“Different types of computer-assisted surgical systems can be used for pre-operative planning, surgical navigation and to assist in performing surgical procedures. Robotic-assisted surgical (RAS) devices are one type of computer-assisted surgical system. Sometimes referred to as robotic surgery, RAS devices enable the surgeon to use computer and software technology to control and move surgical instruments through one or more tiny incisions in the patient’s body (minimally invasive) for a variety of surgical procedures.” The surgical robotic systems are a combination of equipment, accessories, software, and services that aid in performing minimally invasive surgical procedures such as gynecology, cardiology, urology, and general surgical procedures.

Hand sanitizer dispenser is a hand cleansing unit, which can be self-standing or used in combination with other hygiene stations. Hand sanitizer dispenser machines are available with different capacities, sizes, and operation modes. They are generally installed in public and commercial places such as offices, railway stations, and washrooms. The recent outbreak of COVID-19 has created more demand of hand sanitizer dispenser machines. In addition, they are user friendly and low in maintenance. Thus, the market is expected to grow during the forecast period.

Hand sanitizer dispenser is a hand cleansing unit, which can be self-standing or used in combination with other hygiene stations. Hand sanitizer dispenser machines are available with different capacities, sizes, and operation modes. They are generally installed in public and commercial places such as offices, railway stations, and washrooms. The recent outbreak of COVID-19 has created more demand of hand sanitizer dispenser machines. In addition, they are user friendly and low in maintenance. Thus, the market is expected to grow during the forecast period.

Smart insulin works according to the blood glucose concentration i.e. higher the blood glucose higher is the concentration of insulin released and lower the blood glucose lower is the concentration of insulin released. The report provides market dynamics and trends related to the smart insulin or glucose responsive insulin market. In addition, it presents the market estimations and forecast. The study estimates the revenues that are confined to the sales of smart insulin devices used in diabetes monitoring and management. However, the market estimates do not include revenue generated from the postsale services of the devices.

The scope of this report has been carefully derived based on interactions with experts in different companies across the world. This report provides a market study for point-of-care imaging solutions, which includes cart/trolley-based systems, handheld devices and wearables, portable laptop-style devices, and accessories. Market contribution of the products anticipated to be launched in the future has been calculated based on the historical analysis of the products. This analysis has been supported by factors such as the company’s innovation scale, status of funding, collaborations, customer base, and patent scenario. In addition, market estimation for the countries is based on factors such as the number of modalities per million in each country, the prevalence of key diseases, and the sales data of companies.

投资建议：维持“强于大市”评级。2018-2020 年，行业政策方向已经明晰，我们预计2021 年仍然处于行业政策密集推广的阶段，建议回避受政策压制领域，坚守政策免疫且符合行业发展趋势的高景气细分龙头。

新药研发是全球医药行业创新之源，对人类健康和生命安全有着重大的意义。2019 年美国FDA 下属机构药品评价和研究中心（CDER）一共批准了48 款新药，其中包括37 个新药申请（NDA）和11 个生物制品生产许可申请（BLA）。尽管在过去的几年间，新药审批的数目十分可观，但目前很多致命的罕见病依旧没有有效治疗药物。药物发现阶段因为处于药物研发的早期，对于新药的研发成功非常重要。

我们关注的投资机会包括：1）创新创造价值，靠真实创新驱动的企业，如恒瑞医药(600276，买入)、信达生物(01801，未评级)、键凯科技(688356，买入)、佰仁医疗(688198，未评级)、三友医疗(688085，增持)；2）具备连锁扩张优势的医疗服务企业，如爱尔眼科(300015，未评级)、锦欣生殖(01951，未评级)；3）由疫情导致企业经营环境优化，市场空间进一步扩大的企业，如迈瑞医疗(300760，未评级)、仙琚制药(002332，买入)、蓝帆医疗(002382，未评级)、英科医疗(300677，未评级)；4）创新服务领域，且维持高景气度的CRO 企业，如药明康德(603259，增持)、康龙化成(300759，增持)。

行情回顾:上周，A股医药生物指数上涨4.25%，跑嬴沪深300指数1.99pp,跑嬴创业板综指2.73pp，排名3/28，表现相对较好，主要是医保谈判结束，巿场情绪压制因素解除。H股恒生医疗健康指数收涨8.5%，跑赢恒生国企指数8.2pp，排名2/11。

年初至今（2020.1.1-12.7），申万医药生物板块上涨 44.32%，跑赢沪深 300 指数 23.37 个百分点，涨跌幅在申万 28 个一级行业中排名第 4 位，作为避险 和高成长的医药生物板块走势较优，但内部出现分化，具有疫情防控属性的 医疗器械和生物制品子板块分别上涨了 75.26%和 63.61%，中药板块由于中 药注射剂和辅助性用药限制涨幅最小，仅上涨了 15.43%。

中国医疗器械市场未来仍将保持高速增长趋势，在医改政策等驱动因素的影响下，部分领域的国产产品有望快速放量&实现国产替代，有创新技术及核心竞争优势的部分企业将脱颖而出，优质赛道中的白马龙头有望继续享受较高估值溢价。重点推荐迈瑞医疗、欧普康。

12月10日，国家卫建委、国家医保局、国家中医药管理局联合发布《关于深入推进“互联网＋医疗健康”“五个一”服务行动的通知》公告，强调进一步聚焦人民群众看病就医的“急难愁盼”问题，持续推动“互联网＋医疗健康”便民惠民服务向纵深发展。

从1月至2月的中国地区疫情高暴发，到2月至4月的美国、意大利、西班牙等欧美国家疫情高暴发，到4月至8月 的以美国、印度、巴西、俄罗斯为代表的大国主导疫情发展，再到8月下旬至今欧洲等地区的疫情二次暴发，海 外疫情持续发酵。

过去一周A股医药股板块指数下跌2.14%，上证综指下跌2.83%，深证成指下跌3.362%，创业板指下跌1.5%%。

本周周报我们重点谈谈眼科器械领域中，人工晶体的长期投资价值：白内障诊疗需求分化趋势明显，医生供给结构优化有望推动高端晶体终端扩容。

我们一直认为，国内血制品行业是个非竞争性市场，使得供给和需求共同影响血制品行业发展。在终端需求保持稳定增长情况下，血制品企业浆站资源获取以及浆站管理能力决定了其行业地位以及竞争力。天坛生物属于中生集团旗下唯一血制品公司平台，在浆站资源获取能力上具备其他血制品企业难以企及的优势，这也是为什么我们认为天坛生物是国内稀缺的具有成长逻辑的血制品公司。浆量成长叠加吨浆利润提升，天坛生物成长空间充足。