<p><strong>预期寿命持续上升，但健康生活年限的增长速度却远远滞后。解决这一不平衡被视为医疗保健领域的关键增长驱动力，并创造了有吸引力的投资机会。贝尔维尤资产管理公司已将长寿融入其医疗保健策略中。</strong></p>
<p>健康寿命是长寿的关键经济变量。在 2000 年至 2019 年间，全球预期寿命增加了 6.5 年，而健康预期寿命仅增加了 5.4 年——目前的差距平均为 9.6 年，并继续扩大。这些额外的年份通常伴随着慢性疾病，并占据了医疗保健成本的显著份额。主要驱动因素包括心代谢疾病（如糖尿病、心血管疾病）、神经退行性疾病（如阿尔茨海默病或帕金森病）以及与年龄相关的功能衰退（如肌肉流失或活动能力下降）。</p>
<p><strong>预期寿命与健康调整预期寿命的趋势</strong></p>
<p><img src="https://imageproxy.pbkrs.com/https://www.finews.asia/images/advertorials/2026/Bellevue_Mai_Grafik_Mai.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://www.finews.asia/images/advertorials/2026/Bellevue_Mai_Grafik_Mai.jpg"/></p>
<p>来源：健康指标与评估研究所（IHME）。2019 年全球疾病负担研究（GBD 2019）结果。</p>
<p>«经济逻辑很明确：价值在于缩小这一差距的地方，而不是单纯延长寿命», <strong>Marcel Fritsch</strong>，贝尔维尤资产管理公司医疗基金与委托管理部负责人表示。在这里，长寿作为一个投资主题浮现：新的预防和早期检测方法，以及减缓疾病进展、减少住院和保持独立性的解决方案。</p>
<p><strong>三个关键价值驱动因素创造投资机会</strong></p>
<p>围绕长寿主题的价值创造遵循明确可识别的机制，并且已经可以转化为具体的商业模式。重要的不是技术创新本身，而是其在可衡量地改善临床结果的同时，持续转变医疗保健系统的成本结构的能力。</p>
<p>1. 通过数字健康监测进行预防和早期检测</p>
<p>数字监测解决方案通过持续捕捉生理数据和识别早期风险信号，将诊断和干预显著提前——从 Oura 或 Apple 等可穿戴设备到 Abbott 和 Dexcom 的临床验证系统，或 iRhythm 的心脏病监测贴片。其价值在于预防急性事件、延缓慢性疾病的进展，并减少成本高昂的升级，同时集成的数据生态系统同时建立结构性竞争优势。</p>
<p>2. 微创干预以提升生活质量</p>
<p>微创和机器人辅助的手术将重点从修复转向保持活动能力和自主性，通过更精确、侵入性更小和更早的干预来实现——例如通过 Stryker 或 Intuitive Surgical 的系统。经济效益体现在更短的恢复时间、更低的并发症发生率、更少的后续手术以及向门诊护理的日益转变。</p>
<p>3. 针对与年龄相关疾病的精准治疗</p>
<p>药物治疗的进展越来越多地关注跨疾病的生物机制，而不是孤立的指征——特别是在心代谢轴（Novo Nordisk、Eli Lilly、Amgen）以及神经退行性疾病（Biogen、Eisai、Eli Lilly）和肿瘤学（Merck &amp; Co.、AstraZeneca）方面。</p>
<p>这些疗法减缓疾病进展，降低死亡率，并延长人们能够独立生活的时间。</p>
<p><strong>投资长寿：贝尔维尤医疗保健 ETF</strong></p>
<p>投资机会主要出现在可以缩短疾病高成本阶段的地方。因此，重点放在那些可显著减缓疾病进展、提高护理效率并在预防、诊断和系统治疗方面开发可扩展解决方案的公司上。</p>
<p>这就是贝尔维尤医疗保健 ETF 的作用：它将贝尔维尤长期以来的医疗保健专业知识与主动管理的 UCITS ETF 格式相结合。大约 80% 的基金投资于在长寿价值链上有直接曝光的公司（治疗心血管、肿瘤、代谢、肌肉骨骼、神经退行性或感官疾病），另外大约 10-20% 的资金投资于有间接曝光的公司（包括管理护理、分销商、生命科学工具、CDMO 和医疗保健 IT）。</p>
<p>对于希望从长寿趋势中受益的投资者，以下优势显而易见：</p>
<ul>
<li>主动管理，专注于 50-100 只高信念股票</li>
<li>通过选择性股票挑选利用市场低效</li>
<li>以明确的价值驱动因素进行基本面自下而上的选择</li>
<li>高流动性、透明度、成本效率（TER 0.55%）和每日可交易性</li>
<li>超过 30 年的专业医疗保健经验</li>
<li>贝尔维尤医疗保健 ETF 明确聚焦于延长健康寿命，目标是全球医疗保健市场中最可持续的增长趋势之一——将医学进步与经济价值直接联系起来。</li>
</ul>
<p>了解更多关于我们的投资解决方案 <em><strong>这里</strong></em>。</p>
<p>联系方式</p>
<p>贝尔维尤资产管理公司，剧院街 12 号，瑞士苏黎世 8001</p>
<p>Tanja Chicherio，电话：+41 44 267 67 07，电子邮件：此电子邮件地址已被保护，无法显示，www.bellevue.ch</p>
<p><strong>贝尔维尤 – 专业投资的卓越</strong></p>
<p>贝尔维尤是一家在瑞士证券交易所上市的专业资产管理公司，核心竞争力涵盖医疗保健策略、企业家策略、另类和传统投资策略。成立于 1993 年，贝尔维尤是一家由 75 名专业人士组成的投资理念之家，为客户和股东创造有吸引力的投资回报和增值。截至 2025 年 12 月 31 日，贝尔维尤管理的资产为 53 亿瑞士法郎。</p>
<hr/>
<p><em>免责声明</em></p>
