还是要花出去的，为了满足民众看病需求，多出来的钱，也会纳入一部分「\u003C\u002Fspan>\u003Ca href=\"https:\u002F\u002Fmp.weixin.qq.com\u002Fs?__biz=MjM5MzA3MjI2NQ==&mid=2650668022&idx=1&sn=5ae22ec664030b8fed84078656572207&scene=21#wechat_redirect\" style=\"font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(0, 82, 255);font-family:Optima-Regular, PingFangTC-light;;color:#409eff\">\u003Cspan style=\"font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(0, 82, 255);font-family:Optima-Regular, PingFangTC-light;\">创新药\u003C\u002Fspan>\u003C\u002Fa>\u003Cspan style=\"font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(0, 0, 0);font-family:Optima-Regular, PingFangTC-light;\">」。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cblockquote style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\n  \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(136, 136, 136);font-size: 14px;font-family:Optima-Regular, PingFangTC-light;\">创新药：药企自主研发、有知识产权的药，一旦上市销售，可以在专利期内售卖高价。\u003C\u002Fspan>\u003C\u002Fp>\n  \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(136, 136, 136);font-size: 14px;font-family:Optima-Regular, PingFangTC-light;\">仿制药：专利药的专利过期后，其他药企仿制的药品，生产成本通常较低。\u003C\u002Fspan>\u003C\u002Fp>\n \u003C\u002Fblockquote>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(0, 0, 0);font-family:Optima-Regular, PingFangTC-light;\">这对于国内创新药企业算是一个利好，这里是不是有投资机会呢？\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(0, 0, 0);font-family:Optima-Regular, PingFangTC-light;\">我找到海外市场的一个例子，供你参考——\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(0, 0, 0);font-family:Optima-Regular, PingFangTC-light;\">日本有家药企叫「武田制药」，从1781年成立至今，已有两百多年历史。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(0, 0, 0);font-family:Optima-Regular, PingFangTC-light;\">上世纪80年代末，作为日本仿制药龙头的武田制药，也面临「医保控费」的巨大冲击。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(0, 0, 0);font-family:Optima-Regular, PingFangTC-light;\">1988-1995年，武田制药的股价，跌了差不多7年；\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(0, 0, 0);font-family:Optima-Regular, PingFangTC-light;\">但1995-2000年，武田的股价一路大涨，有六七倍之多：\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"text-align:center;margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cimg class=\"rich_pages wxw-img\" src=\"https:\u002F\u002Fimage.jane7.com\u002F02c293f8-b59a-4200-aa40-69fc838af4c2.jpg\">\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(0, 0, 0);font-family:Optima-Regular, PingFangTC-light;\">在这期间，武田制药做了两件事，很重要：\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"color: rgb(0, 0, 0);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">\u003C\u002Fspan>\u003Cspan style=\"color: rgb(0, 0, 0);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">一个是推动\u003C\u002Fspan>\u003Cstrong>\u003Cspan style=\"color: rgb(0, 0, 0);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">国际化布局\u003C\u002Fspan>\u003C\u002Fstrong>\u003Cspan style=\"color: rgb(0, 0, 0);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">，加快拓展海外市场，降低对本土市场的依赖；\u003C\u002Fspan>\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(0, 0, 0);font-family:Optima-Regular, PingFangTC-light;\">另一个是坚持\u003Cstrong>创新研发\u003C\u002Fstrong>，公司通过收并购整合外部资源，快速丰富产品管线，提升研发实力。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(0, 0, 0);font-family:Optima-Regular, PingFangTC-light;\">2000年后，武田制药从仿制药龙头，逐步转型为国际创新药龙头，也是少数成功「逆袭」的传统药企。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(0, 0, 0);font-family:Optima-Regular, PingFangTC-light;\">再来看国内的医药行业，同样也面临「医保控费」「药品降价」的局面，普通人如果投资整个医药行业指数，今后未必能获得理想的收益\u003C\u002Fspan>\u003Cspan style=\"letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(136, 136, 136);font-size: 14px;font-family:Optima-Regular, PingFangTC-light;\">·\u003C\u002Fspan>\u003Cspan style=\"font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(0, 0, 0);font-family:Optima-Regular, PingFangTC-light;\">；\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(0, 0, 0);font-family:Optima-Regular, PingFangTC-light;\">不妨参考武田制药的逆袭之路，布局那些「\u003C\u002Fspan>\u003Cstrong>\u003Cspan style=\"font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(214, 168, 65);font-family:Optima-Regular, PingFangTC-light;\">坚定创新+推进国际化\u003C\u002Fspan>\u003C\u002Fstrong>\u003Cspan style=\"font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(0, 0, 0);font-family:Optima-Regular, PingFangTC-light;\">」的药企。