The medical index is new low, and the active management medical theme fund or the first landscape liquidation

Recently, the pharmaceutical industry has continued to adjust, and the China Stock Exchange Medical Index has fallen below the low point of this year today. As a popular track, funds related to the pharmaceutical industry have always been a must -have product for various fund companies. As of now, more than 200 theme funds with the word "medical" in the name of the name are.

However, the reporter also noticed that the differentiation of this is very large. For example, the first prompt announcement that the Jiahe Medical Healthy Mixed disclosure may trigger the termination of the fund contract, if the fund will finally liquidate Management medical theme fund.

Active management of medical theme funds or first liquidation

Recently, Jiahe Fund announced that Jiahe Medical Health Mixing may trigger the termination of the fund contract. As a initiative, according to the relevant agreement of the Fund Contract, the corresponding day after the "Fund Contract" takes effect from three years, If the scale of the fund assets is less than 200 million yuan, the fund contract will end automatically.

According to the data, the fund's contract effective date is September 26, 2019, and the corresponding date of the fund contract will be three years after the effective date of effectiveness of the fund contract is September 26, 2022. In other words, if at the end of September 26, 2022, the fund's net asset value is less than 200 million yuan, and the liquidation will occur.

记者注意到，该基金成立时规模约为1亿元，成立之后虽然在2020年也获得了47.21%的年度收益，不过规模并未有所增长，反而是持续下滑，截至今年6月底，该基金The net asset value is only about 2008 million yuan.

The fund manager said in the semi -annual report: "The current valuation level of the pharmaceutical sector and the proportion of configuration in public funds in public funds are in a very low position. After we believe that the epidemic is stable, such as the medical services and other sectors have improved marginal improvement, and the combination of the combination part Policies are expected to be better. In the second half of the year, the market will bred related investment opportunities in the repair and transformation process of the pharmaceutical industry from excessive pessimistic cognition to normal cognition. "

But now, the fund may not be able to wait until the opportunity will appear. If the fund is finally liquidated, it will be the first active management medical theme fund to withdraw from the market.

Prior to this, although there were also pharmaceutical -related funds, they were all index products, such as the liquidation of the CSI precision medicine and the Southern CSI 500 pharmaceutical hygiene ETF last year, as well as the 2018 liquidated Jingshun Great Wall Certificate of Pharmaceutical Hygiene ETF.

The index is innovative, the fund manager is optimistic about the market outlook

As we all know, the pharmaceutical industry has always been a popular track of investors' high degree of attention, and many cattle stocks have also been born in it, but this year, pharmaceutical -related indexes have continued to adjust.

Today, the China Stock Exchange Medical Index is a new low. As of the closing of the afternoon, it closed at 10095.12 points. The market was as low as 10012.97 points, which was lower than the early low in May this year. The CSI Pharmaceutical Index has also been adjusted recently, and it is only one step away from the early period.

So, when the index hit a new low, is the pharmaceutical sector worth looking forward to in the future?

The Huitianfu Fund passed Beibei, "Whether it is A -share medicine, Hong Kong stock medicine or US stock medicine, whether it is biopharmaceutical or traditional Chinese medicine, the four factors of supply policies, payment structures, macro environment, and capital markets are that we are doing pharmaceutical investment The content that needs to be studied in depth. However, the capital markets in different regions have different feedback on these four factors. The two factors of the macro environment and the capital market affect the short -term performance of the stock price. "

In addition, from the perspective of Beibei, "high or low interest rate, loose liquidity, or tight, investor structure is partially personal or institution, and in the current" low position and low valuation "of the pharmaceutical sector, it may no longer be no longer anymore The most important factor. In the mid -year reporting season, 56%of the company's pharmaceutical listed companies have released the half -year newspaper, and 56%of companies achieve their profits. 34%of enterprises achieve a net profit growth of more than 20%. The pharmaceutical sector has not experienced performance. Collapse. So, after the short -term interference factors, it is still expected to return to the market law for a long time, focusing on the industry's fundamentals, reasonable valuation, stable fundamentals, and new products that stand out from the new product. "

Nord Fund Zhu Mingrui also pointed out: "Standing at the current point, I personally think that the current falling space of the pharmaceutical sector is relatively limited. The main reason is as follows: the first reason is that policies such as drug collection and consumables have basically landed. The performance side and market value have been feedback; the second reason is that the performance of many listed companies in the pharmaceutical sector is basically not related to the use of medical insurance funds. Waiting, the fundamentals of many companies still show a high prosperity trend; the third reason is that the negative impact of the epidemic on pharmaceutical consumption is gradually weakening, and the social response ability of society is gradually increasing. "

"Overall, individuals are more optimistic about the market outlook. Opportunities, I personally think that there are the following opportunities: first, the marginal relaxation of medical insurance related policies; second, the head company realizes the sea and rapid measurement; the third is that the epidemic has been further controlled by the epidemic situation. . "Zhu Mingrui said further.

Fight for the initiative layout, the performance scale is largely contrast

As a popular track product, funds related to the pharmaceutical industry have always been a must -have for the shelves of various fund companies. Wind data show that as of now, there are more than 200 theme funds with the word "medicine" in the name of the name.

However, the reporter also noticed that in these funds, the performance of scale and performance is also large. From the perspective of scale, the scale of some pharmaceutical medical theme funds is less than 50 million yuan. For example, the selection of Zhongrong Medical Health Selection Mixing. The semi -annual report shows that the net asset value is only 38 million yuan, and there is a mix of Yongxin Yongfeng Medical Health. As of the end of June this year, the net value of assets was approximately 1.18 million yuan. It is worth noting that since the end of last year, many fund companies have deployed medical and medical theme funds, and most of them have adopted initiative. The scale of these products is not large.

For example, Taixin Medical Services Mixed Types established at the end of December last year. As of the end of June this year, the net value scale was approximately 10 million yuan; Hua'an Innovation Medicine Selected Stock Type of Hua'an Innovation Medicine, which was established in March this year. RMB 1.14 billion; Furong Medicine Health, which was established in June this year, was launched, with a scale of about 1.13 million yuan.

From the perspective of performance, Wind data shows that as of September 5, the return of these pharmaceutical -themed funds in the past year is mostly negative income. If you look at the performance in the past two years, Minsheng and Silver Medicine Health A. In the past two years The return is -43.92%, and the return of Qianhai Kaiyuan Medical Health A in the past two years is -36.78%, which are all ranked behind the medical theme funds.

Extended to the revenue in the past three years, although most of the medical theme funds have achieved positive returns, the difference is relatively large, with good performance of more than 80%, less than 10%, or even less than 5%, such as Anxin, such as Anxin. Consumption medicine has only 1.31%in the past three years, and SDIC UBS innovative medical treatment has a return of 5.98%in the past three years.

For investors, buying funds should still be carefully selected. If you do n’t know how to choose, you may actually buy pharmaceutical -related index funds directly may be a more convenient choice.

Daily Economic News

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