本篇报告梳理了本次新冠病毒对（业务与疫情相关及与疫情无关的）两种类型药企的不同影响，并分别给出了相应的应对建议。

氯喹于1934 年首次合成，并于1949 上市成为抗疟药。该药能迅速、有效地控制疟疾的临床发作，亦可用于疟疾的预防。超过半个世纪的安全应用为这一药物的安全性提供了最好的背书。氯喹应用的不良反应少见，既有证据表明即使长期服用达数年之久，不良事件的发生率也较低。

投资建议 ：建议关注创新能力强、产品线丰富的耗材企业以及IVD的细分龙头公司 。耗材企业如A股的乐普医 疗、大博凯利泰南微股的乐普医疗、大博医疗、凯利泰、南微医学、健帆生物，以及港股的威高股份、春立医疗爱康医疗、微创医疗等。

Omega-3 fatty acids, particularly EPA and DHA, are essential in the human diet for proper growth, development, and good health. These have been found to be particularly good for heart health, joint and inflammation support, eye health, cognitive function, pregnancy and healthy child development, and immune function, among other benefits.  Recently, deaths from cardiovascular diseases have witnessed an increase globally, though mortality rates have decreased. Western Europe and Central Europe are the only two out of 21 regions, where cardiovascular deaths and death rates have declined. Sub-Saharan Africa and South Asia have seen increases. A range of complementary life course strategies are available to improve cardiovascular health in both children and adults. Such approaches focus on both improving cardiovascular health among those who currently have less than the optimal levels, and preserving cardiovascular health among those who currently have ideal levels.

2018年是中国“互联网+医疗健康政策正式落地的加速年，同年12月7日.国家卫生健康委办公厅印发了《电子病历系统应用水平分级评价管理办法(试行》和《电子病历系统应用水平分级评价标准(试行)》，提出了到2020年,所有三级医院要达到分级评价4级以上, =级医院要达到分级评价3级以上。在多项政策驱动下中国的医疗IT应用投资不断增加,加上云计算、人工智能等新技术与医疗行业的不断融合,中国的医疗IT应用市场稳步提升。值得-提的是，2018年医疗IT应用行业遭遇了勒索病毒的侵袭，多地多所规模不等的医疗机构中招,为整个行业带来了巨大影响。在整个医疗IT信息化的过程中,网络安全-直不被厂 家所重视,而勒索病毒事件为整个行业敲响了警钟,接下来企业势必会加大网络安全领域投入,在丰富产品功能的同时, 也要保障整个行业客户的安全性。未来,从技术端来看。人工智能+医疗成为行业技术发展趋势。另外西部地区和社区医院市场需求将不断扩展,企业将重点布局。

The wound management market is currently being driven by factors, such as rising prevalence of the chronic wounds, growing diabetic population, which is leading to the higher number of diabetic foot ulcers, and the raising geriatric population across the world. Few factors are hindering the market growth, which include high cost of the wound care products, along with unfavorable reimbursement scenario across various countries. The market is witnessing continuous advancements in the products and technologies used. Companies, such as Smith & Nephew, Coloplast, Acelity LP Inc., and Molnlycke Health Care AB, hold large market share, especially in the advanced wound dressing and devices segment. Few local players across certain countries, such as China, hold substantial share in the traditional wound care product segment.

The US Food and Drug Administration (FDA) is responsible to ensure that the public health and safety ae not compromised through the products that are intended for human and animal consumption. Hence, FDA laid regulations for maintaining the safety of instruments in calibration services.  The FDA has a code of regulations for medical device calibration requirements, which are stated in part 820 of its Quality System Regulation (QSR), Section 72. Title 21 of Code of Federal Regulations (CFR) part 820.72. This deals with inspection, measuring, and test equipment.  The regulation requirements of FDA for medical device calibration are not for specific measures. The regulations have been designed to ensure that the inspection, measuring, and the test equipment satisfy the intended use and quality requirements. The regulations act as guidelines for the manufacturers and distributors of medical equipment and devices, as they define the procedures, accuracy standards, and frequency of calibration that must be followed for calibrated equipment.

The North America medication adherence packaging market is estimated to grow at a CAGR of 6.3% from 2019 - 2027. Key factors that are driving growth of the market are rising demand for adherence packaging from patients, rising need to minimize medication wastage and growing initiatives by government. However, the market is estimated to experience slower growth due to the high cost of installation and maintenance for medication packaging systems.

我们对核心覆盖的29家公司2019年年报业绩进行前瞻分析，其中已有11家发布业绩预告或业绩快报。整体看相关公司维持稳健增长，增速主要集中在20-30%范围内，中位增速23%。分板块看，医疗器械、生物制品、医疗服务、CRO增长相对稳健；相对而言，各板块内中大市值公司的业绩增速波动较小，小市值公司业绩表现相对更为分化。医药板块目前估值处于合理区间，建议关注继续保持高景气度的细分子板块，以及预期2020年业绩继续保持高增长的公司。

受新型肺炎疫情影响，优质医药龙头成为宏观经济环境下更加确定性增长的资产，继17 年以后医药很可能再次成为市场追捧投资方向。据非典经验，中长期角度看对医药产业影响比较有限；从短期看，对口罩（奥美医疗、振德医疗等）、大输液（辰欣药业、科伦药业等）、干扰素（安科生物、特宝生物等）、额温枪和消毒用品（鱼跃医疗等）等业绩影响比较明显，一季度业绩很可能超预期，其它的偏概念居多。