Market review: this week, the pharmaceutical and biological index rose 0.18%, outperforming the Shanghai and Shenzhen 300 index by 1.86 percentage points, ranking 10th in the industry. Since the beginning of 2022, the pharmaceutical industry has fallen by 11.62%, 2.63 percentage points lower than the CSI 300 index, and the rise and fall of the industry ranks 25th. This week, the valuation level (pe-ttm) of the pharmaceutical industry was 28.87 times, with a premium rate of 86% (- 0.5pp) relative to all a shares, 41% (0PP) relative to all A-Shares excluding banks, and 133% (- 0.4pp) relative to CSI 300. In terms of pharmaceutical sub industry, the five sub industry sectors rose this week, and pharmaceutical circulation was the sub industry with the largest increase, up about 9.1%. The API and in vitro diagnosis sub industries ranked the second and third with an increase of about 5.5% and 1.8% respectively. The sub industry with the largest increase since the beginning of the year is pharmaceutical circulation, up about 0.7%.
Shock the market, optimistic about the three directions. The pharmaceutical sector fluctuated this week. The traditional Chinese medicine sector with high heat in the early stage continued to perform well, and the CXO sector also continued to rebound slightly. The independent and controllable supply chain sector was slightly adjusted due to the Tofflon Science And Technology Group Co.Ltd(300171) fixed increase. On the whole, the current valuation of the pharmaceutical sector is 29 times, which has been gradually digested below the historical center, and the position ratio is at a historical low, with prominent allocation cost performance. In March, the annual report of 2021 and the first quarterly report of 2022 began to be disclosed gradually. It is suggested to pay attention to the performance expectation. At the current time point, we are optimistic about three directions: 1. Traditional Chinese medicine, recommended Chongqing Taiji Industry (Group) Co.Ltd(600129) , Zhejiang Shouxiangu Pharmaceutical Co.Ltd(603896) , China Resources Sanjiu Medical & Pharmaceutical Co.Ltd(000999) , Tianjin Zhongxin Pharmaceutical Group Corporation Limited(600329) , etc; 2. The supply chain is autonomous and controllable, and Truking Technology Limited(300358) , Tofflon Science And Technology Group Co.Ltd(300171) etc. are recommended; 3. Underestimated value, recommended Shanghai Runda Medical Technology Co.Ltd(603108) , Shanghai General Healthy Information And Technology Co.Ltd(605186) etc.
A number of a one of the a set of the a set of the a set of the a set of the a set of the a set of the a set of the a set of the a set of the a set of the a set of the a set of the a a set of the a set of the a a set of the a a set of the a a a a a a a a a a a set of the a set of the a set of the A to to a a a a set of the A to to to to a a a set of the A to to to to to a a set of the a to to a a a a set of the A to to to to to a a a a a set of the a set of the A to to a to a a a a to a a a a to a a set of a to a a a a a a a a a a set to to a a a a a a a a a a a a a a a to to a to a a to a to a a a to a a a a a a a a a a a a a a a a a a a a a a a(0023).
Risk warning: drug price reduction risk; The implementation progress of medical reform policy is lower than the expected risk; Risk of R & D failure.
