In early trading on December 4, 2023, pharmaceutical stocks were sharply **, and the CRO sector led the decline. On the news side, WuXi Biologics (02269HK) lowered its guidance during the company's briefing, and the business performance may be lower than expected. As of now, WuXi Biologics (02269HK) fell more than 20%, Tigermed (03347.HK) fell 702%, WuXi AppTec (02359.)HK) fell 410%, Pharmaron, Jiuzhou Pharmaceutical, Kailaiying, Tigermed, Chengdu Lead, etc. followed the decline.
Hong Kong stock pharmaceutical ETF (159718) fell 332%, now a premium of 030%, in terms of capital inflow, Hong Kong stock pharmaceutical ETF has received continuous net inflow of funds in the past 3 days, with the highest single-day gain of 151Net inflow of 980,000 yuan.
wind, as of December 4, 2023.
The Hong Kong Stock Pharmaceutical ETF (159718) closely tracks the CSI Hong Kong Stock Connect Healthcare Composite Index (930965).CSI) selected 50 listed companies in the medical and health industry** with good liquidity and large market capitalization from the scope of Hong Kong Stock Connect as index samples, including Hong Kong pharmaceutical leaders, with 70% of the weight concentrated in the innovative drug industry chain.
It is worth noting that the valuation of the CSI Hong Kong Stock Connect Medical and Health Composite Index tracked by the ** is at a historically low level, with the latest price-to-book ratio of 21 times, lower than the index of 81 in the past 3 yearsMore than 18% of the time, the valuation is cost-effective.
Debang** research report pointed out that from first-class drugs to large varieties, including the current various thematic investments (gene editing, going overseas, influenza, etc.), it is in line with our current judgment of overseas mapping + industry cycle. The performance of these themes is expected to drive the overall sentiment of medicine to pick up, considering the low valuation and strong certainty of growth in 24 years, we are bullish on medicine, and there is a high probability that medicine will bloom in 24 years. Considering the new policy cycle and the deterministic growth of the industry, as well as the current strong demand for pharmaceutical allocation, but it is still not high, we believe that pharmaceuticals need to be strategically increased.
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