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nginx/1.6.1Financial World Fund January 3 News Cathay Pharmaceutical Health Stock Securities Investment Fund (hereinafter referred to as: Cathay Pharmaceutical Health Stock A, code 009805) announced its latest net value, up 2.14%. The unit net value of this fund is 0.9729 yuan, and the cumulative net value is 0.9729 yuan. The latest periodic report of
shows that the scale of this fund is 1.03 billion yuan, and the scale of the previous period was 1.39 billion yuan, a decrease of 25.92%.
Cathay Pharmaceutical Health Stock Securities Investment Fund was established on 2020-08-27, and its performance benchmark is "CSI Medical and Health Index *70.00% + CSI Hong Kong Stock Connect Comprehensive Index (RMB) *10.00% + China Bond-Comprehensive Index *20.00%". Since its establishment, the fund has earned -2.71%, the year has earned 3.12%, the past month has earned 4.01%, the past year has earned 3.12%, and the past three years has earned -. In the past year, this fund has ranked the same category (520/922). Since its establishment, this fund has ranked the same category (1113/1293).
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fund manager is Xu Zhibiao, who has managed the fund on August 27, 2020, and his income during his tenure is -2.71%. The latest regular report of
shows that the top ten heavily held stocks of the fund are Changchun Hi-Tech (holding ratio 9.80%), Condelay (holding ratio 9.70%), Laobaixing (holding ratio 9.28%), Yifan Pharmaceutical (holding ratio 9.14%), Renhe Pharmaceutical (holding ratio 8.96%), Yixintang (holding ratio 8.89%), Dongcheng Pharmaceutical (holding ratio 6.82%), Saturday (holding ratio 6.57%), Semir Clothing (holding ratio 6.45%), and Zejing Pharmaceutical (holding ratio 4.01%), totaling 79.62% of the total assets of the funds, and the overall concentration of holdings (high). During the previous reporting period of
, the top ten heavily held stocks of the fund were Laobaixing (holding ratio 9.86%), Weigao Co., Ltd. (holding ratio 9.70%), Condelay (holding ratio 9.66%), Yifan Pharmaceutical (holding ratio 9.53%), Dongcheng Pharmaceutical (holding ratio 9.36%), Semir Clothing (holding ratio 9.33%), Xinbang Pharmaceutical (holding ratio 9.20%), Saturday (holding ratio 8.98%), Yixintang (holding ratio 8.58%), and Renhe Pharmaceutical (holding ratio 6.93%), totaling 91.13% of the total assets of the funds, and the overall concentration of holdings (high).
Fund investment strategy and operation analysis during the reporting period
Pharmaceutical Health has been established for one year, and overall performance is not ideal, because our requirements for choosing stocks: According to the requirements of at least 15% annualized growth in 5 years of performance, the valuation is relatively reasonable or undervalued, and the goal of earning at least 100% profit in 5 years. At present, the medical targets purchased by mainstream medical funds in the market, such as ophthalmology, dentistry, Mindray, CXO, etc., do not meet our standards, so we have not allocated them. Therefore, our medical funds are different from mainstream medical funds in the market. In the first quarter, similar types plummeted, our pharmaceutical and health rose by 12.07% against the trend, and during the same period, the Shenwan Pharmaceutical Industry fell by 4.06%, a sharp outperform; in the second quarter, the Medical and Health rose by 2.33%, and during the same period, the Shenwan Pharmaceutical Industry rose by 13.95%, a sharp underperform, in the third quarter -14.34%, and during the same period, the Shenwan Pharmaceutical Index -13.68; overall YTD-1.77%, and the Shenwan Pharmaceutical Industry -5.63%.
The main operation we did in the third quarter was to reduce our holdings in Hong Kong stocks, mainly to buy growth hormone at the bottom, realize the expensive medical services, and the brand OTC did a band operation. Currently, the configuration is mainly concentrated in: devices, pharmacies, innovative drugs, nuclear drugs, growth hormone tracks, etc., and flexibly uses 20% non-pharmaceutical positions. We mainly configure them in the clothing track, and we have made some configurations for traditional Chinese medicine. Overall, we performed well. We took certainty as the core and did not join CXO, Ophthalmology, Mindray and other groups. What we need to reflect most was in June. In early June, our live broadcast clearly stated the risks of medicine, but when the pharmaceutical industry plummeted in the third quarter, we also fell a lot. This requires reflection and strive to do better in the future.
