Healthcare Stocks: Four Questions for the Recovery
Bernstein
Disappointing returns for healthcare stocks through the market’s recovery from the pandemic have raised concerns about the sector. But there’s still plenty of promising growth potential to be found. These four questions can help investors identify areas of interest.
Since the pandemic began, many investors have paid close attention to the healthcare sector. Yet global healthcare stocks have trailed the broader market since the recovery from the COVID-19-related crash began in April 2020 and in the year to date (Display).
Why the underperformance? First, the sector was affected by a rotation into more economically sensitive industries and out of more defensive industries such as healthcare as investors positioned for an economic reopening post COVID-19. Second, unprofitable small- and mid-cap biotech companies have sold off this year, following strong but volatile gains in 2020. Lastly, rising interest rates have suppressed gains for growth stocks in general—including healthcare—which tend to benefit from lower discount rates. But these trends don’t undermine the long-term appeal of innovative healthcare companies with strong business fundamentals, in our view. The following questions can help guide the way to attractive opportunities in the sector.
1. How has the development of COVID-19 vaccines changed the healthcare industry?
Historic efforts to develop COVID-19 vaccines have had two huge effects on the industry. First, the success of mRNA technology has added an important weapon to drugmakers’ arsenals. We’ve learned from the pandemic that this new technology can be scaled up quickly to deliver a highly efficacious vaccine. It won’t be successful wherever it is applied. But we can look forward to new mRNA-driven efforts to develop vaccines for influenza—which has similarities to COVID-19—and also potentially for malaria, for HIV and in oncology.
Second, drug development has accelerated. The urgency of COVID-19 vaccines triggered innovations to clinical trials that will be applied more broadly. For example, instead of having patients come into hospitals for tests, we believe that some clinical trials will be able to utilize new technologies to monitor trial subjects remotely, effectively decentralizing the clinical trial process. Regulators have also shown they can cut red tape and hasten processes. Time-to-market for drug development may improve from the current standard of seven to 10 years by about a year or two, in light of these two trends.
2. What do the Biden administration’s policies mean for the US healthcare market?
Since President Biden’s election, there’s been quite a bit of talk about what policies he might apply to the healthcare sector, particularly on drug pricing or health insurance. So far, there haven’t been signs of major healthcare initiatives. Even within the Democratic party, there’s formidable opposition to major drug pricing reform such as reference pricing, which would link US drug prices to what’s being charged in Europe, or allowing the government to negotiate drug prices. Efforts to waive patents on COVID-19 vaccines to help reduce costs for emerging markets are also stuck. This requires international consensus, and Germany has recently opposed proposals to waive patents. So overall, we don’t expect any extreme policy changes for the healthcare sector under the new administration, which reduces policy risk for investors.
3. Does an ESG focus identify unique risks or opportunities for healthcare companies?
Integrating environmental, social and governance (ESG) factors in an analysis of healthcare companies is becoming increasingly important for equity investors. Since healthcare is an industry that has a profound impact on society, there’s a growing focus on the value of care provided for patients and communities. We believe companies that improve the value of care delivered make a positive impact on the healthcare system, which positions them well for growth in an era of rising healthcare costs and increased government involvement.
The value of care can be improved by decreasing the cost of service, increasing the benefit to patients or both. Another way to measure value is to connect healthcare with social determinants of health, such as housing, age, and community and education, which can help reduce adverse outcomes. Engaging with companies to increase the value delivered to patients is an effective ESG framework for investing in the healthcare sector, in our view.
For example, by focusing on value-based outcomes, UnitedHealthcare has shortened the length of hospital stays per case by 40% and lowered the mortality rate for patients with congenital heart disease by 41%. Patients who have used the company’s cost and wellness transparency resources have paid nearly 30% less than patients who did not. Edwards Lifesciences produces heart valves that are much cheaper than competitors’, which fosters shorter recovery times and helps people live longer. These examples show how a value-based ESG approach focused on patient benefits can also create better business outcomes for companies—and support returns for investors.
4. What are the latest trends in healthcare that deserve investor attention?
Diagnostics is an exciting segment of the industry. The pandemic taught us the hard way that a more sophisticated testing infrastructure could have helped prevent the spread of COVID-19. So, there will be increased efforts—particularly by governments—to develop preventative diagnostics capabilities. We’ll see significant investment in surveillance and tracking systems.
