The market and funds of the medical sector are playing "fire and ice". Will the medical treatment be good in the second half of the year? There is something to say about the medium-term strategy of se

A-share medical sector once again staged a literal "fire and ice".

On June 28th, the CSI medical index fell by 0.76% to 8582.54 points, hitting a new low of more than three years after 26th.When the index touches the freezing point again, follow the index of head medical treatment.ETF(512170) funds are scarce.Extremely hot, more thanonehundred million yuanFunds increase their positions when they fall.. The data shows that as of the 28th, the medical ETF(512170) has been net subscribed for funds for 16 consecutive days, with a total amount exceeding 1.8 billion yuan.

[CSI Medical has successively "new lows"VSFund share overlappingnew high"

Since June, the medical sector has continued to adjust, and the CSI medical index has dropped to the level of 2019, and it has recently hit a new low of more than three years. On June 28th, the CSI Medical Index closed at 8582.54 points, which was2019yearninemoonsixThe lowest point since the day.

When the index hit a new low, a huge amount of funds accelerated the absorption of chips through related ETFs.28Day, medical treatmentETF(512170)One-day gainexceedoneThe net subscription of 100 million yuan has been continuous so far.16Net capital flow in last trading dayIn, the total amount exceeds18100 million yuan.

In terms of share changes, since June, the share of medical ETF(512170) has increased by 4.15 billion.Its latest fund share is up to537.16Billion copies, hitting a record high for 16 consecutive days..

In the same period, leveraged funds also continued to increase. According to the data of Shanghai Stock Exchange, as of June 28th, the medical ETF(512170).Financing balance reached7.41hundred million yuan,Record the second highest in history, during the yearIncrease by more thaneight0%.

2022The list of the top 100 pharmaceutical industries in China was released, and many constituent stock companies dominated the list.

In the news, on the evening of June 27th, the list of the top five pharmaceutical industries in China in 2022 sponsored by Minenet, a domestic medical health information platform, was announced, with a total of 260 pharmaceutical companies on the list. It is worth noting that in the ranking list of CXO and medical device companies, most of the top companies are important components of medical ETF(512170).

Specifically,WuXi AppTec, Yaoming biological,Tiger medicine, Kanglong Chenghua,kelleyheroRanked in the top five of the TOP20 list of CXO enterprises in China in 2022;Mairui medical treatment, UIH Medical,Weigao shares, Lepu Medical, minimally invasive medical care in 2022, China medical equipment (including IVD) TOP20 list. The above 10 companies, except Yaoming Bio and UIH Medical, the other 8 are all medical ETF(512170) stocks.

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 aboutfoursucceedDirectly benefit from the new medical infrastructure in the post-epidemic era;medical service+doctorBeauty weightappointmentfivesucceedIt directly benefits from the aging population, the upgrading of medical consumption and medical beauty.

[Brokerage medium-term strategy:Optimistic about the recovery of the medical market,pay close attentionknotStructural opportunities and valuation improvement opportunities]

The first half of the year is about to close, and a number of brokers have recently released medium-term strategies for the medical sector. Looking forward to the second half of the year, institutions are generally optimistic about the recovery of the medical market, prompting attention to the structural opportunities after the index bottomed out and the opportunities for valuation improvement.

Guotai Junan’s medium-term strategy states that,It is expected that the second half of the countryThe internal medical market recovered strongly.Considering cardinal utility, the year-on-year growth rate of non-COVID-19 Q2 and Q4 is relatively high; Looking at the longer time dimension, from 2019 to 2022, the dual effects of policies such as centralized mining and COVID-19 epidemic were superimposed.2023The annual growth rate is recovery.. At present, the valuation of most molecular industries has changed from PEG > before 2021; 2 Return to PEG≈1, due to the decline of market risk appetite and the downward revision of optimistic expectations.The valuation bubble has basically cleared.+The expected return will create a good foundation for the scattered market of subsequent stocks..

According to the medium-term strategy of Minsheng Securities, overall,medicinemedical treatmentThe sector is at a historical low in terms of valuation and positions.With the continuous recovery of in-hospital diagnosis and treatment,The overall operation of the plate continued to rise.I am optimistic about the direction of hospital recovery and medical innovation in the second half of the year. The CXO sector is optimistic that global investment and financing will continue to improve and innovation demand will continue to recover in the second half of this year. It is expected that local international CXO head enterprises will benefit from overseas recovery and start a new round of growth in the second half of this year; In terms of medical services, with the arrival of the traditional refractive peak season from June to August, the valuation of the ophthalmic medical service industry is optimistic.

Central china securities pointed out in the semi-annual strategy of the industry "Looking for Deterministic Growth Opportunities" that as of June 26th, the dynamic PE of CITIC Pharmaceutical Index was about 39.21 times, which was slightly lower than the median in the last decade.Considering the marginal improvement of the economic operation indicators of the medical industry, the overall industry valuation may have opportunities for improvement..

According to the medium-term strategy of Guosheng Securities,After two waves of digestion and adjustment, medical care is expected to usher in a new cycle in the true sense, and structural opportunities will be highlighted after the index bottoms out., this timeSub-areas where the decline is relatively large and the change is expected should be focused on..

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 level of the Fund assessed by the fund manager is R3- medium risk, which is suitable for investors with an appropriate rating of C3 or above. 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.