Oak Capital founder Howard Max once said that you don't need to accurately predict the future, but you need to know "where you are". Investing is a probability-based game, and having a sense of location can increase the probability of investing. This sentence is particularly apt to use in today's pharmaceutical industry. As an industry with relatively clear long-term demand and rapid growth, after more than a year of adjustment, the valuation of medicine has reached the lowest 5% quantile in history. The historical counterpart of this position is the "Golden Pit" of 2012 and 2018.
It is also with this perspective that we conducted an in-depth interview with Jiang Qi, a pharmaceutical fund manager at Dongfanghong Asset Management. Jiang Qi's experience is very special, we interviewed so many pharmaceutical fund managers, a small number of fund managers from the chief analyst of the seller's medicine to the buyer to invest. Jiang Qi graduated from Shanghai Jiao Tong University with a compound professional background, a bachelor's degree in bioengineering, and a master's degree in finance. In 2010, Jiang Qi entered the securities industry to engage in pharmaceutical industry research, and experienced a bear market in pharmaceutical stocks in 2011, a high volatility in the whole market in the second half of 2015, and a bear market in 2018. Long-term research experience in the pharmaceutical industry has made Jiang Qi more deeply feel the cycle of emotional fluctuations and the growth process of excellent companies. Jiang Qi said bluntly that no great enterprise has a completely smooth growth stage.
Jiang Qi divided the entire pharmaceutical industry into 18 sub-sectors according to the characteristics of each sub-industry. She believes that a more nuanced division can bring two benefits: 1) grasp the drivers of different sub-areas, some are demand-driven, some are supply-driven, and some are policy-driven; 2) understand the life cycle position and direction of change of different sub-areas, and find upward beta in sub-areas.
The pharmaceutical industry is particularly complex, with a large number of different types of companies in the sector, and the overall number of listed companies is the second largest of all industries. In this context, Jiang Qi believes that it is particularly important to grasp the driving force changes in the segmentation field from top to bottom. For example, the subfield of CXO has only really grown up in the past few years, behind which the technological upgrading from China's pharmaceutical manufacturing industry comes. For example, the medical insurance policy in 2018 is a watershed between generic drugs and innovative drugs.
For the "where" of the pharmaceutical industry that everyone is very concerned about, Jiang Qi gave us several objective data analysis: 1) the current valuation level of the pharmaceutical sector is at the lowest 5% quantile in history, which is similar to the bear market in the 2011 and 2018 industries; 2) the bear market in the pharmaceutical industry in history has appeared for a very small time, that is, the adjustment since 2011, 2018, and 2021; 3) The current position allocation of the whole market fund to the pharmaceutical industry is also near the lowest level in history 4) The overall growth rate of the pharmaceutical industry is still the highest in all industries.
Whether it is the aging of the population, or the upgrading of consumption, or the unmet demand brought by scientific and technological innovation, the pharmaceutical industry has an obvious "long slope". The pharmaceutical industry, as more and more high-quality listed companies are listed, will further promote the development of pharmaceutical funds. In the context of increased supply, the Alpha ability of fund managers can be better reflected.
Below, let's first share some investment "golden sentences" from Jiang Qi:
1. The pharmaceutical industry is an ever-changing industry, in which case growth has always been very important
2. Starting from the demand side, in the next decade, the aging population will continue to increase, and the demand for medicine will rise exponentially
3. From the supply side, medicine is a typical industry that creates supply through scientific and technological innovation
4. In the future, there will be no policy cycle after the policy stabilization of the pharmaceutical industry, at most some details will be adjusted, and the pharmaceutical industry will be in a large innovation cycle for a long time
5. The current valuation of the pharmaceutical sector is already the lowest post-5% quantile in history, equivalent to the levels of 2012 and 2018
6. In investment, we have to find the best fundamental pharmaceutical companies, and when the industry starts to rise, these companies will give priority to rising
7. Select the best sector from top to bottom, and choose some companies with long-term growth space and growth from the bottom up, so that you can obtain the long-term benefits of market value growth brought about by the rising income and profit of the company
8. The pharmaceutical industry is mainly to make growth money, and the growth prospects of this industry are relatively strong, so the effect of long-term holding is definitely much better than that of short-term
Look for companies with long-term growth potential
Zhu Ang: In the past year, the pharmaceutical industry has adjusted a lot, can you talk about your views on investment in the pharmaceutical industry?
