Key investment points
This week and year to date, the medical index rose by 0.0% and – 12.6% respectively, and the excess returns relative to the Shanghai index were – 2.2% and – 2.8% respectively; This week, the share prices of medical devices, traditional Chinese medicine and services were relatively strong, while the share prices of commercial, chemical and biological products were weak; This week, the highest growth rate was Shanxi Zhendong Pharmaceutical Co.Ltd(300158) (+ 38.58%), Realcan Pharmaceutical Group Co.Ltd(002589) (+ 33.33%), Guangdong Taiantang Pharmaceutical Co.Ltd(002433) (+ 20.63%), and the highest decline was Beijing Kawin Technology Share-Holding Co.Ltd(688687) (- 23.11%), Zhejiang Ausun Pharmaceutical Co.Ltd(603229) (- 23.05%), Zhejiang Yatai Pharmaceutical Co.Ltd(002370) (- 22.40%). Performance characteristics of rise and fall: the share price of small market value companies decreased significantly, the share price of large market value institutions was relatively stable, especially medical services; Covid-19 treatment and antigen detection of Chinese and Western medicine decreased to a certain extent; The callback of traditional Chinese medicine and API was obvious.
CXO sector will perform well in Q1 quarterly report window period, especially in individual stocks that benefit more significantly from Pfizer oral covid-19 industrial chain. It is suggested to focus on Asymchem Laboratories (Tianjin) Co.Ltd(002821) , Wuxi Apptec Co.Ltd(603259) , etc; In the CXO sector, the growth is more certain in 2023, and the performance of individual stocks will be more obvious in the second half of the year, focusing on Baicheng medicine, Zhejiang Jiuzhou Pharmaceutical Co.Ltd(603456) etc; If we look at the longer cycle, the first tier stocks such as Wuxi Apptec Co.Ltd(603259) , Asymchem Laboratories (Tianjin) Co.Ltd(002821) will still have strong global competitiveness. The continuous vaccination of covid-19 vaccine in China will have a high probability and may last for many years. The vaccine approved for the renewal of guanzhifei repeat protein and Cansino Biologics Inc(688185) adenovirus vaccine should enjoy a certain valuation.
Sanofi enzyme replacement therapy xenozyme was the first batch in the world, Novartis 2 class 1 biological new drugs were approved clinically in China, and the application for BMS rebrozyl anemia extension label was postponed by FDA: on March 29, Japan’s Ministry of health, labor and welfare approved Sanofi’s innovative enzyme replacement therapy xenozyme to be listed for the treatment of non central nervous system symptoms in adults and pediatric patients with acid sphingomyelinase deficiency; On March 29, Novartis obtained the implied permission of clinical trials for two class 1 biological new drugs, namely McAb mbg453 and anti TGF targeting Tim-3 receptor- β Monoclonal antibody nis793, the indications of which are low-risk myelodysplastic syndrome; On March 27, the FDA postponed the decision date of rebrozyl anemia extension label by three months, so it will not know whether rebrozyl potential label can be approved until at least this summer.
Specific configuration ideas: 1) generic CXO field: pay attention to Baicheng medicine, Beijing Sun-Novo Pharmaceutical Research Co.Ltd(688621) etc; 2) Field of innovative drugs and industrial chain: Wuxi Apptec Co.Ltd(603259) , Zhejiang Jiuzhou Pharmaceutical Co.Ltd(603456) , Asymchem Laboratories (Tianjin) Co.Ltd(002821) , etc; 3) Biotech innovative drugs: kangfang biology, Xinda biology, Yasheng medicine, etc; 4) API field: Jiangxi Synergy Pharmaceutical Co.Ltd(300636) , Apeloa Pharmaceutical Co.Ltd(000739) , Zhejiang Starry Pharmaceutical Co.Ltd(603520) , Zhejiang Tianyu Pharmaceutical Co.Ltd(300702) , etc; 5) Vaccine field: Chongqing Zhifei Biological Products Co.Ltd(300122) , Shenzhen Kangtai Biological Products Co.Ltd(300601) , Beijing Wantai Biological Pharmacy Enterprise Co.Ltd(603392) , etc; 6) Growth hormone field: Changchun High And New Technology Industries (Group) Inc(000661) , Anhui Anke Biotechnology (Group)Co.Ltd(300009) etc; 7) Medical service fields: Aier Eye Hospital Group Co.Ltd(300015) , Topchoice Medical Co.Inc(600763) , haijiya medical, etc; 8) Blood products: Boya Bio-Pharmaceutical Group Co.Ltd(300294) , Beijing Tiantan Biological Products Corporation Limited(600161) etc; 9) Medical and aesthetic fields: Imeik Technology Development Co.Ltd(300896) , Bloomage Biotechnology Corporation Limited(688363) , Huadong Medicine Co.Ltd(000963) , Shanghai Haohai Biological Technology Co.Ltd(688366) , etc; 10) Medical device field: Jiangsu Yuyue Medical Equipment And Supply Co.Ltd(002223) , Qingdao Novelbeam Technology Co.Ltd(688677) , Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) , etc; 11) Field of traditional Chinese medicine: Zhejiang Jolly Pharmaceutical Co.Ltd(300181) , Hubei Jumpcan Pharmaceutical Co.Ltd(600566) , Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) , 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.
