Since the second half of the year, the pharmaceutical sector has suffered a cold spell, but this has brought investors the opportunity to bargain hunting. The recent pharmaceutical theme funds are quite “gold sucking”.
On the one hand, ETFs in the pharmaceutical industry have continued to receive net subscription in the near future. Since the fourth quarter, the average decline of ETFs in the whole market has been about 5.56%, but they have obtained a net capital inflow of more than 8 billion yuan; At the same time, the products of pharmaceutical star fund managers such as Ge Lan and Zhao Bei have also been selling vigorously recently, occupying the fund sales list.
On the other hand, fund companies are also intensively issuing pharmaceutical theme funds to rush to raise at a low level and prepare to copy the bottom. According to the data, in December alone, six pharmaceutical theme funds were planned to be issued. The stocks that had suffered heavy losses returned to the vision of fund managers. Ge Lan significantly increased its positions in Changchun High And New Technology Industries (Group) Inc(000661) , Qingdao Haier Biomedical Co.Ltd(688139) and other stocks in the fourth quarter.
more than 8 billion funds
bottom reading medicine ETF
Since the second half of the year, the pharmaceutical sector has been in a continuous downturn. As of December 3, the CSI medical index has fallen by more than 25%, the share price of Topchoice Medical Co.Inc(600763) has halved, and the heavy positions of many funds such as OPCOM, Xi’An International Medical Investment Company Limited(000516) , Aier Eye Hospital Group Co.Ltd(300015) have fallen by more than 40%. Pharmaceutical theme funds have also been dragged down for the first time, and many products have retreated by more than 20%.
However, this has attracted many fundamentalists to copy the bottom. According to an Internet fund sales platform, in the top list of weekly sales, the China EU medical and health hybrid C managed by “medical goddess” Glenn ranks first, and more than 600000 people have bought it in the past week; In addition, ICBC Credit Suisse Frontier Medical stock a, managed by another “medical goddess” Zhao Bei, ranked third in the weekly sales list, and more than 80000 people bought it in the past week.
For a long time, since the fourth quarter, ETFs in pharmaceutical related industries have also continued to usher in net subscription, with obvious signs of falling funds.
Data show that as of last Friday (December 3), all ETFs in the pharmaceutical industry in the whole market showed a net capital inflow in the fourth quarter. Among them, Huabao’s medical ETF range fell by 9.83%, but its fund share increased by 4.726 billion. If calculated according to the average transaction price of the range, the ETF obtained a net subscription of 3.399 billion yuan in the fourth quarter, ranking first among all ETFs in the pharmaceutical industry.
At the same time, e fund’s pharmaceutical ETF received a net subscription of 1.996 billion yuan in the fourth quarter, Cathay Pacific’s biomedical ETF and Tianhong’s biomedical ETF also received a net capital inflow of more than 500 million yuan, and the above ETFs all fell by about 5% in this range.
Overall, as of December 3, since the fourth quarter, the average decline of ETF in the pharmaceutical industry in the whole market has been about 5.56%, but a total of 10.518 billion net subscriptions have been obtained, with a net subscription amount of 8.472 billion yuan.
medical theme fund
intensive distribution
At the same time that the foundation people copied the bottom of the pharmaceutical sector, the smell of the fund company was obviously more acute. Many companies chose to issue pharmaceutical theme funds at the end of the year to raise funds at a low level and lay out next year.
According to the data, in December alone, six pharmaceutical theme funds such as Chinese pharmaceutical consumption selection, CCB medical and health industry, GF Shanghai Hong Kong Shenzhen pharmaceutical, Yinhua Zhongzheng Hong Kong stock connect medical and health ETF were issued. It is expected that these funds will bring considerable incremental funds to the pharmaceutical sector.
Among them, Wu Xingwu, the proposed fund manager of GF Shanghai Hong Kong Shenzhen pharmaceutical, believes that from the time point of view, December is the node of the layout of the new year. Investors price according to the enterprise’s profit expectation next year, and there may be valuation switching market; The pharmaceutical sector has been adjusted this year. At present, the valuation has reached the phased bottom area, which has a good investment value in the medium and long term.
