On the one hand, the reason is the overall downturn in the market. In the case that the Fed's interest rate hike is expected to heat up and the domestic monetary policy easing is still in doubt, the incremental funds before the superposition are insufficient, and the overall market decline is large, which drives the medicine to continue to decline.

On the other hand, after the pharmaceutical index fell by 13.5% in the past ten trading days, the market began to interpret the new version of "internal troubles and foreign invasion". Internal worry is the worry about the ceiling under the public welfare attribute of the domestic pharmaceutical industry, while foreign invasion is the worry about the quality of innovative drugs and even the future logic of going to sea under the new international relations. However, as far as the recent Tenth Five-Year Plan of the pharmaceutical industry is concerned, it has risen from a simple "important industry related to the national economy and people's livelihood" to a "strategic industry related to the national economy and people's livelihood, economic development and national security", and the overall goal has been planned in detail, which is a very important signal. The underlying logic of medicine and education is completely different.

The continued decline of CXO is still the aftershock of Wuxi PharmaTech. The previous rumor is that joining the unverified list will affect overseas customers of Wuxi PharmaTech (SH603259)$, which will reduce the company's orders and "greatly change" its performance. Yamato Securities released a report in June 65438+February 65438+June last year, saying that 49.7% of Yao Ming Bio's revenue in the first half of last year came from North America. Today, most of $ Contemporary Amp Technology Co., Ltd. (SZ 300750) has collapsed. However, as far as liquidity is concerned, it is still unlikely that the plate will be substantially adjusted, and the operation idea of batch bargain-hunting is still aimed at such leading companies.