First, the pharmaceutical industry is an ever-changing industry, and in this case, growth has always been very important. In view of the complex branches and constant changes in the pharmaceutical industry, when we do the classification of the pharmaceutical industry, we do not divide according to The 13 sub-industries of Shenwan, but divide the pharmaceutical into 18 sub-industries. The pharmaceutical industry also has different styles of companies such as white horse, growth, undervaluation, and cyclical.
Second, the pharmaceutical industry has many different styles of companies, and each sub-industry is in a different life cycle. Due to the different life cycles of each sub-industry, we can always find investment opportunities in the pharmaceutical industry at different times, and of course, we also need to avoid the risks caused by changes in the industry life cycle.
Zhu Ang: How do you see the prospects and policy direction of the pharmaceutical industry?
Jiang Qi Standing at this point in time, the most discussed thing is how the pharmaceutical industry and policy trends will evolve. We can look at the situation on both sides of the supply and demand side.
Starting from the demand side, in the next decade, the aging population will continue to increase, and the demand for medicine will rise exponentially.
Here we must talk about the payer, which can be divided into several categories: medical insurance + commercial insurance + disposable income. In the next 10 years, people's payment levels will be greatly improved, whether it is real demand or disposable capacity, which will promote a significant increase in demand for medicine.
Looking at the supply side, medicine is a typical industry that creates supply through scientific and technological innovation.
Our research group spends most of its time working on new products driven by technological innovation. These new supplies create unmet demand.
Before 2010, the pharmaceutical industry was in a stage of barbaric development, there was a serious conflict between supply and demand, medical insurance continued to expand, and huge payers appeared, and the profit model at that time was the most important factor in examining pharmaceutical companies. After that, the pressure of medicare control began to appear, and medicine showed obvious structural opportunities in 2011-2015.
The turning point of the pharmaceutical industry policy is 2015, and the really profound turning point is that in 2018, the state suppressed generic drugs on the one hand and carried out centralized procurement, on the other hand, it supported the innovative development of the pharmaceutical industry, bringing about the rapid development of innovative drugs.
Maybe five years later, looking back, we all have to thank this gathering. Before the collection, Chinese to spend the world's most expensive price to eat generic drugs with expired patents, and now through the consistency evaluation policy, the quality of domestic generic drugs has reached a new level. At the same time, the cost of generic drugs has also been greatly reduced, and I think that the future model of generic drugs is to win by volume and cost, which is a mature manufacturing model.
Zhu Ang: Will the drivers of the pharmaceutical industry change in the future?
Jiang Qi I wrote a report "Embracing Innovation and Grasping the Leader" at the beginning of 2018, proposing that "policy looks at change, research and development looks at innovation", which means that the policies of the pharmaceutical industry are undergoing major changes, and the trend of innovation is gradually emerging. From the perspective of the industry, it was the starting point of the 10-year innovation cycle.
Before this, the entire pharmaceutical industry has a policy cycle, medicine and policy are highly correlated, and policy changes will bring about sub-industry differentiation and structural adjustment within the pharmaceutical industry. In the policy preparation period, such as accelerating policy approval, encouraging generic drug companies to improve drug quality and enhance production and manufacturing capabilities; encouraging innovative drug enterprises, while standardizing innovative drug research and development, which makes the clinical trial requirements of innovative drugs increase, forcing enterprises to submit more standardized clinical trials, and rising costs bring about an increase in clinical trial prices.
After 2015, the changes in China's innovative drug policy began to be clear, and more and more overseas returned researchers returned to China with technology to establish companies, and after 2018, they entered the policy landing period. At this stage, after the quality of generic drugs is improved, the state begins to collect, the price of generic drugs is greatly reduced, and the medical insurance funds are saved; at the same time, the negotiation of innovative drugs in medical insurance is greatly accelerated, and the speed of innovative drugs into medical insurance is greatly accelerated, and the speed of volume is accelerated. Medical insurance has two major policy principles, to enhance the accessibility and affordability of drugs, to encourage innovation is to increase the accessibility of drugs, so that more products come out, while accelerating the speed of entering medical insurance through innovative drug negotiations, so that the people can use the latest and best drugs. Innovative drug negotiations are to increase the affordability of drugs so that more people can afford to eat medicines. Everyone looks at the 2018 "I am not a medicine god" movie, telling the story of 2002, when the treatment of leukemia Gleevec took nearly 300,000 yuan a year at his own expense, which was the money of a house in many places at that time. Now many generic drugs have come out, the price is 90% lower than the original research drugs, medical insurance can afford it, and the people can afford to eat this drug, which is a very favorable aspect of the policy.
