After more than a year of decline, the pharmaceutical track has finally begun to rebound in recent days. Although the valuation level of the pharmaceutical track has reached a very low level, the prosperity of the sub-tracks within the industry should be said to be quite different. Choosing a sub-track with a high prosperity will be very important for our investment. more secure.
Today, I initially sorted out the index funds of the next medical track. There are indeed a lot of them, reaching 71. According to the fund size in the second quarter, the total fund size is 87.917 billion.
Among these 71 index funds, 25 are tracked, which basically cover all sub-sectors of medicine.
Data source: Butterfly data
The largest tracked funds are the China Securities Medical Index (399989) and the China Securities Biomedical Index (399441), and the largest number of funds is the CS Innovative Drug Index (931152).
The pharmaceutical and biological industry can be divided into four directions: medicine, medicine, equipment, and business according to different business attributes. Medicine is medical service, and medicine can be subdivided into chemical pharmaceuticals, traditional Chinese medicine, and biological products. Business refers to the distribution of medicines, pharmacies and the like. From the perspective of themes, it can be divided into innovative drugs, precision medicine, Internet medicine, etc. As a result, numerous pharmaceutical sub-indices and thematic indices have also been derived.
The strength of each index in this rebound is also quite different. Let’s take a look at the performance of each index in the previous decline and this rebound:
Data source: Butterfly Bee Data, Deadline: 2022-10-13
It can be seen that the rebound of medicine is not the rebound of the index with a large decline, but the rebound of the index with a small decline is relatively larger.
Let’s take a look at the compilation methods of the 25 indexes in the order of index rebound gains above.
Data source: Butterfly data
The index with the highest rebound is the fields of medical devices, medical care, Internet medicine and traditional Chinese medicine, while the sub-sectors of pharmaceuticals, especially innovative drugs, are relatively weak.
Let’s look at the valuation of each index:
Data source: Butterfly bee data, the estimated quantile value is a time interval of nearly 8 years.
In general, except for the slightly higher price-earnings ratio quantile of the traditional Chinese medicine industry, the valuation levels of other indices are all at very low levels. The price-earnings ratios of the three indexes of medical equipment, medical care, and medicine and health 100 have been lower than 20 times, and the quantile of the price-earnings ratio is also at a historically low position. These three indexes rose relatively in this rebound.
Next, let’s take a look at the differences in the pharmaceutical indexes of several sub-tracks, as well as the funds related to each index.
First, let’s take a look at the medical device-related indexes that have performed better in this rebound.
1. Medical equipment
Medical Devices (H30217) & Healthcare (H30178) & Zhongzheng Medical (399989)
Data source: Butterfly data
The medical device index is the index with the largest rebound this time. The release in the Shenwan medical device industry exceeds 80%. It is a relatively pure medical device sub-industry index .
The industry distribution of the components of the health care index is also very close to that of the medical device index. The biggest difference is the addition of the sub-sector of hospitals.
CSI Medical is the largest index of funds tracked. In addition to its considerable weight in the medical device sector, it also occupies a large proportion in medical services. Medical R&D outsourcing, also known as CXO, is his first A heavyweight industry . CXO was relatively weak in this round of rebound, dragging down the performance of the CSI Medical Index.
The three index-linked funds are as follows:
Medical Devices (H30217)
Data source: Butterfly data
There are 3 funds tracking the medical device index, two on-market ETFs and one off-market ETF-linked fund. Yongying’s medical device ETF (159883) has a larger scale and better liquidity; medical device ETF investment (159898) performance Outperformed.
Healthcare (H30178)
Data source: Butterfly data
There are 6 funds tracking the medical device index, 5 on-market ETFs and 1 off-market ETF-linked fund. The 6 funds are small in scale, and their performance is relatively close.
CSI Medical (399989)
Data source: Butterfly data
There are 6 funds tracking the CSI Medical Index, and the types of index funds are relatively rich. There are 3 ETFs, one LOF index fund, and two OTC funds. The Huabao CSI Medical ETF (512170) has the largest scale with 145.66 You can choose the appropriate fund type according to your needs.
2. Industry index of pharmaceutical and biological categories
There are a large number of industry indexes in the pharmaceutical and biological categories, including All-Refers to Medicine (000991), Medicine 100 (000978), 300 Medicine (000913), 800 Medicine and Health (000933), SSE Medicine (000037), Guozheng Medicine (399394), Medicinal Bio (000808). These indices are selected based on liquidity and scale in the pharmaceutical and biological industry. The difference lies in the sample space and sample size, which is mainly reflected in the difference in the number of components and market value.
For example, because the samples of 300 Medicine belong to the CSI 300, the market value of the constituent stocks are all large-cap stocks; 800 Medical and Health is a pharmaceutical and biological stock in the sample of the CSI 800 Index, so the number of constituents will be more than that of 300 Medicine. The market value will be smaller.
The All Index Pharmaceuticals covers all pharmaceutical stocks within the scope of the CSI All Index, so the number of samples is the largest, and of course, it will also include more small-cap pharmaceutical and biological stocks.
The list of relevant index funds is as follows:
Data source: Butterfly data
You can choose an index that is more consistent with the market style to invest according to the market style.
3. Biomedicine
CS Biomedical (930726) & CSI Biomedical (930743) & CSWD Biomedical (399993) & Biomedicine (399441)
Data source: Butterfly data
These four indexes are all biopharmaceutical sub-industry indexes, but there are still certain differences in the specific component distribution; the first-weight industries of the four indexes are vaccines ; the second-weight industries begin to show differences, and CS Biomedical has the second weight. The industry is chemical formulations, and the other three index second weights are all medical R&D outsourcing (CXO).
List of index funds related to the Biomedical Sub-Industry Index:
Data source: Butterfly data
4. Themes of innovative drugs
CS Innovative Medicine (931152) & CS Pharmaceutical Innovation (931484) & CS Precision Medicine (930719)
Data source: Butterfly data
The theme of innovative drugs has always been a topic of relatively high attention in the pharmaceutical and biological industry, but the performance in this rebound is relatively backward.
List of relevant index funds:
Data source: Butterfly data
Most of the biomedical-themed and innovative drug-themed index funds were issued in 2021, when the pharmaceutical industry was at a high level, and I don’t know how long it will take to unravel.
5. Others
There are some other sub-sectors and themes in the pharmaceutical and biological industry, such as traditional Chinese medicine, Internet medical care, etc., which are highly differentiated. We will not make specific comparisons here, but only list the relevant index funds.
Data source: Butterfly data
The medical track index fund has been sorted out. I hope that this rebound in medicine will give everyone a big red envelope.
It is not easy to organize the data, thank you for your likes and watching.
Note: All views and funds involved in this article do not constitute investment advice, and investment in the market is at your own risk.
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