Although the adjustment of the pharmaceutical sector continues, the layout of the pharmaceutical sector has begun. Since the fourth quarter, the shares of several pharmaceutical ETFs have increased significantly. At the same time, many fund companies have raised and issued pharmaceutical theme funds.
intensive issuance of pharmaceutical theme funds
Since the second half of the year, the pharmaceutical sector began to callback, and the Shenwan pharmaceutical biological index fell by 17.20% from July 1 to December 6. Recently, under the influence of repeated epidemic and other factors, the pharmaceutical sector has attracted market attention again, and many funds have invested in the pharmaceutical sector through ETF.
Since the fourth quarter, as of December 3, the share of Huabao CSI medical ETF has increased by 4.725 billion. Except for the three MSCI China A50 interconnection ETFs newly established in the fourth quarter, the fund is the equity ETF with the largest share increase in the fourth quarter.
The share of e-fonda CSI 300 medical and health ETFs also increased by more than 3 billion, reaching 3.037 billion. The share of Tianhong Guozheng biomedical ETF and Cathay Pacific Zhongzheng biomedical ETF increased by more than 500 million. In addition, the shares of Yinhua CSI innovative drug industry ETF, Cathay Pacific CSI medical ETF, Fuguo CSI Shanghai Hong Kong Shenzhen innovative drug industry ETF, YONGYING CSI all index medical device ETF and other funds have also increased to varying degrees since the fourth quarter.
In addition to the growth of pharmaceutical ETF shares, many fund companies have recently started to issue or are about to issue pharmaceutical theme funds. Since November, a number of companies have issued medical theme funds, such as Xinghua Fund issued Xinghua Innovation Medical Management Co.Ltd(002173) held for 6 months, CCB Fund issued CCB medical and health industry, Chinese business fund issued selected Chinese business medicine consumption, Guotai Junan Securities Co.Ltd(601211) asset management issued Guotai Junan Securities Co.Ltd(601211) innovative medicine, etc.
There are also a number of pharmaceutical theme funds that will be intensively put on the shelves, including head companies such as GF. On December 13, GF Shanghai Hong Kong Shenzhen Pharmaceutical Co., Ltd. will issue GF Shanghai Hong Kong Shenzhen Pharmaceutical Co., Ltd. with Wu Xingwu as the fund manager; On January 10 next year, ChuangJin Hexin fund will issue ChuangJin Hexin great health.
the pharmaceutical sector has configuration value
Is it time for the layout of the pharmaceutical sector? Luo Ying, fund manager of HSBC Jinxin medical pioneer fund, said that after 16 months of shock consolidation, the valuation premium rate and public fund allocation ratio of the pharmaceutical sector relative to other industries have fallen to a historical low. From the perspective of valuation level, the current position has cost-effective and is in a stage with great allocation value.
“After nearly a year and a half of sideways trading, the valuation level of the pharmaceutical sector has returned to a relatively reasonable position. In December, the market began to pay attention to the valuation switch, and its cost performance may gradually highlight.” Wu Xingwu believes that the current valuation of the pharmaceutical sector has reached the stage bottom area, and the probability of continuing to fluctuate sharply downward is relatively small. From a fundamental point of view, many companies have a high degree of prosperity, have a good profit level this year, and have a good investment value in the medium and long term.
Lin Qijiang, fund manager of Xinyuan fund, said that the excess return of the pharmaceutical sector is still obvious. In the long run, the pharmaceutical sector has the gene to cross cattle and bears. The pharmaceutical industry has a short industrial chain and stable growth rate, which is weakly related to the macroeconomic cycle and strongly related to policies. As the largest buyer, the future growth rate of medical insurance is very stable, and the tone of the policy has been determined. The main tone of encouraging innovation from the top-level design has never changed.
optimistic about CXO and medical services
For the next specific investment layout of the pharmaceutical sector, Luo Ying said that the bottom-up stock opportunities in the subdivided fields will be an important source of excess returns in the future. She is optimistic about the fine molecular industries such as medical devices, consumer medicine, CXO and medical services.
Meng Yuan, fund manager of ABC Huili, believes that the future growth of medicine comes from innovation. The disruptive technological revolution will create new demand and lead the explosive growth of the industry. Drug research and development from common diseases, chronic diseases to tumors to various rare diseases. New technologies replace the original drugs with better compliance, lower toxicity, cost and better curative effect. In this process, the industrial growth rate is often fast, and the competition pattern of leading enterprises is better.
Wu Xingwu said that in the foreseeable time, CXO, the pharmaceutical R & D outsourcing service sector, has the highest prosperity. At the same time, they are also optimistic about medical services or the pharmaceutical industry with consumption attributes in the medium and long term. Wu Xingwu said: “Although they are not as explosive as CXO, the medical service industry, especially the medical service industry emerging from the competition, is in line with the essential attribute of consumption upgrading. For most people, health expenditure is also a kind of consumption and the pursuit of a higher level of health. The leading companies of medical services have formed good business ability and unique competitiveness for a long time Barriers to competition. ”
(China Securities Journal)
