This week (December 27, 2021-december 31, 2021) and year to date, the biomedical index rose by 3.16% and – 5.73% respectively, and the excess returns relative to the Shanghai stock index were 2.77% and – 0.53% respectively; This week and year to date, the biomedical index rose by 3.16% and – 5.73% respectively, and the excess returns relative to the Shanghai index were 2.77% and – 0.53% respectively; In 2021, the stock prices of traditional Chinese medicine, medical services and chemical drugs increased significantly, while the stock prices of commercial, biological products and devices were relatively weak; Rise and fall performance characteristics: in 2021, the market value of small market companies increased more significantly than that of large institutions with heavy positions; The Chinese medicine sector made a surprise attack in the last month and became the top gainer in the sub industry; Medical services, CXO share price performance first strong and then weak. The logic of the four industries of traditional Chinese medicine: first, the state has made great efforts to support the traditional Chinese medicine industry. In 2021, a series of support policies were successively issued. In particular, at the end of 2021, the medical insurance bureau issued the guiding opinions on medical insurance supporting the innovation and development of traditional Chinese medicine. In addition, in 2021, the number of CDE traditional Chinese medicine acceptance numbers increased from more than 400 in 2020 to more than 1200 in 2021; Second, the price of OTC traditional Chinese medicine increases due to the rise of upstream costs, Beijing Tongrentang Co.Ltd(600085) , Chongqing Taiji Industry (Group) Co.Ltd(600129) , Guangyuyuan Chinese Herbal Medicine Co.Ltd(600771) may increase in varying degrees; Third, the quantity of traditional Chinese medicine varieties entering basic drugs shall be ensured. In October 2019, the opinions on further ensuring the supply and price stability of drugs in shortage issued by the general office of the State Council mentioned that the proportion of varieties equipped with basic drugs in government run grass-roots medical and health institutions, secondary public hospitals and tertiary public hospitals shall not be less than 90%, 80% and 60% respectively in principle, It is conducive to the large-scale application of traditional Chinese medicine in the hospital terminal; Fourth, traditional Chinese medicine has congenital advantages in the treatment of non diseases, and the treatment of non diseases has risen to the national strategy. Suggestions on the configuration of traditional Chinese medicine targets: 1) the efficacy value is relatively clear, such as Zhejiang Jolly Pharmaceutical Co.Ltd(300181) , Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) , Beijing Tongrentang Co.Ltd(600085) ; 2) Endogenous increase is fast, such as Zhejiang Jolly Pharmaceutical Co.Ltd(300181) , Dong-E-E-Jiao Co.Ltd(000423) , Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) ; 3) The valuation is relatively cheap, Hubei Jumpcan Pharmaceutical Co.Ltd(600566) , Zhejiang Jolly Pharmaceutical Co.Ltd(300181) , Dong-E-E-Jiao Co.Ltd(000423) , Beijing Tongrentang Co.Ltd(600085) ; 4) The price of products may be increased, Beijing Tongrentang Co.Ltd(600085) , Chongqing Taiji Industry (Group) Co.Ltd(600129) , Guangyuyuan Chinese Herbal Medicine Co.Ltd(600771) , etc. In conclusion, it is recommended to pay attention to the combination of small market value targets Zhejiang Jolly Pharmaceutical Co.Ltd(300181) , Guangyuyuan Chinese Herbal Medicine Co.Ltd(600771) ; Large market value target combination Beijing Tongrentang Co.Ltd(600085) , Dong-E-E-Jiao Co.Ltd(000423) , Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) , Hubei Jumpcan Pharmaceutical Co.Ltd(600566) , etc.
