An important signal

Hello everyone, I am Hai Rongjun.

Today, the overall valuation of the photovoltaic inverter is very exaggerated. There is a inverter company in the science and technology board: Yuneng Technology. In 2021, the revenue was only 665 million, and the current market value is close to 50 billion. There is also a company in the photovoltaic sector, Hemai, which has only 795 million revenue in 2021. The current market value is nearly 60 billion yuan, and the stock price has exceeded 1,000 yuan.

This wave of market crazy speculation inverters is mainly due to European household photovoltaic and energy storage. European electricity prices have increased from 2 yuan/degree to 3-5 yuan/degree, and the investment recovery period is shortened from 6-7 years to 3 years. It is difficult to find a machine in Europe and need to queue or even increase the price. Another logic in the market is that the penetration rate of photovoltaic storage in Europe is less than 10%. Although the equipment has increased prices, it only accounts for a part of the terminal cost. The user's sensitivity is not high, and the demand will continue to explode.

This wave of market was initially hyped is an export -based inverter company, which made expectations in advance, and then expanded to the entire sector. The essence of the inverter industry is an industry with a relatively severe homogeneity. There are many companies that can do. The high -speed growth of short -term industries is mainly due to Europe. If the energy policy in Europe will change next year, this year's photovoltaic base is relatively high. The growth rate slowed down.

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The short -term trend of the stock price is determined by the degree of prosperity and industrial trends. The long -term trend is determined by the business model, the moat and the evolution power. The valuation of the photovoltaic industry is too high, the overall valuation of the pharmaceutical industry is relatively low. There is an important signal in the industry: Global and China Medical Investment and Financing Data is getting better in June.

Funding is the smartest. The funds are using real gold and silver to make decisions in the future. The changes in pharmaceutical investment and financing data can reflect the overall changes in the fundamentals of the pharmaceutical industry. From the perspective of the first-level market, the financing situation of overseas pharmaceutical biological PEVC broke out quickly after the trough of 2016. 2017-2018 continued to maintain rapid growth. In 2019 and 2020 Back. Since 2022, the capital market has become calm, the total financing and the number of financing events have declined. In June, the global first -level market activity has increased significantly.

From the perspective of the global market, entering June, the global first-level market activity has increased significantly, and the financing amount is 55.45 billion yuan (year-on-year-55.7%, a month-on-month+27.2%), and the number of financing events (year-on-year-21.7%,+33.8%month-on-month+33.8% Essence

From the perspective of the domestic market, in June, the domestic medical and health investment amount of 14.42 billion yuan (year-on-year-52.6%,+42%month-on-month), and the number of financing events (year-on-year-11.3%, month-on-month+47.8%). Essence

Data source: (Yaozhi.com, sorting Southwest Securities)

There are investors consulting in the background of the public account.

The most important thing is that the valuation is cheap. Many pharmaceutical stocks have been 20 % off and 30 % off. Cheap is the last word. But if there is only cheap, there is no prospect, it is the "value trap". Gao Yan and Sequoia Fund are still investing in biomedicine for a long time, and they have not given up because of the collection. The global and China pharmaceutical investment and financing data has been getting better in June, which also shows that off -site funds have begun to be optimistic about medicine.

Hang Seng Medical ETF (513060) is an in -site fund, mainly tracking the Hang Seng Medical Health Care Index, and the pharmaceutical stocks listed in the Hong Kong market. Its advantage is that there is no need to pay attention to the investment details of pharmaceutical stocks. One -stop allocation of Hong Kong pharmaceutical stocks. From the perspective of holding the position, the configuration industry is also relatively balanced. Below is its 20 major heavy stocks, including Gaozhang's heavy positions: Yaoming Bio, Yaoming Kangde, Kim Siri creatures, minimally invasive medical care, Jinxin reproductive, Hang Seng Medical ETF There is also an off -site connection fund (014424).

The advantage of index funds is that the rate is relatively low, the fluctuation is smaller than the stock, and there will be no black swan. It is also hard to study individual stocks. Many industries are more professional. If you are optimistic about an industry, using the industry ETF as a whole is a good choice.

Let's talk about other companies:

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17 departments including the Ministry of Commerce support new energy vehicle consumption, and study the issue of exemption from the purchase tax policy exempt from the purchase tax of new energy vehicle vehicles. In the future, China will be the energy revolution+globalization of electric vehicles+high -end manufacturing+consumption upgrade, and the Ministry of Commerce has added a fire.

During the Ningde Times, the high -rise and high walk may be due to a message. In July, the battery leader began to increase the largest customer Tesla more than 20%. The price of raw materials has fallen, and the overall profit space increases.

This year, the trend of the photovoltaic industry shows a problem. The industrial trend and prosperity increase than the business model. The moat is more important. Even if the price of silicon materials has not fallen, the sales volume is as good as the market, and the market will not pay attention to your threshold in the short term, because it is in short supply itself.EssenceWhen the demand slows down, the market will pay attention to the business model and threshold, but at that time, the prosperity investors have been sold.Today, the number of digits of the entire market is only 0.21%, and the transactions of the two cities are 1.05 trillion yuan. The main thing is that the direction of new energy is rising, and other industries performed average.

Article Source: Hai Rong Wealth Risk Investment Research

Risk reminder: The point of view is for reference only, does not constitute investment opinions, the market has risks, and investment needs to be cautious.

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