Key investment points
This week (2022.2.212022.2.25) and year to date, the medical index rose by 1.71% and - 11.78% respectively, and the excess returns relative to the CSI 300 index were 3.38% and - 4.35% respectively; This week, the share prices of medical services, APIs and traditional Chinese medicine were relatively strong, while the share prices of pharmaceutical commerce, medical devices and biological products increased slightly; This week's rise was among the top Nanjing Hicin Pharmaceutical Co.Ltd(300584) (+ 72.46%), Lanzhou Foci Pharmaceutical Co.Ltd(002644) (+ 38.15%), Honz Pharmaceutical Co.Ltd(300086) (+ 35.35%), and the decline was among the top in Lanhai medical (- 10.54%), Zhejiang Anglikang Pharmaceutical Co.Ltd(002940) (- 8.28%), Contec Medical Systems Co.Ltd(300869) (- 7.69%). Up and down performance characteristics: underestimated value, active performance of API and traditional Chinese medicine sectors; Covid-19 treatment theme stocks performed actively, with Shanghai Junshi Biosciences Co.Ltd(688180) and other stocks rising significantly.
China has become the world's largest producer and exporter of API, providing about 30% of the global API production capacity, and there is no replacement risk in the short term: the notice on the implementation plan for promoting the high-quality development of API Industry issued by the Ministry of industry and information technology and the national development and Reform Commission and other policies promote the transformation of API industry to high-end and green, Strengthen the advantages of Chinese API in the global supply chain. In 2020, affected by the epidemic, the global raw material prices generally rose, the upstream price increases began to be transmitted to the downstream, the interest margin expanded and the profitability improved rapidly. The price of characteristic APIs is generally stable. With the transmission of upstream price rise to downstream, it is expected to usher in price improvement. In the long run, enterprises are optimistic about the transformation to API preparation integration / cdmo.
Nmpa accepted the listing application of Yifan Pharmaceutical Co.Ltd(002019) new drug f-627, and EMA accepted the listing application of two new indications of Baiji Shenzhou Btk inhibitor: on February 24, Yifan Pharmaceutical Co.Ltd(002019) announced that nmpa had accepted the listing application of f-627, a long-acting granulocyte colony stimulating factor developed by Yiyi biology, a subsidiary of Yifan Pharmaceutical Co.Ltd(002019) company, To be developed for the treatment of neutropenia caused by chemotherapy; On February 22, Baiji Shenzhou announced that EMA had accepted the application for marketing license of two new indications of BTK inhibitor baiyueze for the treatment of patients with chronic lymphocytic leukemia and patients with marginal zone lymphoma.
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) etc; 2) CXO field of generic drugs: recommend Baicheng medicine and pay attention to Beijing Sun-Novo Pharmaceutical Research Co.Ltd(688621) etc; 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 suggested to pay attention to Apeloa Pharmaceutical Co.Ltd(000739) , Zhejiang Tianyu Pharmaceutical Co.Ltd(300702) , etc; 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) etc., it is suggested to pay attention to Changchun High And New Technology Industries (Group) Inc(000661) ; 8) Medical service field: Aier Eye Hospital Group Co.Ltd(300015) , Topchoice Medical Co.Inc(600763) , Guizhou Xinbang Pharmaceutical Co.Ltd(002390) , etc; 8) Blood products: Beijing Tiantan Biological Products Corporation Limited(600161) etc., it is suggested to pay attention to Boya Bio-Pharmaceutical Group Co.Ltd(300294) ; 9) Medical and aesthetic fields: Imeik Technology Development Co.Ltd(300896) , Huadong Medicine Co.Ltd(000963) , Bloomage Biotechnology Corporation Limited(688363) , 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.
