Market review: this week, the pharmaceutical and biological index fell 7.19%, 8.3 percentage points lower than the Shanghai and Shenzhen 300 index, and the rise and fall of the industry ranked 32nd. Since the beginning of 2022, the pharmaceutical industry has fallen by 8.7%, underperforming the CSI 300 index by 5.44 percentage points, ranking 29th in terms of rise and fall. This week, the valuation level (pe-ttm) of the pharmaceutical industry was 30.53 times, with a premium rate of 91% (- 13.9pp) relative to all a shares, 44% (- 10pp) relative to all A-Shares excluding banks, and 135% (- 21.5pp) relative to CSI 300. The pharmaceutical sub industry generally fell this week. The sub industry with the smallest decline was API, with a decline of about – 3.3%. Since the beginning of the year, the sub industry with the smallest decline is in vitro diagnosis, with a decline of about – 1.2%.
It is recommended to allocate stocks with undervalued and upward performance trend. The pharmaceutical sector continued to adjust as a whole this week, and the Shenwan pharmaceutical index fell 7.2%. The official draft of the centralized procurement document of Guangdong alliance was released, and the introduction of the policy led to the continuous adjustment of the pharmaceutical sector. In late January, the performance forecasts of listed companies were disclosed one after another. We predicted the performance of 53 pharmaceutical listed companies in 2021. It is expected that the performance growth rate of Q4 in a single quarter will exceed 30% and 14 will increase by 0% ~ 30%. In the short term, it is recommended that individual stocks with undervalued defense allocation and clear upward trend of future performance.
Elastic combination this week: Shanghai Runda Medical Technology Co.Ltd(603108) (603108), Chongqing Taiji Industry (Group) Co.Ltd(600129) (600129), Truking Technology Limited(300358) (300358), Shanghai General Healthy Information And Technology Co.Ltd(605186) (605186), Haisco Pharmaceutical Group Co.Ltd(002653) (002653).
This week’s scientific innovation board combination: Baiji Shenzhou (688235), Cansino Biologics Inc(688185) (688185), Suzhou Zelgen Biopharmaceuticals Co.Ltd(688266) (688266), Chengdu Olymvax Biopharmaceuticals Inc(688319) (688319), Aohua endoscopy (688212).
This week’s robust portfolio: Wuxi Apptec Co.Ltd(603259) (603259), Shenzhen Mindray Bio-Medical Electronics Co.Ltd(300760) (300760), Jiangsu Hengrui Medicine Co.Ltd(600276) (600276), Zhangzhou Pientzehuang Pharmaceutical Co.Ltd(600436) (600436), Topchoice Medical Co.Inc(600763) (600763).
This week’s Hong Kong stock portfolio: Yaoming Biology (2269), Shanghai Junshi Biosciences Co.Ltd(688180) (1877), haijiya (6078), minimally invasive Siasun Robot&Automation Co.Ltd(300024) (2252), Jinxin reproduction (1951).
Risk warning: drug price reduction risk; The implementation progress of medical reform policy is lower than the expected risk; Risk of R & D failure.