<p><em>本营销沟通由贝尔维尤资产管理公司（Bellevue Asset Management AG）发布，该公司是由瑞士金融市场监督管理局（FINMA）监管的授权资产管理人，担任该基金的投资经理。招募说明书、基金文件、英文和德文的关键信息文件（KIDs）及其他信息可免费从贝尔维尤资产管理公司获取，地址为瑞士苏黎世剧院街 12 号，邮政编码 CH-8001，或访问 www.bellevue.ch。该文件不适用于在任何法律禁止此类分发的司法管辖区内的任何个人，特别是根据 1933 年美国证券法第 S 条修订版定义的美国人士。该文件不构成购买或出售任何金融工具的要约或招揽。信息反映了发布时的观点，可能会在没有通知的情况下发生变化。它未考虑任何个人投资者的特定投资目标、财务状况或需求。税务处理取决于个人情况，可能会有所变化。建议投资者在做出投资决策之前评估投资的适宜性并寻求专业建议。所有投资均涉及风险，包括可能影响回报的货币风险。过去的表现并不是未来结果的可靠指标。业绩数据不考虑与认购、赎回或交易相关的佣金或费用。任何对特定公司的提及并不构成购买、出售、持有或直接投资该公司的推荐。在二级市场购买的 ETF 份额通常不能直接从基金赎回。投资者必须通过中介进行买卖，可能会产生交易费用或收到低于净资产价值（NAV）的金额。投资者权利摘要的英文版可在以下网址获取：https://www.waystone.com/wp-content/uploads/Policy/IE/Waystone-Management-Company-(IE)-Limited/Waystone-Management-Company-(IE)-Limited-Summary-of-Investor-Rights.pdf。管理公司可能会根据 2009/65/EC 指令第 93a 条决定终止该基金的营销安排。</em></p>

HEAL

DOCT

<p>寿命的提高超过了健康生活年限的增长，造成了一个显著的差距，这为医疗保健领域带来了投资机会。贝尔维尤资产管理公司在其策略中强调长寿，关注健康寿命作为一个关键的经济变量。主要的投资驱动因素包括通过数字健康监测进行预防、微创干预以及针对与年龄相关疾病的精准治疗。贝尔维尤医疗保健 ETF 的目标是投资那些改善临床结果并降低医疗成本的公司，旨在利用医疗市场中的长寿趋势</p>

<p><strong>Life expectancy continues to rise, but the number of healthy life years is increasing at a much slower pace. Solving this imbalance is considered a key growth driver in healthcare and creates attractive investment opportunities. Bellevue Asset Management has embedded longevity in its healthcare strategies.</strong></p>
<div class="lb-trans"><p><strong>预期寿命持续上升，但健康生活年限的增长速度却远远滞后。解决这一不平衡被视为医疗保健领域的关键增长驱动力，并创造了有吸引力的投资机会。贝尔维尤资产管理公司已将长寿融入其医疗保健策略中。</strong></p>
</div><p>Healthspan is the key economic variable of longevity. Between 2000 and 2019, global life expectancy increased by 6,5 years, while healthy life expectancy rose by only 5,4 years – the gap now averages 9,6 years and continues to widen. These additional years are often characterized by chronic diseases and account for a significant share of healthcare costs. Key drivers include cardiometabolic diseases (e.g. diabetes, cardiovascular diseases), neurodegeneration (e.g. Alzheimer’s or Parkinson’s) and age-related functional decline (e.g. muscle loss or reduced mobility).</p>
<div class="lb-trans"><p>健康寿命是长寿的关键经济变量。在 2000 年至 2019 年间，全球预期寿命增加了 6.5 年，而健康预期寿命仅增加了 5.4 年——目前的差距平均为 9.6 年，并继续扩大。这些额外的年份通常伴随着慢性疾病，并占据了医疗保健成本的显著份额。主要驱动因素包括心代谢疾病（如糖尿病、心血管疾病）、神经退行性疾病（如阿尔茨海默病或帕金森病）以及与年龄相关的功能衰退（如肌肉流失或活动能力下降）。</p>
</div><p><strong>Trends in Life Expectancy vs Health-Adjusted Expectancy</strong></p>
<div class="lb-trans"><p><strong>预期寿命与健康调整预期寿命的趋势</strong></p>
</div><p><img src="https://imageproxy.pbkrs.com/https://www.finews.asia/images/advertorials/2026/Bellevue_Mai_Grafik_Mai.jpg" alt="" original-src="https://www.finews.asia/images/advertorials/2026/Bellevue_Mai_Grafik_Mai.jpg"/></p>
<p>Source: Institute for Health Metrics and Evaluation (IHME). Global Burden of Disease Study 2019 (GBD 2019) Results.</p>
