【Special Note】Warburg CSI Medical Index Fund (162412) has been transformed into a medical ETF connection fund Class A share on May 13, and the management rate has been reduced to 0.5% (year)! From May 13, the new medical ETF connection fund Class C share (012323) will be established, and the subscription/redemption fee for holding for 7 days is 0! (Please refer to the fund announcement for details)
Investors without a securities account on the exchange can also redeem medical ETF connection A (162412) or medical ETF connection fund C (012323) on the online sales platform 7*24, and also track and copy the CSI medical index, with a minimum of 10 yuan to buy, convenient and efficient.
Review of one and two cities
On May 20, the Shanghai index fell 0.11%, the Shenzhen component index rose 0.35%, and the ChiNext index rose 0.93%. Liquor and brokerage stocks led the rise strongly, and the banking, insurance, home appliances, and charging pile sectors rose in the front; Cyclical stocks were sluggish throughout the day, with coal, steel, and nonferrous sectors leading the decline. Northbound funds sold a net of 1.525 billion yuan throughout the day, of which the Shanghai Stock Connect sold a net of 1.485 billion yuan and the Shenzhen Stock Connect sold a net sale of 39 million yuan.
Second, the medical sector is reviewed
Constituent stocks of the CSI Medical Index rose more or less throughout the day, with 34 rising and 16 falling, closing up 1.28%. Kaipu Bio, a leader in the in vitro testing industry, today saw its share price rise 8.41%, leading the entire sector. Followed by heart stent leader Heart Pulse Medical closed up 6.62%, ranking second. Kanglonghua, the "water seller" in the pharmaceutical industry, rose 6.45%, and Sannuo Biology, the leader of blood glucose monitors, rose 5.82%.
Third, the trend of medical ETF (512170) is resumed
Medical ETF (512170) today opened low and went strong throughout the day, closing up 1.28%, turnover of 157 million yuan, turnover rate of up to 3.15%, trading continues to be highly active!
As of the close, medical (512170) has risen by more than 15% this year, ranking first in the whole market of pharmaceutical and medical ETFs in the same period!
In terms of secondary market funds, according to Level-2 market data, today's medical ETF (512170) intraday premium is high, the transaction volume before and after noon is obvious, the demand for buying is strong, and the net subscription funds obtained throughout the day exceed 220 million yuan!
So far, the medical ETF (512170) has been net subscription for ten consecutive trading days, with a total subscription fund of more than 2.9 billion yuan on the 10th!
As of May 19, the latest size of the fund is 4.933 billion yuan, according to today's net subscription of 220 million yuan of funds, the latest size of the fund has exceeded 5.1 billion yuan!
At the same time, as the two financing targets of the Shanghai Stock Exchange, the latest financing balance of the medical ETF (512170) is 115 million yuan, ranking first in the pharmaceutical and medical ETFs in the whole market!
So far, the medical ETF (512170) is currently the largest, the largest share growth, the largest increase, the largest financing balance of the pharmaceutical and medical ETF!
【Fighting the "epidemic" cattle, strong performance to verify the true color of growth】
The constituent stocks of the CSI Medical Index (399989) tracked by the Medical ETF (512170) comprehensively cover the segmentation of medical devices and medical services, of which medical devices directly benefit from the needs of epidemic prevention and export of medical materials, and medical services directly benefit from high-growth areas such as population aging, medical consumption upgrading and medical aesthetics.
In recent years, the growth rate of revenue and net profit has been significantly higher than that of the mainstream wide-based index, and the growth of the sector has been strongly verified!
【Strong performance + low valuation: The rise of the medical index is driven by profitability, and the valuation continues to shrink to a new 20-month low! 】
At present, the latest price-to-earnings ratio of the CSI Medical Index is in a time range lower than nearly 85% of the history, at a new low in the past 20 months, and the continuous performance release has led to a significant digestion of the valuation level of the medical sector, and the index rise is driven by profitability, rather than valuation expansion!
As of May 20, the medical ETF (512170) has risen by as much as 115.87% since 2020, and the valuation (price-to-earnings ratio) level of the CSI Medical Index has shrunk from 50.3 times in early 2020 to the latest 47.04 times!
【Fighting the "epidemic" cattle - medical equipment of China Securities Medical】
Guojin Securities said in "Medical: Strong Performance Stems from Exceeding Expectations: Quarterly Report Inventory of Medical Sector Annual Reports" on May 6 that the medical sector's 2020 annual report and 2021 first quarter report exceeded expectations in terms of performance and business development, which exceeded expectations as a whole and sectoral.
Considering the long-term development prospects of the medical industry and the unexpected performance of the first quarter of the annual report, we continue to be optimistic about the investment prospects of the medical sector, considering the severity and complexity of the new crown epidemic, as well as the differences in the economic and medical level of various regions, we estimate that the fight against the new crown epidemic will continue for a long time, and the performance flexibility and sustainability of enterprises related to the anti-epidemic demand are expected to exceed expectations.
At the same time, after witnessing the huge harm and impact caused by the epidemic, all governments have realized the need to strengthen public health construction and improve public health crisis response capabilities, and a new round of new medical infrastructure has been set off around the world, which is quite sustainable and the long-term effect is worth paying attention to.
