欧洲肿瘤内科学会（European Society for Medical Oncology，ESMO）是医学肿瘤学领域非营利专业组织，成立于1975年，根植于欧洲，业务遍及全球，拥有45,000多名代表肿瘤学专业人士的成员，致力于通过促进综合癌症护理、支持肿瘤学家的专业发展以及在全球范围内倡导可持续的癌症护理，为癌症患者提供最好的护理。

国内胰岛素市场空间广阔，胰岛素类似物成为主要驱动力。经历两轮全国集采，胰岛素市场趋于稳定。

Gastrointestinal (GI) products refer to medical devices used for diagnosing, treating, and managing disorders of the digestive system. These include conditions such as acid reflux, irritable bowel syndrome (IBS), inflammatory bowel disease (IBD), ulcers, and colorectal cancer. GI products encompass endoscopy devices, ablation devices, motility testing devices, and biopsy tools, helping improve digestive health and patient outcomes.

Forensic technology is the use of advanced technological solutions to retrieve, search, and analyze large and complex data sets. This enables end-users to gather the information that can be used to address litigation issues, investigations, and requirements in regulatory and financial crime

Fresh herbs are strong-smelling, flavorful plants that can be added to dishes to make them more flavorful. Fresh herbs include basil, cilantro, garlic, dill, rosemary, oregano and others.

Functional mushrooms, also known as adaptogenic mushrooms, are a type of fungi that have various health and nutritional benefits. These mushrooms are widely used in traditional medicine systems such as Ayurveda and Traditional Chinese Medicine (TCM) for their purported medicinal properties. Functional mushrooms are widely used for preventing, alleviating, or treating diseases and/or for their nutritional benefits. Also, functional mushrooms are mainly used in the form of powder or as extracts.

Geriatric medicine refers to a medical specialty that emphasizes elderly care and their treatment for medical conditions such as diabetes, hypertension, coronary heart disease, stroke, arthritis, and osteoporosis.

Healthcare analytics efficiently uses statistical, quantitative, predictive, comparative, cognitive, and other newly applied analytical models to data and related business insights. Healthcare analytics software can assist in disclosing and comprehending historical data patterns, forecasting future results, and delivering actionable insights to help healthcare companies make better clinical, financial, and operational decisions. Analytics aids healthcare organizations in lowering costs and improving the quality of care.

Healthcare RCM software helps to streamline the medical practices financials. This software helps healthcare service providers to manage their business processes effectively. Some of the key findings include managing patient records, insurance status, and payment information. Integrating healthcare RCM software reduces denied claims, tracks unpaid claims, and reduces revenue leakages. Hospitals, medical labs, and physicians are the end-users of this software.

Heart transplantation therapeutics encompass any treatment aimed at improving outcomes before, during, and after the life-saving surgery of replacing a diseased heart with a healthy donor one. This includes:

An intravenous (IV) fluid bag is a sterile container used to deliver fluids directly into the bloodstream of a patient during intravenous therapy. IV fluid bags are an important part of medical care, providing a sterile environment for the delivery of fluids, electrolyte levels, medications, and therapeutic agents.

Healthcare logistics refers to the planning, management, and execution of the movement and storage of healthcare products, equipment, and supplies throughout the healthcare supply chain. It involves the coordination of various activities, including procurement, warehousing, transportation, distribution, and inventory management, to ensure the timely and efficient delivery of healthcare goods to healthcare facilities, pharmacies, and ultimately to patients.

Healthcare physician staffing refers to the process of recruiting, placing, and managing medical professionals, such as doctors and specialists, to ensure that healthcare facilities have the appropriate personnel to meet patient care needs. This staffing can include permanent, temporary, or locum tenens physicians, and is essential for maintaining quality healthcare services, particularly in regions with physician shortages or high demand. It involves managing workforce distribution, addressing gaps in care, and ensuring compliance with healthcare regulations.

Infectious diseases are caused by pathogenic organisms. There are various types of infectious diseases that are caused by different organisms. Diseases caused by viruses include human immunodeficiency virus (HIV)/acquired immunodeficiency syndrome (AIDS), influenza, and hepatitis A, B, and C. Some of the diseases caused by bacteria include cholera, meningitis, pneumonia, anthrax, and tuberculosis. Fungal diseases include aspergillosis, candidiasis, and onychomycosis. Other organisms, such as parasites can cause cryptosporidiosis, amebiasis, and isosporiasis.

Idiopathic pulmonary fibrosis (IPF) is a chronic and progressive lung disease that is characterized by the formation of scar tissue (fibrosis) inside the lungs. The cause of this condition is unknown (idiopathic). As a result of the fibrosis, the lungs become thickened and stiff, which leads to breathing difficulties and reduced oxygen levels in the blood.

In-vitro diagnostics (IVD) perform in-vitro tests on various biological samples to diagnose various medical conditions. They are used to perform diagnostic tests ranging from simple to sophisticated DNA technologies to cure or mitigate diseases. They are also used in the field of precision medicine to provide personalized treatments.

美护行业：把握向上势能，关注新品催化－美护25年中报综述

我们统计了 A 股和港股上市的 393 家医药公司 2025 年上半年业绩情况，行业整体增长疲弱，平均收入增长 1.6%，平均净利润下滑 3.2%，收入和利润相较于 2024 年全年均有所恶化。我们认为，行业整体业绩改善仍需时间，国内集采政策优化，对于创新药械的支持政策持续落地，以及创新药和器械出海，全球生物医药融资改善，将驱动医药行业的业绩修复。

为什么说保健品行业发展迎来了新的拐点向上周期？ 年轻消费者占比提升：以25-35岁年龄段为主，以女性消费者为主，代表一种健康的生活方式，本质还是健康意识的提升，以及对于衰老的焦虑。线上占比提升，抖音渠道成为重要的种草和转化平台：线上增速很快，尤其是以跨境电商为主的渠道，可以绕过线下保健食品监管的要求，尤其符 合现阶段年轻消费者对于一些新的未获批的成分的需求。产品迭代速度加快：下游产品迭代快，产品生命周期短，对品牌端的产品研发，产品运营，渠道优势和营销水平提出了更高的要求

中国创新药产业已经体现出长期向好的发展趋势，并在近年集中体现在BD交易的爆发式增长。值得注意的是，对于大部分国产创新药，对外授权通常只是全球开发的起点，合作伙伴在海外的开发进度，以及后续全球临床数据的读出可以进一步加强产品在全球市场商业化的确定性。