<div class="lb-trans"><p>来源：健康指标与评估研究所（IHME）。2019 年全球疾病负担研究（GBD 2019）结果。</p>
</div><p>«The economic logic is clear: value is created where this gap is reduced – not where lifespan is extended in isolation», says <strong>Marcel Fritsch</strong>, Head Healthcare Funds &amp; Mandates at Bellevue Asset Management. This is where longevity emerges as an investment theme: new approaches in prevention and early detection, as well as solutions that slow disease progression, reduce hospitalizations and preserve independence.</p>
<div class="lb-trans"><p>«经济逻辑很明确：价值在于缩小这一差距的地方，而不是单纯延长寿命», <strong>Marcel Fritsch</strong>，贝尔维尤资产管理公司医疗基金与委托管理部负责人表示。在这里，长寿作为一个投资主题浮现：新的预防和早期检测方法，以及减缓疾病进展、减少住院和保持独立性的解决方案。</p>
</div><p><strong>Three Key Value Drivers Create Investment Opportunities</strong></p>
<div class="lb-trans"><p><strong>三个关键价值驱动因素创造投资机会</strong></p>
</div><p>Value creation along the longevity theme follows clearly identifiable mechanisms and can already be translated into concrete business models. What matters is not technological innovation per se, but its ability to measurably improve clinical outcomes while sustainably transforming the cost structure of the healthcare system.</p>
<div class="lb-trans"><p>围绕长寿主题的价值创造遵循明确可识别的机制，并且已经可以转化为具体的商业模式。重要的不是技术创新本身，而是其在可衡量地改善临床结果的同时，持续转变医疗保健系统的成本结构的能力。</p>
</div><p>1. Prevention and early detection through digital health monitoring</p>
<div class="lb-trans"><p>1. 通过数字健康监测进行预防和早期检测</p>
</div><p>Digital monitoring solutions shift diagnosis and intervention significantly earlier by continuously capturing physiological data and identifying early risk signals – from wearables such as Oura or Apple to clinically validated systems such as CGM from Abbott and Dexcom or cardiology patches from iRhythm. The value arises from preventing acute events, delaying the progression of chronic diseases, and reducing cost-intensive escalations, while integrated data ecosystems simultaneously build structural competitive advantages.</p>
<div class="lb-trans"><p>数字监测解决方案通过持续捕捉生理数据和识别早期风险信号，将诊断和干预显著提前——从 Oura 或 Apple 等可穿戴设备到 Abbott 和 Dexcom 的临床验证系统，或 iRhythm 的心脏病监测贴片。其价值在于预防急性事件、延缓慢性疾病的进展，并减少成本高昂的升级，同时集成的数据生态系统同时建立结构性竞争优势。</p>
</div><p>2. Minimally invasive interventions to enhance quality of life</p>
<div class="lb-trans"><p>2. 微创干预以提升生活质量</p>
</div><p>Minimally invasive and robot-assisted procedures shift the focus from repair to preserving mobility and autonomy by enabling more precise, less invasive and earlier interventions in the disease pathway – for example through systems from Stryker or Intuitive Surgical. The economic benefit lies in shorter recovery times, lower complication rates, fewer follow-up procedures and a growing shift to outpatient care.</p>
