截止2020年6月底，我国医药行业规模以上企业数量达到7415家，其中亏损企业数量1696家，亏损面22.9%，环比下降了0.2个百分点。全年医药行业亏损总额125.7亿元，同比增长53.3%。

Pain is an unpleasant sensory and an emotional experience caused due to the tissue damage and an illness. This device is used to treat various conditions such as cancer, muscular pain, and others. The report of the orthopedic devices market involves the study of different devices products that work as orthopedic devices electrical stimulators, electrical stimulators, analgesic infusion pumps and, neurostimulation. In addition, it covers the applications in which these devices are used including cancer pain, neuropathic pain, facial & migraine, musculoskeletal disorders (MSDS), trauma, and others. Moreover, this report provides a detailed analysis of the current market trends and future estimations from 2019 to 2026.

The report provides market dynamics, estimation, trends, and forecasts related to the global hernia repair devices and consumables market. The study estimates the revenue generated from sales of such devices and consumables directly from a company. It does not include revenue generated by dealers, traders, or brokers involved in the supply of these devices and consumables to hospitals or clinics for hernia surgeries. In addition, the report excludes revenues generated from other costs incurred such as doctor fees, nursing fees, hospital stay charges, and pharmacy cost during hernia repair surgeries.

Brain monitoring systems enable physicians and researchers to study human activities, neurological disorders, and also the brain-computer interfaces (BCIs). BCI is presently a budding field of research that aims to ease human interaction and communication with the environment by directly evaluating the hemodynamic activities in the brain. Numerous medical centers and research facilities are using wearable imaging techniques, such as magnetoencephalography (MEG) and other advanced brain monitoring systems. Quite a few por table and implantable brain monitoring systems and methods have been explored over the recent few years, and this aims to acknowledge the emerging field and encourage more research activities toward high-resolution portable as well as implantable sensors for brain monitoring.  Several brain technology companies are acting as major players in the market by combines neuroscience, artificial intelligence, and hardware, to develop innovative products. A few companies, like Bitbrain, are working on high-tech EEG brain sensing devices and software solutions for real-world human behavior research, health, and neurotechnology development.

本周申万医药指数上涨 0.02%，位列全行业第 18，跑输沪深 300 指数，跑赢创业板指 数。本周周专题，我们探讨下从 4 家已披露中报标的表现看疫情下 CXO 板块的高景气确定性。

上周医药生物行业指数上涨 0.02%，跑输沪深 300 指数 0.29 个百分 点，涨幅最大的是医药商业板块（+4.28%）。近日，上海阳光医药采购 网公布了第三批全国药品集中采购拟中选结果。

过去一周A 股医药股板块指数上涨0.02%，上证综指上涨0.61%，深证成指下跌0.082%，创业板指下跌1.36%。

零售药店市场持续扩容，行业护城河促进强者恒强。近年来，我国零售药店市场规模整体持续扩大，增长较为稳定。中国零售药店药品销售额由2268亿元增长到4196亿元，平均年复合增速为9.2%。随着处方外流逐渐增加，零售渠道在药品销售的重要性日益突出。我国药品零售行业集中度尚不高，不过行业格局逐渐显现，行业壁垒进一步提高。其护城河主要体现在三大壁垒：经营管理能力，品牌影响力，规模体量及成长能力。我们分别从这几个维度分析四家上市公司，以展现成功“走出来”的公司的特征。

本周，第三批集采政策落地，引发市场关注，我们认为集采政策将成为常 态，集采新常态下，影响在逐渐脱敏，板块内公司分化进一步加剧，长期关 注核心消费医疗和创新类资产。

眼科黄金赛道，中国将迎来快速发展。全球医疗器械行业中，前五大领域分别为体外诊断（13%）、心血管（12%）、医学影像（10%）、骨科（9%）和眼科（7%），眼科跻身前五榜单。中国医疗器械行业中，前五大领域分别为医用医疗设备（39%）、家用医疗设备（18%）、低值耗材（12%）、体外诊断（11%）和血管介入（7%），眼科目前占比仅为1%。一方面，中国医疗消费水平逐步提升；另一方面，飞秒手术、视光服务、角膜塑形镜、人工晶体、玻璃体等新术式不断发展。未来中国眼科黄金赛道有望迎来快速的发展。

国家医保目录调整节奏加快，新药上市后进入医保的速度将加快，第三批集采报价落地，中标品种价格降幅巨大的同时，药企在战略上的选择出现分化，国内药企积极报价，原研产家选择退出。同时，中报业绩即将迎来集中兑现期，各家业绩表现取决于与疫情的关联度，疫情受益企业业绩大增，疫情负面影响企业业绩降幅较大，受疫情影响较小的企业业绩表现平稳。

第三方医学检验源于医学的专业化分工，因集约化经营具有降本增效的特点。梳理美国的ICL 发展史，技术驱动带给ICL 第一次扩张机会，医保改革帮助ICL 进一步扩大市场份额。国内第三方医学检验同样面临技术驱动与政策驱动，市场份额有望进一步提升。

本报告期（2020.8.10-2020.8.21）医药生物行业指数跌幅为 5.42%，在申万 28 个一级行业中位居第 25，跑输沪深 300 指数 （5.65%）。从子行业来看，医药生物三级行业指数全线下跌，其 中生物制品、医疗器械和中药行业跌幅居前，跌幅分别为 12.13%、 7.39%、3.10%。估值方面，截止 2020 年 8 月 21 日，医药生物行业 PE（TTM 整体法，剔除负值）为 53.89x（上期 59.36x）。医药生 物申万三级行业医疗服务、生物制品、医疗器械、化学制剂、化学 原料药、中药、医药商业PE（TTM整体法，剔除负值）分别为108.23x、 78.68x、65.43x、52.79x、43.32x、31.90x、25.62x。