医疗器械处于上半场，或复制过去 5 年创新药发展之路：当前医疗器械 发展阶段较为靠前，新需求和新技术驱动行业快速扩张，自主研发及进 口替代加速国产崛起，叠加冠脉支架集采价格落地、行业龙头逐步形成， 器械版 biotech 正加速分化，创新医疗器械的黄金时代将到来。

Radiation dermatitis is a side effect of external beam ionizing radiation. It is also called radiodermatitis, x-ray dermatitis, radiation skin damage, or radiation burn. Radiodermatitis healing process can be facilitated in three different ways, which include topicals, oral drugs, and dressings. Topical product includes many advantages such as high cost-efficiency, easy application, availability, and reduced side effects. Dressings have been found to be sufficient to treat different grades of radiation burns effectively, which is expected to fuel their adoption in the future. Moreover, in case of radiodermatitis, the best treatment is combining topical and oral treatment options. The report provides an in-depth analysis of the radiodermatitis market on the basis of product, distribution channel, and region. The report includes popularly used products by cancer patients in the market such as topical corticosteroids, wound dressing gel, and dressing material. However, the market size in the report is limited to radiodermatitis products and excludes traditional wound care products.

Pulse oximetry is a non-invasive and painless test that measures the patient’s oxygen saturation level or the oxygen level in the blood without taking a blood sample. It can rapidly detect even small changes in how efficiently oxygen is being carried to the extremities furthest from the heart, including the legs and the arms. The pulse oximeter is a small, clip-like device that attaches to a body part, such as toes or an earlobe. It is used medically by patients with asthma, chronic obstructive pulmonary diseases (COPD), chronic obstructive airway diseases (COAD), and other respiratory conditions. It is most commonly put on a finger and is often used in a critical care setting, such as emergency rooms or hospitals. Some doctors, such as pulmonologists, may use it in office.

Remote healthcare/remote health is one of the advanced forms of medical service introduced a decade ago. It is defined as a technology-enabled health service provided to patients in remote locations. It is basically a telehealth/telemedicine service that enables constant monitoring of the patient’s condition and performance of preventive and control check-ups outside medical facilities. Remote health care made possible use of remotely connected health monitoring devices that measure vital signs. Several organizations and users use “remote healthcare” interchangeably with telehealth and telemedicine. The concept of remote healthcare was introduced to make medical assistance accessible and affordable for patients across the world. It is a part of connected health operations in the healthcare sector. This healthcare service helps to communicate, diagnose, treat, and monitor patients in remote locations. Remote healthcare is the need of the hour in the healthcare sector to improve worldwide healthcare access.

科研服务行业是科研事业“卖水人”，下游需求旺盛，市场空间广阔。科研服务行业指为高等院校、科研院所、企业研发部门等单位提供科研相关产品以及配套方案的行业，属于国家战略产业，在全球范围内保持高景气度。

投资建议：凝胶膏剂型临床优势明显，发展潜力大。现有凝胶膏剂品种主要集中在市场需求旺盛的镇痛领域，我国镇痛领域市场规模在500 亿左右，外用NSAIDs 比例的提升将持续推动凝胶膏剂市场扩容。目前凝胶膏品种主要在城市公立医院销售，未来基层和OTC 端有望成为新的增长极。我们看好在凝胶膏剂市场布局较早，且产品管线相对丰富的企业，建议关注九典制药、中国生物制药（泰德制药）。

疫情下整体消费逐步回暖：2020年至今，从社零数据看，经历数月的负增长后，2020年8月社零总额总额33571亿元，同比增长0.5%，实现年内首次正增长，9月/10月社零同比增速进一步回暖至3.3%/4.3%。此外，随着居民消费逐步释放，消费对经济增长拉动作用也越发增强。

医保是医药市场最大的支付力量，近年来收支压力不断增加。为提高缓解收支压力，国家近年出台多项政策，其中包括职工医保账户改革。

本周生物医药指数下跌1.43%，板块表现弱于沪深300 的1.78%的涨幅。本周所谓医药最强板块CXO\医疗服务下跌说明什么？原因有二：其一是最安全的医药股在没行业逻辑情况下莫名其妙下跌，很可能为坚守到现在偏好医药股机构选择离场，说明医药股调整或已比较充分；其二随着器械、原料药、化药等板块下跌，医药板块估值下修、最强医药股估值随之下行。我们认为：其大概率为医药股最后一跌，规避集采是21 年主基调，这些领域仍将是主要投资方向。

本报告期（2020.11.09-2020.11.20）医药生物行业指数跌幅为2.64%，在申万28 个一级行业中位居第28 ，跑输沪深300 指数（1.18%）。从子行业来看，医药生物三级行业全线下跌，医疗服务、医疗器械、生物制品、化学制药行业跌幅居前，跌幅分别为4.25%、4.20%、3.47%、1.42%。