The medicine sector soared, with over 90% of theme funds floating brightly during the year

In March 23, medical network promoted by the favorable policy, pharmaceutical-related concept stocks ushered in a wave of rising prices, the related theme funds will also rise. According to Wind data, as of March 22 closing, this year, CSI pharmaceutical biological The industry index rose by 0.85%, up 7.63% this month. It firmly held the top spot in the increase. The 80 theme funds increased by an average of 5.68% during the year. 94% of the funds received positive gains during the year. Industry insiders say that medicine is a defensive sector. The value is relatively low, the theme fund has a certain configuration value.

From the performance of recent years, the growth of the pharmaceutical sector is relatively backward. Since March of this year, the warming policy of the pharmaceutical industry has played a major role in boosting the strength of related stocks.

On March 13, the State Council promulgated the proposal for institutional reform and made major adjustments to the administrative departments of the pharmaceutical industry to form a national health health Committee, National Market Supervision Administration, National Medical Protection Bureau, Analysis of Industry Insiders, This will be in the pharmaceutical industry drug The reform of the three major systems of supervision, medical insurance payment, and medical services will play a positive role in promoting, and the advantages of leading enterprises will become more and more obvious. On March 13, on the 16th, the Drug Evaluation Center and the State Administration of Food and Drug Administration of the People's Republic of China released “Cells” respectively. The key points for the consideration of clinical product pharmacy research and application materials for therapeutic products. "Notice of Pharmaceutical Research Information Guide for Phase III Clinical Trials of Innovative Drugs (Chemicals)".

On the other hand, the majority medicine The performance of the company last year and the first quarter of this year reflects the basic orientation of the industry. According to the data from the National Bureau of Statistics, the total revenue and total profit of the pharmaceutical industry in 2017 increased by 12.50% and 17.8% respectively. The annual and quarterly reports have been released. Medical faucet enterprise The growth rate exceeded the industry level. For example, Penny Paw's net profit last year was 791 million yuan, an increase of 47.45% year-on-year. Lepu Medical's net profit was 889 million yuan, an increase of 32.36% year-on-year. In addition, the vitamin price increase is also the reason for the surge in the performance of many pharmaceutical companies. one.

Compared with other sectors, the pharmaceutical industry classification is relatively complex. Wind Information divides the medical theme funds into the healthcare industry, biotechnology industry, and pharmaceutical industry funds. Flush is only classified into a category of pharmaceutical industry thematic funds. According to the Flush Classification calculation, the market There are 80 medical themed funds, of which 35 are index funds and 45 are actively managed funds.

The reporter noted that from the perspective of short-term performance this month, the top gainers are generally passive index funds. However, from the mid- to long-term one-year and three-year performance, the performance of the two is comparable. 2. The active funds and index funds accounted for half of the 12 funds that rose more than 20% each.

Generally speaking, it is easier to select index-type products than fund managers who select active products. The general preference in the industry is to look at the index and tracking error of fund tracking. The more stocks the index covers, the more representative the industry is. The stronger, and the smaller the tracking error, the stronger the fund manager's management ability.

From the fund's tracking index, over the past 10 years, the pharmaceutical index has surpassed the Shanghai and Shenzhen 300 gains, and the Pharmaceutical 100 Index has the best increase, at 196.80%. Traditional Chinese medicine Pharmaceuticals, followed by 800 medicines, 800 medicines have been catching up with the trend in the past two years, full-fat medicine, 500 medicines followed by the latter two, the performance of the latter two are similar. Analysts said that the reason for the highest return of the Chinese medicine medicine 100 lies in its strategic index, from The pharmaceutical and health industry and the pharmaceutical retail industry select the top 100 market capitalization companies, and perform equal weight distributions. Such weighting strategies can play a role in rebalancing and gain certain excess returns. From the error of fund tracking, GF Healthcare links Guolian An Pharmaceutical 100, Shen Wan Ling Pharmaceutical Biometrics and other funds have smaller tracking error.

The performance of actively managed theme funds is closely related to the ability of fund managers to invest in research and stock selection. Such funds are also suitable for investors who choose stocks and have weak market judgement. Insiders analyzed that due to the selection of pharmaceutical companies Professional requirements are very high. There is a background in the pharmaceutical industry or a former researcher in the pharmaceutical industry. The fund manager of an analyst is a good choice. In addition, the inspection cycle of product performance should be extended to about three years. fund.

Taking Huitianfu Medical Service Mixing as an example, the fund's yield rate in the past year was 27.98%. It was established for nearly three years. The medical industry is one of the main areas of Huitianfu Fund, and a medical and pharmaceutical research team and Huitianfu have been established. Medical and Health PE Subsidiary. According to the data from Wind, Huitianfu Medical Services has a mixed scale of RMB 12.896 billion. It is also the largest medical subject fund at present. Its fund manager Liu Jiang has served as an analyst in the pharmaceutical industry, and Liu Jiang is in charge of Huitianfu Global Healthcare. Mixed Renminbi, Huitianfu Global Medical Blended US Dollar Cash, and Universal Universal Medical Mixed US Dollar Cash 3 Funds are medical subject funds. In addition to Huitianfu Medical Services Mix, Wells Fargo Precision Medical Mix, China Shipping Healthcare Stocks, ICBC Fund managers such as health care products also have deeper experience in the pharmaceutical industry.