Policy and epidemic update
On March 5, Premier Li Keqiang delivered a government work report to the fifth session of the 13th National People's Congress. In the overall requirements and policy orientation of economic and social development in 2022, it is mentioned that we should continue to do a good job in normalized epidemic prevention and control, including adhering to external defense input and internal defense rebound; Continuously optimize and improve the prevention and control measures; Strengthen epidemic prevention and control in port cities; Strengthen the research and prevention of virus mutation; Accelerate the research and development of vaccines and specific drugs; Continue to do a good job in vaccination; Scientifically and accurately handle local epidemic situations and maintain normal production and living order. In the tasks of the government in 2022, in order to effectively protect and improve people's livelihood and strengthen and innovate social governance, Article 9 emphasizes the need to "improve the capacity of medical and health services", and from continuing to improve financial subsidies, promote volume procurement, ensure the quality and safety of drugs and vaccines, deepen the reform of medical insurance payment and settlement in other places, improve the level of disease services, strengthen the guarantee of medication for rare diseases Improving the disease prevention and public health team, deepening the reform of public hospitals, standardizing the fees and services of medical institutions, revitalizing the development of traditional Chinese medicine, and promoting hierarchical diagnosis and treatment.
The global epidemic situation tends to ease, and the epidemic situation in Hong Kong is on the rise. The number of new cases in the world continued to decline this week, and the number of deaths continued to decline from mid February. The number of confirmed cases and deaths in Hong Kong continued to rise.
Zhou viewpoint update
Focus on the two sessions and continue to be optimistic about the innovation and upgrading of epidemic prevention and pharmaceutical industry. Continue the main line of epidemic prevention and control, including killing detection, covid-19 vaccine, covid-19 specific drug and its upstream industrial chain. Optimistic about pharmaceutical innovation, pharmaceutical high-end manufacturing, upstream supply chain, pharmaceutical consumption and other directions.
The logic of innovative medicine going to sea has been constantly verified. We are optimistic about China Meheco Group Co.Ltd(600056) innovation and innovation Shenzhen New Industries Biomedical Engineering Co.Ltd(300832) chain, and pay attention to the catalytic effect of the performance of the first quarter of the annual report on the CXO sector. This week, legendary biological car-t therapy was approved by FDA. Tianyan pharmaceutical announced that it had reached a cooperation with Sanofi with a potential value of US $2.5 billion, which verified the R & D strength of Chinese innovative pharmaceutical enterprises and the logic of internationalization of Chinese innovative drugs. It continued to be optimistic about innovative drug enterprises, especially those with differentiated R & D strength, rich pipelines and international vision Innovative drug enterprises with rapid commercialization and large-scale capacity. Continue to be optimistic about the CXO sector. It is expected that with the continuous disclosure of the annual report in March, the market sentiment of the CXO sector will continue to pick up.
Continue to be optimistic about the upstream API sector of the industrial chain and the upstream pharmaceutical supply chain: ① the API sector continues to promote the capacity construction of intermediates and APIs, preparations and cdmo projects. Under the background of the continuous support of the 14th five year plan for the development of pharmaceutical industry for API, the performance of relevant enterprises is expected to improve steadily, and the profitability is expected to improve continuously in 2022. ② Focus on the investment opportunities in the supply chain during the 14th Five Year Plan period (industrial upgrading + domestic substitution), including subdivided fields such as equipment and equipment, scientific instruments, upstream reagent consumables for scientific research, upstream consumables for pharmaceutical industry and raw and auxiliary material packaging materials.
Investment advice
It is suggested to pay attention to: Wuxi Apptec Co.Ltd(603259) , Shanghai Haoyuan Chemexpress Co.Ltd(688131) , Zhejiang Jiuzhou Pharmaceutical Co.Ltd(603456) , Zhejiang Ausun Pharmaceutical Co.Ltd(603229) , Focused Photonics (Hangzhou) Inc(300203) , etc.
Risk tips
Covid-19 epidemic development and change risk, product R & D data and progress are less than expected risk, product capacity and sales are less than expected risk, government orders are less than expected risk, policy risk, etc.
