Today (January 10), the Shanghai and Shenzhen stock markets showed a pattern of shock differentiation as a whole. After the three major A-share indexes opened low, they fell inertia. Then the stock index went out of the situation of stabilizing, rising and turning red. In the afternoon, the stock index fell again, the gem index returned to the adjustment pattern, and the main board performance was relatively strong. Finally, the differentiation of the three major stock indexes was obvious, the Shanghai index and Shenzhen composite index closed slightly, and the gem index closed in the green market.
In this regard, Citic Securities Company Limited(600030) said that the sharp position adjustment of institutions at the beginning of the year accelerated the “high cut to low”, and the collapse of high-level tracks reappeared. Stable growth is the main line for at least the first quarter. The market consensus on low-level blue chips will be strengthened, the starting point of the market will be delayed in the first half of the year, and the short-term adjustment will bring a better allocation time point.
At the same time, Huaxi Securities Co.Ltd(002926) pointed out that in January, the balanced allocation of the market was better. Three main lines of allocation: 1. “Traditional infrastructure + real estate” under the background of “steady growth”, such as building materials and real estate; 2) The main investment lines of “high-end manufacturing & hard technology”: new energy (vehicle), military industry, electronics, etc; 3) Strong themes that benefit from the promotion of policies (support), such as meta universe (media), traditional Chinese medicine, etc.
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I. biomedicine
Shanghai securities mentioned that the investment main line of the pharmaceutical health sector in 2022 can focus on bottom innovation, global sales, digital medical treatment and the return of the value of “epidemic beneficiary stocks”. We need to focus on enterprises with high policy immunity, compound national population and inclusive medical policies and independent innovation ability.
Wanhe Securities said that in 2022, the pharmaceutical industry has the space for valuation and repair, and the policy immunization track is mainly recommended. At present, the valuations of all sub sectors of the industry are below the historical average level. With the performance repair of sectors related to hospital diagnosis and treatment activities, all sectors of the pharmaceutical industry have the possibility of valuation repair in 2022. Considering the enterprise’s performance in 2022 in combination with the centralized purchase policy, epidemic development and other factors, it is recommended to pay attention to the high-quality track with growth and certainty: 1) CXO, an industrial water seller with centralized purchase immunization + innovation and upgrading; 2) Medical service chain institutions with upgraded consumption and centralized immunization; 3) The penetration rate continues to increase, and there is a broad space for domestic substitution in the field of medical and aesthetic medicine.
Zhongtai Securities Co.Ltd(600918) pointed out that under the basic construction of review, approval and centralized purchase negotiation policies, the reform of payment system is accelerated and the policy closed loop is expected to be formed. Industrial upgrading is deepened, industrial chain thinking is strengthened, innovation Shenzhen New Industries Biomedical Engineering Co.Ltd(300832) chain and manufacturing upgrading are optimistic, and technological iteration and expansion of consumption are concerned.
[innovation frontier]: innovation is still the most important direction. In 2022, more attention will be paid to innovation and industrial chain layout. 1) Upstream industrial chain services: optimistic about the upstream demand explosion brought by new technologies and new therapies, including scientific research reagents Nanjing Vazyme Biotech Co.Ltd(688105) , Jenkem Technology Co.Ltd(688356) , Shanghai Aladdin Biochemical Technology Co.Ltd(688179) , Shanghai Titan Scientific Co.Ltd(688133) ; Cro enterprises Joinn Laboratories (China) Co.Ltd(603127) , Hangzhou Tigermed Consulting Co.Ltd(300347) , Pharmaron Beijing Co.Ltd(300759) , Shanghai Medicilon Inc(688202) ; Model animals: Nanmo biology, jijiyaokang, baiaosaitu, etc. 2) Terminal products and technological innovation: we are optimistic about the leader of innovative drugs and biotech, Jiangsu Hengrui Medicine Co.Ltd(600276) , Xinda biology, Baiji Shenzhou, Shanghai Junshi Biosciences Co.Ltd(688180) , Betta Pharmaceuticals Co.Ltd(300558) , Haisco Pharmaceutical Group Co.Ltd(002653) ; Innovative instruments include xianruida medical, Micro-Tech (Nanjing) Co.Ltd(688029) , Aohua endoscopy, Xianjian technology, minimally invasive Siasun Robot&Automation Co.Ltd(300024) , etc.
