创新药与 CXO 业绩表现靓丽，医用设备板块有望持续回暖。25 年前三季度医药生物板块实现收入 18257.4 亿元（YOY-1.97%），实现归母净利润 1396.6 亿元（YOY-1.59%）；单三季度实现收入 5985.4 亿元（YOY+0.78%），实现归母净利润 405.1 亿元（YOY+7.67%）。从毛利表现来看，25 年前三季度医药板块实现销售毛利润 5734.5 亿元 （ YOY-6.1%），对应整体毛利率为31.4% （YOY-1.4pct）。从各医药申万二级行业表现来看，25Q3 各板块继续分化，医疗器械和医疗服务板块收入表现靓丽，化学制剂板块净利润继续同比增长，其他细分子板块表现稍差。

全球监管政策在2025年呈现三大关键突破，形成既趋严又明晰的监管框架。欧盟于2025年7月批准首款基于 大型语言模型（LLM）的临床决策系统"Prof. Valmed"获得CE认证（IIb类），要求该类产品必须建立全程数据 可追溯体系、临床偏见消除机制及持续监控计划，为生成式AI医疗器械设立全新标杆。中国国家药监局同期发布《优化全生命周期监管支持高端医疗器械创新发展举措》，明确简化AI算法优化产品的变更注册流程，推动脑机接口、基因工程合成生物材料等前沿技术标准化，将AI影像产品平均审批时间从24个月压缩至14个 月。

中药行业：“十五五_蓄势，基药目录待发－2026年中药行业年度投资策略

美容护理行业：胶原蛋白，技术支撑下的产业链协同与医美应用新趋势

Various CNS stimulants, such as lisdexamfetamine, methamphetamine, amphetamine, and armodafinil, are used to treat CNS disorders and their symptoms. These stimulants act by increasing the dopamine level in the brain, which increases blood pressure and heart rate.

Chronic disease management refers to the use of tools and software to manage the symptoms of long-term illnesses and improve monitoring chronic conditions, ensuring the well-being and safety of individuals.

Patient portals are online applications that allow communication of patients with their healthcare providers. Patient portals enable patients to access their health records 24x7, thereby empowering patients to manage their own health. Some patient portals are independent websites, which are integrated into existing hospital software while others are modules of existing electronic health records (EHRs) or electronic medical records (EMRs).

Pet care products include a wide range of products that are a necessity for pets. Pet keepers purchase pet care products online and through offline distribution channels.

Parenteral nutrition (PN) is a medical method of delivering essential nutrients including proteins, carbohydrates, fats, vitamins, minerals, and trace elements directly into the bloodstream through an intravenous (IV) catheter. It is used for patients of all ages, from infants to adults, who cannot eat or absorb adequate nutrients through regular or tube feeding. This sterile liquid formula helps maintain proper nutritional status by bypassing the digestive system entirely, ensuring patients receive the vital nutrients they need to support health and recovery.

Physiotherapy is a non-surgical treatment method where the treatment for impairments such as injury, deformity, and recovery from surgery is done through physical medicine and therapies, such as heat therapy, cryotherapy, hydrotherapy, and therapeutic exercise.