The medical valuation of pension or social security replication has fallen to a relatively low level

[market analysis of chinapharma.com] the pension investment strategy will more duplicate the social security fund, better to be mature than to be a student, blue chip in value or the goal of key pension allocation, and some positions will also be invested in emerging industries with market prospects In the view of the insiders, the defensive pharmaceutical sector is in line with the investment philosophy of social security fund, while the stable performance growth and reasonable valuation of the pharmaceutical sector provide sufficient safety margin for the sector Pension (picture from Baidu picture) medicine: the valuation has fallen to a relatively low level From the perspective of social security fund allocation industry, the medicine sector has always been one of the sectors highly valued by social security In the view of the insiders, the defensive pharmaceutical sector is in line with the investment philosophy of social security fund, while the stable performance growth and reasonable valuation of the pharmaceutical sector provide sufficient safety margin for the sector Basically, the pharmaceutical industry as a whole has maintained a good performance growth despite the influence of policy factors such as medical insurance control fees and the decline in the proportion of required drugs since 2015 In the view of the industry, with the valuation of the pharmaceutical sector becoming more reasonable, it is expected that the industry index will fluctuate upward, focusing on the target with low value, high certainty of performance growth and good sustainability The negative impact of the policy is being eliminated, and the growth rate has stabilized It is suggested to pay attention to the valuation switch brought by the steady growth of the pharmaceutical industry In terms of performance, the companies in the pharmaceutical sector that have disclosed the 2016 performance forecast and express continued the level of the three quarterly reports and performed well In the view of the industry, the pharmaceutical sector should adhere to "performance is king, pay attention to change", and play down the theme hype and the game under the overvalued value Pay close attention to the trend of industrial policies, seek for relatively certain earnings and excess earnings, and find out the varieties of growth in a certain way The policy ushered in the turning point in 2017, which opened the policy year of the pharmaceutical industry Yu Wenxin, an analyst at Haitong Securities, said that each wave of policies will give birth to new investment opportunities Preferential examination and approval, adjustment of medical insurance catalogue, acceleration of a new round of bidding, and two vote system will be gradually implemented in 2017, bringing new opportunities The impact of previous policies such as bidding price reduction and medical insurance fee control has been digested by the market, which is expected to be sufficient In 2017, the pharmaceutical industry ushered in a turning point of policy, opening a new year of policy From the perspective of valuation, the current pharmaceutical sector is relatively low since 2015 From the perspective of the industry, it is judged that in 2017, the growth of revenue and profit in the pharmaceutical industry accelerated, and the industry maintained a high momentum and continued to improve Yu Wenxin said that the valuation of pharmaceutical stocks fell to a relatively low level, the industry's growth picked up, the industry's prosperity was far better than expected, and the investment value was prominent Investors can pay attention to the opportunities brought by the two vote system to improve the concentration of circulation industry, and suggest that they pay attention to Shanghai Pharmaceutical; in addition, they pay attention to consumption upgrading, recommend dong'a-jiao, and suggest that they pay attention to Pianzihuang; after the priority review and export, they recommend Hengrui pharmaceutical, Huahai pharmaceutical, and humanwell pharmaceutical Liquor: not light in the off-season It is worth mentioning that in the Spring Festival this year, the volume and price of domestic brand liquor enterprises have increased In the A-share capital market after the festival, liquor stocks have stepped out of a wave of positive market and attracted a lot of attention from the market Some analysts believe that, as the "traditional" heavy position plate of social security fund, the food and beverage plate is expected to become an important target of new social security fund plate allocation From the perspective of investment opportunities, food and beverage targets are also favored by analysts "Historically, the first-line liquor wholesale price will generally have a correction after the Spring Festival, but in the context of relatively tight overall supply and demand, we believe that in 2017, Maotai wholesale price stood between 1000-1100, and it is expected that the correction range in the off-season will not be too large At the same time, the off-season of the industry after the Spring Festival does not mean the off-season of the stock market We think the liquor bull market is still in the middle of the country and has not come to an end " Liu Yan, an analyst at Changjiang Securities, pointed out that the liquor market could continue under the background of continuous improvement in fundamentals Maotai Wuliangye and Laojiao are mainly recommended as the targets, and companies with certain growth and national reform catalysts are mainly recommended in the second-line liquor Gujing gongjiu, Kouzijiao and Shanxi Fenjiu are mainly recommended In terms