From the brokerage Chinese reporters combed the situation, after the early stage of reduction, Hengrui Pharmaceutical, Mindray Medical, Ayre Ophthalmology and other pharmaceutical leading stocks in the third quarter ushered in Glen, Han Guangzhe, Pi Jinsong and other fund managers' products increased positions. Behind the capture of the long-lost pharmaceutical rebound, these fund managers also expressed their persistence again in the three quarterly reports.

They said bluntly that the performance of the pharmaceutical sector is sustainable, the logic of long-term growth has not changed fundamentally, and it is expected that the trend of shock recovery will be maintained in the fourth quarter, with subdivided tracks such as medical devices, biological products, and innovative drugs, all of which are the focus of the next layout.

Hengrui Medicine, Mindray Medical and Ayre Ophthalmology have been increased.

On October 26, the fund managed by fund manager Glenn released three quarterly reports. Hengrui Pharmaceutical, which had previously withdrawn from the top 10 positions, returned to the top 10 positions in her CEIBS Healthcare Fund and CEIBS Medical Innovation Fund in the third quarter.

Specifically, by the end of the third quarter, China Europe Medical and Health held 60.3656 million shares of Hengrui Pharmaceutical, an increase of 97.52% over the previous period, with a market value of 2.119 billion yuan, accounting for 3.45% of the fund's net asset value, ranking eighth. China Europe Medical Innovation holds 15.1743 million shares of Hengrui Pharmaceutical, an increase of 437.96% over the previous period, ranking ninth in heavy positions.

In addition, Hengrui Pharmaceutical also entered the top 10 positions in the Golden Eagle health industry managed by Han Guangzhe in the third quarter, ranking second with 2.7628 million shares. Dongfang Hong Ruifeng three quarterly reports show that the fund holds 2.7616 million shares of Hengrui Pharmaceutical, ranking ninth with new entrants. In addition, Hengrui Pharmaceutical, as a newcomer, ranks among the top 10 stocks in Noan's flexible allocation and financing healthcare industry, holding 1.19 million shares and 1.3193 million shares respectively.

In addition to Hengrui Medicine, Mindray Medical, Ayre Ophthalmology and other pharmaceutical stocks also received a public offering in the third quarter.

Mindray Medical, which is owned by China Europe Healthcare managed by Glenn, rose 0.53 percentage points to 6.58% in the third quarter, making it the third largest stock. CEIBS Medical Innovation has not only increased its position in Mindray Medical, but also increased its positions in Al Ophthalmology and Tigermed. After increasing its position by 0.72%, Ayre Ophthalmology's position proportion reached 9.9%, which is still the largest position stock in CEIBS medical innovation.

The Chuangjin Healthcare Fund managed by Pi Jinsong increased its stake in Mindray Medical by 0.77% in the third quarter, holding 200100 shares of Mindray Medical, ranking the seventh largest stock. In addition, the fund's top ten major stocks in the third quarter also added the opening of medical care, Haitai Xinguang, Zhenghai biology.

While the public offering increased the positions of the above-mentioned stocks on a large scale, stocks such as Pianzi Kui encountered public offering to reduce their holdings. China Europe Healthcare held 7.3923 million shares at the end of the third quarter, down 10.02 per cent from the previous period. In addition, the Yinhua Rich theme, Huitianfu Consumer Industry, Guangfa Healthcare, Huitianfu innovative Pharmaceutical and other funds all reduced their holdings in the third quarter and dropped out of the top 10 positions.

"the performance of the pharmaceutical sector is sustainable"

The Chinese reporter of the securities firm found outAfter the adjustment of the above-mentioned funds, the relevant stock prices and performance fundamentals have also changed.

For example, as of Oct. 26, Hengrui has risen nearly 20% since it rebounded on Sept. 27, while Mindray has risen more than 20% since its low on Sept. 26. Earl Ophthalmology has rebounded by about 15% since the end of September. However, Pian Tsai Yi, which suffered from the reduction of its holdings by public offering, failed to rebound in the recent rebound in the plate, falling by more than 20% since September 16.

In terms of performance, Aier Ophthalmology achieved operating income of 13.052 billion yuan in the first three quarters, an increase of 12.55% over the same period last year, and a net profit of 2.357 billion yuan belonging to shareholders of listed companies, an increase of 17.65% over the same period last year. In the first three quarters, the company spent 202 million yuan on research and development, an increase of 28.47 percent over the same period last year.

