The pharmaceutical sector, which had been silent for a long time last week, began to rebound. The bio-index of suborbital vaccine (9800 15) is stronger than the whole drug, and related investment products are issued according to the situation. So today, Bian Xiao is here to sort out the relevant knowledge of the fund for everyone. Let's have a look!
Vaccine plate investment weapon "online"
According to the data, China National Vaccine and Biotechnology Index Sponsor Fund closely tracks the National Vaccine and Biotechnology Index (hereinafter referred to as Vaccine Biotechnology Index), which consists of 50 A-share listed companies whose business involves biotechnology industry, reflecting the overall performance of high-quality listed companies in biotechnology industry in the A-share market, and providing investors with an index investment tool for one-click layout of high-quality companies in biotechnology industry in the A-share market. Compared with several other on-site vaccine ETF products, investors can subscribe for Huaxia Vaccine Index Fund through third-party platforms, banks, brokers, official direct selling platforms of Huaxia Fund and other channels without opening a securities account, making the purchase method more convenient and diversified.
From the perspective of industry distribution, the vaccine biological index comprehensively covers the vaccine and biotechnology track; Its constituent stocks are the "leaders" in biomedical science and technology sectors, including Hengrui Pharma, WuXi PharmaTech, Mindray Medical, Changchun Hi-Tech and zhifei Bio.
It is particularly worth mentioning that the high profitability of the vaccine biotechnology index is very obvious. Wind data shows that from the first quarter of 20021year to the first quarter of 2022, the net interest rate of total assets and the gross profit rate of index sales of index constituent stocks are significantly ahead of the core broad-based index of A shares, with excellent profitability. Taking the first quarter of 2022 as an example, the gross profit margin and ROA of national vaccine and biotechnology index were 53.66% and 3. 13% respectively.
The growth rate is obvious and the valuation is low.
From the long-term performance, the income return of vaccine biotechnology index is obviously better than the main broad-based index and similar medical index on the market. According to statistics, as of July 25th, the cumulative increase of this index since the benchmark date (2002. 12.3 1) was as high as 107 1.87%, and the annualized income was nearly 14%. In terms of valuation, Wind data shows that as of July 25th, the price-earnings ratio (TTM) and price-to-book ratio of the vaccine biotechnology index were 3 1.63 and 5.43 times respectively, which were only at the historical lows of 1.3 1% and 4.99% since listing, respectively, and the investment cost performance and allocation value of the index were very significant.
According to experts in the industry, vaccine refers to heterologous preventive biological products that can induce the host to produce specific active protective immunity against infectious pathogens, toxins or other important antigenic substances. From a global perspective, the whole vaccine market has maintained a steady growth trend. According to Frost, the second-class vaccine accounts for 95.2% of the vaccine sales in China, and it is expected to reach 98.7% in 2030. It can be seen that the domestic vaccine market has broad development space and great potential, and it is also a good opportunity to allocate Huaxia vaccine index fund.
Lu Yayun added that taking HPV vaccine as an example, after the first domestic HPV vaccine was approved in 20 17, the market scale of HPV vaccine expanded rapidly, and it increased to13.5 billion yuan in 2020. It is estimated that the market size of HPV vaccine in China will reach 69 billion yuan by 2030, with a compound annual growth rate of 17.7% from 2020 to 2030. Let's look at the rabies vaccine for human use, which belongs to the vaccine with continuous demand. It is estimated that the market scale will increase from 5.6 billion yuan in 20021year to148 billion yuan in 2030, with a compound annual growth rate of 1 1.4%. Another example is the flu vaccine. In 20021year, the market scale is 10 billion yuan, and it is expected to reach 20 billion yuan in 2030. There are also herpes zoster and pneumococcal vaccines. The market space of these vaccine products will be opened with the continuous improvement of the popularization rate of the second-class vaccine.
Innovation drive and consumption upgrading are its internal logic.
