Dialysis is a technique used to remove waste products such as urea and creatinine from blood, which occurs from inappropriate functioning of kidneys and is usually required for people suffering from chronic renal failure. This procedure is performed for treating kidney disorders and is classified into two types—hemodialysis and peritoneal dialysis. In hemodialysis, blood is pumped out of blood vessels and is purified with the help of dialyzer and then returned back to the body through vascular access. In peritoneal dialysis, the principle of the procedure remains same; however, the inner lining of stomach called peritoneum is used as a filter to purify blood.

A rise in eye diseases such as glaucoma, scleritis, and age-related macular degeneration (AMD) is driving the demand for eye implants. Dry eye and diabetic retinopathy are caused by a sedentary lifestyle, which can lead to diabetes, and ocular stress from long hours at the computer. In addition, cataract is one of the leading causes of blindness, accounting for about 51.0% of blindness worldwide. Cataract is an age-related disease; hence, the increase in the geriatric population is driving the market. Technological advances, increased adoption of vision correction procedures, and rapid adoption of intraocular lenses for cataract surgery are the factors driving the market growth.

The single cell RNA sequencing was developed in 2009. It was initially performed in a four-cell stage blastomere of a mouse, and later, a multiplexed ScRNA sequencing methodology was developed. However, the commercial single cell platform became available in 2014. The following figure illustrates the development history of the single cell sequencing technology that propelled the advancement of single cell RNA sequencing.

The report covers the detailed analysis of the trends, future estimations, and a thorough study of the global face mask market on the basis of type, material, nature, and distribution channel. It analyzes government regulations, policies, and patents to provide information on the current market trends and suggests future growth opportunities globally. Furthermore, the study highlights Porter’s five forces analysis to determine the factors affecting the market growth. These factors include raw material prices, intense competition, end users, manufacturers, and suppliers. To understand the market, drivers, restraints, and opportunities are explained in the report. Furthermore, it includes the revenue generated from the sales of face mask across North America, Europe, Asia-Pacific, and LAMEA.

Ceramide is a type of lipid complex, which can be found in various glycolipids. Natural sources of ceramide include various plants such as rice, wheat, and soybean plants. It is widely used in cosmetics products to improve skin appearance and skin hydration rate. This study provides information on the application of ceramide in cosmetics, food, and other applications. The study is segmented on the basis of type (natural and synthetic), process (fermentation ceramide and plant extract ceramide), and application (cosmetics, food, and others). Additionally, the report also includes key drivers, restraints, and opportunities in the market. The study also includes in-depth information of value chain analysis and patent analysis in the market.

LNPs are liposome-like structures especially geared towards encapsulating a broad variety of nucleic acids (RNA and DNA); and as such, they are the most popular non-viral gene delivery system. Exelead develops and manufactures LNPs to encapsulate different types of genetic payloads including siRNA, mRNA and saRNA. LNPs are composed primarily of cationic lipids along with other lipid ingredients. These typically include neutral phospholipid molecules belonging to the phosphatidylcholine (PC) class and sterols, such as cholesterol. Another common lipid ingredient is what is known as a PEGylated phospholipid—a polyethylene glycol (PEG) polymer covalently attached to the head-group of a phospholipid.

2020年中国儿童青少年近视率超过50%，根据历史出生人口测算（不考虑死亡率），预计2021年中国6-18岁的近视人口约1.1亿，尽管考虑未来近视率的下降，预计未来几年仍将继续维持在1亿人口左右，所以近视防控的需求将长期维持高景气度状态。2018年教育部联合国家卫健委等8个部分共同起草《综合防控儿童青少年近视实施方案》，将近视防控提升至国家战略，并后续列入各地政府工作考核，将显著提升近视防控的力度以及家长的认知度。

本报告期医药生物行业指数跌幅为4.96%，在申万31 个一级行业中位居第31，跑输沪深300 指数（0.32%）。从子行业来看，医药生物三级行业中，仅线下药店和血液制品板块上涨，涨幅分别为9.95%、1.30%，疫苗、体外诊断、医药流通板块跌幅居前，跌幅分别为8.98%、8.94%、7.30%。估值方面，截止2022 年5 月27日，医药生物行业PE（TTM 整体法，剔除负值）为23.75x（上期24.87x），显著低于负一倍标准差。

未来制备端实现规模化的突破，在消费医疗和日化/护肤品领域拓展产品线、实现大单品和系列化突破的企业预计将成为下一阶段的龙头。推荐：1）同时布局合成生物重组胶原和天然胶原，叠加强发酵能力、产业转化能力，在原料和产品化方面兼具潜力的华熙生物；2）率先实现I 型和III 型重组胶原在高端护肤品领域产品化的丸美股份。建议关注重组胶原龙头巨子生物、创健医疗及天然胶原龙头创尔生物、台湾双美、长春博泰等。

2022 年上半年（2022/1/1-2022/5/31）申万医药生物指数下跌21.35%，同期沪深300 指数下跌16.80%，医药板块跑赢深300 指数4.55 个百分点。从申万一级行业横向对比来看，医药生物板块涨幅在31 个一级子行业中排名26。从工业数据来看，医药工业上半年受疫情影响较大，表现较弱。从估值来看，医药板块的估值处于近三年低位，接近2019 年初。细分子行业的估值也都调整到位。

