Key investment points
Event: on] March 29, 2022, the State Council issued the "14th five year plan" for the development of traditional Chinese medicine, which put forward the development goals of traditional Chinese medicine in seven aspects. 1) The service system of traditional Chinese medicine was further improved. 2) The construction of Characteristic Talents of traditional Chinese medicine was accelerated; 3) The inheritance and innovation ability of traditional Chinese medicine has been continuously enhanced; 4) The high-quality development of traditional Chinese medicine industry and health service industry has achieved positive results; 5) Vigorously carry forward the culture of traditional Chinese medicine; 6) The open development of traditional Chinese medicine has been actively promoted; 7) The governance level of traditional Chinese medicine was further improved.
Benefit the development of innovative Chinese medicine. Cultivate and build national major scientific and technological innovation platforms, and build about 30 national traditional Chinese Medicine Inheritance and innovation centers. Strengthen the evaluation and Research on the clinical efficacy of traditional Chinese medicine. Strengthen the research and development of new traditional Chinese medicine based on ancient classic prescriptions, famous and old traditional Chinese medicine empirical prescriptions, effective components or components. Optimize the clinical evidence system of traditional Chinese medicine, and establish a traditional Chinese medicine registration and evaluation evidence system of "Three Combinations" of traditional Chinese medicine theory, human experience and clinical trials.
The dosage of traditional Chinese medicine will increase rapidly, which will benefit the exclusive varieties of traditional Chinese medicine. The main task of the plan is to strengthen the grass-roots traditional Chinese medicine service network, strive to set up traditional Chinese medicine centers and equip traditional Chinese medicine doctors in all community health service centers and township health centers, and 100% of community health service stations and more than 80% of village clinics can provide traditional Chinese medicine services. Strive to increase the proportion of traditional Chinese medicine centers in community health service centers and township health centers from 81.29% to 100% in 2022. In November 2021, the National Health Commission issued an announcement for public comments on the measures for the administration of the national catalogue of essential drugs (Revised Draft). It is expected that a new round of adjustment will be ushered in in 2022. The use of proprietary Chinese medicines in grass-roots medical service institutions is large, and the exclusive varieties of traditional Chinese medicine are expected to usher in new development opportunities.
Lihao traditional Chinese medicine formula granules to strengthen the quality control of traditional Chinese medicine. Formulate and implement the national processing specifications for decoction pieces of traditional Chinese medicine, continue to promote the construction of the inheritance base of traditional Chinese medicine processing technology, and explore the inclusion of decoction pieces of traditional Chinese medicine with unique processing methods into the protection scope of traditional Chinese medicine varieties. Strengthen the construction of third-party quality testing platform for traditional Chinese medicine. Research and promote the construction of information traceability system for traditional Chinese medicine and traditional Chinese medicine decoction pieces, and strengthen the collaborative supervision of multiple departments. Speed up the construction of digitalization, networking and intelligence of traditional Chinese medicine manufacturing industry, strengthen technology integration and process innovation, improve the manufacturing level of traditional Chinese medicine equipment, and accelerate the standardization and modernization of traditional Chinese medicine production processes and processes.
Good medical services of traditional Chinese medicine. From 2020 to 2025, the number of TCM medical institutions will increase from 72300 to 95000, the number of TCM hospitals will increase from 5482 to 6300, and the number of beds in public TCM hospitals per 1000 population will increase from 0.68 to 0.85; The coverage of county run TCM medical institutions increased from 86.86% to 100%. In terms of talents, the number of practitioners of traditional Chinese medicine per 1000 population increased from 0.48 to 0.62. Encourage social medical institutions to set up TCM departments. Relying on the existing resources, a number of TCM rehabilitation centers will be arranged, and the construction of rehabilitation (Medicine) departments will be strengthened in TCM hospitals above level II.
There are three logilogic: 1) price hike: in recent years, some upstream Chinese herbal medicines have been rising prices, and the cost is transmitted downstream, driving the price of end products. It is expected to increase. It is expected to be expected to add to the performance, with a focus on the Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) \ , Jianmin Pharmaceutical Group Co.Ltd(600976) , etc. 2) Mixed reform of state-owned enterprises: the mixed reform of state-owned enterprises in the traditional Chinese medicine industry and changes at the shareholder level are accelerated, and the performance is expected to be released. Focus on Yunnan Baiyao Group Co.Ltd(000538) , Chongqing Taiji Industry (Group) Co.Ltd(600129) , China Resources Sanjiu Medical & Pharmaceutical Co.Ltd(000999) , etc; 3) Channel inventory cycle: after several years of adjustment, the channel inventory cleaning of some enterprises is coming to an end, the ex factory delivery is gradually restored, and the performance is recovering. Focus on Chongqing Taiji Industry (Group) Co.Ltd(600129) , Dong-E-E-Jiao Co.Ltd(000423) , etc.
In addition, they are also optimistic about innovative traditional Chinese medicine, exclusive varieties of traditional Chinese medicine base drugs, traditional Chinese medicine formula particles, quality control of traditional Chinese medicine, traditional Chinese medicine medical services, etc. Innovative drugs of traditional Chinese medicine: since 2021, the research and development achievements of innovative drugs of traditional Chinese medicine in China have entered the stage of gradual realization, which is expected to become a new growth point. It is suggested to pay attention to Shijiazhuang Yiling Pharmaceutical Co.Ltd(002603) etc; Pay attention to the exclusive varieties of traditional Chinese medicine base drugs, such as Tianjin Zhongxin Pharmaceutical Group Corporation Limited(600329) , Zhejiang Jolly Pharmaceutical Co.Ltd(300181) , etc; Traditional Chinese medicine formula granules pay attention to China Resources Sanjiu Medical & Pharmaceutical Co.Ltd(000999) , Chinese traditional medicine, etc; Pay attention to traditional Chinese medicine medical services, such as gushengtang.
Risk warning: the price increase does not meet expectations; Mixed reform fails to meet expectations; R & D failed to meet expectations.
