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In the first quarter, the pharmaceutical sector experienced successive declines and new shares broke o.
Entering the second quarter, investors are very concerned about how the pharmaceutical market will go ne.
Recently, many brokerage institutions have released reports to present the pharmaceutical industry's strategy for the second quarter of 2022, including China Securities Investment Corporation, Bank of China Securities,e.
Among them, Bank of China Securities reported that investment in innovative drugs needs to be more selecti.
With the gradual tightening of policies, it will become more difficult for pharmaceutical companies to develop new drugs, and the living space of "pseudo-innovation" will be lock.
At the same time, in terms of innovative drugs going overseas , innovative drugs going overseas have higher requirements for the drug itself and the capabilities of pharmaceutical companies, and innovative drug companies still need to face greater challenges in the process of going overse.
On the whole, however, innovative drugs are still an attractive investment ar.
For innovative drugs, the agency believes that there are 6 points that need to be focused on, including varieties with high clinical value (first-in-class, best-in-class); follow-up innovative varieties are compared to the speed of listing (the top 3-5 companie.
There are very few market opportunities outside the country); strong commercialization capabilities are very important (for example: Hengrui PD-1 was launched late, but the volume was fast); competition in the global market;Differentiated segments (breakthrough therapy, orphan drug) e.
); high imitation and difficult imitation generic drugs (including special dosage form.
In addition, the agency is also optimistic about the CXO sector, and believes that its prosperity is expected to continue, and it will face a long-term differentiation tre.
It is necessary to select CXO companies with core competitiveness for investme.
CITIC Construction Investment gives three suggestions for Hong Kong stoc.
First, choose policy dividends or some main lines with strong industry logic, such as the industrial chain of traditional Chinese medicine, including the upstream of the biopharmaceutical industry chain, and the head of the entire pharmaceutical outsourcing sect.
The second is to pay attention to the upstream of the biopharmaceutical industry chain, looking for subdivided leading companies with import substitution opportunities; the third is pharmaceutical outsourci.
In the eyes of many fund managers, the overall valuation and fundamentals of the biopharmaceutical sector are relatively matched, but there is a big difference in the prosperity of the sub-sectors, and the prosperity of the industry is still optimist.
For the second quarter, we are mainly optimistic about sub-tracks such as CXO, core innovative drugs, and innovative industry chai.
As far as the CXO sector is concerned, the industry is booming, the share of China's order value is increasing, and leading companies have greater advantag.
These companies can not only provide transformation assistance for small pharmaceutical companies that lack R&D capabilities, but also It can help large enterprises improve R&D efficiency, shorten the development time of new drugs, and seize market opportuniti.
In terms of core innovative drugs, with the advancement of the new medical reform policy, the trend of transformation and innovation of pharmaceutical companies is still continuing, and the number of clinical applications for innovative drugs is hitting new highs year by ye.
The quality of innovation will also continue to impro.
In addition, the international layout of capable pharmaceutical companies is also continui.
The industry believes that the prosperity of the entire innovative drug industry is still relatively hi.
With the gradual advancement of overseas clinical trials, it is expected that China's innovative products will also gradually enter the harvest period overse.
In this context, innovative traditional Chinese medicine companies have great opportunities for a long ti.
In addition, the innovation track of traditional Chinese medicine is also favored by the indust.
A series of policies in China encourage the development of traditional Chinese medicine, and promoting the development of traditional Chinese medicine has become a national strate.
Relevant departments have also proposed to promote the innovation of traditional Chinese medicine, and the review and approval of new traditional Chinese medicines will continue to accelerate, which will benefit the development of innovative pharmaceutical compani.
"Although Chinese medicine companies face the pressure of price reduction brought by centralized procurement in the short term, compared with generic drug companies, the impact of centralized procurement on traditional Chinese medicine companies will be much smaller, because the decline in drug prices is more moderate, and by exchanging price for volume, it will be beneficial The winning bidder for exclusive varieti.
