微观盈利水平持续改善，三季度市场配置历史性新低。2017 年 1-9 月医药工业收入和利润总额分别同比增长 12.10%和 18.40%，较去年同期上升了 2.10 和 4.50 个百分点，且利润端增速超出收入端 6.30 个百分点，企业微观层面的经营分化持续，扣除掉低开转高开的部分影响，龙头型工业企业今年的业绩增长依然表现亮眼。财政支持角度，2017 年 1-9 月财政医疗卫生支出同比增长 16.42%，高于同期公共财政支出增速 4.71 个百分点，随着财政补供方的逐步到位，医院端对流通及工业环节的挤压将逐步降低。但截至三季度末，基金医药持仓已降至 8.04%，扣除医药主题基金后该比例为 5.70%，明显低于同期医药板块的市值占比。可以看到，行业基本面持续转暖与市场担忧短期波动而导致的低配水平不相匹配。

2017 年 11 月 18 号中药材天地网综合 200 指数为 2373.33，相比 10月 18 号的 2421.61 略有下跌。中药材价格指数 2016 年上涨较大，2017年初开始价格略有下调。

2018 年医药行业展望：新医改政策周期下，医药行业步入增速放缓、平稳转型的新阶段。行业利润端预计仍能维持两位数的增长，盈利能力高于大多数行业；但行业整合加速，企业分化加大，中小企业生存压力陡增，龙头企业政策受益并成为行业整合者。供给侧改革阶段医药资产的价格波动加剧，进而影响企业融资能力。我们预计 2018 年医药行业整体融资需求将有所提升，一方面股权融资持续活跃，另一方面债权融资或将成为越来越多优质企业的补充融资手段。

我们在2017年度策略报告中定义2017年为“长周期新起点”：旧的格局已经打破，新的格局尚未形成。本次报告我们将2018年定义为“长周期元年”，我们将有望看到：中国版创新药开始取得里程碑式进展、仿制药一致性评价从混沌走向明朗、两票制全国推广、处方院外化潮流涌动……作为全球范围内政府监管程度最高的行业，本轮中国的医药监管体系升级已在制度设计环节基本完成，全产业链格局重塑、龙头公司璞玉初芒。

The prevalence of fertility complications is on the rise worldwide. In 2013, the Centers for Control of Disease and Prevention (CDC) estimated that the number of women with fertility complications would increase from 68 million in 2010 to 72 million by 2017 globally. Many women prefer to undergo pregnancy after the age of 35 years. Therefore, the percentage of first births among women aged above 35 years increased globally from 5% in 1975 to 23% in 2010. As the human body undergoes various hormonal and physiological changes with age, nearly 35% women aged above 35 face risks of fertility complications. The likelihood of such complications further increases due to obesity in both males and females. It causes hormonal imbalance in men, which can reduce their sperm count and lower their libido.

The global medical imaging software market generated a revenue of $3,396.12 million in 2016 and $4,759.21 million in 2021, growing at a CAGR of 6.98% during the forecast period. The increased adoption of medical imaging software in the diagnosis of chronic diseases is expected to drive the market growth of the global medical imaging software market during the forecast period.

Turmeric or Curcuma longa is a rhizomatous herbaceous perennial plant that belongs to the ginger family, Zingiberaceae. Turmeric as a crop is native to Asia, and it requires temperatures between 68°F and 86°F and a considerable amount of annual rainfall to thrive. The root of the turmeric plant, also known as rhizome, is valued for its medicinal and culinary properties. According to the University of Maryland Medical Center (UMCC), turmeric has been utilized for the preparation of food as well as medicines for over 4,000 years. Currently, in international cuisine, it is widely used for food coloring and seasoning or as a preservative.

One of the aspects of modern life that is considered essential is appearance. The desire to look presentable has led to a notable growth in the cosmetology industry. Cosmetic or aesthetic surgery is evolved from the reconstructive procedure, and hence, some of the techniques are similar whether they are used for reconstructive or cosmetic purposes. For instance, liposuction is a reconstructive procedure done to gain normal appearance after abnormal weight gain.

The global IONM market is growing steadily and is expected to post a CAGR of 8.92% during the forecast period. The US was the leading revenue contributor in the market in 2016, accounting for the highest per capita healthcare expenditure.

Muscle spasticity is caused by damage to the spinal cord or brain. Nerves in the brain and spinal cord help relax the muscles during the idle state. Conditions that affect the brain or spinal cord such as multiple sclerosis, cerebral palsy, and stroke can interfere with normal muscle relaxation, leading to involuntary muscle spasms. This will impair the ability to walk, work, sleep, or just function normally. The muscles can also become excessively tense and develop overactive or overresponsive reflexes. Severe cases can lead to deep disability, including an inability to straighten out joints.

