ICBC Credit Suisse Zhao Bei continues to be optimistic about the biomedical sector in Hong Kong

Yang Wanyu China Securities News· China Securities Network

China Securities Network News (reporter Yang Wanyu) On January 22, ICBC Credit Suisse Fund released its fund's 2021 four-quarter report. According to the four quarterly reports of ICBC Frontier Medical managed by Zhao Bei, as of the end of the fourth quarter of 2021, the fund's stock position was 81.32%, down 3.22 percentage points from the third quarter. Zhao Bei said that in the early quarter of 2021, some of the highly valued CXO second-tier stocks were reduced, and some stocks with low valuation growth were increased. Compared with the end of the third quarter, ICBC's cutting-edge medical positions are still concentrated in innovative drugs and innovative drug industry chain, innovative medical devices, medical services, consumer medical and other industries.

The report shows that at the end of the fourth quarter of 2021, the scale of ICBC Frontier Medical Fund reached 22.124 billion yuan, an increase of 8.529 billion yuan over the end of the third quarter of 2021.

At the end of the fourth quarter of 2021, the top ten heavy stocks of ICBC Frontier Medical were: WuXi AppTec, Gloria Ingen, Boteng, Mindray Medical, Tigermed, Jiuzhou Pharmaceutical, Medici, Aier Ophthalmology, Puluo Pharmaceutical, and Changhong Technology. Compared with the end of the third quarter of 2021, Zhaoyan New Drug and Kanglong Chemical have withdrawn from its top ten heavy stocks, and Mindray Medical and Changhong Technology have newly promoted to the top ten heavy stocks.

Zhao Bei pointed out in the four quarterly report that the pharmaceutical industry experienced a sharp adjustment in the fourth quarter, mainly because on the one hand, after the rise in the first half of the year, the valuation was high, and the decline in the Biomedical Sector in Hong Kong also triggered the market's concern about the enthusiasm for the research and development of innovative drugs, which in turn also triggered the adjustment of CXO-related stocks in the innovative drug industry chain; at the same time, the spread of the epidemic also dragged down the prosperity of medical services and consumer medical care.

After this round of adjustment, she believes that Hong Kong's biomedical sector has entered a relatively reasonable valuation stage, the primary market investment and financing fever is still maintained at a high level, the future of innovative drugs and innovative drug industry chain or will remain in a high growth state, from the perspective of valuation and cost performance has now entered an attractive stage, still strategically optimistic about this direction.