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The reversal of the pharmaceutical sector has been discussed constantly as the pharmaceutical index continues to adjust and multiple internal and external factors are superimposed. With the disclosure of the semi-annual reports of listed companies, the portfolio adjustments of fund managers known for their pharmaceutical investments have also attracted much attention from the market.

According to the disclosed data, Chinese medicine stocks were frequently seen in Ge Lan's second quarter portfolio adjustment. This quarter, Sino-Europe Healthcare, a subsidiary of the company, increased its holdings of 4 Chinese medicine stocks and became the top 10 shareholders of 3 Chinese medicine stocks, but at the same time reduced its holdings of another 3 Chinese medicine stocks, Pien Tze Huang, Taiji Group, and Jichuan Pharmaceutical. Ge Lan was once a "loyal fan" of Pien Tze Huang, and since the third quarter of last year, its products have reduced their holdings of the stock for 4 consecutive quarters.

It is worth noting that in the second quarter, Ge Lan also reduced her holdings in many of her former "favorite stocks", including Aier Eye Hospital, WuXi AppTec, and Tongce Medical. At the same time, her products have withdrawn from the top ten circulating shareholders of many medical device stocks.

This quarter, pharmaceutical fund managers such as Zhao Bei, Wan Minyuan, and Chi Chensen also adjusted their portfolios; among non-mainstream pharmaceutical fund managers, Zhu Shaoxing increased his holdings in Kunming Pharmaceutical Group, Zhou Weiwen reduced his holdings in Tongce Medical, Lu Bin's products became the top ten circulating shareholders of Yifang Biopharma, and Xie Zhiyu's managed products have withdrawn from the top ten circulating shareholders of Probio Pharma.

In the second quarter report, Wan Minyuan remained optimistic about the medium- and long-term prospects of the pharmaceutical industry. The pharmaceutical sector is expected to usher in a dual improvement in fundamentals and policy margins, and the sector's valuation is expected to recover. The trillion-dollar pharmaceutical sector has many sub-sectors and is not short of structural opportunities; Chi Chensen continued his judgment that the growth of the pharmaceutical industry in 2024 will be low at first and high at the end. With the reduction of the base in the second half of the year and the possible phased summary of medical anti-corruption, which will be conducive to the recovery of the in-hospital market, the pharmaceutical industry is expected to usher in a turning point in business climate in the second half of the year.

Will Ge Lan pay more attention to traditional Chinese medicine stocks in the second quarter?

In the second quarter, Ge Lan's Sino-European Healthcare became one of the top ten circulating shareholders of Zoli Pharmaceuticals, Kangenbei, Lingrui Pharmaceuticals, and China Resources Double Crane. According to Shenwan's industry classification, Zoli Pharmaceuticals, Kangenbei, and Lingrui Pharmaceuticals are all traditional Chinese medicine stocks, while China Resources Double Crane is a chemical pharmaceutical stock.

This quarter, Ge Lan also increased her holdings in traditional Chinese medicine stocks such as Dong-E E-Jiao, Kunming Pharmaceutical Group, China Resources Sanjiu, and Jiangzhong Pharmaceutical.

After increasing its holdings of Dong-E-E-Jiao by 9.6846 million shares in the first quarter, Ge Lan continued to increase her holdings by 6.1721 million shares in the second quarter. At the same time, Zhao Bei's ICBC Frontier Medical, Xiao Nan and Wang Yuanchun's E Fund Consumer Industry, and two products under Gui Kai all reduced their holdings of the stock by a small amount.

Ge Lan, Zhao Bei, and Zhu Shaoxing all increased their holdings in Kunming Pharmaceutical Group in the second quarter. Since the first quarter of last year, Sino-European Healthcare has been among the top ten shareholders of Kunming Pharmaceutical Group for six consecutive quarters. Before the second quarter of this year, Ge Lan had reduced his holdings of the stock for three consecutive quarters, totaling 24.626 million shares.

After reducing holdings for three consecutive quarters, Ge Lan increased her holdings of China Resources Sanjiu by 11.906 million shares in the second quarter. Among the top ten shareholders of the stock, Zhao Bei's ICBC Frontier Medical continued to increase its holdings, while Jiao Wei and Lao Jianan withdrew from the ranks in the second quarter of their managed products.

In the first quarter of this year, Sino-European Healthcare once again ranked among the top ten circulating shareholders of Jiangzhong Pharmaceutical, and increased its holdings of the stock by 1.6598 million shares in the second quarter.

In the second quarter, Ge Lan also increased her holdings in blood product company Boya Bio, pharmaceutical company Sinopharm, chemical pharmaceutical company Hisun and innovative drug company Rongchang Bio. Prior to the second quarter, Ge Lan had reduced her holdings in Boya Bio for three consecutive quarters.

