我们认为当前医药生物行业整体增速依然承压，板块估值处于相对高位；随着国家药品注册审评系列政策出台以及医保控费下新一轮招标降价趋势延续，行业格局发生深刻变革，创新和并购将成为医药企业未来成长的两大主驱动力，板块仍将延续结构化行情，建议关注成长和新兴两大领域，维持板块“推荐”评级。

随着我国人力成本增加、环保投入增加、汇率波动致使我国化学原料药行业成本急剧上涨，长期支撑化学原料药企业的比较优势不复存在，因此整个产业进入优胜劣汰的产业调整阶段，低端原料药的发展受到限制。

医药行业2016年投资策略：医改政策天平已经发生倾斜，药械的关键词是“控”，药械领域医院端通过量及费用的控制缓解医保压力，同时破除公立医院以药养医的运行机制，上游新药审评改革如火如荼。经过大浪淘沙，创新产品、高质量产品将会胜出。医疗服务的关键词是“放”，政策向社会化办医倾斜，分级诊疗及县级公立医院改革使整个医疗体系面临重构，大医疗将迎来政策和改革红利，成长空间巨大。

医药制造业进入收入增速 10%以下的中低速“新常态”。我们预期未来以药养医 的模式会日趋式微，在医改药品注册等政策不断加码的大背景下，代表新模式、 高成长的医疗服务、生物制品、医疗器械等领域会有较好的投资机会。

提出了医药行业十大畅想，以及提出了风险提醒。

据媒体报道，CCTV大型人文纪录片《养老中国》已于2015年1月22日在北京举行了开机仪式，目前已完成逾20省的拍摄。纪录片共分10集，每集30分钟。整部纪录片计划走进50个养老模式探索之城，行走100家养老机构，采访百位行业专家及各阶层人士，寻找解决中国式养老的最佳方法。

我们综合分析了医院终端数据、医保数据、全国医疗卫生机构业务量以及统计局数据。我们认为行业景气度继 2013 年大幅降低后，2014 年继续维持低位，2015 年进一步超预期回落。行业各项运行数据维持低位。 1-9 月，医院药品终端增速 5.5%；医保支出增速 15%，创近年新低。医院业务量增速维持低位。统计局医药制造业增速维持低位。

报告从医药行业事件分析、竞争环境、竞争对手、行业数据等几个方面进行了分析评论。

医药服务业正处于黄金发展期，首次启用全新医药服务业三级分类，并给予行业增持评级。全面看好正处于蓬勃发展阶段的专业领域、专科领域。

在医保控费的大背景下，医药工业增速持续下滑，这一方面将使医药行业的结构性分化长期持续并可能进一步扩大，另一方面也为个体化诊疗行业（精准医学）的蓬勃发展创造了良好机会。 药品价格形成机制的变化将撬动医疗服务行业景气度的提升， 2016 年将是医疗服务行业的大年。 2016年医药行业将是“技术+服务”的时代。

Trauma includes severe damage to functional body components such as soft tissues, bones, nerves, and vessels. Injury to the human body is an increasingly significant health problem around the world. Trauma is usually caused by an external source such as road accidents, and significant damage can lead to severe outcomes. According to the WHO, each year 9% of mortality is caused because of trauma injuries worldwide.

The idea of condoms and their usage is not new. They have been in existence for four centuries. Condoms are widely recommended and used for preventing pregnancy, STDs, and STIs. APAC is one of the fastest growing condom markets due to a need to control the population boom in many countries of the region. Efforts are being made by both commercial companies and governmental bodies for education in safe sex and promotion of the correct usage of condoms. This is the major reason for governmental distribution of free samples of condoms in some countries in Africa as well as in countries such as China, India, and Vietnam.

Tumor ablation is a minimally invasive, image-guided treatment modality used to destroy tumors. In this process, a specially equipped needle (probe) is inserted near the site of the tumor guided by computed tomography. Once the probe is in place electricity (radiofrequency ablation), radio waves (microwave ablation), or by liquid nitrogen (cryoablation) is transmitted through the probe. These kill the cells and reduce the size of the tumor, thereby facilitating effective treatment with radiation therapy or chemotherapy. Tumor ablation technique has proven beneficial for patients with small tumors (3-5 cm), but is not recommended for patients with large tumors and impaired organ function.

Food intolerance is generally defined as negative physiological reactions to certain food products. Reactions are usually mild, but at times can be severe. In food intolerance, some people can tolerate a certain amount of food that affects them adversely; however, if this food is consumed in excess the body responds negatively. Some of the symptoms of food intolerance include fatigue, joint pains, dark circles under the eyes, night sweats, cramps, gastrointestinal symptoms such as diarrhea and gas, and heartburn.

Pharmaceutical packaging prevents complex pharmaceuticals from contamination with external toxins and microbial activities, in order to ensure safety and extend shelf life of the products. Drug manufacturers are bound by international compliance jurisdictions enforced by regulatory authorities, which maintain that packaging is a crucial element in the process of drug delivery to the final point of purchase.

A dietary supplement is a product that aids in ingestion, and comprises of dietary ingredient that further add nutritional value to the supplements. Dietary supplements are available as one or a combination of substances such as minerals, amino acids, vitamins, and herbs. Furthermore, dietary supplements are available in various forms such as powders, pills, tablets, liquids, and gel caps. The aim of using dietary supplements is basically to add nutrients and a few other supplements to the diet to help to improve health and reduce the risk of diseases.