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recently, with the strong rise of many pharmaceutical stocks, the differentiation of pharmaceutical stocks has become increasingly obvious. the rebound trend of the leading pharmaceutical stocks that fund managers have heavy holdings is not obvious, and small and medium-sized pharmaceutical stocks have attracted the attention of funds.

on the last trading day before the mid-autumn festival, hainan haiyao set a record of six consecutive gains. yangpu medical's cumulative increase since september has reached 72%. the hong kong stock pharmaceutical sector also rebounded simultaneously, with china medical group rising nearly 10%.

while some small and medium-sized pharmaceutical stocks have attracted attention from funds and their share prices have rebounded, the csi pharmaceutical index and the hang seng healthcare index have continued to hit new lows. the net value of many pharmaceutical funds has been halved. whether the strong rebound of individual stocks means that the industry will usher in a turnaround and when the pharmaceutical sector will recover have become the focus of market attention.

the concept is restless, and some pharmaceutical stocks are strongly pulled up

on september 13, hainan haiyao's stock price continued to rise, setting a record of 6 consecutive daily limits, with a stock price of 5.43 yuan and a total market value of 7 billion yuan. however, the concept speculation of the stock is obviously stronger than the recovery of the fundamentals of the individual stock, and the performance in the first half of the year was a big loss. the 2024 semi-annual report showed that the company's revenue was 593 million yuan, a year-on-year decrease of 38.16%, and the net profit attributable to the parent was -200 million yuan, a year-on-year decrease of 2198.34%.

from the news, the ministry of commerce recently issued a notice to allow the establishment of wholly foreign-owned hospitals in beijing, tianjin, shanghai, nanjing, suzhou, fuzhou, guangzhou, shenzhen and the entire island of hainan, and to allow foreign-invested enterprises to engage in the development and application of human stem cell, gene diagnosis and treatment technologies in free trade pilot zones and free trade ports. subsequently, funds began to look for speculation targets among private hospitals and cell immunity concept stocks.

after the stock price hit the daily limit for consecutive days, hainan haiyao responded urgently that its shareholding company hainan unicol biotechnology co., ltd. is mainly engaged in human somatic cell preparation, storage, application technology research and drug development, but its main business now is cell preparation and storage. it has been in the stage of r&d investment and market development and has not yet made a profit.

china securities journal reporters noticed that only two funds hold a small amount of hainan haiyao, and few pharmaceutical funds hold the stock. among them, cicc csi 1000a managed by wang peng has the largest holdings, with 62,800 new shares in the second quarter.

anxin quantitative select csi 300 enhanced index a managed by shi rongsheng newly added 8,500 shares of hainan haiyao. this product is an index-enhanced fund that adheres to broad-based stock selection. from the perspective of holdings, blue-chip stocks such as kweichow moutai, ping an of china, and midea group account for the main positions. shi rongsheng believes that in the second half of the year, industries such as technology, new energy, and high-end manufacturing may lead the market, and consumption, medicine and other fields may usher in a rebound.

another strong performer in the market on september 13 was yangpu medical, which rebounded sharply after opening 10% lower and closed at 5.24%, with a daily fluctuation of 27%. looking at the long-term trading days, yangpu medical has rebounded sharply recently, with three daily limits in the previous four trading days, and the cumulative increase since september has reached 72%.

it is worth mentioning that in the second quarter, 16 products from eight fund companies including nuoan and western fund management unanimously bought yangpu medical, and foreign capital goldman sachs group and merrill lynch international limited appeared among the company's top ten circulating shareholders.

the differentiation is obvious, and the medical index fell to a new low

judging from the performance of listed companies, the growth rate of the pharmaceutical sector in the first half of the year was slow overall. as of september 13, the csi pharmaceutical index (000933) fell to 6701.48 points, the lowest since 2015. the hang seng healthcare index (hshci.hi) also fell to its lowest level since 2012.

with the index weak and individual stocks oversold, adverse factors in the market are likely to amplify the anxiety of pharmaceutical investors. taking the wuxi stock, which has attracted the most attention recently, as an example, the share price of wuxi apptec's a shares has fallen for three consecutive years, from its highest point to around 39.8 yuan per share today. affected by the us biosafety act, the share price fell again, and on september 10, wuxi apptec strongly launched a repurchase plan. after completing the repurchase of rmb 2 billion of a shares on february 5 and may 22 this year, wuxi apptec plans to spend another rmb 1 billion to launch the third repurchase action.

however, wuxi apptec, whose stock price is at the bottom range, has also received new holdings from multiple fund managers. the 2024 interim report shows that 106 fund companies hold positions in wuxi apptec, and many fund managers increased their positions in the second quarter. among them, e fund's 26 funds have a combined holding of 74.4265 million shares, china europe fund's 5 funds have a combined holding of 70.9420 million shares, and hua xia fund's 22 products have a combined holding of 56.5035 million shares.

as the share prices of the pharmaceutical sector continue to fall, funds with heavy holdings in pharmaceutical stocks such as wuxi apptec have also performed poorly. the decline of many pharmaceutical funds in the past three years has reached more than 50%.

sector valuations are at historical lows. what do fund managers think?

although the pharmaceutical sector continues to decline, china securities journal reporters found through the semi-annual fund reports that most pharmaceutical fund managers are optimistic about the pharmaceutical market in the second half of the year. wang zeshi of huaxia fund believes that with the recovery of diagnosis and treatment, the release of new products, and the low base caused by the concentrated rectification of medical corruption in the second half of last year, the performance growth of the pharmaceutical industry in the second half of the year is expected to accelerate compared with the first half of the year. in terms of policy, the support policies for the innovative drug industry in various places have been implemented one after another, and the updating of medical equipment has been gradually promoted, which will have a positive impact on the industry. in the medium and long term, the diagnosis and treatment needs brought about by aging and the industrial upgrading driven by technological innovation will bring stable growth to the pharmaceutical industry.

yu haiyan, manager of e fund management, which holds a large position in wuxi apptec, also believes that from the perspective of the industry's long-term growth logic, there are still many unmet clinical needs in the pharmaceutical industry against the backdrop of an aging population and changes in the spectrum of residents' diseases. the pharmaceutical sector is currently in the process of gradually building a bottom. from the perspective of the sector's market conditions, the pharmaceutical sector index has fallen for four consecutive years, and the adjustment has been relatively sufficient, and the sector's valuation is already at a historical low.

yu haiyan also admitted that due to the impact of factors such as the increased efforts to control medical insurance costs, increased investment in new drug research and development, the decline in revenue from epidemic-related products, and "anti-corruption in the pharmaceutical industry", the pharmaceutical sector is facing certain growth pressure on both revenue and profit. during the reporting period, investors' expectations for the overall performance of the pharmaceutical sector are still relatively pessimistic, and the overall performance of the pharmaceutical industry is weak. at the same time, due to the continued impact of the us "biosafety act" incident, the medical services and biological products sectors related to the innovative drug industry chain have fallen sharply.

regarding the recovery of the pharmaceutical sector, zheng lei of china universal asset management believes that the guidance of innovative drugs is gradually becoming clearer, more specific, and more in line with internationalization. several blockbuster domestic new drugs are making breakthroughs overseas. as long as enough time is given, the overseas space for chinese innovative drugs is worth looking forward to. as for other sectors within the pharmaceutical sector, medical devices are still optimistic, and high-end manufacturing is still an important engine for the industry's future growth. based on domestic policies and technologies, the pharmaceutical manufacturing industry has risen comprehensively, and is optimistic about the import substitution industry, among which medical devices are still a relatively important track, and are optimistic about industrial investment opportunities driven by fiscal policies.