2022Q1-Q3，医药上市公司整体收入增速为9.6%、归母净利润增速7.7%、扣非净利润增速13.0%，较高基数叠加上半年疫情散发，增速较去年同期有所放缓。我们认为，一方面由于2020前三季度疫情影响下基数相对较低，而2021同期在疫情常态化下开启经营恢复增速较快；另一方面2022前三季度，尤其是上半年国内上海等地疫情散发带来板块整体增长放缓。

板块估值、机构持仓均处历史低位，叠加政策边际缓和，医药板块长期配置价值凸显：近一年多以来，医药板块的估值大幅回落，截至2022 年11 月15 日，申万医药生物PE-TTM 为23.6x（近十年均值为38x），已经达到历史相对低位；从机构持仓情况来看，2022Q3 公募/非医药主题公募基金重仓医药行业的持股市值占比为10.63%和5.6%，环比均有所下降。今年四季度以来，骨科脊柱耗材国采，创新药新增适应症简易续约，创新型器械暂不纳入集采等，显示医药行业政策边际放松，我们认为当前医药板块具备较高投资性价比，有望成为长线投资配置的优选。

Viral transport mediums (VTM), which include tubes, kits, and swabs, are a medical device that allows the collection, preservation, and transportation of viral specimens for advanced research, including conventional cell culture methods, molecular biology techniques, and diagnostic tests. VTM kits, especially, are available with a screw cap plastic tube, containing antibiotics and buffered proteins such as serum, gelatin, or albumin. Antibiotics are incorporated in VTM kits to suppress the growth of fungi bacteria.

Ulcerative colitis is a chronic inflammatory bowel disease (IBD) in which abnormal reactions of the immune system cause inflammation and ulcers in the inner lining of large intestine. The three main forms of ulcerative colitis are: 1) Ulcerative proctitis; 2) Left-sided colitis; 3) Pancolitis (Total Ulcerative Colitis).

The global telehealth market has witnessed exceptional growth in recent years. Telehealth kiosks are revolutionary products that have witnessed high adoption worldwide during the ongoing COVID-19 pandemic due to the high demand for remote care services. A telehealth kiosk is a small booth-like structure that enables patients to consult a physician remotely and follow up on treatment plans for a wide array of medical conditions. Currently, healthcare consultation and vital sign monitoring are not limited to a ph sician’s office as patients can contact their doctors by email, review test results on secure web portals, schedule visits, and interact with physicians via videoconferencing or live chats. Consequently, telehealth kiosks have emerged as a significant part of IT-enabled healthcare services. Patients can receive continuous updates on important vital signs, such as blood pressure, from implants operated by smartphone applications and share results with family and doctors. Also, telehealth kiosks provide enhanced connectivity to physicians for smooth provider-provider and patient-provider interactions. Patients also benefit from improved communication between providers.

Drugs are unique formulations used in modern and traditional medicine. They are essential for the prevention and treatment of illness and the protection of public health. Biologics are medicines made by living cells or biological processes. They are relatively complex molecules and are usually composed of proteins for transplantation, carbohydrates, nucleic acids, cells or tissues, or complex complexes of these substances. Examples include hormones, vaccines, blood products, allergens, monoclonal antibodies, recombinant therapeutic proteins, cell & gene therapies, growth factors, cytokines, and insulin. On the other hand, drugs made by chemical synthesis are called small molecules.

The interest in electronic access to health information and the use of digital data for both disease and health-related tracking is growing. The widespread use of health IT could potentially increase the access of patients to their health information and allow future goals of advancing patient-centered care. Various tools, such as patient portals, personal health records, and mobile health (mHealth) applications, have been developed to help patients to engage in their own health care. A patient portal provides a secure way for a patient to interact with their healthcare provider through the internet.

The ever-changing healthcare environment presents many challenges for healthcare providers in terms of service integration and quality and financial constraints. Mobile diagnostic imaging technologies have enabled healthcare establishments to minimize their expenditure, improve imaging quality, and counter the shortage of medical practitioners. Most mobile diagnostic imaging devices are primarily designed to perform diagnostic procedures that provide detailed images of internal organs for efficient clinical analysis and medical intervention. The global mobile imaging market is witnessing considerable growth due to innovative applications of mobile medical imaging technologies in various therapeutic areas, such as cardiology, neurology, and gynecology.

There is significant growth in the global micropropagation market due to continuous R&D investments in technological innovation and advanced techniques to increase crop efficiency and quality in agriculture. Micropropagation is used to produce crops that are difficult to propagate using conventional methods, such as seeding or cutting. Moreover, micropropagation helps to create many progeny plants using modern plant tissue culture methods.