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快3今天推荐豹子号码:Wang Yawei and other star private equity holdings "big exchange" emerging industry leader into the layout of the key

时间:2018/4/13 17:57:23  作者:  来源:  浏览:0  评论:0
内容摘要:Star Private Equity Transfer Path Exposure: Wang Yawei She Dalian Thermal Power Zhao Jun Jin Li MengWith the intensive disclosure of listed ...

Star Private Equity Transfer Path Exposure: Wang Yawei She Dalian Thermal Power Zhao Jun Jin Li Meng

With the intensive disclosure of listed companies in the 2017 annual report, private placement in the fourth quarter of 2017 has gradually emerged. According to the data, as of April 2, among the 1,794 listed companies that have disclosed the 2017 annual report, private equity funds have appeared among the top ten circulating shareholders of 393 listed companies. And 79 stocks were new private equity stocks in the fourth quarter of last year, including the names of thousands of joint ventures, Chongyang Investment, and freshwater springs.

From the fourth quarter of last year, the layout of the private placement and research this year, the emerging industry's leading shares become the focus of private equity. According to industry sources, the market for growth stocks in the future is still worth watching. Consumer stocks are still the main line throughout the year. The allocation value of technology stocks is increasing. With the macroeconomic fluctuations, cyclical stocks are mainly staged.

In addition, insiders said that although some short-term results of private equity may be unsatisfactory under the influence of the market, short-term performance and ranking are not important, and it is important to be able to “live” and live long in the market, and from At present, the status quo of China's private equity development, it is clear that value-based private equity has a longer life and a more healthy state of survival.

7_89456_13_65_473_9 Star Private Equity's “Big Change” in the 4th Quarter

According to statistics, as of April 2, among the 1794 listed companies that had disclosed the 2017 annual report, 393 of the top ten circulating shareholders had private equity funds. Of which 79 new stocks were entered, excluding 987 stocks. Judging from the SW industry level, chemicals, pharmaceutical biology, electronics, light industrial manufacturing, machinery and equipment, real estate and computers are the seven areas in which the private equity industry holds the most concentration.

As of April 2, in BYD , Hainan Airlines Holdings and SAIC 3 stocks, the market value of the largest private equity positions, respectively, up 8.24 billion yuan, 7.22 billion yuan and 4.64 billion yuan. And Mulinsen private equity holdings up to 43.01%, ranking first. Specifically, Mulinsen obtained 7 sunlight private equity positions in the fourth quarter, with 561 million new positions. At the end of 2017, the total private equity positions reached 69.91 million shares. Followed by , Rebecca Ann Holdings and Holley shares , private equity holdings accounted for the total proportion of outstanding shares was 19.28%, 17.37% and 16.08%, respectively. In respect of holdings, private equity increased Antong Holdings, An Nell and Sansheng Company 3 only the highest proportion of individual stocks, compared with the third quarter of last year, private equity increased by 7.0886 million shares, 2.799 million shares and 15.118 million shares respectively. The proportion of outstanding shares was 14.73%, 11.2%, and 10.5%, respectively.

The distribution of new shares in the industry, pharmaceutical biotechnology stocks are the most sought after, followed by Utilities , Food and Beverages , Light Industry Manufacturing, Automotive, Machinery and Equipment, Transportation and other industries. For the new shares, Yongle Xincai and Hangyangxu is definitely the "darling" of private equity. Both stocks have acquired 4 private equity products in the fourth quarter. In addition, the United States shares , Dai Australian foreign VSC , in Electronic , Buddha shares 4 fuel stocks in the fourth quarter to get three private equity products entered.

Among them, the conversion of shares of star private placements has always been a hot spot in the market. Judging from the disclosed annual report data, Wang Yawei’s position in the fourth quarter of last year can be described as a “big shake-up”. At the end of 2017, Yawei's private equity products have disappeared from the "old love" list of the top ten shareholders of circulation before Dalian Thermal while also Topway , with scientific and technological were underweight, Beijing urban and rural areas of 7_89456_110_65_473_9, Foster holds unchanged; in addition, Golden Seed Wine 300 million shares, accounting for 0.54%, ranks the ninth largest shareholder of tradable shares.

