Business Club April 12th With the end of March, the first quarter's market also ended. Looking back at the first quarter's market, the medical sector can be described as devastating. Not only did it significantly underperform the broader market, but it also led all the sectors down by a 8% or so decline. Judging from the individual stocks, the top pharma stocks such as Dong'e Ejiao, Jiang CM, Huadong Pharma, Renfu Pharma and Kangmei Pharma are among the biggest losers, while only Tongrentang is the only major pharmaceutical stock out of the top tier. Facade. Although there were few trading days this week, the pharmaceutical sector fell significantly within the next few days. The valuation level has dropped significantly, and the premium rate has also rapidly declined.
The recent market view: It seems that at the beginning of 2009, the overall market still needs to wait for the current index to continue to rise, but pharmaceutical stocks have fallen steadily. The phenomenon is similar to the first half of 2009. The current pharmaceutical sector's absolute valuation is lower than the historical average, but Relatively large market premium rate is still high, we believe that the valuation of the pharmaceutical sector can only be considered reasonable and has not yet been underestimated. Taking into account the policy level and market sentiment factors, we are not optimistic about the overall market for the pharmaceutical sector in the short term. We have also begun to notice some positive factors: some white horse stocks have started to break below the dynamic PE by 30 times, which means that this part of the stock is beginning to be undervalued and the medical sector should have started to enter the bottom area. The 2009 epidemic ended the decline of the pharmaceutical sector and opened a bull market for pharmaceutical stocks. It is currently adjusting the pharmaceutical sector and is also defusing the valuation premium to accumulate energy for the next bull market. In the short-term, we are optimistic about the varieties of drugs, medical devices, health products, and pharmaceutical circulation that evade drug prices and have other stimuli.
Medium- and long-term market view: Maintaining optimism We believe that the growth rate of the industry in 2011 will have a trend of low-end and high-end. Since the growth rate peaked in February 2010, we believe that the industry growth rate may be seen in February 2011. At the end, it showed an upward trend in 2011, and the annual industry profit growth rate was around 25%-30%. The main investment directions are the direction of aging (tumors, cardiovascular and metabolic diseases), the direction of medical reform policies (exclusive varieties and medical devices in the Essential Drug List), and consumption upgrade directions (home medical devices, traditional Chinese medicine health products, meals Nutritional supplements). The most favored varieties are Zhongheng Group, Tomson Health, Kangmei Pharmaceutical, Xinhua Medical, Yuyue Medical, Shangrong Medical, Yiwei Pharmaceutical and other pharmaceutical Baima shares.
The recent market view: It seems that at the beginning of 2009, the overall market still needs to wait for the current index to continue to rise, but pharmaceutical stocks have fallen steadily. The phenomenon is similar to the first half of 2009. The current pharmaceutical sector's absolute valuation is lower than the historical average, but Relatively large market premium rate is still high, we believe that the valuation of the pharmaceutical sector can only be considered reasonable and has not yet been underestimated. Taking into account the policy level and market sentiment factors, we are not optimistic about the overall market for the pharmaceutical sector in the short term. We have also begun to notice some positive factors: some white horse stocks have started to break below the dynamic PE by 30 times, which means that this part of the stock is beginning to be undervalued and the medical sector should have started to enter the bottom area. The 2009 epidemic ended the decline of the pharmaceutical sector and opened a bull market for pharmaceutical stocks. It is currently adjusting the pharmaceutical sector and is also defusing the valuation premium to accumulate energy for the next bull market. In the short-term, we are optimistic about the varieties of drugs, medical devices, health products, and pharmaceutical circulation that evade drug prices and have other stimuli.
Medium- and long-term market view: Maintaining optimism We believe that the growth rate of the industry in 2011 will have a trend of low-end and high-end. Since the growth rate peaked in February 2010, we believe that the industry growth rate may be seen in February 2011. At the end, it showed an upward trend in 2011, and the annual industry profit growth rate was around 25%-30%. The main investment directions are the direction of aging (tumors, cardiovascular and metabolic diseases), the direction of medical reform policies (exclusive varieties and medical devices in the Essential Drug List), and consumption upgrade directions (home medical devices, traditional Chinese medicine health products, meals Nutritional supplements). The most favored varieties are Zhongheng Group, Tomson Health, Kangmei Pharmaceutical, Xinhua Medical, Yuyue Medical, Shangrong Medical, Yiwei Pharmaceutical and other pharmaceutical Baima shares.
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