| With the development of China's economy and the progress of society,people have more and more idle funds.The investment needs of investors are growing stronger.In recent years,social problems related to biopharmaceutical industry have been frequently exploded.At the same time,the Chinese government introduces new policies in the pharmaceutical and bio-logical industries constantly.The whole society is paying more and more attention to this in-dustry and this industry has good growth.The previous quantitative investment strategies are mainly divided into two types,one is the value investment strategy,and the other is the growth investment strategy.After continuous exploration and innovation by scholars and re-search institutions,it was finally found that the GARP strategy that takes into value and growth.Giving a value of more than 50% to the growth indicators constitutes a growth GARP investment strategy.In this paper,using the data from May 2008 to May 2013 in the biopharmaceutical industry,two value indicators and three growth indicators were selected from the original indicators to construct a growth GARP strategy.Then take the stocks of the biopharmaceutical from May 20,2013 to March 29,2019 as a sample,and select the stocks with the comprehensive scores in the top three,top five and top ten.Then constructing the partial growth GARP strategy applied in the biopharmaceutical industry,it was found that the partial growth GARP3 strategy was the best.On this basis,the introduction of stock index futures to hedge systemic risk improves the partial growth GARP strategy,and constructs three different hedging strategies in combination with the actual financial market in China.It is found that the hedging strategy constructed by using the stock index futures with the strongest correlation with the stock portfolio has the best effect,which can balance risks and benefits.The research in this paper has some reference value and reference significance for investors who prefer growth industry. |
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