Specifically, the sources of Dalian Thermal Power and Wang Yawei can be traced back to 2016. The Qianjin Securities Investment Group, which is part of the 1000-joint venture capital, has become the ninth largest shareholder of Dalian Thermal Power and has held 1.3 million shares. In the first quarter and the third quarter of 2017, the 1,000-for-joint venture capital also continued to increase its holdings of Dalian Thermal Power, holding a total of 2,781,400 shares. However, in the Dalian Thermal Power's 2017 annual report, it has been difficult to enter into a thousand-year joint venture.

Tianwei Video also used to be Wang Yawei's "good heart." In the third quarter of 2017, among the top ten circulating shareholders of Tianwei Video, the 1,000-joint joint venture's products accounted for 5 places. According to the latest 2017 annual report, three products, No. 3, No. 5 and No. 1 Zhiquanhe, have disappeared from Tianwei Video's list of top ten circulating shareholders, including No. 3 Securities Investment Trust. Cleared one million shares of Tianwei video held by it. The Securities Investment Trust, which continued to hold the stock, and Chang'e 4 also reduced the shareholding of Tianwei Video, with the latest holdings of 1 million shares and 0.9693 million shares respectively.

It is worth noting that the reduced performance of Dalian Thermal Power, Tianwei Video, and Tongyou Technology all declined in 2017, with net profit falling by 75.31%, 22.22%, and 60.53% year-on-year respectively. However, Wang Yawei’s newly-introduced Jinseed wine also had poor performance in 2017. The company’s 2017 net profit was RMB 8.19 million, which was a decrease of 51.88% compared to the previous year. This is also the first decline in the performance of listed companies in the liquor industry that has disclosed the 2017 annual report. Transcripts. In addition, Qiu country roots's Double Ninth investment in the fourth quarter of last year continue to hold Jahwa and Tasly , New SDIC Electric Power and UniStrong two stocks were ranked the listed company's seventh-largest and fifth largest circulation Shareholders. According to the analysis, SDIC Power and Hezhong Si Zhuang are the leading players in the sub-sector industry. Unisys Smart achieved a net profit of 252 million yuan in 2017, an increase of 161.33% year-on-year. In the fourth quarter of last year, Dunhe Assets also became the top ten tradable shareholders of Guangji Pharmaceutical and Jinyu Industry . In addition, freshwater springs holdings Huahai , Sinomatech holdings unchanged, New dream lily ; Gao Yi New assets Dongjiang Environmental and should pass a century ; the benefits of investing Xinjin Sunlord Electronics .

From the perspective of the secondary market trend, as of the close of April 3rd, this year's Shanghai index of has fallen by 5.16%. By contrast, the performance of well-known private equity new or open stocks outperforms the broader market. For instance, the shareholding price of the same shares in the same period of the thousand shares was Flowserve . In the same period, the cumulative increase in the share price was 10.18%, and the share price of the same technology in the same period rose by 21.14%. The Shanghai Jahwa and Tasly forces that continued to hold by Chongyang Investment rose 5.44% and 24.82% respectively over the same period.

“Private equity is an institutional investor. Its adjustment of stock positions has a certain reference value for ordinary investors. Looking back, whether it is from the first-quarter market performance of private equity in the fourth quarter of last year, or the style of stockholding, In the fourth quarter of last year, the jiacang operations of private equity institutions should be considered relatively successful.” Wang Lei, the founder of compound interest capital, told the “Red Week” reporter.

According to his analysis, the first private equity investment in the last four new stocks last year, pharmaceutical bio-plate stocks up. The actual pharmaceutical bio-sector was one of the best-selling sectors in the first quarter, with a year-to-date cumulative increase of more than 7%, and the sector's index has reached a new high since 2015; Food and beverage, utilities, transportation and other industries are all defensive and defensive industries. That is to say, private equity investment style at the end of last year is biased toward defensive. From the market index, its year-to-date decline is more than 5%. The declining trend of the defensive style can often achieve better results.

Emerging Industry Leading Private Placement Layout and Research Focus

This year, with the collective adjustment of blue chips, the policy of superimposing the new economy and unicorn enterprises is returning with warm winds, and emerging industry leading companies in the fields of science and technology and the Internet are at the forefront. In a fierce policy dividend period. According to the data, as of April 3, among the 1538 stocks that have conducted institutional surveys this year, 1148 were small and medium-sized stocks, accounting for 75% of the total. From the perspective of the survey industry, computers, communications, special equipment for , and chemicals and pharmaceuticals are the industries for which institutional investors focus their research.