加强医疗基础设施建设，需要建设永久性的防疫设施，包括方舱医院和更密集的医疗机构网点，最直接的利好就是医疗设施工程建设相关公司。除了硬件设施，应对疫情最关键的软件在于体外检测和疫苗。然而，我国医药科研水平仍远远落后于欧美国家。国家需加大对疫苗和广谱抗病毒药研发的支持力度，加强抗病毒领域的技术储备，提高产学研转化效率。

高诊断率的导航活检正处在爆发前夜：肺癌发病数和死亡率在全球都位居前列，根据IARC 数据，2020 年在我国新发肺癌人数就高达81.6 万人，且肺癌患者5 年生存率的高低与是否在早期被发现高度相关。因此肺癌的早筛早治成为全球热议话题，也为其中一些技术的发展提供了广阔的市场。

2021年医药市场TOP1O0个品种，与新冠肺炎防治共8个品种进入，其中辉瑞/BioNech新冠疫苗Comirnaty销售额403.41亿美元，创单品年销售额的历史记录。2022年初多个口服新冠药物投向市场，目前1季度销售额已经全部超过10亿美元,其中辉瑞的Paxlovid已经在最近的月份占据美国市场销售的90%，全年销售额预计到220亿美元。根据IQVIA预测，2020-2026年预计新冠疫苗新增2510亿美元支出，新冠治疗新增580亿美元的支出。

奥浦迈，国内细胞培养产品技术与服务的领先品牌：公司成立于2013 年， 是一家专门从事细胞培养产品与服务的高新技术企业。基于良好的细胞培养 技术、生产工艺和发展理念，公司通过将细胞培养产品与服务的有机整合， 为客户提供整体解决方案，加速新药从基因（DNA）到临床申报（IND）及 上市申请（BLA）的进程，通过优化细胞培养产品和工艺降低生物制药的生 产成本。

近期国内新冠疫情有所反复，但“动态清零”的政策尚未发生变化，上海疫情已经呈现出边际性改善特征，建议继续关注新冠口服药相关公司，包括：君实生物（688180），众生药业（002317）；同时关注疫情边际性改善带来的常规医疗服务的复苏，建议重点关注爱尔眼科（300015）。关注特免血制品对传染病防治领域的重大作用所带来的投资机会，建议关注天坛生物（600161）、派林生物（000403）、华兰生物（002007），博雅生物（300294）。关注药店的估值修复机会，重点关注益丰药房（603939）、老百姓（603883）、大参林（603233）。关注CXO 领域的估值修复机会。

当前国内PD-1/L1 类抗体药产品竞争激烈，在先行者已经建立临床和销售优势的领域进行跟随适应症布局的难度越来越大。但与此同时由于PD-1/L1 广谱抗肿瘤的特性，仍有很多细分的利基市场尚未得到充分开发，比如部分应答不理想的癌种、通过联合用药提升疗效、免疫治疗耐药等问题，如果抓住临床空白能够实现独特的临床价值，将在未来的商业竞争中站稳脚跟得到良好的发展空间。推荐复宏汉霖（H）、恒瑞医药、君实生物（A+H）、信达生物（H）。

2015 年以来，国家政策引导、海外人才回流、一二级资本加持等多重因素共振，开启了中国创新药行业爆发式成长。当前，中国已经成为全球第二大创新药投融资市场，创新药领域融资事件数从2012 年的不到50 起上涨到了2021年的600 多起。2018 年港交所18A 规则生效，至今已有约40 家biotech 公司在港股上市。2019 年科创板开市后，至今已有17 家biotech 公司在科创板上市。

明确支持社会化办医健康规范发展，供给侧结构性改革持续深化。“通知”中强调 “以人民健康为中心，持续推进解决看病难、看病贵问题” ，明确要求 “支持社会办医持续健康规范发展，支持社会办医疗机构牵头组建或参加医疗联合体”。社会办医是我国医疗服务体系的重要组成部分，是增加医疗机构资源有效供给、满足群众多层次多样化健康服务需求的重要力量，政策的支持为社会办医创造良好发展环境，促进非公立医疗机构持续稳健发展。

中药饮片当前市场规模近2,000亿元，中药配方颗粒市场规模在200 亿-300 亿，配方颗粒的渗透率为10%-15%。随着中药配方颗粒试点工作结束，系列配套措施促进中药配方颗粒发展，此外有条件省区将促进配方颗粒医保支付落地，参照中药配方颗粒发展较早的中国台湾地区和日本，渗透率有较大提升空间，我们看好中药配方颗粒发展潜力。

2022 年6 月5 日，第一三共/阿斯利康的HER2-ADC 药物Enhertu 在2022 年ASCO 大会上发布DESTINY-Breast04 III 期试验结果，该药物在经治疗的HER2低表达（IHC 1+或2+/ISH 阴性）不可切除和/或转移性激素受体（HR）阳性或阴性乳腺癌中与标准治疗相比表现出优效且具有临床应用的无进展生存期（PFS）和总生存期（OS）。