近年来，大分子生物药的热度持续增高，其市场当下增速较快且具备极高的发展潜力。而相较之下，小分子药物基于其相对较长的发展历史，且考虑到潜在靶点的数量，投资者可能会对其发展空间或瓶颈产生一定的讨论。

全球新冠疫情仍在持续，国内疫情逐渐得到控制，新常态下寻求投资机会。根据WHO 披露，截止6 月30 日全球累计确诊新冠患者约1018.54 万人、累计死亡人数约50.39 万人，美国、巴西、俄罗斯、印度等国家日均新增新冠患者数量仍维持高位，全球新冠疫情预计仍将持续较长时间，而国内新冠疫情已逐渐得到控制。

Coronavirus belongs to a family that includes viruses causing common cold to middle east respiratory syndrome (MERS), and severe acute respiratory syndrome (SARs), as per the World Health Organization (WHO). The novel coronavirus is a newly discovered strain and is also known as COVID-19 and has led to a rapid rate of respiratory infections and deaths globally. The disease primarily spreads through droplets of saliva or nasal discharge of an infected person, when such a person coughs or sneezes. The common symptoms of the disease are fever, cough, difficulty in breathing, fatigue, loss of smell, tenderness, and muscle pain, among others. The spread of the disease can be avoided through washing hands with soap and water at regular intervals, avoiding contact with those infected, and using a medical facemask. The following figure illustrates the crucial information regarding novel coronavirus spread, symptoms, susceptibility, and preventive measures against the disease.

Non-invasive: According to the U.S. National Library of Medicine, non-invasive refers to the tools which do not break the skin or physically enter the body. Drug delivery: According to BIS Research, drug delivery is the process of administering a pharmaceutical compound to accomplish a therapeutic effect. The most common modes of drug delivery are oral, topical, transmucosal, enteral, parental, and inhalation. Conventional drug delivery system: According to BIS Research, the conventional drug delivery system is the classical method for drug delivery into the body. Oral delivery, rectal delivery, subcutaneous delivery, buccal or sublingual delivery, intramuscular delivery, and intravenous delivery are the conventional drug delivery systems. Non-invasive drug delivery: According to BIS Research, it is the route of administration of a drug in which the systemic delivery of a drug is done non-invasively. According to BIS Research, non-invasive drug delivery refers to the devices in which the drug is delivered non-invasively or through a natural opening. The non-invasive drug delivery has various advantages over conventional drug delivery. These devices include digital respiratory devices used for inhalation of drugs such as smart inhalers, nebulizers, applications and sensors; closed-loop insulin pump (artificial pancreas), needle-free injector, and others.

Further, players are producing and replacing traditional tubes and upgrading as per the government regulations for the medical imaging diagnostics. In September 2019, Richardson Healthcare announced it received CE Mark approval for the ALTA750 X-Ray Tube. This ALTA750 is a form, fit, and function replacement for the Canon/Toshiba CXB-750D/4A. Richardson ships the tube with a new cable and heat exchanger and offers a full warranty. The CE Mark confirms that its product meets the requirements of the European Medical Device Directive, and signals conformity to patient and user safety and device performance standards in the European Union. Richardson currently stocks the ALTA750 and other replacement parts for the diagnostic imaging equipment in its Amsterdam facility in The Netherlands for quick availability throughout Europe. Emerging economies are claiming a growing share of global healthcare consumption, including medical devices and related procedures, owing to relative economic prosperity, growing medical awareness, and increasing (and increasingly aging) population.

本文从人效（人均创收和人均创利）及资产周转率角度，切入分析国内外医药外包（CXO） 行业，判断国内外领先企业所处的发展阶段，进而对国内两个主要 CXO 细分“赛道” （CRO、CDMO）提出盈利能力分析的思路。最后从竞争战略角度分析国内医药外包公 司商业拓展模式，并提出我们的观点：技术驱动、可持续差异化战略是企业更优的选择。

The cancer biomarkers market is largely driven by the increasing global prevalence of cancer and a growing adoption of early diagnosis. According to the World Cancer Research Fund, in 2018, there were an estimated 18 million cancer cases around the world, out of which, 9.5 million cases were in men and 8.5 million in women. In the recent years, knowledge about cancer biomarker has increased by leaps and bounds, providing great opportunities for improving the management of cancer patients, by improving the efficiency of detection and efficacy of treatment. The need for cancer diagnosis has also been increasing over the years, with more than 11 million people being diagnosed with cancer every year. According to the Global Cancer Observatory 2018, the number is projected to increase to 27.5 new cancer cases by 2040. Due to the rising prevalence of cancer in every part of the world, various governments and research organizations have established various initiatives for cancer awareness that are illustrating broad approaches for preventing and monitoring cancer. This is likely to drive the market growth over the forecast period. In addition, the paradigm shift in the healthcare from disease diagnosis to the risk assessment or early diagnosis of the cancer especially in developed countries creating the need for development of novel cancer biomarkers and testing.

The cancer vaccines market is majorly driven by the rising prevalence of cancer and increasing demand for effective prevention and therapeutics across the world. According to the World Cancer Research Fund, in 2018, there were an estimated 18 million cancer cases across the world, of which, 9.5 million cases were in men and 8.5 million in women. The need for cancer prevention and treatment has been increasing over the years, and more than 11 million people are being diagnosed with cancer every year. According to the Global Cancer Observatory 2018, the number is projected to increase to 27.5 new cancer cases by 2040. Due to the rising prevalence of cancer in every part of the world, various governments and research organizations established initiatives for cancer awareness. These initiatives illustrate various approaches for preventing and monitoring cancer. This is likely to drive the market’s growth over the forecast period.

医药业绩前瞻，建议积极布局业绩增速快的子行业及公司。本周医药板块上涨3.57%，继续延续强势表现；年初至今医药板块收益率达28.2%。我们认为当前需重点关注两类公司，一是为疫情受益，相关业绩持续快速增长的公司，比如核酸检测试剂、独立第三方实验室、手套、原料药等；二是子行业增速快， 不受疫情影响的龙头公司， 比如特色原料药、CDMO/CRO、药店、必需药品和器械。

本周上证综指下跌0.38%，报2919.74 点，中小板上涨0.98%，报7405.2 点，创业板上涨1.86%，报2206.76 点。医药生物同比上涨3.57%，报10249.66 点，表现强于上证3.95 个pp，强于中小板2.6 个pp，强于创业板1.71 个pp。全部A 股估值为13.15 倍，医药生物估值为47.45 倍，对全部A 股溢价率为260.94%，处于历史较高水平。