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(0, 0, 0);font-family:Optima-Regular, PingFangTC-light;\">比如国内的恒瑞医药，2011年前基本也以仿制药为主，之后的发展逐渐转向创新药。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(0, 0, 0);font-family:Optima-Regular, PingFangTC-light;\">恒瑞拥有丰富的创新药管线，近年在研发上持续加大投入，在美国、欧洲等地设立了生产基地，并积极拓展海外市场。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(0, 0, 0);font-family:Optima-Regular, PingFangTC-light;\">所以，\u003Cstrong>未来想在医药行业获得更好的收益，还是要从积极转型创新药的药企中发掘机会\u003C\u002Fstrong>。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(0, 0, 0);font-family:Optima-Regular, PingFangTC-light;\">综上所述，想投资医药股的朋友，不能冲着历史的高收益闭眼买入，还是要先了解这个行业潜藏着哪些「坑」；\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(0, 0, 0);font-family:Optima-Regular, PingFangTC-light;\">至于\u003Cstrong>已经深套了好几年的朋友，与其整天茶饭不思、盼望着啥时候能回本，倒不如静下心来想想，自己到底踩了哪些坑，亏也亏得明明白白的\u003C\u002Fstrong>，这样才会有进步。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(0, 0, 0);font-family:Optima-Regular, PingFangTC-light;\">借用巴菲特的比喻，医药行业就像是一个7英尺高的栏杆，即便费很大力气跨过去，也就获得一个奖杯，但有很多1英尺的栏杆，跨过去也是一个奖杯。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(0, 0, 0);font-family:Optima-Regular, PingFangTC-light;\">如果你对其他某个行业更熟悉+感兴趣，而它的栏杆高度只有1英尺，你完全可以轻松地跨过去赚钱，没必要再为难自己。\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(0, 0, 0);font-family:Optima-Regular, PingFangTC-light;\">最后放一张总结图：\u003C\u002Fspan>\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Cp style=\"text-align:center;margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cimg class=\"rich_pages wxw-img\" src=\"https:\u002F\u002Fimage.jane7.com\u002Fe3feef7d-60d3-4214-9e97-d1f35ed79bc1.jpg\">\u003C\u002Fp>\n \u003Cp style=\"margin-bottom: 0px;outline: 0px;letter-spacing: 0.544px;white-space: normal;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;font-family:-apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr>\u003C\u002Fp>\n \u003Csection>\n  \u003Cp style=\"color: rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);font-family:Optima-Regular, PingFangTC-light;\">\u003Cbr>\u003C\u002Fp>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Csection>\n   \u003Cbr>  \n  \u003C\u002Fsection>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Csection>\n   \u003Cbr>  \n  \u003C\u002Fsection>\n \u003C\u002Fsection>\n \u003Csection>\n  \u003Cp>\u003Cbr>\u003C\u002Fp>\n \u003C\u002Fsection>\n\u003C\u002Fsection>","\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">晚上好，我是简七编辑部的犀利君。\u003C\u002Fspan>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr\u002F>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">最近有朋友和我吐槽，说她买了只医药基金，3年多一直在跌，已经亏了50%，感觉回不来了，现在账户都懒得打开。\u003C\u002Fspan>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr\u002F>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">虽然她都已经跌得「心如止水」了，可还是有些不死心，问我\u003Cstrong>医药行业会好起来吗？\u003C\u002Fstrong>\u003C\u002Fspan>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr\u002F>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">我说，从大方向上看，人们看病吃药的需求始终存在，叠加人口老龄化的趋势，医药行业是有很大发展空间。\u003C\u002Fspan>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr\u002F>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">但是……\u003C\u002Fspan>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr\u002F>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">医药股投资很容易踩坑，如果你不知道怎么避开它，那就是妥妥地送钱了。\u003C\u002Fspan>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr\u002F>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">今天就来聊聊，让人「又爱又恨」的医药股，普通人该怎么投才能赚到钱。\u003C\u002Fspan>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr\u002F>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); color: rgb(255, 76, 0); background-color: rgb(255, 254, 213); font-size: 14px; font-family: Optima-Regular, PingFangTC-light;\">风险提示：本文所提及的个股，仅为示例参考，不作任何投资推荐。投资有风险，决策需谨慎。据此买卖，请自担风险。