Breeding, pharmaceutical leadership market quotes

On July 4, the Shanghai -Shenzhen stock index fluctuated, and the Shanghai Stock Exchange Index won the 3400 -point mark. A -share transactions were 1.13 trillion yuan, and the last day was 1.05 trillion. On the disk, the breeding sector rose sharply, and the CRO, new energy vehicles, photovoltaic, military industry and other sectors were built. The Shanghai Stock Exchange Index closed up 0.53%, and the GEM index rose 1.9%. After the recovery of funds in the north, it quickly entered the market and bought 4.501 billion yuan in net net.

Source: Wind

In the short term, after the adjustment of the epidemic prevention policy, the consumption sector that repair the logic has obviously benefited, and the direction of continuous improvement in the margin is relatively clear. The performance of Gao Jingqi Technology's growth industry has not changed, but a certain increase in the short -term accumulation, fluctuations may increase. In this round of rebound, some consumption and steady growth sectors that have a relatively backward increase may also have a good opportunity.

Recently, the price of pigs has risen rapidly, and the profits of self -reliance have turned their profits. According to Yongyong Information, the price of pigs on July 1 was 20.29 yuan/kg, and the weekly increased by 14.63%. According to Wind data, on July 1st, the profits of nourishment pigs were 200.35 yuan/head, and the weekly increased by 237.14 yuan/head; the profit of piglet breeding was 409.28 yuan/head, and the weekly increase of 236.79 yuan/head.

Source: Wind

In July 2021, the busty sow began to be removed, and the capacity of production capacity was concentrated from August to November. Correspondingly, the supply of pigs in the third quarter of 2022 or declined in the third quarter of 2022. At present, the price of pigs has risen rapidly, and the willingness of farming households will increase. At the same time, secondary fertilizer in the market reduces the supply of pigs, which will help push the price of pigs to a certain extent. The price of the main contract of pig futures 2209 also reflects the market's emotional emotions. On July 4th, it rose 7.71%and once rose the daily limit. Affected by this boosting the breeding ETF (159865) rose 8.25%.

Source: Wind

However, the market is currently in the off -season of consumption, and the demand side may not support pig prices to continue to rise sharply. The Development and Reform Commission convened some breeding enterprises, slaughtering enterprises, and related associations to convene relevant meetings to remind relevant companies to maintain the rhythm of the normal fence, avoid blind pressure fences, and study related measures to maintain the stable operation of the pig market. Therefore, the current price of pork may be stepped back, and the probability of production capacity will continue. In the fourth quarter, the demand for pork will continue to recover. In the early stage, the secondary fattening pigs were launched and the production capacity of piglet supplements was released. In the fourth quarter, the market may usher in supply and demand. It is still at the time of the left -hand layout, and the breeding ETF (159865) still has good investment value.

In addition, the pharmaceutical sector also appeared in concentrated explosives on July 4th. Biomedicine ETF (512290), medical ETF (159828), and innovative drugs in the Shanghai and Shenzhen and Hong Kong ETFs (517110) rose 5.16%, 3.76%, and 5.84%, respectively. With the improvement of the domestic epidemic prevention situation, marginal changes in the epidemic prevention policy, residents' lives have returned to normalization. Private hospitals (medical beauty, ophthalmology, dental, etc.) with high demand attributes and high industry prosperity are expected to be fully released.

In addition, during the epidemic period, the occurrence of special circumstances such as the suspension of diagnosis and control of some hospitals has led to the decline in the number of diagnosis and treatment of medical institutions. The amount of equipment consumables under the operation rebound rebound.

From the perspective of data index indicators in the pharmaceutical industry, the first -tier financing amount in the global pharmaceutical field in May/June increased by 3%/41%month -on -month, and the domestic financing volume increased by 58%/58%month -on -month. The new clinical rebound in China is also significant. Affected by the domestic epidemic situation, the number of newly opened phase I-III clinical trials in April to May 2022 was lower than the same period last year. June) The number of newly opened phase I-III clinical trials in China was 82 (58)/53 (26)/49 (39), respectively. Considering that the progress of clinical opening is still delayed by local epidemic, it is expected that the rebound trend will continue in the second half of the year.

The stages of the newly opened phase I-III clinical trials in China, Source: Changjiang Securities

In the past two years, although the external environment of the pharmaceutical industry has been ups and downs, the overall innovation trend of the industry has not changed. With the growth of medical demand for the changes in population structure, industry growth is very certain. At present, the valuation of the sector is still at a historical low, and it is similar to the level of the low in 2018, and it has a higher investment cost -effective.

On July 4, the chip sector fell as "as scheduled" (see the chip continued to continue short in the short space). Last Friday, some media stated that the price of the top five MCU plants in the world was cut, and the price of semiconductor chips cut a single price reduction storm. Previously, the price was strong, and the supply of MCUs in short supply fell rapidly. MCU has become another variety of drop -off orders after driving IC, power management IC, and CIS sensor.

The spot price of MCU has fallen, which is mainly affected by the weak consumer demand in the first half of the year. In the short term, the market is facing inventory digestion. In the early stage of the market, the stock market traders were sold for sale. In the third quarter, the spot prices were still under pressure. In the future, it is necessary to continue to observe the recovery of downstream demand. The current demand for automobiles and industrial categories is better than the consumer electronics end, and the price of high -end products is still relatively stable.

In the middle and long term, the downstream penetration rate of 5G, new energy vehicles and autonomous driving is still low, and the global chip will still have a relatively long period of high -speed growth in the future.Starting from the end of the industrial chain, the localization of my country's chips and equipment continues to deepen. With the strong expansion of my country's wafer fab, the investment value of the equipment sector will continue to appear.With the gradual implementation of the expansion of production capacity in 2020-2021, the consumption of materials will increase with increased production capacity.Therefore, for friends who pay attention to the chip sector, you can pay attention to the decline in the cutting incident and demand in the short term.Dedicated, as well as the investment value of chip ETF (512760), driven by localization, and other links of equipment and materials.

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