Under the background of medical anti-corruption and high pressure, the A-share medical sector has continuously "returned blood" in recent days after the sharp fall. As of August 10th, the medical ETF(512170) at the head of the medical sector went out of Sanlianyang on the daily line.
In the same period, funds showed signs of returning. August 8-10,The main funds have been added to medical care for three consecutive days, and the total net purchase amount exceeds 8.8 billion yuan..Northbound funds also moved, with a net purchase of 1.485 billion yuan in the pharmaceutical and biological industries on August 9.The amount of holdings ranks first among 31 Shenwan first-class industries.
Emotions are picking up, and superimposed funds are continuously flowing in. After the impact of the anti-corruption storm, can the medical sector start a rebound? Based on the present situation, how to treat and grasp the opportunity of medical investment?
[Short-term mood swings may be repeated, and opportunities may outweigh risks in the second half of the year]
The Bank of Communications International Research Report pointed out that the anti-corruption actions in the medical industry are still continuing to ferment. Considering the high demand and sensitivity of foreign capital to ESG, as well as the uncertainty of interest rates and geopolitical patterns,The market’s mood swings may still last for some time..
Huachuang Securities pointed out that this round of anti-corruption comparison in 2018 pointed out that,From the perspective of industry background,When centralized mining is promoted in 2018,,Medicine is at a high level.,When this round of anti-corruption promotion,,Medicine has been adjusted for three years.,It is expected that this anti-corruption will have a smaller impact on the pharmaceutical stock price.、The cycle is shorter.
Guosen Securities believes that the current industry is fundamentally upward (stable and sustainable demand, emerging high-quality supply, and continuous withdrawal of backward supply), and the long-term development path is clear (innovation, compliance, and internationalization), but there is a short-term disturbance. In 2023,In the second half of the year, the investment opportunities for medical care may outweigh the risks..
[Anti-corruption does not affect the investment value of the industry, and the fundamentals of the sector are still improving]
Regarding the impact of medical anti-corruption on the industry, Huachuang Pharmaceutical team clearly stated that,Medical anti-corruption does not affect the investment value of the industry..At the same time, it is good for the sales of listed pharmaceutical companies..More irregular behaviors will help to concentrate market share on more standardized listed companies.. After the centralized procurement in 2018, the collapse of pharmaceutical companies did not happen. On the contrary, the share prices and profits of many companies hit new highs, which forced enterprises to innovate and optimized the medical insurance payment structure.After the anti-corruption in 2023,,We are expected to see a more optimized industrial structure and the further sublimation of excellent enterprises..
Guoxin Securities Research Report pointed out that as listed companies gradually released their second-quarter results, we found thatThe medical and medical industry has shown the characteristics of record high growth, gradual recovery of basic disk, and resilience overseas.. In addition, relevant policies are constantly being optimized, and Shanghai, Guangdong and other regions have clearly expressed their support for the clinical use and payment of innovative medical equipment. Short-term disturbances in the medical sector will not change the long-term positive trend.
According to public statistics, most of the leading medical stocks that have disclosed the performance of the interim report have performed well. The net profit of CXO giant Wuxi PharmaTech and equipment giant Mindray Medical both achieved double-digit growth in the first half of the year, with the highest pre-increase of 70% for Aimeike, the leading medical beauty company, and the highest pre-increase of 36% for Kanglong Chemical. In the United States, the company turned losses into profits in a healthy way, and its net profit is expected to double.
[The historical valuation is low, and the long-term allocation of medical care is cost-effective]
It has been three years since the A-share medical sector was adjusted in 2021, and the current valuation level has reached a historical low. The data shows that as of August 9, the CSI medical index PE-TTM tracked by the medical ETF(512170) is 29.59 times.At 10.65% of the quantile since 2015.In the current position, the long-term configuration cost performance is particularly prominent.
Ms. Hu Jie, fund manager of medical ETF(512170), said that in the long run, the rigid demand for medical care brought by the aging population and the increase in per capita health expenditure, the consumption upgrade brought by the increase in per capita GDP and the innovation drive of the supply side are the solid underlying logic that drives the long-term high prosperity of the medical industry.The current medical sector is in the bottom area of historical valuation., and related policies may show a good trend, therefore,Or consider an active layout on the left.,And be patient.,Long-term allocation enjoys the dividend of long-term development of the medical industry.
According to public information, the constituent stocks of the CSI medical index tracked by the medical ETF(512170) comprehensively cover the leading segments in the field of medical devices and medical services, among whichThe weight of medical devices is about 40%Directly benefit from the new medical infrastructure in the post-epidemic era;Medical services+medical beauty weigh about 50%.Directly benefit from the aging of the population, the upgrading of medical consumption and the great trend of medical beauty. Medical ETF(512170) is an efficient investment tool for investors to "lay out the national health sector with one click".
Risk warning: The medical ETF(512170) passively tracks the CSI medical index. The base date of the index is December 31, 2004, and it was released on October 31, 2014. The composition of the index shares is adjusted according to the index compilation rules. The index stocks in this paper are only for display, and the description of individual stocks is not used as any form of investment advice, nor does it represent the position information and trading trends of any fund under the manager. The risk levels of the Fund and its linked funds assessed by the fund manager are R3- medium risk and R4- medium high risk respectively, which are suitable for investors with suitability ratings above C3 and C4 respectively. Any information appearing in this article (including but not limited to stocks, comments, forecasts, charts, indicators, theories, any form of expression, etc.) is for reference only, and investors shall be responsible for any investment behavior decided by themselves. In addition, any opinions, analysis and predictions in this article do not constitute any form of investment advice to readers, nor do they assume any responsibility for direct or indirect losses caused by using the contents of this article. Fund investment is risky, and the past performance of the fund does not represent its future performance. The performance of other funds managed by the fund manager does not constitute the guarantee of fund performance, so fund investment needs to be cautious.
This article comes from financial information.