二代胰岛素基层市场持续放量，业绩增长稳定。国内医保制度将中国胰岛素市场人为地分割为城市与基层市场，凭借报销比例和价格优势二代胰岛素将长期占据基层市场。体检的缺失和认知的不足导致基层糖尿病病人一经确诊多为中后期，且病人依从性较弱、病情容易恶化，需要辅以胰岛素的治疗。目前二代胰岛素市场40 亿元，预计潜在市场460 亿元，空间巨大。公司通过“蒲公英计划”、“情系中华、关爱基层”等培训活动教育基层市场医生并打开胰岛素在基层市场的放量阀门，未来基层市场二代胰岛素有望保持快速增长。

Cardiopulmonary diseases are disorders that affect the normal functions of the heart and lungs. Disorders in any one organ can affect the other as well. For instance, a person with chronic heart disease has difficulty pumping oxygenated blood to the lungs. Cardiovascular diseases (CVDs) account for a major portion of cardiopulmonary diseases. Various organizations such as WHO state CVDs to be the main cause of mortality worldwide. A 2015 research study by WHO estimated that about 17.5 million people (31% of the total global population) worldwide died due to CVDs in 2012.

IoT is a web of physical devices connected to the Internet, enabled by sensors and software to collect and transmit data. Using IoT users can collect massive amount of data and convert into meaningful information by with the help of advance analytics techniques. The concept of IoT has evolved with the introduction of automated machines, such as automated teller machines (ATMs) and advanced interaction technologies like machine-to-machine (M2M) and human-to-machine (H2M). All these allow the users to establish seamless communications.

Cancer is a diverse disease that can originate in different organs and tissues, with each type being associated with different risk factors. For instance, breast cancers have phenotypic and genotypic characteristics and recurrence risks. Similarly, leukemia is the cancer of the blood cells and solid tumors occur in organs such as lungs or liver. The American Cancer Society estimates that cancer is the second most common cause of death (22.8%), following heart diseases (26.6%). In 2015, the organization estimated 1,658,370 new cancer cases and 589,430 cancer-related deaths in the US. In the same year, EU estimated 1,359,100 cancer-related deaths. The disease is prevalent among people aged 60 and above and may account for an increase of 45% by 2030 worldwide. The diagnostic methods of cancer are complicated and involve multi-step processes. Some individuals may experience prolonged pauses during diagnosis, which can be caused by various factors related to individuals, physicians, and healthcare systems.

Biosensors were first introduced in 1962 with the development of enzyme electrodes by scientist Leland C. Clark. Since then, research communities from fields such as very-large-scale integration, chemistry, physics, and material science have come together to develop more reliable, sophisticated, and mature biosensors. These biosensors have been used in the fields of medicine, biotechnology, and agriculture, as well as military and bioterrorism detection and prevention.

Dental prosthetics, also referred to as prosthodontics and prosthetic dentistry, is the field of dentistry that deals with dental prostheses. Among the several areas of dental segments, prosthetic dentistry remains special due to multiple prosthetic treatments performed that includes implants, cosmetic dentistry, replacements, and repairs of all kinds of conditions related to oral tissues and faulty or missing tooth.

公司集成供应立足华东，未来有望布局全国。公司是华东地区最大的IVD 经销商之一，代理品牌丰富，综合服务能力优秀，在华东区域具备明显的先发优势。2015 年公司携手国控器械，借助优势平台在华东区域预计将继续高歌猛进。2016 年公司定增后资金充足，集成供应业务在黑龙江、江苏、浙江等地均有不同程度推进，未来这一模式有望在全国范围内异地复制。

以岭药业专利中药、化生药、健康产业三大板块齐头并进，公司“医、药、健、养”相结合的优势逐渐形成。中药板块优势突出，心血管三大独家品种受益于基药市场扩容和基层医疗市场发展能够稳定增长，前景广阔；糖尿病、肿瘤等大病领域有产品推出处于市场开拓期。在中药板块逐渐形成以医保基药目录为核心支撑，以处方药和OTC 双轨运行为优势的产品系列；化生药板块制定“国际化三步走战略”，OEM 实现盈利，ANDA 产品研发进展顺利，定增助力制剂国际产业化项目；正式上线以岭健康城网，在处方药网售政策逐步放开的背景下，布局医疗O2O。我们给予其买入的首次评级，目标价格20.00 元。

本周申万医药指数上涨1.60%，沪深300 指数上涨1.14%，创业板指数上涨0.56%，跑赢沪深300 指数0.45 个百分点，跑赢创业板指数1.04个百分点；年初至今，申万医药指数下跌11.26%，跑赢沪深300 指数0.94 个百分点。本周医药成交总额为988.05 亿元，沪深总成交额为18667.16 亿元，医药板块成交额占比为5.29%，较上周略有下降。子行业方面，本周表现最好的为生物制品，上涨2.27%；表现最差的为医疗服务，上涨0.64%。公司层面，行业上涨公司161 家，下跌公司49 家，停牌10 家；本周涨跌幅排名前5 的为迪瑞医疗、嘉事堂、阳普医疗、绿景控股、南华生物。

目前行业收入增速已经降到10%附近，未来仍有下降可能，但是从医保收支压力角度分析，快速的下降周期已经结束。

本周涨幅榜前十：合全药业、宏源药业、永铭医学等。本周跌幅榜前十：格林生物、天杭生物、禾元生物等。本周成交额前十：合全药业、宏源药业、威门药业等。本周成交量前十：宏源药业、天杭生物、威门药业等。本周换手率前十：天杭生物、宏源药业、禾元生物等。

截止到 2016年9月23日我们采用一年滚动市盈率（TTM，整体法），剔除负值影响，医药生物整体市盈率处在43.22倍，与上周相比小幅上升，高于历史估值均值。截止到 2016年9月23日，医药行业相对于全部A 股的溢价比例为2.32倍，与上周小幅上涨。本周各个医药子板块均出现上涨，生物制品、化学制剂、化学原料药涨幅居前。短期来看，大盘维持震荡调整的概率较大。随着医药板块估值偏向合理，预计行业指数将震荡上行，建议关注优质蓝筹和成长性好市盈率低等两类医药上市公司的投资价值。