Last week (04110415), the Shanghai Composite Index fell by 1.2% and the SW pharmaceutical biological index fell by 1.4%, ranking 11th among the 28 Shenwan industries The top three in the biomedical sector are medical devices (2.9%), medical services (2.3%) and pharmaceutical business (- 3.0%). The top three stocks rose were China Resources Double-Crane Pharmaceutical Co.Ltd(600062) (+ 29.7%), Andon Health Co.Ltd(002432) (+ 19.8%), Berry Genomics Co.Ltd(000710) (+ 18.6%); The top three declines of individual stocks were Hainan Poly Pharm.Co.Ltd(300630) (- 29.0%), Xiangxue Pharmaceutical Co.Ltd(300147) (- 17.8%), Zhejiang Wecome Pharmaceutical Company Limited(300878) (- 16.8%).
On April 13, 2022, Premier Li Keqiang chaired an executive meeting of the State Council and pointed out the need to expand consumption in key areas. We will promote the consumption of services such as medical and health care, elderly care and childcare, and support social forces to make up for the shortage of service supply. The meeting also stressed that we should accelerate the integration of Wuxi Online Offline Communication Information Technology Co.Ltd(300959) consumption and cultivate “smart +” consumption of Shanghai Dzh Limited(601519) products and services. At the same time, we should give full play to the tax rebate policy, continue to optimize the foreign trade business environment, and timely use monetary policy tools such as RRR reduction to promote banks to enhance their credit extension capacity. We believe that under the loose expectation of “liquidity” and the policy guidance of boosting consumption, consumer medicine, online medicine and export medicine will usher in a friendly business environment.
Haitong pharmaceutical’s portfolio performance in April 2022 \ (ranking in no order). Since April, the portfolio has fallen by an average of 5.2%, while the total index medicine has fallen by 5.9% over the same period. The portfolio outperforms the pharmaceutical index by 0.7pct, among which the top three monthly portfolio increases and decreases are Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) (10.9%), Aier Eye Hospital Group Co.Ltd(300015) (9.5%), Hangzhou Tigermed Consulting Co.Ltd(300347) (- 2.1%).
Risk warning. The policy promotion did not meet expectations, the risk of medical insurance fee control increased, the risk of valuation fluctuation, and the continued development of the epidemic brought the risk of global economic shock.