Huaxi Securities believes that the global epidemic has recurred, and China has entered the post-epidemic era. Entering 2021, the impact of the global COVID-19 epidemic has not completely subsided, especially since the outbreak of the epidemic in India, the number of daily confirmed cases in the world has reached a new high. It can be seen that there is still great uncertainty in the overseas epidemic situation, and it is expected that there is still great demand for new crown vaccines, testing reagents, and epidemic prevention products. Different from the uncontrollable nature of the overseas epidemic, China has shown excellent epidemic prevention and control capabilities in this epidemic. With the successive vaccination of domestic vaccines, it can be judged that the impact of the domestic epidemic has been gradually eliminated, and China has officially entered the post-epidemic era.
Select the best of the best, select high-quality stocks in the high-quality track. The target of the epidemic in 2020 is the absolute protagonist, but it has not been extended in 2021. It is expected that under the post-epidemic era in China, the follow-up pharmaceutical sector will be further differentiated in 2021, and the investment logic will return to a high-quality track with strong certainty. Among them, CXO, medical beauty, vaccines, optional consumption, innovative drugs, medical services and other segments have the advantages of high prosperity + small policy interference, and the high-quality companies among them can maintain strong certainty of rapid growth.
【Golden Track of Pension Service——Medical Service of China Securities Medical】
Ren Zeping, chief economist of Soochow Securities, believes that China's aging is accelerating, and around 2030, China will enter a super-aging society. From the perspective of consumption, aging increases the proportion of consumption but reduces the growth rate of consumption, and triggers changes in the consumption structure, such as the proportion of medical care will gradually increase.
CITIC Construction Investment pointed out that the aging of the population is accelerating, and health care consumption will meet the high growth. According to THE STANDARDS OF THE UNITED NATIONS, during the "14th Five-Year Plan" period, China's elderly over the age of 60 will increase from 254 million in 2020 to 316 million in 2025, with an average annual increase of 11.5 million (an average annual increase of 7.4 million in the "13th Five-Year Plan"), and the acceleration of aging will drive the consumption of health care (appliances, drugs, services) to meet high growth. From the historical data, both Japan and China, due to the continuous improvement of aging, health care-related consumption is the fastest growing area of various types of consumer spending.
Guojin Securities believes that from the perspective of consumption, the sharp increase in the proportion of the elderly means that the consumption demand in related fields such as pension, medical care, and health will gradually increase, and the improvement of population quality means that the consumption structure will be transformed into high-end fields.
Minsheng Securities believes that the medical and pension industry is the outlet of the next decade. In the next decade, the "post-60s" will gradually enter the elderly, which means that the medical and pension industry will usher in a golden opportunity. Referring to Japan's experience, after entering an aging society in the 1980s, the silver economy showed explosive growth, and many growth points were born in the medical and pension industries.
【Medical ETF (512170): One-click layout of 50 leading medical stock investment tools】
Through the largest and most liquid medical ETF (512170) in A-shares, it is easy to achieve one-click layout of the medical sector, and the medical ETF comprehensively covers the segmentation leaders in the field of medical devices and medical services, a total of 50, and the top ten constituent equity accounts for more than 60%. In addition, on December 14, 2020, the index was adjusted and 5 new stocks on the Science and Technology Innovation Board were newly included, which greatly improved the representativeness and richness of the index.
From the perspective of investment efficiency, medical ETF (512170) is simpler and more convenient than individual stocks, with a transaction threshold of only about 80 yuan per lot, a stamp duty exemption for selling (one thousandth of a thousandth of a stock), and only a small amount of trading commission (generally not more than 1,0002), which greatly saves transaction costs.
More and more investors are more willing to share the sector through the medical ETF (512170), in addition to lower transaction costs, the investment win rate of relative individual stocks is also higher, the medical ETF (512170) rose by 86.75% in 2020, fully replicating the performance of the CSI Medical Index, and the medical ETF (512170)) outperformed 31 of the 50 constituent stocks and outperformed 62% of the constituent stocks in the same period. (Source: Wind)
Investors without an on-exchange securities account can redeem Huabao Medical ETF Connection A (162412) or Huabao Medical ETF Connection C (012323) on the online sales platform 7*24, which also tracks and copies the CSI Medical Index, and can be bought at least 10 yuan, which is convenient and efficient.
【Risk Warning】Founded on October 31, 2014, the historical performance of the index is based on the current component structure of the index. Its index constituents are subject to change, and its backtesting historical results are not indicative of future performance. The content and opinions of this article are for customer service information only and are not intended to provide investors with reference to make investment decisions about market trends, individual stocks and funds. We make no warranty as to the completeness or accuracy of such information, nor do we warrant that the views or analytical judgments will not change or update, and do not represent the official views of our company or other affiliates. Opinions, analyses and forecasts contained herein do not constitute investment advice for the reader, and are not intended as investment advice when it comes to individual stocks. The Company and its employees do not make any form of risk commitment and return guarantee for any investment in connection with this Content, and shall not be liable for any direct or indirect loss arising from the use of the Content. Past performance of the Fund does not indicate its future performance and the Fund should be cautious in its investments.
This article originated from Capital State