2022年2季度医药行业政策主要集中在以下几个方面：第一，2022年深化医改重点工作任务公布，将全面推动医药卫生领域高质量发展；第二，我国药品集采工作继续推进，两部门发文完善胰岛素集采和使用配套措施，第七批国家药品集采工作启动；第三，医疗机构管理制度逐步加强，国家区域医疗中心建设有序扩大，公立医院运营管理信息化功能指引出炉，门诊质量管理进一步提档升级；第四，国家医保制度有序推进，国家医保局对医疗保障基金的使用进行全流程监控，国家医保药品目录调整工作启动；第五，《“十四五”国民健康规划》印发，提出优化中医医疗服务价格政策。

The growing importance of personal hygiene and the maintenance of cleanliness in healthcare settings are the largest drivers for the global antiseptic wipes market. The rising awareness regarding the importance of hand hygiene is majorly driving the demand for antiseptic wipes among individuals. Many new hygiene habits are emerging among individuals that were not present before the COVID-19 pandemic. The COVID-19 pandemic is hence seen as a major driver for antiseptic wipes usage.

In the 1840s, the introduction of ether, a surgical anesthetic, made surgical procedures more common. Initially, general anesthesia was given through a device that covered the nose and mouth of the patient. The concern for aspiration of gastric content was not appreciated, and postoperative pneumonia became a common problem. Trendelenburg (1869) designed the first inflatable cuff, a thin rubber bag that was fitted over the end of a tracheostomy tube. It created a tight seal to prevent aspiration during anesthesia. As an alternate method for tracheostomy, Macewen (1880) suggested passing an oral tube into the trachea to relieve an obstruction. Later, anesthesiologist Franz Kuhn used metal tubes and preferred the oral route over tracheostomy and popularized orotracheal anesthesia.

Automatic soap dispensers have become significant products across offices, restaurants, malls, and even homes. People have started using them as bathroom décor resulting in these becoming available in various styles. More developed countries are largely investing in automatic soap dispensers, which is increasing the demand for the same.

Preimplantation Genetic Testing: According to National Center for Biotechnology Information (NCBI), preimplantation genetic testing is defined as the testing of oocytes or embryos at the preimplantation stage for genetic defects. The technique is majorly performed in conjunction with in-vitro fertilization to minimize the risk of passing down inherited conditions. The respective genetic test is performed in the cases where there is a higher risk of passing on the inherited conditions. Some of the common conditions such as single gene diseases, chromosomal rearrangements, and aneuploidies, with the help of techniques such as fluorescence in situ hybridization (FISH), microarray, and next generation sequencing (NGS).

Active pharmaceutical ingredients are used in finished pharmaceutical products and are intended to furnish pharmaceutical products. These products have a direct effect on the diagnosis, mitigation, cure, treatment, prevention of diseases. They also help in restarting, correcting, or modifying the physiological functions of human beings. Each drug is made up of two core elements – API, the major ingredient, and excipient, the substance other than drugs that support the delivery of medicine in patients. Excipients are chemically inactive compounds such as mineral oil or lactose. APIs are made of several chemical compounds.

Respiratory masks (RM) are protective devices covering a part of the user’s face. They are designed to protect both the person who wears them and the immediate environment from breathable pollutants (respiratory poisons or bacterial/viral pathogenic organisms). Face masks can be classified as full masks, half, and quarter masks. While a full mask covers the whole face, a half mask fits from under the chin to above the nose, a quarter mask fits from the top of the nose to the top of the chin. The breathing resistance varies proportionally to the density of the mask material used.

从XBI走势来看，2010年至今曾历经三次回撤，但每次都能迎来更大幅度的上涨，整体最高涨幅超过800%，我们认为创新药整体具备长期成长和周期波动的特点，并有望提供较大回报弹性，看好其市场的发展潜力，维持行业评级：强大于市。从XBI具体标的表现来看，个股差异较大，2010年至今超过100%收益的标的占比仅20%，大部分公司仍然低于发行价格甚至市值归零。此外，目前我国创新药行业也已进入出清阶段，大浪淘沙。