<div class="lb-trans"><p>微创和机器人辅助的手术将重点从修复转向保持活动能力和自主性，通过更精确、侵入性更小和更早的干预来实现——例如通过 Stryker 或 Intuitive Surgical 的系统。经济效益体现在更短的恢复时间、更低的并发症发生率、更少的后续手术以及向门诊护理的日益转变。</p>
</div><p>3. Targeted treatment of age-related diseases</p>
<div class="lb-trans"><p>3. 针对与年龄相关疾病的精准治疗</p>
</div><p>Advances in pharmacotherapy increasingly address cross-disease biological mechanisms rather than isolated indications – particularly along the cardiometabolic axis (Novo Nordisk, Eli Lilly, Amgen) as well as in neurodegeneration (Biogen, Eisai, Eli Lilly) and oncology (Merck &amp; Co., AstraZeneca).</p>
<div class="lb-trans"><p>药物治疗的进展越来越多地关注跨疾病的生物机制，而不是孤立的指征——特别是在心代谢轴（Novo Nordisk、Eli Lilly、Amgen）以及神经退行性疾病（Biogen、Eisai、Eli Lilly）和肿瘤学（Merck &amp; Co.、AstraZeneca）方面。</p>
</div><p>These therapies slow disease progression, reduce mortality and extend the period during which people can live independently.</p>
<div class="lb-trans"><p>这些疗法减缓疾病进展，降低死亡率，并延长人们能够独立生活的时间。</p>
</div><p><strong>Investing in Longevity: Bellevue Healthcare ETF</strong></p>
<div class="lb-trans"><p><strong>投资长寿：贝尔维尤医疗保健 ETF</strong></p>
</div><p>Investment opportunities are primarily found where costly phases of disease can be shortened. The focus is therefore on companies that measurably slow disease progression, improve efficiency in care delivery and develop scalable solutions across prevention, diagnostics and systemic therapies.</p>
<div class="lb-trans"><p>投资机会主要出现在可以缩短疾病高成本阶段的地方。因此，重点放在那些可显著减缓疾病进展、提高护理效率并在预防、诊断和系统治疗方面开发可扩展解决方案的公司上。</p>
</div><p>This is where the Bellevue Healthcare ETF comes in: It combines Bellevue’s long-standing healthcare expertise with the format of an actively managed UCITS ETF. Approximately 80 percent of the fund is invested in companies with direct exposure along the longevity value chain (treatment of cardiovascular, oncological, metabolic, musculoskeletal, neurodegenerative or sensory diseases), with a further approximately 10–20 percent invested in companies with indirect exposure (including managed care, distributors, life science tools, CDMOs and healthcare IT).</p>
<div class="lb-trans"><p>这就是贝尔维尤医疗保健 ETF 的作用：它将贝尔维尤长期以来的医疗保健专业知识与主动管理的 UCITS ETF 格式相结合。大约 80% 的基金投资于在长寿价值链上有直接曝光的公司（治疗心血管、肿瘤、代谢、肌肉骨骼、神经退行性或感官疾病），另外大约 10-20% 的资金投资于有间接曝光的公司（包括管理护理、分销商、生命科学工具、CDMO 和医疗保健 IT）。</p>
</div><p>For investors seeking to benefit from the longevity trend, the following advantages arise:</p>
<div class="lb-trans"><p>对于希望从长寿趋势中受益的投资者，以下优势显而易见：</p>
</div><ul>
<li>Active approach with a focus on 50–100 high-conviction stocks</li>
<li>Exploitation of market inefficiencies through selective stock picking</li>