It is worth noting that the emerging industry leader is the focus of private equity research and distribution. The two companies with the highest level of enthusiasm for institutional research since this year, Huadong Medicine and Hikvision are the industry leaders in their respective segments. According to the annual report data, Huadong Medicine announced that it had achieved a net profit of RMB 1.78 billion attributable to its parent company in 2017, a year-on-year increase of 23.01%; and Hikvision's net profit of RMB 9.4 billion in 2017, a year-on-year increase of 26.60%. In addition, Venus , SKTB , and the Thai and other emerging industry leaders this year have also been sought after freshwater spring, Suzaku investment, and poly investment, yet elegant investment of ten billion private placement. And Lixun Precision has successively obtained the on-the-spot research on Yong'an Guofu's, Yuanle's assets and Chongyang Investment's Big Three.

In fact, from the listed company's 2017 annual report, it also revealed that the well-known private equity had already laid out the leading stocks in emerging industries as early as the fourth quarter of last year. For example, in the fourth quarter of last year, Yongle New Materials, the leading diamond tool, won the No.1, No.2 and No.5 securities investment funds of Shangtai, and 4 private equity products of No.1 Securities Investment Fund of Shippu entered the company, holding a total of 12.41 million. Shares, accounting for the proportion of circulating A shares was 6.02%. According to the annual report data, the net profit of Yongle New Materials in 2017 was 111 million yuan, a year-on-year increase of 183.33%.

Huizheng invests 801.6 million new shares of Sunlord Electronics, which is the leading domestic inductor industry. The company's performance has continued to grow steadily. Since the first quarter of 2017, the performance of each reporting period has increased by 53.63%, 59.18%, 74.3% and 76.07%, respectively. And the new investment in the fourth quarter of last year, the new Jiaxun Feihong is the leading intelligent commander, as of the end of the fourth quarter, and poly investment held Jiaxun Feihong 7,088,800 shares, accounting for 1.19%.

In response, Liu Shi, an investment partner and chief strategist at Xing Shi, said in an interview with the “Red Week” reporter: “The consumer stocks are still the main line throughout the year, and the allocation value of technology stocks increases. The cyclical stocks are accompanied by macro-shock fluctuations. Mainly based on sex market.”

Specifically, Liu Ke further analyzed that in terms of consumer stocks, he is optimistic about innovative companies with technological and management advantages. For example, the pharmaceutical biotechnology industry is focusing on generic drugs that benefit from consistency assessment and have technology. The advantage of the old innovative drugs. The commerce and retail industry focuses on companies with business model innovation and close integration with new retail. In terms of technology stocks, we are mainly optimistic about OLED, Internet finance and other sectors. OLED mainly benefited from the recovery of downstream demand driven by consumption upgrades, and the increase in industry concentration caused by the increase in raw material prices. Internet finance mainly benefits from the increase in demand brought by the flow of dividends and information advantages, and the increase in market concentration caused by the gradual improvement of Internet financial supervision. In terms of cyclical stocks, it is mainly optimistic about non-ferrous metals , aviation and other sectors. Non-ferrous metals mainly benefit from the rebound in global demand, and some commodity prices have a certain price increase; aviation mainly benefits from the upgrading of consumption and the mixed ownership reform of state-owned enterprises in the civil aviation sector.

Chen Xinze, CFO of Chongyang Investment, told reporters that the rebound of small and medium-sized companies after the Spring Festival has its own internal reasons for self-repair, as well as external guidance on policies. However, the possibility of completely switching styles and switching to a unilateral bull market is still very high. Small, the market is more likely to interpret a value discovery process. For the return of unicorn enterprises, Chen Xin believes that the pros and cons are obvious. Investors need to be cautious when treating unicorn related companies. "The things that are too hot are still cautious. We will definitely pay attention to researching the concept of unicorns, but if we are involved, we need to look at them more." Chen Xin said frankly.

Value-based Private Equity "live" for a longer time

"In the capital market, success in a short period of time is highly contingent, but if success is achieved for ten or several decades in a row, that is inevitable." Wang Lei analysis.

Affected by the drastic changes in the secondary market this year, many stock-based private placements have a negative start. As of April 3, the data showed that out of 6209 stocks of strategic private equity products, only 2,368 private equity products have made positive gains this year, which also means that more than 60% of private equity products this year's performance "not up to standard," including There is no lack of some well-known well-known private equity performance also encountered "Waterloo."

