Market review: this week, the pharmaceutical and biological index fell 3.94%, 1.55 percentage points lower than the Shanghai and Shenzhen 300 index, and the rise and fall of the industry ranked 26th. Since the beginning of the year, the pharmaceutical industry has fallen by 3.94%, 1.55 percentage points lower than the Shanghai and Shenzhen 300 index, and the rise and fall of the industry ranks 26th. The valuation level (pe-ttm) of the pharmaceutical industry this week was 32.13 times, with a premium rate of 97% (- 2.4pp) relative to all a shares, 48% (+ 0.5pp) relative to all A-Shares excluding banks, and 144% (- 6.3pp) relative to CSI 300. In terms of pharmaceutical sub industry, the three sub industry sectors rose this week, and offline pharmacies were the sub industry with the largest increase, up about 1.6%. The sub industries of pharmaceutical circulation and in vitro diagnosis ranked second and third, with an increase of about 1.1% and 0.6% respectively. The sub industry with the highest increase since the beginning of the year is offline pharmacies, up about 1.6%.
The fluctuation range of traditional Chinese medicine plate increased in the first week of the new year. This week is the first week of the year, with a large range of market adjustment. During this period, the CSI 300 index fell 2.4%. Traditional Chinese medicine industry β The attribute is prominent, and the fluctuation has increased this week. During this period, Shenwan traditional Chinese medicine index fell by 1.45%, of which 58 stocks fell and 39 stocks rose on Friday. We reiterate that the price rise of upstream materials in the traditional Chinese medicine sector drives the price increase of end products, the acceleration of inventory turnover in the downstream sector, which is expected to usher in the three investment opportunities of replenishment cycle and the improvement of governance structure of relevant state-owned enterprises. We continue to be optimistic about traditional Chinese medicine consumer goods, one of the main lines of “crossing medical insurance”. We suggest paying attention to Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) , Yunnan Baiyao Group Co.Ltd(000538) , Beijing Tongrentang Co.Ltd(600085) , Chongqing Taiji Industry (Group) Co.Ltd(600129) , Zhejiang Shouxiangu Pharmaceutical Co.Ltd(603896) , China Resources Sanjiu Medical & Pharmaceutical Co.Ltd(000999) , Jianmin Pharmaceutical Group Co.Ltd(600976) , Shijiazhuang Yiling Pharmaceutical Co.Ltd(002603) , Mayinglong Pharmaceutical Group Co.Ltd(600993) Tianjin Zhongxin Pharmaceutical Group Corporation Limited(600329) , Zhejiang Jolly Pharmaceutical Co.Ltd(300181) , Tibet Cheezheng Tibetan Medicine Co.Ltd(002287) , Heilongjiang Zbd Pharmaceutical Co.Ltd(603567) , etc.
Elastic combination this week: Chongqing Taiji Industry (Group) Co.Ltd(600129) (600129), Maider Medical Industry Equipment Co.Ltd(688310) (688310), Truking Technology Limited(300358) (300358), Shanghai General Healthy Information And Technology Co.Ltd(605186) (605186), Haisco Pharmaceutical Group Co.Ltd(002653) (002653).
This week’s scientific innovation board combination: Baiji Shenzhou (688235), Cansino Biologics Inc(688185) (688185), Suzhou Zelgen Biopharmaceuticals Co.Ltd(688266) (688266), Chengdu Olymvax Biopharmaceuticals Inc(688319) (68831), Aohua endoscopy (688212).
This week’s robust portfolio: Wuxi Apptec Co.Ltd(603259) (603259), Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) (300760), Jiangsu Hengrui Medicine Co.Ltd(600276) (600276), Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) (600436), Topchoice Medical Co.Inc(600763) (600763).
This week’s Hong Kong stock portfolio: Yaoming Biology (2269), Shanghai Junshi Biosciences Co.Ltd(688180) (1877), haijiya (6078), minimally invasive Siasun Robot&Automation Co.Ltd(300024) (2252), Jinxin reproduction (1951).
Risk warning: drug price reduction risk; The implementation progress of medical reform policy is lower than the expected risk; Risk of R & D failure
