行业2020Q1业绩受新冠疫情影响而整体有所下滑，部分子行业 受益抗疫需求上升而业绩实现较快增长。目前海外疫情仍在扩散，各国都 在加快推进新冠疫苗研发，关注疫苗研发进程的推进。从中长期来看，行 业投资仍然要紧跟政策趋势：（1）第三批药品集采将要启动，未来全国性 集采还将扩容。（2）高值耗材国家集采将要启动。（3）开展注射剂一致性 评价。（4）持续推进DRGS，试点城市2020年将模拟运行，2021年将启动实 际付费。（5）持续推进药物创新。优选优质赛道：（1）研发实力强的创新 药龙头。（2）政策免疫、景气度有望持续向好的医疗服务龙头。（3）创新 能力强的器械龙头。（4）渠道扩张能力强的医药零售龙头。

长期来看，医药生物行业产业升级大方向不变，医药消费刚性需求不 变，医药行业具有较好的发展韧性。我们建议长期关注：1）优质创 新药及CRO/CMO 企业。建议关注创新药龙头企业恒瑞医药，谨慎看好 贝达药业；2）骨科植入器械龙头。建议关注凯利泰，看好大博医疗； 3）优质医疗美容提供商。谨慎看好昊海生科、华熙生物；4）零售药 房龙头。建议关注益丰药房、老百姓、一心堂，看好大参林；5）优 质专科医疗服务提供商。建议关注爱尔眼科，看好通策医疗。

2019 年第四季度末，科创板生物产业公司中基金持股比例最高的为华熙生 物，持股基金数量最多的也是华熙生物（412 支）。2020 年第一季度持股比 例最高的为心脉医疗，持股基金数量最多的为三友医疗（88 支）。从基金持 股的比例和数量来看，各细分领域里的优质个股，如心脉医疗、美迪西、南 微医学、华熙生物等公司，基金持股比例和持有基金数量均较高。

存量注射剂一致性评价任重道远。根据GBI SOURCE数据，截止2020年5月17日，CDE共已受理1324个注射

剂一致性评价，其中已有43个申请（视同）通过一致性评价，86个申请审评结束但暂未明确结论，1195个申

请正在审评审批中。1195个正在审评审批的申请中，683个为存量注射剂品种的一致性评价补充申请，512个

为按照新注册分类标准申报的上市申请。

本报告期（2020.5.6-2020.5.15）医药生物行业指数上涨 3.49%，在申万28 个一级行业中位居第5，跑赢沪深300 指数 （0.01%）。从子行业来看，医药生物三级行业指数涨跌互现，其 中医疗器械、医疗服务、生物制品指数上涨，涨幅分别为5.66%、 5.10%、4.53%，仅医药商业指数下跌，跌幅为0.92%。

The market studied is currently being driven by factors, such as the growing number of rehabilitation centers across the major countries, such as United States, and the increasing prevalence of the behavioral disorders and drug abuse.  With the evolution done in the behavioral health since the last decade, immense changes have been made in terns of treatment for behavioral disorders and its rehabilitation. The current state indicates that there is a growing awareness of the issue and more Americans are now getting coverage for the behavioral diseases as well.  The insurance reforms substantially increased the behavioral health coverage for adults, which is currently augmenting the growth of the market studied in developed nations.

Modelling patient flow in health care systems is vital in understanding the system activity, and therefore, it may prove to be useful in improving their functionality. There are only a few vendors of integrated software-based patient flow solutions, which are fragmented. Few large clinical vendors offer inpatient tracking solutions, which are supposed to be very similar in features and their functionality. Despite the higher adoption rate of patient flow management solutions, the number of hospitals that use this solution to take care of the patient flow management is low in certain developing or underdeveloped countries. Currently, the advanced tools developed by the companies are accelerating the use of patient flow management solutions, and the emerging economies are gradually adopting the same.

智飞生物的重组结核杆菌融合蛋白（EC）正式获批上市，标志着公司在结合病防控领域实现重要突破；此外，公司母牛分枝杆菌疫苗（结核病感染人群用）已完成技术审批，处于上市生产审批阶段；BCG-PPD、冻干重组结合疫苗（AEC/BC02）、承认用皮内注射用卡介苗处于临床试验阶段。

医药行业具备刚性需求属性，相较其他大部分行业受疫情影响较小，目前国内复工情况良好，疫情导致的行业需求滞后将加速回补。医保控费大环境下，行业结构持续分化，部分细分领域符合产业发展趋势，景气度持续。

医药行业具备刚性需求属性，相较其他大部分行业受疫情影响较小，目前国内复工情况良好，疫情导致的行业需求滞后将加速回补。医保控费大环境下，行业结构持续分化，部分细分领域符合产业发展趋势，景气度持续。