Market review: last week, the A-share pharmaceutical and biological index fell by 1.38%, underperforming the CSI 300 index by 0.38pp, outperforming the gem composite index by 3.37pp, ranking 11 / 28. The performance was average, mainly due to the decline of stocks in covid-19 epidemic related sectors. The Hang Seng health index fell 2.45%, underperforming the Hang Seng state-owned enterprise index by 1.05pp, ranking 11 / 11.
Tracking the R & D Progress of listed companies: last week, the listing applications of siulizumab injection of Fuhong Hanlin and ibi363 of Xinda biology were newly undertaken Shr0302 tablets of Jiangsu Hengrui Medicine Co.Ltd(600276) and hsk21542 injection of Haisco Pharmaceutical Group Co.Ltd(002653) are undergoing phase III clinical treatment; Tq05105 tablets of Zhengda Tianqing and hs-10380 tablets of Haosen pharmaceutical are undergoing phase I clinical trials.
This week's view: policy support is superimposed on the recovery expectation of the epidemic, and the medical service sector is expected to hit the bottom and rebound: on April 13, Premier Li Keqiang chaired an executive meeting of the State Council to deploy policies and measures to promote consumption. The meeting pointed out the need to expand consumption in key areas: promote consumption in medical health, elderly care and nursing, and support social forces to make up for the shortage of service supply. In addition, under the expectation of epidemic recovery, most medical service companies are expected to usher in performance restorative growth. We believe that the policy evolution of supporting social medical management has continuity. We are optimistic about excellent specialized private medical groups with standardized operation ability and remote expansion ability. At present, the 22-year P / E valuation of leading companies in the medical service sector has fallen from the high point to the lower position of the historical center, and the sector valuation is attractive. It is suggested to pay attention to: Aier Eye Hospital Group Co.Ltd(300015) , Topchoice Medical Co.Inc(600763) , Guizhou Xinbang Pharmaceutical Co.Ltd(002390) , Xi'An International Medical Investment Company Limited(000516) , haijiya (H), jinxinreproductive (H) GUSHENG Hall (H), etc.
Investment strategy in 2022: know the constant changes, keep the right and innovate. Based on the changes and invariance of pharmaceutical investment, we believe that we should actively grasp the investment opportunities in the direction of innovation and internationalization in the future. In terms of innovative drugs and vaccines, Rongchang Biology (H) is recommended; For CXO, recommend Pharmaron Beijing Co.Ltd(300759) Shanghai Haoyuan Chemexpress Co.Ltd(688131) ; In the field of equipment and Life Sciences, it is recommended that Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) , Shinva Medical Instrument Co.Ltd(600587) , Amoy Diagnostics Co.Ltd(300685) ; In terms of innovative cutting-edge technologies, pay attention to unlisted enterprises such as Aibo biology; For domestic consumption, we recommend Jinxin reproduction (H), Lbx Pharmacy Chain Joint Stock Company(603883) , Shandong Wit Dyne Health Co.Ltd(000915) , Boya Bio-Pharmaceutical Group Co.Ltd(300294) .
Risk analysis: price reduction risk of drugs / consumables; Industry "black swan" event; Risk of R & D failure.
