高端医疗险指的是赔付型、能够提供直付的保障型医疗险产品，在中国，高端产品通常提供全球医疗服务网络、部分全球或大陆本土等不同范围的选择，保额在800万到2000万元不等。虽然这一市场已经持续存在了十多年，但始终较小，占健康险整体市场的2%左右，一直没能获得发展速度上的突破。

本土创新药企典范，拥有首个自主创新靶向抗癌药物埃克替尼。贝达药业股份有限公司是一家由海归博士团队创办的以自主知识产权创新药物研究和开发为核心，集研发 、生产、营销于一体的国家级高新制药企业。公司核心产品为国内首个自主创新靶向抗癌药物埃克替尼，用于治疗晚期非小细胞肺癌EGFR 阳性患者。

近年来，随着医保控费力度的加大，辅助用药在医保目录中的占比不断调低，市场空间不断被压缩，而10月14日食药监总局对《药品生产质量管理规范生化药品附录（征求意见稿）》（即生化药品 GMP 附录）的发布，也再次引发业内对辅助类用药市场前景的担忧，未来随着政策的落地，对多为“辅助用药”的生化药质量的规范，将不可避免的加速辅助类用药市场洗牌。

The Global Initiative for Asthma, an organization that works with healthcare professionals and public health officials around the world to reduce asthma prevalence, morbidity, and mortality, defines asthma as a chronic disease wherein an individual experiences wheezing, shortness of breath, tightness in the chest, and coughing over a period of time. The symptoms worsen due to the increased secretion of mucus, bronchoconstriction, and the thickening of the walls of the airways, resulting in difficulty exhaling. According to the American Academy of Allergy, Asthma, and Immunology, asthma is classified into four types: exercise induced, allergic, occupational, and childhood. The Asthma and Allergy Foundation of America further segments the disease into two categories, allergic and non-allergic. Asthma can be controlled using preventive medications, which should be administered regularly.

Testosterone replacement therapy, also called androgen replacement therapy, is typically used to treat hypogonadism. Testosterone, a hormone produced by the testes, is responsible for the development of secondary sexual characters in men. The levels of testosterone decrease gradually with age, but sometimes this decline is seen even in young men, leading to a condition known as hypogonadism. This can be tareated with external supply of testosterone in the form of gels, patches, injectables, or oral drugs.

Medical membranes are majorly used for separation of the feed stream. The feed stream is passed through the membrane, which allows selective constituents to pass through, depending on its pore size, whereas others are stopped back on the surface of the membrane. The elements that pass through are known as permeate and the ones that are retained back are known as concentrate. Different types of membranes are used in the medical industry depending on the size of their pores. There are different types of membrane filtration technologies such as ultrafiltration, microfiltration, reverse osmosis, and nanofiltration. Other membrane technologies like membrane contractors, electro dialysis, and pervaporation are also used, but their market shares are smaller.

Aftershave lotion helps heal the infection of cuts during the shave and reduce skin irritation as well as prevent damage to the skin. It also moisturizes the skin. Dry shaving and wet shaving are the two types of shaving. Dry shaving is the process of shaving without using water or any shaving creams and foams. On the other hand, wet shaving is the traditional process of shaving with the use of water, shaving creams, soaps, and foams. Aftershave lotions are mainly used after a wet shave.

Non-invasive fat reduction treatments are procedures that eliminate excess fat using non-surgical techniques. The main focus of these procedures is to focus on excess fat that is resistant to diet and exercise. Non-invasive fat reduction devices are based on therapies such as ultrasound therapy, low-level laser therapy, and RF therapy. Noninvasive fat reduction procedures can be performed by doctors of all specialties, and are not the domain of plastic surgeons and dermatologists only.

力生制药也有较好的表现，股价大涨 16.34%，列涨幅榜第二位。另外，金城医药受到全产业链布局完成 发力在即的消息影响，股价大涨 13.83%，列涨幅榜第三位。处于跌幅榜前列的是冠昊生物、沃森生物、双鹭药业、华仁药业。 

创新成为药企核心竞争力，首推亿帆医药、长春高新、恒瑞医药，看好康弘药业、华东医药、泰格医药等；制剂国际化、药品质量比肩原研药企首推人福医药，看好华海药业、京新药业。

我国化学药品注册分类改革工作方案（2016 年 3 月 4 日）中的创新药是指含有新的结构明确、具有药理作用的化合物，且具有临床价值的药品，不包括改良型新药中 2.1 类的药品。

1、行情回顾：本周申万医药指数上涨 0.71%，沪深 300 指数上涨1.88%，创业 板指数上涨 0.09%，跑输沪深 300 指数 1.16 个百分点，跑赢创业板指数 0.63 个百分点；年初至今，申万医药指数下跌 8.40%，沪深 300 指数下跌 8.41%，创业板指数下跌 20.89%，医药指数跑赢沪深 300 指数 0.01 个百分点，跑赢创业板指数 12.49 个百分点；本周医药成交总额为 1488.07 亿元，医药成交额占比沪深总成交额比例为 4.79%，本周医药行业热度较上周有所下降。子行业方面，本周表现最好的为医疗服务，上涨 1.58%；表现最差的为生物制品，下跌 0.32%。公司层面，行业上涨公司 142 家，下跌公司75 家，停牌 5 家；本周涨跌幅排名前5 的为奇正藏药、康芝药业、第一医药、益盛药业、精华制药。后 5 的为济川药业、华海药业、国农科技、莱茵生物、健民集团。目前，医药行业估值（TTM，剔除负值）为 43.33 倍，较上周相比上升 0.30 个单位，比 2005 年以来均值高2.02 个单位，上周医药行业基本保持稳定。本周医药行业估值溢价率（剔除复星医药、浙江医药、新和成）为 77.84%，较上周下降了 0.60 个百分点。

基层渠道逐步放量，核心产品高增长可期。公司具有很强的学术推广能力，通过金字塔型的学术推广网络：络病学理论纲领+循证医学证据+广泛营销渠道推动业绩快速成长。从 2012 年开始，公司重点开拓基层市场，借助学术推广迅速布局，目前已拥有 2000 多人的销售团队且仍处于快速扩张中，基层渠道将推动心脑血管产品快速放量，参照竞争品种，通心络和参松养心胶囊的销售额均有望翻番突破 20 亿元。随着公司加大与九州通等大型连锁药店合作，OTC 渠道放量十分明显，如顺利在美国获批上市，将迎来新一轮高速增长。降糖药和抗肿瘤药将复制心脑血管药物成功经验，通过强大的学术推广能力和广泛的营销渠道迅速放量。

年内重点推荐 3 只个股：1、长春高新：看好核心控股子公司金赛药业未来 3年业绩增速加快，既有两大国产独家的核心品种——基因重组人生长激素（水针）和基因重组人促卵泡激素的驱动，又有业绩释放动力增强的支撑。