Market performance in December: The policy is frequent and takes advantage of the trend. The breadth and depth of this round of medical reforms have exceeded the previous medical reforms, and every aspect of the pharmaceutical industry chain is undergoing tremendous changes. But even so, companies that rely on endogenous growth continue to exist. As we approach 2015, the policy is frequent, and the two main lines of stable growth and policy promotion will be intertwined.
The investment direction is still clear. The field of medicine: the marketization trend is clear, no matter how the drug price policy and the bidding policy change, innovative drugs, high barrier generic drugs, and blood products with tight supply and demand are all varieties that benefit structurally in this process; : Changes in policies related to public hospital reform will promote reforms in many areas such as pharmaceutical e-commerce, medical payment systems, and medical services. The promotion of policies will create various opportunities.
The reform of the drug price policy in the pharmaceutical industry has accelerated, and various policy rumors have continued. On October 27th, the National Price Bureau meeting uploaded the drug price release policy. From November 25th, the National Development and Reform Commission issued a draft of the “Promoting Drug Price Reform Program†and began to seek proposals from enterprises. Medical insurance control fees and tender purchases form prices. In addition, Premier Li Keqiang proposed that "the price of medicines should go down, the services should go up, the medical insurance should be kept", the drug prices of the State Council will be released, the health planning committee will discuss the release of drug prices, the State Council will promote the development of commercial health insurance, and the Guangdong medical institutions will fight against corruption. The bidding attempted the second bargaining, Hubei Province pushed the pharmacy trusteeship, the Chongqing payment guide price pilot, and Ali and Hebei province developed the electronic prescription platform. A series of policies have been launched, covering public hospital reforms, institutional changes in drug prices, medical insurance restructuring, anti-commercial bribery, medical e-commerce and other fields. A large number of policies have made investors seem overwhelmed.
Market level. In November, the CSI medical index fell 0.20%, significantly underperforming the Shanghai Composite Index and the Shanghai and Shenzhen 300.
Among them, Wuyuan Medicine, Jilin Jidong, Ziguang Guhan and so on were among the top gainers. The annual portfolio of Haitong Pharmaceuticals underperformed the sector index due to changes in market style.
In the future, it is recommended to continue to overweight the pharmaceutical sector and maintain an “overweight†rating. Regardless of how the drug price policy and the bidding policy change, we are optimistic about innovative drugs, high barrier generic drugs, and blood products industries with tight supply and demand; we also attach importance to investment opportunities in the fields of medical e-commerce and medical informationization under the influence of policies. In December, the combination was: Aier Ophthalmology, Huadong Pharmaceutical, Hualan Bio, Iwu Bio, Sinopharm, Kangyuan Pharmaceutical, Hejia Share, Yuyue Medical (sorted by sub-industry).
risk warning. The policy is volatile and the valuation of the sector is volatile.
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