本周上证综指上涨 0.91%，报 3408.31 点，中小板下跌 1.17%,报 9028.19 点，创业板 下跌 1.8%，报 2618.99 点。医药生物同比下跌 2.92%，报 11012.48 点，表现弱于上 证 3.82 个 pp，弱于中小板 1.75 个 pp，弱于创业板 1.11 个 pp。全部 A 股估值为 15.88 倍，医药生物估值为 41.22 倍，对全部 A 股溢价率为 159.52%。

我们选取了247家医药上市公司（不包含科创板），前三 季度收入总额13519亿元，归母净利润1317亿元，分别占申万医药全成分 结果比例是：87%、91%，主要剔除了在2019年提取巨额商誉减值损失的 企业、在2019年9月以后上市的公司。前三季度，2020年全行业（不包含 科创板）收入增速6.3%，净利润增速29.8% ，扣非净利润增速29.8% 。 分季度看，单三季度收入增速14.9%，净利润增速55%，扣非净利润增速 50.6%。收入增速回归三年中枢，净利润增速再创新高。全行业（不包含 科创板）前三季度实现业绩正增长的公司有155家，占比59%，多数公司 实现收入正增长（59%，145/247）。

我国医疗诊后的现状并不乐观。从医护资源的角度考虑，至2019年千人医生 数已达到2.4人，千人护士数已达到3.2人，但中国整体医护资源相比国外发达国家仍 有不小的差距。从院内流转角度考虑，中美两国平均住院日近年来的平均差距达到 3.6日。艾瑞认为通过互联网的方式赋能医疗诊后，改善医疗资源配置已是刻不容缓。

精确制导的“魔法子弹”ADC 药物迎来黄金时代。ADC 药物作为单 克隆抗体和小分子药物的集合体，由抗体、接头和效应分子三部分 组成，兼具抗体药物靶向性和化疗药物肿瘤杀伤性，经过多年发展 终于迈向收获期，魔法子弹威力凸显。ADC 药物先后共经历了三代 变迁，应用技术持续进步，药物应用范围也逐步扩大，定点偶联技 术将 ADC 药物发展推向新的高度，未来在治疗窗口和治疗仍有更多 进步空间。

医保进入全面精细化管理时代；高端、差异化的医疗服务需求持续上升、商 业健康险迎来大发展；创新药研发将进入更高层次更为激烈的竞争时代，商 业化能力决定成败，CRMO 行业高景气度将持续；血液制品和疫苗成为当下 良好的政策避风港；估值水涨船高之后，投资机会更多来自于细分领域和个 股。2021 年我们看好：1、非医保领域的医疗、药械，包括：医美、细胞治 疗、眼科、基因治疗等；2、创新药及 CRMO 产业链；3、医疗器械、设备类 的国产进口替代；4、第三方独立实验室；5、血液制品、疫苗；6、原料药产业。

医疗器械处于上半场，或复制过去 5 年创新药发展之路：当前医疗器械 发展阶段较为靠前，新需求和新技术驱动行业快速扩张，自主研发及进 口替代加速国产崛起，叠加冠脉支架集采价格落地、行业龙头逐步形成， 器械版 biotech 正加速分化，创新医疗器械的黄金时代将到来。

Radiation dermatitis is a side effect of external beam ionizing radiation. It is also called radiodermatitis, x-ray dermatitis, radiation skin damage, or radiation burn. Radiodermatitis healing process can be facilitated in three different ways, which include topicals, oral drugs, and dressings. Topical product includes many advantages such as high cost-efficiency, easy application, availability, and reduced side effects. Dressings have been found to be sufficient to treat different grades of radiation burns effectively, which is expected to fuel their adoption in the future. Moreover, in case of radiodermatitis, the best treatment is combining topical and oral treatment options. The report provides an in-depth analysis of the radiodermatitis market on the basis of product, distribution channel, and region. The report includes popularly used products by cancer patients in the market such as topical corticosteroids, wound dressing gel, and dressing material. However, the market size in the report is limited to radiodermatitis products and excludes traditional wound care products.

Pulse oximetry is a non-invasive and painless test that measures the patient’s oxygen saturation level or the oxygen level in the blood without taking a blood sample. It can rapidly detect even small changes in how efficiently oxygen is being carried to the extremities furthest from the heart, including the legs and the arms. The pulse oximeter is a small, clip-like device that attaches to a body part, such as toes or an earlobe. It is used medically by patients with asthma, chronic obstructive pulmonary diseases (COPD), chronic obstructive airway diseases (COAD), and other respiratory conditions. It is most commonly put on a finger and is often used in a critical care setting, such as emergency rooms or hospitals. Some doctors, such as pulmonologists, may use it in office.

Remote healthcare/remote health is one of the advanced forms of medical service introduced a decade ago. It is defined as a technology-enabled health service provided to patients in remote locations. It is basically a telehealth/telemedicine service that enables constant monitoring of the patient’s condition and performance of preventive and control check-ups outside medical facilities. Remote health care made possible use of remotely connected health monitoring devices that measure vital signs. Several organizations and users use “remote healthcare” interchangeably with telehealth and telemedicine. The concept of remote healthcare was introduced to make medical assistance accessible and affordable for patients across the world. It is a part of connected health operations in the healthcare sector. This healthcare service helps to communicate, diagnose, treat, and monitor patients in remote locations. Remote healthcare is the need of the hour in the healthcare sector to improve worldwide healthcare access.

科研服务行业是科研事业“卖水人”，下游需求旺盛，市场空间广阔。科研服务行业指为高等院校、科研院所、企业研发部门等单位提供科研相关产品以及配套方案的行业，属于国家战略产业，在全球范围内保持高景气度。