Today's volume reached 14023 billion, market turnover continues to remain above the trillion; northbound funds net inflow of 6 billion, 11 consecutive days of net inflow; ETF market back to the differentiation of the market, the pharmaceutical consumer sector fell, the chemical industry new energy sector rose, the wind vane securities ETF soared 2.39%, the market continues to differentiate the market, the value of the plate of the underestimation of the value of the market can be low buy.
Today's operation
Today's positions in ETFs other than medical ETFs, all rose, the Hang Seng ETF triggered the grid, the position was reduced to 5 layers of positions.
Grid Operation
Hang Seng ETF accumulated more than 2%, triggered 1 grid, sold 800 shares
Grid base price updated to 1.381, grid spacing unchanged (-2% buy, 2% sell)
Convertible Bonds Purchase
Today, there is no convertible bonds purchase.
Three, investment methodology
1, the medical sector short-term decline in the analysis of the reasons
(a) collection expansion is the main reason for the industry's short-term weakness.
In 2019, the senior management for the first time put forward the argument of "consumables" collection and procurement.
November 5, 2020, the state for the first time organized by the high-value medical supplies - cardiac stent procurement results in Tianjin bid opening. There were 10 winning products, and the price of stents fell from an average price of about 13,000 yuan to about 700 yuan, a drop of more than 90 percent.
On August 23, the official website of the Joint Purchasing Platform for Medical Consumables of State Organizations released the announcement of the centralized banded procurement of artificial joints of state organizations as well as the supporting documents, and the artificial joint products will be launched on September 14 in Tianjin for the centralized banded procurement of the state.
Looking back at the August 14, 2020 completion of the Anhui Province orthopedic joint volume purchasing, the average product reduction of 81.97%. Shandong Province in 2020 artificial hip joint collective purchasing average price reduction of 86.26%. And in the industry as the national procurement "reference group" of 12 provinces in the procurement of consumables, the average rate of reduction is even greater.
(ii) the epidemic beneficiary stocks facing performance "high base" problem.
Last year's test reagent plate affected by the epidemic base is high, gold medical, $ Inco Medical (SZ300677)$ and other companies even if this year's performance year-on-year continuation of substantial positive growth, but the stock price is still low, Inco Medical's valuation and even came to the heartbreaking "single digit". Mainly because of the special circumstances of last year's epidemic, resulting in a higher performance base, the follow-up institutions generally believe that not be able to maintain last year's growth rate for a long time, so the current valuation seems to be very low.
(C) medical advertising has become the focus of short-term remediation.
"Medical beauty advertising law enforcement guidelines (draft)" clearly pointed out that: to rectify all kinds of medical beauty ads according to the law, focusing on the fight against 10 kinds of situations, in the first place: the creation of "cosmetic anxiety".
The medical class is relatively representative of the CSI medical index (399989), for example, love beauty, Huaxi biological are transferred to the constituent stocks.
Short-term stock prices are under pressure due to the impact of the policy.