Holter monitors are small, battery-powered medical devices that record the activities of the heart such as rate and rhythm. The Holter monitor was first developed at the Holter research laboratory in Helena Montana by experimental physicists Norman J. Holter and Bill Glasscock, who initiated work on radio telemetry in 1949. In the early 1950s, inspired by a suggestion from cardiologist Paul Dudley White, efforts were shifted toward the development of a wearable cardiac monitoring device. The Holter monitor was first commercially released in 1962. Since their inception, these devices have been a cornerstone for diagnosing suspected arrhythmias in patients across age groups. Conventional Holter monitors allow continuous registration of three or more leads for 24–48 hours. Latest generation Holter monitors allow continuous electrocardiogram (ECG) registration from 14 days to 60 days. Such prolonged monitoring with Holter monitors will increase the diagnostic yield of devices, especially for rhythm disturbances, which are infrequent yet recurrent.

The application of enzymes in industrial activities has revolutionized the industrial sector. The rise in the economically prosperous world population and the increase in demand for food and beverages are expected to drive the market. In 2019, the industrial enzymes market was valued at $5 billion. By the end of 2035, segments such as biofuel, cleaning, and food and beverage are expected to enhance the growth of the market by 39%. The market is highly dominated by North America followed by western Europe, especially in segments such as animal feed and cleaning agents. While a diverse range of enzymes are used across industries, Novozymes continue to remain the market leader for the industrial segment. Stimulated by high demand from the APAC markets (China, India, and Japan), the region is expected to grow at the fastest CAGR of over 6% during the forecast period.

Atrial fibrillation, also called AFib or AF, is an irregular and often rapid heart rate that can increase the risk of strokes, heart failure (HF) and other heart-related complications. During AF, the heart’s two upper chambers (the atria) beat chaotically and irregularly without proper coordination with the two lower chambers (the ventricles) of the heart. In AF, the irregular heartbeat results in ineffective blood circulation out of the heart and through the body. This causes blood collecting, or pooling, in the heart where clots can form. In case a clot travels to the brain, a stroke can occur. People with AF are at 5-7 times higher risk of a stroke than the general population.

The report provides market dynamics and trends related to the global veterinary CRO market. In addition, it presents estimations and forecast of the market. It includes revenue generated from sales of veterinary CRO services such as clinical trials, toxicology, and market authorization & regulatory support for companion animals. For analysis, the global veterinary CRO market is segmented on the basis of service type, animal type, indication, and region. The study estimates revenue generated from sales of services such as clinical trials, toxicology, and market authorization & regulatory support.

本文从指南推荐、临床疗效、竞争格局、用药费用、适用人群、在研适应症、已有药物市场表现等方面，从EGFR、ALK、ROS1、BRAF、HER2、BRCA、VEGF(R)等主要实体瘤相关靶点以及抗体偶联药物（ADCs）出发，探究目前主要应用于实体瘤的新型抗癌药物市场的投资机会。

本周医药板块出现较大波动，医药估值逐步实现消化，另一方面，医药板块后续将进入年报一季报密集披露期，业绩将成为医药后续行情最大的催化剂。2021 年一季度医药板块整体业绩表现亮眼。多数公司Q1 利润端实现较快增长，提示新冠疫情影响进一步消退，2021 全年医药板块公司业绩值得期待。我们对重点覆盖的69 家医药上市公司2021 年一季度业绩进行了预测。

国家药监局附本月新增疫苗批签发4404.23万支，同比增长48.55%。条件批准2 款国产新冠疫苗上市。中国新冠疫苗接种率计划在2021年6月达到40%。根据中国疾病预防控制中心计划，我国的疫苗接种率有望于2021年6月达到40%， 新冠疫苗和接种费用由医保基金负担，财政给予适当补助。

一个中心：医药电商平台连接药企、经销商、零售药房、医院和终端群体。疫情重塑用户线上线下行为，疫情期间，医疗供给不足，医疗需求爆发，互联网医疗重要作用凸显，市场教育时间大幅缩短。 两大产品：药品和非药品。（1）处方药：处方外流有望带来千亿增量空间；（2）OTC：在线零售药房主力产品；（3）非药品：可选消费天然适合线上场景。线下药房非药品占比低于线上零售药房，非药品毛利率高于药品。医药电商商业模式逐渐完善，B2C、B2B、O2O三种商业模式相互补充。

2021 一季度医药板块多数公司业绩弹性得到释放，建议投资人重点关注一季报高增长品种。受疫情影响，去年一季度医药板块大部分公司业绩受损，今年业务逐渐恢复至正常增长水平，将出现较大幅度的反弹性增长。具体来看，CXO、医疗服务、部分生物制品、医院端处方药，以及医疗器械中2020 年受疫情影响较严重的子行业（如手术产业链、IVD 中的非新冠检测等）今年一季度实现较快增长。

针对实体瘤的ADC 药物近年来发展迅猛。在全球ADC 药物发展初期，绝大多数ADC 药物均以血液肿瘤作为适应症，仅Kadcyla 布局实体瘤适应症。这一现象的根源在于早期使用腙键作为Linker。腙键易在低PH 值环境中水解，在血液循环中会出现缓慢水解的现象，导致采用腙键技术难以设计出靶向实体瘤的ADC 药物。近年来，随着多肽键等新一代Cleavable linker 的运用，靶向实体瘤的ADC 药物迎来了发展的黄金时代。

本周，申万医药生物板块上涨1.74%，跑输沪深300 指数0.44 个百分点，涨跌幅在申万28 个一级子行业中排名第19 位。子板块方面，医疗服务和医药商业板块涨幅居前，分别上涨4.84%、2.52%，仅医疗器械板块下跌，跌幅为0.81%；截止2021 年3 月16 日，申万医药生物板块剔除负值情况下，整体TTM 估值为39.50 倍，相对于剔除银行股后全部A 股的估值溢价率为56.75%。个股涨跌方面，博雅生物、海尔生物和*ST 恒康涨幅居前，新产业、济民制药和英科医疗跌幅居前。

创新药及产业链CXO、医疗器械、药店等有望延续高增长。我们对重点覆盖的47 家医药上市公司2021 年一季度业绩进行了预测，其中预期业绩增速超过50%的有9 家；净利润增速在30%~50%的有16 家；净利润增速15%~30%的有13 家；净利润增速0%~15%的有5 家；净利润同比下滑的公司有3 家。分行业来看，器械、CXO、生物药、药店等板块有望在一季度实现较快增长

血液肿瘤领域，利妥昔单抗、伊马替尼在我国长达近二十年的市场教育及指南背书下患者用药渗透率相对较高，近年来在医保对接、类似物上市、集采降价/预期集采以及新品上市等因素的冲击下，整体市场增速放缓，也为同类型非优产品设定价格天花板，但对于仿制药/类似药替代下已获批国产企业存在结构性机会；此外耐药后、更优效的新一代药物逐步登台，并在医保对接、用药经济性、市场教育等取得阶段性成就，市场快速扩增。