新一轮散点多发疫情又来袭。12月8日，全国新增本土病例60例，涉及内蒙古、浙江、江苏、云南等省份。截至目前，全国现有高风险地区8个、中风险地区44个。疫苗接种大规模推广的背景下，“新冠特效药”将为疫情防控提供新助力。当天，国家药品监督管理局应急批准首个我国自主知识产权新冠病毒中和抗体联合治疗药物。12月9日，该药研发企业腾盛华创医药技术（北京）有限公司表示，面对阿尔法、贝塔、德尔塔所有变异株，这一中和抗体联合治疗药物都能保持活性。

9月27日，国家药监局发布新版《体外诊断试剂临床试验技术指导原则》（以下简称指导原则）。新版指导原则不仅对体外诊断试剂（IVD）临床试验的基本原则等内容进行了明确，还对IVD临床试验质量管理提出要求。随着新修订《医疗器械监督管理条例》的落地执行，IVD临床试验改革进入深入实施阶段。

Healthy sex life is a human aspect that has a massive impact on one’s overall wellness. Continuous efforts are being made to spread the awareness of sexual wellness. With end-users getting more educated, along with incremental advancements in technology enabling people to explore the healthy aspects of their sexual life, the concept of sexual wellness has started to achieve significant recognition worldwide.

Over the last few years, personal care products have become part and parcel of consumer’s life. It includes array of product such as soaps, liquid soaps, hair gel, hair oil, shampoos, anti-aging face creams, sunscreen products and others. Chemicals used in personal care products range from basic metallic salts and fatty acids used in ordinary bath soaps to the high-end cosmeceuticals that offer beautifying properties of cosmetics with useful benefits of pharmaceuticals and chemicals.

Regenerative medicine (RM) is a multidisciplinary research field that involves the use of engineered products to restore and regenerate damaged or diseased tissues in the human body. It is an innovative therapeutic intervention that entails stem cell and gene therapies to cure life-threatening disorders such as cancers and other rare diseases. In addition, RM involves patient-centric biomedical procedures to repair and restore damaged organs using stem cell and tissue-engineered products.

The personalized nutrition approach is based on customized nutritional intake and personal diet as per an individual’s personal health goals. Personalized nutrition plans improve health and minimize risks associated with developing several chronic conditions such as obesity, type II diabetes, and cardiovascular diseases. Each individual has unique dietary requirements as some people opt for customized food for good hair, skin, and nails, while some prefer foods with the least environmental impact. Several consumers adopt ideal diet plans based on their genetic makeup, lifestyle, and environment. Nutrient intake and dietary plans can be adjusted according to the personal health goals of people.

Prescribed hours of sleep are necessary to maintain a healthy body and sound mental well-being. However, due to several risk factors such as work-related stress, alternate work shifts, mental health problems, unhealthy lifestyles, increasing prevalence of obesity, and increasing use of technology are affecting the sleep patterns of people. Almost one billion people across the world suffer from some form of sleep disorder, some of which make it harder to sleep, while some make it harder to be awake. Based on physiology, each disease varies in severity. Insomnia is the most prevalent disease across the globe, which is characterized by a struggle to fall asleep or stay asleep, and/or feeling exhausted after waking up. Acute insomnia is the most common form of the disease, which is generally the result of any trauma. Another highly prevalent disease is sleep apnea, with an estimated prevalence of almost a billion. The traditional approach for tackling sleep disorders has always been looking for treatment after diagnosing the disease.

Bone grafts are used in surgical procedures for bone replacement and repair of bone fractures. These are helpful in spinal fusion surgeries ensuring new bone formation. There are several types of bone grafts available in the market. These include allograft, autograft, and artificial graft. This report constitutes information about allografts, bone grafts substitutes, and cell-based matrices. Platelet concentrations and cost of autografts are excluded in this report. The bone grafts & substitutes market has witnessed remarkable growth and developments since last few years, owing to increase in incidences of musculoskeletal disorders and other bone & joint related disorders.

Intravenous (IV) therapy helps to deliver medications, fluids, and other nutrients directly into the body through veins. IV therapy is used during lifesaving therapeutic treatment and in wellness treatment. Since ancient times, blood therapy has been around, and blood has been viewed as a therapeutic substance. However, lack of proper understanding of blood types, infectious agents, and the absence of ideal materials such as plastics held back IV therapy for centuries. Later, IV therapy became the fastest way of delivering blood products, medications, vitamins, or other vital fluids. IV therapy is usually provided to the patient with the help of an intravenous catheter, either through an injection with a syringe or infusion.