of food, Angel yeast, miss you, Zhongju hi tech, industry turning point bainmei, Yili Co., Ltd and modern animal husbandry are mainly recommended Huang Fusheng, an analyst with CSCI securities, said that after the Spring Festival, it was a consumption off-season, and the market had always expected that the stock price might be adjusted, but it is difficult to see such a situation in the current situation "We believe that the liquor industry is difficult to adjust in the off-season, and continues to be optimistic until April Wuliangye, Gujing gongjiu, Luzhou Laojiao, Yanghe Co., Ltd., Guizhou Maotai and Tuopai shede are mainly recommended In terms of non liquor companies, the opportunities for Yili and Shuanghui to develop the two leading companies are after the first quarter report " Xie Gang, an analyst at Zhongtai securities, pointed out that the growth of famous and excellent liquor will be accelerated in 2017, and Wuliangye, Shanxi Fenjiu, Luzhou Laojiao, Guizhou Maotai, Gujing gongjiu, Kouzijiao and Yanghe shares will be recommended continuously, and Shunxin agriculture, an elastic variety, will be actively focused on reform; Jinhe industry, Xiwang food and Guangze shares will be recommended for food plate Information security: with the development of Internet, the importance of information security is becoming more and more important In 2016, China's legislation in the field of information security increased significantly, information security was promoted to the national strategic level, and relevant policies to support the development of network security were issued successively There is a huge space for the development of information security According to IDC statistics, China's current network security investment accounts for 1% of the total it expenditure, which is far lower than the level of 10% in developed countries, and there is a great space to improve market penetration Information security concept stock has always been an increasing stock of social security fund According to the statistics of Wande fund, as of the end of September 2016, the social security fund held 11 information security concept shares, among which the heavyweights were Fenghuo communication, lischen, Tongfang shares, etc., holding 30583800 shares, 18963100 shares and 14410600 shares respectively In 2017, the social security fund has been in the market, but the proportion is relatively small, most of the social security funds are still in a wait-and-see state As the A-share market starts, more and more social security funds will enter the market Obviously, the information security concept unit is expected to be the target of new capital In 2016, information security was upgraded to a national strategic height As one of the growing subdivisions in the computer industry, the information security industry is gradually entering a period of growth and acceleration in the future under the dual role of strong national policies and the rapid promotion of orders in the downstream fields such as party, government and army, industrial control, finance, telecommunications, etc., and the catalyst driven by policies continues to ferment 5g: the allocation of social security fund was further strengthened At the previous major special press conference of "new generation broadband wireless mobile communication network", during the 13th Five Year Plan period, the special project will continue to focus on the two aspects of 5g technology research and development, focusing on the overall goal From the perspective of relevant stocks, many 5g concept stocks have attracted the attention of social security fund It is not difficult to see that with the development of the industry, social security fund is expected to further increase the allocation of 5g sector From the perspective of the 13th five year plan for national informatization issued by the State Council, he Junfeng, an analyst with Shenwan Hongyuan securities, pointed out that 5g was listed in the core technology surpassing project, and proposed to carry out 5g network technology research and development and testing by 2018, and 5g completed technology research and development testing and commercial deployment by 2020 In terms of industrial progress, 5g is currently in the stage of technical standard formulation, off-site test and product pre research, while the secondary market is still in the stage of theme concept It can be seen that in order to support 5g standardization, 5g R & D test has been launched in 2016, and domestic and foreign enterprises are currently being organized to carry out key technology test experiments In the view of the industry, the major construction of communication infrastructure in 2017 will continue, the capital expenditure of operators is expected to remain high, and the communication sector is still expected It is suggested to focus on the "5g" thematic investment sector In the view of the industry, first of all, the huge investment in the construction of the new generation mobile communication network will drive the performance growth of related equipment, devices, chips, antennas, software and other enterprises Industry insiders said that with the promotion of China's 5g technology research and development test, it will drive the upgrading and investment opportunities of the whole industrial chain, including communication, electronic components, chips, terminal applications, etc., and the market space in the future may reach "trillion level" First of all, it benefits from the field of communication infrastructure, including communication equipment, base station, antenna, RF devices and other upstream fields After that, the three major telecom operators and mobile phone manufacturers will also benefit directly from 5g.