越跌越買！估值接近歷史底部，多隻醫藥類ETF份額回升
7月以來，醫藥股開啓了「調整模式」，醫藥類ETF的收益也隨之回撤。據Wind數據統計，今年以來有九成醫藥類ETF的收益率仍爲負值。
近期，多隻醫藥類ETF的份額出現回升。一邊是收益不佳，一邊是逆勢買入，投資者「越跌越買」的操作再現。
多隻醫藥類ETF份額淨增長
Wind數據顯示，截至8月10日，超九成醫藥類ETF今年以來收益率爲負。其中，泰康國證公共衛生與健康ETF、華寶中證醫療ETF、國泰中證生物醫藥ETF、平安中證醫藥及醫療器械創新ETF等21只醫藥類ETF今年以來跌幅超20%。
但近期資金對醫藥ETF的熱情卻愈加高漲。Wind數據顯示，7月以來，易方達滬深300醫藥衛生ETF的份額淨增長35.41億份，華寶中證醫療ETF的份額淨增長28.47億份，國泰中證生物醫藥ETF和天弘國證生物醫藥ETF的份額分別淨增長4.45億份和2.32億份。
公募基金二季報顯示，截至2022年6月底，公募基金對醫藥生物板塊的持股市值佔總持倉的比例降至9.4%，爲2011年第三季度以來最低水平。
行業估值性價比優勢凸顯
部分機構人士表示，當下醫藥股的估值性價比正逐漸向好。「以醫療ETF跟蹤的中證醫療指數爲例，其最新的估值已不到30倍，爲近7年來最低值，因此投資者通過積極購入醫藥類ETF來把握相應的投資機會。」華寶基金指數研發投資部總經理、華寶醫療ETF基金經理胡潔認爲，醫藥板塊在經歷了前期較大幅度回調後，當前估值性價比較高。
華安基金錶示，從整個醫藥行業的盈利和成長性來看，景氣度向好的情況一直都在持續。從估值水平看，接近歷史底部，具備吸引力。整體上，醫藥兼具消費和科技屬性，當下板塊性價比突出。
涌津投資認爲，醫藥細分行業較多，需求確定性強，有足夠多的優秀企業在不斷成長，醫藥行業的估值已經趨於合理，在目前的市場環境下不應對醫藥行業過度悲觀。
諾德基金研究總監羅世鋒認爲，展望下半年，可以穿越週期、具有韌性的優質企業將會擁有更大的投資價值，例如順應消費升級、老齡化等大趨勢的食品飲料、醫藥等板塊中具有需求及供給端韌性的優質企業。
光大保德信基金權益投資部副總監徐曉傑表示，經過前期調整，醫藥股估值已經回落到歷史相對低位區間，機構持倉比例也處在相對較低水平，但持股集中度較高的結構問題仍有待消化。短期來看，醫藥需求相對剛性，受經濟及一些外部因素影響相對較小；中期來看，疫情後剛性需求恢復的確定性較強。
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