Yaoming, Aimei, Mai Rui, Pianzi, Watson, etc. plunge successively!What is the logic behind "White Horse Kill"?

Since the Mid -Autumn Festival holiday in September, the killing of "one white horse stock a day" does not seem to have a reversal situation, especially the pharmaceutical sector has become a concentrated place in this stock price.

On September 26, the Vacus creature with a market value of more than 50 billion yuan, "Big White Horse" Watson, plunged more than 5%in just half an hour. Although the stock price of the market outlook has rebounded, it is still difficult to resist the sluggish market emotions. In the end, it closed at 35.80 yuan and fell 4.91%throughout the day.

In Shenwan's affiliated industry, the pharmaceutical and biological industry has shown a situation of capital outflows in recent times. Today, the pharmaceutical and biological industry fell 1.12%, and the net outflow of the main funds throughout the day was 1.316 billion yuan. A total of 451 stocks that belonged to the industry, 378 declines.

In fact, the recent "white horse stocks" in the A -share market have crashed one after another. Employers are like opening a "blind box" every day, and they are suffering from huge capital market fluctuations. A considerable number of listed companies have continued to fall for nearly a year.

Taking Yaoming Kant as an example, the company's stock price has fallen to 70 yuan. This is almost the lowest price in the past year. Compared with the highest point in one year, the market value of Yaoming Kant still evaporates more than 200 billion yuan (according to the current Yao Ming Kant's total share capital is 2.96 billion yuan calculation).

In the past few days, a number of large market value rights and heavy stocks have plummeted, which has caused investors to worry about the short -term performance of the capital market and enterprises: "It has been a year, and it should be said that it should have fallen to the end. Why can it be crashed?"

Is the "white horse stock" plummeting the market "foaming", or is it affected by the recent market rumors or policies? Why did the stock market plummeted frequently when the enterprise did not release major lofty news?

01

"White Horse Stock" Flashing Pharmaceutical Plate has become a "severe disaster area"

Inventory of the white horse stocks that have been crashing in the stock market in the near future, the pharmaceutical sector has become the "hardest hit area" for this round of plunge. According to Wind data statistics, in the past two months, more than 300 funds have fallen by more than 20%.

On the first trading day after the Mid-Autumn Festival holiday on September 13, CXO's "leading" Pharmaceutical Kant's limit (-10%) has fallen by about 40%since 2022. The CDMO star company Kai Laiying also fell on the same day (-10%) on the same day, a decrease of more than 50%within a year. Yaoming Kant continued to collect the stock market from September 14th to 22nd, and the closing of the market on September 23 lost a 70 yuan mark and fell to the lowest price in one year.

On September 19th, the "Blind Box" has reached the hot medical beauty sector in recent years. "Medical Beauty Double Jiao" loves the beauty and Huaxi biology, both of which have a stock price diving phenomenon. Among them, Aimei's market fell 11.65%. Although it was not the lowest within a year, it was also close to the trough area. Huaxi Bio has plummeted by 13.68%, closing to 121.05 yuan per share, and the market value of the day evaporated nearly 9 billion yuan.

On September 21, the "leader" of the medical device sector also plummeted by 7.2%, down about 20.5 yuan per share. Compared with the high point of 490.24 yuan on July 1 last year, it has fallen 44.36%. Shrink nearly 270 billion yuan.

On September 22, Pianzi, known as "Mao Mao", was also difficult to escape "diving", and was close to the daily limit index. A new low of 259.69 yuan/share was set, and then slightly recovered at a price of 260.85 yuan per share, and the closing decrease of 7.2%.

On September 26, the Tai'an Hall of Chinese Medicine stocks plummeted, and the closing price fell to 3.38 yuan/per share. Fall to the lowest price within one year. However, the plunge in Tai'antang has long been a sign. On the evening of September 23, Tai'an Hall issued a prompt announcement on the company's stock may be implemented by other risk warnings. The announcement pointed out that the company has the situation of the controlling shareholder and its related parties that occupy the company's funds non -operating. If the fund occupation of funds cannot be completed on September 26, 2022, the company will be implemented for special warnings. On the 27th, the trading will be suspended for one day. After the resumption of trading, the company name will be "ST Tai'an".

In fact, similar stock prices fell, and there were more killing "White Horse" disks.

For example, Junshi Bio dives all the way after the high price in mid -May, and fell from 129.49 yuan per share to 73.28 yuan in just half a month. Then the entire quarter went down all the way, and the closing price of 46.74 yuan per share on September 23 was nearly the lowest price in the past year.

In addition, Huada genes, minimally invasive medical care, Nuo Chengjian, Hengrui Pharmaceutical, etc. Although the trend of these companies has fluctuations within a year, it generally shows a trend of long -term decline. In fact, many of these companies have almost the existence of the market "big bull stocks" in the past two years. However, since this year, even if it has not touched diving pluys, most of them have opened the mortar decline model.

02

What does the market go through what the "Bowl of Bow" has experienced?

