During this period, Ji Min's job experience should not be very good. Just looking at the data, the public offerings above 10 billion scale are basically green, and the top star fund manager is the biggest one.

The limelight of the pharmaceutical industry has been completely blown up. Of the nearly 4,000 public offerings, 19 dropped by more than 20%, most of which were pharmaceuticals.

The first and second decline was in CEIBS Medical, which was managed by Gü len. Other products had the smallest decline, exceeding 12%. In fact, they retreated from the high position by nearly 50%.

It is normal for citizens to be a little emotional.

Some students asked, why doesn't Gulen limit the scale of purchase control? To tell the truth, CSI Medical has now fallen into this situation. At this time, the purchase is restricted, and the people are still not speculating.

The situation in the pharmaceutical industry is somewhat similar to the Internet, mainly due to the influence of policies, rather than the problem of a certain product.

If you are in the US stock market, China and Europe will definitely deploy innovative pharmaceutical companies such as Pfizer and Novartis, so there will be no such bad holding experience.

It's not to wash the land for Lan Jie, but there are really no good companies in the whole pharmaceutical industry. Faced with centralized procurement, many companies have lost the expectation of high growth.

It is no problem to readjust the standards of innovative drugs, and it is also to promote better innovation in the industry.

The previous market itself was ridiculous. A team and a few capitals can easily create an innovative drug company with a market value of tens of billions. Whether in Hong Kong or in A, the valuation is hundreds of times.

The so-called four PD 1, except for Hengrui's wealth, other earning abilities are not as good as burning money. After burning tens of billions in a few years, the profit is still in the foreseeable future.

If these investments can really develop new drugs, the key problem is that many R&D investments can't burn new drugs, but they are all a bunch of generic drugs.

When it goes on the market, you will find that there are already many similar drugs with similar efficacy on the market, which lacks competitive advantage and can only be pressed by the straw cutter.

Centralized procurement is to force pharmaceutical companies to engage in research and development. To earn higher profits, it is necessary to increase investment in research and development and produce new drugs with better efficacy.

Those business models that rely on a few specific drugs and spend billions of marketing expenses to buy drugs every year have ended, and such enterprises will no longer have high valuations.

In the future, only innovative enterprises like Benchmark Pfizer deserve high valuation, and development takes time.

The future investment value of the pharmaceutical industry is certain, which I am sure of, because there is a big market with a population of 654.38+0.4 billion behind it, and there will definitely be super companies.

In addition to the pharmaceutical industry, this wave of market regulation mainly hits Public Offering of Fund's heavyweight stocks, such as Ningde, Wuliangye, Maotai and LU ZHOU LAO JIAO CO.,LTD.

Growth enterprise market index has fallen by 15% since the beginning of the year, erasing last year's increase. The fundamental reason is that Ningde has fallen too much.

Ningde, as the largest heavyweight on the GEM, accounts for 20% of the weight, and it is also the weather vane of the new energy track, which also affects the risk preference of the whole track speculation.

Ningde has plummeted, and the whole track will not be good.

In the next five years, the prosperity of new energy track is still very high. In terms of sales volume, 3.52 million units were sold in 20021year, and the Association predicts that the sales volume will exceed 5 million units this year.

Of course, it is not only the rapid growth, but also the factors that the industry itself can control.

Take semiconductors for example, they are also on the track of rapid growth, with long slopes and thick snow, but they are restricted by overseas from top to bottom.

The market style has been changing, and the only constant is the cost performance.

After two years of rise, almost all the popular tracks have been blown up. This year is the return of valuation and bubble cleaning. Recently, market funds are more inclined to banks, insurance, infrastructure and epidemic recovery industries with low institutional positions.

On the surface, it is the expectation brought by steady growth, but in fact, it is still cost-effective.

If the new energy falls to a reasonable area, a lot of money will also sell infrastructure to buy new energy, but there is no choice at present.