The performance of the fund during the reporting period
The net value growth rate of this fund during the reporting period was -14.34%, and the benchmark yield of the same period was -12.46%.
The net value growth rate of this fund Class C during this reporting period was -14.43%, and the benchmark yield for performance in the same period was -12.46%.
manager's brief outlook on the macro economy, securities market and industry trends
macro level: roughly the same as the previous judgment, the core change is the upstream change, the previous judgment is: the domestic will be relatively stable, the economy will continue to recover, and PPI is expected to continue to rise in the next few months. Social financing data is likely to not have the high growth in the first quarter in the second quarter, and liquidity will not be marginal easing. We did not exaggerate last year. Our ten-year treasury bonds were already above 3%, and it has been more than half a year between 3.1-3.3. We do not think that our economy will be so good that it will increase liquidity in large quantities. Therefore, we believe that monetary policy will be relatively neutral and there is no need to be excessive pessimistic. The situation overseas will be better for the epidemic, so the economy will also recover, and the yield on US Treasury will definitely continue to rise. Looking back, what exceeded our expectations in the third quarter was the continued upward trend of upstream prices. Against the background of dual energy control, there was even a shutdown and power limit, resulting in a surge in coal, oil and gas. Coupled with the flood in Zhengzhou and the spread of the epidemic in Nanjing in August, consumption in August was weak in August. However, in September, except for the upstream energy not being greatly alleviated, consumption in September will definitely have a marginal improvement compared with August. Therefore, the overall judgment in the future is that the economy will slow down in the future, the currency will be stable and loose, and the long-term interest rate will continue to decline for a long time, consumption is stable, and the upstream is approaching the end. As the PPI peaks, the midstream will improve marginally later.
securities market outlook: Our view will not change significantly, and we will maintain the previous view: the slow bull pattern, and it is more optimistic about growth stocks that match performance and valuation compared to core assets and pro-cyclical assets. After the holiday, the market interpreted according to our expectations. In the third quarter, we did not expect that the dual control of energy consumption would lead to a surge in energy prices and the weak consumption caused by the flood epidemic in August. Therefore, in the third quarter, in addition to the upstream coal, steel, nonferrous, oil and gas, consumption and the midstream fell sharply. Looking forward to the fourth quarter or longer, we have always been on the contrary to the trend. We believe that the opportunities in the midstream and downstream are better. At present, the median valuation of the Shanghai and Shenzhen 300 is still around the 80% quantitative, while the median valuation of the CSI 500 and CSI 1000 are below the 10% quantitative. From the perspective of performance growth and valuation matching, growth stocks are likely to continue to outperform in the future. It can even be said that gold is everywhere in the small and medium-sized markets. The valuation ratio at this stage has increased to more than 0.75, so we are still very optimistic about the structural opportunities in the future.
Specific medical aspects: We believe that the overall opportunities in the fourth quarter are greater than risks, and structural opportunities will be more prominent, but we still believe that the main opportunities are not in mainstream configurations, but in high-quality growth at historically low valuations. Specifically, we believe that pharmacies, devices, nuclear drugs, anesthetics, growth hormones, and OTC are highly certain, and most of the valuations will be below 20X next year. From a certainty perspective, these companies are excellent companies in subdivided, so there is a high probability that we will make money and valuation switching returns, so we are still very confident in the subsequent combination.
every quarterly report, we will emphasize one sentence at the end: we have always insisted on doing simple and correct things. Looking for some high-quality companies from a long-term perspective, earning performance growth or even earning Davis double-clicking is actually not difficult. This is a simple and correct thing, and it is not advisable to pay too much attention to the short-term market. The market is effective in the long term, but it is not necessarily effective in the short term. I believe that slowness is fast, and profit and loss are the same source. In the future, we will still be united in knowledge and action, continue to do simple and correct things, and adhere to the principle of "being entrusted by others, managing finances on behalf of customers, walking on thin ice, and trembling with fear". We hope to provide fund holders with stable returns on the basis of controlling the drawdown.
I want to buy: Cathay Pharmaceutical Health Stock A (009805)
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