This week and year to date, the medical index rose by 1.08% and – 12.52% respectively, and the excess returns relative to the Shanghai index were 2.02% and 1.13% respectively; This week, the share prices of biological products, pharmaceutical business and traditional Chinese medicine were relatively strong, while the share prices of medical services, medical devices and chemical pharmaceuticals increased slightly; This week saw the highest increase of China Meheco Group Co.Ltd(600056) (+ 58.91%), Jiangsu Sinopep-Allsino Biopharmaceutical Co.Ltd(688076) (+ 45.93%), Pku Healthcare Corp.Ltd(000788) (+ 41.13%), and the highest decrease of Chengda Pharmaceutical (- 16.77%), Zhejiang Orient Gene Biotech Co.Ltd(688298) (- 15.47%), Changjiangrunfa Health Industry Co.Ltd(002435) (- 15.35%). Rise and fall performance characteristics: small market value companies are relatively active on the whole, especially covid-19 treatment and its industrial chain; Antigen detection rose and fell, but the performance in the first quarter is still worth looking forward to; The MPP list fell to the ground, with an obvious increase.
The policy direction of supporting social medical services remains unchanged, and we are optimistic about structural investment opportunities in medical services. Under the trend of aging and consumption upgrading, China’s medical demand continues to grow, and the medical system tends to be high-quality, multi-level and diversified. Driven by the policy and epidemic situation, the high-quality development of public hospitals is the reform trend of the medical system to comply with the times. Private hospitals will still be an important and beneficial supplement to the multi-level and diversified medical system, and the policy direction of encouraging social medical management will remain unchanged. Rational division of labor between social hospitals and public hospitals and undertaking spillover demand will help to improve efficiency and meet diversified needs through differentiated competition. In the supervision and epidemic situation to accelerate the survival of the fittest in the private medical industry, the head company is expected to further increase its share. Facing the performance fluctuation caused by covid-19 epidemic and the pressure of policy expectation changes since 2021, the market value of hospital companies has experienced different degrees of correction. At the current time point, we are still optimistic about the future performance of the hospital sector. Stock selection ideas and investment suggestions: 1) strong moat company of college track: it is recommended to pay attention to Aier Eye Hospital Group Co.Ltd(300015) , Topchoice Medical Co.Inc(600763) , haijiya, etc; 2) First mover advantage companies with continuous upward prosperity of the track: it is recommended to pay attention to Ningbo Sanxing Medical Electric Co.Ltd(601567) ; 3) Differentiated competition route focusing on self expense: it is suggested to pay attention to Jinxin reproduction, gushengtang, Yonghe medical treatment, etc. 4) It is expected to achieve marginal improvement in the company’s management or business: it is recommended to pay attention to Guizhou Xinbang Pharmaceutical Co.Ltd(002390) , Inkon Life Technology Co.Ltd(300143) etc.
New drug PI3K of Shijiazhuang Pharmaceutical Group δ/γ The inhibitor was approved for listing, and the application for listing of new indications of Betta Pharmaceuticals Co.Ltd(300558) alk inhibitor was approved: on March 18, PI3K of Shijiazhuang Pharmaceutical Group δ/γ The inhibitor duvalise capsule has been approved for marketing for follicular lymphoma, which is the first approved PI3K inhibitor in China; On March 18, Betta Pharmaceuticals Co.Ltd(300558) ‘s application for new indications of ALK inhibitor ensatinib capsule was approved for first-line treatment of ALK positive NSCLC.
Specific allocation ideas: 1) in the field of traditional Chinese medicine: it is recommended to pay attention to Zhejiang Jolly Pharmaceutical Co.Ltd(300181) , Hubei Jumpcan Pharmaceutical Co.Ltd(600566) , recommend Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) , etc; 2) CXO field of generic drugs: recommend Baicheng medicine and pay attention to Beijing Sun-Novo Pharmaceutical Research Co.Ltd(688621) etc; 3) Innovative drugs and industrial chain: recommend Zhejiang Jiuzhou Pharmaceutical Co.Ltd(603456) , Wuxi Apptec Co.Ltd(603259) , Asymchem Laboratories (Tianjin) Co.Ltd(002821) , etc; 4) Biotech innovative drugs: Yasheng medicine and Xinda biology are recommended, and kangfang biology is recommended; 5) API field: recommend Jiangxi Synergy Pharmaceutical Co.Ltd(300636) , Zhejiang Starry Pharmaceutical Co.Ltd(603520) , etc., and pay attention to Apeloa Pharmaceutical Co.Ltd(000739) , Zhejiang Tianyu Pharmaceutical Co.Ltd(300702) , etc; 6) Vaccine field: recommend Chongqing Zhifei Biological Products Co.Ltd(300122) , Shenzhen Kangtai Biological Products Co.Ltd(300601) , Beijing Wantai Biological Pharmacy Enterprise Co.Ltd(603392) , etc; 7) Growth hormone field: recommend Changchun High And New Technology Industries (Group) Inc(000661) , Anhui Anke Biotechnology (Group)Co.Ltd(300009) , etc; 8) Medical service field: recommend Topchoice Medical Co.Inc(600763) , Aier Eye Hospital Group Co.Ltd(300015) , Guizhou Xinbang Pharmaceutical Co.Ltd(002390) , etc; 9) Blood products: recommend Beijing Tiantan Biological Products Corporation Limited(600161) and pay attention to Boya Bio-Pharmaceutical Group Co.Ltd(300294) ; 10) Medical and aesthetic fields: recommend Imeik Technology Development Co.Ltd(300896) , Bloomage Biotechnology Corporation Limited(688363) , Huadong Medicine Co.Ltd(000963) , Shanghai Haohai Biological Technology Co.Ltd(688366) , etc; 11) Medical devices: recommended 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 tip: the progress of industrial transformation and internationalization is not as expected; R & D progress may be less than expected; The price reduction of drugs exceeded expectations; The medical insurance policy was further tightened.
