Currently, the growth of the market studied is attributed to the increasing awareness about the potential benefits of targeted alpha therapy. In the efforts of making healthcare system better, the government, along with some companies, is spreading awareness about the treatment options for cancer, such as radiotherapy. The market studied is also growing due to the increasing incidences of cardiac and cancer ailments. The rise in prevalence of cardiac and cancer ailments is increasing the demand for alpha emitters. In addition to that, the ongoing research for the treatment of various cancer types is contributing to the market growth. Presently, there are certain factors that are hindering the growth of the market studied, and those factors include shorter half-life of radiopharmaceuticals, stringent regulatory framework, and the need for high capital investment.

Continuous monitoring of patients’ parameters such as heart rate and rhythm, respiratory rate, blood oxygen saturation, electrocardiogram, blood pressure (BP), and many other parameters have increasingly become important for critically ill patients in healthcare settings. Patient monitoring systems are used to continuously monitor the patient’s vital signs. During treatment, it is highly important to monitor the vital physiological signs of patients continuously. Therefore, there is a high demand for patient monitoring devices in hospitals and other healthcare facilities. The continuous improvement of technologies not only improved the access of medical personnel to patients’ vital signs but has also simplified the diagnostic process and, as a result, has risen the monitoring efficiency of patients.

Employee wellness programs are gradually becoming staple in many organizations to keep their employers productive and decrease employee turnover. The report covers the types of workplace wellness plans including weight management and fitness services, nutrition and dietary plan, stress management services, health screening and assessment, and smoking cessation. In addition, the report also covers the end users, including small-size private organizations, mid-size private organizations, large-size private organizations, public sector, and NGOs. Region wise, it is studied across North America, Europe, Asia-Pacific, and LAMEA.

近年来，伴随购药渠道的多元化，消费习惯的线上移动化，越来越多的居民选择线上购药渠道。一场突如其来的疫情，更是进一步加速了居民购药渠道向线上迁移的进程。本篇报告通过线上调研的方式，收集了1294份问卷，并针对居民的购药行为及购药体验进行了分析梳理，希望能够为优化居民购药体验提供参考。

从发展环境来看，2019 年，全球贸易保护主义仍在升级，国际贸易、制造业生产、消费投资信心等降至近年来低点，全球经济增速在2019 年降至2.3%，创金融危机以来最低水平。我国国民经济运行总体平稳，发展质量稳步提升，国家经济结构继续优化，居民消费升级提质，GDP 同比增长6.1%，符合6.0%-6.5%的预期目标。医疗保障改革持续深入，药品集中采购及配套政策相继出台，医疗机构建设逐步完善、管理更加规范化，国家医疗卫生服务进一步优化，“放管服”改革稳步推动，多项政策助推中医药进出口贸易，国家多项措施推进医养结合发展。

近一个月（2020.04.20-2020.05.17），市场走势较为平稳，上证医药出现小幅上 涨。核心龙头资产估值相对溢价明显，未来投资者的收益来自于企业业绩稳健成长 的部分。

重点推荐标的：海普瑞（002399）、九州通（600998）、金域医学（603882）、 昭衍新药（603127）、正海生物（300653）、美诺华（603538）、凯普生物 （300639）、海尔生物（688139）、澳柯玛（600336）、中科美菱（835892）、 华北制药（600812）。

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。