However, many institutions are optimistic about the medium and long-term trend of pharmaceutical stocks, believing that pharmaceutical stocks will go out of the long bull trend. The reporter of Securities Daily found that the investment logic of policy support, stable performance, rigid demand and technological innovation made the pharmaceutical industry hopeful to become a long-term star of market investment.
First, the policy supports the long-term steady growth of the pharmaceutical industry. Wan Minyuan, manager of RONGTONG health industry fund, said that the core of medical insurance fee control is to promote the optimization rather than reduction of medical insurance expenditure structure. A series of policies are also driving the optimization and upgrading of the industry. There are structural opportunities in the pharmaceutical market, so we need to keep a good attitude and lower the income expectation.
Secondly, the listed pharmaceutical companies have good performance and strong defensive attributes.
By the end of Fridays trading, 194 listed companies in the Shenwan pharmaceutical and biological industry had released the performance forecast of 2019 annual report, among which 128 companies had the performance forecast, accounting for 66%
Affected by the epidemic, the first quarter performance of most industries is not expected to be ideal. Pharmaceutical is one of the few industries whose performance is less affected, and Ping An Securities expects that the industry will become a safe haven for the pursuit of relative return public funds. At present, the proportion of positions held by pharmaceutical stocks in public funds is at the historical median level, not significantly over matched, and there is still room for improvement.
Third, science and technology innovation is intensive in the industry, and the epidemic situation has different impacts on the sub sectors. We can see that novel coronavirus pneumonia companies and research and development enterprises for the new crown pneumonia have become the highlights of the drug sector and are sought after by the fund.
Analysts believe that innovative drug industry chain is still the main investment direction in the future due to its scarcity and current policy tolerance. Cro / CMO has a higher short-term prosperity, and innovative pharmaceutical enterprises can obtain more long-term value.
Chen Heng, manager of the Chinese medical fund, said the impact of the epidemic on the pharmaceutical industry is both periodic and long-term. Specifically, novel coronavirus pneumonia may be a long-term demand for protective equipment, but the demand for new crown pneumonia specific drugs may be short-term. However, it is long term to identify the strength of the development and the change of clinical medication habits through epidemic.
Fourthly, with the growth of life expectancy and the arrival of the aging age, the demand for drugs will continue to grow steadily.
In short, the market has realized that the pharmaceutical industry is a sunrise industry with huge growth space. Ping An Securities suggests that at present, considering both performance and future, we can focus on the high growth targets in the boom segment of the pharmaceutical industry. Specifically, the segments with high performance growth include: CXO, vaccine, IVD, medical devices in the segments, some characteristic API enterprises, leading medical service enterprises, pharmacies, etc.