Reporter Du Meng
Today, by the "Collection Notice" issued by the Guangdong Provincial Drug Trading Center, Changchun High-tech Flash Crash, known as Northeast Medicine Mao, has stopped.
Affected by the bearish news, the pharmaceutical sector fell sharply today, and the CSI All-Index Medical Device Index fell by 4.7%.
For the basic people who hold the pharmaceutical theme fund, what is more worried is whether Changchun High-tech will drag down the net value of the fund. Since February last year, with the end of the "drinking and taking medicine" group stock market, Changchun Gaoxin's stock price has also fallen from the highest price of 522.2 yuan to today's 227.6 yuan, a new low in the past 2 years.
As an equity fund manager with an asset management scale of nearly 100 billion yuan, Gülen has always been a "loyal fan" of Changchun Gaoxin. In the middle of last year, CEIBS Healthcare held up to 6.21 million shares of Changchun Gaoxin at its peak. In the third quarter of last year, CEIBS Healthcare reduced its holdings to 5.09 million shares. However, according to the list of the top ten shareholders of the company's share repurchases released on November 26 last year, as of November 23, cepharma healthcare hybrid once again increased its position in Changchun High-tech and held 5.51 million shares.
Since the intensive implementation of the "centralized procurement with volume" at the end of last year, the heavy stocks of Ceibas Medical and Health have been "thunderous", which has been called "precision blasting" by the basic people.
In 2021, celeca-EU healthcare and CEIBS medical innovation managed by Gülen performed poorly, with full-year yields of -6.55% and -7.9%, respectively. Judging from the top ten heavy stocks, Gülen held tongce medical (600763. SH), Zhifei Bio (300122. SZ), Mindray Medical (300760. SZ) has seen a large decline in 2021, with a decline of more than 10%, of which Tonce Medical has fallen by more than 26% since last year.
However, despite the poor performance, investors are still pouring in, and the size of the fund has increased from 23.243 billion yuan at the end of 2020 to 63.44 billion yuan at the end of the third quarter of 2021, an increase of nearly 2 times in three quarters. The growth of this fund has also made Gülen's management scale close to 100 billion.
In this regard, Gülen said in the third quarterly report that the fund still maintains a high position operation, and has focused on the layout in the direction of the long-term optimistic innovative drug industry chain, medical services, and leading enterprises of high-quality generic drugs.
Liu Mengmeng, manager of Tianhong Medical and Health Fund, said that in the past three years, not only pharmaceuticals, but also core assets in industries such as consumption and manufacturing have undergone a process of substantial valuation expansion. Especially last year, after the new crown epidemic, the pharmaceutical sector was a hot topic in the whole market throughout the year, and the pharmaceutical index showed a large increase. However, the market value is determined by the performance and valuation together, in fact, the pharmaceutical sector has a situation of early valuation overdraft, and the turn to weakness in 2021 is the need to have performance to digest the valuation. With the intensive introduction of policies in the pharmaceutical industry in 2021, it has a great impact on investment, and in addition, the rise of the city's new energy sector in 2021 has also taken away some funds, which are the reasons for the weakness of the pharmaceutical sector.
How will the pharmaceutical sector change this year? Zheng Lei, fund manager of Hui Tianfu, said at the annual strategy meeting that from a long-term perspective, the key factors that determine the long-term development of an industry are population and system. Under the background of economic development and demographic dividend development, the trend of consumption upgrading is irreversible, and opportunities will continue to emerge in the upgrading of medical services and other consumer goods under consumption upgrading. After digestion in 2021, in 2022, the pharmaceutical sector as a whole will have a better valuation and cost performance, and many tracks have strong comparative advantages, so it is worth looking forward to.