Aesthetic lasers are non-surgical, non-invasive procedures that are safe and effective for most skin types and skin tones. It involves the utilization of specific wavelengths of light to target and treat various skin concerns, such as wrinkles, scars, pigmentation issues, hair removal, and tattoo removal. Aesthetic lasers are designed to deliver controlled and precise energy to the skin, promoting collagen production and skin rejuvenation, resulting in improved skin texture and appearance

Fetal Doppler is a critical tool in prenatal care, revolutionizing the way healthcare professionals monitor the health and wellbeing of unborn babies. This non-invasive diagnostic technique uses the Doppler effect to measure and assess blood flow within fetal vessels, providing essential information about the fetal heart rate and overall cardiovascular health.

A heightened awareness of oral hygiene, elevated income levels, rapid technological advances, and the burgeoning phenomenon of dental tourism have significantly influenced the dental water floss market. The escalating recognition that oral health plays in overall well-being has spurred a greater inclination among individuals to seek productive and reasonable methods of upholding dental hygiene standards.

Cosmeceuticals come from a combination of pharmaceuticals and beauty care solutions. They are skin and hair care solutions that consist of naturally essential nutrients/compounds with helpful ramifications for the skin, and these ingredients are nourishing additives that boost the appearance of skin and hair and structure them well. These compounds have a fundamental capacity in the development of collagen in the dermis. Micronutrients that come under dietary micronutrients protect the skin from the harmful effects of light, which include skin maturing, skin tanning, and wrinkle development.

Cardiac biomarkers are specific molecules or substances introduced in the blood that provide valuable insights into the health and function of the heart. These biomarkers are released into the bloodstream in response to various physiological processes, such as cardiac muscle injury, stress, inflammation, or strain. Cardiac biomarkers are indicators healthcare professionals use to diagnose, assess, and monitor various cardiovascular conditions and diseases.

生物医用材料是一类用于诊断、治疗、修复和替换人体组织、器官或增进其功能的医用材料，可广泛应用在人体各个组织器官，广泛的应用领域决定了其巨大的市场容量，近年来中国生物医用材料行业快速发展。然而，中国生物医用材料起步较晚，且行业面临科研转化率低的问题，部分产品存在进口依赖。整体来看，老龄化背景下，心血管及骨科疾病患者持续增加，将持续提升生物医用材料需求。并且随着3D打印等新技术的不断涌现，有望进一步推动行业发展。

整体观点：我们认为，当前医药板块的估值处于低位，公募基金（剔除医药基 金）对医药板块的配置处于低位，考虑到美债利率等宏观环境因素的积极恢复、 今年前三季度受到市场环境变化和疫情影响造成行业业绩低基数、大领域大品 种对行业的拉动效应，我们对2024 医药行业的增长保持乐观。投资机会上， 我们认为有望百花齐放。

系统性红斑狼疮患者人群大，治疗需求迫切。系统性红斑狼疮（SLE）是累及 多系统、多器官的自身免疫疾病，患者有发热、乏力以及关节肿痛、肾病、狼 疮性肺炎等症状，会导致严重的器官损伤、并发症甚至死亡。国内约有100 万 SLE 患者，全球约有780 万患者。患者多为20-40 岁的育龄期女性，外貌变化 及生育功能受损严重影响患者生活，存在极强的治疗意愿和迫切的治愈追求。

胰岛素泵治疗优势及临床获益显著，应用日渐普及。据《中国胰岛素 泵治疗指南（2021 年版）》，与MDI 治疗相比，CSII 治疗可以更好地 降低T1DM 和T2DM 患者的糖化血红蛋白水平，缩短血糖达标时间。 国际上胰岛素泵应用于临床已40 余年，糖尿病控制与并发症试验结果 的公布奠定胰岛素强化治疗在T1DM 治疗和并发症控制中的重要地 位，自此美国T1DM 患者的胰岛素泵使用率显著上升。截至2021 年，我国个人长期用泵者近6 万，有超过3000 家医院开展了胰岛素泵 治疗。

我国医美行业处于快速发展期，非手术医美市场持续增长。通过复盘美国、韩国医美行业发展历史，我们认为1）经济发展，2）政策支持，3）医美技术进步为医美行业上行三要素，由此分析我国医美行业处于快速发展期。根据艾瑞咨询测算，2021年中国医美市场规模达2179亿元，预计将在2025年达到4108亿元，2018-2021年CAGR为18%，此外，2021年非手术类项目市场占比提升至34.5%，预计至2025年将提升至55.5%，非手术医美凭借其安全性高、单价低等优势，近年来市场规模逐年增加，最具增长潜力。