16年医药股有没有机会？一半是海水、一半是火焰。牛股辈出，从来买成长而不是买便宜。内部加速分化、估值体系重构，产业逻辑的深刻变化。

需求与控费共同决定行业增速。老龄化趋势、消费能力和意愿提升持续拉动医疗需求，另一方面，医保控费压力继续限制着行业增速，在双重因素作用下预计行业增速将回落至 10%左右。我们认为医药上市公司整体成长性较好、市场愿意给予高估值，并且改革深化和需求拉动给各细分领域带来结构性投资机会，我们继续维持行业推荐评级。

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。

基于血液瘤临床试验已经取得的突破性进展，我们认为 CAR-T 疗法成为癌症治疗第五大治疗手段是大概率事件。预计美国血液瘤每年潜在市场空间达到480 亿美金（按30 万美金/人计），国内血液瘤潜在市场规模达到 250 亿人民币（按10 万元/人计）。

在当前变革的 市场环境下，行业整体增速低位运行，更多的将是结极性机会，我们建议 “求新取变”，住“创新”和“转型”两主线迚行选股。   

医药批发业将同时迎来同业并购整合和新模式布局。

当前时点，大部分医药股估值已经较为合理。在所有的子行业中，医药行业的估值也处于中游位臵。 在此基础上，顺应产业发展趋势发掘“新”变化是贯穿16 年投资策略。“新”代表预期差，而预期差最可能来自于两条主线：一是企业跨界转型，拥抱“新技术、新模式、新消费”；二是，制剂龙头从招标降价向招标放量业绩反转。

对医药电商用户行为、数据、购买、态度偏好、基本属性进行了分析。

2016 年是“十三五”开始之年，我们判断医药行业增速仍将保持两位数增长。在医保控费、公立医院改革进一步深化等因素影响下，医药行业内部分化在所难免，其中符合国家政策发展方向的细分领域将逐渐崭露头角。我们看好医疗养老大产业及“互联网 +”等相关领域，基于以上逻辑，给予行业“看好”评级。

2015年是医药行业的改革年，围绕“医疗、医保、医药”，各项政策密集出台，其中公立医院改革、医保控费、药品医疗器械审评审批制度改革等一系列重大政策，可能将对医药行业未来几年的发展带来深远影响。公立医院改革加速，民营医院得到大力扶持，长期看好医疗服务子行业。医保控费趋严，总量控制、结构调整，看好控费软件及医疗信息化相关公司。

我们对中国医药行业的长期增长持乐观态度。主要因素有：1) 政策利空或在一定程度上已被消化，例如省级招标的降价压力或较上半年略有缓和；2) 政府颁布新政打击医药行业的可能性较小；3) 目前板块经过回调后估值具有吸引力，对应18倍2016年预期市盈率的水平。尽管行业增速放缓以及招标带来的影响尚未结束，我们对中国医药行业的长期增长持乐观态度。

上半年，医药行业收入和利润增速出现小幅下滑。据国家统计局数据显示，截至6 月底，全国规模以上7000 家的医药企业销售收入为11735.5亿元，同比增长为8.8%，增速比去年同期减少4.8 个百分点；利润总额为1207.1 亿元，同比增长13.6%，增速比去年同期减少1.3 个百分点销售利润率为10.3%，比去年同期减少0.5 个百分点。

行业呈现寡头垄断的格局，具有高利润率、高集中度和高行业壁垒（政策、销售、市场等）的特征。2013 年市场规模达到80 亿元，5 年间复合增长率高达28.5%，并且随着手术量的持续增加和用药领域的扩展，还有几十倍的增长空间，预计今年市场规模将突破120 亿。

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。

在农业板块中，动物保健子行业的业绩表现稳定并有突破， 有支撑也有潜力，今年涨幅位列子行业第一。从疫苗市场本身来看，强免苗保持稳定小幅增长，而市场苗增长波动大，是上市公司弹性的主要来源。养殖规模化程度成为我国疫苗快速增长的一个重要推动力，未来规模化的进一步推动将仍旧是公司成长的动力之一。疫苗市场存在天花板，宠物疫苗成为重要的、有潜力的突破口，未来看点将围绕类似宠物疫苗等方向的战略突破。对标国际动保龙头，我国上市公司也逐步走上并购之路，未来的竞争将是几个巨头之间的追逐。

报告从政策环境、市场行情、厂商动态、科技研发、国际资讯、行业数据、分析评论等几个方面对医药行业进行了分析评论。

细胞免疫治疗是当前国际医药研发的热点和前沿，本文对细胞免疫治疗领域进行了研究。?