For generic drugs, collection and procurement have gradually entered normalization. For innovative drugs, enterprises can calculate where the price range can be implemented by judging the innovation of the product, the degree of clinical benefit, etc., because a complete set of scoring rules has now been formed, and the simple and rude price reduction is no longer the main theme. When the future policy is stable, there will be no policy cycle, at most some detailed adjustments, and the pharmaceutical industry will be in a large innovation cycle for a long time.
Grasp the drivers of different sub-industries
Zhu Ang: Can you talk about your specific classification method of the pharmaceutical industry?
Jiang Qi First of all, we have our own classification method for the pharmaceutical industry. Shenwan divides the pharmaceutical industry into 13 sub-industries, including APIs, chemical preparations, traditional Chinese medicines, blood products, vaccines, medical equipment, pharmaceutical circulation and so on. On this basis, we have further divided medicine into 18 sub-industries, so that the beta characteristics of these sub-industries can be clearly divided.
For example, the pharmaceutical equipment category of the upstream industrial chain of medicine, these enterprises are mainly large equipment manufactured by medicine, but pay attention not to be confused with medical equipment, medical equipment is used in hospitals. For example, sub-industries with relatively stable undervaluation include chemical drugs, APIs, proprietary Chinese medicines, Chinese medicine tablets, pharmacies, in vitro diagnostics in devices, low-value consumables and pharmaceutical circulation.
Second, we further divide the high-growth industries in the pharmaceutical industry based on growth and technological innovation. Some high-growth industries are consumer-oriented, such as medical service outsourcing, consumer medical care, vaccines, etc.
Some sub-industries have only grown up in the past few years and have been concerned, such as CXO, which has been created by everyone. For example, medical service outsourcing, clinical CRO was recognized by everyone in 2012, and CDMO really entered everyone's field of vision in 2017. In the past, we mainly studied clinical CRO and CMO companies, and after 2017, there were more and more CDMO listed companies, and analysts began to call such companies CXO.
Finally, we look at the factors driving the growth of the industry are not the same, and we can conduct a more in-depth analysis. In the case of medical services and outsourcing of medical services, they sound very similar, in fact, the former is demand-driven, the latter is growth-driven.
Medical services are typically demand-driven. In terms of ten or twenty years, the number of our hospitals has grown a lot, but medical care that truly meets the needs of the public is still in short supply. In addition, China's medical resources are unevenly distributed, and first-tier cities such as Beijing, Shanghai, Guangzhou, and Shenzhen are rich in medical resources, but in fourth- and fifth-tier cities, you will find that the hardware conditions and doctor qualifications of local hospitals may still need to be improved.
To this end, the state promotes hierarchical diagnosis and treatment policies, while encouraging social capital to enter medical services. Some private hospitals are designated units of medical insurance, and the pricing is the same as that of public hospitals, not to grab the public hospital market, but to make up for unmet demand. They are a professional model developed to meet the actual needs of everyone, in this business model, demand drives supply, and when supply matches demand, it becomes a high-growth industry.
Outsourcing of medical services is a typical growth driver. If you use the revenue source of CDMO companies, many of these companies have more than 70% of their income from overseas. In China's pharmaceutical manufacturing industry, it is a sub-industry that can compete with the world, and this sub-industry benefits from the global industrial chain transfer.
For example, bulk APIs, the earliest low-end manufacturing industry moved to China, when Chinese companies reached 50% of the global market share, the industry began to become stable. From the development of intermediates to featured APIs, the rapid development of our CDMO and CMO industries, pharmaceutical service outsourcing is a very typical process of high-end manufacturing from developed countries to China, accompanied by industrial transfer, becoming a high-growth sector.
Zhu Ang: From a long-term perspective, which sub-industries are you optimistic about?
Jiang Qi From the perspective of long-term research, I pay more attention to the choice of sub-industries. When the market presents a structural market, such as 2019 and 2020, the core assets are relatively strong, then it is necessary to pay attention to the choice of plates. Structural opportunities are often brought about by a tripartite resonance of policy, funding and fundamentals. In such a market, if you want to maximize returns, you need to concentrate on holding companies with strong growth and great resilience.
