Pharmaceutical Sector Withdrawal Fund Income Fell, Public Offering Positions Reshuffle

Early performance of the pharmaceutical sector has recently encountered a more obvious callback.

Data shows that the trend of the pharmaceutical industry has continued to decline since August. In the three weeks since August, the pharmaceutical sector of CITIC's primary industry has continued to decline. As of August 21, the pharmaceutical sector in the whole August fell by 6.32%. This decline has exceeded the gem's decline over the same period.

Affected by the pharmaceutical sector adjustment, related fund income also fell. Compared with the end of the first half of the year, the income ranking of public funds has also changed.

"After the sharp rise in the early stage, compared with other industries, the pharmaceutical industry lacks comparative advantage, some companies have a large increase, the valuation needs to be digested, the domestic epidemic situation is relatively stable, the progress of vaccine research and development continues to advance, the valuation of the previous epidemic damaged sector began to repair, the market style changed, and the pharmaceutical sector began to enter the adjustment stage." On August 21, Guo Xiangbo, manager of Tianhong medical and health fund, told 21st century economic reporter.

Pharmaceutical fund income fell

According to wind data, more than 90% of the medical theme funds in the whole market have declined since August 20, according to wind data. Among them, 11 (by share Statistics) medical theme funds, including CMCC biomedical B, Huabao Zhongzheng medical B, Fuguo pharmaceutical growth 30, Agricultural Bank of China Huili innovative medical care, with a drop of more than 10%.

Compared with the end of July, the income of many funds fell by more than 20%.

In fact, the pharmaceutical industry experienced the biggest correction in the week of August 14. According to the data, when the pharmaceutical sector of CITIC's primary industry fell by 5.44%, 5.37% and 2.48% respectively, ranking 27th among 29 CITIC's first tier sub industries. This is also the second largest withdrawal of pharmaceutical sector after March since 2020.

"In the near future, there has been a certain degree of correction in the pharmaceutical sector, mainly due to the rapid rise of the pharmaceutical sector in the early stage, the recent increase in risk aversion among investors, and a certain degree of correction in high valuation sectors such as pharmaceuticals. In the medium and long term, there are still good investment opportunities in the field of health care, but the industry differentiation may increase Ge Chen, a mixed fund manager in Boshi healthcare industry, said.

The recent market correction has changed the position of medical fund, which has occupied the top position of public fund income for a long time.

According to the data, as of August 20, the fund with the highest return so far this year is the Great Wall environmental protection theme, with a return of 94.97% this year, followed by the Great Wall Jiuding fund, with a return of 92.23%. Among the top five funds, only one medical fund is left to finance the healthcare industry. The rest are Changcheng Jiufu and Guangfa high-end manufacturing.

Compared with the data in the first half of this year, the top 20 funds are basically pharmaceutical theme funds. According to the ranking at that time, Chuang Jin Hexin medical and health care industry a had the highest income, accounting for 83.17%. The income of Guangfa medical care and BAOYING medical health, Shanghai, Hong Kong and Shenzhen funds also exceeded 70%.

The allocation of several funds that replace the medical theme fund is obviously different.

Taking the theme of Great Wall environmental protection as an example, the fund's heavy positions at the end of the second quarter included construction machinery (600984. SH), Anchi testing (300572. SZ), foster (603806. SH), Guizhou Maotai (600519. SH), Wuliangye (000858. SZ), etc.

Liao Hanbo, manager of Great Wall environmental protection theme fund, believes that the internal structure of the A-share market is seriously divided, and the technology stocks represented by medicine and electronics show strong performance. At present, there is a certain bubble in the valuation, and the cyclical stocks represented by real estate and banks are in the low valuation, reflecting the investors' pursuit of long-term growth under the loose liquidity environment.

Configuration or current adjustment

As a matter of fact, the A-share market has also been adjusted continuously in recent years. For pharmaceutical and science and technology stocks, which had a large increase in the previous period, there has been an obvious correction. However, the market has paid more attention to the undervalued sector, and many institutions have mentioned the current structural opportunities.

"If the follow-up monetary policy turns, the fund position may not need to be adjusted too much, but the structural adjustment needs to be paid attention to, and the positions of some overvalued stocks should be reduced. For example, the growth and technology stocks that the market has focused on in the past two years should be adjusted to undervalued stocks related to economic recovery. In fact, this has been reflected recently. " A large mutual fund manager in Beijing told the 21st century economic report.

For the pharmaceutical sector, the interviewed fund managers said they focused on the more advantageous segmentation direction.

The fast growth rate of China pharmaceutical industry is in line with the overall medical demand. The recent market correction is mainly due to the reason for the high cumulative increase in the early stage, which has little to do with the industry fundamentals. " RONGTONG health care fund manager Jiang xiulei pointed out in an interview.

Jiang xiulei said that she paid more attention to the core sub industries with long-term high outlook, and the industrial track that continued to be optimistic included innovative drugs, vaccines, innovative medical devices, innovative pharmaceutical service industry chain, inspection and testing, and export of protective materials.

"The marginal impact of the epidemic on the market is gradually eliminated, and the sustainability is also weakening. In the third quarter, as the economic environment begins to recover, the market in the second half of the year will focus on the direction of" recovery growth in the second half of the year and high-speed growth in 2021 ". We are optimistic about four directions of the pharmaceutical industry in the third quarter, namely, vaccine sector, innovative medicine sector, comprehensive recovery target and pharmaceutical policy beneficiary stocks." Guo Xiangbo pointed out.

In its view, the vaccine will be the ultimate weapon to fight the new crown pneumonia epidemic, and innovation is the eternal theme of the pharmaceutical industry. For the traditional core target of the pharmaceutical sector, in recent years, the industry boom is high and the growth rate is fast. To a certain extent, the epidemic situation has promoted the improvement of the industry concentration, and the strong are always strong.

"In the third quarter, the vaccine has been put into three clinical stages one after another. It is expected that the new crown vaccines of various technical routes will be approved by the end of this year or early next year. On the whole, the overall status of the pharmaceutical and medical industry has been improved. The vacancy of medical facilities exposed by the epidemic situation and the shortage of core technology of medical equipment and drugs will still be an important part of the future demand of the pharmaceutical and medical industry Jiang xiulei said.