Securities Times reporter Chen Jiannan
In the first week after the holiday, A-shares first fell and then rose. The Shanghai Composite Index rose 1.57% in a week and returned to the 3,000-point mark, the Shenzhen Component Index rose 3.18%, the ChiNext Index rose 6.35%, and the Science and Technology 50 Index rose 1.66%. Growth stocks were a bright spot in the market. The data shows that pharmaceutical biology, power equipment, agriculture, forestry, animal husbandry and fishery, computers, and mechanical equipment ranked the top five in terms of increase, with weekly increases of 7.54%, 7.33%, 7.18%, 6.61%, and 5.68% respectively.
Under the rebound of the market, the fund market also recovered rapidly. Data show that in the first week after the holiday, more than 10 funds returned more than 10%, and crude oil and pharmaceutical funds became big winners.
Crude oil medicine fund led gains
Global crude oil prices rose sharply as the supply-side “OPEC+” production cut is expected to land. On the whole, the price of crude oil is out of the low level, the stock prices of oil and gas companies have soared, and the return of crude oil funds after the holiday is gratifying. According to statistics from Securities Times·Databao, Huabao S&P Oil & Gas A, GF Dow Jones American Oil A and other post-holiday returns all exceeded 10%.
Shengang Securities believes that oil and gas prices are expected to maintain a long-term boom, and it is recommended to continue to pay attention to the two main lines of the petrochemical sector: the oil service sector, which benefits from rising oil and gas prices; crude oil, as the main raw material for refineries, has a certain cost-driving effect on downstream finished products. The price trend of oil-based petrochemical products is basically the same as that of international oil prices. In the context of the continued boom in crude oil prices, the demand for replenishment of downstream products will be strengthened, and the gross profit of refining and chemical products is expected to expand, enhancing the stability of refining and chemical profits.
In addition to the crude oil fund, the pharmaceutical fund was also one of the biggest winners in the market last week. The returns of pharmaceutical funds such as Nord Xinwang, Taixin Medical Service A, BOC Securities Health Industry, Zhongrong Medical Health Select A, and ABC Huili Healthcare Theme all exceeded 10% last week.
On the news side, the pharmaceutical sector has been positive recently. In September, subsidized loans were introduced to support the purchase of medical equipment. Recently, the centralized procurement plan for spinal consumables and biochemical reagents for liver function has also released multiple benefits. Last week, the stock prices of pharmaceutical and biological giants rebounded collectively. The average weekly increase of companies with a market value of 100 billion exceeded 10%, and individual stocks such as United Imaging Medical, BeiGene-U, Mindray Medical, and WuXi PharmaTech all rose by more than 10%.
Funds get together and heavy holding stocks have rebounded
Judging from the market in the first week of the A-share market after the holiday, the net value of funds has experienced a large-scale “recovery”, and the net value of more than 3,000 funds has rebounded by more than 3%. Funds get together with heavy positions in stocks have rebounded sharply. The data shows that among the stocks with more than 100 fund positions in the semi-annual report and the market value of the positions at the end of the period exceeds 1 billion yuan, more than 100 stocks have a weekly increase of more than 10%. 20%.
Pharmaceutical stocks into the vanguard of the rebound. AVIC Securities believes that from the perspective of short, medium and long-term historical valuation quantiles, the overall valuation of the industry is still at a relatively low position. In the current situation that the fundamentals of the pharmaceutical and biological industry are generally stable and market confidence is restored, there is still room for growth. There is a high probability of rotation between sub-sectors. It is recommended to focus on medical devices, innovative drugs, medical services and retail terminals.
According to the data, the latest rolling price-earnings ratio of the Pharmaceutical Biology Index is 23 times, which is 1.32% of the quantile in the past ten years. In terms of sub-sectors, the latest price-earnings ratios of Shenwan’s secondary industries such as medical devices, traditional Chinese medicine, and pharmaceutical business are all lower than 20 times, of which the price-earnings ratio of medical devices is about 3% of the quantile in the past ten years. In other sub-sectors, the latest price-earnings ratios of Shenwan’s secondary industries such as medical services and biological products are all below 5% of the quantile in the past ten years.
(The special data of this edition is provided by the database of Securities Times Center. Peng Chunxia/Graphic) Return to Sohu, see more
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