Ma MuQing, the proposed fund manager of CCB healthcare industry, and the investment research team of CCB fund judged that from the perspective of short-term fluctuations in the pharmaceutical industry, there may be a wave of adjustment around the fourth quarter, considering the profitability of medicine and the interest rate of US bonds, but for the new development fund, the adjustment at that time will be a good buying point. The short-term adjustment and the end of the year will be the window period for valuation switching in 2022, The valuation probability of excellent companies will reach a relatively reasonable position.
In addition to the above pharmaceutical theme funds, on the whole, the public funds have recently increased the allocation proportion of the pharmaceutical sector. According to the position calculation of the fund research center, as of November 26, the allocation position of public funds in the pharmaceutical industry was about 3.13%, significantly higher than the position of 2.68% on November 12.
glangacang Changchun High And New Technology Industries (Group) Inc(000661)
fund focuses on Qingdao Haier Biomedical Co.Ltd(688139)
All these signs show that the incremental funds in the pharmaceutical sector are gathering, and where is the next bullet going? Recently, the position adjustment and research trends of some star fund managers have been exposed.
For example, recently, Changchun High And New Technology Industries (Group) Inc(000661) released the announcement of the first repurchase of the company’s shares. At the same time, the repurchase plan also disclosed the shareholding of the top ten circulating shareholders, exposing the latest position adjustment action of “medical goddess” gran. According to the data, since October, China Europe medical and health under Ge Lan’s management has increased its position by Changchun High And New Technology Industries (Group) Inc(000661) 418000 shares. At present, it holds a total of 5517200 shares, ranking the fifth largest circulating shareholder.
Ge Lan’s China Europe healthcare started to take a heavy position in Changchun High And New Technology Industries (Group) Inc(000661) as early as the third quarter of 2017. During the year from the second quarter of 2020 to the second quarter of 2021, China Europe healthcare increased its position in Changchun High And New Technology Industries (Group) Inc(000661) many times, but transferred it out of the top ten heavy positions in the third quarter of 2021, reducing its holdings of more than 1 million shares.
During this period, the share price of Changchun High And New Technology Industries (Group) Inc(000661) has also experienced a roller coaster. After reaching the historical highest price of 522.16 yuan / share on May 17 this year, Changchun High And New Technology Industries (Group) Inc(000661) has made a sharp correction since the second half of this year. As of December 3, the daily closed at 289.99 yuan, down about 44% compared with the historical highest point, which is almost “halved”.
However, this also attracted fund managers represented by Glenn to copy the bottom. In addition to the above-mentioned China Europe medical and health managed by Glenn, there are two funds that have newly entered the list of the company’s top ten tradable shares. Among them, the China Merchants Guozheng biomedical index fund managed by Hou Hao holds Changchun High And New Technology Industries (Group) Inc(000661) 3759700 shares in total, ranking the eighth largest circulating shareholder; A bond fund managed by Zhang Qinghua, the star fund manager of e-fund, also added positions to Changchun High And New Technology Industries (Group) Inc(000661) . E-fund Yufeng Return Bond Fund holds 3.6803 million shares, ranking the ninth largest circulating shareholder.
In addition to Changchun High And New Technology Industries (Group) Inc(000661) , recently, China’s leading low-temperature storage Qingdao Haier Biomedical Co.Ltd(688139) has also attracted the attention of institutional investors. In November alone, Qingdao Haier Biomedical Co.Ltd(688139) held four institutional surveys successively, with a total of 75 fund companies participating, including many head public offerings such as e fund, Huaxia Fund and huitianfu fund, and many head private placements such as Gaoyi assets and Kaifeng investment.
In terms of share price, similar to Changchun High And New Technology Industries (Group) Inc(000661) , Qingdao Haier Biomedical Co.Ltd(688139) also suffered a sharp decline in the second half of the year. Its share price fell all the way after reaching a high of 150.88 yuan on August 19, down nearly 40% as of December 3. The above research mainly focuses on the low-temperature storage, mobile vaccination and overseas market development of Qingdao Haier Biomedical Co.Ltd(688139) .
(Securities Times)
