Key investment points
Market review: this week, the pharmaceutical and biological index rose 3.16%, outperforming the Shanghai and Shenzhen 300 index by 2.78 percentage points, ranking 10th in the industry. Since the beginning of the 21st century, the pharmaceutical industry has fallen by 5.73%, 0.53 percentage points lower than the Shanghai and Shenzhen 300 index, and the rise and fall of the industry ranks 26th. The valuation level (pe-ttm) of the pharmaceutical industry this week was 33.46 times, with a premium rate of 99% (+ 0.2pp) relative to all a shares, 47% (- 0.2pp) relative to all A-Shares excluding banks, and 150% (+ 2.6pp) relative to CSI 300. In terms of pharmaceutical sub industry, 11 sub industry sectors rose this week, and offline pharmacies were the sub industry with the largest increase, up about 11.1%. The pharmaceutical circulation and medical R & D outsourcing industries ranked second and third, with an increase of about 5.9% and 4.9% respectively. The sub industry with the highest increase since the beginning of the year is API, up about 34.0%.
The policy encourages the development of traditional Chinese medicine industry and continues to be optimistic about traditional Chinese medicine consumer products immunized by medical insurance. This week is the last week of 2021. The market sentiment of the traditional Chinese medicine sector continued to improve, during which the sector rose 3.62%. This week, 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 institutional advantages of medical insurance and supporting the inheritance, innovation and development of traditional Chinese medicine. We reiterate three investment opportunities: the price rise of upstream materials in the traditional Chinese medicine sector drives the price increase of products, the acceleration of downstream inventory turnover, and the improvement of the governance structure of relevant state-owned enterprises, and are optimistic about the performance of traditional Chinese medicine consumer goods in 2022. It is recommended to pay attention to Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) , Yunnan Baiyao Group Co.Ltd(000538) , Beijing Tongrentang Co.Ltd(600085) , Chongqing Taiji Industry (Group) Co.Ltd(600129) , Zhejiang Shouxiangu Pharmaceutical Co.Ltd(603896) , China Resources Sanjiu Medical & Pharmaceutical Co.Ltd(000999) , Jianmin Pharmaceutical Group Co.Ltd(600976) , Shijiazhuang Yiling Pharmaceutical Co.Ltd(002603) , Mayinglong Pharmaceutical Group Co.Ltd(600993) , Tianjin Zhongxin Pharmaceutical Group Corporation Limited(600329) , Zhejiang Jolly Pharmaceutical Co.Ltd(300181) , Tibet Cheezheng Tibetan Medicine Co.Ltd(002287) , Heilongjiang Zbd Pharmaceutical Co.Ltd(603567) , etc.
This week’s robust portfolio: Wuxi Apptec Co.Ltd(603259) (603259), Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) (300760), Jiangsu Hengrui Medicine Co.Ltd(600276) (600276), Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) (600436), Topchoice Medical Co.Inc(600763) (600763).
Elastic combination this week: Chongqing Taiji Industry (Group) Co.Ltd(600129) (600129), Maider Medical Industry Equipment Co.Ltd(688310) (688310), Truking Technology Limited(300358) (300358), Shanghai General Healthy Information And Technology Co.Ltd(605186) (605186), Haisco Pharmaceutical Group Co.Ltd(002653) (002653).
This week’s Hong Kong stock portfolio: Yaoming Biology (2269), Shanghai Junshi Biosciences Co.Ltd(688180) (1877), haijiya (6078), minimally invasive Siasun Robot&Automation Co.Ltd(300024) (2252), Jinxin reproduction (1951).
This week’s scientific innovation board combination: Baiji Shenzhou (688235), Cansino Biologics Inc(688185) (688185), Suzhou Zelgen Biopharmaceuticals Co.Ltd(688266) (688266), Chengdu Olymvax Biopharmaceuticals Inc(688319) (68831), Aohua endoscopy (688212).
Risk warning: drug price reduction risk; The implementation progress of medical reform policy is lower than the expected risk; Risk of R & D failure.