Ayre Ophthalmology said that the revenue growth in the first three quarters was mainly due to the expansion of the company's operation, the improvement of brand influence and changes in the structure of medical demand, and the increase in R & D expenses was mainly due to the company's continued increase in research and development of ophthalmology clinical application technology and digital construction.

For Mindray Medical, operating income is expected to be about 7.9 billion yuan in the third quarter of 2022, an increase of about 20% over the same period last year. Net profit attributable to shareholders of listed companies is expected to be about 2.8 billion yuan, an increase of about 20% over the same period last year.

Wang Zeshi, fund manager of Huaxia Medical and Health, said that in the third quarter, the fund portfolio increased the allocation proportion of innovative drugs, innovative devices and innovative equipment, focusing on innovative products and their industrial chain, and combined with the current hospital construction cycle, increased the allocation proportion of medical-related equipment. Medicine is an industry worth investing in for a long time. China's aging population and economic development constitute a long-term support for the pharmaceutical industry from the demand side to the payment side. "

Pi Jinsong told brokerage Chinese reporters that from the performance of pharmaceutical listed companies in the third quarter, the performance is relatively strong in medical devices, vaccines, CXO and other plates. In addition, as the epidemic improves in the third quarter, the performance of the medical services sector is also likely to pick up. "on the whole, the performance of the pharmaceutical sector is sustainable, and we can continue to pay attention to the follow-up performance disclosure of pharmaceutical companies. "

Glenn said in the China Europe Health three Quarterly report that from a fundamental point of view, the medical and biological sectorOn the wholeContinued the recovery trend at the end of the second quarter. In terms of policy, the collection of orthopedic spinal consumables at the national level has been completed, the overall collection framework has remained stable, and the steady and positive trend of the policy has not changed.

Lay out these subdivided tracks

Looking forward to the fourth quarter, Glenn believes that the pharmaceutical industry will be better prepared to face the relevant uncertainties and disturbances, and is expected to maintain the trend of shock recovery in the fourth quarter. "in the long run, the growth logic of the pharmaceutical industry has not changed fundamentally. Innovation is the most important driving force of industry growth. After years of baptism, the overall R & D pipeline layout of domestic innovative enterprises is more rational, resources are inclined to the direction of differentiation, and even globally competitive innovative varieties are born. Under the background that a large number of clinical needs have not been fully met, innovative drugs and devices have a broad space for growth. "

Zhou Xiaowen, manager of Teda Manulife dividend Vanguard Fund, believes that the pharmaceutical sector has experienced a 15-month pullback since July 2021, with the index down more than 40%. At present, the position structure and valuation level are attractive, and the value of long-term investment is apparent. Zhou Xiaowen said that she adjusted her position in the pharmaceutical industry in the third quarter to further focus on quality and cost-effective companies, and that future configuration will still be concentrated in areas such as pharmaceuticals with good fundamentals and relatively reasonable valuations.

Pi Jinsong said that in the field of medicine, he is more concerned about the subdivision of medical devices, such as medical equipment, high-value consumables, in vitro diagnostic reagents, as well as pharmaceutical equipment. "the distribution of medical resources in China is very uneven, and now the state's financial discount loans are committed to supporting hospital construction, especially county-level hospitals. Therefore, the expected performance of this sector in the future may be more eye-catching. "

In the field of biological products, Pi Jinsong said he would pay more attention to the vaccine track. Vaccines are divided into children's vaccines and adult vaccines, and the market for children's vaccines may gradually shrink with the decline in the birth rate, while adult vaccines, such as cervical cancer vaccine and herpes zoster vaccine, are currently the main driving force of the vaccine sector. After the announcement of the results in this sector, the market sentiment may be repaired. "

In addition, Glenn also said that domestic innovative pharmaceutical service enterprises have also gradually formed globally competitive industrial clusters, reaching the global leading level in some sub-areas. The competitiveness of relevant service providers will be more reflected in the technical and management capabilities of the platform, and the market share of leading enterprises will continue to increase and maintain a high degree of prosperity. At the same time, with the rapid improvement of per capita income and cognitive level of Chinese residents, the demand for medical services and consumer health care is still growing rapidly and has not been fully met, and the future space is still huge.