Pharmaceutical stocks are showing signs of rebound, and many sub-sectors are optimistic

Since June of this year, pharmaceutical stocks have fallen all the way, but after more than three months of adjustment, the profits accumulated in the sector have basically been released, and the valuation has returned to a reasonable range again
.
Since October, the pharmaceutical stocks have also shown signs of rebound.
Regarding the market situation of the pharmaceutical sector in the later period, many institutions said that the medium and long-term opportunities in the various sub-sectors of the pharmaceutical industry are worth looking forward to
.
Among them, CIC Morgan Fund stated that the state-supported policy environment for innovation, engineer dividends, and huge support from the capital market have formed a resonance at the current point in time, making the current investment environment of China's medical and health usher in a rare historical opportunity
.
Domestic companies are expected to make outstanding achievements in R&D outsourcing and innovative drugs going overseas
.
In the domestic healthcare market, the medium and long-term opportunities in the consumer and service tracks are equally promising
.
He believes that it is not only necessary to pay attention to a single listed company, but also to actively pay attention to some early and mid-term technology trends and companies in the industry chain
.
Guosheng Securities believes that it must have a long-term strategic vision and look forward to the continued rise of the bottom of the medicine
.
There are three short- and medium-term response strategies: First, increase attention to and gradual deployment of core assets on core tracks that have fallen more and more recognition; second, the medical environment has become gradually friendly, before the new direction is established , The core assets with a high degree of recognition and a little worry and the logic spillover deduction assets of the prosperity track, which have fallen a lot, take into account the individual stock stage and combine the 3 quarterly reports; third, pay attention to the flexibility of science and technology and medical technology attributes
.
Implemented in the direction of allocation: focus on the rhythm of core assets, focus on external demand and focus on global international competitive advantages (CDMO, the global new crown vaccine & therapeutic drug industry chain, injection exports, and some internationalized equipment); the sharp decline is looking for early pessimistic expectations Suppressed health consumption upgrade (consumer medical care, medical services, etc.
); heavy import substitution to boost the boom China manufacturing & hard core technology (pharmaceutical equipment, scientific research industry chain, pharmaceutical technology)
.
Ping An Securities predicts that it will still be in the stage of intensive promotion of industry policies for a considerable period of time in the future.
It is recommended to avoid areas subject to policy suppression and stick to the high-prosperity segment leaders that are immune to policies and are in line with industry development trends
.
The institution is optimistic about three main lines: First, clinical needs driven by innovation
.
Key recommendations: Hengrui Pharmaceutical, Kailaiying, Yaoshi Technology, Dongcheng Pharmaceutical, Zhifei Biological, Corning Jerry, Jiudian Pharmaceutical, Xinmai Medical
.
The second is consumer healthcare
.
Key recommendations: Tongce Medical, Aier Ophthalmology, Jinxin Fertility
.
Third, pay attention to the expectations of the three quarterly reports
.
Among them, CXO, medical services and other high-prosperity sectors still achieved good performance, and the pharmaceutical sector performed better than expected in the third quarter
.
Looking forward to the fourth quarter, policy disturbances will gradually be eliminated.
The agency believes that the pharmaceutical sector is expected to usher in the third quarterly report, and it is recommended to focus on high-growth sectors and targets such as CXO, medical services, pharmaceutical machinery and some medical devices
.
In the long run, it is recommended to continue to pay attention to the structural opportunities of medicine, and it is recommended to continue to focus on the layout of core pharmaceutical assets and the subdivision leader of "specialized, special and new" under "medical insurance and immunity"
.
Tianfeng Securities mainly recommends two directions: first, medical services; second, policy anticipation restoration
.
On the one hand, the inflection point of mass procurement has emerged.
From the results of centralized national procurement, both regulatory agencies and bidding companies are becoming more rational.
The follow-up pattern of biological drugs such as insulin is relatively better.
From the perspective of consumables, one product is one product.
The policy strategy is expected to continue
.
Second, medical insurance negotiations can be cautiously optimistic.
The core product of medical insurance negotiations this year is still PD-1.
If the results of the negotiations are better than market expectations, expectations for innovative drug-related targets are expected to improve
.