本周，第三批集采政策落地，引发市场关注，我们认为集采政策将成为常 态，集采新常态下，影响在逐渐脱敏，板块内公司分化进一步加剧，长期关 注核心消费医疗和创新类资产。

过去一周A 股医药股板块指数上涨0.02%，上证综指上涨0.61%，深证成指下跌0.082%，创业板指下跌1.36%。

截止2020年6月底，我国医药行业规模以上企业数量达到7415家，其中亏损企业数量1696家，亏损面22.9%，环比下降了0.2个百分点。全年医药行业亏损总额125.7亿元，同比增长53.3%。

Brain monitoring systems enable physicians and researchers to study human activities, neurological disorders, and also the brain-computer interfaces (BCIs). BCI is presently a budding field of research that aims to ease human interaction and communication with the environment by directly evaluating the hemodynamic activities in the brain. Numerous medical centers and research facilities are using wearable imaging techniques, such as magnetoencephalography (MEG) and other advanced brain monitoring systems. Quite a few por table and implantable brain monitoring systems and methods have been explored over the recent few years, and this aims to acknowledge the emerging field and encourage more research activities toward high-resolution portable as well as implantable sensors for brain monitoring.  Several brain technology companies are acting as major players in the market by combines neuroscience, artificial intelligence, and hardware, to develop innovative products. A few companies, like Bitbrain, are working on high-tech EEG brain sensing devices and software solutions for real-world human behavior research, health, and neurotechnology development.

The report provides market dynamics, estimation, trends, and forecasts related to the global hernia repair devices and consumables market. The study estimates the revenue generated from sales of such devices and consumables directly from a company. It does not include revenue generated by dealers, traders, or brokers involved in the supply of these devices and consumables to hospitals or clinics for hernia surgeries. In addition, the report excludes revenues generated from other costs incurred such as doctor fees, nursing fees, hospital stay charges, and pharmacy cost during hernia repair surgeries.

在经历了多年的沉寂后，随着 2018 年 FDA 对于 siRNA 药物 Patisiran 的批 准上市，小核酸药物迎来了发展的新纪元。RNA 药物的特点在于它们可 以直接与 mRNA 结合并造成其降解，从而防止致病蛋白质被转录，可用 于治疗 Kras 等传统小分子、单抗认为难以成药的突变，且易于工业化放 大生产。值得注意的是，小核酸药物在研发成功率上达到了突破性的变 革，以 siRNA 领域领先的公司 Alnylam 为例，Alnylam 公司的研发项目从 1 期临床进展到 3 期临床试验结果积极的成功率达到 54.6%，一旦克服毒 副作用和递送手段方面的挑战，成功开发 RNAi 疗法的药物反而会变得 相对简单。

截至 7 月 31 日，WHO 官网上已经备案了 165 个正在研发的新冠肺炎 疫苗，其中有 26 项已进入临床阶段。已有多家研发企业发表了新冠疫 苗临床试验论文，包括国药集团中国生物、康希诺、阿斯利康、莫德 纳、辉瑞和 Novavax。从结果来看，受试者在接种几款疫苗后均产生 了较好的免疫应答。在接种重组蛋白和 RNA 疫苗后，受试者体内产 生的抗病毒中和抗体水平超过康复者血浆中抗体水平的 4 倍，展现较 好的保护潜力。国药集团研发的灭活苗以及康希诺研发的腺病毒疫苗 未能使全部受试者产生中和抗体。此外，结果显示，在接种疫苗的 3 个月内，受试者体内的中和抗体水平出现下降。但抗体水平下降不意 味着失去保护作用，具体时效仍然需要更多的临床数据验证。

本周上证综指上涨 0.18%，报 3360.1 点，中小板下跌 0.78%,报 9024.89 点，创业板下跌 2.95%，报 2668.71 点。医药生物同比下跌 5.44%，报 12175.98 点，表现弱于上证 5.62 个 pp，弱于中小板 4.66 个 pp， 弱于创业板 2.48 个 pp。全部 A 股估值为 14.88 倍，医药生物估值为 58.03 倍，对全部 A 股溢价率为 289.9%，处于历史较高水平。

自 8 月 10 日至 8 月 14 日的交易周内，恒生指数上涨 2.85%；恒 生中国企业指数上涨 1.80%；恒生医疗保健指数下跌 4.44%。