PaiPaipai Network Survey: Can the Pharmaceutical Sector Continue to outperform the Market in the Second Half of the Year?

PaiPaipai Network Survey: Can the Pharmaceutical Sector Continue to outperform the Market in the Second Half of the Year?
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The pharmaceutical and biological index rose in the first half of the year40.28%Not only did it flash kill the Shanghai Composite Index and the Shanghai and Shenzhen Stock Exchanges300The index also outperformed the ChiNext Index. Regarding the investment opportunities in pharmaceutical stocks in the second half of the year, Lin Cun, General Manager of Senrui Investment, stated that there is currently an upward trend in the market, and although the overall valuation of pharmaceuticals is at a high level, with the pursuit of certainty by funds, pharmaceuticals are still expected to continue to outperform the market. At this point, the selection of benchmarks should be more cautious, benefiting from the niche areas of marginal improvement in the epidemic, such as rigid drugs and devices, medical services, andCXOWaiting is relatively safer.
As for investment strategies, at this point, it is still necessary to take the intrinsic value of the enterprise as the core logic, choose high-quality pharmaceutical stocks with stable performance support, and intervene when these core assets experience a pullback. If investors are willing to hold shares for a longer period of time, they can also relax the valuation requirements for these core assets appropriately. In addition, there are also opportunities for innovative drugs and science and technology innovation board pharmaceutical companies that have greater flexibility in valuation.
Liu Youhua, a senior researcher at Private Placement Network, believes that after the wings of the Internet are plugged into healthcare, the industry's high profile is expected to continue. On the one hand, the government has elevated big health to a national strategy and proposed the Internet+The development model of medical and health has been intensively released by the government, with a series of medical and health policies, especially the "Healthy China2030The Outline of the Plan has elevated medical health to the national strategic level. On the other hand, internet healthcare has advantages such as convenience, weakening regional influence, and expanding the coverage of high-quality medical resources, laying the foundation for the rapid development of the industry.
Some investors also believe that the current valuation of the pharmaceutical sector is relatively high, and continuing to hold or buy pharmaceutical stocks poses certain risks. Yang Yong, a Yunxi Fund with a deep medical background, introduces that the valuation mainly depends on two aspects. On the one hand, it is whether its valuation is reasonable compared to the pharmaceutical sector and other sectors;On the other hand, the valuation is related to its endogenous growth, which is to seePEG(P/E ratio relative to profit growth ratio)。
At present, the liquidity of the entire market is very abundant, and the market risk appetite is also relatively high, so growth stocks can still receive more premiums. In addition, pharmaceutical consumption is a domestic demand consumption with strong certainty, and China's population base is also relatively large, with the phenomenon of aging population and consumption upgrading. Therefore, there is also a lot of room for imagination about it.