Although there was a correction yesterday, the overall performance of the pharmaceutical sector has been extremely strong recently.After going through the three processes of consumption recovery and rebound, oversold core asset valuation repair, and long-term logic target recovery valuation premium, the pharmaceutical sector continued to interpret the logic of epidemic recovery.
The latest data shows that Sino-Europe Medical Innovation managed by Ge Lan has increased by 26.82% in the past month and 8.68% in the past week; ICBC Frontier Medical managed by Zhao Bei has increased by 18.35% in the past one month and 6.31% in the past week. .
Fund managers optimistic about the pharmaceutical market
What do you think about the current pharmaceutical sector?Tianfeng Securities (601162) recently sorted out a number of indicators in a research report, and believes that the pharmaceutical sector is at a long-term bottom position.Judging from the position of public funds, the over-allotment ratio of medicine is at a relatively low level in the past 10 years, indicating that the excess return is also at the bottom of the historical level; from the perspective of valuation, medicine has implied a relatively pessimistic Expectations; pessimistic expectations of policies and fundamentals are basically reflected in the stock price, and some short-term positive changes are guiding the pharmaceutical sector out of the bottom area.
Morgan Stanley Huaxin Fund summarizes the three major reasons for the recent prominence of the pharmaceutical sector: first, the positive changes in the pharmaceutical policy and industry; second, the epidemic has been effectively controlled, and the resumption of work and production of pharmaceutical companies is progressing smoothly. From the perspective of the semi-annual report , the performance of the pharmaceutical sector is resilient and has obvious advantages over other industries; finally, after a long period of adjustment, the valuation and institutional positions of the pharmaceutical sector are at a low level, and the valuation and price-performance ratio have become more prominent.
Looking ahead, Morgan Stanley Huaxin Fund believes that the pharmaceutical sector has entered the medium and long-term value range after the adjustment since the middle of last year, and the pessimism such as centralized procurement policy and external war conflicts have been gradually digested. Positive changes have occurred, and investment opportunities in the sector are improving.
Ma Muqing, manager of CCB Medical and Health Fund, told the Securities Times reporter that he is more optimistic about the pharmaceutical sector at present. With the release of performance and valuation repairs of related companies in the second half of the year, it is expected that the market in the pharmaceutical industry will improve as a whole in the second half of the year.At present, the impact of the Fed's interest rate hike and international relations is expected to be marginally improved. The follow-up epidemic prevention and control measures are also expected to be more scientific, and the epidemic prevention and control and social and economic development can be taken into account. Therefore, we are optimistic about the performance of the growth track in the second half of the year.
Zhang Hong, the fund manager of the third equity investment department of Bosera Fund, said that he is very confident in the local innovation of Chinese medicines, not only innovative medicines, but also many innovative supporting industries in China are rising rapidly around the world.He believes that investment in the pharmaceutical sector is very attractive and expects better market performance in the second half of this year and next year.
Which segments have more opportunities?
Looking forward to the market outlook, Ma Muqing believes that the pharmaceutical sector as a whole can be expected in the second half of the year: From a policy perspective, the current policy environment for the industry is stable, and the fundamentals of pharmaceutical companies are resilient; from a transaction perspective, the current pharmaceutical sector is still in the The valuation is low, and there is still room for improvement in fund allocation; from a strategic perspective, the pharmaceutical sector has dual attributes of growth and consumption, which is in line with the current direction of market structure rotation.
What directions can the pharmaceutical industry funds grasp in the layout in the future?Ma Muqing said, firstly, the valuation fully digested the pessimistic expectations, and the fundamentals are not flawed, and the high-resolution large-cap stocks; secondly, there are changes in the consumer medical field and the subdivision direction of structural improvement; thirdly, the performance of the interim report is good, and the performance in the second half of the year is expected to accelerate 's stocks.Specifically, Ma Muqing is optimistic about the four subdivisions of consumer medicine, innovative drugs and industrial chain, traditional Chinese medicine and medical devices.
It is reported that in terms of consumer medical care, due to the combination of the advantages of consumption and medical care, the demand is rigid, and it has certain advantages in the speed and slope of the rebound after the epidemic.In terms of innovative drugs and industry chain, thanks to the high prosperity and reasonable valuation range, platform-based and specialized innovative drug companies are attractive.The focus of the traditional Chinese medicine sector is mainly on policy support, state-owned enterprise reform, and high valuation performance, which is also an important reference for relevant stocks in the screening process.Finally, domestic substitution and new infrastructure in the domestic medical device field are also a key focus in the second half of the year. In order to better cope with the impact of the epidemic, the pace of strengthening related medical capacity building is also gradually accelerating.
The relevant person of ICBC Credit Suisse Fund believes that the long-term thinking of investing in innovation and investment in pharmaceuticals remains unchanged, the industrial policy environment is still healthy and favorable, and the general direction of encouraging innovation and industrial upgrading has not changed.Therefore, the long-term strategic optimism remains unchanged, and the two sub-sectors of the upstream pharmaceutical industry chain and medical devices are relatively optimistic in the short term.
