Key investment points:
This week, SW pharmaceutical and biological industry lost the CSI 300 index. From April 6 to April 8, 2022, SW pharmaceutical and biological industry fell by 3.33%, underperforming the CSI 300 index by about 2.27 percentage points in the same period. Among the sub sectors, all sub sectors recorded negative returns, including biological products, APIs, traditional Chinese Medicine II, medical devices, medical services, chemical pharmaceuticals and pharmaceutical businesses, which fell by 1.06%, 1.77%, 2.02%, 2.99%, 4.00%, 4.53% and 6.54% respectively.
This week, the pharmaceutical and biological industry had a net outflow of 683million yuan. From April 6 to April 8, 2022, the land stock connect had a net outflow of RMB 6.557 billion, of which the Shanghai Stock connect had a net outflow of RMB 808 million and the Shenzhen Stock connect had a net outflow of RMB 5.749 billion. In the Shenwan industry, the inflow of banks and power equipment ranks first, and the net outflow of medicine, biology and transportation ranks first. This week, the pharmaceutical and biological industry had a net outflow of 2.057 billion yuan, ranking first in the net outflow of Shenwan primary industry, with a slight increase compared with last week.
Industry news. On April 8, Guangdong alliance Qingkailing and other Chinese patent medicines were selected / selected for centralized procurement, and the results were publicized. 174 enterprises and 361 varieties were proposed to be selected / selected. This purchase includes exclusive and non exclusive varieties. According to the statistics of Fengyun pharmaceutical, the average decline of non exclusive products and exclusive products is 67.8% and 21.8% respectively.
Maintain the recommended rating of the industry. Recently, the number of newly confirmed cases and asymptomatic infections in China has increased rapidly, and the epidemic is sporadic. The epidemic prevention and control is in a critical period. We should pay attention to the relevant beneficiaries. Close to the peak of financial disclosure, pay attention to the segments and targets whose performance is expected to exceed expectations. CXO companies that can focus on a landscape that is in good shape, and those whose performance is expected to be better than expected. CXO companies that can focus on a landscape that is in good shape. CXO companies that can focus on the landscape that is in good shape. CXO companies that can be expected to be better than expected: the company’s Poten Environment Group Co.Ltd(603603) 603 Wuxi Apptec Co.Ltd(603259) ( Shanghai Medicilon Inc(688202) ), etc; Enterprises related to covid-19 antigen detection reagent Guangzhou Wondfo Biotech Co.Ltd(300482) ( Guangzhou Wondfo Biotech Co.Ltd(300482) ), Zhejiang Orient Gene Biotech Co.Ltd(688298) ( Zhejiang Orient Gene Biotech Co.Ltd(688298) ), an Xu Biology (688075), Beijing Hotgen Biotech Co.Ltd(688068) ( Beijing Hotgen Biotech Co.Ltd(688068) ), Shenzhen Yhlo Biotech Co.Ltd(688575) ( Shenzhen Yhlo Biotech Co.Ltd(688575) ), Wuhan Easy Diagnosis Biomedicine Co.Ltd(002932) ( Wuhan Easy Diagnosis Biomedicine Co.Ltd(002932) ), etc. that are expected to benefit from the rising demand; Focus on vaccine enterprises Chongqing Zhifei Biological Products Co.Ltd(300122) Shenzhen Kangtai Biological Products Co.Ltd(300601) Walvax Biotechnology Co.Ltd(300142) Walvax Biotechnology Co.Ltd(300142) . Medical device leader Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) ( Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) ), medical beauty leader Imeik Technology Development Co.Ltd(300896) ( Imeik Technology Development Co.Ltd(300896) ), OK mirror leader Autek China Inc(300595) ( Autek China Inc(300595) ), ophthalmic device leader Eyebright Medical Technology(Beijing) Co.Ltd(688050) ( Eyebright Medical Technology(Beijing) Co.Ltd(688050) ), etc. with relatively reasonable valuation; Chain medical leaders Aier Eye Hospital Group Co.Ltd(300015) ( Aier Eye Hospital Group Co.Ltd(300015) ) and Topchoice Medical Co.Inc(600763) ( Topchoice Medical Co.Inc(600763) ) with strong endogenous growth momentum are expected to benefit from aging in the medium term; Brand Chinese Medicine Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) ( Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) ), Yunnan Baiyao Group Co.Ltd(000538) ( Yunnan Baiyao Group Co.Ltd(000538) ), Beijing Tongrentang Co.Ltd(600085) ( Beijing Tongrentang Co.Ltd(600085) ), etc., whose valuation has declined and whose performance is expected to improve.
Risk tip: the demand for covid-19 antigen detection has not increased as expected, the industry competition has intensified, product price reduction, product safety and quality risk, policy risk, repeated epidemic, and the R & D progress is lower than expected.
