Beijing Business Daily (Reporter Li Haiyuan) In recent days, the pharmaceutical sector has also performed strongly, and the CRO (Pharmaceutical R&D Contract Outsourcing Service Agency) concept sector has been for many consecutive trading days. Trading data shows that as of March 4, the CRO sector as a whole has strengthened and achieved a ** increase. Among them, Chengda Pharmaceutical's "20cm" daily limit, WuXi AppTec rose by more than 9%. While the sector trend is rising, the performance of the pharmaceutical industry theme** has also been relatively bright in the recent past, with an average yield of 1081%。Under the influence of the previous over-fall in the sector, the annual return of most products is still negative, but 13 ** have achieved positive returns. Looking ahead, there is a view that with the advent of a new round of pharmaceutical innovation cycle, the pace of innovative drugs and other advantageous industries to explore overseas incremental markets will be further accelerated, which is expected to drive the reshaping of their performance center and valuation logic.
According to the trading data, on March 4, the CRO sector as a whole strengthened and achieved a ** rise, of which Chengda Pharmaceutical's "20cm" daily limit, WuXi AppTec rose by more than 9%. Specifically, WuXi AppTec's A-shares once hit the daily limit during early trading, and as of **, WuXi AppTec's A-shares closed up 905%, Hong Kong stocks also closed up 1254%, and WuXi XDC, a Hong Kong-listed WuXi market, closed up 2487%。If the time is extended to the last 10 trading days, the CRO sector has achieved ** in 9 trading days.
In response to the reasons for the recent rise in the pharmaceutical sector, financial commentator Guo Shiliang analyzed and explained that the external environment is mainly due to the significant slowdown in the legislative pressure of the United States on China's contract R&D and manufacturing enterprises, so it has a positive impact on the medical ** that has fallen in the early stage. At the same time, due to the large decline in the pharmaceutical sector in the early stage, the valuation of the industry sector is low, which is also one of the reasons for the recent rebound of the pharmaceutical and medical sector.
Thanks to the positive trend of the sector, the performance of the pharmaceutical theme** in the past month has also been relatively bright. According to Flush iFinD data, the 189 pharmaceutical themes** (shares are calculated separately, the same below) available in the current data all achieved positive returns in February, with an average yield of 1081%, of which 138 themes** rose more than 10% in February.
Specifically, E Fund's healthcare industry hybrid A C yielded in February. 87%, ahead of the rest of the products. During the same period, there were also 7 pharmaceutical themes** such as Bank of China Healthcare Hybrid A C and China Universal Medical Services Flexible Allocation Hybrid A C, which yielded more than 15% in February.
Judging from the latest holdings, the top 10 heavy stocks of the above products all have a large overlap. According to the data of the 2023 quarterly report, the top ten heavy stocks of the above-mentioned ** products all hold Hengrui Pharmaceutical and Rongchang Biotechnology, among them, Bank of China Healthcare Mixed A C and China Universal Medical Service Flexible Allocation Mixed all hold Salubris, Haisco, and Kelun Pharmaceutical. However, the data shows that as of March 4, only Haisco has achieved ** during the year, with an increase of 1175%。
In addition, as of the end of the fourth quarter of 2023, E Fund also holds Huitai Medical among the top 10 heavy stocks of E Fund Healthcare Industry Mix and Bank of China Healthcare Mix; During the same period, the top 10 heavy stocks of E Fund's healthcare industry mix and China Universal Medical Service Flexible Allocation mix also held new industries.
Under the obvious influence of the previous sector, the annual yield of most pharmaceutical themes is still negative, but some products have "recovered lost ground". According to Flush iFinD data, as of March 1, the average annual return of 186 pharmaceutical themes** for which data is available for the year was -856%, and there are currently 13** stocks with positive annual returns. Among them, Manulife Pharmaceutical Health Hybrid Initiator A C to. The 34% annual yield is temporarily leading. At the same time, there were 72 pharmaceutical themes** with an annual return of more than 10%, of which 11 products fell more than 15%, and Cathay Pacific Innovative Medical Hybrid Initiator A C fell by -1609%、-16.The 15% annual yield is temporarily at the bottom.
For the follow-up investment logic of the pharmaceutical theme, Guo Shiliang believes that the main investment valuation repair and technology recovery of the pharmaceutical theme **, but the logic of high-growth speculation in the past still needs to be observed, and the slowdown in performance growth may also affect the valuation pricing system.