2010 Year 1 quarter: ① Market performance: The pharmaceutical sector performance is stronger than the broader market，Shen Wan A Finger fell 1.8%，The pharmaceutical sector rose 7.3%，The overall valuation of the plate 30.6 times，in a reasonable range。The section of the third and fourth -tier stocks is better than the first and second -tier stocks，The hotspot is relatively decentralized。② Fundamental aspect: 2010 January to February of the pharmaceutical manufacturing industry My stake betting appstake betting appincreased by 28.3%，Leading in consumer goods，But due to the influence of the low base of the cyclical industry in 2009，Below an increase of 39.7%lower than the overall industrial income;，Below the overall industrial profit increased by 119.7%。2010 Year 1-2 Monthly pharmaceutical manufacturing income and profit growth data shows a stable situation，The overall continued 2009 The situation of high growth in the fourth quarter of the year，Behind data reflects the healthy operation of the pharmaceutical industry，With the completion of the bidding of drugs from various places，Medical reform will promote demand to continue to expand。③ Molecular industry: The income and profits of chemicals and drugs continue to increase significantly，10 Year 1-2 Monthly profit growth rate is 09 14%of the year climbed sharply to 63%，This aspect is related to the lower base of last year，More importantly due to economic recovery，Requirements to rise; rapid growth of chemical preparation drug income、gross profit margin compared to 09 Ascend to about 2 percentage point，Increase the profit margin before tax by about 1 percentage point，Profit growth rate has accelerated; the growth rate of Chinese medicine decoction tablets accelerates，Keep the profit margin pre -tax remained stable，Profit growth rate has slowed slightly compared to the fourth quarter stake sports betting appof last year; Chinese patent medicine 1-2 Monthly revenue growth is stable，Profit growth rate increases from the previous month 14.9 percentage points; Percent points make its profit growth rate compared with 9-11 last year Monthly declined sharply. 
   The United States passed the medical reform bill，Medium and long -term favorable generic drugs and medical device export companies: The core of American medical reform is to increase the scope of medical security (the demand for medical equipment and prescription drugs in the United States will therefore increase nearly 20%)、Reduce medical expenses (increase low -cost generic drug procurement and promote the transformation of patented drugs into generic drugs)，This may bring a certain impact on American patent drug companies，and China、India and other developing countries in developing countries will usher in opportunities due to cost advantage。We recommend paying attention to Haizheng Pharmaceutical, which is already exported to the United States、Huahai Pharmaceutical、Yuyue Medical、Wandong Medical、Shandong Medicine Glass，and Hengrui Medicine, which is very likely to export in the future、Yangpu Medical。 
   We think that the industry leader that accelerates grows will have good absolute revenue throughout the year: industry policy is inclined to industry leaders，The growth rate stake betting appStake Sports Bettingof large enterprises accelerates，Gradually winning the situation is clear。We think that the industry leader that accelerates growth will have good absolute benefits throughout the year，Core Recommended Combination: Hengrui Medicine、Yunnan Baiyao、East Ejiao、Hualan Bio、Chinese Medicine Shares、Kehua Bio。Molecular industry:? Intersection Chinese medicine: The implementation of the basic drug system is progressing smoothly，The bidding price of the exclusive variety has basically not dropped，Optimistic exclusive varieties and regional leaders in basic drugs。Recommended Yunnan Baiyao、East Ejiao、Jiang Chinese Medicine、Qianjin Pharmaceutical、China Resources Three Nine。 
   Chemical Pharmaceuticals: Main line transferred along the international generic drug transfer，Continue to be optimistic about Hengrui Medicine、Haizheng Pharmaceutical、Huahai Pharmaceutical。In addition，Watching Renfu Technology、Hainan Sea Medicine、Xinlitai、Personalized varieties such as Shuanghe Pharmaceutical。 
   Biopharmaceuticals: Blood products should be in short supply，The vaccine industry benefits from the increase in national investment，Diagnostic reagent industry income growth rate of 20%，Blood screen market is worth looking forward to，Recommend Hualan Bio、Kehua Bio、Shanghai Rush。 
   Pharmaceutical Business: stake betting appSinopharm shares and Stake Sports Bettingconsistent pharmaceutical，Compared to the low valuation of the Chinese Medicine Holdings，Integration of the Department of Chinese Medicine is worthy of attention。Shenyin Wanuo Securities Co., Ltd.。