Biomedicine: the main policy direction of the industry continues, and assisted reproduction enters Beijing medical insurance. On March 5, the premier covered the pharmaceutical industry in many aspects in his government work report, including medical insurance payment, medical service reform, volume procurement, epidemic prevention and control, traditional Chinese medicine reform, graded diagnosis and treatment, etc. In terms of content, the 2022 work report continued the development direction of the traditional Chinese medicine industry, and further refined the content in terms of volume procurement, traditional Chinese medicine reform and so on. On the other hand, as a continuation of the "three child policy", the entry of some assisted reproductive projects into Beijing medical insurance will accelerate the development of the industry, and the downstream medical service enterprises will take the lead in benefiting.
New consumption: consumption recovery is slow. 1) Education industry: maintain a cautious attitude as a whole, and the opportunities mainly come from individual stocks. It is recommended to pay attention to New Oriental online. K9 discipline business is stripped off, and resources are inclined to university adult business, which is expected to achieve strong growth. At the same time, the company is actively transforming to institutions and live broadcasting. The underlying logic is that the brand, human and material resources of New Oriental and Yu Minhong are still strong. 2) Wine and tourism catering: covid-19 oral medicine was approved in the first week after the year, the overseas opening-up policy was relaxed, and the market sentiment boosted the rise of wine and tourism sector; Subsequently, China's epidemic repeatedly dragged down the recovery expectation and fluctuated; With the increase of vaccination rate and the availability of specific drugs, we expect the recovery of offline consumption. 3) Pet and beauty care: with the improvement of consumers' recognition of domestic products and the strength of domestic products, the domestic cosmetics industry still has high growth. The cosmetics and medical beauty industry has entered the era of strict supervision, the industry differentiation will intensify, and the leading brands are expected to further consolidate their head advantages.
Food and beverage: the price of famous liquor remains at a high level, and the pressure on the cost of raw milk continues. In February, Moutai's price was basically unchanged from last month. The price of famous liquor remained high throughout the whole year. The wholesale price of Baijiu liquor was flat, and the local liquor price index rose slightly. Maotai continued to practice the strategy of stabilizing the market and price. In late February, the prices of Feitian bulk bottles and boxed Maotai fell slightly compared with January. The latest data show that on February 23, the average price of fresh milk in the main producing areas of China was 4.24 yuan / kg. At present, the price of raw milk in China is still in a high position, and the raw material cost pressure of dairy production enterprises is still large. The cost of beer raw materials fluctuated, and the price of packaging raw material glass rose slightly. On February 28, the price of float flat glass was 2450.5 yuan / ton, up 2.0% from February 20.
Risk warning: (Medicine) policy risk; R & D risk; Market risk.
(new consumption) macroeconomic weakness risk; Long term risk of epidemic prevention and control in China; Industry competition intensifies risks.
(food) the impact of macroeconomic fluctuations; Fluctuation of raw materials; Industry competition intensifies.
