From the annual dark horse to frequent explosions | Can the medical fund vote?

Medical Network August 14th Since the beginning of this year, the pharmaceutical sector has once sprung up in the overall market environment, which has ushered in a wave of sharp rises. The increase has made the market eye-catching. The pharmaceutical fund has also become the highest rate of return this year. Major industry funds. So, not long ago, the pharmaceutical industry fund was still so hot, but the industry's stocks frequently thundered, the pharmaceutical index changed from all the way up to all the way down, showing a 'roller coaster' market.

medicine What is the industry facing the crisis? When standing in the moment, should the pharmaceutical fund buy it or sell it?

Since the beginning of this year, the CSI 100 Index has been rising all the way since February. From the lowest point of 11903 in February, it has risen to the highest point of 15941 on May 29, an increase of 25%. But then the index fell all the way. Last Monday, it fell to the recent low of 11,922 points, basically smoothing the previous gains. The trend of the Shanghai Stock Exchange's theme index is similar to that of the Shanghai Stock Exchange's medical index, and the trend of the Shenzhen Stock Exchange's pharmaceutical index is weaker. It has recently fallen below the February market. The index point of the time.

Such an index trend inevitably affects the income of the pharmaceutical fund. From the perspective of the yield of open-end funds, the pharmaceutical theme funds and those funds in the pharmaceutical sector still occupy the top yields this year. Wind data shows that at all Among stocks and partial stock funds, Precision Medicine in the rich countries, New Power in Fuguo, Huitianfu Medical Services, and Morgan Medical health Even the Bank of Communications, the Central European pharmaceutical fund almost 'occupied' the top ten rankings.

In the Wind Healthcare Industry Theme Fund, there are 255 comparable funds (each share is calculated separately). This year, the Wells Fargo Fund’s precision medical care, new power A share and C share investment income are all above 17%. The service revenue was 12.9%, while the investment in Morgan Healthcare, Bank of Communications Pharmaceutical Innovation, and the investment income of China Europe Health Care A and C shares also exceeded 10%.

However, since June, the net value of these funds has been in a correction. From June to now, pharmaceutical funds have generally fallen, some of which have a fund reversal rate of over 20%, reaching 21%. The number of funds with a callback of more than 15% has reached 44. The number of funds with a callback of more than 10% reached 158, which is more than 60% of all comparable funds. Almost no pharmaceutical fund has achieved positive returns in these two months.

In the face of the status quo, how should the current pharmaceutical fund invest? In the end, the Kaishi Financial Products Research Center analyzed that the pharmaceutical sector has performed well in the year-to-date, but in fact the industry has been heavily differentiated and the funds are active in the heat. Among the more than 20 stocks, the positions of pharmaceutical funds are also concentrated. Some funds are inevitably subject to high valuations and institutions. Once the market continues to adjust, these stocks will face greater downward pressure.

Yi Xiaojin, a medical fund manager of China Shipping Fund, believes that the main reason for the recent withdrawal of the pharmaceutical fund is related to the market callback. On the other hand, the proportion of the active management fund for the pharmaceutical sector is at a historically high level, subject to vaccine events, etc. The influence of negative factors leads to greater pressure on the adjustment of positions and profit taking.

In this regard, Kaishi suggested that in the context of the overall risk appetite of the market and the collapse of the industry, the risk of the pharmaceutical sector is constantly gathering, and the already-held pharmaceutical funds can be redeemed at the same time if there is a floating profit in the previous period. Concentrated medical funds can do appropriate avoidance.

Yi Xiaojin suggested that for investors, in view of the long-term clear growth space of the pharmaceutical sector, in the face of such a decline, they can increase their positions by bargain-hunting and sell when they rise.

What should I do if I buy a fund that is 'Treading Thunder'? Industry analysts believe that this requires specific analysis of the specific situation. The first thing to look at is what company to buy. If you encounter a company like ST Changsheng who faces the risk of delisting , then the problem is very serious. At present, the risk of delisting from the company is very high, and once the delisting has a great impact on the fund, 'some companies have no major problems in their fundamentals, but they are only dragged down by the vaccine problem, or Due to market sentiment, the stock price has fallen for a while. For such a company, it has little effect.

In the eyes of many fund managers, the health of the United States, which has recently been exposed to problems, is such a variety. Some fund managers told the China Fund News that the company is in an industry with large rising space, and the industry concentration is low. In view of the company's future development space is still very large. And the fund manager even said that the future will consider low-level buy.

In addition, the position of the 'Treading Thunder' fund is also an indicator that needs attention. If the position is low, there is no need to worry too much about the net value of the fund. However, if the fund is heavy, it needs attention. Position, not only depends on the proportion of the company's stock position in the fund, but also depends on the proportion of the stock's total net worth, if the proportion is relatively low, then do not worry too much.

Can not timely 'clear out' the explosive stocks are also investors need to pay attention. The explosion of stocks often appear in a continuous limit, resulting in the position of the fund can not sell. ST Changsheng since the accident, has appeared 19 consecutive down limit, has not yet In terms of heavy volume, the position institution can be described as 'smother killing'. Even if it is heavy, the situation of each holding fund will be different. If the fund is small and the total holding amount is small, it will be easier to timely issue the stocks. Sold, and if it is large in scale and has a high total shareholding, it will be even more difficult to lighten the position.

After the ups and downs, what will happen to the pharmaceutical fund in the next performance? In this regard, Yi Xiaojin said that he is still optimistic about the future of the pharmaceutical sector. He believes that the pharmaceutical sector has a clear long-term investment value, and some stocks are currently being killed. He believes that this is a good opportunity for long-term investors to enter, and it is also an opportunity for holders to bargain.

He analyzed that in the longitudinal comparison of the pharmaceutical sector, in the historical period of relatively good development, some leading stocks are also in the period of opportunity for growth prospects, so they are not pessimistic about the sector and individual stocks. The current adjustment is partially similar to 2010. In June, the pharmaceutical index was adjusted, but in September 2010, a number of stocks hit a record high. Yi Xiaojin also revealed that he continued to adhere to the direction of the previous optimistic, including the innovative pharmaceutical industry chain, high-end specialty medicine, medical and medical treatment. Selection of consumption, chain pharmacy Equal sub-industry.

Noah wealth analyst Yu Yuwen said that she is optimistic about the long-term prospects of the medical industry. Because this industry belongs to the 'just-needed' industry, the future prospects are broad. After the chaos continues to emerge, the government and the regulatory authorities will certainly attract attention, guide and Rectifying the industry. She suggested focusing on high-tech companies in the traditional medical industry in the segmentation area. 'Innovative medicines with core technologies in the pharmaceutical field and medical instruments Import substitution capacity in the field enterprise It is easier to appear unicorns. '

The Kaishi Financial Products Research Center has different views. They believe that the current market is still in the bottoming process, the external environment uncertainty is increasing, investors' risk appetite is falling, and the industry itself is being re-examined after exploding. Overall, it is appropriate to wait and see, it is not appropriate to sneak a bargain, you can wait for the market to stabilize and do more windows.

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