In 2021q4, the proportion of fund positions in the pharmaceutical industry ranked fourth, and the overall position of public funds in the pharmaceutical sector decreased. In terms of the market value of fund holdings, in 2021q4, the proportion of fund positions in the pharmaceutical industry ranked fourth among the 28 shenwanyi industries, with a proportion of 10.77%, down 2.36pp month on month. The popularity of the pharmaceutical industry has declined, and the pharmaceutical position of public funds is at a relatively low level in history. After excluding the pharmaceutical theme fund, the allocation degree of the pharmaceutical and biological sector has decreased significantly. The allocation proportion from 2020q3 to 2021q3 has reached a low in recent three years, and the proportion of 2021q4 low allocation medicine is 1.06%.
The heavy positions of public funds in medicine continued to focus on the leader. In 2021q4, 227 shares were heavily held by public funds, an increase of 8 compared with 2021q3. The top three stocks with the largest number of funds in 2021q4 are: Wuxi Apptec Co.Ltd(603259) (658), Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) (516), Chongqing Zhifei Biological Products Co.Ltd(300122) (227); The top three stocks with the largest market value are: Wuxi Apptec Co.Ltd(603259) (63.922 billion yuan), Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) (51.046 billion yuan), Asymchem Laboratories (Tianjin) Co.Ltd(002821) (26.071 billion yuan); The top five stocks with 2021q4 fund positions accounting for the proportion of circulating shares are: Porton Pharma Solutions Ltd(300363) (31.87%), Asymchem Laboratories (Tianjin) Co.Ltd(002821) (25.66%), Hangzhou Tigermed Consulting Co.Ltd(300347) (24.67%), Pharmaron Beijing Co.Ltd(300759) (24.55%) and Nanjing Vazyme Biotech Co.Ltd(688105) (23.76%), all of which have reached more than 20%.
Over the past year, the pharmaceutical sector as a whole has made a slight correction, and the current valuation is at a relatively high level in various industries. From the beginning of last year to January 28, 2022, the cumulative decline of the pharmaceutical industry was 2.71%, ranking 23rd in the SW primary industry classification. As of January 28, 2022, the overall P / E ratio of Shenwan pharmaceutical and biological sector was 28.91 times, ranking ninth in the primary industry classification of SW, and at a historically low level after the valuation correction since 2021. From the perspective of PEG, as of January 28, 2022, the overall peg median value of the pharmaceutical sector is about 0.8, which is lower than the historical average level (the average value in the past 10 years is 1.22). On the whole, the current valuation of the pharmaceutical sector has returned to the rational range. We believe that giving high-quality leading companies a higher PE valuation is a reasonable level, and the high-speed growth performance will quickly digest the PE valuation.
Risk warning: there is uncertainty in the global covid-19 epidemic; Industry growth was less than expected.
