Pharmaceutical stocks topped the list for the last 10 years |
From May 11th to May 9th, this year, as of May 9th, the Shanghai Composite Index fell 4.48%, but the pharmaceutical industry rose in a contrarian direction. According to statistics from the reporters, the Chinese Medicine Industry Index refers to the medical and health index (000991) from January to May. It rose by 11.05% on the 9th and won the top spot in the 10 industry classifications of the CSI. The three pharmaceutical funds, including the funded medical fund in the public offering fund, both experienced a net increase of more than 20% during the year.
If the time is extended to a 10-year cycle, the CSI will continue to rank first in the rise in the health index. Wind statistics show that from May 9, 2008 to May 9th, May 1818, the entire CSI index rose. It was 194.34%. It substantially outperformed the 142.67% of the second index of the China Securities All Index.
If we extend the time to a 12-year cycle, we will find that the rise in the pharmaceutical index is even more impressive. Wind statistics show that from May 9, 2006 to May 9, 2018, the total index of medical stocks rose during the 12-year period. Up to 907.11%, far outperforming the second 608.11% of the CSI full-price consumer index.
Recently, many brokerage analysts are optimistic about the booming outlook of the pharmaceutical industry and are optimistic about the performance of pharmaceutical stocks. Yan Yugen, chief strategist at Haitong Securities, believes that 2016-17 market style is biased, and 2018 is a transition year compared to 2017. The annual growth opportunities increase, the overall balance remains balanced, and growth will be even better after 2019. This is due to from 2016 to 2019. enterprise The improvement of profitability has moved from the traditional industries to the emerging industries. The growth industry is optimistic about new-type consumption of medicines (medical services, innovative drugs), and advanced manufacturing in hardware.
Merchants Securities analyst Zhang Xia also stated that the pharmaceutical biotechnology industry has maintained a double rise in revenue and earnings since 2015, and the degree of prosperity has continued to rise. The industry itself has both high defensive qualities and performance guarantees, and it is an investment main line that merits attention. .
China Gold Securities analyst Wang Hanfeng also believes that, in the context of trade frictions, there is an opportunity to focus on domestic demand, and the expansion of domestic demand for medicine, household appliances, food and beverage, and agriculture sectors deserves attention.
Fusion Medical health care Industry fund manager Jiang Xiuli, who is also a senior fund manager focusing on the study of pharmaceutical stocks, said that in 2018, the pharmaceutical industry has entered a new cycle centered on innovation, and industrial upgrading has entered a new cycle of refined growth. Consistency assessment, innovative drugs, and formulation exports It will be the main benefit of the pharmaceutical industry's policy in 2018. Vaccines, chemical drugs, and biopharmaceuticals will be the booming sub-sectors that can be watched throughout 2018, especially vaccines.
According to Jiang Xiurei’s judgment, the overall valuation of the pharmaceutical industry has been relatively low over the past three years. In addition, the favorable performance of policy support and conduction in 2017 has been gradually highlighted and the performance of the sector rebounded. The industry’s booming probability in the coming year is on an upward trend.
Jiang Xiuli said that stock picking in the future will follow the 'white horse as the core, grow into an offense, focus on the valuation' of the idea, in the evaluation of key layout consistency, innovative drugs, preparations exports, vaccines, pharmacy , medical services based on the layout medicine Business, domestic equipment, fine-scale industries benefiting from medical insurance volume.
