The funds continue to ambush the medical ETF (512170), and the leveraged funds buy more than 90 million yuan in a single day to create a record high

On September 12, the United States announced the signing of an administrative order to launch a national biotechnology and biological manufacturing initiative. The administrative order shows that the United States hopes to increase the resource deployment and R & D investment to the biological manufacturing industry in the future, and to strengthen the local supply chain.

CITIC Securities believes that this administrative order is another performance of the government's industrial promotion and enhancement of localized supply chain competitiveness policies, and the direction is still commonplace. Earlier, on February 24, 2021, local time in the United States, US President officially signed an administrative order to conduct a 100 -day review of four key products: semiconductor chips, electric vehicles, large -capacity batteries, rare earth metals, and drugs for a period of 100 days. A deeper one -year review, and a hundred -day report was issued in June 2021: Among them, the pharmaceutical supply chain part, the 100 -day report states that it is necessary to ensure that the refreshing drug supply chain that has performed abnormally since the beginning of the new crown is popular. Further strengthen. We believe that the biotechnology and manufacturing administrative bills are mainly based on another performance of the local supply chain and industrial promotion policies led by the government. The direction is still "old -fashioned."

We believe that the above administrative orders are mainly based on the competitiveness of the development of the American biological manufacturing industry, which has limited impact on the current global biomedical industry chain pattern:

First, the main purpose of the administrative order is to promote the development of the American biological manufacturing industry and enhance the competitiveness of the local supply chain. The definition of the administrative order on "biological manufacturing" is more inclined to synthetic biology. Synthetic biology spans multiple industries and is widely used in many fields such as agriculture, energy, and medicine. It is an important development direction for future industrial manufacturing. The Biden government expects to consolidate the advantages of biotechnology in the emerging field, consolidate the US's advantages in biotechnology, and create a new biological economy ecology. The administrative order does not target specific countries, nor does it emphasize the transfer of supply chain in the biomedical industry, and it is mainly based on building its own capabilities.

Secondly, the US midterm election is imminent. The bills that have been continuously issued or proposed recently. Under the premise of uncertain policy support details, biomedical related industries are strictly supervised and compliance with compliance capacity construction. Essence

Third, we believe that Chinese raw medicine and CXO companies, as global market -oriented competitors, have deeply embedded the new pharmaceutical research and development innovation supply chain. With a comprehensive industrial supply chain and engineer efficiency advantages, Chinese companies undertake global CDMO/raw material capacity demand (according to the estimation of the 100 -day report, the "87%of the API factories of 87%of the generic drugs sold in the United States are located overseas, which has helped over the past ten years. Reduced the cost of trillions of dollars; the cost of production capacity construction in the United States/employee cost is much higher than China), and the relevant outsourcing needs of large multinational pharmaceutical companies/small and medium biotechnology companies have gradually shifted to China. The market share has gradually increased in more than ten years. At the same time, The specific enforcement plan of the administrative order mentioned that international cooperation that needs to be strengthened in the future need to be strengthened to accelerate the innovation of biotechnology.

Fourth, China's leading CXO company has deployed multiple overseas bases to ensure the security and stability of the global supply system. For example, Yaoming creatures have multiple production facilities in Ireland, Germany, and the United States, and plans to invest in the integrated CRDMO service center in Singapore. Most of the CGT capacity layout of Yin Ming Kant is in the United States and announced that it plans to establish R & D and research and development in Singapore The production base plans to invest a total of S $ 2 billion in the construction of new bases in the next ten years, so as to better enable global partners.

[No fear of adjustment, funds continue to ambush medical ETF (512170), leveraged funds buy a record high on a single day]

Yesterday (September 13), the CSI Medical Index dragged down 2.5%under the CXO sector, and the popular ETF -medical ETF (512170) fell 2.39%.

According to the latest data from the Shanghai Stock Exchange, the medical ETF (512170) continued to purchase over 700 million copies yesterday yesterday yesterday, and the net inflow funds were 360 ​​million yuan! The funds continue to ambush the medical sector.

