Today (March 10), Shanghai and Shenzhen stock markets showed a shock rebound pattern. The three major A-share indexes opened higher in the morning and then maintained a high shock. In the afternoon, the index gradually fell and the increase converged, but the overall situation remained strong.
In this regard, Sealand Securities Co.Ltd(000750) mentioned that after continuous adjustment, the market has the opportunity of oversold rebound, and the sustained rebound needs to substantially alleviate the upstream price concerns. The process of oversold rebound is not the opposite of steady growth and boom growth. There are opportunities for growth and value.
At the same time, focus on the growth cycle of the photovoltaic sector, such as the high and medium power sector, and further focus on the growth cycle of the photovoltaic industry. The value sector focuses on the Baijiu liquor company with better performance and the policy margin is expected to relax the expected real estate.
sector:
I. Medicine
Sinolink Securities Co.Ltd(600109) mentioned that we should continue to pay attention to 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.
Zhongtai Securities Co.Ltd(600918) said that referring to the registration and approval of China's in vitro diagnostic kit, we believe that if China's covid-19 antigen self-test kit enters the Innovation Medical Management Co.Ltd(002173) device special review procedure or medical device priority approval process, the approval time is expected to take 3-12 months; If the class III Registration Certificate is applied for according to the conventional in vitro diagnostic reagent, the whole approval process may take 1-3 years. At present, China's relevant quality evaluation requirements and registration evaluation methods have not been released, and the final approval speed still needs further reference to national policies. In terms of China's market space, with reference to overseas distribution policies, it is predicted that China's monthly market scale may reach 17.7-26.6 billion yuan.
In terms of investment suggestions, at present, covid-19 antigen self-test kits of hundreds of in vitro diagnostic manufacturers in China have been registered and approved overseas, and the market competition in Europe, Malaysia and other regions is becoming increasingly fierce. We believe that if the registration approval of covid-19 antigen self-test products in China is released, the head brands with complete and abundant clinical data and relatively large overseas sales may gain advantages. We suggest paying attention to the investment targets of Andon Health Co.Ltd(002432) , Zhejiang Orient Gene Biotech Co.Ltd(688298) , Shenzhen Yhlo Biotech Co.Ltd(688575) , Guangzhou Wondfo Biotech Co.Ltd(300482) , Beijing Hotgen Biotech Co.Ltd(688068) , an Xu biology and so on.
Great Wall Guorui Securities pointed out that the valuation is at the bottom of history and the current investment value of the pharmaceutical industry is prominent. It is suggested to increase the allocation proportion of the industry and pay attention to investment opportunities in six aspects: first, the performance disclosure of the annual report in 2021 and the first quarterly report in 2022 is imminent, and pay attention to the high-quality targets with high growth or higher than expected performance of the annual report and the first quarterly report;
Second, with the official release of the 14th five year plan for the development of pharmaceutical industry, under the premise of controlling medical insurance expenses, innovation and internationalization will be the core main line of the industry in the future. It is suggested to pay attention to innovation driven companies and pharmaceutical enterprises with international ability;
Third, the CXO industry. Recently, the CXO industry has undergone in-depth adjustment, and the valuation is at the bottom of history. Contrarian, focus on companies with sufficient orders and reasonable current valuation;
Fourth, drugstore chain companies with reasonable valuation and stable recovery;
Fifth, pay attention to the consumer medical sector. Under the background of medical insurance fee control, the ophthalmology, medical beauty and other medical sub industries with consumption attribute have policy immunity, and the consumption upgrading will drive their development;
Sixth, pay attention to the traditional Chinese medicine sector. The release of the guiding opinions on medical insurance supporting the inheritance, innovation and development of traditional Chinese medicine shows the state's determination to the inheritance, innovation and development of traditional Chinese medicine, which will play a positive role in the traditional Chinese medicine industry.
II. Brewing
China Galaxy Securities Co.Ltd(601881) Securities pointed out that for Baijiu industry, short-term efforts should be made in the long term, and the trend of structural upgrading will not be changed. Around the Spring Festival, the epidemic control and control were relatively relaxed compared with 2021, and the terminal consumption scenarios were restored. The liquor industry's overall sales performance was stable and the channel refunds were good, but the regional differentiation characteristics (mainly caused by the epidemic in some areas) were repeated, and the performance of the Baijiu liquor was relatively better. From 2 to March, the Baijiu industry will enter the "shrinkage stage". But the good performance of the Spring Festival has laid a good foundation for the first quarter. We think that Baijiu 22Q1 can start a good start.
For the beer industry, high-end + price increase effect is realized, and attention is paid to systematic opportunities in peak seasons. On the whole, the logic of high-end industry continues to be deduced. It is expected that with the recovery of catering demand and the decline of raw material prices (the high glass price fell in January), the price increase effect of the industry is expected to be realized in the peak season of 21q2, and the report performance will release high elasticity.
Financial letter Securities said that the current position of the Baijiu sector can be more positive. At present, the biggest difficulty faced by the industry is that the macroeconomic downturn affects the consumption capacity, while at the industry level, the price and inventory of famous wines are healthy, and the industry order is improving. Looking forward to the future, (1) the impact of the epidemic is gradually passivated, epidemic prevention policies are more flexible, and the scope of limited consumption scenarios will be further reduced; (2) With the steady growth policy, macroeconomic stabilization and recovery is a relatively certain trend. At present, the fundamentals of the industry are mainly stable, and it is expected to strengthen again with the recovery of macro viewing attitude in the future. However, due to the uncertainty of the recovery speed of consumption capacity, the weak demand period may continue for some time. This stage especially tests the channel price and inventory control ability of wine enterprises, and the winery needs to balance the volume and price.
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