The ever-changing healthcare environment presents many challenges for healthcare providers in terms of service integration and quality and financial constraints. Mobile diagnostic imaging technologies have enabled healthcare establishments to minimize their expenditure, improve imaging quality, and counter the shortage of medical practitioners. Most mobile diagnostic imaging devices are primarily designed to perform diagnostic procedures that provide detailed images of internal organs for efficient clinical analysis and medical intervention. The global mobile imaging market is witnessing considerable growth due to innovative applications of mobile medical imaging technologies in various therapeutic areas, such as cardiology, neurology, and gynecology.

Viral transport mediums (VTM), which include tubes, kits, and swabs, are a medical device that allows the collection, preservation, and transportation of viral specimens for advanced research, including conventional cell culture methods, molecular biology techniques, and diagnostic tests. VTM kits, especially, are available with a screw cap plastic tube, containing antibiotics and buffered proteins such as serum, gelatin, or albumin. Antibiotics are incorporated in VTM kits to suppress the growth of fungi bacteria.

The dental services market consists of sales of dental services and related goods by entities (organizations, sole traders and partnerships) that provide general dentistry, oral surgeries and orthodontics and prosthodontic services. This industry comprises establishments of licensed health practitioners having the degree of D.M.D. – Doctor of Dental Medicine, D.D.S. – Doctor of Dental Surgery, or D.D.Sc. – Doctor of Dental Science. Dentists are health practitioners who operate private or group practices in their own premises or in other facilities such as hospitals or health maintenance organization (HMO) medical centers. Dental e services include, dental consultations, oral examinations, preventive, promotive, curative and restorative dentistry.iThey may also specialize in a specific field of dentistry such as implants, replacements or restorations.

The global telehealth market has witnessed exceptional growth in recent years. Telehealth kiosks are revolutionary products that have witnessed high adoption worldwide during the ongoing COVID-19 pandemic due to the high demand for remote care services. A telehealth kiosk is a small booth-like structure that enables patients to consult a physician remotely and follow up on treatment plans for a wide array of medical conditions. Currently, healthcare consultation and vital sign monitoring are not limited to a ph sician’s office as patients can contact their doctors by email, review test results on secure web portals, schedule visits, and interact with physicians via videoconferencing or live chats. Consequently, telehealth kiosks have emerged as a significant part of IT-enabled healthcare services. Patients can receive continuous updates on important vital signs, such as blood pressure, from implants operated by smartphone applications and share results with family and doctors. Also, telehealth kiosks provide enhanced connectivity to physicians for smooth provider-provider and patient-provider interactions. Patients also benefit from improved communication between providers.

The injectable drug delivery devices market consists of sales of injectable drug delivery devices and related products such as conventional syringes, needle-free injectors, auto injectors and pen injectors by entities (organizations, sole traders, and partnerships). The market includes the sales of the injectable devices that have been extensively utilized for various routes of drug administration, such as intravenous, subcutaneous, intradermal, intra-peritoneal, and intra-muscular and others to treat medical conditions ranging from cancer, diabetes to autoimmune disorders.

Drugs are unique formulations used in modern and traditional medicine. They are essential for the prevention and treatment of illness and the protection of public health. Biologics are medicines made by living cells or biological processes. They are relatively complex molecules and are usually composed of proteins for transplantation, carbohydrates, nucleic acids, cells or tissues, or complex complexes of these substances. Examples include hormones, vaccines, blood products, allergens, monoclonal antibodies, recombinant therapeutic proteins, cell & gene therapies, growth factors, cytokines, and insulin. On the other hand, drugs made by chemical synthesis are called small molecules.

Ulcerative colitis is a chronic inflammatory bowel disease (IBD) in which abnormal reactions of the immune system cause inflammation and ulcers in the inner lining of large intestine. The three main forms of ulcerative colitis are: 1) Ulcerative proctitis; 2) Left-sided colitis; 3) Pancolitis (Total Ulcerative Colitis).

Medical gloves are personal protective equipment (PPE) used to protect HCPs and/or patients from infection or illness during medical procedures and examinations. They are elements of infection-control strategy and are used when the user’s hands touch body fluids, including blood, respiratory secretions, vomit, urine or feces, certain hazardous drugs, or potentially contaminated items. Medical gloves are disposable and include both examination gloves and surgical gloves. Compared with examination gloves, surgical gloves offer better sizing with better precision and sensitivity and maintain a higher standard. Examination gloves are available as either sterile or non-sterile, while surgical gloves are generally sterile. Both surgical and examination gloves can also be used for handling chemotherapy agents for cancer treatment. In addition, medical gloves are widely used in chemical and biochemical laboratories and offer basic protection against corrosives and surface contaminants.

