Biomedical ETF (512290), innovative medicine CSI ETF (517110) post -review review

Innovative medicine CSI ETF (517110) rose 5.84%, biomedicine ETF (512290) rose 5.16%

Reasons for rising: Valuation bottom+emotional bottom+basic face -to -face repair, of which the CXO ingredients lead the rise.

Emotional repair. Because the epidemic is postponed by various medical insurance policies (the reform of the drug consumption, the reform of the medical insurance payment method, and the flying inspection of the medical insurance funds, etc.), it will be restarted, but it is basically expected. The new crown epidemic is still uncertain, but with the gradual advancement of the prevention and control of the epidemic and the overall management of economic construction, the overall impact will weaken, and the industry will usher in a recovery in the twists and turns.

Fundamental repair. CRO undertakes the R & D outsourcing of pharmaceutical companies, so the financing situation and R & D expenditure of pharmaceutical companies (MNC/BIOTECH) will directly affect the industry's prosperity. The global research and development popularity has not decreased, and the domestic R & D has rebounded after the emergence of the epidemic.

Low valuations have medium and long -term investment value. Innovative drugs and biomedical sectors have undergone a long time and large -scale callback since 2021, and many high -quality target valuations have been in the bottom interval. At present, the P / E ratio of the Index Index of the CSI CS. Shenzhen and Hong Kong ETF is 33.29 times, which is within 20%of history. At present, the P / E ratio of the index of Biomedical ETF is 30.67 times, which is within 5%of history.

Early suppression factors, such as (1) some CXO companies are included in the American entity list and UVL list incident; Through the early adjustment, the various concerns of the market have been fully reflected, and the market's early reflection is too pessimistic. If the growth rate of investment and financing has declined, it is a process of "de -pseudo -pseudo -savings". Innovation and upgrading brings the rise in the CXO requirements of pharmaceutical companies. Concentration will become a long -term trend.

Looking at the second half of the year, although there are still some internal and external factors, as the epidemic prevention policy has achieved a staged victory, the state's support for emerging industrial policies should gradually become optimistic. For example, if the CXO sector, the other two negative factors of the CXO section valuation are the high growth continuity of the year after the Ming Dynasty and the concerns of decoupled with China and the United States. It is planned to provide some forward-looking data for 2023-2024. It is expected that the new signing orders will be announced in the second half of the year may further alleviate the market's concerns about negative factors, and the emotions will gradually become optimistic.

Data source: wind

Outlook of the market: Innovative drugs and biomedical sectors have experienced repeated adjustments and grinding bottoms in the past six months. The valuation has entered a relatively historical low, and the rebound in May is also weaker than the broader market. In the short term, the impact of the epidemic is weakened. After unblocking, the process of recruitment, clinical research and development, production and sales, authorization cooperation, and internationalization of pharmaceutical companies will accelerate, and pharmaceutical companies will also resume normal operations in the next six months.

In the long run, under the drive of innovation, import alternatives and internationalization are still the long -term development trend of the domestic pharmaceutical industry. After that, the real product -capable product is landing overseas or the opportunity to increase valuations for innovative drugs. In addition, the long -term logic of population aging+consumption upgrade is still there. Investors can continue to pay attention to Innovation Pharmaceutical CSI ETF (517110) and Biomedical ETF (512290).

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