Also in the traditional Chinese medicine sector, Ge Lan reduced her holdings in Pien Tze Huang, Taiji Group, and Jichuan Pharmaceutical in the second quarter. Looking back, Ge Lan was once a "loyal fan" of Pien Tze Huang. Since the first quarter of 2021, the product has been ranked among the top ten circulating shareholders of Pien Tze Huang for at least 14 consecutive quarters. Among the top ten circulating shareholders of Pien Tze Huang, Hu Xinwei, Wu Xingwu, and Jiao Wei once managed products, and have gradually withdrawn since 2022.

As of the end of the second quarter, Sino-European Healthcare had reduced its holdings in Pianzihuang and Taiji Group for four and three consecutive quarters respectively; it became one of the top ten circulating shareholders of Jichuan Pharmaceutical in the first quarter and reduced its holdings in the second quarter.

In the medical services sector, Ge Lan reduced her holdings in Aier Eye Hospital and WuXi AppTec in the second quarter, and reduced her holdings in Tongce Medical together with Zhou Weiwen. As of the end of the second quarter, Ge Lan had reduced her holdings in Aier Eye Hospital for three consecutive quarters, totaling 88.249 million shares, but she is still the fourth largest shareholder in the company.

In the chemical pharmaceutical sector, Ge Lan reduced her holdings in stocks including Huadong Medicine, Hengrui Medicine, Enhua Pharmaceutical, and Renmin Pharmaceutical.

As of the end of the second quarter, Ge Lan has reduced his holdings in Huadong Medicine for six consecutive quarters, with a total reduction of 36.031 million shares. Sino-Europe Healthcare has been one of the top ten shareholders of the stock since the first quarter of last year, holding 4,917.8 shares at that time. This also means that Ge Lan has reduced his holdings in the stock by more than 70% in these six quarters.

According to disclosed data, Ge Lan withdrew from the top ten circulating shareholders of medical device companies including Meiyi Medical, Aohua Endoscopy, and Wondfo Biologics in the second quarter.

Zhao Bei, Wan Minyuan, Chi Chensen and others have adjusted their positions

The second quarter report pointed out that Zhao Bei adjusted the layout of innovative drugs, traditional Chinese medicine, medical devices, consumer medical and other sectors.

This quarter, Zhao Bei became one of the top ten circulating shareholders of medical device stocks Aide Biopharmaceuticals and Wondfo Biopharma, as well as biopharmaceutical stocks Sinovac Biotech and Rongchang Biopharmaceuticals.

In addition to Kunming Pharmaceutical Group and China Resources Sanjiu, two traditional Chinese medicine stocks, Zhao Bei also increased her holdings of medical device stocks, China Endoscopy, biological products stocks, and chemical pharmaceutical stocks, Yifang Biopharma in the second quarter. After increasing her holdings of Yifang Biopharma in the first quarter, Zhao Bei's ICBC Healthcare continued to increase its holdings of the stock in the second quarter. During the same period, Lu Bin's HSBC Jinxin Core Growth became one of the top ten circulating shareholders of Yifang Biopharma.

In addition to Dong-E E-Jiao, Zhao Bei and Wan Minyuan also reduced their holdings in medical service stock Baicheng Pharmaceutical.

As of the end of the second quarter, Wan Minyuan had reduced his holdings in Baicheng Pharmaceutical for four consecutive quarters and in chemical pharmaceutical stock Jiudian Pharmaceutical for three consecutive quarters.

In the second quarter, Rongtong Health Industry and Rongtong Value Growth, both subsidiaries of Wan Minyuan, became the top ten circulating shareholders of biopharmaceutical stock Jindik; at the same time, Rongtong Health Industry became the top ten circulating shareholders of medical device stock Zhenghai Biological, chemical pharmaceutical stock Haichuang Pharmaceutical, and medical service stock Dian Diagnostics.

This quarter, Rongtong Health Industry increased its holdings of Sinovac Biotech, chemical pharmaceutical stock Sinovac Biotech, and two medical device stocks, Mylan Pharmaceuticals and Sanyou Medical, in the second quarter.

Compared with the end of the first quarter, Rongtong Health Industry under Wan Minyuan and Xingquan Herun under Xie Zhiyu have withdrawn from the top ten circulating shareholders of Purui Pharmaceutical in the second quarter; at the same time, Xu Yan of Dacheng Fund increased his holdings of the chemical pharmaceutical stock in his managed products.

In Wan Minyuan's view, the overall valuation cost-effectiveness and potential space of the sector are attractive. The second quarter report pointed out that Wan Minyuan's stock selection logic focuses on the following points: certain performance growth, clear logical increment, and sufficiently pessimistic pricing.

In the second quarter, Chi Chensen increased his holdings in chemical pharmaceutical stocks Sital and medical device stocks Meiyi Medical, and reduced his holdings in Jiudian Pharmaceutical; at the same time, he became one of the top ten circulating shareholders of medical service stock Wanbang Pharmaceutical and withdrew from the top ten circulating shareholders of traditional Chinese medicine stock Kangyuan Pharmaceutical.

Chi Chensen pointed out in the second quarter report that the overall allocation is currently large in sectors such as specialty APIs, generic drug CROs, innovative drugs, and generic drugs.