The interest in electronic access to health information and the use of digital data for both disease and health-related tracking is growing. The widespread use of health IT could potentially increase the access of patients to their health information and allow future goals of advancing patient-centered care. Various tools, such as patient portals, personal health records, and mobile health (mHealth) applications, have been developed to help patients to engage in their own health care. A patient portal provides a secure way for a patient to interact with their healthcare provider through the internet.

There is significant growth in the global micropropagation market due to continuous R&D investments in technological innovation and advanced techniques to increase crop efficiency and quality in agriculture. Micropropagation is used to produce crops that are difficult to propagate using conventional methods, such as seeding or cutting. Moreover, micropropagation helps to create many progeny plants using modern plant tissue culture methods.

防疫新二十条落地，科学精准有效。11月10日， 中共中央政治局常务委员会召开会议，研究部署进一步优化防控工作的二十条措施，内容包括隔离时间缩短、不再判定次密接、调整风险等级、取消入境航班熔断机制、加强医疗资源建设、有序推进新冠疫苗接种、加快新冠药物储备、防止一刀切等，防疫政策将进一步科学化、精准化、有效化。

带状疱疹中老年人群高发，亟待优质产品填补空白：1）带状疱疹的年发生率约为3‰-5‰，我国每年新发病人数高达156 万人，远超其他传染疾病，随着年龄的增长发病率增加，60-70 岁人群为带状疱疹发病高峰阶段；2）带疱疫苗适用人群基数庞大，据测算，我国40 岁以上人口为6.9 亿人；3）国内首款带状疱疹疫苗2020年上市，渗透率仅为0.3%，未来市场空间巨大。国内仅有GSK 的 Shingrix 疫苗上市，3200 元/人的售价与明显不良反应影响了整体接种率，国内市场几乎处于空白状态，亟待综合性价比更好的国产苗。

估值分化收窄，四季度低估值板块有望逐步修复。行情来看，自2022 年初以来截止到11 月4 日，沪深300 指数下跌23.75%，其中医药生物（申万）指数下跌19.62%，较沪深300 的相对收益为4.13%，整体涨跌幅在行业中排名17 位。

2022Q1-Q3，医药上市公司整体收入增速为9.6%、归母净利润增速7.7%、扣非净利润增速13.0%，较高基数叠加上半年疫情散发，增速较去年同期有所放缓。我们认为，一方面由于2020前三季度疫情影响下基数相对较低，而2021同期在疫情常态化下开启经营恢复增速较快；另一方面2022前三季度，尤其是上半年国内上海等地疫情散发带来板块整体增长放缓。

大量动物实验为离焦镜的产生及有效性提供强有力的医学支撑：1988年，Frank Schaeffel教授做的小鸡试验发现：视网膜能够识别离焦信号，根据离焦的信息给巩膜发出“生长”或者“停止生长”的信号，从而控制眼轴增长的速度。随后的多项海内外学者研究陆续表明，近视调节可以在不干扰中央视力的情况下有效控制中央屈光发育、哺乳动物眼睛的竞争性离焦状态会对屈光发育、眼轴增长等有较好作用，为离焦镜技术的诞生及近视防控的有效性提供了强有力的医学原理支撑。基于此，周边离焦镜片及多点离焦镜片应运而生。

板块估值、机构持仓均处历史低位，叠加政策边际缓和，医药板块长期配置价值凸显：近一年多以来，医药板块的估值大幅回落，截至2022 年11 月15 日，申万医药生物PE-TTM 为23.6x（近十年均值为38x），已经达到历史相对低位；从机构持仓情况来看，2022Q3 公募/非医药主题公募基金重仓医药行业的持股市值占比为10.63%和5.6%，环比均有所下降。今年四季度以来，骨科脊柱耗材国采，创新药新增适应症简易续约，创新型器械暂不纳入集采等，显示医药行业政策边际放松，我们认为当前医药板块具备较高投资性价比，有望成为长线投资配置的优选。

全球新冠患者持续增长。截至11月19日，全球累计确诊病例2.56亿例，目前增速维持在1%~1.5%之间。全球死亡病例513.78万例，死亡率2.01%。疫苗和注射型新冠药物成为疫情控制的有力工具，新冠患者得以低速增长。口服新冠药物的上市有望将新冠的治疗变得像治疗流感一样便利，口服新冠药物的普及性也将明显高于注射药物。口服RdRp抑制剂：以默沙东的莫奈拉韦为代表。共有9个在研&上市的治疗新冠的口服RdRp抑制剂，其中1个已经上市，3个处于三期临床阶段。真实生物的阿兹夫定处于三期临床阶段，君实生物的VV116已经申报临床。