Hypertrophy is defined as an enlargement of a tissue or organ, and cardiomyopathy refers to diseases related to heart muscles. Therefore, HCM is defined as a condition, which is characterized by abnormal thickening of heart muscles, which makes pumping of blood from the heart to various organs difficult. Therefore, the heart must induce more pressure to pump blood to various vital organs.

For diagnosis of cancer, biopsies are often conducted by physicians, which confirms the type of cancer and helps to conduct treatment plan. Biopsies are of three types: Incisional biopsy: In this type of biopsy, a small portion of tissues are removed from the tumorous lump. Excisional biopsy: This type of biopsy is conducted if the abnormality in the tissue is small, where the entire lump is removed for testing. Needle biopsy: In this case, a sample of tissue or body fluid is removed for further investigation.

Medicated confectionery refers to sugar boiled confectionery that is used as a remedy for cough and throat. Medicated confectionery also includes sugar-free sweets fortified with vitamins and minerals and containing herbs and plant extracts. There are many factors driving the growth of the global medicated confectionery market. Smoking bans in public places across many countries in the world, growing cases of hay fever and other cold and cough related health issues, and the growing demand for sugar-free confectionery are the major drivers of the market.

The global urology surgery supplies market is growing at a significant rate and is expected to register stable growth rate during the forecast period with a CAGR of 10.34%. The market has ample opportunities to grow in the emerging countries due to the increasing awareness of urological disorders among the population. Increasing prevalence of urology disorders, such as bladder injuries, renal (kidney) disorders, pelvic lymph node dissection, prostate cancer, urinary tract disorders, especially among the adult population aged above 50 years is one of the main drivers of the market growth.

The healthcare sector is one among the largest and fastest-growing sectors worldwide. It includes industries and sub-industries that provide healthcare services to customers such as pharmaceutical, biotechnology, equipment, and medical facilities. The medical device industry is among the largest industries in the healthcare sector. Medical device companies can be categorized into pure-plays, non-healthcare businesses, and drugdevice businesses. The manufacturers in the industry produce healthcare equipment and medical devices such as drug delivery systems, orthopedic devices, and diagnostic equipment. These devices are used by medical practitioners in hospitals and nursing homes for treating patients. For instance, Medtronic is a medical equipment company that manufactures devices used for surgical procedures.

According to a NHS report of July 2015, eight out of ten women are diagnosed with breast cancer in the UK and survive for minimum five years post diagnosis. Lumpectomy, a type of breast-conserving therapy for treating breast cancer, has emerged in the European market, owing to the presence of innovative technologies. Intraoperative surgical margin, sentinel lymph node biopsy assessment systems, and surgical tools are some of the technical devices used in the treatment of lumpectomy.

The global influenza diagnostics market is expected to grow at a moderate pace in the forecast period. The factors that are expected to drive the market in the forecast period are:  Endemic and pandemic outburst of influenza disease  New strains and lineages in the viruses due to genetic modification will continuously challenge the market for new products  Increasing public awareness  Government policies to control the deaths due to influenza disease  Rapid technological innovations  Product approvals from regulatory authorities and product launches

2017 年 1-9 月医药制造业实现主营业务收入、利润总额分别为 21,715.3亿元、2,419.9 亿元，同比来看，2017 年 1-9 月医药制造业实现主营业务收入、利润总额分别增长 12.1%（+2.1pp）、18.4%（+4.5pp）。我们认为，在医药供给侧改革大背景下，一些落后产能被淘汰，原料药市场价格良性回升，血制品合理提价，市场集中度提升带来效益的提升，推动医药制造业整体环境有所改善。

中国成人血脂异常的患病率高，知晓率、治疗率和控制率非常低。2012 年中国成人血脂异常总体患病率高达40.4%。2010 年我国成人血脂异常的知晓率、治疗率、控制率分别仅为10.93%、6.84%和 3.53%。据统计，2016 年全国降血脂用药市场总觃模达 185 亿元，同比增长 11.45%，近 3 年 CAGR 达 13.36%，保持快速增长。

与传统治疗方法试图直接杀伤肿瘤细胞不同，肿瘤免疫治疗（Immuno-oncology Therapy，I-O）通过激活机体免疫系统实现对肿瘤细胞的杀伤，其思路是革命性的。近 3 年内，FDA批准了首个 PD-1 Pembrolizumab（Keytruda）、首个溶瘤病毒 Talimogene laherparepvec（lmlygic）、首个 BiTEs（Bispecific T-Cell Engagers） Blinatumomab（Blincyto）、首个 CAR-T tisagenlecleucel（Kymriah）。I-O加速发展，显示出极其突出的效果。