This week (2022.1.3-2021.1.7) and year to date, the biomedical index rose by – 3.94% and – 9.44% respectively, and the excess returns relative to the Shanghai index were – 1.50% and – 1.98% respectively; This week, the increase was among the top Beijing Hotgen Biotech Co.Ltd(688068) (+ 34.79%), Zhejiang Yatai Pharmaceutical Co.Ltd(002370) (+ 29.02%), Zhejiang Orient Gene Biotech Co.Ltd(688298) (+ 18.87%), and the decrease was among the top Pharmablock Sciences (Nanjing) Inc(300725) (- 20.55%), Porton Pharma Solutions Ltd(300363) (- 19.33%) and Fujian Cosunter Pharmaceutical Co.Ltd(300436) (- 18.76%). Up and down performance characteristics: the stock price of small market value companies is stronger than that of large market value companies with heavy institutional positions; The performance of traditional Chinese medicine sector is still relatively strong and differentiated; Small market capitalization and undervalued stocks have received financial attention.
The generic CXO industry has a high prosperity, and diversified business models open up profit space; The “centralized purchase” of drugs has been normalized, and the boom of generic drug cro has begun to show. The implementation of centralized procurement and MAH system has led many pharmaceutical sales companies and pharmaceutical representatives to become the main body of pharmaceutical R & D investment and promoted the development of cro industry. There are many participants in the field of generic pharmaceutical research and service in China, and the market is relatively scattered. It is dominated by “pharmaceutical + clinical” comprehensive cro companies. There is no absolute industry leader, and the market competition pattern has not yet taken shape. The normalization of MAH policy and centralized purchase makes the demand for generic CXO unabated, and the diversified business model also meets the needs of pharmaceutical enterprises, MAH enterprises, API enterprises and other customers. The number of orders on hand of generic CXO company increases rapidly and has a large growth space.
Treat early breast cancer! Lilly CDK4/6 inhibitors were approved for new indications in China: in November 6th, Lilly announced that its new antitumor drug Abe Sealy tablets were approved by NMPA and combined with endocrine therapy such as tamoxifen or aromatase inhibitors. It is suitable for adjuvant therapy of HR positive, HER2 negative, lymph node positive, high recurrence risk and Ki-67 20% patients with early breast cancer. Abe Sealy thus became the first Chinese mainland and only CDK4/6 inhibitor approved for early breast cancer patients.
Specific allocation ideas: 1) field of traditional Chinese medicine: Zhejiang Jolly Pharmaceutical Co.Ltd(300181) , Hubei Jumpcan Pharmaceutical Co.Ltd(600566) , Dong-E-E-Jiao Co.Ltd(000423) , Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) ; 2) Generic CXO field: focus on Baicheng medicine, Beijing Sun-Novo Pharmaceutical Research Co.Ltd(688621) etc; 3) Innovative drugs and industrial chain: Zhejiang Jiuzhou Pharmaceutical Co.Ltd(603456) , Wuxi Apptec Co.Ltd(603259) , Asymchem Laboratories (Tianjin) Co.Ltd(002821) etc; 4) Biotech innovative drugs: kangfang biology, Xinda biology, Yasheng medicine, etc; 5) 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; 6) 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; 7) Growth hormone field: Changchun High And New Technology Industries (Group) Inc(000661) , Anhui Anke Biotechnology (Group)Co.Ltd(300009) etc; Medical service field: Topchoice Medical Co.Inc(600763) , Aier Eye Hospital Group Co.Ltd(300015) , Guizhou Xinbang Pharmaceutical Co.Ltd(002390) 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.
Risk warning: R & D progress may be less than expected; The price reduction of drugs exceeded expectations; The medical insurance policy was further tightened.