\u003C\u002Fspan>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cimg class=\"rich_pages wxw-img\" src=\"https:\u002F\u002Fimage.jane7.com\u002F3971d311-65df-43b0-9f6b-d74d219d9225.jpg\"\u002F>\u003C\u002Fp>\u003Cp>\u003Csection>\u003Cstrong>\u003Cspan style=\"outline: 0px; letter-spacing: 1px; caret-color: rgb(51, 51, 51); visibility: visible; color: rgb(214, 168, 65); font-family: Optima-Regular, PingFangTC-light;\">01\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fsection>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">在聊医药的坑之前，先来说说，大家看好医药行业的原因。\u003C\u002Fspan>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr\u002F>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">美国沃顿商学院的西格尔教授，对1957-2003年美国标普500指数成份股中，涨幅最高的20家公司进行统计：\u003C\u002Fspan>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr\u002F>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; text-align: center; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cimg class=\"rich_pages wxw-img\" src=\"https:\u002F\u002Fimage.jane7.com\u002F952fb724-3ce3-408a-8f25-a6848f33d1ed.jpg\"\u002F>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; text-align: center; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); color: rgb(136, 136, 136); font-size: 14px; font-family: Optima-Regular, PingFangTC-light;\">（数据来源：《投资者的未来》，西格尔）\u003C\u002Fspan>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr\u002F>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">他发现「大牛股」主要来自两个行业：\u003C\u002Fspan>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr\u002F>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">一个是消费品行业，共有11家公司入选\u003C\u002Fspan>\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); color: rgb(136, 136, 136); font-size: 14px; font-family: Optima-Regular, PingFangTC-light;\">（涵盖烟草、食品饮料、糖果等知名品牌）\u003C\u002Fspan>\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">；\u003C\u002Fspan>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr\u002F>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">另一个是医药行业，共有6家制药公司入选\u003C\u002Fspan>\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); color: rgb(136, 136, 136); font-size: 14px; font-family: Optima-Regular, PingFangTC-light;\">（如雅培制药、百时美施贵宝、辉瑞、默克等）\u003C\u002Fspan>\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">。\u003C\u002Fspan>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr\u002F>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">除了少数医药巨头，美股医药行业整体走势，长期看也能超越标普500指数：\u003C\u002Fspan>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr\u002F>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; text-align: center; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cimg class=\"rich_pages wxw-img\" src=\"https:\u002F\u002Fimage.jane7.com\u002F625272fd-dfc5-451b-bbff-933fcf412585.jpg\"\u002F>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr\u002F>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">背后的原因其实不难理解：\u003C\u002Fspan>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr\u002F>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">一方面，\u003Cstrong>全球人口老龄化的程度都在加深，对于医疗保健的依赖会加大。\u003C\u002Fstrong>\u003C\u002Fspan>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr\u002F>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">数据显示，近60年来，全世界「变老」的速度明显加快：\u003C\u002Fspan>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr\u002F>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">1960年全世界65岁及以上人囗占比为5%，2000年为7％，2019年达到9％。\u003C\u002Fspan>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr\u002F>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">联合国预测，2050年全球人囗将达98亿，65岁及以上老年人囗将超过15亿。\u003C\u002Fspan>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr\u002F>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">另一方面，\u003Cstrong>医药需求是真正的刚需\u003C\u002Fstrong>。\u003C\u002Fspan>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr\u002F>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">当基本的衣食住行等需求得到满足后，人们期望得到更好的医疗救治，期望能有更健康的生活方式。\u003C\u002Fspan>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr\u002F>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">在需求的推动下，医药行业赢得不少国内外投资者的青睐。