Biomedicine: the data of pharmaceutical manufacturing industry fell sharply, and a number of pharmaceutical policies were issued in March. Data of pharmaceutical manufacturing industry: in the first two months of 2022, the revenue side increased by 2.30% year-on-year, and the total profit side increased by - 17.60% year-on-year. Repeated epidemics led to a large base in the same period last year. In March, a number of pharmaceutical policies were introduced: on March 5, Premier Li Keqiang made a government work report, indicating the priorities of the pharmaceutical industry in 2022, including medical insurance payment, strengthening medical services, supporting traditional Chinese medicine, centralized procurement normalization, etc. On March 11, the covid-19 epidemic prevention and control group of the State Council issued the notice on printing and distributing the application scheme for covid-19 virus antigen detection (Trial), which officially incorporated antigen detection into covid-19 prevention and control measures. On March 19, the 14th five year plan of traditional Chinese medicine was issued in the name of the general office of the State Council, and the position of the industry was greatly improved.
New consumption: optional consumption waiting for "dawn". 1) Education industry: maintain a cautious attitude, and the opportunities come from individual stocks. It is recommended to pay attention to New Oriental online. K9 discipline business is stripped off, and the negative factors are cleared. The company's resources are expected to tilt to university adult business and achieve strong growth. At the same time, it is also expected to actively transform to institutions and live broadcasting. 2) Wine, tourism and Catering: ① the epidemic broke out in many places in China, and the epidemic prevention policy continued to be "dynamically cleared", resulting in the recovery of food, drinking and tourism industry under pressure due to limited travel. ② Some Chinese enterprises listed in the United States and Hong Kong may be affected by the "delisting of China concept shares". ③ In the medium and long term, with the increase of vaccination rate and the listing of covid-19 specific drugs, and the relaxation of entry-exit restrictions in some overseas countries and regions, the industry is expected to recover. 3) Pet and beauty care: the growth rate of cosmetics is slightly weaker than that before the epidemic, but there are structural opportunities under the influence of multiple factors, such as the overall weakness of consumption, the repeated impact of the epidemic on cosmetics consumption, and the strengthened supervision of cosmetics related industries.
Food and beverage: Maotai's wholesale price fell and stabilized, and the pressure on the cost of raw milk continued. In March, the price index of famous liquor rose, the price index of local liquor fell month on month, and the price of base liquor remained stable. In late March, the wholesale price of Maotai showed a downward trend, and the prices of Feitian bulk bottles and boxed Maotai fell to 2620 yuan / bottle and 2810 yuan / bottle, mainly due to the superposition of the impact of the epidemic. Recently, the launch of Maotai e-commerce platform triggered channel concerns. At present, the wholesale price has gradually stabilized, and the subsequent decline is limited. The latest data show that on March 23, the average price of fresh milk in the main producing areas of China was 4.18 yuan / kg. At present, the price of raw milk in China is still in a high position, and the raw material cost pressure of dairy production enterprises is still large. The cost of beer raw materials decreased slightly, and the price of packaging raw material glass was callback. On March 20, the price of float flat glass was 2249.6 yuan / ton, down 6% from February 20.
Risk warning: (Medicine) policy risk; R & D risk; Market risk.
(new consumption) macroeconomic weakness risk; Long term risk of epidemic prevention and control in China; Industry competition intensifies risks.
(food) the impact of macroeconomic fluctuations; Fluctuation of raw materials; Industry competition intensifies.