Efforts to bring medical care closer to the home are growing. The more you can keep people out of the hospital and intervene earlier, the better it is for the patient and for society. Technology will also be used more broadly, for example, to identify patients who are at risk of a bad outcome, which can help determine the sequence of care.
Data analytics, too, are becoming more commonplace to improve outcomes in innovative ways. For example, data analytics can help surgeons refine their skill set and understand where their technique could be better.
These trends are creating fertile ground for equity investors. But don’t be blinded by science; exciting drugs in development and new technologies on their own aren’t good guides to investing success, in our view. Focusing on business fundamentals—balance sheets, competitive advantages, cash flows and profitability—is the best way to find innovative healthcare companies that are well positioned to deliver long-term returns to equity investors in a rapidly evolving post-pandemic world.
AUTHORS
Vinay Thapar
Portfolio Manager and Senior Research Analyst—US Growth Equities and International Healthcare Portfolio
Ryan Oden
Research Analyst—Equities—AllianceBernstein
Zhangjiahui first instance judgment disclosed a complete bribe-taker list and details
Zhang Jiahui is a senior judge and her husband controls more than 30 companies. The couple's assets have been reported to be worth at least 20 billion yuan.
The mah-jongg judge would still be enjoying herself at the lakeside clubhouse if someone hadn't posted audio and video recordings of their daily conversations online. The female judge is not an ordinary judge. She is Zhangjiahui, the vice president of Hainan Higher People's Court and a doctor of law.
Yesterday, Zhangjiahui's first trial judgment was announced, and a detailed list of people who bribed her was disclosed. A staggering half of the 37 bribe-givers were lawyers. Moreover, many of these bribe-paying lawyers are famous and have many titles. They are literally "red-top lawyers".
Let me give you two examples:
Tu Xianya offered a bribe of 2.45 million yuan to Zhang Jiahui. Tu Xianya has been awarded the title of "Honest Lawyer" by the Justice Department of Hainan Province for many consecutive years, and was awarded the "Outstanding Contribution Award" by the Justice Bureau of Haikou City. From August 1992 to the present, in addition to serving as partner lawyer and director of hainan fangyuan law firm, he is also the vice president of hainan lawyers association.
Zhang Jie, who bribed Zhang Jiahui with 1.4 million yuan. Zhang Jie is the deputy director of the Civil and Commercial Committee of Hainan Bar Association. He has been awarded the titles of "National Advanced Individual for Legal Aid", "National Excellent Party Member of the Chinese Farmers and Workers' Democratic Party", "Hainan Advanced Individual for the Protection of Women's Rights and Interests", "Hainan CPPCC Outstanding Proposal", "Hainan Outstanding Lawyer" and so on. All of them are people who can't print their name cards and know how to use the law, but in their eyes, all of them have been transformed into money.
From 2013 to 2019, Tu Xianya, the woman mentioned in the article, went to her home every Spring Festival, leaving 200,000 yuan at a time. When the specific lawsuit, and then hundreds of thousands of hundreds of thousands of send. After getting the money, Zhang Jiahui greeted his subordinates several times and asked them to pay attention and treat them differently in the trial.
There was another detail in the verdict that struck me.
The scene of Zhang Jiahui receiving 3 million yuan from the lawyer Liao Zhetao. The "pimp" was Ding Ting, the head of the People's Daily's Hainan bureau, who has a local reputation for patronizing mainstream media. Originally, the litigant of the first instance lost the lawsuit, but the lawyer Liao Zhetao, through Ding Ting's request, asked Zhang Jiahui to say hello to the judge in charge, and simply pulled the lost case back.
According to the judgment, the verdict was changed in full accordance with Zhangjiahui's opinion, and the party who had already lost not only won, but also got 20 million yuan in payment and overdue liquidated damages.
Then a wonderful scene happened. The lawsuit won, the lawyer Liao Zhetao let Ding Ding drive a red Mercedes Benz to Haikou City Shuiyuntian District near the west gate, the two with a total of 3 million yuan in cash box to give Zhangjiahui - this kind of crime film in the underworld trading picture actually appeared in broad daylight.
