This week, pharmaceutical biology fell by 1.4%, the performance of medical equipment in the tertiary industry was the top, and biotech fell
This week, pharmaceutical biology fell 1.4%, ranking 12th in the first-class industry, losing 0.4% of Shanghai and Shenzhen 300. In terms of tertiary industries, medical equipment, hospitals and CXO led the increase, with increases of 7.7%, 3.2% and 2.1% respectively. Vaccines, APIs and traditional Chinese medicine led the decline, with decreases of 8.1%, 5.2% and 3.8% respectively. In terms of valuation, the current pharmaceutical and biological pe-ttm (excluding negative value) is 27.7x, falling below the lower limit of double the standard deviation of the valuation mean in recent six years. Pb 3.6x, which is located at the lower limit of 1 times the standard deviation of the valuation mean in recent six years. In the field of innovative drugs, pharmaceutical and biological products in the three places all fell to varying degrees, among which Hang Seng healthcare led the decline, down 2.5%, and the NASDAQ and China A-share biotechnology indexes fell 1.2% and 1.4% respectively. In terms of individual stocks, Shanghai Junshi Biosciences Co.Ltd(688180) , Huadong Medicine Co.Ltd(000963) led the increase, while Rongchang biology and Suzhou Zelgen Biopharmaceuticals Co.Ltd(688266) led the decrease.
In Shanghai, the number of new cases in a single day has dropped somewhat, and the national epidemic has shown a multi-point sporadic trend
This week, the number of new local asymptomatic infections in a single day in Shanghai fell. On April 17, the number of new local asymptomatic infections fell to 19831, and the number of confirmed infections also fell, but it is still high. At present, the city is still in an actual static state, adhere to the dynamic clearing policy, and carry out a new round of daily nucleic acid testing in the sealed area in the next four days. In terms of the national epidemic situation, inomicron ba 2. The transmission speed is fast. In addition to Shanghai and Jilin, more than 10 local asymptomatic cases have been added in 12 provinces and cities in a single day. The epidemic situation presents a multi-point sporadic state. We are relatively cautious about the epidemic situation and do not rule out the risk of new mutant strains. From the current prevention and control policies, all localities have adopted prudent prevention and control policies to block the spread of the virus at the first time.
Investment advice
The recent market focus is on the field of covid-19 oral medication. Last week, we suggested the risk of short-term game funds. This week, the API and traditional Chinese medicine sectors fell significantly, and the leading stocks were weak. From the perspective of northward funds, the leading stocks are still in the state of net sales. As the first quarter results have been disclosed, the valuation foam has been substantially digested. PB is located at 3.6X, which is located at the lowest limit of double standard deviation in the past 6 years. It is suggested that we should focus on the varieties of medium and long line logic, rigid demand and relatively matched performance valuation. The biotech sector has continued to decline for nine consecutive months and has fully digested the negative factors such as policy and liquidity. There is no need to be pessimistic about its current position. Through our continuous tracking of industry fundamentals, biotech has initially emerged in the international market, product certification qualification and overseas authorization have been implemented one after another, and the sector has moved from speculation expectation to performance fulfillment. At present, most biotechs have relatively abundant cash reserves, so it is recommended to actively pay attention to the oversold investment opportunities in the biotechnology sector. The medium and long-term investment ideas under the post epidemic situation should return to the industrial operation trend, and grasp the two main investment lines of bottom process innovation and cutting-edge scientific and technological innovation.
1. The main line of bottom process innovation: tob end invisible champion. It is suggested to pay attention to the opportunities of individual stocks in the upstream equipment, gene consumables, biological enzymes, high-end analytical instruments and reagents of the biopharmaceutical industry chain.
2. The main line of cutting-edge scientific and technological innovation: the value of cutting-edge technology platform. It is suggested to pay attention to the potential investment opportunities of ADC, shuangkang and mRNA technology platform companies. In the medium and long term, the industry has ushered in the historical opportunity of transformation and upgrading. In the short term, it has fluctuated under the influence of the external macro environment and sentiment. In the long term, we maintain the overweight rating of the industry.
Risk tips
1. The clinical research and development of innovative drugs failed, and the pharmaceutical procurement policy continued to be under high pressure.
2. The internationalization process is slow.