"Vaccines belong to the pharmaceutical industry segmentation track, with high competition threshold and strict product approval. With the aging of the domestic population, the improvement of public health awareness, and the epidemic situation raising residents' awareness of influenza vaccination, the long-term growth of domestic vaccine demand is expected. "Lu Yayun said, but for ordinary investors, the investment threshold for vaccines is very high. On the one hand, the classification of vaccines is complicated, which can be divided into one and two kinds of vaccines, and can also be divided into inactivated or attenuated viruses, bacterial vaccines, genetic engineering vaccines and so on. According to vaccine technology. On the other hand, there are a large number of listed companies, the quality of enterprises is difficult to distinguish, and it is difficult to choose stocks. Therefore, investing through the index may be a more convenient and efficient way.
Investing in vaccine industry is by no means a single product logic of COVID-19 vaccine. COVID-19 vaccine is just one of many vaccines. In recent years, the varieties of domestic vaccines have been continuously enriched, such as domestic 13 pneumonia vaccine vaccine and HPV vaccine, and many innovative vaccines are under development. Innovation drive and consumption upgrade are the core investment logic of the vaccine industry, and the continuous improvement of the second-class vaccine penetration rate is the main driving force for the development of the industry. Safer, more efficient and richer second-class vaccine varieties are the follow-up competition points of vaccine enterprises.
It is reported that the second-class vaccines are vaccines that the public voluntarily vaccinates at their own expense, such as HPV vaccine, rabies vaccine, influenza vaccine and pneumococcal vaccine. These vaccines and future innovative products are key competition points among vaccine companies. Because with the continuous enrichment of vaccine varieties and the continuous improvement of accessibility, as well as the general improvement of public health awareness in China, including the catalysis brought by this epidemic, people's demand for vaccination is increasing, and everyone's willingness to pay and ability to pay are also improving with the improvement of income level and the development of new vaccines. This is a logic of innovation drive+consumption upgrade in vaccine industry.
In Lu Yayun's view, in the tide of innovation in the domestic vaccine industry, two types of enterprises are expected to stand out. The first category is BigPharma, a large pharmaceutical company. This leading vaccine company has no obvious shortcomings, and the overall strength of the industry is strong. It is expected that with the systematic advantages of R&D, production and sales, the strong will remain strong. The cash flow of leading enterprises is more stable, which can support the simultaneous development of multi-channel research and development, and has advantages over small and medium-sized pharmaceutical companies in large-scale production and nationwide sales. The second category is some innovative vaccine companies with strong research and development capabilities and core technology advantages, namely biotechnology/biopharmaceuticals. Such enterprises have obvious long boards in specific fields and can enjoy the first-Mover advantage of exclusive varieties. If we can further open up the commercialization process of production and marketing, it is also expected to achieve overtaking in corners.
Lu Yayun also stressed that the vaccine industry is an industry with very high competition barriers. For example, the R&D cycle of general products on R&D barriers exceeds 10 years, and the requirements for quality control standards in production barriers are very high, which brings great challenges to the development of small and medium-sized pharmaceutical companies. Therefore, the strong sustainability of the vaccine industry is obvious, and of course, it does not rule out the possibility that leading enterprises will lead to business crisis because of their own risk events.
Passive investment in the actual production of Jinniu Fund Company
As a well-deserved "leader" in the domestic Public Offering of Fund index investment field, Huaxia Fund's passive equity product management scale exceeds 308 billion yuan, and it has been the only fund company with the largest equity ETF in the industry for 17 consecutive years; It is also the only fund company in China that has won the award of "Passive Investment in Taurus Fund Company" for six consecutive years. After continuous cultivation, Huaxia Fund has also built a first-class index investment and research team in the industry, which is composed of more than 20 professional investment managers and full-time researchers at home and abroad with many years of rich experience to fully guarantee the operation of the company's index products.
In terms of product layout, Huaxia Fund has always been guided by investors' needs and market hotspots, and has continuously introduced products that can help investors grasp various investment opportunities. The issuance of China National Vaccine and Biotechnology Index Sponsoring Fund (Class A: 0 16355, Class C: 0 16356) once again provides an indexation tool product with clear objectives, transparent operation and low cost for investors who want to seize the investment opportunities of biotechnology industry development in China.