Taking the example of new private equity in the fourth quarter of last year as an example, the "Red Weekly" reporter has roughly calculated that, as of April 2, among 79 private equity newcomers, 53 stocks have achieved negative returns this year, of which Dexin , Gem Industries , Hals , Iraqi special forces etc. recorded a decrease of more than 20%, , Rising colored three-dimensional works , Meiling , dream lily, del future , gold Seed wine fell Both are above 15%.

Perhaps influenced by individual stocks, many private equity products have also experienced negative growth this year. For example, Wang Yawei’s “One Thousand Bauhinia No. 1 Collective Fund Trust Plan” has accumulated revenue of -5.31% as of March 15, and “Yunbao III” as of March 9th, with cumulative income of -0.57%. Qingshuiyuan Investment representative product "Qingshuiyuan No. 1" As of March 23, the cumulative return was -14.44%. Jinglin Asset's "Jinglin Harvest Securities Investment Settlement Fund Trust Plan" has accumulated revenue of -3.82% as of February 28. The unsatisfactory performance is also in the 2017 equity strategy private equity champion product "Tiancheng Haohao". As of March 30, the cumulative return was -7.64%.

However, short-term product performance does not reflect private equity. For example, the aforementioned "Jinglin Harvest" has accumulated 534.49% of revenue since its inception in 2007, representing an annualized rate of 18.44%. In the same period, the return of Hushen 300 was only 44.64%. “Ziquan Zijing No. 1” has accumulated revenue of 48.23% since its establishment in 2015, and annualized 14.45%. In addition, some private equity products have already stabilized and rebounded. For example, "Yunbao III" has increased its net value as of March 9 by nearly 4% over February 9.

According to Wang Lei, in foreign countries, assessments are usually conducted with a period of 5 to 10 years instead of one or several months. “For example, one year suddenly ran into a successful “dark horse” that was reorganized, and that private-equity product’s performance would be expected to double in the year. However, this was an accidental event. In the second and third years, if there was no such betting, then the product performance It will be dimmed." Wang Lei went on to analyze, "Although trend investment, value analysis and other investment methods can make a good return within a short period of time, but in terms of lengthening the cycle, these operating strategies make the product more volatile, good time to earn In the long period, only private investors of long-term value investors can survive in the market for a long period of time. Buffett is a very good example.”

Shi Bo Investment Chairman Shi Bo This year’s public event also shares his views on value investing. “I bought Sanan Optoelectronics in 2009. It has sold 10 times in 3 years and sold it, but it was found to have risen 163 times. So long-term investment depends on the long-term, not to be misled by short-term speculation and market views. It's more about the long-term profitability and the short-term profitability than the determination and the perspective. In the short-term, each time is gambling; in the long run, these companies will give you high returns.”

He said that the past was based on PE. Value, because China's stock valuations are high. Selecting stocks now depends on the ROE (net return on assets) of the company. Really good company ROE is very high. ROE determines the long-term value of the business, past high Moutai A shares rose , Gree , Yili , they actually average annual growth rate of 20% also, but in the end the stock will rise more than 100 times, The reason is that the ROE level is very high. (Securities Market Red Weekly)

Selling Drugs to Continue Selling Drugs The March Private Equity Transferring Roadmap has emerged

Data from China Resources Trust reveals private equity funds' move to convert shares in March. The industries where the increase in positions in March was pharmaceutical biology, while the food and beverage industry was again reduced by blue-chip private equity. According to industry insiders, under the circumstances that the market has been oscillating sharply this year, the defense properties of the medical sector have become prominent, and will usher in long-term investment opportunities under the policy catalysis. As far as the A-share market is concerned, there are no systematic opportunities and risks this year, and investment opportunities are still structural.

Pharma Bio Bios

According to China Resources Trust's statistics, at the end of March, the industry with the highest average position of all its investigators was pharmaceutical biology (21.7%), and the average increase in the overall position of the investigators was in the pharmaceutical industry (up 2.8 Percentage point), the top 25% of the cumulative gains in the first 6 months (referred to as "top25%") increase in the average position of the larger industry is also a medical organism (up 8.7 percentage points). It is worth noting that the pharmaceutical bio-sector has been the industry with the heaviest investment positions for six consecutive months.

