The market fell in March,CSI 300 The index fell 7.84% in the month, and the CITIC Pharmaceutical Index rose 0.64% in the month, outperforming the CSI 300 Index by 8.48 percentage points.
The two major investment themes related to the new medical infrastructure and the new crown industry chain performed well. From the perspective of the follow-up trend of the pharmaceutical sector, we continue to be optimistic about the follow-up trend of the pharmaceutical sector, and suggest that we actively allocate the pharmaceutical sector. The fluctuation of medicine is essentially the superposition product of macroeconomic cycle and industry policy. We review the past excess returns of pharmaceuticals. When the revenue is accelerated and the economic cycle is down, the excess returns of pharmaceuticals are the most obvious. Among them, the growth of the pharmaceutical industry depends on two factors: social sharing (government investment + medical insurance financing) and the proportion of personal expenditures.
From the perspective of the short-cycle perspective, the current pharmaceutical sector has just entered the investment clock that is expected to obtain excess returns. Under the demand for epidemic prevention and control, the government has increased investment in the pharmaceutical sector, and pharmaceutical revenue is expected to increase, while the economic cycle is in a downward cycle. .We believe that after continuous adjustment, the pharmaceutical sector is now ushering in a good buying opportunity.performanceStrong sustainability and outstanding comparative advantages compared to other industries, it is recommended to actively allocate the pharmaceutical sector.
recentCSPC、CanSinoThe clinical approval of biological mRNA vaccines has aroused the market’s attention to the mRNA vaccine sector. mRNA vaccines have potential cellular immunity advantages as in vivo antigen expression technology platforms. In addition, as a platform technology, mRNA has the potential for relatively efficient vaccine development.
The mRNA platform has a wide range of potential applications, and there are currently many domestic enterprises.
Beijing recentlymedical serviceThe price policy was officially implemented, and most projects rose steadily, with major increases in dentistry and other specialties. With the gradual implementation of policy influence,medical serviceThe pre-panic mood has been repaired. On the financing side, with the recent Purui Ophthalmology,Ho’s OphthalmologyAs well as the successive listings of Real Dental, concerns about financing channels for private hospitals have been gradually eliminated; on the pricing side,medical serviceThe pilot price reform is still going on, but the guidelines of “separation of technology and consumption” and “returning the bridge to the bridge and returning to the road” have been set. The consumption stratification is still obvious, and the implementation of the Ningbo dental implant centralized procurement plan has little impact on the development of high-end implants in public hospitals.
Recommended target:WuXi AppTec: The world’s leading preclinical CRO company, with a prominent position in the industry;Aier Ophthalmology: Steady business growth, continuous improvement in the status of the industry chain, and cost-effective valuation;Mindray Medical：medical instrumentsLeading enterprises with outstanding R&D and sales capabilities and reasonable valuations;Wantai Bio: HPV vaccine and IVD two-wheel drive company high growth;Huadong Medicine: Marginal improvement in fundamentals, gradual release of pressure on centralized procurement in the pharmaceutical sector, new innovative drug products in the pipeline, and rapid growth in the industrial microbiology sector and medical aesthetics sector driving performance.
Risk warning: industry policy changes unexpectedly, and the comparative advantage of the sector weakens.
(Article Source:Industrial Securities）