DRG更多是一种支付方式，不是一种控费手段，对医保支出总量和趋势影响较小。医保基金的基本原则是“以收定支、收支平衡、略有结余”，在总额增长的确定下，医保会在通过按病种支付、总额预算、按人头付费、按项目付费、按床日付费、DRG/DIP等多种方式提升医疗费用管理水平，从运行一段时期的地区看，DRG会在第一年影响次均费用，但后续将继续维持增长。

毛发医疗服务可分为植发和医疗养固两类，据Frost & Sullivan统计数据（转引自雍禾医疗招股书），2020年整体毛发医疗行业规模184亿元，2016-2020年复合增速24%，其中植发/医疗养固规模占比分别为73%/27%。同时结合国家卫健委统计及Mob研究院发布的《2021年90后脱发调研报告》，百亿行业背后是约2.5亿的脱发人口，其中80后/90后占比分别为37.9%/39.3%。产业链中植发医疗机构位居中游，在连锁率和品牌逐步增强的情况下有望获得较高的产业链地位，2020年连锁型民营植发机构市占率为23.9%，其中雍禾医疗以10.5%的市占率排名行业第一。

12 月7 日下午，浙江省文化和旅游厅发布紧急通知，启动跨省旅游经营活动管理“熔断”机制，即日起全省旅行社及在线旅游企业暂停经营跨省团队旅游及“机票+酒店”业务。当前由于部分地区疫情美兰机场客流量受冲击仍较大，后续客流仍有较大恢复空间。韩国当前价格促销下利润率已降至盈亏平衡线，后续持续降价压力大。中国中免暂停港股IPO 缓解了一定的摊薄压力，当前疫情对客流的影响拐点仍是重要的时间点。Q4 促销力度仍维持，利润率或有所改善。

Regenerative medicine (RM) is a multidisciplinary research field that involves the use of engineered products to restore and regenerate damaged or diseased tissues in the human body. It is an innovative therapeutic intervention that entails stem cell and gene therapies to cure life-threatening disorders such as cancers and other rare diseases. In addition, RM involves patient-centric biomedical procedures to repair and restore damaged organs using stem cell and tissue-engineered products.

Over the last few years, personal care products have become part and parcel of consumer’s life. It includes array of product such as soaps, liquid soaps, hair gel, hair oil, shampoos, anti-aging face creams, sunscreen products and others. Chemicals used in personal care products range from basic metallic salts and fatty acids used in ordinary bath soaps to the high-end cosmeceuticals that offer beautifying properties of cosmetics with useful benefits of pharmaceuticals and chemicals.

Intravenous (IV) therapy helps to deliver medications, fluids, and other nutrients directly into the body through veins. IV therapy is used during lifesaving therapeutic treatment and in wellness treatment. Since ancient times, blood therapy has been around, and blood has been viewed as a therapeutic substance. However, lack of proper understanding of blood types, infectious agents, and the absence of ideal materials such as plastics held back IV therapy for centuries. Later, IV therapy became the fastest way of delivering blood products, medications, vitamins, or other vital fluids. IV therapy is usually provided to the patient with the help of an intravenous catheter, either through an injection with a syringe or infusion.

The personalized nutrition approach is based on customized nutritional intake and personal diet as per an individual’s personal health goals. Personalized nutrition plans improve health and minimize risks associated with developing several chronic conditions such as obesity, type II diabetes, and cardiovascular diseases. Each individual has unique dietary requirements as some people opt for customized food for good hair, skin, and nails, while some prefer foods with the least environmental impact. Several consumers adopt ideal diet plans based on their genetic makeup, lifestyle, and environment. Nutrient intake and dietary plans can be adjusted according to the personal health goals of people.

Prescribed hours of sleep are necessary to maintain a healthy body and sound mental well-being. However, due to several risk factors such as work-related stress, alternate work shifts, mental health problems, unhealthy lifestyles, increasing prevalence of obesity, and increasing use of technology are affecting the sleep patterns of people. Almost one billion people across the world suffer from some form of sleep disorder, some of which make it harder to sleep, while some make it harder to be awake. Based on physiology, each disease varies in severity. Insomnia is the most prevalent disease across the globe, which is characterized by a struggle to fall asleep or stay asleep, and/or feeling exhausted after waking up. Acute insomnia is the most common form of the disease, which is generally the result of any trauma. Another highly prevalent disease is sleep apnea, with an estimated prevalence of almost a billion. The traditional approach for tackling sleep disorders has always been looking for treatment after diagnosing the disease.

投资：补短板领域，投资加强，2020年以来医药制造业的资产拐点性提升，2022年趋势或可持续。 结构：2018年开始，医药制造业亏损企业家数/金额加速提升，产业升级、低端出清在路上。

Healthy sex life is a human aspect that has a massive impact on one’s overall wellness. Continuous efforts are being made to spread the awareness of sexual wellness. With end-users getting more educated, along with incremental advancements in technology enabling people to explore the healthy aspects of their sexual life, the concept of sexual wellness has started to achieve significant recognition worldwide.