Hearable devices are technically advanced electronic devices that are designed for multiple purposes that range from wireless transmission to communication objectives, fitness tracking, and medical monitoring. Also, these devices perform various functions such as heart rate tracking, voice-based personal assistants, contextual location-based suggestions, environment-based noise suppression or audio enhancement, and gesture & touch-based control along with its primary function of listening to audio signals. The scope of the report discusses the potential opportunities for the market players to enter the global hearables market. Furthermore, it provides an in-depth analysis of the market, outlining current trends, key driving factors, and key area of investment. The report includes Porter’s five forces analysis to understand the competitive scenario of the industry and role of each stakeholder in the value chain. Moreover, it features the strategies adopted by key market players to maintain their foothold in the market.

The market studied is experiencing high growth, owing to the rising number of healthcare facilities and increasing healthcare expenditure. Furthermore, the market players are also focusing on providing better services to their end users, in order to retain the maximum market share. Furthermore, the countries across the world are witnessing similar trends in the provision of healthcare services, with an increase in the demand for healthcare in public hospitals, owing to the rising prevalence of chronic diseases and increased healthcare expenditure. The end users are more inclined toward outsourcing the facility management services, in order to increase their focus on better patient care.

COVID-19 进入全球大流行状态，疫苗重要性不断提高。2020 年伊始， 新型冠状病毒疫情突至，并在中国爆发，但随着中国地区疫情的逐渐 平息，海外再起波澜。2020 年3 月12 日，世卫组织总干事谭德塞 博士将COVID-19 疫情定性为大流行，截止北京时间2020 年3 月 24 日，全球累计已有超30 万人确诊，涉及近160 个国家。由于较 强的传染能力和较弱的致死性，新冠病毒可以在不引起人注意的情况 下进行传播，导致了现阶段全球性的疫情蔓延。

疫苗研发的新技术路径不断迭代，未来发展前景广阔。疫苗的研发已经历过减毒、 灭活疫苗、亚单位疫苗、重组蛋白等技术不断迭代过程，当前以DNA疫苗、 mRNA疫苗、重组载体疫苗等新技术路径开始不断涌现，未来新一代的疫苗品种也将不断问世，以应对临床满足需求 ，未来发展前景广阔。

医疗资源向抗疫集中，Q1 医药消费仍具备较强韧性。春节期间，中国 武汉爆发了新型冠状病毒疫情，并随着春节返乡人群向全国扩散。全国 医疗资源向抗疫集中：最高峰有4 万多名医护人员驰援湖北，各地医 院为应对本地疫情常规诊疗活动受到较大压制。短期对于医疗产品消 费需求有所减少，3 月中上旬，各地常规诊疗活动已经迅速恢复。

康希诺生物于2009 年在天津成立，是一所由跨国制药企业高管团队回国创立的疫苗研发企业。目前公司已建立基于腺病毒载体疫苗技术、蛋白结构设计和重组技术、结合技术、制剂技术等四大核心技术平台，首个产品埃博拉疫苗Ad5-EBOV 已于2017 年获新药批准，两款流脑疫苗（MCV2、MCV4）均已提交上市申请。此外，公司13 价肺炎球菌结合疫苗、全年龄段百白破疫苗等也在临床试验中。

本周上证综指下跌4.91%，报2745.62 点，中小板下跌5.91%,报6635.79 点，创业板下跌5.69%，报1915.05 点。医药生物同比下跌2.92%，报8248.62 点，表现强于上证1.99 个pp，强于中小板2.98 个pp，强 于创业板2.77 个pp。全部A 股估值为11.85 倍，医药生物估值为36.75 倍，对全部A 股溢价率为 210.04%，处于历史较高水平。

根据国内的新增确诊病例增长情况，我们判断国内疫情基本进入发展 后期。目前一部分增量来自于境外输入，但是国内尤其是重点城市在 过去两个月内积累了充分的应对新冠疫情的防控诊疗经验与能力，我 们判断国内对于后续的境外输入会有充分的应对，由于境外输入导致 的国内疫情二次爆发的概率很小。

结论：（1）海外疫情依然处于爆发中，尚未看到明显的拐点数据出现。（2）国内疫情已进入末期，近期需警惕境外输入病例对国内疫情进展的影响。