This week (2022.1.10-2021.1.14) and year to date, the biomedical index rose by 2.8% and – 1.9% respectively, and the excess returns relative to the Shanghai index were 4.4% and 1.3% respectively: the stock prices of medical devices, biological products and chemicals were relatively strong this week, while those of Commerce, traditional Chinese medicine and medical services were relatively weak; This week, the increase was among the top Hangzhou Biotest Biotech Co.Ltd(688767) (+ 90%), senxuan medicine (+ 86%), an Xu Biology (+ 69%), and the decrease was among the top Xi’An International Medical Investment Company Limited(000516) (- 16%), Guangyuyuan Chinese Herbal Medicine Co.Ltd(600771) (- 14%) and Yanan Bicon Pharmaceutical Listed Company(002411) (- 12%). 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; Covid-19’s stock price rose wildly, led by Asahi biology, Andon Health Co.Ltd(002432) ; The performance of traditional Chinese medicine sector is still relatively strong and differentiated.
China’s blood products have ushered in new opportunities for strategic allocation. It is suggested to pay active attention to: three specific logics: 1) at the beginning of 2022, overseas (especially the United States) were seriously affected by the epidemic, the number of blood donors decreased, blood donation activities decreased and manpower shortage. The United States experienced the most serious blood supply crisis in the past decade. The decrease of blood supply will certainly affect the supply of blood products. 60-70% of the albumin of China’s largest blood product comes from American blood sources. More than 60% of the albumin in China is sold in pharmacies and the price is likely to rise significantly in the later stage; 2) The business model of blood products (resource endowment + refined operation) is the pharmaceutical sub industry with the strongest anti risk ability. The plasma stations released in the 14th five year plan will be approved in 2022, especially the central enterprises such as Boya Bio-Pharmaceutical Group Co.Ltd(300294) , Beijing Tiantan Biological Products Corporation Limited(600161) will benefit more significantly. In 2021, they will be approved with more than 10 plasma stations and one plasma station respectively. Among them, 19 Boya Bio-Pharmaceutical Group Co.Ltd(300294) county-level replies will be finally approved in 2022 and 2023, with great flexibility; 3) The share price of blood products has not risen for many years. Its valuation is relatively cheap and its location is low, which is of strategic significance. The probability that blood products will eventually win is the central enterprises, focusing on Boya Bio-Pharmaceutical Group Co.Ltd(300294) , Beijing Tiantan Biological Products Corporation Limited(600161) . The strategic entry of China Resources in Boya Bio-Pharmaceutical Group Co.Ltd(300294) will give the central enterprises wings for Boya Bio-Pharmaceutical Group Co.Ltd(300294) China’s fine operation model.
Renvatinib mesylate was approved for listing by the stone Pharmaceutical Group, and voronib tablets, a class 1 new drug of BeDa, was accepted for listing: on January 11, renvatinib mesylate capsule of the stone Pharmaceutical Group was approved for listing. This is a multi-target receptor tyrosine kinase inhibitor. Its targets include vegfr1-3, fgfr1-4 and PDGFR α、 Kit, RET, etc. are used to treat patients with hepatocellular carcinoma. On January 11, Betta Pharmaceuticals Co.Ltd(300558) submitted the marketing application of class 1 new drug voronib tablets and was accepted. Voronib is a new generation of multi-target kinase inhibitor with new chemical structure. The indication for submitting NDA this time is speculated as: it is combined with everolimus to treat patients with advanced renal cell carcinoma.
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.
