On December 31, A-Shares and Hong Kong shares rose sharply on the last trading day of 2021.
As of the closing, in terms of A-Shares and industry leaders, Guangzhou Baiyunshan Pharmaceutical Holdings Company Limited(600332) (600332) rose 5.95%, Yunnan Baiyao Group Co.Ltd(000538) (000538) rose 7.89%, Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) (600436) rose 3.34%. In addition, Zhejiang Jolly Pharmaceutical Co.Ltd(300181) (300181), Tianjin Chase Sun Pharmaceutical Co.Ltd(300026) (300026), Jinghua Pharmaceutical Group Co.Ltd(002349) (002349), Guiyang Xintian Pharmaceutical Co.Ltd(002873) (002873), Lanzhou Foci Pharmaceutical Co.Ltd(002644) (002644), Beijing Tongrentang Co.Ltd(600085) (600085), China Resources Sanjiu Medical & Pharmaceutical Co.Ltd(000999) (000999), Chongqing Taiji Industry (Group) Co.Ltd(600129) (600129) and other trading limits.
In terms of Hong Kong stocks, Beijing Tongrentang Co.Ltd(600085) Technology (01666) rose by more than 17%, Beijing Tongrentang Co.Ltd(600085) Sinopharm (03613) rose by more than 11%, gushengtang (02273) rose by more than 15%, and Chinese traditional medicine rose by more than 12%.
In fact, since December 20, 2021, the traditional Chinese medicine sector has shown a strong trend as a whole, successively hitting the highest point in the year. As of the closing on December 31, the traditional Chinese medicine sector closed at 3679.61 points, up 4.96%, with a maximum increase of more than 6.5%. Compared with December 20, the cumulative increase was more than 17%.
Brokerage analysts generally believe that the sudden rise of traditional Chinese medicine stocks is related to national policies and industry characteristics such as being less affected by medical insurance policies.
at the end of 2021, traditional Chinese medicine policies were successively issued
On December 30, the website of the State Administration of traditional Chinese Medicine released the guiding opinions of the state medical security administration and the State Administration of traditional Chinese medicine on medical insurance supporting the inheritance, innovation and development of traditional Chinese medicine, which proposed to give full play to the advantages of the medical security system, support the inheritance, innovation and development of traditional Chinese medicine, and better meet the people's needs for traditional Chinese medicine services.
The document mentioned that qualified pieces of traditional Chinese medicine, proprietary Chinese medicine and traditional Chinese medicine preparations of medical institutions will be included in the list of Medicare drugs according to regulations. The allocation and use of Chinese patent medicines included in the medical insurance catalogue through national negotiation shall be included in the monitoring and evaluation. Make full use of the "dual channel" drug management mechanism to expand the drug use channels of insured patients to designated retail pharmacies, so as to better ensure the drug use needs of insured people.
Chinese herbal pieces are Chinese herbal medicines that have been cleaned, cut and processed, which are different from the Chinese patent medicines taken by patients for daily treatment. The above documents mentioned that public medical institutions purchase Chinese herbal pieces from formal channels and sell them in strict accordance with the actual purchase price plus no more than 25%. Non decoction pieces of traditional Chinese medicine are sold in strict accordance with the "zero difference" of the actual purchase price. The specific scope of decoction pieces of traditional Chinese medicine shall be subject to the qualitative determination of the drug regulatory department. The prepared pieces of traditional Chinese medicine and prepared preparations of traditional Chinese medicine processed and used by medical institutions shall be subject to independent pricing.
This means that Chinese herbal pieces have more price space than other Chinese herbal medicines.
In addition to the support of medical insurance policy for traditional Chinese medicine, on December 31, 2021, the State Administration of traditional Chinese medicine also announced that the first batch of seven national demonstration areas for comprehensive reform of traditional Chinese medicine were approved for construction. The national demonstration area for comprehensive reform of traditional Chinese medicine takes provinces (autonomous regions and municipalities directly under the central government) as the main construction body, and encourages the first trial in the service mode, industrial development and quality supervision of traditional Chinese medicine. It is generally believed in the industry that this will be conducive to the development of traditional Chinese medicine industry.
