医药投资要求高于产业研究。医药投资与产业研究有着很强的联系，但是本身并不是完全重叠的。 商业模式、发展阶段、竞争格局、行业周期、市场风格等多种因素都会对股价的涨跌产生极大影 响。国信医药团队在深入产业研究，开创了三大系列报告（“创新药盘点”、“创新器械盘点”、 “医疗大数据盘点”）后，再次开始“医药分析框架”系列报告，力求建立自上而下择股、自下而 上验证的完整框架。

再强调“前向一体化”驱动下的产业升级主逻辑，建议从技术平台、产 品结构及产能释放节奏等多个维度优选弹性大、成长属性强的特色原料 药标的。

8月血制品总计实现批签发756.53万瓶，同比下降6.59% ，环比增长12.79% 。2020年1-8月累计批签发6437万瓶，同比增长27.77%，疫情 控制后，整体批签发情况趋稳。

从香港上市的主要医药企业 2020 年上半年业绩来看，大部分企业经营受疫情影响，很 多企业出现净利润同比下降的情况。中成药、流感与肠胃药等受影响较为明显，但是与 此同时肿瘤、心脑血管等领域的注射剂等优质临床急需用药则仍然保持高增长。石药集 团（1093 HK）与中国生物制药（1177 HK）的肿瘤药板块收入增幅分别高达 44.4%与 56.2%，核心品种收入均大幅增长，而三生制药（1530 HK）的特比澳也录得 15.2%增长。 石药集团的脑卒中用药恩必普注射剂与高血压药物玄宁等心脑血管优质药物也在疫情中 维持快速增长。信达生物（1801 HK）与君实生物(1877 HK)在的重磅肿瘤药 PD-1 产品推 出后公司销售收入迅速增长，2020 年上半年收入分别同比增长 184.9%与 86%，我们认为 数据表明疫情对于肿瘤与心脑血管的临床急需用药的需求影响非常有限，这些板块在新 冠疫情的影响下保持高景气。我们认为这些药物的刚性需求稳定，不易受疫情影响。

mmary 上半年业绩整体承压， ＃ CRO 板块一枝独秀：2020 年上半年医药板块营业 收入同比下降 5.72%；归母净利润同比增长 1.03%。从子行业来看，CRO 板块一枝独秀，实现了营业收入和归母净利润的双增长。

Q2 创新药企业、CXO 企业和疫苗等生物药企业业务恢复明显，我们认 为：伴随着我国本土创新力量逐步崛起，后续有望持续带动创新药、CXO 和疫苗等生物制品行业保持较佳的成长性。

The global tissue imaging market has witnessed a single-digit growth in the past five years. The increase in demand for tissue imaging devices is majorly attributed to the growing prominence for early diagnosis and advancement in the imaging technologies. Through the thorough analysis of the key strategies incorporated by the players of the global tissue imaging market, it was observed that major players were keen to expand their dominance through the launch of new products enabling advanced features.

Sports nutrition products have increasingly gained popularity, mainly among athletes and individuals involved in vigorous physical activities. The growing emphasis on staying healthy and in shape, rising participation in sports, health clubs, sports clubs, and gyms are some of the key drivers contributing to the growth of global sports nutrition industry. In recent years, health clubs and fitness centers have witnessed consistent growth, due to increase in health concerns and change in lifestyle. The rise in health awareness and the need for adequate nutritional content in food have also fostered the demand for sports nutrition products. A surge in the number of the middle-aged and geriatric population engaged in sports activities has further fueled the sports nutrition market growth. Most of the health clubs sell protein supplements, nutrition bars, energy drinks, and similar sports nutrition products. Additionally, some health clubs also hire dieticians to assist consumers with the selection of these products. Therefore, sports supplements are witnessing an increase in popularity and demand, due to the growing number of health centers and fitness clubs worldwide, as these function as primary distribution channels for these products.

The global whole genome and exome sequencing market witnessed eight significant acquisitions during January 2017 to February 2020. All the acquisitions were aimed at the expansion of the product portfolio by acquiring sequencing-based portfolios with promising growth potential. Also, these acquisitions were intended to strengthen the existing product portfolio for improving accuracy and sensitivity of whole genome and exome sequencing methods. For instance, the acquisition of NEO Oncology AG by Siemens Healthineers, Inc. was aimed at expanding the company's portfolio to cater to the NGS-based molecular diagnostic market for cancer diagnosis and analysis. Further, Agilent Technologies, Inc. company acquired Population genetics for the development of IP portfolio which is aimed at improving accuracy and sensitivity of NGS detection.

上周申万医药生物指数上涨4.04%，跑赢沪深300 指数1.39pp，当前板块估值处于高位，但由于器械集采及医保国谈尚未落地等不确定因素，医药板块仍有可能延续宽幅震荡态势。本周建议关注：1）疫苗板块经过前期回调，目前估值中隐含新冠疫苗的增量预期已较少，我们认为随着疫苗价格明确，海外订单陆续披露，疫苗板块有望再次迎来较大投资机会（智飞生物等）；2）中报业绩优异标的（长春高新、新产业、迈瑞医疗、健帆生物，司太立及CXO 板块）；3）估值较低，且迎来边际变化的公司（华东医药、恩华药业及药店板块等）；4）政策影响小的医疗服务细分龙头。