医药行业是全球经济的重要组成部分，在各国的产业体系和经济增长中都起到举足轻重的作用。随着世界人口总量持续增长和社会老龄化程度的不断提高，全球医药行业保持持续增长。随着经济的发展、世界人口总量的增长、社会老龄化程度的提高，以及人们保健意识的不断增强，全球医药市场持续快速扩大。2012 年全球的药物销售规模为 9240 亿美元，同比 2011 年的 8800 亿美元增长 5.00%。从 2009 年起，全球药品市场有放缓的趋势，年平均增长率下降一个百分点。2015 年全球医药市场增速预计为 4%-7%。

2015 年一季度，受医保控费范围扩大、药品招标进程低于预期、医院和药品零售终端需求依旧偏弱、生产增速持续防滑，医药行业收入增速进一步下探。数据显示，1-3 月，医药行业实现主营业务收入5531.8 亿元，同比增长9.5%，增速较去年同期回落4.2 个百分点。

Immunoproteins are blood proteins whose activities have an effect on the functioning of the immune system. Immunoproteins are used as analytes for different disease diagnostic assays that are performed on various technologies like ELISA, CLIA, immunoturbidity assay, and RIA. Immunoprotein diagnostic testing is a type of in vitro procedure that implements antigen-antibody reactions for the detection of infectious diseases, proteins, and allergens. These analytical methods have widespread applications and involve the usage of various immunoproteins such as immunoglobulins, C-reactive protein, and complement system protein as reagents against the desired antigens and diagnostic instruments to obtain results that help in diagnosis.

Proteins are macromolecules comprising a combination of amino acids. They are a primary constituent of body cells and are responsible for the various functional aspects of these cells. Therapeutic proteins are used to effectively treat a wide array of diseases such as protein deficiency diseases; chronic diseases such as cancer, rheumatoid arthritis, ankylosing spondylitis, diabetes; infections such as HIV, hepatitis A, hepatitis B, and hepatitis C; and other medical conditions such as genetic disorders, anemia cases related to kidney dialysis, and cancer related anemia. Therapeutic proteins mostly consist of recombinant forms of naturally occurring proteins. The first therapeutic protein recombinant DNA-derived insulin was launched in the market in 1980. Since then, the use of protein therapeutics has witnessed rapid growth in the pharmaceuticals market. Moreover, it is anticipated that the treatment methodology for chronic diseases is expected to shift from conventional drugs to protein therapeutics in the near future. Protein therapeutics include monoclonal antibodies, insulin, erythropoietin, interferon, G-CSF, human growth hormone, blood clotting factors, and follicle stimulating hormones.

Bipolar disorder is a psychological disorder characterized by intermittent mood swings. The individual suffering with this disorder experiences extreme poles of either mania or depression or both. The disorder severely affects the personal, social and professional life of an individual. The symptoms usually include drastic changes in mood, either as a manic episode or a depressive episode. There is no complete cure for the disorder. Atypical antipsychotics, mood stabilizers, and antidepressants are being widely used in the treatment of the disorder. It is considered a lifelong disease and the discontinuation of the medication can lead to the relapse of the condition

Vitamin D is actually a group of vitamins found in liver and fish oils, which is essential for the absorption of calcium in the body and helps in the prevention of rickets in children and the prevention of osteomalacia in adults. Vitamin D includes calciferol (vitamin D2) and cholecalciferol (vitamin D3). There are various sources of vitamin D which are as follows.

Gastric cancer is also called as gastric adenocarcinoma, in which malignant cells form inside the stomach. It is the fifth most common type of cancer worldwide and mostly affects men over the age of 55 years or older. H. pylori bacterial infections are a major risk factor for gastric cancer. Some of the other risk factors include an unhealthy lifestyle, age, male sex, family history, and low socioeconomic status. Some of the symptoms of gastric cancer include indigestion, dysphagia, hematemesis, weight loss, inanition bleeding in the stomach, and intrahepatic and extrahepatic jaundice. It is treated with targeted, chemotherapeutic, surgical and radiation therapies.

Colorectal cancer is a type of cancer that affects the colon or rectum. It is mainly due to abnormal growth of cells that can be metastasized into other parts of the body. The formation of adenocarcinomas is the common feature of colorectal cancer. An adenocarcinoma starts as a benign or malignant polyp in the innermost wall of the colon or the rectum. The risk factors for this cancer include age, family history, unhealthy lifestyle, genetic disorders, and inflammatory bowel disease. Some of the symptoms of cancer include rectal bleeding, constipation, decreased appetite, nausea, bloating, significant or unexplained weight loss and pelvic pain. To alleviate this disease, chemotherapy, surgical, biologic, and radiation therapies are being developed and administered to colorectal patients.

Cancer testing or screening is done for the early detection of cancer, enabling effective treatment measures to avoid spreading of cancerous cells throughout the body. The testing procedure involves testing of samples such as urine, blood, and other bodily substances. Further, cancer testing also involves conducting genetic tests to analyze certain gene mutations which are linked to certain cancer types. The types of cancer tests performed are biopsy, colonoscopy, pap test, and fecal occult blood tests.

Psoriatic arthritis is a chronic inflammatory disease in which a person has both arthritis and psoriasis. It affects the joints in the body, mainly the distal joints of the fingers and toes, as well as lower extremities. It can also affect the back and sacroiliac joints of the pelvis. Psoriatic arthritis mostly occurs in people aged between 30 to 50 years old, but it can also be seen in children and adolescents. Both women and men are affected by psoriatic arthritis.

The global pharmaceutical industry is witnessing a paradigm shift in the marketing and sale of pharmaceutical products from developed regions to developing regions. These