投资策略：我国医美填充针剂市场将快速扩容，并有望形成以玻尿酸为主体，胶原蛋白、再生材料差异化发展的格局。看好中游生产商围绕消费者求美需求进行集团化布局，通过内部研发或外延并购对玻尿酸、再生针剂、胶原蛋白等品类进行多产 品、矩阵化覆盖。关注研发实力强、渠道建设完善、获批及在研产品管线丰富的中游生产商，如爱美客、华熙生物、巨子生 物、华东医药、四环医药、昊海生科、锦波生物等有望受益。

7 月26 日，深圳发改委印发《深圳市促进大健康产业集群高质量发展的若干措施》，其中针对医美行业，一方面“产品+服务”双管齐下，不仅提出支持电子类医美产品（医用激光、光子等）、生物类医美产品（抗衰老药物、肉毒素等），还提出支持医美服务发展（建设国际性、专业化、规范化医美机构，打造医美之都），另一方面则计划通过完善执业标准、成立深圳医美质量控制中心等措施促进行业健康有序发展

近两周医药生物（申万）板块涨幅为0.40%，在申万28 个一级行业中排名最末，医疗器械（申万）板块涨幅为2.08%，在6 个申万医药二级子行业中排名第2 位。截止2022 年8 月1 日，医疗器械板块PE 均值为16.65 倍，在医药生物6 个二级行业中排名末位，医疗器械板块相对申万医药生物行业的平均估值折价31.11%，相较于沪深300、全部A 股溢价56.45%、14.54%。

从目前2022年1-5月创新药IND受理数来看，整体受理数同比基本维持稳定，化药与生物药区别度进一步加大，化药IND申请数同比下降8%，生物药IND申请数同比增加27%。其中ADC，干细胞疗法及基因疗法IND受理数同比增加67%，100%及167%，行业整体向高技术壁垒的新兴创新药种类发展，呈现高质量发展态势。

上月（0701-0731）恒生指数下跌7.8%，恒生医疗保健行业指数下 跌4.3%，涨跌幅在12 个恒生一级行业中排行第5。各细分板块表 现分别为生物科技（-8.2%）、医疗器械（-6.1%）、医疗服务 （ -6.3% ） 和制药（ -8.6% ） 。个股涨幅前三分别是满贯集团 （+26.7%）、碧生源（+23.1%）和再鼎医药-B（+19.8%）；个股跌 幅前三分别是中国生物科技服务（ -33.3% ） 、中国中药 （-31.3%）、新锐医药（-29.6%）。

7 月26 日，深圳市发展和改革委员会印发《深圳市促进高端医疗器械产业集群高 质量发展的若干措施》的通知（以下简称《通知》）。《通知》中提及支持领域涵盖 医学影像、体外诊断、高值耗材、基因检测、手术机器人等细分领域。《通知》的 印发有利于加快培育本地高端医疗器械产业集群，切实抢占新一轮产业发展的制 高点，增强本地产业核心竞争力。

医药持仓比例达2018 年以来新低。截止2022 年6 月30 日，医药行业持续成为公募基金配置比例最高的第三大行业，但持仓比例有所下滑。2022 年二季度全基金市场医药持仓比例为10.07%，季度环比减少1.32%；剔除医药主题基金后的持仓比例为4.42%，季度环比减少1.08%，处于2018 年以来最低水平。

ADC 药物研发国内外热点频出，在这一新技术领域，当前中国药企不输起跑线，有望逐步展现全球竞争力。ADC 领域，我们建议关注1）ADC 研发国内领先公司：荣昌生物（维迪西妥单抗销售启航，国内外临床进展顺利），恒瑞医药（特色dxd 类似物具有自主知识产权的DSH 毒素，明年初A1811 数据发布）；2）ADC 特色卖水人：药明合联（药明生物+药明康德），皓元医药等。

EDIT-301 是一种在研体外基因编辑疗法，用于治疗β 地中海贫血和镰刀型细胞贫血病（SCD）。今年5 月，FDA 授予EDIT-301 孤儿药资格，用于治疗β-地中海贫血。此前，FDA 已授予EDIT-301 罕见儿科疾病称号，用于治疗β-地中海贫血和镰状细胞病（SCD）。EDIT-301 由患者来源的CD34+造血干细胞和祖细胞组成，它使用进行CRISPR 基因编辑的新型Cas 酶AsCas12a，对细胞编码胎儿血红蛋白基因（HBG1 与HBG2）的启动子进行编辑。