Baoying Medical and Health Hao Miao: professional focus on rational and prudent medicine sector still breeds many investment opportunities

2020/01/03 13:34:28 Source: China Securities Journal, China Securities Journal 2020/01/03 13:34:28

According to data from China Securities Journal Galaxy Securities Fund Research Center, Baoying Medical Health Shanghai-Hong Kong-Shenzhen Fund managed by Hao Miao has a net growth rate of 72.81% in 2019, ranking third in the stock funds of the medical and healthcare industry.

Accepted on January 3 An institution When interviewed by reporters, when talking about investment philosophy, Hao Miao said frankly: "My investment philosophy is to choose good companies to buy and hold at a reasonable valuation." The key words are: professional, focused, rational, and prudent.

According to the data, Hao Miao graduated from Nanjing University with a bachelor's degree from the Shanghai Institutes for Biological Sciences of the Chinese Academy of Sciences. She studied biochemistry and molecular biology. She visited the University of Alabama School of Medicine in the United States Scholar, engaged in scientific research in the field of biomedicine. The background in biomedical science and studying abroad has helped Hao Miao to better understand international research and development trends such as innovative medicines. Years of scientific research training have made him develop a rigorous and prudent work habit in investment research.

Looking back on the operations of Baoying Medical Health Shanghai, Hong Kong and Shenzhen since 2019, Hao Miao pointed out that at the beginning of the year, the valuation of the pharmaceutical sector was at a relatively low historical level, and value investors could easily select pharmaceutical companies with excellent texture and reasonable valuation. Therefore, he judged that it was a good buying point for the long-term layout of pharmaceutical stocks.

When it comes to risk control, Hao Miao believes that the biggest risk when investing is to buy a company with insufficient quality or to buy an excellent company at an excessively high valuation. The former can be avoided as much as possible through in-depth research, while the latter Investors need a good attitude and self-control.

In the current pharmaceutical investment market, it seems that many star pharmaceutical companies are generally more expensive. In this regard, Hao Miao analysis pointed out that this year's pharmaceutical sector is clearly differentiated, and head companies generally enjoy valuation premiums. There are market factors such as macro and industrial backgrounds, and investors' funding preferences.

In Miao Hao's opinion, the pharmaceutical industry is at a turning point in transformation and transformation, and various resources are further concentrated in head enterprises. Traditional, single-product, marketing-driven companies are being abandoned by the market. Strategically leading, product-rich, and R & D-driven companies are sought after by the market. This is in line with the general background of industry transformation and upgrading. This change is long-term, irreversible, and investment. People must have a clear understanding of this and focus their investment research on companies that are in line with industry trends.

At the same time, the magnifying effect of the capital market has made many investors' preferences more consistent, and their holdings are too concentrated. When they encounter industrial policy disturbances or market adjustments, they will cause large fluctuations in related stocks. The recent adjustments in the pharmaceutical sector have proven this. . Therefore, investors should try not to be disturbed by short-term market sentiment, avoid buying at overvalued prices, and wait patiently for suitable buying points for high-quality companies.

Speaking of the promising fine-molecule industry in the pharmaceutical sector in the market, Hao Miao said that the long-term driving force for the development of the pharmaceutical industry has not changed, and the sector still breeds many investment opportunities. "We have long been optimistic about medical services, innovative drugs and their industrial chains, high-quality medical devices, and sub-sectors that have benefited from consumption upgrades."

Is it a good time for ordinary investors to buy a pharmaceutical theme fund? In this regard, Hao Miao said that whether it is a good time depends on the "holding cycle". If you hold it for a long time, you can still buy it. If the holding period is short, there may be the risk of short-term fluctuations. "Because of the sharp rise since 2019, the valuation of high-quality companies is generally higher, and in the short term, stock selection has become more difficult, and the volatility of related stocks has also increased. But in the long term, the growth of high-quality companies can be gradually digested. High valuation. "Hao Miao believes.

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