Market review: last week, the A-share pharmaceutical and biological index fell by 3.33%, underperforming the CSI 300 index by 2.27pp, outperforming the gem composite index by 0.46pp, ranking 21 / 28. The poor performance was mainly due to the decline of stocks in covid-19 epidemic related sectors. The Hang Seng health index closed up 0.37%, outperforming the Hang Seng state-owned enterprise index by 0.99pp, ranking 06 / 11.
Tracking of research and development progress of listed companies: last week, Changchun High And New Technology Industries (Group) Inc(000661) of live attenuated herpes zoster vaccine was newly accepted for listing; The clinical application of kangfang biological ak112 injection is newly undertaken Walvax Biotechnology Co.Ltd(300142) of the acyw135 meningococcal polysaccharide conjugate vaccine is undergoing phase III clinical trial Hunan Jiudian Pharmaceutical Co.Ltd(300705) ‘s levohydrol capsule and leuprorelin mesylate for injection of kinsay pharmaceutical are in phase I clinical trials.
This week’s view: pay attention to the importance of sequential vaccination, and many mRNA vaccines have been clinically approved: at present, China’s local aggregated epidemic shows the characteristics of many points, wide range and frequent occurrence. China still adheres to the policy of “dynamic clearing”, and the vaccination of covid-19 vaccine booster needle is urgent, especially for the elderly and people with chronic diseases. According to academician Zhong Nanshan’s suggestion, sequential vaccination may be a better booster program. At present, China’s sequential strengthening program is to select recombinant protein vaccine or adenovirus vector vaccine for the third dose on the basis of two doses of inactivated vaccine. Although the mRNA vaccine has not yet been approved in China, the mRNA vaccines of Shijiazhuang Pharmaceutical Group and Cansino Biologics Inc(688185) were approved one after another last week, which attracted the market’s attention to the research and development of mRNA vaccine in China. As more and more data show that the effect of sequential booster vaccination is stronger than homologous booster, and sequential booster injection may become the mainstream program of booster injection in the next stage, we suggest to continue to pay attention to Chongqing Zhifei Biological Products Co.Ltd(300122) , Cansino Biologics Inc(688185) , Walvax Biotechnology Co.Ltd(300142) , Shanghai Fosun Pharmaceutical (Group) Co.Ltd(600196) , stone Pharmaceutical Group (H), Ruike Biology (H), and Livzon Pharmaceutical Group Inc(000513) Clover Biology (H) et al.
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, Rongchang Biology (H) is recommended; For CXO, recommend Pharmaron Beijing Co.Ltd(300759) , Shanghai Haoyuan Chemexpress Co.Ltd(688131) , Pharmablock Sciences (Nanjing) Inc(300725) ; In the field of equipment and Life Sciences, it is recommended that Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) , 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.
