Event comments:
Recently, Shanghai Pudong New Area released the action plan for the high-quality development of biomedical industry in Shanghai Pudong New Area (2022-2024), focusing on building the main position to drive the innovation and development of China’s biomedicine, the source of participating in the global life technology competition, and the starting point of the continuous emergence of “global new” products.
Scientific innovation and strategic source, in line with international standards, leading the innovative development of biomedical industry
The action plan focuses on four aspects: innovation level, industrial scale, industrial cluster effect and industrial ecology.
1. Innovation level: enhance the discovery ability of new targets and new mechanisms, and the subdivided fields such as small molecule chemical drugs, cell therapy, antibody drugs, minimally invasive intervention and surgery Siasun Robot&Automation Co.Ltd(300024) have reached the international advanced level.
2. Industrial scale: the industrial scale will reach 400 billion in 2024, an increase of 48% over 2021. The output value of manufacturing industry exceeded 100 billion, the revenue of high-tech service industry exceeded 50 billion, and one 10 billion enterprise, five 5 billion enterprises and 15 1 billion enterprises were added.
3. Industrial cluster effect: cultivate 2-3 global top 100 enterprises, 8-10 hidden champions in subdivided fields, 20 new listed enterprises, 10 new large enterprise (external) innovation centers and enterprise R & D institutions above the municipal level.
4. Industrial Ecology: accelerate the gathering of industrial service platforms, scientifically and efficiently review and approve and supervise the listing, provide accurate assistance in financial services, deeply promote the integration of industry and medicine, maintain China’s leading scale of high-end talents, and further optimize the development environment of biomedical industry.
Investment advice
The rapid growth of China’s bio pharmaceutical industry under the promotion of policies and capital has spawned the first wave of innovation bubble and opened up a pseudo innovation cycle with liquidity contraction. We believe that eliminating counterfeiting does not change the upward cycle of innovation. Policies are guiding innovation to return to its origin and continuously optimizing the innovation ecology. At present, there is a basic ecology for exploring the source of innovation, and the industry is moving from follow-up to true innovation.
In the first trading month of 2022, under the expectation of liquidity contraction and geographical conflict, the biomedical sector experienced a muddy correction. We believe that the expectation of liquidity contraction has been basically released. The investment idea under the post epidemic situation should return to the industrial operation trend and grasp the two aspects of bottom process innovation and cutting-edge scientific and technological innovation
Investment main line.
1. The main line of bottom process innovation: to b-end invisible champion. It is suggested to pay attention to the opportunities of individual stocks in the upstream equipment, gene consumables, biological enzymes, high-end analytical instruments and reagents of the biopharmaceutical industry chain
2. The main line of cutting-edge scientific and technological innovation: the value of cutting-edge technology platform. It is suggested to pay attention to the potential investment opportunities of ADC, shuangkang and mRNA technology platform companies. In the medium and long term, the industry has ushered in the historical opportunity of transformation and upgrading. In the short term, it has fluctuated under the influence of the external macro environment and sentiment. In the long term, we maintain the overweight rating of the industry.
Risk tips
1. The clinical research and development of innovative drugs failed, and the pharmaceutical procurement policy continued to be under high pressure
2. The internationalization process is slow.
