Market review: last week, the A-share pharmaceutical and biological index fell by 2.01%, underperforming the CSI 300 index by 4.24pp and the gem composite index by 4.63pp, ranking 28 / 28, with poor performance, mainly due to the decline of covid-19 pharmaceutical sector.
The Hang Seng health index of Hong Kong stocks closed up 6.67%, outperforming the Hang Seng state-owned enterprise index by 2.06pp, ranking 4 / 11.
Tracking of R & D Progress of listed companies: last week, Chongqing Zhifei Biological Products Co.Ltd(300122) of the clinical application for gr1501 injection was newly undertaken; The NDA application of Zhengda Tianqing tq-b3139 capsule is newly undertaken. Last week, hausen pharmaceutical’s flumatinib mesylate tablets were undergoing phase IV clinical treatment Bio-Thera Solutions Ltd(688177) of bat5906 injection is undergoing phase III clinical treatment; The tpn171h tablet of Wangshan wangshui is undergoing phase II clinical treatment; Tqh3821 tablets and tqh2722 injection of Zhengda Tianqing are in phase I clinical trial.
This week’s view: the national health plan of the 14th five year plan was released, focusing on medical services, traditional Chinese medicine and digital medicine. On May 20, the general office of the State Council issued the national health plan for the 14th five year plan (hereinafter referred to as the plan), which emphasizes comprehensively promoting the construction of a healthy China, implementing the national strategy to actively respond to the aging population, accelerating the implementation of the healthy China action, deepening the reform of the medical and health system, continuously promoting the transformation of the development mode from disease treatment to people’s health, and providing all-round and full cycle health services for the people. The plan has formulated the “14th five year plan” from six aspects: health level, healthy life, health services, health security, healthy environment and health industry
Development indicators. It also puts forward key requirements for the promotion of social medical management, the support of traditional Chinese medicine in health services, high-quality innovative development, and the development of digital medicine in various fields of medical and health. We suggest paying attention to private medical service industry chain companies Aier Eye Hospital Group Co.Ltd(300015) , Autek China Inc(300595) , Ningbo Sanxing Medical Electric Co.Ltd(601567) , Xiangyumedicalco.Ltd(688626) , Meinian Onehealth Healthcare Holdings Co.Ltd(002044) , etc; It is suggested to pay attention to the traditional Chinese medicine industry chain companies Shijiazhuang Yiling Pharmaceutical Co.Ltd(002603) , Beijing Tongrentang Co.Ltd(600085) , Chongqing Taiji Industry (Group) Co.Ltd(600129) , etc; It is suggested to pay attention to the digital medical industry chain companies Winning Health Technology Group Co.Ltd(300253) , Wonders Information Co.Ltd(300168) , Neusoft Corporation(600718) , 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, Xinda Biology (H) and Rongchang Biology (H) are recommended; For CXO, recommend Pharmaron Beijing Co.Ltd(300759) , Pharmablock Sciences (Nanjing) Inc(300725) ; 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.
