Biweekly performance of the sector: in the past two weeks, the CSI 300 index fell by 0.29%, and the pharmaceutical and biological (Shenwan) index rose by 3.71%, with a relative return of 4.01% compared with the CSI 300, ranking sixth in the industry. In terms of molecular sector, the eight Shenwan pharmaceutical sub industries have generally risen in the past two weeks. Among them, SW traditional Chinese Medicine II, SW pharmaceutical commercial II and SW chemical raw materials increased by 13.37%, 7.87% and 6.79% respectively, while SW pharmaceutical service II increased the last, down 1.92%. On the whole, the performance of most sub sectors is stronger than the market.
Weekly tracking of individual stocks: 1) from the rise and fall of individual stocks: in the past two weeks, 345 stocks in the pharmaceutical industry A-Shares (including the science and Innovation Board) rose positively and 85 stocks fell. The top five stocks were Gansu Longshenrongfa Pharmaceutical Industry Co.Ltd(300534) (+ 139.74%), senxuan medicine (+ 134.04%), Kunming Longjin Pharmaceutical Co.Ltd(002750) (+ 120.35%), Jinghua Pharmaceutical Group Co.Ltd(002349) (+ 94.15%) and Tianjin Chase Sun Pharmaceutical Co.Ltd(300026) (+ 80.83%); The top five stocks with declines were Kangmei Pharmaceutical Co.Ltd(600518) (- 16.49%), Walvax Biotechnology Co.Ltd(300142) (- 15.55%), Guangdong Jiangxi Wannianqing Cement Co.Ltd(000789) (- 15.35%), Baicheng medicine (- 15.01%) and Suzhou Nanomicro Technology Co.Ltd(688690) (- 14.48%). 2) Lu Gutong's shareholding: in the past two weeks, the total net sales of northbound funds were 1.264 billion yuan, including an inflow of 7.296 billion yuan and an outflow of 6.032 billion yuan. From the position of land stock connect, the top five holdings are Jiuzhitang Co.Ltd(000989) , Cspc Innovation Pharmaceutical Co.Ltd(300765) , Jiangsu Bioperfectus Technologies Co.Ltd(688399) , Renhe Pharmacy Co.Ltd(000650) , Shenzhen Bioeasy Biotechnology Co.Ltd(300942) . The top five holdings reduction are Luoxin Pharmaceuticals Group Stock Co.Ltd(002793) , Hangzhou Tigermed Consulting Co.Ltd(300347) , Asymchem Laboratories (Tianjin) Co.Ltd(002821) , Imeik Technology Development Co.Ltd(300896) , Tonghua Dongbao Pharmaceutical Co.Ltd(600867) . 3) Block transactions: in the past two weeks, 52 companies in the pharmaceutical and biological industry had block transactions, with a total transaction amount of 4.296 billion yuan. The top five block transactions are Beijing Wantai Biological Pharmacy Enterprise Co.Ltd(603392) , Imeik Technology Development Co.Ltd(300896) , Shanghai Raas Blood Products Co.Ltd(002252) , Nanhua Bio-Medicineco.Ltd(000504) , Zhejiang Jiuzhou Pharmaceutical Co.Ltd(603456) .
Sector valuation level: the PE (TTM) valuation of the pharmaceutical and biological sector has reached 35.06x in recent two weeks, still lower than the average pe38.06x in recent five years 15X。 The valuation of the sector has increased in the past two weeks and is still at a historically low level, which is lower than the industry's average PE in recent five years for 21 consecutive weeks. Compared with the same industry, the premium rate of pe-ttm in the pharmaceutical and biological sector relative to all A-Shares excluding finance is 9.54%, and the premium rate relative to CSI 300 is 150.07%.
Industry highlights: 1) 5-year high! 11 new Chinese medicine drugs were approved, Yiling, Kangyuan, Tasly Pharmaceutical Group Co.Ltd(600535) ; 2) Seven batches and eight rounds of national mining communication meeting were held, and the prediction rules were adjusted in three aspects; 3) 2021 inventory: for the first time, the ind of chemical medicine category 1 exceeded 243, led by Hengrui and Zhengda Tianqing!; 4) China's first! Cansino Biologics Inc(688185) tetravalent meningococcal conjugate vaccine was officially approved; 5) China Section 2! Baiji Shenzhou btk-protac was approved for clinical application.
It is recommended to pay attention to high-quality companies in the field of traditional Chinese medicine and scientific instruments.
Recently, the national medical insurance bureau and the administration of traditional Chinese Medicine issued the guiding opinions on medical insurance supporting the inheritance, innovation and development of traditional Chinese medicine, giving full play to the advantages of the medical security system and supporting the inheritance, innovation and development of traditional Chinese medicine. 1) The medical insurance system supports the inheritance and innovation of traditional Chinese medicine, and the sector is expected to usher in a period of rapid growth. The guidance clearly proposes to include traditional Chinese medicine in the list of Medicare drugs and encourage the development of traditional Chinese medicine. 2) Driven by favorable policies for many years, the sector has ushered in new opportunities. 3) In 2021, the innovation of traditional Chinese medicine broke out, and the harvest period of new drugs may have come. It is suggested to pay attention to relevant high-quality leading enterprises.
Recently, the 32nd meeting of the Standing Committee of the 13th National People's Congress of the people's Republic of China revised and adopted the law of the people's Republic of China on scientific and technological progress, which will come into force on January 1, 2022. The law clearly states that the scientific and technological innovation products and services of domestic natural persons, legal persons and unincorporated organizations are Under the condition that quality and other indicators can meet the needs of government procurement, government procurement shall be purchased. At present, the localization rate of high-end scientific instruments in China is low. The bill encourages enterprises to strengthen original innovation. The domestic substitution process is expected to accelerate, and relevant scientific instrument companies may benefit significantly.
Investment proposal and investment object
It is suggested to pay attention to: Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) (600436, not rated), Dong-E-E-Jiao Co.Ltd(000423) (000423, not rated), Tasly Pharmaceutical Group Co.Ltd(600535) (600535, not rated), Zhejiang Jolly Pharmaceutical Co.Ltd(300181) (300181, not rated), Tofflon Science And Technology Group Co.Ltd(300171) (300171, not rated), Truking Technology Limited(300358) (300358, not rated), Focused Photonics (Hangzhou) Inc(300203) (300203, not rated), etc.
Risk statement
The R & D, promotion and listing of new drugs were less than expected, the industry volume procurement policy was more than expected, and the epidemic broke out again
