According to World Health Organization (WHO), mental health is defined as a ‘state of well-being in which an individual realizes his or her abilities, can cope with the normal stresses of life, can work productively, and can contribute to his or her community.’ • Furthermore, according to MentalHealth.gov (a sub-division of the U.S. Department of Health & Human Services), mental health comprises emotional, psychological, and social well-being.

A contact lens is a thin, curved lens designed to cover the eye surface and correct vision impairments. They are used to correct vision problems caused by refractive errors or defaults.

A clinical decision support system (CDSS) is a type of health information technology that offers knowledge and person-specific data to physicians, employees, patients, and other individuals to support health and medical care. A wide range of tools are included in CDSS to improve clinical workflow decision-making. These tools include, among others, focused patient data reports and summaries, documentation templates, diagnostic support, and contextually relevant reference data.

Nearly 10 million individuals above the age of 50 suffer from hip, spine, or wrist fractures at some point in life. An additional 33.6 million individuals develop low bone mass and are at risk of osteoporosis. The growing number of complications related to bone-associated disorders such as fractures, traumas, bone infections, and bone tumors has led to the increasing demand for bone void fillers. The bone void fillers have become an indispensable tool for surgeons to manage and treat bone disorders. With the growing prevalence of bone-related diseases and accidents, many leading companies are introducing innovative solutions to provide patients with high- quality bone void fillers to achieve the best outcomes.

United Parcel Service Inc, Deutsche Post AG, FedEx Corp, A.P. Moller - Maersk AS, and Deutsche Bahn AG are the top 5 logistics companies in the world in 2021 by revenue. ▪ Cumulatively, the top 10 logistics companies generated revenue of USD 538,842 million, with the highest revenue generated by United Parcel Service Inc ( USD 97,287 million), followed by Deutsche Post AG ( USD 96,662 million) and FedEx Corp ( USD 83,959 million), while C.H. Robinson Worldwide Inc ( USD 23,102 million) stood the lowest.

核心观点:23年底以来海外投融资逐渐恢复，下游需求维持向好，国内投融资底部趋稳，下游需求仍有待恢复。受益于国内 CXO产业链的全面以及竞争力的领先，行业受地缘政治影响目前较为有限。国内临床前及临床CRO价格趋稳，经营趋势有望逐 渐向上。CDMO企业商业化需求稳定，大订单影响24Q4开始已经消除。近年来在ADC、多肽药物快速发展下，相关CXO需求 迅速增加，小核酸、CGT等细分领域也有望迎来快速发展。长期来看，我们仍旧看好CXO板块发展潜力及成长空间。

2024年在医药综合政策影响下，医药行业持续经历集采出清、创新拉动的新旧动能切换过程，同时叠加宏观因素 影响，营运效率普遍下降，医药板块经历3年多的调整，2025年创新驱动更加乐观，复盘2024年度策略《蓄力， 破局》，大部分细分领域仅存在阶段性行情，特别是中药、创新药、生命科研服务等，主线性机会并不明显;

降脂药行业专题:患者群体庞大，多款前沿靶点研发火热。以动脉粥 样硬化性心血管疾病(ASCVD) 为主的心血管疾病(CVD)是我国城乡 居民第一位死亡原因，占死因构成的 40%以上。目前已证实，低密度脂蛋 白胆固醇(LDL-C)是 ASCVD 的致病性危险因素。ASCVD 是威胁全球 人类健康最主要的慢性非传染性疾病，尤其在我国疾病负担日益加重，超 高危患者中低密度脂蛋白胆固醇(LDL-C)长期达标率仅为 30.1%。我国 目前降脂治疗率低，传统他汀存在一定局限性，而前蛋白转化酶枯草溶菌 素 9(PCSK9)单抗长期依从性不佳等，降脂领域存在较大未被满足需求。 更低降脂目标值、更早降脂干预，以及长期达标是目前降脂新药研发的方 向。目前来看 PCSK9 新技术路线，Lp(a)、APOC3、ANGPTL3、CETP 等降脂创新靶点研发火热。建议关注布局降脂创新靶点的国内企业:恒瑞 医药、石药集团、康方生物、信达生物、信立泰、京新药业等。

医药行业整体增长情况及医药行业政策分析 、医药行业出海的必要性及广阔前景 、值得关注的新兴领域 、港股医药行业估值情况 、投资策略及重点公司分析 

商业健康保险是我国构建多层次医疗保障体系的重要一环，是基本医疗保险 的有力补充。尤其是在当前基本医疗保险支出增速快、控费压力大、需要同 时平衡好“保基本”与“促发展”的形势要求下，研究优化商业健康保险对 创新药等临床先进诊疗产品的支付是十分有必要的。