In the previous 20 days, the total net purchase of medical ETF (512170) exceeded 2.129 billion yuan. At present, the share of medical ETF (512170) fund shares of 33 billion copies, with a scale of over 16.1 billion yuan!

In terms of the two finances, according to the latest data released by the Shanghai Stock Exchange, the medical ETF (512170) continued to obtain financing customers. Yesterday, the single -day financing purchase amount of medical ETF (512170) reached 90.66 million yuan, a record high in history! The latest financing balance rose to 502 million yuan, an increase of 50%since the second half of the year!

[The performance of the medical sector is high, CXO is the leader of performance]

Recently, with the disclosure of the interim reporting performance, the performance of A -share listed companies in the first half of the year has emerged. For the continuous adjustment of more than a year of medical and medicine sectors, boots have finally landed. In this regard, Hu Jie, the fund manager of the largest medical ETF (512170) fund in the two cities, published the latest performance reviews:

At present, the ingredients stocks of the CSI Medical Index have been released in the 2022 half -annual report. Judging from the published data, in the first half of 2022, the overall income and profit level of the medical sector still showed a growth year -on -year. According to the overall method, the main business income of the SCR medical index is 42%, and the net profit growth rate is 45%;

Among them, the concept of CXO is the highest. The total profit of 8 CXO concepts of the section exceeds 10.3 billion yuan, an increase of more than 82%year -on -year compared to the 5.6 billion yuan in 2021. The growth rate is more than 70%; from the expected data of 2022, the net profit growth rate of the medical sector throughout the year is about 46%, which reflects the high growth of the medical sector. Data source: wind

The current CSI Medical Index has reached about 47%since the high point in July 2021. Compared with other growth sectors, the medical sector is currently in a significant overtaking state. From the perspective of valuation, the latest PE valuation of the CSI Medical Index is about 26 times. It is the lowest point in the past 7 years and has a higher cost -effectiveness.

In the long run, medical care is a long -slope thick snow track variety: the acceleration of the population aging, the medical health of 1.4 billion people, and the solid underlying logic of the long -term high prosperity of the driving medical industry. At present, my country's medical expenditure accounts for about 7%of GDP, and there is still much room for improvement compared to more than 10%of developed countries.

Looking forward to the market outlook, CXO, medical equipment and other sectors will still show high prosperity, and the terminal demand for consumer medical and medical consumables will show a trend of recovery. In addition, from the policy point of view, we see that the medical device sector may usher in the policy turning point.

On September 3, the National Medical Insurance Administration's proposal for "innovative medical device included in the medical insurance charging green channel" proposal publicly responded to a public response letter, which clearly proposed that innovative medical devices will not be purchased for the time being, which reflects the policy's encouragement of innovative medical devices. Valuation is expected to rise.

Therefore, there is no need to worry about the long -term prosperity of the medical sector in the future. Of course, there is a short -term impact of policy and capital preferences in the short term. From the perspective of the market trend of the medical sector, the annualized volatility of the China Stock Exchange Medical Index in 2021 is about 34%, which has the characteristics of high volatility and high elasticity. From the perspective of valuation and growth, the medical sector currently has a high valuation cost -effectiveness. It is a good time for the left layout. Investors can buy in batches at dual points and have long -term configuration to enjoy the long -term dividends of the medical industry.

Data statistics show that after the valuation of the valuation in 2016, the CSI Medical Index has harvested a large -level market of nearly 240%in more than 2 years in the next two years.

Medical ETF (512170) tracking CSI Medical Index (399989) ingredient stocks have comprehensively covered the subdivision leader in the field of medical devices and medical services. 18, nearly 40 % of the weight, 12 concepts of new crown pneumonia test; the concept of medical services directly benefits from high -growth fields such as population aging, medical consumption upgrades, and medical beauty. Concept stocks.

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