横向来看：结构性牛市并不是A 股医药板块独有，全球来看都有案例，估值分化是常态。疫情影响下，医药板块相对其他板块具备更强的确定性，医药板块内部优质公司比非优质公司具备更高的增速更强的确定性，因此产生了优质医药股的结构性牛市。短期重点注意高估值带来的股价调整风险，下半年重点关注高景气度赛道和低估值滞涨标的。

生物医药产业是将现代生物技术与各种形式的新药研发、生产结合，以及与疾病诊断、防治和治疗相结合形成的产业，包括化学原料药、化学制剂、中药（饮片、中成药）、生物制药、医疗器械等细分领域。生物医药产业作为我国确定的七大战略新兴产业之一，有巨大的现实意义和经济意义。

The major factors attributing to the growth of the market are the increasing number of disability cases, due to the growing geriatric population, increasing number of road mishaps, spinal cord injuries, and meningitis. These factors are likely to boost the growth of the global medical lifting slings market. As per the revised World Population Prospects, by the United Nations, the number of people aged 60 or above is expected to increase significantly, greater than double by 2050, i.e. from 962 million in 2017 to 2.1 billion in 2050, globally. This age group is highly vulnerable to different types of age-related diseases, which require personal mobility aids like medical lifting slings. According to Disabled World, currently, around 10% of the world population, or roughly 650 million people, are suffering from disability. In most of the OECD countries, females have higher rates of disability than males, and according to the UN Development Program (UNDP), 80% of the people with disabilities live in the developing countries. Therefore, the demographic trend toward an aging population and the rising incidences of chronic diseases led to longer hospital stays, which may increase the demand for medical lifting slings over the forecast period. Additionally, there has been a presence of a considerable number of companies, and the key players are focusing on acquisitions and collaborations to enhance their footprint in the global medical lifting slings market. Companies are focusing on expanding their footprint, primarily by launching innovative solutions for patients. For instance, Savaria acquired Silvalea, a sling manufacturer.

This section provides an overview of strategies adopted by the companies in the past four years (January 2016 to February 2020) in the global medical devices testing services market. The global medical devices testing services market is dominated by juggernauts including Eurofins Scientific Group, Charles River Laboratories International, Inc., Bureau Veritas S.A. and other medium and small-medium enterprises. Several companies are attempting to enter the market and sustain themselves in the competition by adopting different strategies varying from partnerships and collaborations to business expansions and service launches. In the past four years (January 2016-January 2020), the market witnessed approximately 18 mergers and acquisitions, 18 business and regional expansions, 10 service portfolio expansions, six synergistic developments (collaborations, partnerships, and joint ventures), four accreditations, and one funding. Among the different key developments, mergers and acquisitions and service expansions constituted the largest share. The following figure represents the percentage of major strategies adopted by the key market players.

6 月我国官方制造业PMI 50.9%，比上月上升0.3 个百分点。构成制造业PMI 的五大分类指标中，生产指数、新订单指数和供应商配送时间指数均高于临界点，原材料库存指数和从业人员指数均低于临界点。

川财医药生物板块6 月上涨16.60%，板块表现在28 个一级行业中位列第3 位。随着国内局部地区的疫情反复，以及海外国家新增确诊人数新高，6 月医药行业的流动性偏好明显提升。7 月即将进入中报业绩期，我们认为应把握疫情相关的业绩确定性主线，精选中长期赛道的投资机会。

新冠疫情反复，疫苗正式上市仍需时间，预计未来很长一段时间内，全球的防疫措施仍会持续，建议关注防疫常态化拉动景气向上的以下板块：1）新冠病毒核酸检测：愿检尽检铺开，百亿市场开启；2）疫苗：关注“人民的新希望”——新冠疫苗研发进度；3）新基建相关医疗设备：有望带来百亿器械采购增量；4）原料药：中国制造异军突起，产品链话语权提升