[made in China]: as a traditional manufacturing power, with the deepening of medical reform, China has continuously strengthened the logic of high-end pharmaceutical manufacturing, and is optimistic about global advantages and industrial upgrading. 1) Cdmo / CMO: the double strong track combining innovative service and manufacturing advantages is still in the upswing. In 2022, we will focus on performance acceleration and event catalysis. We are optimistic about leading Yaoming biology, Wuxi Apptec Co.Ltd(603259) , Asymchem Laboratories (Tianjin) Co.Ltd(002821) , and rapidly expanding Porton Pharma Solutions Ltd(300363) , Zhejiang Jiuzhou Pharmaceutical Co.Ltd(603456) , Apeloa Pharmaceutical Co.Ltd(000739) . 2) Characteristic API: the inflection point is established and the global competitive advantage is clear. In 2022, we are optimistic about Zhejiang Starry Pharmaceutical Co.Ltd(603520) , Zhejiang Tianyu Pharmaceutical Co.Ltd(300702) , Nanjing King-Friend Biochemical Pharmaceutical Co.Ltd(603707) , Zhejiang Ausun Pharmaceutical Co.Ltd(603229) , etc. 3) Equipment and consumables: the acceleration of domestic substitution driven by innovation provides a good opportunity for the epidemic. We are optimistic about the leader Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) , and pay attention to consumables service providers Zhejiang Gongdong Medical Technology Co.Ltd(605369) , Shenzhen Changhong Technology Co.Ltd(300151) , Guangzhou Jet Bio-Filtration Co.Ltd(688026) ; Optimistic about production equipment enterprises Tofflon Science And Technology Group Co.Ltd(300171) , Truking Technology Limited(300358) , Sensong international, Maider Medical Industry Equipment Co.Ltd(688310) .
[consumption upgrading]: the expansion of medical services is optimistic about Aier Eye Hospital Group Co.Ltd(300015) , Topchoice Medical Co.Inc(600763) , haijiya medical and Jinxin reproduction; The technological innovation and demand growth of domestic vaccines are optimistic about Chongqing Zhifei Biological Products Co.Ltd(300122) , Beijing Wantai Biological Pharmacy Enterprise Co.Ltd(603392) ; And chain pharmacies, brand traditional Chinese medicine, etc.
II. Real estate development
Guosen Securities Co.Ltd(002736) said that although the current situation of sales cooling, financing control and capital supervision is difficult to change in the short term, and the painful period of the industry will continue, the policy positive signal is obvious. After a certain period of transmission, the liquidity at both ends of supply and demand is expected to be marginally loose. Three main investment lines in the post crisis era deserve attention. Main line 1: industry reform after the painful period; Main line 2: more attention is paid to long-term business; Main line 3: revaluation of high-quality real estate enterprises.
At the current time point, large and medium-sized real estate enterprises with stable operation and healthy finance can not only seize the opportunity of land market to repair the income statement, but also obtain the recognition of financial institutions to ensure financing. They have significant comparative advantages and will fully benefit from the current downward cycle of the industry. In January, Poly Developments And Holdings Group Co.Ltd(600048) , Gemdale Corporation(600383) were recommended.
In addition, Shanxi Securities Co.Ltd(002500) mentioned that in 2022, the industry policy will focus on “stability” and adhere to the main tone of “housing, housing and non speculation”. Under the guarantee of marginal easing of monetary policy and “guaranteed delivery of housing”, the overall industry sales will show a stable downward trend; The shortage of enterprise funds may be alleviated, the industry concentration will continue to increase, and the leading market share of central enterprises and state-owned enterprises is expected to continue to rise; The valuation of leading enterprises will continue to be repaired, driving the recovery of industry valuation as a whole.
Ping An Securities believes that looking forward to 2022, the policy game space is still under the pressure of short-term fundamentals, and the plate valuation and low position enhance the safety margin. In the medium term, the industry bottoms out and stabilizes, the main investment line returns to fundamentals, the share of excellent enterprises increases and considerable development is worth looking forward to under the pattern reconstruction and model reform. We are optimistic about the overall performance of the real estate sector in 2022 and maintain the rating of “stronger than the big market”. It is recommended to select individual stocks throughout the year and allocate leading real estate enterprises with strong short-term pressure resistance and prominent medium and long-term competitive advantages, Poly Developments And Holdings Group Co.Ltd(600048) , Gemdale Corporation(600383) , China Merchants Shekou Industrial Zone Holdings Co.Ltd(001979) , China Vanke Co.Ltd(000002) , etc.
At the same time, it is suggested to pay attention to the potential “surviving” real estate enterprises that are expected to improve their financial situation and have valuation flexibility, such as Longguang group, Seazen Holdings Co.Ltd(601155) , Jinke Property Group Co.Ltd(000656) , Jiangsu Zhongnan Construction Group Co.Ltd(000961) . Considering the increasing importance of diversified businesses in the stock era, it is suggested to continue to pay attention to the property management and business management sectors with broad space and strengthened independent development, and be optimistic about the property management leaders with outstanding comprehensive strength, country garden services, poly property, xinchengyue services, Jinke services, rongchuang services, as well as the commercial operators with strong asset light output strength, Xingsheng commerce, etc.
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(source: China stock market news research center)
