集采、国谈为本季度热点话题，关注相关进展。第七批国采中选率超70%，平均降幅48%；集采购品种可替代药品参考监测范围重磅文件在业内流出；第1-4 批国采续约工作陆续开展；医保目录调整正式启动，预计11-12 月将公布结果；双通道政策在各省间进一步落实；地方增补医保目录的消化工作接近尾声；器械集采稳步推进，脊柱、冠脉、种植牙等集采进入常态。

本月重点关注维生素，受欧洲能源危机对供给端影响以及国内饲料需求回暖的刺激，维生素价格蓄势待发，重点关注后续利润弹性兑现；咖啡因 上游高位挺价，持续释放利润，此外我们长期看好中国原料药产业转向CDMO的显著成长性。

3D medical imaging revolutionized both radiological diagnosis and surgical planning. 3D reconstructions provide life-like views that can quickly summarize the relationship between anatomic structures and help plan surgical procedures. Some benefits of 3D medical imaging include less damage to healthy tissues, decreased exploratory time in the operating room (OR), and low risk of complications for patients. All these benefits contribute to reduced surgical morbidity. The likelihood of shorter operating room time per procedure and increased diagnostic sensitivity across all specialties contribute to less or reduced procedure cost.

Telehealth includes the delivery of health education, healthcare, and health information services through remote technologies. It is defined as the facilitation & delivery of health & health-related services such as medical care, patient education, and self-care through telecommunication and digital communication technologies. For the deployment of telehealth, several technologies are being used, such as mHealth, digital photography, video & audio technologies, RPM (remote patient monitoring), as well as store & forward technological tools.

The bioprinting technique involves the periodic arrangement of various biological materials, such as biochemicals and biocells, to fabricate tissues and organs. Several bioprinting techniques are used to generate 3D functional human constructs that mimic native tissues/organs. Different biomaterials based on carbohydrates, proteins, nucleic acids, and nanocomposites are used in bioprinting methods to create biocompatible and biodegradable scaffolds. These scaffolds promote cell adhesion and proliferation in the tissues engineered using 3D bioprinting techniques. Bioprinting methods have enabled researchers and manufacturers to mimic the natural tissue microenvironment to create advanced tissue models. Also, these methods have had an immense impact on the field of medicine and healthcare.

11 月月度核心观点。近期国内新冠疫情有所反复，国家卫健委发布《关于进一步优化新冠肺炎疫情防控措施 科学精准做好防控工作的通知》，未来我国的疫情防控将避免“一刀切”，防控手段更加灵活，更加精准。中药在新冠疫情的防治中发挥着重要的作用，“二十大”报告也提出鼓励中医药的传承创新，建议继续关注中药领域的优质个股；同时，CXO 具备板块估值修复机会，建议重点关注昭衍新药（603127）。

“进一步优化防控工作的二十条措施”公布，六方面调整防疫政策。国务院发布“进一步优化防控工作的二十条措施”措施，在高风险人员管理，风险地区界定，核酸检测，入境管控，疫苗接种和药物储备，防疫过度等问题上做出调整策略，在提升防控科学性、精准性的同时，最大限度减少疫情对经济社会发展的影响。

行业整体平稳增长，受疫情影响显著分化。2022 年前三季度医药 行业上市公司整体收入和利润端增速较上半年略降，主要是仿制药、 疫苗、医疗设备板块三季度因集采落地的原因环比下滑。环比来看， 表现较好的子行业主要是研发外包、体外诊断、药房及医疗服务板 块，疫情对医院端诊疗量影响依然非常突出，同时三季度药品和器 械集采执行落地同比基数也使得工业端增速下行。

胶原蛋白是人体组织器官的主要结构蛋 白，约占人体蛋白质总量的30%-40%， 广泛分布在皮肤、肌腱、韧带等部位。 胶原蛋白由原胶原组成，每个原胶原都 由3条α-螺旋的肽链缠绕而成，具有典 型的三螺旋结构。 目前人体胶原蛋白可分为29种类型，人 体含量最高的是I型、II型和III型。