The two parties are a senior judicial official and judge, and a leader and reporter of the People's Daily Hainan bureau. Hidden between them are highly respected professionals in the industry -- lawyers.
Judges, journalists, lawyers, the three identity in China on behalf of justice, in the two rod box, 3 million yuan in front of the crash, the law was forced J, strong J in the carnival!
The other bribes Cheung received were:
Received 6.15 million yuan from Zhang Fu, a lawyer who had entrusted Zhang Jiahui with the lawsuit of Industrial and Commercial Bank of China on his behalf; Received $1.25 million from lawyer Tong Tien Hang; Accepting 1 million yuan from lawyer Li Yongtao; Accepted one million yuan from lawyer Wang Lin; Accepting 800,000 yuan from lawyer Su Yanyan; Accepted 550,000 yuan from lawyer Pei Fei; Accepting 500,000 yuan from lawyer Chen Xiaoguo; Accepting 500,000 yuan from lawyer Wu Zhen; Accepting 450,000 yuan from lawyer Fan Wenjin; Accepting 300,000 yuan from lawyer Hu Tian; Accepting 200,000 yuan from lawyer Zhao Jianping; Accepted 100,000 yuan from the lawyer Ding Xin...
A judge, surrounded by lawyers; Behind a group of lawyers, the parties who pooled their money were enshrined. Rich you win, how to adjudicate anyway there are people who know the law to play with the law; You are in the right, but how can you make him rich?
In fact, the reason why Zhangjiahui exposed, pure chance. Had it not been for someone to film her words and actions, her luxurious life, Zhang Jia-hui is still living in the sweet days of a ladylike vice president, and in front of the camera, she is still the love of the country, the most safeguard the dignity of the law, the most against the interference of judicial bribery of female judges.
More than ten years of bribery, the total amount of such a huge, and so many years of "benign interaction" with lawyers, only to be exposed through Internet users' Revelations, this is probably the most chilling place ah!
I do not believe that in the judicial field only a Zhangjiahui will say hello, will take the power to circle money; I don't believe that in the legal profession, these 18 lawyers are the only ones who know how to give money. In the judicial circle, how many people are taking money as a legal gavel, deciding the true and false right and wrong, beauty and ugliness with money!
However, what on earth do we rely on to restrain, what on earth to pull out the cancer, and what to ensure the fair operation of justice?
Justice is the life of the judiciary, and the people of the judiciary but take the power to trade interests, the judiciary where there is justice?
It used to be said that the yamen opens to the south. It is difficult to come in without money and reason. But now for Zhangjiahui people, come in is come in, but want to maintain a justice to go back, first want to ask your opponent in the hand of the money is willing to! Ask your lawyers if they are in league with you!
I always believe that the three corruptions are the most hatable. One is the corruption in the education system. The worst is the hope, which makes people unable to see the future. Another is the corruption of the health system, which makes life harder for patients and their families. Another is the corruption of the judicial system, which is bad for faith, so that people have no place to complain.
If your case is in the same judicial environment as Zhangjiahui, you say, can you win this case? How is it possible
One More Chip Company Went Bankrupted
Due to the bottleneck of electronic industry, "chip development tide" started across the country a few years ago. All kinds of funds poured in crazily, and chip industrial parks have also been built in various places.
However, so far, few.chip factories are heard to output chips, some of them have closed down.
Since the collapse of "Huaxintong Semiconductor" in 2019, the most famous one, Wuhan Hongxin, which claims to invest nearly 100 billion yuan, has turned into an unfinished building and invested tens of billion yuan in "Nanjing Dema", with tens of billion yuan spent out, has also declared bankruptcy.
There are also Chengdu Gexin: established in 2017 and stopped working in 2020; Changsha Chuangxin: established in 2013 and auctioned in 2020; Shaanxi Kuntong Semiconductor: established in 2018 and suspended in 2020.
We wonder What on earth happened to these chip companies that once boasted high hope for?
Still, there are some more stories.. A few days ago, there was another piece of news that Shandong chip enterprise, Jinan Quanxin, with 59.8 billion yuan invested in, has stopped paying wages since April this year, and the construction of the factory building has also stopped one after another.
