Dental burs are medical devices used in modern dentistry for surgical care and tooth restoration procedure. These are designed as a powdered rotatory instrument such as tiny drilling equipment which is equipped with cutting blades on its edges. These are used to cut hard tissues such as bone and teeth. Endodontic is the study of science related to the soft tissue surrounding the root of a tooth and dental pulp. Endodontic includes endodontic retreatment, root canal treatment, dental implants, and endodontic surgery. This study comprises products only and not services. The study estimates the revenue generated from the sales of dental burs and endodontic. The valuations comprise revenue generated from the adoption of root canal procedures by patients. The study scope focuses on dental burs and endodontic products from e-commerce websites and pharmacies. Furthermore, the report excludes revenue generated from post-sale services of dental burs and endodontic products

This study evaluates the market for digital tools for the management of behavioral health conditions, that is, behavioral health tech. The conditions included are listed below, and they are in keeping with NAMI’s definition of mental illness

Peptides are a selective, efficacious, and unique class of molecules that bind to specific cell surface receptors, triggering intracellular effects. They are short chains of amino acids linked by a peptide bond. Although they are molecularly poised between small molecules and proteins, peptides have distinctive therapeutic and biochemical properties. They represent an attractive first step in developing novel therapeutics across different areas, including oncology, metabolic, cardiovascular, infectious, endocrine, neurology, and other disorders. For decades, researchers have endeavored to comprehend intracellular protein-protein interactions (PPIs) as they play a critical role in the pathogenesis of numerous disease states. The development of constrained peptides exhibits an emerging approach that addresses challenging PPIs.

Digital health is an emerging technology, which uses connectivity, software, computing platforms, and sensors to enhance the quality of healthcare and its outcome. It increases the physical and emotional well-being of the population. This study comprises products only and not services. The study estimates the revenue generated from the sales of digital devices used for health care. The valuations comprise revenue generated from adoption of health, health information technology, wearable patch, telehealth and telemedicine by patients. The study scope focuses on digital health products for quality health care.

Endodontics is the study of science related to soft tissue surrounding the root of a tooth and dental pulp. Endodontics include endodontic retreatment, root canal treatment, dental implants and endodontic surgery. This study comprises products only and not the services. The study estimates the revenue generated from the sales of endodontic consumables. The valuations comprise revenue generated from the adoption of root canal procedures by patients. The study scope focuses on endodontics consumables for dental clinics and hospital and dental clinics. Furthermore, the report excludes revenue generated from post-sale services of endodontic consumables.

细分行业短期面临挑战，但回流可能性较小。美国虽然正在重新思考他们的供应链战略，但事实上全球的供应链正在不断地融合，形成相互联系的庞大网络。重新建立供应链和生态体系需要付出大量的时间和资金成本，考虑到新冠疫情后美国政府财政压力增大，我们认为医药先进制造回流的概率相对较小。

创新才是生产力进步本质驱动；只有创新迭出的行业，才能有翻数倍成长的个股；同时，不论是医药还是其他科技行业的成长，不会因为上游供应链的区域阻断而停滞。

新冠订单为短期业绩助推器，实则中国CDMO企业全球话语权提升。市场普遍认为新冠口服药带来的大额合同 订单为一过性影响因素，不仅不能因其带来的高业绩增速匹配高估值，同时新冠订单占据部分产能，可能会对非新冠项目 形成产能挤兑，因而，在陆续披露大订单后，相关CDMO企业股价出现回调现象。但是，我们认为，后疫情时代的新冠口 服药订单其实吹响产业升级的号角，中国CDMO企业被海外大药企纳入创新药商业化供应的第一梯队名单。中国化药 CDMO企业大都在2000年左右成立，早期处于拓市场、建口碑时期，多以接附加值较低的中间体或原料药订单为主，以 海外产业链转移为行业增长逻辑。历经20余年的发展，我们认为站在当下，中国化药CDMO企业的成长逻辑已转变成产 业升级，不再是低附加值的CMO订单转移，而是运用核心技术主导工艺开发的高附加值CDMO订单。

本报告期医药生物行业指数跌幅为13.54%，表现不佳，在申万31 个一级行业中位居第31，跑输沪深300 指数（-3.45%）。从子行 业来看，医药生物三级行业全线下跌，其他生物制品、体外诊断、 医疗耗材板块跌幅居前，跌幅分别为22.05%、19.99%、18.05%。 估值方面，截止2022 年1 月28 日，医药生物行业PE（TTM 整体 法，剔除负值）为28.91x（上期33.48x），低于均值减一倍标准 差。医药生物申万三级行业原料药、化学制剂、中药、血液制品、 疫苗、其他生物制品、医药流通、线下药店、医疗设备、医疗耗 材、体外诊断、诊断服务、医疗研发外包、医院、其他医疗服务 PE（TTM 整体法，剔除负值）分别为34.20x、29.14x、29.01x、 34.09x、28.41x、25.79x、11.68x、28.61x、42.33x、16.64x、18.93x、 18.61x、64.40x、65.24x、87.10x。