Core view
Biweekly performance of the sector: in the past two weeks, the CSI 300 index fell by 3.45%, and the pharmaceutical and biological (Shenwan) index fell by 13.54%, with a relative return of - 10.09% compared with the CSI 300, ranking 28th in the industry. From the perspective of molecular sectors, the eight Shenwan pharmaceutical sub industries fell significantly in the past two weeks, and all sectors had negative returns. Among them, SW chemical API and SW pharmaceutical commercial II fell slightly, down 9.10% and 11.23% respectively. SW traditional Chinese medicine and medical service II rose the last, down 14.97% and 18.60% respectively. Overall, the performance of sub sectors is weaker than the market.
Weekly tracking of individual stocks: 1) from the rise and fall of individual stocks: in the past two weeks, 10 stocks in the pharmaceutical industry A-Shares (including the science and Innovation Board) rose positively and 423 stocks fell. The top five stocks in the past two weeks are digital people (+ 28.04%), Xinxiang Tuoxin Pharmaceutical Co.Ltd(301089) (+ 25.28%), Nanjing Hicin Pharmaceutical Co.Ltd(300584) (+ 20.53%), Zhejiang Ausun Pharmaceutical Co.Ltd(603229) (+ 9.95%), Shanghai Sanyou Medical Co.Ltd(688085) (+ 5.30%). The top five stocks with declines in the past two weeks are Hangzhou Biotest Biotech Co.Ltd(688767) (- 51.55%), Asahi Biology (- 47.69%), Zhejiang Orient Gene Biotech Co.Ltd(688298) (- 46.55%), Shanghai Zj Bio-Tech Co.Ltd(688317) (- 45.75%) and Hangzhou Alltest Biotech Co.Ltd(688606) (- 44.36%). 2) Lu Gutong's shareholding: in the past two weeks, the total net sales of northbound funds were 4.123 billion yuan, including 5.958 billion yuan of inflow and 10.081 billion yuan of outflow. From the position of land stock connect, the top five holdings are Kontour(Xi'An) Medical Technology Co.Ltd(688314) , Shanghai Kaibao Pharmaceutical Co.Ltd(300039) , Hainan Poly Pharm.Co.Ltd(300630) , Pharmaron Beijing Co.Ltd(300759) , Sunflower Pharmaceutical Group Co.Ltd(002737) . The top five holdings reduction are Cspc Innovation Pharmaceutical Co.Ltd(300765) , Shanxi C&Y Pharmaceutical Group Co.Ltd(300254) , Guizhou Salvage Pharmaceutical Co.Ltd(600227) , Zhejiang Jingxin Pharmaceutical Co.Ltd(002020) , Beijing Science Sun Pharmaceutical Co.Ltd(300485) . 3) Block transactions: in the past two weeks, 51 companies in the pharmaceutical and biological industry have had block transactions, with a total transaction amount of 5.13 billion yuan. The top five block transactions are Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) , Shanghai Zj Bio-Tech Co.Ltd(688317) , Hanyu pharmaceutical, Imeik Technology Development Co.Ltd(300896) , Shenzhen Salubris Pharmaceuticals Co.Ltd(002294) .
Sector valuation level: the PE (TTM) valuation of the pharmaceutical and biological sector has reached 31.92x in recent two weeks, which is still lower than the average pe38.92x in recent five years 03X。 In the past two weeks, the valuation of the sector has further declined and is still at a historically low level, which is lower than the industry's average PE in recent five years for 29 consecutive weeks. Compared with the same industry, the premium rate of pe-ttm in the pharmaceutical and biological sector relative to all A-Shares excluding finance is 6.46%, and the premium rate relative to CSI 300 is 128.14%.
Industry highlights: 1) new regulations on the distribution of medical insurance balance: if the purchase quantity is not completed and centralized purchase is not supported, one vote veto!; 2) The Yangtze River Delta belt Procurement Alliance has launched 47 varieties!; 3) Pudilan anti-inflammatory tablets and safflower Xiaoyao tablets were converted from prescription drugs to over-the-counter drugs; 4) the research results of the treatment of breast cancer brain metastasis by pyrrolidone, an innovative medicine of Heng Rui, was published in Lancet Oncology. 5) Cisen Pharmaceutical Co.Ltd(603367) levofloxacin tablets were approved for marketing.
The 2021q4 quarterly report has been disclosed before the Spring Festival, and the allocation proportion of the pharmaceutical and biological sector has been further explored.
From the perspective of heavy positions in the pharmaceutical and biological sector, the active stock fund's position in traditional Chinese medicine and biology accounts for 6.34%, and the allocation proportion is further explored. Compared with the proportion of the market value of the biomedical sector in all a shares, the industry is in a low allocation state. Among the specific stocks, the number of funds with heavy positions and the market value of positions showed a downward trend, but the fund still preferred the leading stocks in each segment and the stocks with excellent performance.
Among the heavyweight stocks, the top five stocks holding funds are Wuxi Apptec Co.Ltd(603259) (658), Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) (516), Chongqing Zhifei Biological Products Co.Ltd(300122) (227), Asymchem Laboratories (Tianjin) Co.Ltd(002821) (221), Aier Eye Hospital Group Co.Ltd(300015) (181).
Among the heavyweight stocks, the top five stocks with market value are Wuxi Apptec Co.Ltd(603259) (63.9 billion), Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) (51 billion), Asymchem Laboratories (Tianjin) Co.Ltd(002821) (26.1 billion), Aier Eye Hospital Group Co.Ltd(300015) (22.1 billion), Hangzhou Tigermed Consulting Co.Ltd(300347) (17.8 billion).
Investment proposal and investment object
It is suggested to pay attention to: Jiangsu Hengrui Medicine Co.Ltd(600276) (600276, not rated), Wuxi Apptec Co.Ltd(603259) (603259, not rated), Brightgene Bio-Medical Technology Co.Ltd(688166) (688166, not rated), Zhejiang Jingxin Pharmaceutical Co.Ltd(002020) (002020, buy), Beijing Balance Medical Technology Co.Ltd(688198) (688198, buy), Beijing Labtech Instruments Co.Ltd(688056) (688056, buy), Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) (600436, not rated), Dong-E-E-Jiao Co.Ltd(000423) (000423, not rated), Tasly Pharmaceutical Group Co.Ltd(600535) (600535, not rated), Zhejiang Jolly Pharmaceutical Co.Ltd(300181) (300181, not rated), etc.
Risk tips
The R & D, promotion and listing of new drugs were less than expected, the industry volume procurement policy was more than expected, and the epidemic broke out again
