Key investment points
This week and year to date, the medical index rose by 0.54% and – 12.05% respectively, and the excess returns relative to Shanghai and Shenzhen 300 were 2.68% and 3.45% respectively; This week, the share prices of traditional Chinese medicine, pharmaceutical business and services were relatively strong, while the share prices of instruments, biological products and chemical drugs increased slightly; Panlong Pharmaceutical (+ 61.08%), Chongqing Pharscin Pharmaceutical Co.Ltd(002907) (+ 33.38%), Guilin Layn Natural Ingredients Corp(002166) (+ 32.64%) was the top gainer this week, and the top gainer was Pku Healthcare Corp.Ltd(000788) (- 16.21%), Nanjing Hicin Pharmaceutical Co.Ltd(300584) (- 15.81%), Jiangsu Sinopep-Allsino Biopharmaceutical Co.Ltd(688076) (- 14.74%). Performance characteristics of rise and fall: the overvalued CXO and medical service sectors stabilized, the more than 10 times undervalued sector rose, and the pharmaceutical sector stabilized and fluctuated upward; Covid-19 treatment and antigen detection decreased to a certain extent; Traditional Chinese medicine has done much in covid-19 treatment, and the performance of the sector is relatively strong.
The vaccine industry maintains a high outlook, and the market potential of covid-19 sequential vaccination is large: on the consumer side, covid-19 epidemic has further improved people’s awareness of disease prevention and control, and the enthusiasm for vaccination has increased; On the product side, more and more innovative vaccines with better effects are gradually listed, laying the foundation for high performance growth of vaccine enterprises. In addition, the Health Commission has launched covid-19 vaccine to strengthen immunization in sequence. There is still much room for the development of high-quality vaccines with good safety and protection efficiency. Due to the characteristics of covid-19 virus such as high infectivity and easy mutation, covid-19 epidemic situation is difficult to completely eliminate in a short time. Homologous enhanced immunization or sequential enhanced immunization may become the norm. At present, seven covid-19 vaccines have been approved for conditional listing or emergency use in China. A variety of innovative vaccines are in the process of clinical development, including mRNA vaccine, recombinant protein vaccine, virus vector vaccine, DNA vaccine, etc. MRNA vaccine and recombinant protein vaccine have great market potential because of their high protective efficiency.
A variety of innovative / improved drugs were listed, and Watson bivalent HPV vaccine was approved: Walvax Biotechnology Co.Ltd(300142) holding subsidiary Zerun biology independently developed recombinant human papillomavirus (HPV) bivalent (type 16 / 18) vaccine (yeast) was approved by nmpa for listing; The new drug marketing application of ALK inhibitor bugatinib tablets submitted by Takeda was approved by nmpa; Novartis targeted radioligand therapy pluvicto is listed for the treatment of (mcrpc) patients; Fuhong Hanlin PD-1 monoclonal antibody and Sullivan injection were approved for marketing; Oseltamivir phosphate capsule and oseltamivir phosphate dry suspension of Chengdu Beite pharmaceutical were approved on the same day.
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) , Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) , etc; 2) CXO field of generic drugs: it is recommended to pay attention to Baicheng medicine, Beijing Sun-Novo Pharmaceutical Research Co.Ltd(688621) etc; 3) Innovative drugs and industrial chain: recommend Porton Pharma Solutions Ltd(300363) , Wuxi Apptec Co.Ltd(603259) , Zhejiang Jiuzhou Pharmaceutical Co.Ltd(603456) , Asymchem Laboratories (Tianjin) Co.Ltd(002821) , etc; 4) Biotech innovative drugs: recommend kangfang biology, Xinda biology, Yasheng medicine, etc; 5) API field: recommended Jiangxi Synergy Pharmaceutical Co.Ltd(300636) , Apeloa Pharmaceutical Co.Ltd(000739) , Zhejiang Starry Pharmaceutical Co.Ltd(603520) , 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 Aier Eye Hospital Group Co.Ltd(300015) , Topchoice Medical Co.Inc(600763) , haijiya medical, etc; 9) Blood products: recommended Boya Bio-Pharmaceutical Group Co.Ltd(300294) , Beijing Tiantan Biological Products Corporation Limited(600161) etc; 10) Medical and aesthetic fields: recommend Imeik Technology Development Co.Ltd(300896) , 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.
