Boyuan Fund Zhong Mingyuan: Optimistic about investment opportunities in pharmaceutical stocks in the first quarter

Yu Shipeng China Securities News· China Securities Network

China Securities Network News (reporter Yu Shipeng) On January 20, Boyuan Vpro Hybrid Initiated Securities Investment Fund released the fourth quarter report of 2021. Zhong Mingyuan, the fund manager of the fund and general manager of Boyuan Fund, pointed out in the four quarterly report that the fund reduced its holdings in some popular track targets in the fourth quarter and mined some undervalued growth targets. On the basis of insisting on studying the improvement of enterprise fundamentals from the bottom up, reshaping the competitive pattern of subdivisions and revaluing the value of the industrial chain, the drawback is better controlled. In the first quarter of 2022, we are still optimistic about investment opportunities in pharmaceutical stocks.

According to the four quarterly reports, the top ten stocks of the fund are Tailin Biological, Dongfulong, Chutian Technology, Haote Biological, Jiuyuan Yinhai, Gongdong Medical, Shanhe Pharmaceutical Auxiliary, Kantley, Gloria Ying, and WuXi AppTec.

Zhong Mingyuan said that in the pharmaceutical field, the Chinese medicine sector performed strongly in the fourth quarter due to policy encouragement and the expectation of price increases. From the medium-term perspective, it is still necessary to track the gradual implementation of policies and the quarter-by-quarter implementation of performance. The CXO industry, which has a relatively high valuation, has suffered an overall killing valuation because the investment and financing data in individual months has fallen short of expectations.

Looking forward to the first quarter of 2022, Zhong Mingyuan said that after experiencing the impact of innovative drug medical insurance negotiations, generic drug collection, and medical device consumables collection, the pharmaceutical sector as a whole is in a relatively reasonable valuation range. Next, we will still adhere to the bottom-up research system, maintain a stable investment idea, and allocate it in combination with the development stage of the enterprise and the valuation at this stage. In the subdivision field, it is mainly optimistic about the overseas development of innovative drugs, the upgrading of medical manufacturing industry, the internationalization of APIs, and the intelligence of the pharmaceutical industry. In addition, we are still optimistic about the cro/CDMO (pharmaceutical research and development and production outsourcing) industry with high prosperity, the rapidly developing pharmaceutical special equipment industry, and the specialized and new medical device industry. In emerging fields, we will also maintain active attention to scientific research service industries and high-end scientific instrument industries with low domestic penetration rates.