整体观点:我们判断医药板块低点已过，主要基于以下: 1、政策方面，国务院常务会议审议通过《全链条支持创新药发展实施方案》，从多个环节支持创新药产业链发展，彰显创新药重要发展地位。 2、集采影响方面，2018年以来9轮药品带量采购已纳入423个品种，大多数品种均纳入集采，尚未参与集采的存量品种数量有限，各企业存量大品种已陆续 集采完毕，药品集采对医药行业边际影响逐步衰减。耗材国采和省际联盟集采也覆盖了较多器械品类，集采规则制定和续约也趋于温和。 3、出海方面，创新药海外授权数量和金额节节攀升;原料药制剂出口稳健增长;医疗器械中低值耗材、IVD快速出海，医疗设备海外拓展加快。 4、并购重组方面，2024年9月24日证监会发布《关于深化上市公司并购重组市场改革的意见》，鼓励上市公司加强产业整合。医药行业并购市场活跃，头 部企业通过并购重组方式，提升技术优势，对上下游供应链进行补充，快速切入新领域培养第二增长曲线，进一步增强公司的核心竞争力。建议关注账面 现金充裕，具备良好并购重组能力的相关公司

2024 年中报，中信化学原料药行业实现营业收入 907 亿元，同比 增长 2.06%，实现归母净利润 95.25 亿元，同比下滑 4.09%，实 现扣非归母净利润 82.75 亿，同比下滑 7.41%，呈现增收不增利 的状况，上年一季度高基数以及产品毛利率的下降是净利润同比 下滑的主要原因。

1. 政策积极推动行业并购重组
 2. 全球医药行业并购风起云涌，行业巨头通过并购实现持续成长 3. 国内医药行业并购重组浪潮方兴未艾，并购有望成为企业成长重要驱动力之一

Steam cleaners are cleaning appliances that use steam to quickly clean, dry, and sanitize inanimate surfaces that carry infectious organisms. They are also known as wet/dry vacuum cleaners. By end-users, the global steam cleaner market is dominated by the commercial segment, followed by the residential segment.

Squalene is a natural 30-carbon triterpene. It is an oily liquid hydrocarbon found in plants and animals. Squalene is largely found in shark liver oil as it contributes approximately one-third of the body weight of the fish. In recent years, squalene has also been derived from renewable plant sources such as rice bran oil, olive oil, wheat germ, and amaranth oil.

Worldwide, the cosmetic industry is growing rapidly with innovation and advances in formulation. Field professionals noticed several dynamic factors, and probiotics in skincare are one of these dynamic factors in the industry. Over the past few years, studies on the advantages of microbes/microorganisms on the skin have expanded and noticed a lot of attention and popularity. A significant range of probiotic solutions have become available in cosmetic care.

Pest control services helps to prevent the growth and spread of pests such as termites, rodents, and other pests (such as ants, flies, and bed bugs) that can cause health and hygiene hazards for humans. Pest control service providers focus on offering innovative, environmentally friendly, and effective products and solutions

A personal lubricant is a liquid or gel that is used to reduce friction, dryness, and chafing of genital areas during intercourse or masturbation. It can also be used with sex toys to enhance pleasure. A lubricant is neither a precaution nor a contraceptive. It does not help in preventing STDs. It enhances pleasure, prevents injuries or tears of tissues in the genitalia, and reduces pain during intercourse. However, cases of yeast infections due to improper cleaning, latex allergies, skin tears, genital warts, and acne are not uncommon.

Nutraceuticals are food products designed to prevent the occurrence of diseases, alleviate illnesses, promote weight loss, and aid in weight and health management of individuals to achieve a state of wellness. It helps destabilize proper digestion and absorb minerals and vitamins to prevent their deficiency, detoxifies cells, inhibits harmful biochemical reactions, facilitates the growth of beneficial microbiota, and excretes waste.

Nutraceutical ingredients are those that provide both nutritional and pharmaceutical properties to nutraceutical products that are beneficial for human health. As a result of the several benefits offered, such as overall health benefits and energy boosting, among others, by these ingredients, they are used in a number of end-user industries, particularly food and beverage. These ingredients can be a portion of food, or food, on the whole, having a health or medical benefit, which aid in the prevention, diagnosis, and treatment of several chronic diseases such as obesity, cancer, high blood pressure, and diabetes. Nutraceutical ingredients also have a wide range of applications in the personal care and animal nutrition industries.