At the turn of the new and the old years, a number of former star pharmaceutical stocks have reached stage and even historical lows. When will the industry adjustment end? The actions of public funds in the fourth quarter of last year may have reference value.
On January 24, the 2021 fourth quarter report of public funds was disclosed, and the position adjustment strategy of fund managers also surfaced.
From the pharmaceutical positions of all public funds, the position proportion of biomedical sector at the end of the fourth quarter of 2021 was 11.89%, down 2.14 percentage points month on month, which is the industry with the highest proportion of reduction.
However, in the overall decline, some pharmaceutical stocks obtained a substantial increase in the fund's holdings. According to the statistics of the reporter of the securities times, among the pharmaceutical stocks with a market value of more than 100 million yuan held by the fund, nearly 50 funds increased month on month in the fourth quarter. These pharmaceutical stocks have the following characteristics:
First of all, there are 11 Traditional Chinese medicine stocks, with the largest number in the subdivided industries. Among them, the shareholding ratio of Zhuzhou Qianjin Pharmaceutical Co.Ltd(600479) , Chongqing Taiji Industry (Group) Co.Ltd(600129) , Dong-E-E-Jiao Co.Ltd(000423) funds increased by more than 2 percentage points month on month in the fourth quarter, and the shareholding ratio of Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) , Tianjin Zhongxin Pharmaceutical Group Corporation Limited(600329) , Renhe Pharmacy Co.Ltd(000650) , Hubei Jumpcan Pharmaceutical Co.Ltd(600566) funds increased by more than 1 percentage point month on month. At the same time, undervalued varieties are more favored by the fund. Among the traditional Chinese medicine stocks increased by the fund, Renhe Pharmacy Co.Ltd(000650) , Hubei Jumpcan Pharmaceutical Co.Ltd(600566) , Guangzhou Baiyunshan Pharmaceutical Holdings Company Limited(600332) have a rolling P / E ratio of less than 20 times.
Second, the APIs and biological reagents in the upper reaches of the industrial chain are the concentration camps for fund holdings or new holdings. For example, Jenkem Technology Co.Ltd(688356) , Zhejiang Ausun Pharmaceutical Co.Ltd(603229) , Zhejiang Starry Pharmaceutical Co.Ltd(603520) , Nanjing King-Friend Biochemical Pharmaceutical Co.Ltd(603707) and other API enterprises, Nanjing Vazyme Biotech Co.Ltd(688105) , Acrobiosystems Co.Ltd(301080) , Sino Biological Inc(301047) and other IVD raw material enterprises were increased in varying degrees in the fourth quarter of last year. Among them, Nanjing Vazyme Biotech Co.Ltd(688105) , Acrobiosystems Co.Ltd(301080) have a certain degree of group, and the shareholding ratio of the fund reaches 23.98% and 9.40% respectively.
Third, the vaccine industry is generally favored by the fund. Among the aforementioned pharmaceutical stocks, five vaccine stocks were significantly increased by the fund. From the perspective of heavy varieties, Beijing Wantai Biological Pharmacy Enterprise Co.Ltd(603392) bivalent HPV sales are continuing in large quantities. After Cansino Biologics Inc(688185) MCV4 and Shenzhen Kangtai Biological Products Co.Ltd(300601) 13valent pneumonia vaccine are approved for listing in 2021, they are expected to contribute to the performance increment in 2022.
Fourth, some personalized and competitive companies and centralized immunization companies have also obtained a substantial increase in the holdings of the fund. For example, in the fourth quarter, the shareholding ratio of Yimei leading Imeik Technology Development Co.Ltd(300896) fund increased by 5.28 percentage points month on month, and 22 funds gained new shareholding; The position proportion of pharmaceutical glass leading Shandong Pharmaceutical Glass Co.Ltd(600529) fund increased by 8.4 percentage points to 11.67% month on month; The proportion of digital X-ray detector Iray Technology Company Limited(688301) fund positions increased by 1.73 percentage points to 9.75% month on month.
A pharmaceutical analyst told reporters that with the centralized mining entering the deep-water area, more and more funds treat the pharmaceutical industry as a public utility, and the valuation level should be equivalent to that of public utilities. In this context, some pharmaceutical funds have turned to traditional Chinese medicine stocks with friendly policies, good performance growth and low valuation. Moreover, the raw material cost of traditional Chinese medicine is low, and even the price rise has little pressure on the preparation. In addition, the valuation of vaccine and pharmaceutical upstream enterprises immunized by the centralized purchase policy is also attractive after a large adjustment.
In terms of holdings reduction, the fund significantly reduced its holdings of CXO and medical devices in the fourth quarter.
In the medical device sector, the shareholding ratio of Qingdao Novelbeam Technology Co.Ltd(688677) , Apt Medical Inc(688617) and other funds decreased by more than 10 percentage points month on month in the fourth quarter, and the shareholding ratio of Beijing Balance Medical Technology Co.Ltd(688198) , Xiangyumedicalco.Ltd(688626) , Shanghai Microport Endovascular Medtech (Group) Co.Ltd(688016) and other funds decreased by more than 5 percentage points month on month.
Behind the substantial reduction, or fund managers' concerns about China's medical device procurement. Recently, the national standing committee pointed out the need to promote the normalization and institutionalization of centralized volume procurement and speed up its expansion. This means that after drugs, China's medical devices will also face long-term pressure of procurement.
CXO is the sector with the most serious decline in the market value of fund holdings in the fourth quarter. Among them, the stock market value of Wuxi Apptec Co.Ltd(603259) fund is more than 25 billion yuan less than that at the end of the third quarter, and the stock market value of Hangzhou Tigermed Consulting Co.Ltd(300347) fund is more than 10 billion yuan less than that at the end of the third quarter; In terms of shareholding ratio, the shareholding ratio of Shanghai Medicilon Inc(688202) , Joinn Laboratories (China) Co.Ltd(603127) , Pharmablock Sciences (Nanjing) Inc(300725) and other funds decreased by more than 5 percentage points month on month.
In the face of the collective withdrawal of the fund, the CXO sector was added by the "goddess of medicine" Ge Lan against the market. The newly released position of China Europe medical innovation a shows that seven CXO enterprises such as Asymchem Laboratories (Tianjin) Co.Ltd(002821) , Wuxi Apptec Co.Ltd(603259) and Yaoming biology are its top ten heavy positions, and increase their holdings in the top three stocks by more than 50%.
As for the operation ideas, Glenn said in the four seasons that it has maintained the operation of high positions in general, and has made a key layout in the long-term promising innovative drug industry chain, medical services, leading enterprises of high-quality generic drugs and other directions.
