尽管2020 年下半年股价表现一般，但行业大逻辑其实一直没有破坏！1）2020H2 医疗IT领军个股股价均跑输计算机指数，主要由于公开订单统计显示，传统业务院内信息化新增订单累计同比相比2019 年打平或下降；2）我们认为订单下滑主要由于疫情后医院收入下滑，投向信息化建设即使比例提升，但绝对金额减少；3）目前医疗IT 行业核心逻辑为医保控费前提下，医院信息化投入提升，这一大逻辑在2020 年后并没有被破坏。

The skincare industry is booming across the globe. Skincare products, such as facial masks and body scrubs, play a big role in self-care routines. Recently, the industry started to change as skincare products have surged in popularity, with interest in natural and organic ingredients and a thriving community on social media. The skincare industry is growing faster than the makeup industry. Women contribute a high share in the skincare industry and are adding anti-aging products to their skincare regimens as they get older. For instance, in 2019, it was witnessed that around 64% of skincare products users across the globe were calculated to be women. In addition, men are showing interest in skincare products, and in turn, companies are launching new lines targeted at them. The beauty industry is shaped by the everchanging customer demands. Along with the diversified medium of social media, beauty users pick up popular trends from anywhere across the world and follow it. With this increasing demand, companies provide innovative products that satisfy such customers. Skincare is the biggest segment in the beauty industry, with its global sales expected to cross $135 billion by 2020.

Endoscopy and endotherapy devices are used for both examination and therapeutic purposes. For analysis, the endoscopy devices market is segmented based on product, hygiene, application, end user, and region. The global endoscopy devices market includes revenue generated from endotherapy and endoscopy devices as well as revenue generated from visualization & documentation systems and accessories by endoscopy devices manufacturers. However, the report does not include revenue generated from endoscopy services and reprocessing & sterilization services provided by hospitals, clinics, and others.

The global advanced balloon catheter market is consolidated in nature. Various medical device companies pre-dominate the market. For instance, Boston Scientific Corporation, Terumo Corporation, Medtronic plc, and Becton, Dickinson and Company (BD), hold 23.93%, 13.27%, 9.01%, and 7.97% share within the overall market, respectively. Moreover, various regional medical device companies, such as Biotronik AG, OrbusNeich Medical, and Biosensors International Group Ltd. also operate in the market and hold 3.60%,2.17%, and 2.08% share in the global advanced balloon catheter market. Additionally, various emerging companies, such as Eurocor Tech GmbH, ENDOCOR GmbH, and Wellinq also operate in the global advanced balloon catheter market. The following figure exemplifies the market share of various companies in the global advanced balloon

Ureteral stents are deployed to overcome intrinsic or extrinsic causes of upper urinary tract obstruction, therefore aiding the drainage of urine from kidneys to the bladder. In the past few decades, ureteral stents have been largely utilized as a measure for temporary or permanent drainage for the occluded upper urinary tract. The history of ureteral stents has begun from ancient Egypt. The first procedure of ureteral catheterization, that involved insertion of a tube inside the urinary system via open bladder surgery, was performed by Gustav Simon in 1900. Further, the first ureteral stent with an architecture comparable to the currently used ureteral stents was introduced by Joaquin Albarrano during the early 1900s. Since then, technological advancements had a significant impact on the design and material properties of ureteral stents. Moreover, technological advancements for ureteral stent design have aimed to address a specific failure or cause of morbidity.

CRO 是医药研发行业专业化分工的产物，其相较于药企内部研发提升了效率同时降低了研发成本。在国内药政改革成果初显、国内药企加码创新药研发、IPO 融资渠道打通、海外CRO 加速向国内转移的背景下，国内CRO 行业正处于大爆发阶段，业绩确定性极高，建议积极配置行业。