<li>Fundamental bottom-up selection with clearly defined value drivers</li>
<li>High liquidity, transparency, cost efficiency (TER 0,55 percent) and daily tradability</li>
<li>More than 30 years of specialized healthcare expertise</li>
<li>With its clear focus on extending healthspan, the Bellevue Healthcare ETF targets one of the most sustainable growth trends in the global healthcare market – directly linking medical progress with economic value.</li>
</ul>
<div class="lb-trans"><ul>
<li>主动管理，专注于 50-100 只高信念股票</li>
<li>通过选择性股票挑选利用市场低效</li>
<li>以明确的价值驱动因素进行基本面自下而上的选择</li>
<li>高流动性、透明度、成本效率（TER 0.55%）和每日可交易性</li>
<li>超过 30 年的专业医疗保健经验</li>
<li>贝尔维尤医疗保健 ETF 明确聚焦于延长健康寿命，目标是全球医疗保健市场中最可持续的增长趋势之一——将医学进步与经济价值直接联系起来。</li>
</ul>
</div><p>Learn more about our investment solution <em><strong>here</strong></em>.</p>
<div class="lb-trans"><p>了解更多关于我们的投资解决方案 <em><strong>这里</strong></em>。</p>
</div><p>Contact</p>
<div class="lb-trans"><p>联系方式</p>
</div><p>Bellevue Asset Management AG, Theaterstrasse 12, CH-8001 Zurich,</p>
<div class="lb-trans"><p>贝尔维尤资产管理公司，剧院街 12 号，瑞士苏黎世 8001</p>
</div><p>Tanja Chicherio, Tel. +41 44 267 67 07, This email address is being protected from spambots. You need JavaScript enabled to view it., www.bellevue.ch</p>
<div class="lb-trans"><p>Tanja Chicherio，电话：+41 44 267 67 07，电子邮件：此电子邮件地址已被保护，无法显示，www.bellevue.ch</p>
</div><p><strong>Bellevue – Excellence in Specialty Investments</strong></p>
<div class="lb-trans"><p><strong>贝尔维尤 – 专业投资的卓越</strong></p>
</div><p>Bellevue is a specialized asset manager listed on the SIX Swiss Exchange with core competencies covering healthcare strategies, entrepreneur strategies, alternative and traditional investment strategies. Established in 1993, Bellevue, a House of Investment Ideas staffed by 75 professionals, generates attractive investment returns and creates value added for clients and shareholders alike. Bellevue managed 5,3 bn francs in assets as of December 31, 2025.</p>
<div class="lb-trans"><p>贝尔维尤是一家在瑞士证券交易所上市的专业资产管理公司，核心竞争力涵盖医疗保健策略、企业家策略、另类和传统投资策略。成立于 1993 年，贝尔维尤是一家由 75 名专业人士组成的投资理念之家，为客户和股东创造有吸引力的投资回报和增值。截至 2025 年 12 月 31 日，贝尔维尤管理的资产为 53 亿瑞士法郎。</p>
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</div><p><em>Disclaimer</em></p>
<div class="lb-trans"><p><em>免责声明</em></p>
</div><p><em>This marketing communication is issued by Bellevue Asset Management AG, an authorized asset manager supervised by the Swiss Financial Market Supervisory Authority (FINMA), acting as investment manager of the fund. The prospectus, fund documents, Key Information Documents (KIDs) in English and German, and further information can be obtained free of charge from Bellevue Asset Management