Equipment Type: Ultrasonic equipment, excluding medical and dental Industry: All other electrical equipment and component manufacturing The equipment 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 equipment from other similar equipment. The equipment descriptions are sourced from the U.S. Census. Additionally descriptions can be collected from the manufacturing industry descriptions that each equipment is categorized. The U.S. Census manufacturing industry descriptions for equipment are listed below

Material Type: Saline laxatives Industry: Pharmaceutical and medicine 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: Veterinary parasiticides, external Industry: Pharmaceutical and medicine 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: Topical antibiotic preparations Industry: Pharmaceutical and medicine 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: Personal insect repellents, aerosols Industry: Pesticide and other agricultural 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

多肽化妆品原料领军企业，深耕医药多肽自主研发创新。公司成立于2015年，依托全球领先的全固相合成多肽开发与生产工艺，从事多肽化妆品原料和多肽医药产品及相关服务的研发、生产及销售业务。2020-2022年，在多肽化妆品原料与多肽医药的双轮驱动下，公司业绩持续高增，22年营收同比增49.06%至2.13亿元，归母净利同比增86.11%至0.72亿元。 

大宗原料药中，维生素类:维生素D3 5月价格为59元/千克(同比-23.9%)，泛酸钙价格为120元/千克(同比-70.7%)，叶酸价格为200元/千克(同比-25.9%)，生物素价格为41元/千克(同比-28.7%)，维生素B1价格为115元/千克(同比-24.6%)，维生素B6价格为130元/千克(同比+2%); 抗生素及中间体类:6-APA 5月价格为370元/千克(同比+8.8%)，硫气酸红霉素价格为500元/千克(同比-1%)，7-ACA价格为450元/千克(同比-10%)，青霉素工业盐价格为170元/BOU(同比-20%); 激素类:皂素 5月价格为500元/千克(同比无变化)，地塞米松磷酸钠价格为9750元/千克(同比-11.4%); 解热镇痛药类:布洛芬5月价格为190元/千克(同比+7%)，安乃近价格为101.5元/千克(同比+6.8%)，阿司匹林价格为27元/千克(同比-23.9%)，扑热息痛价格为45元/千克(同比-27.4%)，咖啡因价格为170元/千克(同比-27.7%); 特色原料药中，肝素及其盐:5月价格为9575.5美元/千克(同比-20.9%); 心血管原料药类:沙坦 5月价格为735元/千克(同比+17.6%)，阿托伐他汀钙价格为1525元/千克(同比+1.7%)，厄贝沙坦价格为635元/千克(同比-0.8%),马来酸依那普利价格为825元/千克，赖诺普利价格为2400元/千克，均在近一年内价格无变化。培南类: 4-AA 5月价格为1375元/千克(同比-23.6%)。

沙东(又名默克，MSD)是全球制药巨头之一，总部位于美国新泽西州，是一家以科研为本，致力于研究、开发和销售创新医药产品的跨国制药公司。默沙东引领多维度医疗领域新药研发，其业务范围覆盖了肿瘤、疫苗、传染病、心血管疾病、动物保健等多个疾病领域；其中在疫苗领域更是与葛兰素史克(GSK)、赛诺菲、辉瑞并称“全球四大疫苗巨头”。默沙东研发的药物在全球市场广泛销售和使用，代表产品包括抗肿瘤领域的 PD-1 靶向抑制剂（帕博丽珠单抗，K 药）、疫苗领域的宫颈癌疫苗和乙肝疫苗、肝癌领域的仑伐替尼、卵巢癌领域的利普卓、以及抗传染病领域的埃博拉疫苗和新冠药物新冠口服药等。  

上周医药继续跑输大盘，情绪已达冰点，成交量占比多天降至4%以下。从细分领域上看，前期调然较多的 CXO、医疗服务和生物制品相对强势，而前期强势的中药、器械和商业持续调整，且呈现发布业绩预增、风格极致化、表现亦呈现高低切换的态势。我们认为情绪上的冰点、风格的极致化，或启示医药行业或即将否极泰来，如本周专题分析，我们认为医药当前的赔率和胜率都很高，值得重点配置。当前策略角度我们认为需要: 1) 淡化指数，结构行情:2) 高低切换，放弃成见;3) 紧跟政策，重药轻医。

23Q2全部公募基金占比11.70%，环比+0.04pp；剔除主动医药基金占比8.54%，环比+0.30pp；再剔 除指数基金占比7.60%，环比+0.18pp；申万医药板块市值占比为7.47%，环比-0.42pp；

国家医保局发布《2022 年全国医疗保障事业发展统计公报》，2022年，全国基本医疗保险 (含生育保险) 基金总收入 30,922.17 亿元比上年增长 7.6%: 全国基本医疗保险 (含生育保险) 基金总支出24.597.24 亿元，比上年增长 2.3%。在集采控费的背景下，医保基金仍保持增长态势。医保局正式发布《谈判药品续约规则》及《非独家药品竞价规则》，和征求意见稿基本一致，创新药支付端边际明显改善。2023 年半年报披露在即，我们持续关注创新药板块业绩超预期的企业。

中国是世界上盲和视觉损伤患者最多的国家之一，眼科医疗服务市场规模超千亿人民币，三年疫情虽然对市场增长有所扰动，但当前该因素压制情况已经消失 因此面对中国老年人口增加、青少年近视防控战略的实施以及白内障手术渗透率和其他眼病治疗渗透率的进一步提升，中国眼科诊疗服务市场需求可观，反弹强劲。

2021年我国EGFR外显子20突变非小细胞肺癌新发人数达3.2万人。2021年我国肺癌新发患者达828万人，其中非小细胞肺癌占比达90%，约74.5万人;局部晚期及晚期比例达85%，期及IV期非小细胞肺癌新发患者人数达63万人;我国EGFR突变率达50%，EGFR突变非小细胞肺癌人数约315万人;外显子20突变率达10%，约3.2万人。EGFRex20insNSCLC一线治疗:国内外指南推荐参考驱动基因阴性NSCLC，尚未有效针对性治疗手段EGFRex20insNSCLC二线治疗:两款药物上市，分别是强生的Rybrevant和武田的莫博替尼，其中莫博替尼于2023年1月获NMPA批准上市。

冠脉支架国采复盘:从首轮国采到接续采购，政策呈现温和化。高值耗材带量采购一般选择临床用量较大、采购金额较高、临床使用较成熟、市场竞争较充分、同质化水平较高的品种，因此冠脉支架成为首轮国采的品种。2020年11月5日，第一轮国采结果出炉，27进10差额中选，拟中选产品平均降幅92.5%;到2022年11月底接续采购结果落地，申报价格不高于最高有效申报价即可中选，不差额淘汰成为最大亮点因此中选产品价格平均上涨25.3%，体现了集采温和化的趋势。