创新药板块受多方面因素影响，目前整体估值已基本回落至疫情前水平，从中长期角度看，我们认为板块估 值已经回归理性，当前时间节点具有较好的中长期布局价值。 随着多项创新药相关的注册审批、医保准入、终端推广等政策发布，中国创新药行业发展已进入规范化发展 新阶段。中国创新药行业持续快速发展，部分商业化品种具备重磅品种的潜力，随着进入商业化阶段的品种 持续增多，就创新药企业而言，结合自身产品特点，采取符合企业自身资源禀赋的创新药策略有机会在商业 化阶段获得更大的成功。

2022 年3 月22 日，为了指导各地更好地建设方舱医院，国家卫健委以国务院 联防联控机制综合组名义印发了《方舱医院设置管理规范》（下文称《规范》）， 从方舱医院的选址、三区两通道的设置、病区的设置和管理、医护人员按照床 位的比例如何配置、信息化手段、信息的传递、污水污物的处理、隔离管理的 患者生活保障，以及整个方舱医院的安全保障等方方面面，从各个细节做了非 常详细的指导。今年3 月份以来新冠确诊数趋高，此轮疫情新冠病毒病原体多 以奥密克戎毒株为主，传染性较强，致死率较低，患者的症状非常隐匿，表现 总体偏轻，以轻型和无症状感染者居多，占比高达90%以上。这部分轻型患者 和无症状感染者的诊疗需要在具备一定医疗条件的集中隔离场所进行，以观察 病情变化和对症处理为主。但是由于需要隔离的人员数量在快速增加，在这种 情况下，能满足隔离和治疗需求的定点医院、隔离点的供需矛盾非常突出，因 此方舱医院的建设必要性大幅提升。

盘高成长，建议自下而上精选个股。根据国内疫情防控趋势及2022Q1 业绩前瞻分析， 2022 年建议紧抱“新冠相关需求提升”+“卡脖子技术进口替代”，两条投资主线。

Some of the latest medical technologies are fostering the development of new healthcare models that will benefit insured patients and the healthcare insurance sector. New technologies can improve disease prevention, diagnosis, and treatment and enhance patient safety and health system coordination. Also, advanced medical technologies optimize the use of resources, ensure sustainability, and reduce waiting times and errors. Rapid and reliable Information and Communication Technologies (ICTs) have emerged as vital components in improving the quality of human health.

Some of the latest medical technologies are fostering the development of new healthcare models that will benefit insured patients and the healthcare insurance sector. New technologies can improve disease prevention, diagnosis, and treatment and enhance patient safety and health system coordination. Also, advanced medical technologies optimize the use of resources, ensure sustainability, and reduce waiting times and errors. Rapid and reliable Information and Communication Technologies (ICTs) have emerged as vital components in improving the quality of human health. The use of several healthcare technologies has contributed to the development of different applications in various health coverage programs, such as electronic health records, telemedicine, e-prescription, and revenue cycle management.

Cybersecurity is a continuously developing industry, and it impacts all the sectors across the globe. Organizations are moving from integrated security teams to communicating the responsibilities with the application teams, and the industry has put added focus on partnership and the communication of information in the community to make certain the highest level of possible efficacy. Today, ransomware, fileless malware, and nation-state attacks dominate the cybersecurity conversation. Companies are shifting from previously reactive stances to more proactive ones. Real-time threat analysis, breach detection, and predictive modeling signal a significant shift away from information security toward intelligent security.

Disinfecting is a procedure that uses chemicals/disinfectants to kill germs on surfaces and objects. Some common disinfectants include bleach and alcohol-based solutions. Disinfectants are usually left on target surfaces and objects for a certain period to kill germs. Also, the task of sanitizing can involve either cleaning or disinfecting or both. According to the Center for Disease Control and Prevention (CDC), sanitizing refers to lowering the number of germs on the surface to a safe level. The safe level depends on public health standards or requirements at workplaces, such as healthcare facilities. Some common ways of disinfecting and sanitizing include mopping a floor using a mop with disinfectants and water, disinfectant wipes or hand sanitizers, and others.

Diagnostics is an important and integral part of healthcare that is used both for medical examinations and for planning and monitoring the treatment of sick patients. Hematology is one of the basic specialties that forms most tests performed in a routine medical laboratory operation. Hematology tests are one of the most performed diagnostic tests across the globe. The increased research and development have resulted in various diagnostic insights from studying blood. Blood components are seen as markers for various healthcare conditions. This scope is increasing, and many rare blood-related disorders also can be identified using simpler hematology tests. This is driving the demand for new hematology innovations in the market.

2019年，全国药品流通市场销售规模稳步增长，增速略有回升。大型药品批发企业销售加速增长，集中度继续提升；零售行业集中度、连锁率进一步提高；医药物流向智慧物流迈进，专业化服务能力显著提升；医药电商进入快速成长阶段。2020年，受整体经济环境和各种因素影响，药品流通行业增长将承受更大压力。

随着药品集中采购等政策的实施以及大数据等新技术的应用，我国药品流通行业实现了多重转型。本文对药品流通行业转型的政策及社会背景进行梳理，归纳了当前药品流通行业转型的主要方式与表现，包括商业模式转型、行业集中度提高、供应链整合以及“互联网+药品流通”等新业态发展，并指出了转型过程仍存在价格管制未实现预期效果、“4+7”药品带量采购的价格形成机制需要进一步完善等问题。在转型方向预判的基础上，提出未来药品流通行业转型的管理对策。