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                                                                                                                                                                          澳门大发888网上网站:医疗保健:生物医药是科创板主要受益方 创新药板块有望迎来进一步估值重塑

                                                                                                                                                                          2019年03月18日 12:35 来源:黄山市广告设计有限公司
                                                                                                                                                                              投资要点:

                                                                                                                                                                          上周医药生物板块涨幅7.41%(加权平均),涨幅在28个行业中排名第6位,跑赢沪深300指数0.89个百分点。医疗器械表现相对较好,涨幅为10.05%;涨幅最小的板块是医药商业,涨幅5.41%。其他板块表现如下:化学制药(7.35%)、中药(6.46%)、生物制品(9.41%)、医疗服务(5.55%)。

                                                                                                                                                                          本周观点更新:生物医药是科创板主要受益方,创新药板块有望迎来进一步估值重塑上周(20190225-20190301),在大盘和创业板下,医药行业指数实现了7.41%的涨幅,叠加业绩快报期的催化作用,医药行业的2018年的业绩稳定性再次彰显,涨幅靠前,行业指数分别跑赢沪深300指数和创业板指数0.89和0.40个百分点。在申万一级行业中,处于涨幅榜的第6位(28个一级行业)。从医药板块个股涨跌幅分析,涨幅靠前品种出现了显著风格切换,涨幅靠前个股不再局限于前期超跌标的,而更多的是业绩快报表现优秀的生物制品、CRO以及近期不断有创新产品获批的创新药、创新医疗器械等个股,行业风险偏好有所提升。

                                                                                                                                                                          带量采购政策预期稳定,医保局高层再次表态推广扩大将在经验总结后有序进行。在经历“4+7”第一批品种招标结果落地之后,投资者对药品价格存在长期担忧,目前国内药品招标模式处于交接和模式探索阶段,一次招标仅仅局限于部分品种或者部分区域,但更多的品种降价节奏尚未不明确,这导致目前市场对政策上的变化非常敏感。1月17日,《国家组织药品集中采购和使用试点方案》发布后,市场对医药板块的预期已经逐步恢复,虽然近期关于福建省全省价格联动以及“4+7”带量采购第二批品种提前启动的信息引起市场对药品降价的担忧,但是上周一2月25日,国家医保局发布新闻,局长胡静林主持召开座谈会,听取部分医药企业对医保药品政策的意见建议,胡静林表示今年将会同有关部门督促试点地区执行集中采购结果并加强监督检查,充分总结评估试点成效后,广泛听取意见,研究逐步扩大试点范围。这是前期流言扰动市场后,国家医保局层面再次明确表态带量采购推广将有序进行,我们还是维持第二批带量采购在2019年10月之后的判断。