” Click to enter the exhibition page
Entering the second quarter, investors are very concerned about how the pharmaceutical market will go ne.
Recently, many brokerage institutions have released reports to present the pharmaceutical industry's strategy for the second quarter of 2022, including China Securities Investment Corporation, Bank of China Securities,e.
Among them, Bank of China Securities reported that investment in innovative drugs needs to be more selecti.
With the gradual tightening of policies, it will become more difficult for pharmaceutical companies to develop new drugs, and the living space of "pseudo-innovation" will be lock.
At the same time, in terms of innovative drugs going overseas , innovative drugs going overseas have higher requirements for the drug itself and the capabilities of pharmaceutical companies, and innovative drug companies still need to face greater challenges in the process of going overse.
On the whole, however, innovative drugs are still an attractive investment ar.
For innovative drugs, the agency believes that there are 6 points that need to be focused on, including varieties with high clinical value (first-in-class, best-in-class); follow-up innovative varieties are compared to the speed of listing (the top 3-5 companie.
There are very few market opportunities outside the country); strong commercialization capabilities are very important (for example: Hengrui PD-1 was launched late, but the volume was fast); competition in the global market;Differentiated segments (breakthrough therapy, orphan drug) e.
); high imitation and difficult imitation generic drugs (including special dosage form.
In addition, the agency is also optimistic about the CXO sector, and believes that its prosperity is expected to continue, and it will face a long-term differentiation tre.
It is necessary to select CXO companies with core competitiveness for investme.
CITIC Construction Investment gives three suggestions for Hong Kong stoc.
First, choose policy dividends or some main lines with strong industry logic, such as the industrial chain of traditional Chinese medicine, including the upstream of the biopharmaceutical industry chain, and the head of the entire pharmaceutical outsourcing sect.
The second is to pay attention to the upstream of the biopharmaceutical industry chain, looking for subdivided leading companies with import substitution opportunities; the third is pharmaceutical outsourci.
In the eyes of many fund managers, the overall valuation and fundamentals of the biopharmaceutical sector are relatively matched, but there is a big difference in the prosperity of the sub-sectors, and the prosperity of the industry is still optimist.
For the second quarter, we are mainly optimistic about sub-tracks such as CXO, core innovative drugs, and innovative industry chai.
As far as the CXO sector is concerned, the industry is booming, the share of China's order value is increasing, and leading companies have greater advantag.
These companies can not only provide transformation assistance for small pharmaceutical companies that lack R&D capabilities, but also It can help large enterprises improve R&D efficiency, shorten the development time of new drugs, and seize market opportuniti.
In terms of core innovative drugs, with the advancement of the new medical reform policy, the trend of transformation and innovation of pharmaceutical companies is still continuing, and the number of clinical applications for innovative drugs is hitting new highs year by ye.
The quality of innovation will also continue to impro.
In addition, the international layout of capable pharmaceutical companies is also continui.
The industry believes that the prosperity of the entire innovative drug industry is still relatively hi.
With the gradual advancement of overseas clinical trials, it is expected that China's innovative products will also gradually enter the harvest period overse.
In this context, innovative traditional Chinese medicine companies have great opportunities for a long ti.
In addition, the innovation track of traditional Chinese medicine is also favored by the indust.
A series of policies in China encourage the development of traditional Chinese medicine, and promoting the development of traditional Chinese medicine has become a national strate.
Relevant departments have also proposed to promote the innovation of traditional Chinese medicine, and the review and approval of new traditional Chinese medicines will continue to accelerate, which will benefit the development of innovative pharmaceutical compani.
"Although Chinese medicine companies face the pressure of price reduction brought by centralized procurement in the short term, compared with generic drug companies, the impact of centralized procurement on traditional Chinese medicine companies will be much smaller, because the decline in drug prices is more moderate, and by exchanging price for volume, it will be beneficial The winning bidder for exclusive varieti.
” Click to enter the exhibition page
