CBD (known as cannabidiol) is an intoxicating compound extracted from marijuana or hemp plants. It is generally extracted in the form of powder and is usually mixed with various types of oils such as olive, coconut, or hemp oil, to increase the effectiveness of CBD in varied applications. CBD based products possess anti-inflammatory, antioxidant, and skin soothing properties. The presence of such outstanding properties in a single blend makes CBD as one of the key components in skin care and personal care products. The report scope includes market only for “cannabidiol” based skin care products. The scope does not include skin care products with labels other than “cannabidiol”. The report includes various type of skin care products manufactured with cannabidiol, namely, oils, cleansers, masks & serums, creams & moisturizers, and others. The others product type segment includes hair care, shave creams, shower foams, and bath bombs.

The report provides market dynamics and trends related to the global veterinary CRO market. In addition, it presents the estimations and forecast of the market. It includes revenue generated from the sales of services such as clinical trials, toxicology, and market authorization & regulatory support. For the purpose of analysis, the global veterinary CRO market is segmented on the basis of service type, animal type, indication, and region. The study estimates the revenue generated from the sale of services such as clinical trials, toxicology, market authorization & regulatory support, and others. By indication, the market is divided into oncology, infectious diseases, neurology, and others. This further provides an understanding of the use of veterinary CRO service types in the market. Moreover, the report covers revenue generated from the sales of veterinary CRO services offered in regions such as North America, Europe, Asia-Pacific and LAMEA.

特色原料药产业进入生态重构期，产业趋势和估值中枢成为投资新课题。2017 年以来， 中国特色原料药公司基于国内产业链的重构，进入发展的新阶段，中游API 环节因环保、 DMF 备案等因素产业进入集中度加速提升的阶段，下游制剂基于集采的影响集中度提升 也是未来重要的趋势，这为整个产业链的加速重构提供了难得的窗口期（我们在历次报告 中称之为“前向一体化窗口期”），而特色原料药板块的估值中枢成为投资者面临的困惑， 为了探讨这个发展阶段产业的趋势和生态演绎，我们开展了海外系列研究，以期对国内特 色原料药的研究、投资提供参考。

继我们4 月23 号专题外发后，4 月25 日，商务部、海关总署和市场监 督管理总局下发12 号通知，允许“海外单证”企业出口防疫物资，要求 企业提交声明，承诺产品符合进口国质量标准和安全要求，海关凭医保 商会企业清单验放。截至5 月25 日，在国内企业中，共29 家获得NMPA 资质，其中持有国内外双证企业23 家；医保商会清单企业中，共有188 家获得海外出口资质。

COVID-19 疫情对全球血制品的供给和需求格局产生了一定的影响。在此前的系 列报告中，我们已经对国内血制品的批签发进行了深度的跟踪，前四个月我国 批签发的人血白蛋白中进口占比65%，杰特贝林（CSL）占比超过20%，位居第 一。为了更好地理解全球血制品的格局以及海外企业对中国市场带来的影响， 本文编译整理了杰特贝林（CSL）于2020 年4 月8 日召开的FY2020H1 业绩说 明会议纪要，供市场参考和交流。

2020 年5 月20 日，国家发展改革委公布《公共卫生防控救治能力建设方案》并附《重大疫情救治基地应急救治物资参考储备清单》。

当下，新冠肺炎疫情已在多国蔓延，给全球的经济社会发展带来严峻挑战。疫情将给财政、金融、产业等诸多方面带来哪些具体的影响？我们又该如何应对？清华大学中国经济思想与实践研究院院长李稻葵表示，疫情如果应对得当，它对经济造成的影响是可控的。他认为，疫情以后，经济会出现反弹，反弹力度、大小一方面取决于社会心理的修复，一方面取决于当前潜在的压力有多大。

2020年1-3月，医药行业主要运行指标呈现以下特点：一是行业固定资产投资额同比下降11.9%，降幅有所收窄；二是医药行业工业增加值同比下降2.3%；三是行业零售额增速有所加快，同比增长2.9%；四是医药行业营业收入增速和利润增速均有较大幅度下降，营业务收入和利润总额同比分别下降8.9%和15.7%。

2020年1-4月，医药行业主要运行指标呈现以下特点：一是行业固定资产投资额同比下降2.7%，降幅继续收窄；二是医药行业工业增加值增速为零；三是行业零售额增速有所加快，同比增长4.3%；四是医药行业营业收入增速和利润增速仍维持负增长，行业营业务收入和利润总额同比分别下降5.6%和7.4%。