In the past two days, many macro, industry and key company events have occurred, and the pharmaceutical industry as a whole is under pressure:
1。 Included in the medical insurance negotiation of cancer drugs, the price reduction of 17 kinds of cancer drugs is 3 1-80%.
2。 U.S. stocks1June 10 fell sharply due to the increase in interest rate uncertainty.
3。 Leijin, director of Changchun High-tech Announcement, resigned and continued to retain the position of director and general manager of its subsidiary Jinsai Pharmaceutical Co., Ltd., which is operating normally.
4。 Hengrui Pharma announcement: Dong Jiji plans to reduce the holding of 0.0611-12% of the company's total share capital in February, and his collection currently holds 0.3599% of the company's shares.
Guo Xin's medical point of view:
1。 It is the general trend that anticancer drugs are exchanged for price in quantity. China's per capita annual drug consumption is only about 1.5 million yuan. Varieties with large accessibility requirements can only be reasonably priced. The combination of imitation and innovation is the advantage of domestic enterprises, and the dividend of innovative drugs is still enjoyed by domestic enterprises.
2。 At present, many pharmaceutical stocks are already at a low valuation. In fact, most of the market has been concerned about trends rather than valuations. The negative performance of the market represents positive returns and negative returns.
3。 Hengrui Pharma and Changchun Hi-Tech: Event-driven will not change the long-term advantages of Hengrui Pharma Pipeline and Changchun Hi-Tech, which are separated from the medical insurance system, and may have a certain impact in the short-term market weakness.
4。 Maintaining the optimistic view on some targets in the 10 monthly strategy released on Monday, leading companies: 13% medical insurance +5% structural improvement +3% concentration increase =2 1% stable growth rate, which is attractive to the 20-25 times valuation of 19.
10 strategy recommended stocks: A shares: East China Medicine, Hualan Biology, Tiantan Biology, Shanghai Medicine, Lepu Medical, Yinxintang. Hong Kong stocks: China Biopharmaceutical, China Traditional Chinese Medicine and Kingsley Biotechnology.
(Article source: Guosen Securities)