\u003C\u002Fspan>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cimg class=\"rich_pages wxw-img\" src=\"https:\u002F\u002Fimage.jane7.com\u002Fa4a673ed-b9b6-4c01-ab1f-7eb3aadea9a9.jpg\"\u002F>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 8px; margin-left: 16px; text-align: center; text-wrap: wrap; outline: 0px; letter-spacing: 0.544px; background-color: rgb(255, 255, 255); line-height: 2em; visibility: visible; font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cstrong>\u003Cspan style=\"outline: 0px; letter-spacing: 1px; caret-color: rgb(51, 51, 51); visibility: visible; color: rgb(214, 168, 65); font-family: Optima-Regular, PingFangTC-light;\">02\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">在海外市场，医药行业可谓是「牛股集中营」，那国内是不是也符合这个投资逻辑呢？\u003C\u002Fspan>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr\u002F>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">不得不提醒大家，医药股有两个容易被忽视的「大坑」——\u003C\u002Fspan>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr\u002F>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cstrong>\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); color: rgb(214, 168, 65); font-family: Optima-Regular, PingFangTC-light;\">第一，「老龄化社会」医疗需求增加，但医保资金有限，导致医药行业整体增长放缓\u003C\u002Fspan>\u003C\u002Fstrong>\u003Cstrong>\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); color: rgb(214, 168, 65); font-family: Optima-Regular, PingFangTC-light;\">。\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr\u002F>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">在老龄化趋势下，民众的医疗消费开支可能持续上升，但是「医保控费」一定程度上，会抑制医疗开支过度增长。\u003C\u002Fspan>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr\u002F>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">以我爸妈为例，年纪大了跑医院的次数逐渐增加，医疗开支确实是上升了，但他们有医保，可以报销一部分比例，自己出的钱，占比并不太多。\u003C\u002Fspan>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr\u002F>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">真正出钱的大头是医保，并不是患病的老年人，而缴纳医保的在职职工，是青壮年人，目前这批人还能覆盖庞大的医保支出；\u003C\u002Fspan>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr\u002F>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">但随着人口老龄化程度加深，未来医保收入大幅减少，过高的医疗开支，必然会有入不敷出的一天。\u003C\u002Fspan>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr\u002F>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">因此，我们这两年看到的「医药集采」「\u003C\u002Fspan>\u003Ca href=\"https:\u002F\u002Fmp.weixin.qq.com\u002Fs?__biz=MjM5MzA3MjI2NQ==&mid=2650673455&idx=1&sn=d66c3642d009fe5ee750ae4c4c25a6bc&scene=21#wechat_redirect\" style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light; color: rgb(64, 158, 255);\">\u003Cspan style=\"color: rgb(0, 82, 255);\">DRG\u003C\u002Fspan>\u003C\u002Fa>\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">」等改革，都属于「医保控费」的政策手段。\u003C\u002Fspan>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr\u002F>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cstrong>\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">对于医药行业来说，「控费」会导致行业增速整体下降。\u003C\u002Fspan>\u003C\u002Fstrong>\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">\u003C\u002Fspan>\u003Cbr\u002F>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr\u002F>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">上世纪70年代，日本的医疗费用年均增速高达20%左右，但进入90年代，国民医疗费用增速降到5%以下：\u003C\u002Fspan>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr\u002F>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; text-align: center; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cimg class=\"rich_pages wxw-img\" src=\"https:\u002F\u002Fimage.jane7.com\u002Fb801f4bc-3f2f-4499-9fb5-f8dff5a67c05.jpg\"\u002F>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr\u002F>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">照理说，日本迈入人口老龄化社会，吃药的人变多了，医疗开支是增加的，但行业增速却在大幅下降。\u003C\u002Fspan>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr\u002F>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">原因是80年代起，日本开始搞「医保控费」了。\u003C\u002Fspan>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr\u002F>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">1988年，日本卫生部开始控制药品定价，平均每2年1次，对医保目录涉及的药品进行降价。\u003C\u002Fspan>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr\u002F>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">在此期间，日本大批医药企业倒闭，医药行业整体跑输市场，只有少数制药企业实现「逆袭」。\u003C\u002Fspan>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr\u002F>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cstrong>\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); color: rgb(214, 168, 65); font-family: Optima-Regular, PingFangTC-light;\">第二，国内医药行业「to G」的商业模式，很难诞生出超级「大牛股」。