特色零售药店及赋能平台。公司是一家零售药店加盟合作共享式服务企业， 深耕于零售药店加盟市场，通过直营、加盟、品牌合作、分销等模式，在销 售中西成药、医疗器械、生物制剂、计生用品、保健食品等相关产品的同时， 向单体零售药店和中小连锁药店输出品牌、管理、信息化系统等赋能服务。

The global AI-enabled imaging modalities market consists of numerous large-scale as well as smallscale manufacturers and vendors. Presently, with the increasing adoption of AI in healthcare, the manufacturers in the market have an ample number of opportunities to expand their offerings and to establish a strong foothold in the market. In the past years (February 2016 - July 2020), the market witnessed approximately 40 new offerings, 32 partnerships, alliances & business expansions, 27 regulatory & legal approvals, 13 funding activities, six mergers & acquisitions, and one procurement & sale. Most of the manufacturers in the market are incorporating collaborations and partnerships with not only other companies but also the university and research institutions as the key strategy to develop novel AI-embedded medical imaging systems and attain a strong financial position in the market.

Advanced wound care products offer relief to patients suffering from chronic wounds, which take more time to heal and are expensive to treat. The wound healing process can be facilitated in two different ways, which include traditional wound care (TWC) and advanced wound care (AWC). Advanced wound care products enable faster healing due to their efficiency & effectiveness in managing wounds. The report provides an in-depth analysis of the advanced wound care market based on product, application, end user, and region. The report includes popularly used products in the market such as infection management, exudate management, active wound care, and therapy devices. However, the market size in the report is limited to advanced wound care products and excludes traditional wound care products.

The growth in awareness for masks, primarily in hospitals and industrial sectors, is expected to drive the face mask market during the forecast period. Face masks are essential elements of the infection-control strategy, primarily in healthcare facilities. Generally, two major types of face masks are used to prevent respiratory infection, such as surgical masks, sometimes referred to as face masks and respiratory masks. Both types of face masks are classified based on the type and size of infectious particles they can filter. Face masks covered in the global disposable face masks market are used to cover the nose and mouth to safeguard against contamination, infection, or exposure to potential viruses and foreign or potentially harmful elements in the surroundings. Although relatively healthcare personnel use face masks more often, they are also used by people with health concerns or breathing and lung-related conditions to protect against pollution, dust, or other potentially hazardous environments that can cause infections or breathing-related issues. People with asthma are also recommended to wear similar masks to avoid or reduce the chances of asthma attacks. N95 respirator masks are the most common particulate-filtering respirator masks, which meet the US National Institute for Occupational Safety and Health (NIOSH) N95 classification of air filtration. Respirator masks are primarily recommended for use by HCPs. However, sometimes respirator masks are also being prescribed for people with chronic respiratory, cardiac, or other medical conditions that make breathing difficult.

全球新药研发热度不减，推动药物市场持续增长。据弗若斯特沙利文估计，2019年全球创新药市场规模约8877 亿美元，占药物市场总规模的67%，预计2020-2024 创新药市场增速为5%，是促进药物市场增长的主要因素。全球新药研发热度不断高涨，从2015 年-2019 年，全球临床试验项目数量从2015 年的2137 例增长到2019 年的6939 例，年均复合增速高达34%，为新药上市提供源源不断的动力。分析发达地区代表性市场美国，生物类似药、505b2 申报药物、CAR-T 和基因疗法成为创新药市场的重要组成部分。生物类似药蓬勃发展。以阿达木单抗、培非格司亭、利妥昔单抗、曲妥珠单抗、英夫利昔单抗、贝伐珠单抗等18 个品种的类似药是热门研发品种。我国共批准了9 个单抗类生物类似药。505(b)(2)是FDA 创新药的重要组成部分。505(b)(2)属于改良型新药申请，由于其研发风险低，投资回报确定性高，深受药企青睐，其在2019年FDA 的NDA/BLA 申报中占比达到57%。CAR-T、基因治疗新兴疗法快速兴起，中国是重要参与者。目前中国注册 357 项 CAR-T 临床实验项目，已超越美国成为全球CAR-T 项目林研究最多的国家，未来有望跻身国际第一研发梯队。在基因治疗方面，中国的深圳赛百诺基因在全球第一家获批基因疗法。

11.23-12.06 期间，医药生物板块涨幅为 2.22%， 在所有板块中位列第七，跑输沪深 300 指数 0.16 个百分点； 年初至今，医药生物板块涨幅为 47.61%，跑赢沪深 300 指数 25.15 个百分点。从子板块看，11.23-12.06 期间，生物制品、 医疗服务和医药商业涨跌幅分别为 4.20%、3.63%和 2.26%，跑 赢整体板块；中药、化学制药和医疗器械涨跌幅分别为 1.98%、 1.33%、和 0.95%，跑输整体板块。从年初来看，医疗服务、生 物制品和医疗器械三个子板块涨幅分别为 76.00%、72.18%和 71.75%，跑赢整体板块；医药商业、化学制药和中药三个子板 块涨幅分别为 39.18%、27.69%和 19.51%，跑输整体板块。

我国生物药市场的复合增长率数倍于全球生物药市场。2018 年全球生 物药的市场规模达到 2618 亿美元，2014-2018 年 CAGR 高达 7.7%，同 期我国的生物药市场 CAGR 为 22.4%，速度约为全球的 2.9 倍。未来我 国生物药将向全球方向发展，有望于 2023 年增长至 6412 亿元。我国 生物药市场的蓬勃发展，将有助于推进生物类似物的研发热潮。

2015年药政改革开启行业新纪元，政策导向促使我国逐渐步入创新药行业新阶段。2018年国产创新药开始迎来集中获批上市，从时间节点上看， 2018年可以作为国产创新药的元年。未来我国创新药有望持续保持每年较高数量的获批速度，国产创新药有望步入高速增长期。这里我们特别指出， 不同时期创新药具有不同的时代内涵。

本报告期（2020.11.23-2020.12.04）医药生物行业指数涨幅 为 2.89%，在申万 28 个一级行业中位居第 7 ，跑赢沪深 300 指数 （2.48%）。从子行业来看，医药生物三级行业全线上涨，生物制 品、医疗服务、化学原料药、医药商业行业涨幅居前，涨幅分别为 5.59%、3.99%、2.41%、2.31%。估值方面，截止 2020 年 12 月 4 日， 医药生物行业 PE（TTM 整体法，剔除负值）为 43.13x（上期 42.19x）， 接近历史估值均值水平。医药生物申万三级行业医疗服务、生物制 品、医疗器械、化学制剂、化学原料药、中药、医药商业 PE（TTM 整体法，剔除负值）分别为 101.69x、58.61x、40.28x、46.25x、 35.54x、29.89x、21.94x。