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。

Fertility test is the process of assessing both male and female for fertility issues and also to find the “fertile window” in the menstrual cycle of the women. The report provides market dynamics and trends related to the global fertility test market. In addition, it presents the estimations and forecast of the market. The study estimates the revenue generated from the sales of fertility test products. We have considered company profiles for ovulation prediction kits, fertility monitors, and male fertility testing products. The valuations comprise revenue generated from fertility test products such as ovulation prediction kits, fertility monitors, and male fertility testing products. Furthermore, the report excludes revenue generated from post-sale services of fertility test products.

Fertility test is the process of assessing both male and female for fertility issues and also to find the “fertile window” in the menstrual cycle of the women. The report provides market dynamics and trends related to the global fertility test market. In addition, it presents the estimations and forecast of the market. The study estimates the revenue generated from the sales of fertility test products. We have considered company profiles for ovulation prediction kits, fertility monitors, and male fertility testing products. The valuations comprise revenue generated from fertility test products such as ovulation prediction kits, fertility monitors, and male fertility testing products. Furthermore, the report excludes revenue generated from post-sale services of fertility test products.

Flow cytometry in the field of oncology is utilized for the quantitative detection and measurement of the physical and chemical characteristics of cancerous cells in a given sample. Flow cytometry is majorly used for hematological malignancies to identify malignant cell types by detecting cell surface antigens, which offer critical information regarding the stage of maturation and phenotypical heterogeneity. Although flow cytometry has been an established cornerstone for the diagnosis and screening of hematological malignancies, the clinical applicability of the same is not well understood in the field of solid tumors. However, extensive research is being conducted to decipher insights pertaining to the utility of flow cytometry in the quantification of nuclear DNA content present in solid tumor samples.

Machine vision in the healthcare sector used to offer imaging-based automatic inspection and analyze the image for application such as process control and robotic guidance. Surge in adoption of artificial intelligencebased technologies and big data in healthcare, rise in demand for automation in healthcare applications, and increase in adoption of personalizes medicines are some of the factors that drive the growth of the machine vision system market. However, a shortage of skilled professionals is acting as restrain and hampers early adoption in developing countries. Further, the adoption of cloud-based healthcare solutions is expected to provide lucrative opportunities for the global machine vision industry during the forecast period.

Heparin is an anticoagulant medication and a naturally occurring glycosaminoglycan produced by basophils and mast cells in all mammals. Heparin is used to prevent formation of blood clots caused by certain medical conditions or medical procedures. The report provides market dynamics and trends related to the global heparin market. The study estimates the revenue generated from the sales of heparin products; however, it excludes the heparin products service revenue. The valuations comprise revenue generated from heparin products such as unfractionated heparin, low molecular weight heparin, and ultra-low molecular weight heparin.

Barcode reader is a device that reads and scans barcode using a laser or the imager. The barcode reader consists of a light source, sensor, and a lens that converts optical impulses into electrical. These readers are available in different size and shape such as handheld, counter top barcode reader, and portable. They are can read 1Donedimensional and two-dimensional (2D) codes based on its design. Laser scanners are mostly used to read onedimensional code. 2D barcode readers are able to read dot matrix and QR codes.