This is a chip enterprise that once had strong support from Jinan, Shandong Province. This enterprise also weny to Taiwan to hire technicians.
According to the report, Quanxin currently has only more than 400 employees, 180 of whom are engineers recruited from Taiwan. The average monthly salary of these Taiwanese engineers is between 50,000 yuan and 100,000 yuan.
The construction of Quanxin's plant began in 2019, when it was planned to build a chip plant that could produce 12 nanometers chips, with an annual output of 480,000 wafers and 2,400 light masks.
The factory has so far ordered a large amount of equipments, and the deposit alone has paid about 1.7 billion yuan.
According to public information, Quanxin was established at the end of January 2019. The three major shareholders are Yixin Jiji Circuit (Zhuhai) Co., Ltd., Jinan High-tech Holding Group Co., Ltd. and Jinan Industrial Development and Investment Group Co., Ltd. The last two units are all affiliated to Jinan State-owned Assets Supervision and Administration Commission.
However, the business is now facing great difficulties.
An employee of Quanxin said in an interview with the reporter, "The company is in a very difficult situation now. Since April, it has stopped paying salaries, and the company is forcing employees to leave."
The contractor in charge of plant construction also said, "This enterprise has changed the general contractor many times during the construction of
Clips of Red Mansion Private Home Cuisine shot in Heritage Villas Zhouzhuang
Introduction to Zhouzhuang yueyunzhuang Hotel
Zhouzhuang is located in Kunshan, Jiangsu Province. It is surrounded by water on all sides which are very close to each other. The ancient town is with a typical style of small bridges and flowing water families in the south of the Yangtze River. Wu Nong's soft language, the fragrance of grandma's tea, the sound of Lu and the long history of Kunqu Opera make Zhouzhuang one of the ten most beautiful towns in the world.
Invested and managed by Invengo Group, phase I of Yueyunzhuang Hotel in Zhouzhuang officially opened on September 28, 2018. The hotel perfectly combines our hospitality and local traditional architectural style to create a warm and unforgettable accommodation experience for guests in the world-famous ancient town of Jiangnan.
The hotel includes 60 boutique B & B rooms and deluxe guest rooms with rich local traditional culture and comfortable space design, as well as parent-child entertainment facilities full of idyllic nature, such as Minigolf course and outdoor recreation area.
The story of Red Mansion Private Home Cuisine
It tells a story about a group of young people who love food and encounter many difficulties in the process of studying Honglou cuisine, and finally overcome all difficulties to grow up. This drama depicts several young people in the realization of their dreams and love at the same time and how to make perfect traditional Chinese cuisine for consumers, so that more people can taste and understand the long cultural history of Honglou cuisine, pay attention to the traditional Chinese cuisine and history of culture. The love story between Shen Lu, a food lover, and Lin Di, the inheritor of a famous Honglou restaurant in the south of the Yangtze River, takes the development and innovation of food and the competition in the catering industry , and vividly shows the courage and determination of contemporary young people to pursue love and realize their dreams.
Heritage Villas Zhouzhuang was chosen as main production base of TV series <Private Home Cuisine in Red Mansion> in April 2020. Now let’s start enjoying the wonderful clips and the beautiful hotel. All the videos are watched through moderator myself-paid third platform without any advertisements. In order to save the moderator’s money, please don’t take them as your lullaby.
Delux Loft Suite Became Shen Lu’s House
Do you want have a look at what 125 square meters luxury loft suite where Shen Lu stayed is like? Come and enjoy the video on the right! Moreover if you like experience our service and wonderful stay, press here to book.
Lin Di was stung by bees in order to find authentic food materials
Next to the hotel is the fresh Yungu Farm, which is a commercial project developed by Invengo Group Kunshan Company. Lin Di wants to make Lingaofen, which is a signature dish of Honglou Private House Cuisine. You should know that this dish has high requirements on the quality of honey. So the field was disguised as a bee farm. Look! Lin Di and Shen Lu came to gather honey.Oh, and don't forget there is Invengo Minigolf International Club on the east side of the garden, if you want to book an experience, please click here
The hotel is full of fresh air, Shen Lu is innovating a special dish
Have you ever heard a rooster crow? In this southern water country surrounded by 3,000 rivers. The morning air was naturally fresh. Beauty Shen Lu's mood is particularly happy today, Now she has begun to show Lin Di her cooking skills.
