一季報表現亮眼,中藥ETF升2%
今日中藥板塊開盤走強,A股方面,千金藥業升7.2%,隴神戎發升6.7%,廣譽遠、羚鋭製藥升5%,雲南白藥升4.8%。

ETF方面,銀華基金中藥50ETF升2.06%,鵬華基金中藥ETF升1.97%,匯添富中藥ETF升1.8%。

整體來看,消息面上並沒有特別引起板塊異動的消息,中藥板塊本週初由於“新冠二陽”的消息走強,但隨後被傳媒、遊戲板塊的爆發蓋去了風頭。
但被AI虹吸走的資金昨日有所迴流,因此今日開盤張升幅居前的板塊是連跌多日的芯片、醫藥電商等,算力板塊個股表現反覆,浪潮信息紅綠反覆橫跳,顯示出多空博弈激烈,資金分歧較大。
在這種情況下,資金肯定是青睞有業績傍身的,估值合理,偏低就更好的板塊,
而中藥板塊的一季度業績較為穩健。同仁堂2022年實現營收153.72億元,同比增長5.27%;淨利潤14.26億元,同比增長16.17%。以嶺藥業2023年Q1實現營收39.25億元,同比增長44.56%;歸母淨利潤12.03億元,同比增長148.29%。天力士2023年一季度公司實現營業收入20.80億元,同比+10.92%;歸母淨利潤2.66億元,同比+147.71%。
天風證券、國海證券等多家機構指同仁堂業績增長超預期,持續看好品牌中藥龍頭。開源證券亦曾指出,中藥板塊支持政策與業績共振,或為醫藥主線賽道。
另外,中藥政策持續向好,有長期驅動力在,也是市場資金看好該板塊投資價值的重要原因。
自2022年3月國務院印發《“十四五”中醫藥發展規劃》以來,與中醫藥產業鏈各環節相關的政策均逐步落地,有望從需求端幫助行業擴容。
2023年4月19日,國家中醫藥管理局、中央宣傳部、國家健康衞生委等八部門共同印發《“十四五”中醫藥文化弘揚工程實施方案》,明確了12項重點任務,其中提到2025年公民中醫藥健康文化素養水平提升至25%左右,有望進一步提高全民中藥意識。
目前市面上關於中藥ETF有三隻,其中匯添富中藥ETF規模最大,最新規模為25.07億元,跟蹤的指數是中證中藥指數。

由上圖可以發現三隻中藥ETF年度升幅都高達13%,收益率還是比較理想,其中今年以來有不少資金借道ETF佈局中藥板塊的投資,其中截止4月21日,匯添富中藥ETF的份額增加了4.2億份。
中證中藥指數的前十大重倉股是片仔癀、雲南白藥、同仁堂、以嶺藥業、東阿阿膠等行業的龍頭股,十大重倉股市值合計佔比52.04%。

對於中藥行業,工銀瑞信基金經理趙蓓也認為中藥行業基本面確定性較高,基藥目錄調整等行業利好政策即將落地,中藥行業政策環境持續改善,行業 beta 性機會持續,相關公司仍然具有較好的估值性價比。
浙商證券認為從中藥公司發展階段看,我們認為中藥公司歷史負債率低點、營運效率提升奠定了業績可持續增長的重要基礎。
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