Manufacturing data is picking up. In the first half of 2016, the pharmaceutical manufacturing industry realized a main income of 1,293.98 billion yuan, a year-on-year increase of 10%, and returned to double-digit growth. The operating profit was 13.73 billion yuan, a year-on-year increase of 13.6%. The overall industry growth rate was still at a low level. The profit growth rate was higher than the second quarter, and the profitability was improved. The pharmaceutical company listed in the mid-year report: (1) The profit rate has increased. The overall revenue growth rate rebounded to 14.47%. The two sub-sectors of medical services and equipment are still relatively stable and high growth; the rest of the sub-sectors that have experienced a decline in medical insurance control fees have shown a rebound trend, among which chemical raw materials are the most significant, and the marginal effect of medical insurance control fees is decreasing. Operating profit increased by 13.59% year-on-year, mainly benefiting from the strong performance of the chemical raw materials and medical services sectors. (2) ROE down. In addition to medical services, the profitability of each sub-sector has improved, but the ROE has not improved in the past five years, and the non-ROE has also experienced a slight decline, reflecting the decline in the asset turnover rate. (3) The investment in research and development continued to grow. The sales expense ratio of the chemical industry declined, other industries remained stable; R&D investment increased, and innovative leaders such as Fosun Pharma and Hengrui Pharmaceutical represented the future of innovative drugs in China. (4) The operational risks are controllable. Inventory turnover days and accounts receivable turnover days have shown an upward trend since 2011, and chemical pharmaceuticals and medical devices are relatively good. (5) The asset-liability ratio fell. Currently maintained at 42% left history, the future ratio of high-quality asset securitization and overseas sales will continue to increase. Subdivision of the industry has intensified. In the first half of the year, medical services, pharmaceutical businesses, medical devices and biological products maintained a good momentum of growth in the second-high industry. Chemical drugs and traditional Chinese medicines were relatively mature, and they all maintained low-speed growth. The bulk drugs and biological products were affected by the price hikes of vitamins and blood products. The rising cycle and short-term performance are the most subdivided areas in the pharmaceutical sector this year. The profit rate of medical devices and medical services has dropped. Under the dividend of classified medical treatment policy, there is still a huge primary medical market in China that needs to be developed, and high growth is still sustainable. The performance of Chinese medicine sector is strong, mainly because it is relatively large. In recent years, the varieties of traditional Chinese medicine injections have been continuously suppressed by policies, and the volume and price have dropped. The short-term downward trend is difficult to reverse. The premium rate of the pharmaceutical sector relative to all A-shares (non-bank petroleum and petrochemical) is only 43.56%, which is at a historical low of nearly five years. The growth of the real economy slowed down, the return on investment and financing decreased, and investors paid more attention to the certainty and sustainability of performance growth, and risk appetite decreased significantly. After the adjustment of the polarization brought about by the industry changes, the overall valuation of the sector still has room for improvement. As of August 31, the price-to-earnings ratio of the SW pharmaceutical industry was 43.67 times. The value of medium- and long-term investments in some growth stocks appeared. In the second half of the year, the pharmaceutical sector will continue to be driven by policies such as grading medical treatment and medical insurance. Nitrogen Cylinder,Green Nitrogen Gas Cylinder,Green Nitrogen Cylinder Bottles,Nitrogen Cylinder Bottles JIANGSU NEW FIRE FIGHTING TECHNOLOGY CO.,LTD , https://www.newayfire.com