Shu Qiquan, general manager of Shanghai Qianbo Assets, believes that the pharmaceutical sector has recently been favored by funds for two main reasons. First of all, except for the larger stock price of pharmaceutical companies, the growth rate of other pharmaceutical companies was relatively good last year, but other gains of the company's stocks were smaller, but the income of the related companies grew rapidly. There are many companies with a return on equity of more than 20%, considering the combination of price-earnings ratio and profit. For the indicator, the overall level of its share price did not fully reflect the industry growth rate. At the same time, the recent “pretty 50”, especially consumer stocks, performed at a mediocre level, resulting in funds entering the hedging sector, which is the standard for risk aversion. Currently, the biomedical sector has only just begun.

Liu Ke pointed out that the new round of pharmaceutical reform started in 2016. From the perspective of the pharmaceutical industry, the main line is to encourage innovation. In the context of the reform of the approval review system for innovative drugs and high-end generic drugs, the plate Usher in long-term investment opportunities.

Divergence among the shocks

Unlike the previous situation of “drinking and drinking drugs” in the shock, although the top 25% of the average buyers in March were food and beverage (15.9%), the average position decreased. Major industries are also food and beverages (down 8.2%), reducing for the second consecutive month. Since September 2017, blue-chip private equity has increased its holdings.

Insiders pointed out that the valuation of food and beverage sector is high, and last year attracted a lot of funds, value and price can not exactly match, is still in the adjustment stage, there will not be much investment opportunities in the short term.

Not only food and beverages have been reduced, but also the well-received real estate sector has fallen from the altar. According to China Resources Trust's data, the average position of all its investment seekers at the end of March was lower in real estate (down 2.6 percentage points).

However, there are differences in the follow-up investment opportunities for the real estate sector. Shu Qiquan pointed out that in January this year, the real estate sector rose a lot, but with a series of recent strict control policies on real estate, especially in the regulation of interest rate more stringent, short-term may be relatively low. However, taking into account the relatively low valuation of the real estate sector, and the residents' demand for real estate is still relatively strong, so although there will not be much in the near future, it is not expected to fall sharply.

A Beijing-based private equity personage believes that in the current deleveraging environment, the overall situation of residents will not continue to be leveraged. It is expected that real estate sales will decline in the future, which will drive down the fundamentals. It is expected that the next 1-2 years Related sectors are less likely to have investment opportunities.

Market experience “To remove the false and save the truth”

The pharmaceutical biotechnology, real estate, and food and beverage sectors are currently the areas most concerned by investors. From the agency's point of view of these three sectors, there are both unanimous and disagreement, reflecting the entanglements of most investors in the current market. In fact, the correction of the two cities on April 12 was not surprising. This week, along with the weakening of the consensus on the disk, the effect of making money in the market is not obvious. In the atmosphere of short-term and short-term market, the main fund was moved several times, and it was difficult for all sectors to gather consensus.

China Resources Trust's data shows that at the end of March, the proportion of its overall investment positions in the average stocks was 77.3%, down 4.9 percentage points from the end of last month; the top 25% average stock positions were 88.6%, down 3.6 percentage points from the end of last month.

From the perspective of market value distribution, at the end of March, the average allocation ratio of all the large-cap stocks to the large-cap stocks was the highest (45.7%), up by 0.4 percentage points from the end of the previous month; the average allocation ratio of small-cap stocks was the lowest (18.7%), up 2.7 from the end of the previous month. Percentage points; the average allocation ratio of Chinese middle-cap stocks was 33.3%, a decrease of 3.4 percentage points from the end of the previous month. The top 25% of speculators have the highest average allocation ratio of large-cap stocks (43.7%), down 13.7 percentage points from the end of last month; the average allocation ratio of small-cap stocks is the lowest (23.6%), up 14.6 percentage points from the end of last month; the average of Chinese stocks The allocation ratio was 32.2%, a decrease of 0.5 percentage points from the end of the previous month.

Looking ahead, Chongyang Investment believes that there will be no systematic opportunities and risks in the A-share market in 2018, and investment opportunities will remain structural. The general direction of “selecting and buying” will not change, but the market will transition from “first differentiation” to “secondary differentiation”, and the main theme will also switch from “return of value” to “value discovery”.