For a long time, pharmaceutical stocks are rare sections that can cross bulls and bears, and have been favored by institutional investors. However, since September this year, in the context of the weak market market, the capital market has a lot of wind and cranes, and the market sentiment is extremely sluggish.

From the perspective of the news, the above -mentioned white horse stocks that have plummeted in volume have recently appeared in the market.

On September 21, local time, the Federal Reserve announced the 75 basis points of interest rate hikes. This is the fifth interest rate hike of the Fed this year. This is also the third consecutive interest rate hikes of the Federal Reserve this year. "Federal Reserve's interest rate hike disrupts the global capital market." Multi -country stock markets fluctuate. Subsequently, on the morning of September 22, the three major indexes of A -shares opened low, the Shanghai Stock Exchange Index fell 0.59%, the Shenzhen Stock Exchange Index fell 0.77%, the GEM index fell 0.95%, and a certain asset price linkage reaction occurred.

If the global financial shock caused by the Federal Reserve's interest rate hike is "black swan", the intensified Sino -US trade friction further enlarges the geographical economic impact.

U.S. President Bayeng signed an administrative order on September 12, local time, and encouraged the American local biotechnology, biological manufacturing and related research and development. Driver Yaoming Kant, Yaoming Bio, Kai Lai Ying.

CXO is a typical global industry. American pharmaceutical companies are upstream and we are downstream. According to statistics, the Chinese region orders of six multinational pharmaceutical companies in the United States exceeded $ 20 billion in 2021, and the proportion of Chinese CXO from the United States is generally high.

Taking Yaoming Kant as an example, in the first half of 2022, Yin Kangde's revenue from American customers was 11.909 billion yuan, an increase of 104%year -on -year, accounting for 67.07%, exceeding the sum of customers in other regions. Affected by the news, the stock price of many CXO listed companies encountered a flash collapse.

The structural anxiety of superimposed capital markets for the ability to pay for innovative drugs has further triggered pessimism in the domestic capital market. Since July 2021, many pharmaceutical innovation companies have fallen so far.

Although, the innovative drug market has gone through the booming development of consecutive years, which has spawned some foam, and the capital market has normal adjustment factors. However, the cliff -like decline of the income of generic drugs, the implementation of a new medical insurance negotiation price of multiple innovative drugs, and the domestic epidemic situation has impacted the company's product sales, resulting in the commercialization of some innovative pharmaceutical companies Essence

On September 17, the State Medical Insurance Bureau officially announced the "List of Application Drugs for the Adjustment of National Basic Medical Insurance, Work Injury Insurance and Maternity Insurance Drug Catalogs in 2022, and a total of 343 drugs were officially reviewed.

A number of local innovative medicines have been reviewed for the first time through the medical insurance catalog, including the Srusley monoclonal anti -resistance of Fuhong Hanlin, the Ruki Olun Sai of Yaoming Junuo, the Ritiruramine of Hengrui Pharmaceutical, Anjin/Baiji Shenzhou Belinso monoclonal resistance and so on. The preliminary review varieties will enter the subsequent expert review and negotiation/bidding stage. The results are expected to be publicly public in November this year. Enterprises actively negotiating for medical insurance, and the risk of expected price reductions still affects the nerves of the market.

On September 19, the entire board of medical and beauty stocks plummeted, and market rumors said that returning commission will be characterized as business bribery. At the same time, the relevant departments will investigate the medical and beauty industry. The strength is not only involved in B -side institutions, but also upstream companies. Affected by this news, related companies with the concept of medical beauty have plummeted. Although some companies clarify that the proportion of medical beauty business is small, the stock price rebounds weakly.

The institutional "smashing the plate" is also regarded as a pusher of the plunge of the white horse stocks in this round of the round.

In the second quarter of this year, the pharmaceutical sector encountered a key reduction of public fundraising. Industry statistics showed that most of the top 50 holdings were reduced from the pharmaceutical field. According to the statistics of Shen Wanhongyuan, the active equity public offering fund of the pharmaceutical fund within the season will be the lowest since 2010.

In fact, the institutional shares of core asset stocks and white horse stocks are the overall investment style of the A -share market in the past two years. Therefore, once the stocks invested or in the industry are negative, institutional funds are also prone to escape. In the past year and a half, there have been many precedents for white horse stocks that have hugged by institutions.

In a market with lack of liquidity, the organization "runs first and then runs", which can easily lead to negative feedback. The market view believes that in addition to the lack of confidence in investors due to the lack of confidence in high valuations, it does not rule out the situation of mutual killing of the group. Under this fragile market emotion, the white horse stocks of the institutional group are likely to be smashed by violence at any time. Only those unpopular sectors that have almost no institutional positions may have a relatively small income.

The stock market is a barometer of the industrial economy, but it cannot directly reflect the quality of the industrial economy. Industry insiders pointed out that the current adjustment of the medical sector is more of capital -based re -distribution; the performance of the medical sector may have two major characteristics, one is the repair of valuation, and the other is high growth; The logic of the plate has not changed, and the growth of growth is the highest, and it is still more optimistic in the future.

Edit: Liu Xiaomei

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