3 月 3 日，上交所发布了科创板配套的两个指引：《上海证券交易所科创板企业上市推荐指引》和《上海证券交易所科创板股票发行上市审核问答》。从 3 月 2日凌晨证监会、上交所出台的科创板“2+6”项政策来看，已经明确涨跌幅限制、投资者门槛等要求；相比中小板、创业板和新三板，科创板还在股权架构、企业年限、退市机制等方面给初创企业提供了明显更大的想象空间。

This report studies the diabetic footwear market based on distribution channel, end users, type of footwear, and region. Based on the type of distribution channel, the market is divided into online platform, specialty store, footwear store, and others. Based on the end user type, the market is bifurcated into women and men. Based on type of footwear, which includes shoes, sandals, and slippers. Based on region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

A drug test looks for the presence of one or more illegal or prescription drugs in your urine, blood, saliva, hair, or sweat. Urine testing is the most commonly used sample type for drug screening. The report covers the revenues associated with products as well as services used for drug screening purpose. The key components of testing such as equipment, rapid testing devices, consumables, and laboratory services are considered while deriving the revenues. However, the report excludes revenues generated by counseling fees of doctors or healthcare providers who suggest various types of drug screening tests.

The pharmaceuticals and healthcare sector in Indonesia is at an early stage of development although sectoral maturity has been growing in recent years. Industry development has been catalysed, to some degree, by the rollout of the Indonesian government’s JKN programme that promises universal healthcare to all Indonesians by 2019. This has significantly increased healthcare demand as more patients become able to afford healthcare, and the higher demand has motivated the growth in supply of healthcare services as well as medical devices and pharmaceuticals. In many cases in the medical devices and pharmaceuticals subsectors, products are imported but the Indonesian government has been seeking to increase the share of local production to reduce import dependence.

The level of competition in the pharma and healthcare sector varies across segments. A relatively high degree of competition is observed in the pharmaceutical manufacturing, with 795 active companies as of March 2018, of which 13% large enterprises with more than 250 employees. On the other hand, as of the same month, there were 93,313 pharmacies in Mexico. Yet, the pharmaceutical retail exhibits a moderate degree of competition, as five medium-sized chains accounted for 54.4% of the drug retail sales in 2017. The health insurance in Mexico is virtually monopolised by the government, with only a small private health insurance system offering some choice for consumers.

competition in Brazil’s pharma and healthcare sector is becoming increasingly intense. The deceleration of the domestic drug market has propelled the pharmaceutical companies operating in the country to search for scale and efficiency gains through organic growth, acquisitions and internationalisation of their operations. The opening of the healthcare market to foreign investors in January 2015 also unleashed a consolidation trend, triggered by the entry of both strategic and institutional investors. Given the deficiencies in the provision of quality health services, healthcare will remain the subsector with the highest growth potential in the medium term.

鼓励创新：尚未盈利的新药公司可以在科创板上市，投资者需要新的估值方法。纳斯达克孵育了Amgen 等一批优质的创新药公司，未来的中国创新药企业也将在科创板茁壮成长。然而因为创新药研发周期长（5 年-8 年），研发投入大（2 亿-5 亿元），成功率低（8%-20%），导致创新药企业短期无法盈利，部分传统估值方法失效，广大投资者需要新的估值方法。

样本医院Q4 表现不错，全年增速回升。2018 年样本医院药品销售额为2283.98 亿元，同比增长2.74%；销售量为353.63 亿，同比增长0.97%。其中Q4 单季度销售额为565.83 亿元，同比增长6.82%，拉动2018 年全年样本医院药品销售额和销售量双双增速回升。

供应稀缺性是根本属性，血液制品的行业壁垒和价值依然值得重视：我们认为，不应因行业过去两年短暂的景气度滑坡而低估行业的壁垒和资源稀缺性。行业准入资质只减不增，供应总量仍处于较低水平

技术进步、产业链成熟等内部因素为国器械发展提供基础，政策、资本鞥外部因素为国产器械营造了历史性的发展机遇。

判断目前血制品行业属性，是处于成长阶段还是周期阶段，关键在于血制品产品成长性的判断。本篇报告尝试从目前血制品三大类主要产品白蛋白、静丙和凝血因子Ⅷ临床使用情况，来测算目前国内血制品行业空间以及需求被满足情况，结合目前血液制品的供给情况，进行成长性判断。

我国的养老产业链较长，涉及的领域较广，未来养老行业既是我国人口结构决定的社会福利问题，也是未来发展国民经济的重要支柱之一。其涉及八个大的子产业模块：养老住宅，养老软件及信息系统，护工培训，福利器械，综合性医护服务，文化生活，老年金融，家政及其他服务。当前我国老龄化人口的不断增加， 2018 年我国60 岁以上老龄人口已经达到约2.5 亿人，占总人口比例达18%，未来占比仍呈现增长趋势，预计到2050 年该占比将提升至34.1%。人口老龄化催生出老年经济，老年人的衣食住行需要得到满足，未来养老市场空间大。国内养老产业建设相对滞后，供需矛盾仍然十分突出。