My idea is to select the best sector from top to bottom, and from the bottom up, to select some companies that have long-term growth space and can grow, so that they can obtain the long-term benefits of market value growth brought about by the rising income and profit of the company. Sometimes I choose targets that are not sexy in the short term but have alpha in the long term.
First, this year we will choose the beneficiary sector of epidemic recovery, such as vaccines. Last year, as more resources were poured into COVID-19 vaccines, many ordinary vaccinations were affected. The COVID-19 pandemic has increased awareness among the population that vaccines can prevent diseases. In recent years, the number of large varieties approved by the vaccine industry has increased, and the performance growth rate of many companies is expected to accelerate this year with the release of large varieties.
Second, the next five years will focus on the pharmaceutical equipment and medical equipment industries. In the post-epidemic era, the 14th Five-Year Plan for Medical Services clearly states that the construction of public hospitals will be further strengthened and graded diagnosis and treatment will be promoted. In this context, the demand for equipment will increase, which is the next five-year trend, and in the new infrastructure of hospitals, domestic substitution is also very clear.
Third, supply chain-related equipment and consumables will also be a fast-growing industry in the next 3-5 years. For the first time, the 14th Five-Year Plan proposes a new plan called supply chain autonomy and controllability. During the epidemic period, through continuous efforts, we have found that foreign process technology can be gradually replaced by localization processes, which is a trend in the future.
Fourth, it is optimistic about sub-sectors of low valuation reversal, such as pharmacies. Pharmacies were damaged during the pandemic, but slowly everyone found that the offline scene of pharmacies was important. In the future, with the separation of graded diagnosis and treatment and medicine, there will be two major trends: one is the outflow of prescription drugs, and the other is that the concentration of pharmacies will increase in the future, and the chaining will be more obvious. The good companies in these sub-industries are worth our time to dig into.
Fifth, the pension industry. Compared with the 13th Five-Year Plan, one of the differences between the 14th Five-Year Plan is that the pension and rehabilitation are mentioned. Future aging is a trend, and pensions and industries that grow with aging are also important. But the current business model of pension is not so good, and we have not yet found a company with a good business model. In 2013, the state encouraged private capital to exert efforts in pharmaceutical services and pensions, but unfortunately there are very few truly successful enterprises, and it will take some time to form a good business model. But it is undeniable that with aging, it will give rise to more consumer medical needs, which we can pay attention to.
Excess gains stem from research accumulation and forward-looking layouts
Zhu Ang: Managing pharmaceutical theme funds, please talk about your portfolio construction ideas?
Jiang Qi First of all, my combination will be as diverse as possible. Since I divide the pharmaceutical industry into 18 sub-sectors, I also hope that the combination is more dispersed and the source of revenue is relatively broad. For sub-industry configurations, it changes every year because of industry cycles. Sub-sectors that perform well each year will change depending on the policy and market environment, and we are more likely to use quantitative indicators to see which sub-sectors are better.
Second, from the breakdown of investment returns, I expect most of the returns in my portfolio to come from high-growth companies, a small percentage from companies with stable cash flows, and a small percentage from resilient companies with undervalued reversals.
Third, even though I emphasize a top-down industry perspective, the process of building a portfolio is about picking the best companies from the bottom up. There is a characteristic of the pharmaceutical industry, even if the sub-industry is good, the company variance will be very large, so I will emphasize bottom-up more than others.
Zhu Ang: For pharmaceutical theme funds, how will you explore investment opportunities, allocate and layout?
Jiang Qi I divide the investment opportunities in the pharmaceutical industry into three categories, and these three categories also represent the source of income I hope.
1. More part of the position allocation growth company, earn growth money. Standing in the long-term dimension, the pharmaceutical industry must be growth-driven. Through intensive research over the past decade, I have deeply realized that we should look for sub-industries and companies with growth potential in the pharmaceutical industry. Companies that conform to industry policy trends, develop rapidly, and grow the fastest are more likely to become the outlet of the market at that time, and are often an important source of excess revenue. Moreover, not only the industry has potential, but also the corporate governance structure should be good, and if such companies can be found, it is the most ideal investment target.