Specifically, the 2017 market characteristics are mainly represented by the strong differentiation of stock prices and valuation trends of large companies and small and medium-sized companies. At the current point in time, the overall value of large-scale blue chip companies will return to half of their overall value. Then the market will be further divided on the basis of 2017 differentiation, that is, “secondary differentiation”: On the one hand, some of the 10% of the leading stocks have exceeded their performance. The expected target will continue to bring excess returns for investors; on the other hand, 90% of the stocks lagging behind in 2017 will also show a new “19” split. What needs to be emphasized is that after the 2017 valuation restoration, the market has formed higher expectations for the blue chip stocks as a whole, and it is difficult to obtain excess returns in the future only because of the expectation. Investors must go one step further and look for companies that are not yet established but are expected to build in the future.

"We recently increased our overall stock positions, and we have gradually increased our investment in some of our convertible bond products." Renqiao Assets said that April is the intensive disclosure period for annual and quarterly reports of listed companies, and the market is top-down. Style factors may weaken in the short term, and the match between valuations and growth of individual stocks will receive more attention. Both value and growth will experience the process of removing falsehoods. (China Securities Journal)

Private stocks have long been full of stocks of these stocks

On the 12th, the three consecutive days of rising stock index , finally stopped the pace of advancement, suppressed by the 20-day moving average callback. Historically, when the market has fallen into adjustment, there is a high probability that it will play a game of “taking medicine and drinking alcohol.” Today it is a bit similar, except that “the wine did not drink,” but “the medicine is very happy”.

快3今天推荐豹子号码:Wang_Yawei_and_other_star_private_equity_holdings_"big_exchange"_emerging_industry_leader_into_the_layout_of_the_key

industry sector rose two cities ranked

快3今天推荐豹子号码:Wang_Yawei_and_other_star_private_equity_holdings_"big_exchange"_emerging_industry_leader_into_the_layout_of_the_key

concept of plate or two cities ranked

here that the "medicine" is not limited to pharmaceutical stocks, including pharmaceutical-related medical devices, vaccines and so on. Judging from the industry sector today, the medical sector rose by 2.39%, and from the concept sector, it was even more exciting. There were as many as 4 related sectors, and the 1.29% increase in medical equipment was quite eye-catching.

快3今天推荐豹子号码:Wang_Yawei_and_other_star_private_equity_holdings_"big_exchange"_emerging_industry_leader_into_the_layout_of_the_key

medical industry sector index K line chart

from the medical industry sector index, starting from early February with the broader market pulled up, or the period has been close to 33%, today it is six months hit a new intraday high, the market is far Leaving behind!

Speaking of this, you must think that Volcano Jun's "routine" is to give you the opportunity to analyze medical and pharmaceutical stocks, right? wrong! This time, Volcano Jun specially interviewed a big cowman to tell everyone about his investment, and his views on pharmaceutical stocks are also particularly interesting. He is a "private stock god" with the same reputation and controversy - Lin Yuan.

Lin Yuan has recently become a net red private placement. This is because his performance in 2017 is very prominent, such as heavy stocks Maotai and other major consumer stocks, so that he once again "swords"; but also because the so-called "Hidden Lakes" for many years, he has recently appeared frequently in public view. It is worth noting that after 10 years of silence, Linyuan started to issue private placement products again in 2016. In particular, there were more than 22 products in total in 2017. What is behind this story? During the road show, Lin Yuan received an interview with the Volcano.

Moutai hasn't been sold so far. At present, the full stock of pharmaceuticals

For high-end liquor, Lin Yuan believes that the liquor is currently growing at a higher level. Although PE is not high, he has asked the following investigators not to mention liquor. Liquor industry forest parks have been opened since 2006, but now they are not very concerned about the liquor sector. However, from the perspective of the sector, Lin Yuan believes that the current prosperity of the liquor industry is still very high, and the certainty of profitability is also high. For Moutai, in fact, Linyuan started building warehouses in Moutai from 2006. After the end of 2006, it basically did not buy large-scale purchases, but it still holds.

Lin Yuan said that why did not sell Moutai? The main reason was that at the time, the second good industry had not seen the outbreak. The main concern was the monopoly of the liquor industry and the “addictiveness”. Using the Internet, it was called “ Customer stickiness." After 2016, Linyuan discovered the opportunity of the medical sector and believed that the entire industry is about to undergo explosive growth. In particular, the three diseases in the pharmaceutical industry—diabetes, heart disease, and hypertension—are more prominent in these medical fields. The investment will have a 100% chance.

