2019 年样本医院销售规模增速回升明显。2019 年PDB 样本医院药品销售总额为2550.97 亿元，同比增长11.69%，增速较前两年大幅提升；分季度来看，2019 年Q1-Q4 销售额分别为612.34 亿、644.75 亿、679.20亿、614.69 亿元，同比分别增长12.71%、13.69%、14.50%、8.64%。从数据本身来看，我们认为样本医院增速回升一方面是因为近两年医保目录动态调整，纳入品种迎来放量；另一方面受政策限制的品种，如中药注

射剂等辅助用药品种、质子泵抑制剂等超适应症应用品种下滑幅度收窄。

港股医药板块走势与A 股医药板块趋于一致。港股一共有149 家医药上市公司，市值合计2.9 万亿元，在所有港股中占比为5%，略低于A 股医药行业占比（8%）。目前港股医疗保健板块的PE 为32 倍，A 股医疗保健板块的PE 为40 倍，H/A 医药板块溢价率为-19%，处于历史中位水平。

四联苗：民海生物上周批签发58 万支，2020 年初至今批签发155万支，因行业事件影响去年同期无批签发记录，目前四联苗批签发回归正常节奏，预计2020 年销量有望达到600 万支。

随着现代生物技术的开发和应用日趋广泛，主观上或无意中对生物安全造成威胁的情况时有发生，生物安全法的推出具有现实意义。我国生物安全法草案于2019年10月21日首次提请人大常委会审议，2020年2月14日习近平发表重要讲话，要求“尽快推动出台生物安全法，加快构建国家生物安全法律法规体系、制度保障体系”。生物安全法立法加速，有望在近期推出。

公民同招政策逐步落地。所谓“公民同招”，指的是公办民办学校实行同步招生，也即公办民办学校同步报名、同步开展录取、同步注册学籍。2020 年3 月11 日，江浙沪三地同时发布义务教育阶段学校招生新政。我们认为，随着各地政策落实，将规范民办小学、初中招生掐尖选优，跨区域抢夺生源的情况，有利于构建良好的教育生态环境，促进学校间良性竞争缓解教育焦虑，体现教育公平。

With the increasing prevalence of skin cancer, there are multiple options for patients, through which they can manage the disease. The type of treatment the patient receives may depend on the cancer stage the patient has. For decades, the conventional anti-cancer treatment strategies have been surger y, chemotherapy, and radiotherapy. The recent years’ success of cancer immunotherapy, including monoclonal antibodies (mAbs), adoptive cancer therapy, and the immune checkpoint therapy, has revolutionized the traditional cancer treatment. Currently, there are several studies going on to develop the vaccine for skin cancer. For instance, researchers at Tel Aviv University, Israel, have developed a novel nano-vaccine for melanoma (2019). As of now, their innovative approach has been proven effective in the mouse model. This approach has given an opportunity for the innovation companies to establish their market presence in the near future, with the help of providing a vaccine for skin cancer.

统计局公布1-2月份社会消费品零售总额52130亿元，同比名义下降20.5%（扣除价格因素实际下降23.7%）；国家发改委等23个部委发布《关于促进消费扩容提质加快形成强大国内市场的实施意见》。

服装、化妆品销量大减，需求逐渐恢复。新冠肺炎疫情导致线下门店的客流降至低点，生活类可选品销售额大幅下滑，其中化妆品增速下滑26pp 至-14.1%，服装增速下滑32.8pp 至-30.9%。黄金珠宝增速下滑44.8pp 至-41.1%。但是电商对于化妆品、服装的渗透率较高，未来有望领先线下开始复苏，整体的需求将逐渐回暖。

疫情发展至今，国家层面高度重视居民生活及消费市场，促进内需、提振消费政策及意见不断推出。2020 年初，国内消费行业受疫情影响较大，必选消费充分发挥保障民生功能，龙头企业经营业绩相对稳定，但可选消费及中小企业压力倍增，居民就业及收入问题凸显。预计自上而下促进内需政策将稳步推出，对于稳定经济增长、改善人民生活、消费行业企稳复苏有重大意义，并从长期推动下沉市场消费潜力释放、新消费模式加速培育。

建议关注疫情期间业绩高增长的必选消费龙头及目前处于估值底部，疫情后有望企稳反弹的可选消费龙头。

Risk analytics is the type of software used by organization to efficiently and effectively manage different types of risks. This software is known for its different capabilities such as identifying as well as managing different types of risk and for taking measures to avoid potential crisis. Rise in various cyber-attacks, fraudulent attacks, and data theft on different businesses due to the ongoing trend of digitization are the major factors that drive the growth of the risk analytics market. In addition, increase in the number of security breaches and cyber- attacks on financial institution fuel the growth of the market. Furthermore, the adoption of AI-based risk analytics in different financial institution provides a lucrative opportunity for the market. This report features information on risk analytics offered by key vendors. Furthermore, it highlights the strategies of key players to improve the market share and sustain competition.