Today (December 14), the Shanghai and Shenzhen stock markets opened low across the board. The Shanghai index and Shenzhen composite index were in a weak shock pattern throughout the day, while the gem index was more resistant to decline and the volume energy shrank significantly compared with yesterday. At present, it belongs to the stock capital game, and structural opportunities still exist.
In this regard, Aijian securities mentioned that it will continue to maintain moderate optimism and actively grasp the trading opportunities in the market. From the perspective of opportunities, we will continue to pay attention to the recovery of low-level sectors, and continue to pay attention to the new energy industry chain, food and beverage, medicine and science and technology, and follow the market to seize trading opportunities.
At the same time, Sinolink Securities Co.Ltd(600109) also said that there may be an opportunity for oversold rebound in consumption and medicine at the end of the year. In addition, there may be short-term and fast opportunities for securities companies. Continue to focus on the segments of midstream capital goods benefiting from Chinese and overseas capital expenditure, such as intelligent manufacturing, parts, etc. The subdivided industrial chain benefiting from new energy in the basic chemical industry also deserves attention.
plate:
1, Baijiu
Wanlian Securities pointed out that all liquor enterprises are preparing for the Spring Festival peak season sales and will make a good start next year. Baijiu Baijiu Baijiu demand core factors remain unchanged, the industry development for a long time to good, high-end liquor growth certainty, the second high-end liquor elasticity highlights, high-end, secondary high-end Baijiu plate has a good investment opportunities. We believe that Baijiu is still a priority track for expanding scale and high barrier level, and recommends the allocation of high-end Baijiu plate.
Xinda securities mentioned that according to channel feedback, Maotai has recently completely cancelled the unpacking policy, further promoted the marketization of Maotai liquor price, respected the market and consumer demand, and improved the contradiction between supply and demand. We believe that the recent price fluctuations of Maotai reflect the company’s positive control effect on Maotai’s wholesale price and enhance the market’s expectation of Maotai’s price increase. At present, it has entered the centralized payment period at the end of the year. From the perspective of the whole year, the manufacturers’ payment requirements for dealers show a trend of accelerating the pace. Most of the first quarter targeted 30-40% to anchor the good start performance in advance, so as to provide support for the completion of the tasks of the whole year. We are still optimistic about the national sub high-end enterprises such as shede, drunkard and Fenjiu, which have a better competitive environment, high certainty in the completion of annual goals and have certain elasticity than expected.
Huachang Securities said that it should emphasize the Baijiu market, and choose the top end to accelerate Moutai and strong potential Fen Liquor, and recommend the theme of reform in the Yanghe River. The market demand for Baijiu in the next year is still controversial, but from the market performance, Baijiu terminal demand is stronger, and the channel is relatively healthy. The report has the spare power, and Q1 has more strong foundation than the other. Short term recommendations should be emphasized at the end of the year, including the dealer conference, the disclosure of Baijiu enterprises’ business plan in the coming year, and the preparation for the peak season.
Looking forward to 2022, Boc International (China) Co.Ltd(601696) believes that Baijiu is still the best sub sector of growth certainty. Although some companies controlled goods in the fourth quarter, which may have an impact on the report performance, from another point of view, these companies will make a good start to the Spring Festival in 2022. Because of the change of income structure, the ratcheting effect of Baijiu consumption and the trend of concentration increasing, Baijiu consumption shows strong toughness, especially the high-end liquor.
II. Medical devices
Zhongtai Securities Co.Ltd(600918) said that the first domestic covid-19 specific drug was approved, and the research and development of covid-19 therapeutic drugs was in full swing. Covid-19 vaccine was exported smoothly, and conventional varieties were gradually repaired. Omicron, a variant of covid-19, has attracted global attention. In the face of the constantly mutating covid-19 strain, we believe that preventive vaccine is still the fundamental means to control the epidemic situation. The R & D and upgrading of covid-19 vaccine and regular vaccination may become a probability event. At present, the vaccination rate of covid-19 vaccine in China has exceeded 75%, and the industry demand has shifted to overseas markets. According to the data of the General Administration of customs, the export value of Chinese vaccines for human use reached 10.5 billion yuan in October, and the cumulative export value from January to October reached 86.04 billion yuan. It is expected that the total export value of Chinese vaccines will exceed 100 billion yuan in 2021.
