3月，春节过后，医药企业逐渐恢复生产。1～3月，医药行业工业增加值增速为11.1%，增速较1～2月提高0.4个百分点。同时，居民春季保健需求增强，从而带动医药品需求增速上升。1～3月，中西药品零售总额为2151.3亿元，同比增长10.7%，增速较1～2月提高0.8个百分点。

The global back support market is witnessing growth across APAC, EMEA, and the Americas due to the growing older population, especially in countries like Japan. Also, the prevalence of musculoskeletal disorders among older and middle-aged population is increasing. Braces and back supports are also used for treating sport injuries in athletes.

The global back support market is witnessing growth across APAC, EMEA, and the Americas due to the growing older population, especially in countries like Japan. Also, the prevalence of musculoskeletal disorders among older and middle-aged population is increasing. Braces and back supports are also used for treating sport injuries in athletes.

The cancer mAbs market is one of the fastest-growing segments of the global pharmaceutical market. It has become a major research area for biotech and pharmaceutical companies due to the presence of high unmet medical needs in the market. Targeted therapies are revolutionizing the treatment methodologies of solid tumors and replacing existing chemotherapies. For instance, tumor-selective mAbs such as Avastin and Herceptin have transformed the cancer mAbs market. These agents addressed unmet clinical needs of the market, including reducing toxicity levels and increasing efficacy

One of the aspects of modern life that is considered as an essential by men and women is appearance. The desire to look presentable has led to the notable growth in the cosmetology industry. Originally, cosmetic surgery evolved from the reconstructive procedures and as a result, some of its techniques are similar whether they are used for reconstructive or cosmetic purposes. For instance, in various reconstructive procedures, breast implant is a procedure used to gain normal appearance after mastectomy. However, it has a much wider application in cosmetic technique to streamline the body shape.

A drug is generally composed of APIs and excipients. APIs are chemical compounds or a combination of compounds that are used primarily to have the desired effect on biological systems. Excipients are inactive ingredients in a drug that are used to disperse APIs. APIs may be synthesized either through chemical or biotechnological methods.

经过前期股票走势的结构性分化，大多数龙头股和成长股的估值得到了适当的调整，目前处在较合理的位置，建议接下来兲注其有较高业绩增长的公司，赚 EPS 的钱，兲注益丰药房、东诚药业、鱼跃医疗、富祥股仹；目前的 A 股市场是投资者风险偏好较低的震荡市，在这样的市场环境中，低估值稳健白马股跑赢医药挃数的概率较高，建议做相对收益的投资者继续兲注估值低于行业平均水平的龙头企业如上海医药、中国医药、华兰生物等。

本周申万医药指下跌 1.63%，沪深 300 指数下跌 1.86%，创业板指数下跌 1.91%， 跑赢沪深 300 指数 0.23 个百分点，跑赢创业板指数 0.28 个百分点。本周医药成交总额为745.64 亿元，沪深总成交额为 17,226.91 亿元，医药成交额占比沪深总成交额比例为 4.33%，本周医药行业热度较上周略有下降。子行业方面，本周表现最好的为化学制剂，下跌 0.23%；表现最差的为生物制品，下跌 2.22%。

本周大盘跌幅较大，申万 28 个一级行业均以下跌报收，其中医药板块整体下跌 2.57%，略跑输大盘。在市场整体尚未企稳之际，我们继续建议投资者把握业绩主线，精选业绩表现良好以及一季报业绩表现超预期的个股。

国务院办公厅发布《深化医药卫生体制改革2017年重点工作任务》强调医疗下沉、服务全民，提高基层医疗保障系统等，因此我们判断全民医保、全民医疗的服务下沉，为行业带来新的发展机遇，继续推荐华润双鹤、上海医药、九州通等标的。

从 2011H-2017Q1 癿医药上市公司营收增速来看，整体医药行业营业收入增速从 19%巠右，增速中枢丌断下行，2015 年一度跌破 12%，2016 年行业回暖，增速回升至 14.84%。具体看各行业情冴，化学原料药板块叐提价因素影响，处二行业景气周期；化学制剂板块，政策频出，利好创共能力药企，板块毛利率逐年提升；中药板块，医保控费政策相继出台，板块业绩収展压力大；生物制品板块中，各子板块分化较大，整体业绩持续向好。