Original title: Multiple themed funds were established to target the pharmaceutical sector. Source: China Securities Journal·China Securities Network
Recently, a number of pharmaceutical themed funds under GF Fund, Harvest Fund, Ping An Fund, Great Wall Fund and other companies have been established to make arrangements for the 2022 pharmaceutical market in advance. Some fund managers believe that the current valuation of the pharmaceutical sector has returned to a reasonable range, and the opportunity for buying on the right has emerged. Now is an ideal time to enter the market, and a new round of market is expected to start in 2022.
Layout ahead
After rising in the first half of 2021, as of the close of trading on December 30, the CSI Shenwan Pharmaceutical Biotech Index has adjusted by more than 20% since the second half of the year. Among the 471 pharmaceutical industry theme funds, 295 funds have had negative returns since the beginning of 2021, accounting for more than 60%.
Since mid-December, in order to advance the layout of next year’s pharmaceutical market, GF Fund, Great Wall Fund, Ping An Fund and other publicly funded pharmaceutical themed funds have been established one after another.
On December 30, GF Shanghai-Hong Kong-Shenzhen Pharmaceutical Mixed Fund was established, with an initial offering size of 746 million yuan, and the number of effective subscribers was close to 30,000. Wu Xingwu served as the fund manager. On December 21, the Great Wall Great Health Hybrid Fund, managed by Tan Xiaobing, Manager of the Great Wall Fund’s New Medical Fund, was established, with an initial offering of 788 million yuan. On November 25, Tan Xiaobing’s other new fund, the Great Wall Health Consumption Mixed Fund, was just established, with an initial offering of 868 million yuan. On December 16, Ping An China Securities Hong Kong Stock Connect Medical and Health Integrated ETF was established, and it will be listed and traded on the Shenzhen Stock Exchange on December 28. Cheng Jun, who is in charge of the fund, is the executive general manager of Ping An Fund’s ETF Index Center Index Investment.
In addition, starting from December 30th, there will be other pharmaceutical themed funds such as Harvest China Securities Medical, Everbright Prudential China Securities All-referred Medical Device ETF, Xinyuan Health Industry, Hengyue Medical Health Selection, Chuangjin Hexin Grand Health, etc. .
Opportunities for admission appear
Tan Xiaobing pointed out that since 2021, core assets such as medicine have undergone considerable adjustments, and current valuations have returned to a reasonable range. In the short term, there has been an opportunity to buy on the right in the pharmaceutical sector. From a long-term investment perspective, now is an ideal time to enter the market.
China Universal Fund Manager Zheng Lei said that the consumption upgrade trend is irreversible, and investment opportunities will continue to emerge in the upgrade of medical services and other consumer products.
“Under the trend of population aging and longevity, innovative companies and products in the pharmaceutical consumption field will continue to emerge, and the pharmaceutical sector is expected to open a new round of market in 2022.” Pi Jinsong, proposed fund manager of Chuangjin Hexin Great Health Mixed Fund, told China The Securities News reporter pointed out that the optimistic view of investment opportunities in the pharmaceutical sector in 2022 is mainly based on three reasons: First, under the trend of population aging and longevity, pharmaceutical consumption will continue to grow as a rigid demand, and companies and products with innovative capabilities Will continue to emerge. The vigorous development of both ends of supply and demand has brought more investment opportunities to the industry; secondly, after continuous adjustments in the previous period, the valuation of the pharmaceutical industry at this stage is already cost-effective, and the expected risk-return ratio in 2022 is relatively ideal; third, the early stage After the implementation of a number of policies related to the pharmaceutical industry, market sentiment has gradually become optimistic.
Focus on the subdivision track
Pi Jinsong believes that after the expected change, the pharmaceutical industry is likely to usher in a rebound. In 2022, the focus will be on pharmaceutical R&D outsourcing (CXO), medical equipment, innovative drugs, and medical beauty.
Pi Jinsong said that with the continuous improvement of domestic drug review, approval, supervision, and medical insurance payment methods, the competitiveness of pharmaceutical companies will mainly focus on product competition, and the marketing role will be weakened. Companies with high R&D investment and rich product reserves are worthwhile Key configuration: In terms of medical devices, benefiting from the policy to encourage the deployment of domestic devices, the market demand for grassroots and county-level hospitals is strong, and domestic devices have outstanding cost-effective advantages, and some products even reach the imported level. The device sector is worthy of key deployment; in addition, other booming levels Subdivisions with high and competitive landscape, such as growth hormone, blood products, and pharmaceutical R&D outsourcing, are also worthy of attention.
Yang Ting, manager of the Dacheng Pharmaceutical Health Stock Fund, said that the underlying capabilities of the pharmaceutical industry are based on fine chemicals, electronics manufacturing and mechanical processing. China’s technological level in these fields can be regarded as world-class. At this stage, the pharmaceutical industry still has a lot of room for product iteration and process innovation. At present, the business radius of individual medical device companies has expanded to the global market, and their products have gradually entered the mid-range application-level market. This trend in the future deserves further attention .
source:China Securities Journal·China Securities Network
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