Market review: last week, the A-share pharmaceutical and biological index rose 0.18%, outperforming the CSI 300 index by 1.86pp and the gem composite index by 2.85pp, ranking 8 / 28. The performance was good, mainly due to the sharp rise of API and pharmaceutical business. The Hang Seng health index of Hong Kong stocks fell 6.21%, underperforming the Hang Seng state-owned enterprise index by 2.39pp, ranking 10 / 11. Tracking of R & D Progress of listed companies: last week, the listing applications of rekieolanza injection of mingjunuo and tetravalent influenza virus split vaccine of Sinopharm group were newly undertaken, and the clinical applications of fcn-159 tablets of Shanghai Fosun Pharmaceutical (Group) Co.Ltd(600196) and hr19042 capsules of Jiangsu Hengrui Medicine Co.Ltd(600276) and tg103 injection of Shijiazhuang Pharmaceutical Group were newly undertaken. Cm310 recombinant humanized monoclonal antibody injection of Connaught biology and Walvax Biotechnology Co.Ltd(300142) acyw135 meningococcal polysaccharide binding vaccine injection (freeze-dried) are in phase III clinical practice; The cadonilimab injection of kangfang biology is undergoing phase II clinical treatment; The tetravalent influenza virus split vaccine injection of Kexing biology, bgb-16673 tablet of Baiji Shenzhou and shr8554 injection of Jiangsu Hengrui Medicine Co.Ltd(600276) are undergoing phase I clinical trials.
This week’s view: the two sessions were held as scheduled, and the government work report guided the sustained and high-quality development of the pharmaceutical industry
On March 5, 2022, the two sessions of the National People’s Congress and the National People’s Congress were held as scheduled in Beijing. Premier Li Keqiang made high-quality development requirements for the medical and health service capacity in the government work report, and made guidance on medical insurance, centralized procurement, epidemic prevention and control, traditional Chinese medicine, medical services, key diseases and other aspects. Based on the contents of the report, we believe that this year can still focus on areas such as healthcare system building, the prevention and treatment of the major diseases that “one is one for one, one for one, one for one, one for one, one for one, one for one, and the development of traditional Chinese medicine this year. Based on the content of the report, according to the content of the report, we believe that we can still focus on areas such as health care,” the prevention and treatment of the big big diseases that “one for one, one for one, one for one, one for one, one for one, one for one, one for one, one for one, one for one, one for one, one for one, and one for the rest of the rest of this year. With the recommendation of Shandong Wit Dyne Health Co.Ltd(000915) \\\\\\\\\\\\\\\\\\\\\\\\\\129, Henan Lingrui Pharmaceutical Co.Ltd(600285) , Shijiazhuang Yiling Pharmaceutical Co.Ltd(002603) , etc.
Investment strategy in 2022: know the constant changes, keep the right and innovate. Based on the changes and invariance of pharmaceutical investment, we believe that we should actively grasp the investment opportunities in the direction of innovation and internationalization in the future. In terms of innovative drugs and vaccines, Xinda Biology (H) and Rongchang Biology (H) are recommended; In terms of CXO, Yao Mingsheng (H), Pharmaron Beijing Co.Ltd(300759) , Shanghai Haoyuan Chemexpress Co.Ltd(688131) , Pharmablock Sciences (Nanjing) Inc(300725) ; In the field of equipment and Life Sciences, recommend Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) , minimally invasive medical (H), Shinva Medical Instrument Co.Ltd(600587) , Amoy Diagnostics Co.Ltd(300685) , Iray Technology Company Limited(688301) ; In terms of innovative cutting-edge technologies, pay attention to unlisted enterprises such as Aibo biology; For domestic consumption, we recommend Jinxin reproduction (H), Lbx Pharmacy Chain Joint Stock Company(603883) , Shandong Wit Dyne Health Co.Ltd(000915) , Boya Bio-Pharmaceutical Group Co.Ltd(300294) .
Risk analysis: price reduction risk of drugs / consumables; Industry “black swan” event; Risk of R & D failure
