In 2022q1, the fund position proportion of the pharmaceutical industry ranked third, and the overall position proportion increased compared with 2021q4. From the market value of fund holdings, in 2022q1, the proportion of fund positions in the pharmaceutical industry ranked third among the 31 shenwanyi industries, with a proportion of 11.02%, an increase of 0.2pp month on month. The popularity of the pharmaceutical industry has declined, and the pharmaceutical position of public funds is at a relatively low level in history. After excluding the pharmaceutical theme fund, the allocation degree of the pharmaceutical and biological sector has decreased significantly, and the allocation proportion has reached a low level in recent four years since 2021q3.
The heavy positions of public funds in medicine continued to focus on the leader. In 2022q1, the number of heavily held shares of public funds was 248, an increase of 21 compared with 2021q4. The top three stocks with the largest number of funds held in 2022q1 are: Wuxi Apptec Co.Ltd(603259) (859), Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) (540), Chongqing Zhifei Biological Products Co.Ltd(300122) (523); The top three stocks with the largest market value are: Wuxi Apptec Co.Ltd(603259) (71.519 billion yuan), Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) (44.101 billion yuan), and Chongqing Zhifei Biological Products Co.Ltd(300122) (26.368 billion yuan); The top three stocks with 2022q1 fund positions in the proportion of circulating shares are: Porton Pharma Solutions Ltd(300363) (34.29%), Wuxi Apptec Co.Ltd(603259) (24.98%), Shanghai Medicilon Inc(688202) (24.15%).
Over the past year, the pharmaceutical sector has made an overall correction, and the current valuation risk is relatively low. As of April 26, 2022, the pharmaceutical industry has increased or decreased by – 15.41% in the past year, ranking 17th in Shenwan industry classification. As of April 26, 2022, the pettm of Shenwan pharmaceutical industry was 24.27 times, ranking ninth in Shenwan industrial classification, which is close to the lowest level since 2012 (23 times). From the perspective of PEG, as of April 26, 2022, the overall peg median value of the pharmaceutical sector is about 0.61, which is also close to the lowest level since 2012 (0.59 times). Overall, the current valuation risk of the pharmaceutical sector is relatively low.
Risk warning: there is uncertainty in the global covid-19 epidemic; Industry growth was less than expected.