Lobby was truned into Red Mansion restaurant and starting soon
Lin Di will finally have a restaurant to practice their cooking skills. Finding investment, hiring, decorating, everything really took him to his feet. But taking the lobby of Yueyunzhuang Hotel as a restaurant. We were a little bit reluctant.
Xiao Tong plotted to destroy restaurant brand but saw through by Lin Di
Xiao Tong actually hired people to pretend to be poisoned to hit the brand of Red Mansion restaurant. Fortunately, the customer just happens to live in the Cloud Valley Garden next door. This makes it relatively easy to investigate and collect evidence. Soon the truth came out and the restaurant reopened. One more word on Cloud Valley Garden,it's the local famous community. With full intelligent appliances and dedicated decoration, there are garden houses and townhouses you can choose.
With feeling of taste loss, Lin Di felt sad
You know how painful it is , for a professional cook, someone who wants to win the national cook-off, to lose the sense of taste. It is as painful as a singer who has lost his speech or a musician who has lost his hearing. Thankfully, the disease usually clears itself slowly.
Lin Di showed his skill on making Lotus Rice Cake
《Dream of Red Mansion》mentioned this private house dish in Chapter 41. Jia Mu said, "I'm not hungry after two glasses of wine. Well, let's take them here and help ourselves to some." When the maids heard that, they brought two small boxes, including Lotus Rice Cake. Now this private room dish is cooked in this heritage villas, also attracted a lot of guests. Would you like to try the food here? Please click here to order.
Lin Di Preparing for the Cook-Off
If you don't look at the whole process, you think it's not food but a work of art. But if you look at the whole elaborate process. Don't you think this chef is an artist,? No, the chefs of This heritage villas hotel are all artists. They not only make exquisite food, but also carve history, culture and time.
Luxury washroom made Shen Lu feel so relaxed
If you look at Shen Lu lounging in bed, you can imagine how comfortable the bed is. The bedroom is huge, too! Maybe you've stayed in a fancy hotel, or a big room like this, but have you ever stayed in a room with a bathroom this big? And every toilet seat is equipped with automatic flushing system
Moyi and Qingqing Falling in Love
Stay at Yueyunzhuang Hotel, you can not only harvest food, leave memories, you may also harvest love. Look! Ding Moyi and white Qingqing are harvesting love here。
Opening Song
Although it's not a long series, the opening song and the ending song are both here. The producers really covered everything. The melody sounds soft and cheerful, and the lyrics are delicious: "It was as if strawberries were folded into a creamy embrace, and the air was sweetly fermenting. laughing and tears together with happiness and a sadness, made us just fall in love" Let's enjoy it.
Ending Song
Ice cream accompanies vanilla, you say it is the taste of love. We held hands and hugged each other. How lovely it is to forget your troubles and go to bed with a smile on your face". This is the true portrayal of 90s' optimism. How lovely young!
The furnace flame made love burning too
Have you ever seen the furnace flame in the lobby of Yueyunzhuang Hotel? She is always burning and is so prosperous, always let a person be passionate and unrestrained, unrestrained like Bai Qingqing's bold and straightforward, Only if Ding Moyi meet with her, she will not let him go.
Shen Lu's appointment with Xiao Tong made Li Di jealous
When someone falls in love with someone else. Even if clumsy and simple words can also express true feeling, so touched each other's heart. Let us take a look at How the action and simplicity of Lin Di moved Shen Lu, made Shen Lu change her mind
Ding Moyi hit Xiao Tong's luxury car
With riding a scooter, Ding Moyi hit Xiao Tong's luxury car. In his panic, he thought he was in great trouble. In fact, this is just a ruse of Xiao Tong. Ding Moyi has no money to oay for it, then he stole the menu of Honglou private home cuisine, handed over as compensation.
Behind the scenes
The night scenery of Yueyunzhuang Hotel is charming. The film crew arranged a lot of equipments at the scene, towering lights and cameras added a lot of charming colors to the night of the hotel.
If you want to watch these clips on your computer or TV, or download super quality and non-watermark videos, Press here to get them