After continuous adjustment since this year, the investment cost performance of the pharmaceutical sector, which has been overvalued, has become apparent, and the layout rhythm of the fund company on relevant topics is also accelerating. At the same time, the fund company's research on pharmaceutical listed companies is also strengthening. In the view of fund managers, although the pharmaceutical sector is facing short-term disturbance, it does not change the medium and long-term investment value, and after the valuation digestion in 2021, the cost performance of some sectors began to show.
pharmaceutical listed companies welcome intensive research
the pace of fund layout of related themes is accelerated
With the continuous adjustment in the early stage, the investment cost performance of the pharmaceutical sector gradually appears, and the layout rhythm of the fund company for the pharmaceutical theme fund is also accelerating.
According to statistics, as of December 10, many medical theme funds have been established since November. For example, Taikang national certificate public health and health ETF established on December 6 and Soochow medical service and Xinghua established on November 30 have been held for Innovation Medical Management Co.Ltd(002173) 6 months. In addition, Fuguo CSI Shanghai Hong Kong Shenzhen innovative drug industry ETF, CAITONG asset management health industry, YONGYING CSI all index medical device ETF connection, Cathay CSI Shanghai Hong Kong Shenzhen innovative drug industry ETF, Tibet Dongcai CSI Shanghai Hong Kong Shenzhen innovative new drugs and other funds were also established in November. At the same time, many active and passive pharmaceutical theme funds are being issued, such as CCB medical and health industry, Guotai Junan Securities Co.Ltd(601211) innovative medicine, Yinhua Zhongzheng Hong Kong stock link medical and health comprehensive ETF, e fund Zhongzheng Hong Kong stock link medical and health comprehensive ETF, Fuguo Zhongzheng pharmaceutical 500etf connection, Huitian Fuguo biomedical ETF connection, etc.
It is worth mentioning that while the intensive issuance and establishment of pharmaceutical theme funds, the fund companies are also strengthening the research on pharmaceutical listed companies.
According to wind statistics, since December, 209 listed companies have welcomed institutional research, of which 45 have received intensive research from more than 10 fund companies. Among these more than 40 companies, health care and medicine account for 7. Among them, Shenzhen Neptunus Bioengineering Co.Ltd(000078) has been investigated by 36 fund companies such as e fund, GF, Cathay Pacific, harvest, Shanghai Investment Morgan, Xinhua, Dongfang, YONGYING and CAITONG, Sonoscape Medical Corp(300633) has been investigated by 23 fund companies such as China Europe, Yinhua, ChuangJin Hexin, xingyin, Baoying and Zheshang, Cofoe Medical Technology Co.Ltd(301087) has been investigated by 23 fund companies such as CCB fund, ICBC Credit Suisse, Fuguo, gf and Dacheng, Autek China Inc(300595) has also been investigated by more than 20 fund companies. In addition, Shandong Jincheng Pharmaceutical Group Co.Ltd(300233) , Shanxi Panlong Pharmaceutical Group Limited By Share Ltd(002864) , Youcare Pharmaceutical Group Co.Ltd(688658) have also been investigated by more than 10 fund companies. In addition, Yantai Zhenghai Bio-Tech Co.Ltd(300653) , Beijing Beilu Pharmaceutical Co.Ltd(300016) , Zhejiang Xianju Pharmaceutical Co.Ltd(002332) , Xiamen Kingdomway Group Company(002626) , China Resources Sanjiu Medical & Pharmaceutical Co.Ltd(000999) fund companies also participated in the research. This includes the fund manager of the above-mentioned new fund. For example, Ma MuQing, the proposed fund manager of CCB healthcare, appeared in the research list at Cofoe Medical Technology Co.Ltd(301087) on December 5.
optimistic about the pharmaceutical golden track in the medium and long term
In the view of fund managers, although the pharmaceutical sector is facing short-term disturbance, it does not change the medium and long-term investment value, and after the valuation digestion in 2021, the cost performance of some segments began to appear.
Ma MuQing, the proposed fund manager of CCB medical and health industry fund, said that at present, the overall macro-economy is facing downward pressure. Next year, high growth industries are scarce, and the internal growth rate of medicine is relatively stable, which has a comparative advantage. At the same time, after this year's valuation digestion, there are more valuation cost-effective targets to choose from. However, after several years of development, pharmaceutical investment will change from the previous track investment to the bottom-up stock logic.
Ma MuQing believes that the medical and health industry has multiple attributes such as scientific and technological innovation, consumption upgrading and high-end manufacturing. It has the characteristics of large market space, fast growth and high entry barriers. It is a long-term high-quality track and a place with frequent bull stocks. In the medium and long term, the industry has a long slope and thick snow, and is in the golden age.
According to Liang Mingchao of Harvest Fund, the pharmaceutical sector is an industry with good demand prospects in China, but there are periodic policy disturbances in the short term. Therefore, the core logic reflected in the last two years is: first, buy partial consumer goods or drugs that do not rely on medical insurance payment; Second, companies that play the role of "water sellers" in some innovative fields, such as companies that provide raw materials and other services for innovative drugs; Third, companies with international capabilities.
In addition, in Liang Mingchao's view, the medical and beauty sector, as a new consumption, is also a subdivision area worthy of focus next. "In the first quarter of this year, the medical beauty industry achieved a total revenue of 2.57 billion yuan, a year-on-year increase of 133.15%. The industry gradually recovered, and the online trend of medical beauty was obvious."
Lou Huiyuan, manager of BOCOM pharmaceutical innovation fund, believes that considering the callback risk in the later market, we will pay due attention to reducing the risk appetite of the portfolio, and look for low-level stocks with reasonable valuation to reserve for next year, such as companies with high cost pressure this year and companies negatively affected by the epidemic this year.
"We still focus on the following medium and long-term directions: high-quality medical services and medical consumer goods that benefit from consumption upgrading, innovative drugs and innovative devices that benefit from technology driven and treatment paradigm upgrading, and pharmaceutical manufacturing / R & D services that undertake global demand with talent bonus. In the future, we will continue to track high-growth molecular industries and pay attention to the breeding of new technological progress New opportunities. "
(China Fund News)
