Recently, several pharmaceutical theme funds under GF fund, Harvest Fund, Ping An fund, Great Wall Fund and other companies were established to layout the pharmaceutical sector market in 2022 in advance. Some fund managers believe that the current valuation of the pharmaceutical sector has returned to a reasonable range, and the right buying opportunity appears. Now is an ideal time to enter the market. It is expected to open a new round of market in 2022.
advance layout
After rising in the first half of 2021, as of the closing on December 30, the adjustment range of CSI Shenwan pharmaceutical biological index since the second half of the year has exceeded 20%. Among the 471 pharmaceutical industry theme funds, 295 funds have had negative returns since the beginning of 2021, accounting for more than 60%.
Since mid December, in order to advance the layout of next year’s pharmaceutical market, a number of publicly raised pharmaceutical theme funds such as GF fund, Great Wall Fund and Ping An fund have been established one after another.
On December 30, GF Shanghai Hong Kong Shenzhen pharmaceutical mixed fund was established, with an initial raising scale of 746 million yuan and nearly 30000 effective subscribers. Wu Xingwu served as the fund manager. On December 21, the Great Wall health mixed fund, managed by Tan Xiaobing, a cutting-edge medical fund manager of the Great Wall Fund, was established, with an initial raising scale of 788 million yuan. On November 25, another new fund of Tan Xiaobing, the Great Wall health consumption hybrid fund, was just established, with an initial raising scale of 868 million yuan. On December 16, Ping An China Securities Hong Kong stock connect medical and health comprehensive ETF was established and listed on Shenzhen Stock Exchange since December 28. Cheng Jun, who is in charge of the fund, is the executive general manager of index investment of Ping An fund ETF index center.
In addition, since December 30, there are pharmaceutical theme funds such as harvest China Securities medical, Everbright Prudential China Securities all index medical device ETF, Xinyuan health industry, Hengyue medical health selection, ChuangJin Hexin great health, etc.
admission opportunities appear
Tan Xiaobing pointed out that since 2021, core assets such as medicine have undergone considerable adjustments, and the current valuation has returned to a reasonable range. In the short term, there have been some buying opportunities in the pharmaceutical sector. From the perspective of long-term investment, the moment is an ideal time to enter the market.
Zheng Lei, fund manager of huitianfu, said that the trend of consumption upgrading is irreversible, and investment opportunities will continue to emerge in the upgrading of medical services and other consumer goods.
“Under the trend of population aging and longevity, innovative companies and products in the field of pharmaceutical consumption will continue to emerge, and the pharmaceutical sector is expected to open a new round of market in 2022.” PI Jinsong, the proposed fund manager of ChuangJin Hexin great health hybrid fund, pointed out to the reporter of China Securities Journal that the promising investment opportunities in the pharmaceutical sector in 2022 are mainly based on three reasons: first, under the trend of population aging and longevity, the total amount of pharmaceutical consumption, as a rigid demand, will continue to grow, and companies and products with innovative ability will continue to emerge. The vigorous development at both ends of supply and demand brings more investment opportunities to the industry; Secondly, after continuous adjustment in the early stage, the valuation of the pharmaceutical industry has cost performance at this stage, and the expected risk return ratio in 2022 is ideal; Third, after the implementation of several policies related to the pharmaceutical industry in the early stage, the market sentiment is becoming more and more optimistic.
focus on the segment track
PI Jinsong believes that after the expected change, the pharmaceutical industry is likely to rebound. In 2022, it will focus on the segments such as pharmaceutical R & D outsourcing (CXO), medical devices, innovative drugs and medical beauty.
PI Jinsong said that with the continuous improvement of China’s drug review and approval, supervision and medical insurance payment methods, the competitiveness of pharmaceutical enterprises will mainly focus on product competition, and the marketing role will be weakened. Enterprises with high R & D investment and rich product reserves deserve key allocation; In terms of medical devices, benefiting from the policy of encouraging the allocation of domestic devices, the market demand of grass-roots and county-level hospitals is strong, the cost performance advantage of domestic devices is prominent, some products even reach the import level, and the device plate is worthy of key allocation; In addition, other segments with high prosperity and good competition pattern, such as growth hormone, blood products, pharmaceutical R & D outsourcing, also deserve attention.
Yang Ting, manager of Dacheng pharmaceutical health equity fund, said that the underlying capabilities of the pharmaceutical industry are based on fine chemicals, electronic manufacturing and machining, and China’s process level in these fields can be rated as world-class. At this stage, the pharmaceutical industry still has a lot of room for product iteration and process innovation. At present, the business radius of individual medical device companies has expanded to the global market, and their products have gradually entered the middle-end application market. This trend deserves further attention in the future.
(China Securities Journal)
