Key investment points
This week and year to date, the medical index rose by – 1.38% and – 16.27% respectively, and the excess returns relative to the Shanghai index were – 0.13% and – 4.5% respectively; This week, the share prices of equipment and service sectors performed well, while the share prices of traditional Chinese medicine, chemical drugs, biological products and APIs were weak; This week, the highest growth rate was China Resources Double-Crane Pharmaceutical Co.Ltd(600062) (+ 42.66%), Andon Health Co.Ltd(002432) (+ 28.57%), Dali Pharmaceutical Co.Ltd(603963) (+ 20.37%), and the highest decline was Hainan Poly Pharm.Co.Ltd(300630) (- 32.98%), Zhejiang Starry Pharmaceutical Co.Ltd(603520) (- 19.79%), Shanxi Panlong Pharmaceutical Group Limited By Share Ltd(002864) (- 17.55%). Rise and fall performance characteristics: the decline of small market value companies is more obvious, and the decline of stock prices of large market value companies with heavy institutional positions is smaller; Affected by the sales of Pfizer covid-19 drugs in the first quarter, CXO and API sectors fell significantly; Covid-19 treatment, covid-19 testing and other stock prices stabilized.
The national epidemic was still on the rise last week, and prevention and control still need to be strengthened. Since March 2022, outbreaks have occurred in Shenzhen, Jilin, Shanghai and other places. The epidemic situation in Jilin and Shenzhen was quickly controlled under strong prevention and control, and the prevention and control in Shanghai was initially effective. Although the severe mortality of the new mutant Omicron is significantly lower than that of delta strain, it is highly infectious. In the short term, China will still adhere to the control policy of dynamic clearing. Covid-19 vaccine + covid-19 specific drug is the key to long-term prevention and control in the future. As of April 16, 2022, seven covid-19 vaccines have been approved for conditional listing or emergency use in China. At present, covid-19 specific drugs approved to market conditionally in China are only domestic small molecule specific drugs such as Pfizer paxlovid, Shanghai Junshi Biosciences Co.Ltd(688180) vv116, real life azvudine, Frontier Biotechnologies Inc(688221) fb2001 and prochloramide, which deserve attention. In addition to vaccines and covid-19 drugs, the upstream industrial chain also deserves attention.
Methadone 21 valent pneumonia vaccine is recognized as a breakthrough therapy! Cinda ibi310 is included in the breakthrough treatment variety! On April 14, MSD announced that FDA has granted it the qualification for breakthrough therapy of 21 valent pneumonia vaccine V116 under development, which is used to prevent pneumococcal infection and bacterial pneumonia in adults aged 18 and over; On April 14, Cinda biological announced that ibi310 has been included in the breakthrough therapeutic drug variety by CDE, and the proposed indication is to be used in combination with cindilimab for the treatment of patients with recurrent or metastatic advanced cervical cancer.
Specific configuration ideas: 1) generic CXO field: pay attention to Baicheng medicine, Beijing Sun-Novo Pharmaceutical Research Co.Ltd(688621) etc; 2) Innovative drugs and industrial chain: Porton Pharma Solutions Ltd(300363) , 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.