The development of the pharmaceutical industry is changing with each passing day, from the general direction, looking for scientific and technological growth and innovation companies is our main line, but the form of technology-driven expression at each stage may be different. 7 years ago, when we began to study gene sequencing, genetic testing, gene and cell therapy drugs, there were already many companies and products overseas, and today there are many companies in China that have gradually appeared in everyone's field of vision, and some products have been gradually approved.
2. A small number of enterprises with stable operation and stable cash flow are allocated to a small number of positions. If the pharmaceutical listed company is in line with stable cash flow, stable operation, and reasonable valuation, it is easy to have a good trend. Steady growth of blood products and brand Chinese medicine are typical sub-industries with stable cash flow. In the past 10 years, the prosperity of this industry has been determined by supply, and in 2011, some pulp stations were shut down, resulting in a decrease in plasma collection and short supply. After the local governments gradually liberalized approvals in 2015, the supply of plasma increased, and 2017 brought about a relatively rapid growth. Industries and companies with stable cash flow have a strong brand power, which makes them less likely to be subverted or difficult to copy for a long time to come. After experiencing some ups and downs, the valuation is relatively stable and the profitability is also stable.
For example, under the collection policy, some generic drug companies are under great pressure, after two to three years of precipitation, if there is a pressure lifting, successful transformation, performance and valuation double rise, it is still worth investing.
3. Another small number of enterprises with low valuation reversals in their positions. There are many investment opportunities in the pharmaceutical industry that are undervalued, which may be the improvement of the corporate governance structure brought about by the reform of state-owned enterprises, management equity incentives, and management changes; it may be the opportunities brought about by the change of supply and demand structure; or it may be the inflection point of the company or sub-industry brought about by the industry policy.
Zhu Ang: As a pharmaceutical fund manager, where do you think your excess returns come from?
Jiang Qi Excess income comes from the accumulation of research. When research can be more forward-looking, you can most likely find excess returns through accumulation and research.
The secondary market is very impetuous, and almost everyone goes looking for some varieties that can rise rapidly in the short term. But medical research is different, and researchers need to do something that seems useless in the short term but is valuable in the long run. As early as 2015, I began to study genetic drugs and cell therapy. At that time, such companies in China were still very early, and last year this theme caught fire. If I hadn't done the research up front, I wouldn't have been able to spot these opportunities at all.
Forward-looking, may sound easy, in fact, it takes a long time to accumulate to be able to get ahead of the market, and only a little bit ahead.
Zhu Ang: There are many pharmaceutical companies, which ones are the areas you will focus on?
Jiang Qi I began to study the pharmaceutical industry in 2010, covering many sub-industries, before coming to Dongfanghong, I was the chief researcher of the pharmaceutical industry of the seller, and I will look at the entire pharmaceutical industry with a comprehensive perspective.
First of all, I spend most of my time researching fast-growing industries such as healthcare, CXOs, vaccines, etc.
Secondly, I will also study innovative technologies, such as gene therapy, cell therapy, etc., which have formed a clear trend overseas, but domestic products are still in sub-industries where clinical trials have not been listed. In the past, the relatively small links in our industrial chain relied on imports, and in the past two years, many things have been purely domestic. For example, mass spectrometry for environmental monitoring is domestic, and the mass spectrometry for medical treatment and research and development is mainly imported. In these areas, domestic companies will gradually appear.
At present, the pharmaceutical sector is at the bottom of history
Zhu Ang: During this time, many people have also questioned whether the pharmaceutical theme fund is worth holding for a long time.
Jiang Qi The industry theme fund will inevitably adjust the situation, of course, this also has the background of the entire market.
If we look at the past few relatively large adjustments in the pharmaceutical industry, the frequency of occurrence is not high.
The first time was from 2011 to 2012, but because there was no medical theme fund at that time, everyone could not feel it;
The second is the volatility of 2018, but this time it is a market-wide volatility;
The third time is the volatility in the second half of 2021 to the present, and it is also because the pharmaceutical industry has risen better than other industries before, so the volatility has intensified.
The pharmaceutical industry mainly makes money for growth, and the growth prospects of this industry are relatively strong, which is one of the fastest growth rates in all industries. Since this is an industry with long-term growth, the effect of long-term holding is certainly much better than that of short-term. Moreover, most pharmaceutical fund managers are very capable and well worthy of long-term trust.
