In 2017, the pharmaceutical sector rose by 3.56%. Under the background ofcontinued fee-control policy, the overall performance is weaker-than-expected,outperformed by the A-share market. With the deepening of supply-sidereform in the pharmaceutical sector, industrial transformation and upgrade aswell as improved concentration ratio within the industrial chain will largelybenefit leading enterprises in the future.    In 2017, the pharmaceutical sector rose by 3.56%. Under the background ofcontinued fee-control policy, the overall performance is weaker-than-expected,outperformed by the A-share market. With the deepening of supply-sidereform in the pharmaceutical sector, industrial transformation and upgrade aswell as improved concentration ratio within the industrial chain will largelybenefit leading enterprises in the future.    With the breakthrough of five monoclonal antibodies, companies activelyinvolved in R&D will gain first-mover advantages in accelerating IPO andacquiring more market shares afterwards. Relevant companies are FOSUNPHARMA (600196.SH) and ANKEBIO (300009.SZ) With increasing demandand improved supply channel, the vaccine segment rebounded. Related namesare: ZHIFEI-BIOL (300122.SZ) and WALVAX (300142.SZ).    Innovative equipment makers are benefiting from favorable policies. Asequipment is less likely to be impacted by healthcare insurance fees-controlpolicy, we think equipment companies with sufficient cash flow and thatprevail in R&D and M&A will have long term opportunities in the future.    Recommend companies are LEPU MEDICAL (300003.SZ) and BGI (300676.SZ).    There remains a huge gap between China and the U.S. in pharmaceutical retailmarket, with great room for improvement. Both the scale and concentrationratio of the retail market is expected to pick up; and the proportion ofprescription drug business has shown an upward trend. All the factorscontribute to the emergence of domestic retail giant.

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