Recently, the pharmaceutical sector has risen
strongly.
As of November 15, the Pharmaceutical Bio (Shenwan) Index has risen 15.
26% in the past month, while the CSI 300 Index has risen 3.
02%
in the same period.
The analysis believes that there are mainly several reasons, on the one hand, the pharmaceutical sector has undergone more than a year of adjustment, and the overall trend is reasonable
.
On the other hand, favorable policies such as low-interest loans have been released, and the new centralized procurement policy rules are more reasonable, which is generally good
for the pharmaceutical industry.
For the next market of the pharmaceutical sector, the industry is generally optimistic
.
For example, the fund manager of China Commercial Fund believes that the pharmaceutical industry has both the rigidity of necessary consumption and the flexibility of innovation, and there is also room for import substitution
.
And the market within the pharmaceutical sector is also sustainable; Huaan Securities mentioned in a recent research report that the recent outperformance of the market by pharmaceuticals has driven everyone's confidence, and the market's consensus that pharmaceuticals are at the "bottom" is getting stronger
and stronger.
At this stage, the valuation year of pharmaceuticals is at the bottom position, the bank believes that the pharmaceutical market has just opened, and the demand to cover positions will drive the pharmaceutical industry to continue; Guojin Securities also pointed out that it is recommended to focus on medical insurance negotiations in 2022, centralized procurement of consumables, etc.
, and the sustained marginal recovery of pharmaceutical policies is expected to catalyze the reversal of the pharmaceutical sector
.
In terms of subdivision, innovative pharmaceutical companies have attracted much attention in the industry, including high-end medical equipment, innovative drugs, innovative vaccines and other directions
.
Among them, in the field of high-end medical equipment, under the east wind of policies to encourage innovation such as "big infrastructure", domestic equipment technology upgrading is forced, and domestic medical devices will accelerate the transformation and upgrading from low-end to high-end, and realize the vision of
import upgrading.
Deppon Securities analysts believe that the independent and controllable high-end equipment has become the strategic focus of the new era, and it is imperative to overcome the domestic production of the core technology of the "stuck neck"
.
There are many subdivisions of medical equipment, and equipment with low localization rate + high technical barriers is the key area of domestic medical equipment at present, and medium and high-end domestic substitution + concentration improvement contains investment opportunities
.
Investment opportunities in innovative drugs have also been attracting the attention
of investors.
Affected by domestic policies and other factors, the innovative drug sector has adjusted this year, but since mid-October this year, due to the improvement of domestic policy margins and the recovery of investor sentiment, the domestic innovative drug sector has ushered in a rapid rise
.
The industry believes that innovative drugs are a sector with long-term investment value in the pharmaceutical sector, and the current valuation of innovative drug ETFs is at a low level, and there are obvious positive signals on the policy side, superimposed on the marginal improvement of the external environment, and the future innovative drug market space is broad.
Vaccines are also currently at the bottom of the pharmaceutical sector, the industry has a high competition threshold, strict product approval, with the aging of the population and the improvement of public health awareness, domestic vaccine demand can be expected
.
Deppon Securities believes that vaccines have both technology and consumer attributes, and after a year and a half of adjustment, the current valuation of the vaccine sector is very cost-effective
.
The bank expects that many vaccine companies will have large varieties in 2022-23, judging that the performance of the vaccine sector in 2023 may be clearly accelerated, and the industry fundamentals have strong performance support
.
Previously, some industry analysts pointed out that in the past two years, domestic 13-valent pneumonia conjugate vaccine and HPV vaccine have been approved for marketing, and a large number of innovative vaccines are in the late stage of research and development, and the next one to two years will be both sales and research and development harvest period
.
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