AG, Theaterstrasse 12, CH-8001 Zurich, or at www.bellevue.ch. This document is not intended for distribution to any person in a jurisdiction where such distribution would be unlawful. In particular, it is not intended for US persons as defined in Regulation S under the US Securities Act of 1933, as amended. This document does not constitute an offer or solicitation to buy or sell any financial instruments. The information reflects the views at the time of publication and may change without notice. It does not take into account the specific investment objectives, financial situation, or needs of any individual investor. Tax treatment depends on personal circumstances and may be subject to change. Investors are advised to assess the suitability of the investment and seek professional advice before making an investment decision. All investments involve risks, including currency risks that may affect returns. Past performance is not a reliable indicator of future results. Performance figures do not account for commissions or fees associated with subscriptions, redemptions, or trading. Any reference to a specific company does not constitute a recommendation to buy, sell, hold, or directly invest in that company. ETF shares purchased on the secondary market cannot usually be redeemed directly from the fund. Investors must buy and sell through an intermediary and may incur trading fees or receive less than the NAV. The Summary of Investor Rights is available in English at: https://www.waystone.com/wp-content/uploads/Policy/IE/Waystone-Management-Company-(IE)-Limited/Waystone-Management-Company-(IE)-Limited-Summary-of-Investor-Rights.pdf. The Management Company may decide to terminate marketing arrangements for the fund under Article 93a of Directive 2009/65/EC.</em></p>
<div class="lb-trans"><p><em>本营销沟通由贝尔维尤资产管理公司（Bellevue Asset Management AG）发布，该公司是由瑞士金融市场监督管理局（FINMA）监管的授权资产管理人，担任该基金的投资经理。招募说明书、基金文件、英文和德文的关键信息文件（KIDs）及其他信息可免费从贝尔维尤资产管理公司获取，地址为瑞士苏黎世剧院街 12 号，邮政编码 CH-8001，或访问 www.bellevue.ch。该文件不适用于在任何法律禁止此类分发的司法管辖区内的任何个人，特别是根据 1933 年美国证券法第 S 条修订版定义的美国人士。该文件不构成购买或出售任何金融工具的要约或招揽。信息反映了发布时的观点，可能会在没有通知的情况下发生变化。它未考虑任何个人投资者的特定投资目标、财务状况或需求。税务处理取决于个人情况，可能会有所变化。建议投资者在做出投资决策之前评估投资的适宜性并寻求专业建议。所有投资均涉及风险，包括可能影响回报的货币风险。过去的表现并不是未来结果的可靠指标。业绩数据不考虑与认购、赎回或交易相关的佣金或费用。任何对特定公司的提及并不构成购买、出售、持有或直接投资该公司的推荐。在二级市场购买的 ETF 份额通常不能直接从基金赎回。投资者必须通过中介进行买卖，可能会产生交易费用或收到低于净资产价值（NAV）的金额。投资者权利摘要的英文版可在以下网址获取：https://www.waystone.com/wp-content/uploads/Policy/IE/Waystone-Management-Company-(IE)-Limited/Waystone-Management-Company-(IE)-Limited-Summary-of-Investor-Rights.pdf。管理公司可能会根据 2009/65/EC 指令第 93a 条决定终止该基金的营销安排。</em></p>
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