On January 22, ICBC Credit Suisse Fund released the fourth quarter report of its funds in 2021. According to the four seasons report of ICBC Frontier Medical managed by Zhao Bei, as of the end of the fourth quarter of 2021, the stock position of the fund was 81.32%, down 3.22 percentage points from the third quarter. Zhao Bei said that in the early fourth quarter of 2021, he reduced his holdings of some CXO second tier stocks with high valuation and increased his holdings of some stocks with low value and stable growth. Compared with the end of the third quarter, ICBC's Frontier Medical positions are still concentrated in innovative drugs and innovative drug industry chain, Innovation Medical Management Co.Ltd(002173) devices, medical services, consumer medicine and other industries.
The report shows that at the end of the fourth quarter of 2021, the scale of ICBC Frontier Medical Fund reached 22.124 billion yuan, an increase of 8.529 billion yuan compared with the end of the third quarter of 2021.
At the end of the fourth quarter of 2021, the top ten heavy positions of ICBC Frontier Medical were: Wuxi Apptec Co.Ltd(603259) , Asymchem Laboratories (Tianjin) Co.Ltd(002821) , Porton Pharma Solutions Ltd(300363) , Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) , Hangzhou Tigermed Consulting Co.Ltd(300347) , Zhejiang Jiuzhou Pharmaceutical Co.Ltd(603456) , Shanghai Medicilon Inc(688202) , Aier Eye Hospital Group Co.Ltd(300015) , Apeloa Pharmaceutical Co.Ltd(000739) , Shenzhen Changhong Technology Co.Ltd(300151) . Compared with the end of the third quarter of 2021, Joinn Laboratories (China) Co.Ltd(603127) , Pharmaron Beijing Co.Ltd(300759) withdrew from its top ten heavy positions, Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) , Shenzhen Changhong Technology Co.Ltd(300151) newly joined the top ten heavy positions.
Zhao Bei pointed out in the four seasons report that the pharmaceutical industry experienced a significant adjustment in the fourth quarter. On the one hand, after the rise in the first half of the year, the valuation was high. In addition, the decline in the biomedical sector in Hong Kong also triggered concerns about the market's enthusiasm for the R & D of innovative drugs, which also led to the adjustment of CXO related stocks in the innovative drug industry chain; At the same time, the spread of the epidemic has also dragged down the prosperity of medical services and consumer medical care.
After this round of adjustment, she believes that Hong Kong's biomedical sector has entered a relatively reasonable valuation stage, the investment and financing heat of the primary market remains at a high level, and the innovative drugs and innovative drugs industry chain may still maintain a high growth state in the future. From the perspective of valuation and cost performance, it has entered an attractive stage and is still strategically optimistic about this direction.