Lin Yuan told the Volcano that for the later investment opportunities, in addition to medicine, there are also some growth stocks, especially investment opportunities for some growth stocks with more decline. If there are more definite opportunities, convertible bonds , exchangeable bonds also have investment opportunities. Lin Yuan said that in fact his investment direction has no special preference, that is, when the company is growing up, it begins to buy and hold, and then has been accompanied by the company's growth. In addition, he said that in the year of 2016, the bank shares, insurance shares were cleared, and now it is a full warehouse to buy medicine shares.

Once again, “coming out of the mountain” only lurking in the next “Maotai”

In the interview, Lin Yuan believes that Sino-US trade disputes have little impact on the stock market because A-shares have not risen as much as US stocks, so there is no significant increase. The basis of the decline. The pharmaceutical index has been adjusted in the past few years. At present, the entire pharmaceutical industry may turn from bears to bulls, and the pharmaceutical industry index is in the bottom area. In the case of taking medicine in the medical sector, even if you can't buy the top stocks, you can buy other pharmaceutical stocks to make money on the train. Currently, there is no bubble in the medical sector because the entire A-share market is still at the bottom.

For 10 years of "coming out of the mountains," Lin Yuan said that it was mainly to see an opportunity for explosive growth of the pharmaceutical industry: "My goal is to invest only in these three diseases in the future. Whether a bull market or a bear market is the future investment Mainline, we are currently issuing funds because we have seen huge investment opportunities in the pharmaceutical industry.” Lin Yuan told the Volcano that after the entire medical sector went to the top, selecting stocks was crucial. When choosing pharmaceutical stocks, we must mainly consider profitability from the financial indicators. From the perspective of the pharmaceutical industry, it is not the end of the bear market that is the beginning of the bull market.

Lin Yuan said that in the past five years, he has done research on 100 domestic top-three hospitals, and the sales of medicines have increased significantly in the past three years. In fact, no matter whether it is an unresolved disease, people have to take medicine. If they can't cure it, they can only eat it every day. This means that we are talking about "addictiveness," similar to the liquor mentioned above.

In addition, when conducting a research on a listed company, Lin Yuan believes that it is first necessary to conduct risk assessments to see whether listed companies are law-abiding and can not be falsified. The moral hazard of business operators is the most important. This is followed by the company’s profit model. There are no unique varieties or models. That is what we call “addictiveness”. For some companies with monopoly can give a certain valuation premium.

Innovation policy The medical sector may have a big market

On the news side, on April 3 this year, the General Office of the State Council issued the “Opinions on Reforming and Perfecting the Supply and Use Policy of Generic Drugs” to promote the research and development of generic drugs and improve Three aspects of the pharmaceutical quality and efficacy, and the improvement of support policies have provided specific working opinions.对此,业界一致性评价资源将加速释放,CRO相关公司将率先受益,此外高质量原料药、辅料和包材相关企业景气度也有望跟随产业链一同上行。截至目前,医药生物已成为社保基金最为青睐的行业,共有23家公司获得社保基金连续三个季度持有。

  对于医药行业的投资机会,瀚信资产基金经理蒋龙也告诉火山君,在资金驱动下,医药行情将由创新、消费升级逐渐扩散,存在估值洼地的细分龙头将显著受益。从基本面上看,医保控费、行业增速向下换档、相对其它行业高企的估值溢价,仍然是压制医药板块的“三座大山”,制约着医药板块的整体行情。但在鼓励创新的政策导向下,以及当前资金从其它板块流入的预期下,医药板块仍将存在一波巨大的结构性行情。

  蒋龙同时表示,从性价比看,当前传统蓝筹的估值已在历史高位,而代表新经济的成长股估值在历史低位,优质成长股在信心修复和性价比上都比传统蓝筹更优;同时,中美贸易争端也给市场带来一定变数,资金在避险情绪下将更倾向于消费、医药,而消费的吸引力在当前时间点无疑不如医药,所以作为有“避险+成长”属性的医药股将是资金较好的去处。

  基于医保控费等行业基本面的考虑,蒋龙认为,医药股的后续行情将出现分化,分化的方向基本体现在以下两个方面:

  一是不受医保控费影响的细分,如创新药和消费升级概念;另一个就是能吸引资金的估值洼地,其代表就是低估值细分龙头。如果是少量的资金流入医药股,大概率仍会继续拉升创新药和消费升级概念,因为这是最确定的行业发展方向;如果资金大量涌入,则这两个方向的估值并不足以支撑,同时还涉及到一个高位接盘的问题,因此低估值的细分龙头或将是更好的去处。 (火山财富)


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