\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr\u002F>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">市面上常见的商业模式有3种，to C\u003C\u002Fspan>\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); color: rgb(136, 136, 136); font-size: 14px; font-family: Optima-Regular, PingFangTC-light;\">（个人客户）\u003C\u002Fspan>\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">，to B\u003C\u002Fspan>\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); color: rgb(136, 136, 136); font-size: 14px; font-family: Optima-Regular, PingFangTC-light;\">（企业客户）\u003C\u002Fspan>\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">，to G\u003C\u002Fspan>\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); color: rgb(136, 136, 136); font-size: 14px; font-family: Optima-Regular, PingFangTC-light;\">（政府客户）\u003C\u002Fspan>\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">。\u003C\u002Fspan>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr\u002F>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">按照难易程度排序，to C的消费行业大牛股比较多\u003C\u002Fspan>\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); color: rgb(136, 136, 136); font-size: 14px; font-family: Optima-Regular, PingFangTC-light;\">（如美股的苹果、A股的茅台等）\u003C\u002Fspan>\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">；\u003C\u002Fspan>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr\u002F>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">to B的企业有不少「隐形冠军」\u003C\u002Fspan>\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); color: rgb(136, 136, 136); font-size: 14px; font-family: Optima-Regular, PingFangTC-light;\">（如福耀玻璃）\u003C\u002Fspan>\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">，可能公众知名度不高，但长期涨幅也挺可观；\u003C\u002Fspan>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr\u002F>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">国内医药行业属于to G模式，它的最大买家既不是个人，也不是企业，而是医保局。\u003C\u002Fspan>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr\u002F>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">如果行业的下游客户太过单一，通常讨价还价的能力会较差，何况大买家还是政府，哪家药企敢漫天要价呢~\u003C\u002Fspan>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr\u002F>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">在美国，医药行业的大买家有两类，一个是商业健康保险公司，一个是公立医疗保障机构，通过市场化机制去确定药品定价。\u003C\u002Fspan>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr\u002F>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">举个例子，某大型药企研发出一款特效新药，价格昂贵，商业保险公司愿意拿下这款特效药\u003C\u002Fspan>\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); color: rgb(136, 136, 136); font-size: 14px; font-family: Optima-Regular, PingFangTC-light;\">（谈判时有一定折扣优惠）\u003C\u002Fspan>\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">。\u003C\u002Fspan>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr\u002F>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">这样它可以吸引更多民众参保，只要总体收入能覆盖支出，还是能赚到钱的。\u003C\u002Fspan>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr\u002F>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">于是，医药企业就在这些保险公司中，选择愿意出高价的买家。\u003C\u002Fspan>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr\u002F>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">相对来说，美国医药行业是to B模式，药企在定价上有较大自主权\u003C\u002Fspan>\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); color: rgb(136, 136, 136); font-size: 14px; font-family: Optima-Regular, PingFangTC-light;\">（尽管也受到政策监督的制约）\u003C\u002Fspan>\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">，中国的医药行业是to G模式，药企的定价权相对较小。\u003C\u002Fspan>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cimg class=\"rich_pages wxw-img\" src=\"https:\u002F\u002Fimage.jane7.com\u002Fbd8379e4-61ec-4b5b-bff8-6357c34d0558.jpg\"\u002F>\u003C\u002Fp>\u003Cp>\u003Csection>\u003Cstrong>\u003Cspan style=\"outline: 0px; letter-spacing: 1px; caret-color: rgb(51, 51, 51); visibility: visible; color: rgb(214, 168, 65); font-family: Optima-Regular, PingFangTC-light;\">03\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fsection>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">大家会发现，医药行业投资，原来还有这么多门道，之前想得有点简单了。