医药市场当前仍处于磨底行情，但行业边际改善信号不断累积，后市或可给予更乐观的定价空间。一是医药行业经济运行企稳信号出现，6 月规上工业增加值、营业收入、利润降幅收窄，医药外贸当期出口环比改善，建议跟踪业绩确定性强板块，重点关注稳健增长的医保基金结算体系下的人血白蛋白、复方丹参片、血液灌流（吸附）器及套装等重点药品耗材以及出口下行压力下当期表现亮眼的激素用药、抗生素（青霉素、红霉素、头孢）、高端医疗器械（人造关节、X 射线管、输血设备、心脏起搏器等）、低值耗材（无菌外科等）。二是二季度业绩预告整体偏乐观，关注中药、医院、疫苗、医疗设备等预期占优板块业绩兑现。 三是政策端创新药医保支付环境改善，关注创新价值大、临床效果优、商业化谈判经验丰富的大型药企医保准入进程和后续医保红利释放。 

国家统计局数据表明，2023 年上半年医药制造业收入与利润总额分别同比下滑 2.9%与 17.1%，跌幅小于前五个月的 3.8%与 21.9%，其中 6 月单月收入的同比跌幅小于 4~5 月， 而利润总额则基本未降，表明 6 月份医药制造业经营情况在回暖。 国家卫健委等 7 月下旬公布《深化医药卫生体制改革 2023 年下半年重点工作任务》并明 确指出将继续支持药品研发创新。政府将继续加强医药行业质量监控确保为患者提供优 质药品，因此医药行业优胜劣汰方向不变。 影响医药行业上半年表现的原因包括：1）年初国内疫情影响：2023 年一季度医疗资源向 新冠倾斜导致医院经营受影响，肿瘤等重病患者在新冠康复初期无法接受化疗等常规治 疗，导致很多药品与医疗器械的终端需求下降。2）药企融资环境转差：医药研发与销售需要大量资金，但药企融资环境转差，导致中小型药企资金不足。3）部分药企被迫压缩研发支出：部分药企经营业绩不佳被迫压缩研发开支，导致研发服务外包板块（CXO）需求下滑。 

Material Type: Nail enamel and polish removers Industry: Toilet preparation manufacturing The Material described in this report are primarily defined by its title since the title is generally long and includes most of the criteria used to differentiate the Material from other similar Material. The Material descriptions are sourced from the U.S. Census. Additionally descriptions can be collected from the manufacturing industry descriptions that each Material is categorized. The U.S. Census manufacturing industry descriptions for Material are listed below

Material Type: Leather assistants and finishes Industry: Soap and cleaning compound manufacturing The Material described in this report are primarily defined by its title since the title is generally long and includes most of the criteria used to differentiate the Material from other similar Material. The Material descriptions are sourced from the U.S. Census. Additionally descriptions can be collected from the manufacturing industry descriptions that each Material is categorized. The U.S. Census manufacturing industry descriptions for Material are listed below

Material Type: Interior solvent-thinned stains This industry comprises establishments primarily engaged in manufacturing basic organic chemicals (except petrochemicals, industrial gases, and synthetic dyes and pigments).

Material Type: Radiator additives Industry: All other chemical product and preparation manufacturing The Material described in this report are primarily defined by its title since the title is generally long and includes most of the criteria used to differentiate the Material from other similar Material. The Material descriptions are sourced from the U.S. Census. Additionally descriptions can be collected from the manufacturing industry descriptions that each Material is categorized. The U.S. Census manufacturing industry descriptions for Material are listed below

Material Type: Other synthetic organic chemicals Industry: Other basic organic chemical manufacturing The Material described in this report are primarily defined by its title since the title is generally long and includes most of the criteria used to differentiate the Material from other similar Material. The Material descriptions are sourced from the U.S. Census. Additionally descriptions can be collected from the manufacturing industry descriptions that each Material is categorized. The U.S. Census manufacturing industry descriptions for Material are listed below

Material Type: Household laundry presoaks Industry: Soap and cleaning compound manufacturing The Material described in this report are primarily defined by its title since the title is generally long and includes most of the criteria used to differentiate the Material from other similar Material. The Material descriptions are sourced from the U.S. Census. Additionally descriptions can be collected from the manufacturing industry descriptions that each Material is categorized. The U.S. Census manufacturing industry descriptions for Material are listed below

Material Type: Nonaerosol hair spray Industry: Toilet preparation manufacturing The Material described in this report are primarily defined by its title since the title is generally long and includes most of the criteria used to differentiate the Material from other similar Material. The Material descriptions are sourced from the U.S. Census. Additionally descriptions can be collected from the manufacturing industry descriptions that each Material is categorized. The U.S. Census manufacturing industry descriptions for Material are listed below

从 CeraVe 看社媒对于品牌的发展驱动力。欧睿数据显示，适乐肤自 2017 年被欧莱雅收购后，其在全球皮肤学级化妆品市场市占率由17年的 1.8%上升至 22 年的 10.1%，排名世界第二、仅次于理肤泉，品牌零售额 5 年（2017-2022 年）CAGR 达 54%。2020 年社媒推广助力适乐肤成功破圈，品牌增长加速，并成为 22 年世界皮肤科医生最推荐的品牌Top4（在美国位列 Top1），Geogle Trend 数据显示，2020 年 3-7 月间搜索量迅速攀升，超越薇姿，后续声量与理肤泉基本相似，但在此之前，适乐肤与理肤泉、薇姿的关注度均有一定差距，其背后来自适乐肤品牌 TikTok社媒平台上声量的迅速提升，2020 年多位网络达人和专业人士推广，帮助品牌迅速破圈——TikTok 知名护肤品博主 Hyram Yarbro 在 2020 年 4月发表了推荐适乐肤的视频并获得大量关注度，随后欧莱雅集团运营负 责人与 Yarbro 建立了合作关系，邀请 Yarbro 为 TikTok、YouTube 制作推广内容，CNN 新闻评价“TikTok 推动了适乐肤的迅速风靡”。