Daily data tracking
Three major indexes: Shanghai index closed up 0.39%, Shenzhen Component Index closed up 0.83% and gem index closed up 1.06%
Shenwanyi sector: household appliances, non-ferrous metals and electrical equipment rose; Correction of public utilities, building decoration and building materials
Concept plate: the concepts of lithium ore, lithium electrolyte and connecting plate rose; Correction of the concept of central enterprises in coal mining, electric power and large infrastructure construction
Transaction and northbound funds: the transaction between the two cities was about 1002.6 billion yuan, an increase over the previous trading day; north
The net capital inflow from the previous year was about 1.292 billion yuan
Hot spot tracking: Comments on the impact of centralized purchase on the pharmaceutical industry
In recent years, under the influence of policies such as volume procurement, China’s pharmaceutical reform has entered a deep-water area. The internal plate differentiation of the pharmaceutical and biological industry is obvious. The profits of the generic pharmaceutical industry are thinning, and the profits of the innovative drug industry are rising. A number of pharmaceutical enterprises with innovative drugs are gradually coming to the fore. In the standardized and centralized development of the industry, the industry removes the weeds and retains the talents, and the competition pattern is expected to improve in the future. Facing the impact of centralized procurement, pharmaceutical enterprises should actively transition and innovate, and enrich product pipelines through independent research and development and licensing; At the same time, we will deeply layout the overseas market and compete in the overseas blue ocean market through self built teams, such as linceseout.
In the environment of medical insurance fee control and centralized purchase, we believe that the pharmaceutical industry needs pharmaceutical representatives, but the pharmaceutical representatives will be subject to more strict supervision, and the industry tends to be “compliant”, so as to finally realize that the drug price truly reflects the cost and the drug sales truly reflect the curative effect. September 2020, The State Drug Administration (nmpa) issued the administrative measures for the filing of medical representatives (for Trial Implementation), which emphasizes “standardizing the academic promotion of medical representatives”, and strictly prohibits “academic promotion without filing” and “academic promotion without the consent of medical institutions”. Under the guidance of the policy, medical representatives should abandon the traditional “gold sales” Mode, return to drug information transmission, communication and feedback, and pay attention to the academic promotion of drugs; At the same time, learn relevant laws and regulations, and deeply understand the importance of industry compliance and the seriousness of violations.
We believe that the rise of traditional Chinese medicine is a strong rebound catalyzed by multiple factors such as performance, policy and innovation. From the perspective of performance, by the third quarter of 2021, the operating revenue of traditional Chinese medicine sector had reached 248.85 billion yuan, a year-on-year increase of 11.31%; The net profit attributable to the parent company was 26.26 billion yuan, a year-on-year increase of 20.79%; From the perspective of policy, since 2021, the state has intensively issued many heavy documents, and the support for traditional Chinese medicine has been significantly strengthened; From the perspective of innovation, in 2021, the State Food and Drug Administration approved a total of 11 new traditional Chinese medicine drugs to be listed, becoming the year with the most new traditional Chinese medicine approved in recent five years.
Although the Chinese medicine sector has performed well recently, we should also see that the state is gradually strengthening the regulation of Chinese medicine. With the publication of the announcement of the results of the proposed selection of the inter provincial alliance of Chinese patent medicine centralized belt procurement and the Guangdong alliance Qingkailing and other documents on the centralized belt procurement of Chinese patent medicine, the belt procurement policy directly refers to the varieties of traditional Chinese medicine with large consumption and high amount of money. Therefore, we believe that the state is guiding the development of traditional Chinese medicine industry from two aspects: on the one hand, strengthen the support of traditional Chinese medicine industry from the top-level policy design; On the other hand, through centralized procurement, Chinese patent medicine enterprises are forced to continuously improve quality and upgrade, transition and innovation. For, we suggest investors pay attention to traditional Chinese medicine enterprises with exclusive varieties and layout in the international market.
Risk tip: the stock market is risky and investment should be cautious