\u003C\u002Fspan>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr\u002F>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cstrong>\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">「医保控费」+「to G」商业模式，是不是意味着国内医药股没有投资价值呢？\u003C\u002Fspan>\u003C\u002Fstrong>\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">\u003C\u002Fspan>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr\u002F>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">也并不是。\u003C\u002Fspan>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr\u002F>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">就拿现在的「医药集采」为例，医保局作为大买家，通过带量采购，把药品价格打下来了，确实会导致一部分药企的利润减少；\u003C\u002Fspan>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr\u002F>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">不过这里面砍的，主要是「仿制药」虚高的价格\u003C\u002Fspan>\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); color: rgb(136, 136, 136); font-size: 14px; font-family: Optima-Regular, PingFangTC-light;\">（挤掉一部分营销推广费用的水分）\u003C\u002Fspan>\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">。\u003C\u002Fspan>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr\u002F>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">而医保省下来的钱，最终还是要花出去的，为了满足民众看病需求，多出来的钱，也会纳入一部分「\u003C\u002Fspan>\u003Ca href=\"https:\u002F\u002Fmp.weixin.qq.com\u002Fs?__biz=MjM5MzA3MjI2NQ==&mid=2650668022&idx=1&sn=5ae22ec664030b8fed84078656572207&scene=21#wechat_redirect\" style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light; color: rgb(64, 158, 255);\">\u003Cspan style=\"color: rgb(0, 82, 255);\">创新药\u003C\u002Fspan>\u003C\u002Fa>\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">」。\u003C\u002Fspan>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr\u002F>\u003C\u002Fp>\u003Cblockquote style=\"margin-bottom: 0px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; margin-left: 16px; margin-right: 16px; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; line-height: 2em;\">\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); color: rgb(136, 136, 136); font-size: 14px; font-family: Optima-Regular, PingFangTC-light;\">创新药：药企自主研发、有知识产权的药，一旦上市销售，可以在专利期内售卖高价。\u003C\u002Fspan>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; line-height: 2em;\">\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); color: rgb(136, 136, 136); font-size: 14px; font-family: Optima-Regular, PingFangTC-light;\">仿制药：专利药的专利过期后，其他药企仿制的药品，生产成本通常较低。\u003C\u002Fspan>\u003C\u002Fp>\u003C\u002Fblockquote>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr\u002F>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">这对于国内创新药企业算是一个利好，这里是不是有投资机会呢？\u003C\u002Fspan>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr\u002F>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">我找到海外市场的一个例子，供你参考——\u003C\u002Fspan>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr\u002F>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">日本有家药企叫「武田制药」，从1781年成立至今，已有两百多年历史。\u003C\u002Fspan>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr\u002F>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">上世纪80年代末，作为日本仿制药龙头的武田制药，也面临「医保控费」的巨大冲击。\u003C\u002Fspan>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr\u002F>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">1988-1995年，武田制药的股价，跌了差不多7年；\u003C\u002Fspan>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr\u002F>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">但1995-2000年，武田的股价一路大涨，有六七倍之多：\u003C\u002Fspan>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr\u002F>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; text-align: center; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cimg class=\"rich_pages wxw-img\" src=\"https:\u002F\u002Fimage.jane7.com\u002F02c293f8-b59a-4200-aa40-69fc838af4c2.jpg\"\u002F>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr\u002F>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">在这期间，武田制药做了两件事，很重要：\u003C\u002Fspan>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr\u002F>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">\u003C\u002Fspan>\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">一个是推动\u003C\u002Fspan>\u003Cstrong>\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">国际化布局\u003C\u002Fspan>\u003C\u002Fstrong>\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">，加快拓展海外市场，降低对本土市场的依赖；\u003C\u002Fspan>\u003Cbr\u002F>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr\u002F>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">另一个是坚持\u003Cstrong>创新研发\u003C\u002Fstrong>，公司通过收并购整合外部资源，快速丰富产品管线，提升研发实力。