Since this year, many medical and health stocks have suffered a significant pullback. As of February 18, the pharmaceutical index fell by more than 12%. Affected by this, the net value of the fund fell, and the well-known pharmaceutical fund managers were pushed to the forefront. The reporter of China fund daily combed the data and found that overseas funds have also been cautious about China's pharmaceutical stocks recently. At the same time, they continue to increase their positions in technology stocks.
jiacang technology is cautious about medicine
Among the 56 Chinese exchange traded index funds (ETFs) listed in the United States, as of February 18, the five ETFs with the largest net capital inflows in the past month were kweb tracking China Internet Index, KXI tracking China market index, mchi tracking MSCI China Index, ASHR tracking Shanghai and Shenzhen 300 index and GXC tracking S & P China Index. Among them, kweb has attracted a net inflow of US $931 million in the past month.
In terms of scale increase, as of February 18, the five Chinese ETFs with the largest increase in the scale of listing in the United States in the past month were Chix tracking China financial index, cbon tracking China bond index, chir tracking China real estate index, FXI tracking China market index and KTEC tracking Hang Seng technology index.
According to the information disclosure of the Hong Kong stock exchange, since February, the US trillion dollar asset management giant capital group has increased its holdings of Kingdee International. However, the capital group, which has always been optimistic about China's medical and health track, slightly reduced its holdings of many medical and health stocks in February. For example, after adding positions on February 11, the capital group reduced its holdings of YaoMing biotechnology on February 15; On February 9, the capital group reduced some Cansino Biologics Inc(688185) biological B-H shares, and on February 14, the capital group also reduced Pharmaron Beijing Co.Ltd(300759) -h shares.
However, some institutions saw opportunities to increase their holdings in the medical and health track. According to the information disclosed by the Hong Kong stock exchange, the capital group increased its holdings of orthodontic stocks on February 4. On February 15, Baiji, an ultra long-term investment institution, added positions to zaiding pharmaceutical sb.
In terms of Chinese funds issued overseas, capital group Shanghai New World Co.Ltd(600628) Fund (Luxembourg), the flagship fund of capital group, slightly increased its holdings of Kweichow Moutai Co.Ltd(600519) in January. After the increase, Kweichow Moutai Co.Ltd(600519) was the fifth largest heavy position stock. The Asian fund of Capital Group - Capital Group Asia new vision fund (luxenburg) remained unchanged in its position of Wuxi Apptec Co.Ltd(603259) .
repairable rebound
Meng Lei, China strategy analyst at UBS Securities, recently released a report on China's stock strategy, saying that since the new year, there has been a correction in the A-share market, and the Shanghai and Shenzhen 300 index and the gem index have fallen significantly, among which the growth stocks with overvalued values have fallen significantly.
He believes that there are three major reasons for the market correction: first, although the credit growth rebounded slightly in December, the weak medium and long-term loans of enterprises and residents exacerbated investors' concerns about the overall economy, especially the decline of real estate; Secondly, investors may have doubts about the expectation of overall consumption recovery in the first quarter; Third, including the shift of the Fed's position to hawks and the correction of global growth stocks. At present, the risk appetite of A-share market has been at the lowest level since May 2020. Risk factors are gradually fading, and the emergence of potential positive factors may promote a restorative rebound in the market.
Meng Lei suggested that investors focus on four directions: the first is "steady growth". Under the background that the downward pressure on economic growth continues but macro policies are expected to be further overweight, the relevant sectors of "steady growth" underestimated value may continue to benefit in the short term. Selectively optimistic about household appliances and furniture in the real estate chain, and select stocks with long-term growth in the infrastructure and banking sectors. Secondly, bargain hunting layout valuation callback to a reasonable level of growth stocks. The third is consumer stocks with high-quality growth attributes. With the overall profit growth of A-Shares or due to the slowdown of economic activities and the gradual rise of the base from the fourth quarter of 2021 to the first half of 2022, the "high-quality growth" consumer sector is expected to return to the market focus due to the stability of its profits and the fundamentals of gradual recovery. Finally, high dividend yield. In the environment of relatively low interest rate and gradual upward CPI, select high dividend yield stocks. If the market sentiment continues to be depressed, high dividend stocks also have a certain defensive attribute.
still optimistic about the medical service sector
Abe investment said that due to China's commitment to a self-sufficient economic model, the consumer goods sector is expected to perform well in 2022. There will also be investment opportunities in the digital theme, which is in line with the government's goals of localization, improving productivity, reducing costs, strengthening innovation and boosting economic growth. The theme of environmental protection deserves attention, which is in line with the government's policy of decarbonization and achieving net zero emission in 2060. Aberdeen investment is optimistic about opportunities in the medical and health services sector, including innovative research and clinical trial service companies that can quickly bring high-quality therapies to the market at a low price. In addition, it also pays great attention to the theme of wealth management.
Xie Zhengbing, head of Jingshun China's A-share investment, business strategy and development, and Liu Hui, senior portfolio manager, said that when the effects of some supportive policies begin to appear, the A-share market sentiment will be boosted. In 2022, with the continuous structural transformation of the demand for financial products and mutual funds, the liquidity of the A-share market is likely to remain abundant. We are optimistic about the electric vehicle supply chain, electronics and healthcare industries because their long-term fundamentals remain strong.
