Market review: last week, the A-share pharmaceutical and biological index fell by 0.15%, underperforming the CSI 300 index by 2.58pp and the gem composite index by 0.17pp, ranking 20 / 28. The poor performance was mainly due to the differentiation and decline of stocks in covid-19 epidemic related sectors. The H-share Hang Seng medical health index closed up 0.08%, underperforming the Hang Seng state-owned enterprise index by 3.39pp, 10 / 11.
Tracking of R & D Progress of listed companies: last week, Shanghai Junshi Biosciences Co.Ltd(688180) of the clinical applications for js006 injection and js007 injection were newly undertaken Ind applications for new contractors of shr4640 films of Jiangsu Hengrui Medicine Co.Ltd(600276) and wj13404 films of Shanghai Junshi Biosciences Co.Ltd(688180) ; And platinum biological batolizumab injection is undergoing phase III clinical treatment; The hlx07 injection of Fuhong Hanlin and the butylphthalide soft capsule of Shiyao group are undergoing phase II clinical treatment; Hs-10370 tablets of hausen pharmaceutical are in phase I clinical trial.
This week’s view: “dynamic clearing” provides market opportunities and focuses on the Q1 performance catalysis of IVD sector
Recently, China’s local aggregated epidemic has shown the characteristics of many points, wide range and frequent occurrence. The Omicron variant has become the main epidemic strain confirmed in China. At present, China still adheres to the policy of “dynamic clearing”, and there are two main actions in the field of detection: on the one hand, further reduce the price of nucleic acid detection and improve the large-scale normalized screening capacity; On the other hand, covid-19 antigen self-test products are approved to be listed as supplementary detection means, and relevant policies and measures such as centralized purchase and inclusion in medical insurance are supported to promote the wide use of covid-19 antigen by residents. We expect that under the background of repeated epidemics in the country, the products related to nucleic acid detection and antigen self-test will continue to be in large quantities, and the leading enterprises are still expected to achieve good growth in performance under the condition of high base in the previous year. April will enter the intensive disclosure period of annual report and first quarterly report. It is recommended to pay attention to the performance catalysis of IVD sector, recommend Nanjing Vazyme Biotech Co.Ltd(688105) , Shanghai Runda Medical Technology Co.Ltd(603108) , Beijing Hotgen Biotech Co.Ltd(688068) , Guangzhou Wondfo Biotech Co.Ltd(300482) , Wuhan Easy Diagnosis Biomedicine Co.Ltd(002932) , anxiu biology, Shanghai Zj Bio-Tech Co.Ltd(688317) , Hangzhou Alltest Biotech Co.Ltd(688606) , etc.
Investment strategy in 2022: know the constant changes, keep the right and innovate. Based on the changes and invariance of pharmaceutical investment, we believe that we should actively grasp the investment opportunities in the direction of innovation and internationalization in the future. In terms of innovative drugs and vaccines, Xinda Biology (H) and Rongchang Biology (H) are recommended; In terms of CXO, Yao Mingsheng (H), Pharmaron Beijing Co.Ltd(300759) , Shanghai Haoyuan Chemexpress Co.Ltd(688131) , Pharmablock Sciences (Nanjing) Inc(300725) ; In the field of equipment and Life Sciences, recommend Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) , minimally invasive medicine (H), Shinva Medical Instrument Co.Ltd(600587) , Amoy Diagnostics Co.Ltd(300685) ; In terms of innovative cutting-edge technologies, pay attention to unlisted enterprises such as Aibo biology; For domestic consumption, we recommend Jinxin reproduction (H), Lbx Pharmacy Chain Joint Stock Company(603883) , Shandong Wit Dyne Health Co.Ltd(000915) , Boya Bio-Pharmaceutical Group Co.Ltd(300294) .
Risk analysis: price reduction risk of drugs / consumables; Industry “black swan” event; Risk of R & D failure.