The pilot work of traditional Chinese medicine formula granules has ended and the industry has entered a new stage; Traditional Chinese medicine formula granules are processed from traditional Chinese medicine decoction pieces. Compared with traditional Chinese medicine decoction pieces, traditional Chinese medicine formula granules have the advantages of stable raw materials, flexible deployment and easy carrying. According to the data of the Ministry of industry and information technology, China’s traditional Chinese medicine formula granules industry is growing rapidly. In 2019, the sales revenue of traditional Chinese medicine formula granules accounted for about 26.01% of traditional Chinese medicine decoction pieces, and the market scale was about 50.259 billion yuan. Before November 1, 2021, China’s traditional Chinese medicine granules have been in the pilot state. Six national pilot enterprises, including China traditional Chinese medicine, Tianjin Chase Sun Pharmaceutical Co.Ltd(300026) , China Resources Sanjiu Medical & Pharmaceutical Co.Ltd(000999) , occupy most of the market share of China’s traditional Chinese medicine formula granules Market. On February 10, 2021, the announcement on ending the pilot work of traditional Chinese medicine formula granules announced the end of the pilot work of traditional Chinese medicine formula granules in China and the industry entered a new stage.
Cansino Biologics Inc(688185) biological tetravalent meningococcal conjugate vaccine was approved for marketing in China, and the phase 3 clinical application of innovative eye drops cyclasol achieved positive results again: on December 29, nmpa announced the latest, Cansino Biologics Inc(688185) biological declared acyw135 group meningococcal polysaccharide conjugate vaccine has been approved. The vaccine is a tetravalent meningococcal conjugate vaccine manhaixin independently developed by Cansino Biologics Inc(688185) biology. It is intended to prevent epidemic cerebrospinal meningitis caused by group A, group C, group y and group W135 meningococci; On December 31, novaliq announced that the second key phase 3 clinical trial of topical anti-inflammatory eye drops cyclasol in the treatment of dry eye achieved positive results. The results showed that on the 29th day, the symptom improvement of patients treated with cyclasol was significantly better than that of the control group, the proportion of responders was also higher, and the effect of the drug was observed in two weeks.
Specific allocation ideas: 1) field of traditional Chinese medicine: it is recommended to pay attention to Zhejiang Jolly Pharmaceutical Co.Ltd(300181) , Hubei Jumpcan Pharmaceutical Co.Ltd(600566) , Dong-E-E-Jiao Co.Ltd(000423) , Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) ; 2) Innovative drugs and industrial chain: Zhejiang Jiuzhou Pharmaceutical Co.Ltd(603456) , Wuxi Apptec Co.Ltd(603259) , Asymchem Laboratories (Tianjin) Co.Ltd(002821) etc; 3) Biotech innovative drugs: kangfang biology, Xinda biology, Yasheng medicine, etc; 4) API field: Jiangxi Synergy Pharmaceutical Co.Ltd(300636) , Apeloa Pharmaceutical Co.Ltd(000739) , Zhejiang Starry Pharmaceutical Co.Ltd(603520) , Zhejiang Tianyu Pharmaceutical Co.Ltd(300702) etc; 5) Vaccine field: Chongqing Zhifei Biological Products Co.Ltd(300122) , Shenzhen Kangtai Biological Products Co.Ltd(300601) , Beijing Wantai Biological Pharmacy Enterprise Co.Ltd(603392) etc; 6) Growth hormone field: Changchun High And New Technology Industries (Group) Inc(000661) , Anhui Anke Biotechnology (Group)Co.Ltd(300009) etc; 7) Medical service field: Aier Eye Hospital Group Co.Ltd(300015) , Topchoice Medical Co.Inc(600763) , Guizhou Xinbang Pharmaceutical Co.Ltd(002390) etc; 8) Blood products: Boya Bio-Pharmaceutical Group Co.Ltd(300294) , Beijing Tiantan Biological Products Corporation Limited(600161) etc; 9) Medical and aesthetic fields: Imeik Technology Development Co.Ltd(300896) , Bloomage Biotechnology Corporation Limited(688363) , Huadong Medicine Co.Ltd(000963) , Shanghai Haohai Biological Technology Co.Ltd(688366) etc; 10) Medical device field: Jiangsu Yuyue Medical Equipment And Supply Co.Ltd(002223) , Qingdao Novelbeam Technology Co.Ltd(688677) , Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) etc.
Risk warning: R & D progress may be less than expected; The price reduction of drugs exceeded expectations; The medical insurance policy was further tightened.