Considering that the influenza trend of covid-19 epidemic is becoming more and more obvious, it is recommended to pay attention to covid-19 vaccine related development enterprises, including Chongqing Zhifei Biological Products Co.Ltd(300122) , Shenzhen Kangtai Biological Products Co.Ltd(300601) , Cansino Biologics Inc(688185) – u, Walvax Biotechnology Co.Ltd(300142) , etc. In the long run, each vaccine head enterprise has a large amount of heavy varieties or is about to go on the market. With the increase of vaccination awareness under the covid-19 epidemic, we expect that the vaccination rate of large varieties is expected to continue to increase and gradually approach the level of developed countries. The class II vaccine industry is expected to achieve a compound growth of 20% – 30% in recent 3-5 years. It is recommended that Chongqing Zhifei Biological Products Co.Ltd(300122) , Shenzhen Kangtai Biological Products Co.Ltd(300601) , Beijing Wantai Biological Pharmacy Enterprise Co.Ltd(603392) , Chengdu Kanghua Biological Products Co.Ltd(300841) , Hualan Biological Engineering Inc(002007) Changchun Bcht Biotechnology Co(688276) 。
In addition, Ping An Securities pointed out that when the epidemic caused by Omicron strain spreads in many places, the export of covid-19 test preparation is expected to bring performance flexibility to Chinese enterprises. In late November, the epidemic spread in many places in China, and the detection of covid-19 among key populations has become an important part of epidemic prevention. Some regions even carried out large-scale covid-19 virus detection and screening, which has driven the growth of the demand for detection agents. On the whole, we believe that the epidemic continues at home and abroad, and the sales of covid-19 detection reagent is expected to increase, which may bring performance flexibility to relevant enterprises.
Shanxi Securities Co.Ltd(002500) believes that the overall development trend of the industry is improving, and it is recommended to pay long-term attention to: (1) innovative drugs: intensive introduction of policies, normalization of volume procurement, continued acceleration of industry differentiation, and forced enterprises to transform to innovation; The medical insurance catalogue has been established for dynamic adjustment, and policies have vigorously promoted innovation and R & D. China Meheco Group Co.Ltd(600056) innovation has entered the golden development period and opened the road of internationalization. It is suggested to pay attention to domestic innovation leading enterprises Jiangsu Hengrui Medicine Co.Ltd(600276) , Shanghai Fosun Pharmaceutical (Group) Co.Ltd(600196) with strong R & D strength, rich pipelines, reasonable gradient and outstanding product differentiation advantages. In addition, the research and development of innovative drugs in the world and China is hot, and new discoveries, new technologies and new fields are emerging and developing rapidly. China is about to enter the commercialization stage in the subdivided fields such as double antibody and car-t. it is suggested to pay active attention to the development trends and relevant high-quality enterprises;
(2) Medical outsourcing services (cdmo / CMO / CRO): driven by innovative drug R & D and other factors, China’s CXO industry is growing rapidly. With the promotion of industrial policies and the improvement of drug quality standards, the industry concentration is expected to increase. It is recommended to pay attention to industry leaders and market segments, such as Wuxi Apptec Co.Ltd(603259) , Pharmaron Beijing Co.Ltd(300759) ;
(3) Self consumption: with the continuous improvement of China’s economic level, the pharmaceutical industry has ushered in the demand for consumption upgrading. The prosperity of the subdivided fields with self consumption attribute and avoiding the medical insurance fee control policy continues. It is suggested to pay attention to relevant high-quality enterprises Zhejiang Wolwo Bio-Pharmaceutical Co.Ltd(300357) .
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