The independence and resilience of A-share are obvious. The Medical Unit is still in the good mood of the fund.

category:Finance
 The independence and resilience of A-share are obvious. The Medical Unit is still in the good mood of the fund.


Since last week, from the expected release of the benchmark to the substantive landing of the benchmark, A-share market has welcomed multiple policy advantages. Thanks to this boost, the Shanghai Composite Index, Shenzhen Composite Index and GEM Index all recorded good gains. Under the surge of stock index, the net purchases of northward funds have also changed. According to Wind data, the total net purchases of northbound funds last week amounted to 28.09 billion yuan, more than the total net purchases in July and August.

The recent independence and resilience of A shares have become increasingly evident. Ping An Fund pointed out that since September, northward funds have become the main driving force of the current round. With the Shanghai Index returning to 3000 points, market sentiment will be significantly boosted. In the future, foreign capital allocation funds such as MSCI, FTSE Russell and S&P will continue to flow in. In the long run, the valuation of A shares is attractive, and the risk premium is at a favorable level, which provides a good opportunity for strategic allocation. Qianhai Joint Fund pointed out that under the sustained force of counter-cyclical policy, A-share trading sentiment has warmed up significantly under the expectation of gold, nine silver and ten silver.

The data show that as of September 6, the proportion of stock investments in stock funds was 85.39%, which was significantly higher than the level of 83% at the end of August. Among them, the health medicine theme fund has realized the obvious excess income. Data show that 33 of the 38 medical and health thematic funds achieved positive returns last week, with the highest returns reaching 10.3%. From the return of nearly one month, the average return of 38 funds is as high as 10.94%. Among them, Huaxia enjoys health, the AgBank Hui medical and health care themes and other funds have earned more than 13%.

Lin Xiao (not his real name), manager of a public-offered medical fund, told reporters that the performance of the medical fund under his management has exceeded the benchmark by more than 10 percentage points this year, mainly because of the heavy storage of innovative medicine and medical supporting services, and the layout of high-prosperity sub-sectors such as medical services and medical devices.

Focus on High Prosperity Subindustries

From the medium-term performance of A shares, 186 of 288 pharmaceutical companies achieved positive net profit growth in the first half of the year, of which 24 achieved a net profit growth rate of more than 30%. Among them, Huarun 39, Zhifei Biology and other enterprises, the profit growth rate is not only more than 60%, but also the profit scale is more than 1 billion yuan.

Reporters found that the conceptual index of biomedicine has increased by 26.44% this year, but there was a pullback between May and June. Lin Xiao said that in the first half of the year, the policy had a greater impact on the market of pharmaceutical stocks. In June, it was affected by the expansion of the pilot scope of 4 + 7 (purchasing with volume in four municipalities and seven cities directly under the Central Government), and pharmaceutical stocks once fell by 10%. But at that time, we did withdrawal control ahead of time, and seized the growth opportunities of the neutron plate in the pharmaceutical sector, so the overall performance of the fund products is better.

The track and tuyere of the pharmaceutical industry have sustainability, and the potential for excess revenue is obvious. Lin Xiao pointed out that behind the pharmaceutical industry is a huge demand for health care. If we can continue to pay attention to policy changes and the growth of subdivisions, it is still a sustainable investment area.

Li Jiacun, fund manager of China Merchants Pharmaceutical Health Industry Stock Fund, pointed out that the next 10 years will be a decade of accelerated population aging in China. With the increasing proportion of people over 60 years old, the burden of medical expenditure will become more and more heavy. In this context, the demand growth of the pharmaceutical industry will be very large, and its growth and certainty are far stronger than other consumer goods. At the same time, Li Jiacun believes that the pharmaceutical industry is a strong professional field, and there are many subdivisions of the industry. There are huge differences in performance at different stages. It is more difficult to study than other fields, and requires long-term professional accumulation. If we can plough deeply for a long time in such an industry, the value of professional investors can be fully demonstrated. Therefore, it will be very scarce to confirm the growth target of medicine in line with the economic trend. Head Pharmaceutical Company is worth focusing on layout, whether it is strategic allocation or long-term holding. Lin Xiao also pointed out that there was no major adjustment in the direction of the distribution of medicines, but considering the great differences in prosperity among the pharmaceutical sub-industries, the next step would be to insist on screening targets in some high-prosperity industries. Source: Ren Hui_NBJ9607, Responsible Editor of China Securities Daily

Li Jiacun, fund manager of China Merchants Pharmaceutical Health Industry Stock Fund, pointed out that the next 10 years will be a decade of accelerated population aging in China. With the increasing proportion of people over 60 years old, the burden of medical expenditure will become more and more heavy. In this context, the demand growth of the pharmaceutical industry will be very large, and its growth and certainty are far stronger than other consumer goods. At the same time, Li Jiacun believes that the pharmaceutical industry is a strong professional field, and there are many subdivisions of the industry. There are huge differences in performance at different stages. It is more difficult to study than other fields, and requires long-term professional accumulation. If we can plough deeply for a long time in such an industry, the value of professional investors can be fully demonstrated. Therefore, it will be very scarce to confirm the growth target of medicine in line with the economic trend. Head Pharmaceutical Company is worth focusing on layout, whether it is strategic allocation or long-term holding.

Lin Xiao also pointed out that there was no major adjustment in the direction of the distribution of medicines, but considering the great differences in prosperity among the pharmaceutical sub-industries, the next step would be to insist on screening targets in some high-prosperity industries.