中国创新药产业已经体现出长期向好的发展趋势，并在近年集中体现在BD交易的爆发式增长。值得注意的是，对于大部分国产创新药，对外授权通常只是全球开发的起点，合作伙伴在海外的开发进度，以及后续全球临床数据的读出可以进一步加强产品在全球市场商业化的确定性。

Healthcare analytics efficiently uses statistical, quantitative, predictive, comparative, cognitive, and other newly applied analytical models to data and related business insights. Healthcare analytics software can assist in disclosing and comprehending historical data patterns, forecasting future results, and delivering actionable insights to help healthcare companies make better clinical, financial, and operational decisions. Analytics aids healthcare organizations in lowering costs and improving the quality of care.

国内胰岛素市场空间广阔，胰岛素类似物成为主要驱动力。经历两轮全国集采，胰岛素市场趋于稳定。

为什么说保健品行业发展迎来了新的拐点向上周期？ 年轻消费者占比提升：以25-35岁年龄段为主，以女性消费者为主，代表一种健康的生活方式，本质还是健康意识的提升，以及对于衰老的焦虑。线上占比提升，抖音渠道成为重要的种草和转化平台：线上增速很快，尤其是以跨境电商为主的渠道，可以绕过线下保健食品监管的要求，尤其符 合现阶段年轻消费者对于一些新的未获批的成分的需求。产品迭代速度加快：下游产品迭代快，产品生命周期短，对品牌端的产品研发，产品运营，渠道优势和营销水平提出了更高的要求

我们统计了 A 股和港股上市的 393 家医药公司 2025 年上半年业绩情况，行业整体增长疲弱，平均收入增长 1.6%，平均净利润下滑 3.2%，收入和利润相较于 2024 年全年均有所恶化。我们认为，行业整体业绩改善仍需时间，国内集采政策优化，对于创新药械的支持政策持续落地，以及创新药和器械出海，全球生物医药融资改善，将驱动医药行业的业绩修复。

Geriatric medicine refers to a medical specialty that emphasizes elderly care and their treatment for medical conditions such as diabetes, hypertension, coronary heart disease, stroke, arthritis, and osteoporosis.

Gastrointestinal (GI) products refer to medical devices used for diagnosing, treating, and managing disorders of the digestive system. These include conditions such as acid reflux, irritable bowel syndrome (IBS), inflammatory bowel disease (IBD), ulcers, and colorectal cancer. GI products encompass endoscopy devices, ablation devices, motility testing devices, and biopsy tools, helping improve digestive health and patient outcomes.

Functional mushrooms, also known as adaptogenic mushrooms, are a type of fungi that have various health and nutritional benefits. These mushrooms are widely used in traditional medicine systems such as Ayurveda and Traditional Chinese Medicine (TCM) for their purported medicinal properties. Functional mushrooms are widely used for preventing, alleviating, or treating diseases and/or for their nutritional benefits. Also, functional mushrooms are mainly used in the form of powder or as extracts.

Fresh herbs are strong-smelling, flavorful plants that can be added to dishes to make them more flavorful. Fresh herbs include basil, cilantro, garlic, dill, rosemary, oregano and others.

Forensic technology is the use of advanced technological solutions to retrieve, search, and analyze large and complex data sets. This enables end-users to gather the information that can be used to address litigation issues, investigations, and requirements in regulatory and financial crime