本报告期医药生物行业指数跌幅为13.54%，表现不佳，在申万31 个一级行业中位居第31，跑输沪深300 指数（-3.45%）。从子行 业来看，医药生物三级行业全线下跌，其他生物制品、体外诊断、 医疗耗材板块跌幅居前，跌幅分别为22.05%、19.99%、18.05%。 估值方面，截止2022 年1 月28 日，医药生物行业PE（TTM 整体 法，剔除负值）为28.91x（上期33.48x），低于均值减一倍标准 差。医药生物申万三级行业原料药、化学制剂、中药、血液制品、 疫苗、其他生物制品、医药流通、线下药店、医疗设备、医疗耗 材、体外诊断、诊断服务、医疗研发外包、医院、其他医疗服务 PE（TTM 整体法，剔除负值）分别为34.20x、29.14x、29.01x、 34.09x、28.41x、25.79x、11.68x、28.61x、42.33x、16.64x、18.93x、 18.61x、64.40x、65.24x、87.10x。

新冠订单为短期业绩助推器，实则中国CDMO企业全球话语权提升。市场普遍认为新冠口服药带来的大额合同 订单为一过性影响因素，不仅不能因其带来的高业绩增速匹配高估值，同时新冠订单占据部分产能，可能会对非新冠项目 形成产能挤兑，因而，在陆续披露大订单后，相关CDMO企业股价出现回调现象。但是，我们认为，后疫情时代的新冠口 服药订单其实吹响产业升级的号角，中国CDMO企业被海外大药企纳入创新药商业化供应的第一梯队名单。中国化药 CDMO企业大都在2000年左右成立，早期处于拓市场、建口碑时期，多以接附加值较低的中间体或原料药订单为主，以 海外产业链转移为行业增长逻辑。历经20余年的发展，我们认为站在当下，中国化药CDMO企业的成长逻辑已转变成产 业升级，不再是低附加值的CMO订单转移，而是运用核心技术主导工艺开发的高附加值CDMO订单。

The study provides insights into market metrics (unit sales and earned revenues), latest trends, market projections until 2025, and a roadmap to cutting-edge technologies that will drive the future growth of the CT market. •The study offers a detailed landscape of industry drivers, restraints, and segments conducive for market growth.

Fertility test is the process of assessing both male and female for fertility issues and also to find the “fertile window” in the menstrual cycle of the women. The report provides market dynamics and trends related to the global fertility test market. In addition, it presents the estimations and forecast of the market. The study estimates the revenue generated from the sales of fertility test products. We have considered company profiles for ovulation prediction kits, fertility monitors, and male fertility testing products. The valuations comprise revenue generated from fertility test products such as ovulation prediction kits, fertility monitors, and male fertility testing products. Furthermore, the report excludes revenue generated from post-sale services of fertility test products.

Flow cytometry in the field of oncology is utilized for the quantitative detection and measurement of the physical and chemical characteristics of cancerous cells in a given sample. Flow cytometry is majorly used for hematological malignancies to identify malignant cell types by detecting cell surface antigens, which offer critical information regarding the stage of maturation and phenotypical heterogeneity. Although flow cytometry has been an established cornerstone for the diagnosis and screening of hematological malignancies, the clinical applicability of the same is not well understood in the field of solid tumors. However, extensive research is being conducted to decipher insights pertaining to the utility of flow cytometry in the quantification of nuclear DNA content present in solid tumor samples.

This study evaluates the market for digital tools for the management of behavioral health conditions, that is, behavioral health tech. The conditions included are listed below, and they are in keeping with NAMI’s definition of mental illness

Also known as Liquorice, licorice extracts are obtained from roots of licorice pants. The extracts from roots of licorice plants are aromatic flavoring and sweet in nature. These plants are native to North Africa, Western Asia, and southern Europe. Much of the sweetness in licorice extracts comes from the compound named glycyrrhizin having a sweet taste and is around 30-50X sweeter compared to sugar. Licorice is generally grown in Afghanistan, India, China, Italy, Iran, Pakistan, Azerbaijan, Turkmenistan, Uzbekistan, Turkey, and Iraq. It is widely used in pharmaceutical, cosmetics, food & beverage, as well as tobacco industry.

Digital health is an emerging technology, which uses connectivity, software, computing platforms, and sensors to enhance the quality of healthcare and its outcome. It increases the physical and emotional well-being of the population. This study comprises products only and not services. The study estimates the revenue generated from the sales of digital devices used for health care. The valuations comprise revenue generated from adoption of health, health information technology, wearable patch, telehealth and telemedicine by patients. The study scope focuses on digital health products for quality health care.

Heparin is an anticoagulant medication and a naturally occurring glycosaminoglycan produced by basophils and mast cells in all mammals. Heparin is used to prevent formation of blood clots caused by certain medical conditions or medical procedures. The report provides market dynamics and trends related to the global heparin market. The study estimates the revenue generated from the sales of heparin products; however, it excludes the heparin products service revenue. The valuations comprise revenue generated from heparin products such as unfractionated heparin, low molecular weight heparin, and ultra-low molecular weight heparin.

