The investment value of the pharmaceutical industry does not change, and we are optimistic about the innovation drug industry chain

So far this year, the pharmaceutical-themed fund has experienced two days of ice and fire. First, a wave of cross-year rally, and recently frequent "thunder", the entire plate into a correction.
two pharmaceutical-themed funds of the China Sea Fund have achieved good investment returns so far this year. Yi Xiaojin, a fund manager at Zhonghai Healthcare, said there were two "abandonments" in his investment framework. The first is to give up guessing the big market. Market volatility is so complex that limited time and energy should not be devoted to predicting market points. At the same time, profit and loss of the same source, if the forecast market falls and reduces positions there is also a risk of missing the market rebound opportunities. The second is to give up thematic investments. He says a group of companies in the same industry may be on the same subject at some stage, but there are many differences in the situation in each company, and if you don't understand the specifics of the company and invest, there is no margin of safety.
one obvious feature of the fund positions managed by Yi Xiaojin is that there are very few centralized holdings in the same theme and sub-industry. He admitted that he will not invest in a certain theme or a certain style of stock, but will adhere to the law of industrial development, looking for the core competitiveness of enterprises, pay attention to the company's own texture and the growth space of the industry and other elements.
At the end of last year Yi Xiaojin proposed that the performance of the pharmaceutical sector in 2018 is expected to be in the forefront of the market, but the industry will not rise, but will focus on high-quality standards, the core basis for making this judgment is that the core elements of competition in pharmaceutical companies have changed fundamentally. He pointed out that the 2009-2011 round of the pharmaceutical bull market is due to the expansion of health insurance brought about by high demand growth, the core elements of the competition is large single products and sales capacity. However, after several years of industry policy adjustment, the operating environment has changed a lot, especially the establishment of the Health Insurance Bureau brought about by external pressure, the pharmaceutical industry as a whole gradually entered the stage of high-quality growth, enterprises should focus on research and development innovation, fine management to enhance competitive strength. Therefore, the position of Zhonghai Healthcare Fund shows a balanced layout, selected individual stock pattern, distributed in the innovative pharmaceutical industry chain, high-end specialty drugs, medical optional consumption, drugstore chain and other sub-sectors.
the innovation drug industry chain, Yi Xiaojin believes that the dominant position of leading innovative pharmaceutical enterprises will become more and more obvious. Although the static valuation of some individual stocks is not low, but in fact these companies are in the endoensom growth rate, product ladder orderly relay stage, the quality and sustainability of growth can not be compared with the situation of multinational pharmaceutical companies in the 1980s and 1990s. And the drugstore chain industry is in the process of increasing the status of the industrial chain, leading enterprises will benefit from market concentration, prescription outflow, drug sales channel diversification and other factors.
For the future trend of the pharmaceutical sector, Yi Xiaojin believes that the world's major capital markets of the pharmaceutical industry, are the main source of long-term cattle stocks slow cattle stocks, the recent twists and turns will not change the long-term investment value of pharmaceutical stocks. At present, the external environment of the pharmaceutical industry as a whole tends to stabilize, and some leading stocks are also in a period of opportunity for growth prospects, so he is not pessimistic about the sector and individual stocks in the sector. Yi Xiaojin said he continued to be optimistic about the innovative pharmaceutical industry chain, high-end specialty drugs, medical and medical optional consumption, drugstore chains and other sub-sectors.
Yi Xiaojin finally stressed that investment in the pharmaceutical industry, lightning prevention is important, but more important is to find entrepreneurial spirit, mining to comply with the trend of the industry of outstanding enterprises, which is also its operating fund has always adhered to the principle. (Securities Times)