Zhu Ang: Why is the pharmaceutical industry currently at a low level? Are there any risks in the future?
Jiang Qi We mainly judge from two aspects: valuation and the allocation ratio of all-market funds.
First, the current valuation of the pharmaceutical sector is already the lowest post-5% quantile in history, equivalent to the levels of 2012 and 2018.
Second, compared with the previous market-wide fund allocation ratio, the proportion of funds matched with medicines this year has declined, and it is already a relatively low position.
From a time and space perspective, the pharmaceutical industry was good in the first half of 2018, but the performance of all-market funds was average. In the 2 and a half years since the start of 2019, the pharmaceutical industry has shown strong structural opportunities, whether it is the valuation level, or the level beyond the fundamental valuation, and the concentration of the fund's holdings has reached a very high position. Therefore, it takes a certain amount of time to clear out one after another.
In the stage of market clearance, whether it is driven by the capital side or the influence of some external environments, it will bring about a continuous decline in valuation. However, when the next wave of market growth comes, medicine will still follow the strongest part of its fundamentals, so we have to find the companies with the best fundamentals, and these companies will give priority to rising.
From the seller to the buyer, the understanding of risk will be deeper
Zhu Ang: You transferred from the chief of the seller's medicine to the buyer to make an investment, how to adjust this role conversion?
Jiang Qi The same point is that we are always looking for the best thing, the biggest difference is the perception and importance of risk.
Sellers belong to a one-sided long market, we are always looking for the best varieties and are constantly bullish. For risk, only the risk needs to be seen, not the risk. On the one hand, the buyer must seize the market opportunity, on the other hand, he must be able to avoid risks. After all, the buyer is responsible for the holders of the fund, responsible for the fund management company, must feel the risk of the entire industry, to grasp the risk, prompt the risk, this is what we have to do.
Zhu Ang: The public fund industry is under a lot of pressure, how do you adjust the pressure?
Jiang Qi I have been in the industry for a long time, I have seen all kinds of ups and downs, and I have experienced more tragic markets than this year, such as the bear market in 2011 as soon as I entered the industry, and then experienced the violent fluctuations in 2015 and the circuit breaker in 2016. Having experienced more, I can naturally deal with it calmly.
When you do the following things, you are not easy to be anxious.
First, have long-term confidence.
As long as the company you look at is a good company, then in the end it will definitely be verified. Big bull stocks are not cultivated in a day, and looking back, many of today's bull stocks have not been smooth sailing along the way, and there will be twists and turns. No matter what twists and turns the pharmaceutical industry encounters, it can survive, it is an industry with growing demand, and we must have confidence in good companies in the pharmaceutical industry.
Second, learn to see opportunities in volatility.
There are short-term factors to market volatility, and for a good investor, you can't get excited about the rise. Fall down, there is a better chance to appear. Everyone is homogenized, and this rising income is brought by the industry dividend, not the company itself. On the contrary, the market fluctuations, there will be more and better assets at a more suitable price in front of our eyes, this is the time to test your ability.
I've done so many years of sell-side research and accompanied many companies up and down. When the company fluctuates, what we have to do is to look for the truth, to think about whether the company has been hit like this, whether it can still adjust, whether the demand is still there, whether the fundamentals can still rise, if the fundamentals can still rise, it is a good opportunity.
I still remember that when the market fell sharply in 2018, the market was very desperate, and I wrote an email on January 22, 2019, thinking that "now, if not the bottom of medicine, it is close to the bottom", and many good companies at that time had comfortable prices. Many times good industries and good companies, only in extreme market environments, there will be cheap prices. Therefore, everyone must not despair, there are fluctuations to have a good chance.
Risk Warning: The past performance of the fund and its net value do not indicate future performance, and the performance of other funds managed by the fund manager does not constitute a guarantee of the performance of the fund. The Fund Manager undertakes to manage and use the assets of the Fund in good faith, diligence and responsibility, but does not guarantee a certain profit or a minimum return. The investment of the fund is risky and the investment needs to be cautious. Before investing in an investment, investors should carefully read the "Fund Contract", "Prospectus", "Summary of Fund Product Information" and other documents. If you need to purchase relevant fund products, please pay attention to the relevant regulations on investor appropriateness management, do a risk assessment in advance, and purchase a fund product with a matching risk level according to your own risk tolerance.
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