2017 年以来，受以 GMP 升级、新厂区建设为重点的企业技术改造逐步减少的影响，医药行业固定资产投资增速回落。1～ 8 月，医药制造业固定资产投资额为 3901.22 亿元，同比下降 0.2%，近年来首次出现负增长。预计 9 月，随着传统旺季的到来，国内医药品市场需求将继续增强，中西药品零售总额将上升。9 月，中西药品零售总额将达到875 亿元左右，同比增长约 13.6%。

An autopsy, also known as necropsy, post-mortem examination, or autopsia cadaverum is a highly specialized surgical procedure, performed by a medical doctor called a pathologist. It includes a thorough examination of a corpse to determine the cause, time, and manner of death to identify a disease or injury, if any.

Pharmaceutical warehousing involves physical movement of medicinal stock in and out of a medical store warehouse. It ensures the constant flow and availability of essential quality health commodities in a timely and cost-efficient manner, and in appropriate quantities through the supply chain system.Functioning of pharmaceutical warehousing includes receiving and storing stock,inventory management, distribution management of medicines, and medical equipment and vaccines stored at ambient temperature.

Dental consumable products consist of small equipment and other products used in dental clinics and hospitals for the treatment of patients. It includes prophylaxis paste, dental sealants, impression materials, dental anesthetics, restorative materials, tooth whiteners, and topical fluoride.

The global digital polymerase chain reaction (dPCR) market will grow rapidly at 10.1% CAGR during the forecast period, primarily due to an increase in the number of applications where dPCR is employed. dPCR is widely used in applications such as high-precision copy number variation (CNV), rare mutation analysis, viral load qualification, and differential gene expression. Also, another major factor driving the demand for dPCR solutions is an increase in the number of chronic cases globally, driving the need for faster detection and drug development that is carried out using several methods, including dPCR. The presence of a large number of biotechnology and pharmaceutical companies in the Americas has made it the largest market, as these companies use dPCR solutions to test and develop drugs for various purposes. dPCR technologies that are also widely used in drug discovery and clinical testing processes are increasing by the day as a result of the global pharmaceutical industry recovering its growth. Hence, the demand for dPCR solutions is likely to rise with it.

Neutropenia is a blood disorder, which is characterized by abnormally low concentration of neutrophils, a type of white blood cell (WBC), in the blood.The market is primarily dominated by biologics and biosimilars whereas other drug classes such as antibiotics and antifungal drugs are also in use.

The global arthroscopy devices market is expected to grow at a CAGR of 6.35% during the forecast period. There is an increased demand for arthroscopy devices in individuals with orthopedic, arthritis, and other musculoskeletal disorders. For instance, according to the Centers for Disease Control and Prevention (CDC), in 2014, more than 72 million people in the US had disc degeneration. The market is also driven by the growing older population in the US, Europe, and Japan. In developed markets such as the US and Germany, the availability of reimbursements for orthopedic procedures is likely to boost the market growth. Also, the market is driven by a growing number of orthopedic disorders such as osteoporosis and arthritis.

Pulmonary arterial hypertension (PAH) is a life-threatening condition with a pulmonary vascular resistance that leads to elevated pulmonary arterial pressures, right ventricular failure, and ultimately death. PAH is high blood pressure in the arteries that carry blood from the heart to the lungs. It occurs when blood vessels become narrow,making the blood flow difficult. The heart must work harder to pump blood through those narrow arteries. This creates pressure on the heart’s right ventricles, which increase in size and become weaker due to the excess load, leading to heart failure.The global PAH drugs market is expected to benefit from the growing incidence of PH.This has driven the vendors to conduct extensive R&D activities, thereby driving the market growth.

Historically, the knowledge about feminine hygiene among women has been low due to the social stigma surrounding this subject. This situation has changed significantly, and women have become more aware of their health issues including feminine hygiene. With the evolving perceptions of women, vendors are trying to fulfill consumer demand by providing high-quality products. Currently, sanitary napkins are the most commonly used feminine hygiene product, followed by tampons and menstrual cups. Historically, primarily handmade and cottonbased sanitary pads were used as they were easy to make and inexpensive. However, nowadays, pads are usually made of synthetic and bleached materials, which can cause irritation if worn for long periods of time. In addition, its cumulative usage over a long time can cause irritation and vaginal infection, which ultimately hinders the sale of sanitary pads, especially in rural areas.

无创产前检测开展顺利，受益二孩红利百亿空间可期。无创产前检测优势明显，监管趋严市场仍无序走向有序。无创产前检测集合了无创、检测周期短、操作便捷、安全性高、准确率高等多方面癿优势，近年来渗透率快速增长。而市场亦经历 “无监管→叫停→监管”三个阶段，政策癿出台使国内无创产前检测市场得以良性収展。

2017 年9 月16 号中药材天地网综合200 指数为2422.95，相比8 月16 号的2432.66 略有下跌。中药材价格指数2016 年上涨较大，2017 年初开始价格略有下调。

供需变化引领新一轮景气周期，我们判断有供应链优势及制剂品种丰富的企业，有望获得优势，行业格局重塑创造机会。

医药行业景气度持续提升，个股业绩出现分化。上半年A 股医药板块上市公司实现营业收入2843.71 亿元，可比公司同比上涨19.97%；实现利润总额231.73 亿元，可比公司同比增长24.12%。利润增速显著大于收入增速。行业内亏损上市公司仅为14 家，比去年缩减了10 家，亏损额同比下降84.37%。另据国家统计局公布的最新数据，2017 年7 月份医药制造业利润总额同比增长18.70%，行业利润增速在经历了2016 年前的显著放缓之后开始呈现筑底复苏的态势。行业景气度持续提升。

我们对具备较强制剂仿制能力的上市公司中所有备案品种进行测算，并横向比较后选出业绩弹性最大、估值低极具吸引力的前几家企业。不考虑其他业绩，仅从一致性评价提升业绩的角度考虑，建议关注乐普医疗、普利制药、京新药业、华润双鹤、华海药业。

各地方省市卫计委、医改办等联合各相关部门，先后出台涉及本省市的两票制具体实施方案，截止目前，除港澳台和部分边疆省份（西藏、新疆）未见专门两票制执行方案公文出台和具体全面执行时间期限外，其余29 个省市、自治区已经悉数出台相关两票制执行方案公文，其中25 个省市明确限定最后全面执行具体时间表。