2021年， 医药行业政策加速渗透， 细分领域持续分化： IVD化学发光在安徽被集采；医疗服务种植 牙项目在宁波被打包付费；胰岛素按照大类别全国集采；生长激素等非医保品种被纳入广东集采 联盟。

12 月7 日下午，浙江省文化和旅游厅发布紧急通知，启动跨省旅游经营活动管理“熔断”机制，即日起全省旅行社及在线旅游企业暂停经营跨省团队旅游及“机票+酒店”业务。当前由于部分地区疫情美兰机场客流量受冲击仍较大，后续客流仍有较大恢复空间。韩国当前价格促销下利润率已降至盈亏平衡线，后续持续降价压力大。中国中免暂停港股IPO 缓解了一定的摊薄压力，当前疫情对客流的影响拐点仍是重要的时间点。Q4 促销力度仍维持，利润率或有所改善。

投资：补短板领域，投资加强，2020年以来医药制造业的资产拐点性提升，2022年趋势或可持续。 结构：2018年开始，医药制造业亏损企业家数/金额加速提升，产业升级、低端出清在路上。

12 月03 日，国家医疗保障局、人力资源和社会保障部公布了2021 年医保药品目录谈判的结果，本次共计对117 个药品进行了谈判，谈判成功94 个，总体成功率80.34%。

DRG更多是一种支付方式，不是一种控费手段，对医保支出总量和趋势影响较小。医保基金的基本原则是“以收定支、收支平衡、略有结余”，在总额增长的确定下，医保会在通过按病种支付、总额预算、按人头付费、按项目付费、按床日付费、DRG/DIP等多种方式提升医疗费用管理水平，从运行一段时期的地区看，DRG会在第一年影响次均费用，但后续将继续维持增长。

“4+X” 景气各不同，基于赛道逻辑的自下而上甄选个股，在“制造升级” &“创新升级”中广泛筛选，在“消费升级”中严选，在有逻辑的二三 线中下功夫，自下而上的基于赛道筛选个股。 2022建议布局制造升级（新冠CDMO&CMO&API、生物医药上游、注射剂国际化）、科技升级（创新平 台、创新新技术CGT、创新国际化biotech license out）、消费升级（品牌中药、康复、疫苗）。具体如下： 凯莱英、博腾股份、九洲药业、司 太立、东富龙、楚天科技、聚光科技、健友股份、普利制药、泰林生物、恒瑞医药、君实生物、贝达药业、健民集团、片仔癀、三星医疗、智飞 生物。（排名不分先后）

快节奏、强压力的现代社会生活将催生更广泛的睡眠障碍群体。随着睡眠障碍群体日益扩大，睡眠药物和保健品相关公司有望迎来市场红利，应当关注睡眠领域药物和保健品公司的投资机会。一方面，应当关注睡眠领域相关药物生产企业，着重关注不良反应较小的常用安眠药物non-BZDs 等。另一方面，应当关注切入睡眠保健品的医药企业，尤其是涉足目前比较火热的褪黑素、GABA 等的布局。相关上市公司有恩华药业、华熙生物等。

毛发医疗服务可分为植发和医疗养固两类，据Frost & Sullivan统计数据（转引自雍禾医疗招股书），2020年整体毛发医疗行业规模184亿元，2016-2020年复合增速24%，其中植发/医疗养固规模占比分别为73%/27%。同时结合国家卫健委统计及Mob研究院发布的《2021年90后脱发调研报告》，百亿行业背后是约2.5亿的脱发人口，其中80后/90后占比分别为37.9%/39.3%。产业链中植发医疗机构位居中游，在连锁率和品牌逐步增强的情况下有望获得较高的产业链地位，2020年连锁型民营植发机构市占率为23.9%，其中雍禾医疗以10.5%的市占率排名行业第一。

为更好地观测医药各细分领域估值、涨跌幅等变化，安信医药团队将医药行业各核心标的重新分为医药上 游（包括CXO、科研制剂、原料药、制药装备等）、医药中游（包括药品、疫苗、器械、耗材等）、消费 医疗（包括医疗服务、品牌中药、零售药房、家用医疗器械等）三大类。

全球已批准三个泛癌种生物标志物， 不再考虑肿瘤的组织来 源。 诊断技术的进步加速了生物标志物检测的普及； 客观反应率等 替代标准的应用促进了肿瘤药物的获批； 篮式临床的普及使基于生 物标志物而非组织来源的试验设计愈发普遍。 在此基础上， FDA 已 经批准 3 个泛癌种生物标志物，分别是 MSI-H/dMMR、TMB-H 和 NTRK。

2021 年板块分化继续。医药今年涨幅整体一般，春节后开始回调， 2 季度 开始触底反弹，进入下半年后表现疲软。 2021 年初至 11 月底，医药板块涨 幅为-6.17%，行业涨幅排名第 20，同时期沪深 300 指数涨幅-7.28%。分阶 段看，上半年医药指数上涨 9.33%；下半年，叠加业绩基数问题、集采政 策、估值及情绪影响，医药行业指数出现调整，医药指数全年呈现先扬后抑。 分板块来看， 板块的分化进一步明显， 今年上涨的板块主要有 SW 医疗研 发外包、 SW 原料药、 SW 中药、 SW 医疗设备、 SW 医疗耗材；其余板块 均有不同程度下跌， 其中 SW 疫苗、 SW 医院、 SW 线下药店涨幅最末， 呈 现明显分化趋势。 从估值角度来看，虽然下半年，不同板块的估值均有所下 调，但是医疗研发外包、 原料药、 疫苗估值仍然处于估值高位，估值较低的 板块有医药流通、化学制剂。