Diabetes is a chronic, life-threatening disease for which there is no known cure. The disease is caused by the body’s inability to produce or effectively utilize insulin. This inability prevents the body from adequately regulating blood glucose levels. Glucose, the primary source of energy for cells, must be maintained at certain concentrations in the blood to permit optimal cell function and health. Normally, the pancreas controls blood glucose levels by secreting insulin that lowers blood glucose levels when concentrations are too high. In people with diabetes, the body does not produce sufficient levels of insulin or fails to utilize insulin effectively, causing blood glucose levels to rise above normal.

The prostate is a small male reproductive gland. The urethra is a thin tube-like structure through which semen and urine leave the body. Benign prostatic hyperplasia (BPH) is a urological disorder characterized by non-cancerous proliferation of prostate gland cells. When a patient is suffering from BPH condition, it causes the gland to enlarge, and, as a result, the patient might experience a press against the urethra, constricting urine flow resulting in blockage and urination problems. BPH generally happens when excessive cells in the prostate multiply, and the gland size increases.

On January 8, 2020, upon sequencing, the pathogen of severe unexplained viral pneumonia was identified and tentatively named the novel (new) coronavirus 2019 (2019-nCoV). On February 12, 2020, the International Committee on Taxonomy of Viruses declared that 2019- n CoV was officially named as SARS-CoV-2, and on the same day, World Health Organization (WHO) declared the disease caused by SARSCoV- 2 was officially named as coronavirus disease 2019 (COVID-19). Till now, about 4.18 million cases have been confirmed in 211 countries and territories such as the US and Southeast Asia, including severe and death cases. When a communicable disease outbreak begins, the ideal response is for public health officials to begin testing early. This leads to quick identification of cases, quick treatment for those people and immediate isolation to prevent spread. Early testing also helps to identify anyone who meets infected people so they too can be quickly treated.

An anesthesia face mask supplies the patient with general anesthesia in comfortable conditions. It supports comfortable and feasible respiratory functions. Moreover, it is available in different styles, features and sizes as per the patient’s preference. Anesthesia face masks made up of silicone and PVC material are the most commonly available masks that cover both the mouth and nose of the patients. In addition, they are available in different sizes owing to the variation in size and shape of faces. The safe and effective operation of anesthesia face masks is a crucial skill of an anesthesiologist. The technique involved in using an anesthesia face mask is to make sure a complete seal between the anesthesia face mask and the patient’s face while exerting the minimum pressure that may cause soft tissue damage. Therefore, due to this reason, it is important to use the correct size of the face mask for the patient.

今年受新冠肺炎疫情影响，医药生物板块上半年接力2019年上涨行情持续走牛，板块整体估值持续抬升，估值出现一定泡沫化，但是随着国内经济好转，叠加医改政策提速，医药生物板块的投资性价比有所下降，板块整体性上涨行情告一段落，进入估值消化阶段，其中优质细分领域的龙头公司股价持续创新高，而其他公司股价均出现了不同程度回调，行情相对比较分化。

2021 年，我们整体认为结构性机会更大，“医保免疫+业绩高增长”是两大关键词：逢低布局各赛道龙头企业【医疗服务】（爱尔眼科、金域医学、通策医疗等）、【药店】（益丰药房、大参林、一心堂、老百姓等）、【品牌消费品】（片仔癀、云南白药、同仁堂）、【自费医疗】（我武生物、艾德生物、长春高新。“创新药及产业链”： 下半年业绩加速【大市值龙头】（药明康德、泰格医药、药明生物）、【细分赛道】（凯莱英、康龙化成、药石科技、艾德生物等）、系统性优势的【Big Pharma】（恒瑞医药、中国生物制药、翰森制药等）、新兴【Biotech】（信达生物、君实生物、诺诚健华、康方生物、康宁杰瑞、博瑞制药等）。“高成长赛道之医疗器械”：【创新\进口替代的医疗器械】（迈瑞医疗、乐普医疗、微创医疗、安图生物、新产业、南微医学、三友医疗、启明医疗、沛嘉医疗、心脉医疗、惠泰医疗等）。“高成长赛道之疫苗”：【创新疫苗】（长春高新、康泰生物、华兰生物、康希诺生物、智飞生物、万泰生物、康华生物）“关注血制品机会”：【血制品】（天坛生物、华兰生物）。

回顾2018-2020年，中国创新药产业进入了收获期，每年都有近10款国产新药获批上市、超过200个国产IND受理，国产新药销售额持续快速增长。但与此同时，5轮创新药医保谈判，降价是主旋律，市场和产业都对创新药的未来产生了一定的担忧。市场一方面看到中国创新药产业崛起，甚至能在一些前沿靶点领域能够超越欧美实现技术输出海外授权，但另一方面又担忧政策的超预期价格压制可能会动摇产业的长期商业模式。展望2021年，我们以“成长和分化”作为点题，价格并未改变产业的底层逻辑，医保局一直在鼓励创新，而非单纯的压制。未来5-10年，创新药赛道有望出现一批超级成长股，但相应的公司分化、产品分化、估值分化也会随之出现，而我们要做的，是选出未来的一批创新龙头。

本报告期内，两市医药生物行业共有36 家上市公司的股东净减持37.33 亿元，其中8 家增持8.23 亿元,28 家减持45.57 亿元。截止2021 年1 月4 日，我们跟踪的医药生物行业355 家上市公司中有60 家公布了2020 年年报业绩预告。其中，业绩预告类型为预增、略增、扭亏的家数分别为16 家、7 家、7 家。

2020 年国内新冠肺炎疫苗、四价流感疫苗等多品种获批上市。2020 年12月31 日北京所的新冠病毒灭活疫苗获附条件批准上市，成为第一支国产新冠病毒疫苗。此外，2020 年四价流感病毒疫苗、人用狂犬病疫苗（Vero细胞）等多个大品种获批上市。