\u003C\u002Fspan>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr\u002F>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">2000年后，武田制药从仿制药龙头，逐步转型为国际创新药龙头，也是少数成功「逆袭」的传统药企。\u003C\u002Fspan>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr\u002F>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">再来看国内的医药行业，同样也面临「医保控费」「药品降价」的局面，普通人如果投资整个医药行业指数，今后未必能获得理想的收益\u003C\u002Fspan>\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); color: rgb(136, 136, 136); font-size: 14px; font-family: Optima-Regular, PingFangTC-light;\">·\u003C\u002Fspan>\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">；\u003C\u002Fspan>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr\u002F>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">不妨参考武田制药的逆袭之路，布局那些「\u003C\u002Fspan>\u003Cstrong>\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); color: rgb(214, 168, 65); font-family: Optima-Regular, PingFangTC-light;\">坚定创新+推进国际化\u003C\u002Fspan>\u003C\u002Fstrong>\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">」的药企。\u003C\u002Fspan>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr\u002F>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">比如国内的恒瑞医药，2011年前基本也以仿制药为主，之后的发展逐渐转向创新药。\u003C\u002Fspan>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr\u002F>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">恒瑞拥有丰富的创新药管线，近年在研发上持续加大投入，在美国、欧洲等地设立了生产基地，并积极拓展海外市场。\u003C\u002Fspan>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr\u002F>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">所以，\u003Cstrong>未来想在医药行业获得更好的收益，还是要从积极转型创新药的药企中发掘机会\u003C\u002Fstrong>。\u003C\u002Fspan>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr\u002F>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">综上所述，想投资医药股的朋友，不能冲着历史的高收益闭眼买入，还是要先了解这个行业潜藏着哪些「坑」；\u003C\u002Fspan>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr\u002F>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">至于\u003Cstrong>已经深套了好几年的朋友，与其整天茶饭不思、盼望着啥时候能回本，倒不如静下心来想想，自己到底踩了哪些坑，亏也亏得明明白白的\u003C\u002Fstrong>，这样才会有进步。\u003C\u002Fspan>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr\u002F>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">借用巴菲特的比喻，医药行业就像是一个7英尺高的栏杆，即便费很大力气跨过去，也就获得一个奖杯，但有很多1英尺的栏杆，跨过去也是一个奖杯。\u003C\u002Fspan>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr\u002F>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">如果你对其他某个行业更熟悉+感兴趣，而它的栏杆高度只有1英尺，你完全可以轻松地跨过去赚钱，没必要再为难自己。\u003C\u002Fspan>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr\u002F>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cspan style=\"letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">最后放一张总结图：\u003C\u002Fspan>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr\u002F>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; text-align: center; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cimg class=\"rich_pages wxw-img\" src=\"https:\u002F\u002Fimage.jane7.com\u002Fe3feef7d-60d3-4214-9e97-d1f35ed79bc1.jpg\"\u002F>\u003C\u002Fp>\u003Cp style=\"margin-right: 16px; margin-bottom: 0px; margin-left: 16px; outline: 0px; letter-spacing: 0.544px; text-wrap: wrap; background-color: rgb(255, 255, 255); line-height: 2em; font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;\">\u003Cbr\u002F>\u003C\u002Fp>\u003Cp>\u003Csection>\u003Cp style=\"color: rgb(34, 34, 34); letter-spacing: 1px; caret-color: rgb(51, 51, 51); font-family: Optima-Regular, PingFangTC-light;\">\u003Cbr\u002F>\u003C\u002Fp>\u003C\u002Fsection>\u003Csection>\u003Csection>\u003Cbr\u002F> \u003C\u002Fsection>\u003C\u002Fsection>\u003Csection>\u003Csection>\u003Cbr\u002F> \u003C\u002Fsection>\u003C\u002Fsection>\u003Csection>\u003Cp>\u003Cbr\u002F>\u003C\u002Fp>\u003C\u002Fsection>\u003C\u002Fp>\u003Cp>\u003Cbr\u002F>\u003C\u002Fp>","2024-09-03 06:25:00",100,0,"liufei@jane7.com","liuweixin@jane7.com","2024-09-02 22:08:52",9,false,16497,"1038002",[],[],[],[],[]]