Key investment points:
This week, SW pharmaceutical and biological industry outperformed the Shanghai and Shenzhen 300 index. From February 21 to February 25, 2022, SW pharmaceutical and biological industry index rose by 1.71%, ranking the sixth in Shenwan primary industry, outperforming the CSI 300 index by about 3.38 percentage points in the same period. All segments of SW pharmaceutical and biological industry recorded negative returns only for pharmaceutical businesses. Among them, medical services, raw materials, traditional Chinese medicine, chemical drugs, biological products and medical devices increased by 4.11%, 2.18%, 2.02%, 1.10%, 0.99% and 0.68% respectively; Pharmaceutical business fell 0.62%.
This week, the pharmaceutical and biological industry had a net inflow of 918 million. From February 21 to February 25, 2022, the net outflow of land stock connect was 6.413 billion yuan, including 5.269 billion yuan from Shanghai Stock connect and 1.144 billion yuan from Shenzhen Stock connect. In the Shenwan level industry, the net inflow of non-ferrous metals ranks first, and the net inflow of power equipment is second only to non-ferrous metals. This week, the pharmaceutical and biological industry had a net inflow of 918 million yuan, ranking fifth in the net inflow of Shenwan primary industry. The net inflow increased compared with last week.
Prospects of the two sessions. The two sessions will be held soon. According to the medical related policies of the local two sessions and the policy trend of the pharmaceutical industry, we expect that the medical related policies of the national two sessions this year may focus on the following aspects: (1) medical insurance policy: continue to improve the payment capacity of medical insurance and deepen the reform of payment mode of medical insurance. (2) Increase the construction of public health system. (3) Deepen the reform of medical services and improve the level of medical services. (4) Promote the development of traditional Chinese medicine and the integration of traditional Chinese and Western medicine. (5) Promote medical infrastructure and promote the expansion and balanced development of high-quality medical resources.
Maintain the recommended rating of the industry. Pay attention to the policy orientation of the two sessions, and suggest paying attention to the leading medical devices Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) ( Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) ), pharmaceutical equipment Tofflon Science And Technology Group Co.Ltd(300171) ( Tofflon Science And Technology Group Co.Ltd(300171) ) and Truking Technology Limited(300358) ( Truking Technology Limited(300358) ) that are expected to benefit from pharmaceutical infrastructure; There is still room to repair, and the cdmo leader that is expected to benefit from covid-19, which is expected to benefit from the covid-19. The cdmo leader that is expected to benefit from the volume of the small molecule drug, the cdmo that is expected to benefit from the covid- 19. The cdmo leader that is expected to benefit from the covidin-19, which is expected to benefit from the covid- 19-19. The cdmo leader that is expected to benefit from the volume of the small molecule drug, which is expected to benefit from the volume of the small molecule drug, and its boom has remained relatively good, and its prosperity has remained relatively good. The crobreakdown leader of the breakdown of the cro '''s, the leading of the breakdown of the crocro ''s, and the leading of the cro' breakdown breakdown of the crocrocro '' '''s Grace Fabric Technology Co.Ltd(603256) 03259 Wuxi Apptec Co.Ltd(603259) ( Wuxi Apptec Co.Ltd(603259) Wuxi Apptec Co.Ltd(603259) ) ( Wuxi Apptec Co.Ltd(603259) ) ( Wuxi Apptec Co.Ltd(603259) ), ( Wuxi Apptec Co.Ltd(603259) ), ( Wuxi Apptec Co.Ltd(603259) ), 30036259of(a) the; Domestic leading scientific service providers with wide alternative space Sino Biological Inc(301047) ( Sino Biological Inc(301047) ), Nanjing Vazyme Biotech Co.Ltd(688105) ( Nanjing Vazyme Biotech Co.Ltd(688105) ), Guangzhou Jet Bio-Filtration Co.Ltd(688026) ( Guangzhou Jet Bio-Filtration Co.Ltd(688026) ), Acrobiosystems Co.Ltd(301080) ( Acrobiosystems Co.Ltd(301080) ), Shanghai Aladdin Biochemical Technology Co.Ltd(688179) ( Shanghai Aladdin Biochemical Technology Co.Ltd(688179) ), etc; The valuation is relatively reasonable and is expected to benefit from the aging and strong endogenous growth momentum of chain medical leaders Aier Eye Hospital Group Co.Ltd(300015) ( Aier Eye Hospital Group Co.Ltd(300015) ), Topchoice Medical Co.Inc(600763) ( Topchoice Medical Co.Inc(600763) ), etc; Domestic vaccine leaders Chongqing Zhifei Biological Products Co.Ltd(300122) ( Chongqing Zhifei Biological Products Co.Ltd(300122) ), Shenzhen Kangtai Biological Products Co.Ltd(300601) ( Shenzhen Kangtai Biological Products Co.Ltd(300601) ), Changchun Bcht Biotechnology Co(688276) ( Changchun Bcht Biotechnology Co(688276) ) with strong R & D ability and expected to rebound; Beijing Tongrentang Co.Ltd(600085) ( Beijing Tongrentang Co.Ltd(600085) ), China Resources Sanjiu Medical & Pharmaceutical Co.Ltd(000999) ( China Resources Sanjiu Medical & Pharmaceutical Co.Ltd(000999) ), Yunnan Baiyao Group Co.Ltd(000538) ( Yunnan Baiyao Group Co.Ltd(000538) ), and Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) ( Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) ), which are expected to benefit from the policy of traditional Chinese medicine in the medium and long term.
Risk tips: policy risks, repeated epidemics, lower than expected R & D progress, intensified industry competition, product safety and quality risks, etc.
