Reporter Zhang Yu.
Funds continue to be **pharmaceutical**. According to wind statistics, last Friday, the total net inflow of funds in the whole market pharmaceutical ETF** was 201.93 million yuan. On Monday, the whole market pharmaceutical ETF**, with a total net inflow of 243.33 million yuan, continued the trend.
The single-day net inflow of Shanghai-Shenzhen-Hong Kong Innovative Drugs Select 50 ETF hit a new high
According to wind data statistics, on December 4, Tianhong Hang Seng Shanghai-Shenzhen-Hong Kong Innovative Drug Select 50 ETF (517380) fell by 508%, but the funds inflowed into 356 against the trend on the day40,000 yuan, a new high in the past week. At the same time, this Monday, the whole market pharmaceutical ETF**, with a total net inflow of 243.33 million yuan, continued the trend of last Friday**. The core constituents of the index** vary in magnitude, WuXi AppTec-692%, Hengrui Pharmaceutical-127%, WuXi Biologics-2379%, BeiGene-301%, CSPC Pharmaceutical Group 405%。However, from the perspective of capital inflow and trading, it is still active.
The single-day net inflow of Shanghai-Shenzhen-Hong Kong Innovative Drugs Select 50 ETF hit a new high
In a single month in November, the Shenwan Pharmaceutical and Biological Index rose by 289%, significantly stronger than ** (CSI 300 rose by 2.).14%）。Among all sub-sectors, only medical services**, led by pharmaceutical business: chemical pharmaceuticals 198%, 543%, 488%, medical devices 459%, pharmaceutical business 807%, medical services -282%。Last week, the Pharmaceutical and Biological Index** 051%, outperforming the CSI 300 index by 206 percentage points, ranking 10th in the industry.
Innovative drugs are nearing the bottom inflection point, and the cost-effective advantage is highlighted
Are innovative drugs falling into place?Should I enter or not?The answer is relatively clear.
Industry analysts pointed out that the current fundamentals are close to the inflection point and the valuation is at the bottom of history. Previously, the pharmaceutical sector had an overall increase of 10-15% compared to the end of August. Although the absolute increase is not large, it is worth noting that the pharmaceutical industry has a significant excess or relative outperformance compared with other industries, and this leading position is likely to last for a long time. Today is again a great opportunity for a bottom layout.
In addition, investors often hope to clearly find the time point between "short-term bearish" to "long-term long", but it is not significant. On the one hand, from the above analysis, it can be seen that the short-term pressure factors in the pharmaceutical sector are clear. On the other hand, reviewing the history**, it can be seen that from the end of 2018 to the middle of 2021, the pharmaceutical sector has experienced a round of unilateral *** for nearly three years, and has since experienced a unilateral downward trend for two and a half years. At present, although it has passed the bottom of the stock price and the bottom of the industrial operation, it is still at the bottom of the valuation, and it is very cheap from various observation angles such as price-earnings ratio, price-to-book ratio, and failure rate.
The sector has only been **10% in the past two months, and the guidance for investment decisions is relatively clear, and there have been ** in recent days, so it cannot be said that the so-called bottom has been completely missed, and this round of investment opportunities is not over, and it is still in a good time. The above-mentioned industry analysts said.
In the fourth quarter, there are many catalysts in the innovative drug sector, such as clinical data readouts, medical insurance negotiations, and potential overseas authorizations, which are expected to catalyze the innovative drug sector**. Domestic innovative drugs, CXOs, medical devices and other industries are gradually becoming globally competitive. In the near future, there is a high probability that it will last for a long time, and investors are optimistic about the short, medium and long term, and it is recommended that investors hold it for a long time.
Soochow ** said that beta ** has a very strong and rapid driving effect on the stock price of innovative drugs and their industrial chains, and is a clarion call for innovative drug investment. The sector should pay full attention to the impact of the interest rate hike cycle on the beta ** of the domestic innovative drug industry chain, such as the liquidity of the US dollar, the international situation, Sino-US relations, the fluctuation of the epidemic, the domestic review and approval, and the medical insurance policy. In 2023, innovative drugs have ushered in a comprehensive valuation repair**, the value of innovative drugs has been rediscovered, and the innovative drug industry that is still at the bottom has layout value, and the catalysts that can be reversed or confirmed should be closely tracked.
He Yuxuan, manager of Tianhong Hang Seng Shanghai-Shenzhen-Hong Kong Innovative Drugs Select 50 ETF (517380)**, pointed out that there is no shortage of catalysts in the innovative drug sector recently. The annual national innovative drug medical insurance negotiation was held as scheduled, and the feedback from many parties was relatively positiveThe U.S. CPI was lower than expected and the U.S. Treasury interest rate fell, which directly benefited offensive assets such as innovative drugsIn mid-November, the world's first gene-editing drug was approved for marketing in the United Kingdom (and is expected to be approved by the US FDA in December), which has also become another milestone and industry catalyst for the pharmaceutical industry. At the same time, at the capital level, the pharmaceutical industry as a whole has the foundation for continuous capital inflow and the corresponding capacity space. From the perspective of global asset reallocation, medicine has become the first sector to start, and the current industry as a whole is at the bottom, which has a comparative advantage in the whole industry. Under the multiple catalysis, superimposed financial support and comparative advantages between industries, we believe that the pharmaceutical industry has obvious characteristics and is expected to develop a larger level. You can pay attention to the Hang Seng Shanghai-Shenzhen-Hong Kong Innovative Drugs Select 50 ETF Connection**a(014564) c(014565).