Machine vision in the healthcare sector used to offer imaging-based automatic inspection and analyze the image for application such as process control and robotic guidance. Surge in adoption of artificial intelligencebased technologies and big data in healthcare, rise in demand for automation in healthcare applications, and increase in adoption of personalizes medicines are some of the factors that drive the growth of the machine vision system market. However, a shortage of skilled professionals is acting as restrain and hampers early adoption in developing countries. Further, the adoption of cloud-based healthcare solutions is expected to provide lucrative opportunities for the global machine vision industry during the forecast period.

Fertility test is the process of assessing both male and female for fertility issues and also to find the “fertile window” in the menstrual cycle of the women. The report provides market dynamics and trends related to the global fertility test market. In addition, it presents the estimations and forecast of the market. The study estimates the revenue generated from the sales of fertility test products. We have considered company profiles for ovulation prediction kits, fertility monitors, and male fertility testing products. The valuations comprise revenue generated from fertility test products such as ovulation prediction kits, fertility monitors, and male fertility testing products. Furthermore, the report excludes revenue generated from post-sale services of fertility test products.

Peptides are a selective, efficacious, and unique class of molecules that bind to specific cell surface receptors, triggering intracellular effects. They are short chains of amino acids linked by a peptide bond. Although they are molecularly poised between small molecules and proteins, peptides have distinctive therapeutic and biochemical properties. They represent an attractive first step in developing novel therapeutics across different areas, including oncology, metabolic, cardiovascular, infectious, endocrine, neurology, and other disorders. For decades, researchers have endeavored to comprehend intracellular protein-protein interactions (PPIs) as they play a critical role in the pathogenesis of numerous disease states. The development of constrained peptides exhibits an emerging approach that addresses challenging PPIs.

Barcode reader is a device that reads and scans barcode using a laser or the imager. The barcode reader consists of a light source, sensor, and a lens that converts optical impulses into electrical. These readers are available in different size and shape such as handheld, counter top barcode reader, and portable. They are can read 1Donedimensional and two-dimensional (2D) codes based on its design. Laser scanners are mostly used to read onedimensional code. 2D barcode readers are able to read dot matrix and QR codes.

Endodontics is the study of science related to soft tissue surrounding the root of a tooth and dental pulp. Endodontics include endodontic retreatment, root canal treatment, dental implants and endodontic surgery. This study comprises products only and not the services. The study estimates the revenue generated from the sales of endodontic consumables. The valuations comprise revenue generated from the adoption of root canal procedures by patients. The study scope focuses on endodontics consumables for dental clinics and hospital and dental clinics. Furthermore, the report excludes revenue generated from post-sale services of endodontic consumables.

Dental burs are medical devices used in modern dentistry for surgical care and tooth restoration procedure. These are designed as a powdered rotatory instrument such as tiny drilling equipment which is equipped with cutting blades on its edges. These are used to cut hard tissues such as bone and teeth. Endodontic is the study of science related to the soft tissue surrounding the root of a tooth and dental pulp. Endodontic includes endodontic retreatment, root canal treatment, dental implants, and endodontic surgery. This study comprises products only and not services. The study estimates the revenue generated from the sales of dental burs and endodontic. The valuations comprise revenue generated from the adoption of root canal procedures by patients. The study scope focuses on dental burs and endodontic products from e-commerce websites and pharmacies. Furthermore, the report excludes revenue generated from post-sale services of dental burs and endodontic products

本月抗生素价格无明显变动，青霉素工业盐依旧维持在历史最高价；维生素中泛酸钙由于成本端上涨、供给端缩减和需求端维持刚性，市场报价半年涨幅接近140%，其他维生素价格略有下降，继续关注泛酸钙后续实际供给格局的变化；解热镇痛药中咖啡因价格半年上涨近200%，激素等其他大宗原料药无重大变化。

创新才是生产力进步本质驱动；只有创新迭出的行业，才能有翻数倍成长的个股；同时，不论是医药还是其他科技行业的成长，不会因为上游供应链的区域阻断而停滞。

细分行业短期面临挑战，但回流可能性较小。美国虽然正在重新思考他们的供应链战略，但事实上全球的供应链正在不断地融合，形成相互联系的庞大网络。重新建立供应链和生态体系需要付出大量的时间和资金成本，考虑到新冠疫情后美国政府财政压力增大，我们认为医药先进制造回流的概率相对较小。

本文将研究(1)基因疗法市场的现状，(2)当前参与者面临的三大挑战，(3)从事单基因和多基因遗传病研究的考虑事项，(4)单基因治疗的商业成功策略，以及(5)为获得竞争优势而寻求收购和合作关系的指导。我们的建议是基于美国在50种不同的疾病和8个不同的治疗领域进行一次给药/单次治疗“一步治愈式”基因疗法所做的100多项临床试验分析提出的。鉴于本文的重点是潜在的“根治性”疗法和多家公司争夺极小患者群体的能力，肿瘤不在我们此次分析的范围之内。尽管最近在体外自体疗法取得了进展，如CAR-T, 但许多患者仍未治愈，而且基因工程细胞疗法的群体规模大到足以支持多家公司。一些公司也在使用基因编辑等基因治疗技术治疗艾滋病等非遗传疾病。但由于这些疾病并无遗传因素，因此也不在本次分析范围之内。