Soochow Securities Co.Ltd(601555) believes that traditional Chinese medicine has a long history in China. It is not only the treasure of the Chinese nation, but also an important part of traditional medicine in the world. According to the Euromonitor report, China's Chinese patent medicine market grew rapidly from 2015 to 2019, and the market scale increased from about 625.2 billion yuan in 2015 to about 814.9 billion yuan in 2019, with a compound annual growth rate of about 6.8%. In recent years, the state has intensively launched various policies to support and encourage the inheritance, innovation and development of traditional Chinese medicine: the number of Chinese patent medicines in the basic medicine catalogue accounts for 39.12%, and the continuous promotion of the "986" goal is expected to stimulate the large-scale production of traditional Chinese medicine; Since 2021, the approval of innovative Chinese traditional medicine has accelerated. As of December 24, 2021, 11 innovative Chinese patent medicines have been approved. The price of raw materials in the upstream OTC market increases, and enterprises have the willingness and ability to raise prices, which is expected to usher in a simultaneous rise in volume and price.
Chinese patent medicines are intensively purchased on the road, and products less affected by medical insurance policies are favored
In the past year, centralized purchase, medical insurance negotiation and other payer policies have always affected the development of the pharmaceutical industry. The progress of the 19 provincial alliance of Hubei and the 6 provincial alliance of Guangdong in the centralized purchase policy of Chinese patent medicine has also become an important news to stimulate Chinese medicine stocks.
On December 21, Hubei provincial pharmaceutical price and bidding procurement management service network publicized the proposed winning results of 19 provincial alliance centralized procurement of Chinese patent medicine. From the published list of proposed candidates, a total of 111 Chinese patent medicine products were selected this time, involving 97 enterprises, including Shenwei Pharmaceutical (02877. HK), Kpc Pharmaceuticals Inc(600422) (600422. SH), Jiangsu Kanion Pharmaceutical Co.Ltd(600557) (600557. SH), Heilongjiang Zbd Pharmaceutical Co.Ltd(603567) Pharmaceutical (603567. SH), Sino US East China pharmaceutical, jiminxin, Beijing Tongrentang Co.Ltd(600085) (600085. SH). In terms of the decline, the average decline was 42.27%, and the maximum decline was 82.63%.
In terms of the decline, the decline in the centralized purchase of Chinese patent medicine is more moderate than that in the past few rounds of chemical medicine. Therefore, it is generally believed in the industry that the centralized procurement of local alliances is a process in which the state organizes the centralized procurement of Chinese patent medicines to accumulate experience, and it is a development opportunity for some enterprises.
On December 24, Guangdong Pharmaceutical Trading Center issued the document on centralized procurement of Chinese patent medicines such as Qingkailing of Guangdong alliance. According to the document, the number of products purchased intensively has changed from 134 in the previous draft for comments to 132, and the alliance of seven provinces has changed to six provinces. However, the 132 varieties involved in this collection still include Xingnaojing, compound salvia miltiorrhiza, Xuesaitong, Ginkgo biloba, Lianhua Qingwen, antiviral oral liquid and other large varieties. Therefore, the final results are highly expected.
According to a report released by Anxin international on December 28, most brand traditional Chinese medicines are sold on OTC side and are relatively less affected by medical insurance policies. At present, it is suggested to actively lay out the high-quality targets of the undervalued traditional Chinese medicine sector, and also pay attention to the varieties with brand premium ability, unaffected by medical insurance and undervalued value.
Southwest Securities Co.Ltd(600369) believes that traditional Chinese medicine consumer goods have consumption attributes, mainly in the out of hospital market, and are expected to break out in the future compared with "medical insurance immunity". First of all, the price of upstream Chinese herbal medicines will rise, and there is a certain expectation of price increase for upstream raw materials + downstream products in the future. Second, the liquidation of channel inventory is coming to an end, and the superposition of price increase expectations has accelerated the inventory turnover in the downstream of the traditional Chinese medicine sector.
Southwest Securities Co.Ltd(600369) also mentioned that the mixed reform of state-owned enterprises and changes at the shareholder level in the traditional Chinese medicine industry have accelerated in the past year. After the mixed reform of state-owned enterprises, Yunnan Baiyao Group Co.Ltd(000538) , Chongqing Taiji Industry (Group) Co.Ltd(600129) , Guangyuyuan Chinese Herbal Medicine Co.Ltd(600771) , Tianjin Zhongxin Pharmaceutical Group Corporation Limited(600329) greatly released the enthusiasm of employees. In the first half of 2021, Guangyuyuan Chinese Herbal Medicine Co.Ltd(600771) , Chongqing Taiji Industry (Group) Co.Ltd(600129) , Tianjin Zhongxin Pharmaceutical Group Corporation Limited(600329) realized the change of actual controller, and the equity incentive target of Yunnan Baiyao Group Co.Ltd(000538) mixed reform will improve the enthusiasm of employees. Beijing Tongrentang Co.Ltd(600085) the mixed reform is also expected to be gradually promoted.
(surging News)
