This week (2022.1.24-2022.2.4) and year to date, the biomedical index rose by – 6.83% and – 14.94% respectively, and the excess returns relative to the Shanghai stock index were – 2.32% and – 7.32% respectively; This week and year to date, the biomedical index rose by – 6.83% and – 14.94% respectively, and the excess returns relative to the Shanghai index were – 2.32% and – 7.32% respectively; The subjects with the highest increase this week include: Nanjing Hicin Pharmaceutical Co.Ltd(300584) (+ 28.29%), Zhejiang Ausun Pharmaceutical Co.Ltd(603229) (+ 21.10%), and the subjects with the highest decrease include: Jinghua Pharmaceutical Group Co.Ltd(002349) (- 34.95%) and Hybio Pharmaceutical Co.Ltd(300199) (- 32.95%). On January 30, 2022, the “14th five year plan” of the pharmaceutical industry was released, giving the guidance that the industry will still maintain medium and high-speed growth of more than 8%. We believe that at present, the industry is at the key node of transformation and upgrading. Innovative drugs, generic drugs and high-end preparations are the starting point of transformation, and innovative technologies and mechanisms are the strategic growth point of the industry. To grasp the period of strategic opportunities, we suggest paying attention to three directions: 1) high-quality direction, innovative drugs, difficult to imitate and high-end preparations drive growth. We suggest paying attention to head pharmaceutical enterprises Jiangsu Hengrui Medicine Co.Ltd(600276) , stone Pharmaceutical Group, etc, As well as high-end preparations and platform companies such as Baicheng pharmaceutical and Lizhu pharmaceutical; 2) In the direction of internationalization, the growth driven by the internationalization of high-end preparations and innovative drugs. It is suggested to pay attention to Hainan Poly Pharm.Co.Ltd(300630) , Nanjing King-Friend Biochemical Pharmaceutical Co.Ltd(603707) , Cinda biology, Shanghai Junshi Biosciences Co.Ltd(688180) and other pioneers at sea; 3) For the direction of disruptive innovation, it is suggested to focus on enterprises with forward-looking and differentiated layout of new technologies, such as Rongchang biology, Keji pharmaceutical, etc.
The “14th five year plan” of the pharmaceutical industry was issued, with sustained high growth and grasping the period of strategic opportunities; On January 30, 2022, the nine departments issued the “14th five year plan” for the development of pharmaceutical industry, which elaborated the key issues of industrial transformation and upgrading and high-quality development. The “14th five year plan” puts forward the problems faced by the industry at present, which is also the development direction: 1) the lack of original innovation ability in frontier fields; 2) The concentration is not high and the industrial ecology has not been formed; 3) Insufficient development of major public health response capacity and drugs for rare diseases and children; 4) The manufacturing level and quality still need to be improved; 5) The international competitive advantage of high value-added products is not strong. The targets for 2025 are set as follows: 1) increase the industrial concentration, increase the average annual growth rate of revenue and profit by ≥ 8%, and the added value accounts for ~ 5% of the industry; 2) The average annual growth of R & D investment is ≥ 10%, and the proportion of income from innovative products increases; 3) The growth of pharmaceutical exports has formed a pharmaceutical enterprise with a high proportion of international sales. The key tasks during the 14th Five Year Plan period include: pharmaceutical innovative product industrialization project, pharmaceutical industrialization technology research project, product quality upgrading project, etc.
The first domestic four arm endoscopic surgery Siasun Robot&Automation Co.Ltd(300024) was approved for listing! The first TCR therapy has been approved for listing! On January 27, minimally invasive Siasun Robot&Automation Co.Ltd(300024) announced that the company’s product “tumai” endoscopic surgery Siasun Robot&Automation Co.Ltd(300024) was approved by nmpa for listing, becoming the first and only four arm endoscopic surgery Siasun Robot&Automation Co.Ltd(300024) developed by Chinese enterprises and approved for listing; On January 27, immunocore announced that the FDA has approved kimmtrak, its innovative therapy, to be listed for the treatment of specific uveal melanoma. It is the first FDA approved therapy for unresectable or metastatic uveal melanoma, the first TCR therapy approved by the regulator, and the first FDA approved bispecific T-cell connector for the treatment of solid tumors.
Specific allocation ideas: 1) in the field of traditional Chinese medicine: it is recommended to pay attention to Zhejiang Jolly Pharmaceutical Co.Ltd(300181) , Hubei Jumpcan Pharmaceutical Co.Ltd(600566) , Dong-E-E-Jiao Co.Ltd(000423) , and recommend Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) ; 2) CXO field of generic drugs: recommend Baicheng medicine and pay attention to Beijing Sun-Novo Pharmaceutical Research Co.Ltd(688621) ; 3) Innovative drugs and industrial chain: Zhejiang Jiuzhou Pharmaceutical Co.Ltd(603456) , Wuxi Apptec Co.Ltd(603259) , Asymchem Laboratories (Tianjin) Co.Ltd(002821) etc; 4) Biotech innovative drugs: Xinda biology, Yasheng medicine, etc. it is suggested to pay attention to kangfang biology; 5) API field: Jiangxi Synergy Pharmaceutical Co.Ltd(300636) , Zhejiang Starry Pharmaceutical Co.Ltd(603520) , it is recommended to pay attention to Apeloa Pharmaceutical Co.Ltd(000739) , Zhejiang Tianyu Pharmaceutical Co.Ltd(300702) ; 6) Vaccine field: Chongqing Zhifei Biological Products Co.Ltd(300122) , Shenzhen Kangtai Biological Products Co.Ltd(300601) , Beijing Wantai Biological Pharmacy Enterprise Co.Ltd(603392) etc; 7) Growth hormone field: Anhui Anke Biotechnology (Group)Co.Ltd(300009) , it is suggested to pay attention to Changchun High And New Technology Industries (Group) Inc(000661) ; Medical service field: Topchoice Medical Co.Inc(600763) , Aier Eye Hospital Group Co.Ltd(300015) , Guizhou Xinbang Pharmaceutical Co.Ltd(002390) etc; 8) In the field of blood products: Beijing Tiantan Biological Products Corporation Limited(600161) etc., it is recommended to pay attention to Boya Bio-Pharmaceutical Group Co.Ltd(300294) ; 9) Medical and aesthetic fields: Imeik Technology Development Co.Ltd(300896) , Bloomage Biotechnology Corporation Limited(688363) , Huadong Medicine Co.Ltd(000963) , Shanghai Haohai Biological Technology Co.Ltd(688366) etc; 10) Medical device field: Jiangsu Yuyue Medical Equipment And Supply Co.Ltd(002223) , Qingdao Novelbeam Technology Co.Ltd(688677) , Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) etc.
Risk tip: the progress of industrial transformation and internationalization is not as expected; R & D progress may be less than expected; The price reduction of drugs exceeded expectations; The medical insurance policy was further tightened.
