医药政策从供给端引导和规范行业发展。近几年围绕医保、医药、医疗“三医联动”的医疗改革持续推进，行业不断规范发展。其中，医药相关政策从供给端出发，从药品研发、上市审评、合理用药、质量监管等环节全方位引导和规范行业发展。

受益于老龄化、低渗透率、国产营销，中国带状疱疹疫苗市场有望提速我们认为中国带状疱疹疫苗市场进入大幅增长阶段，2023 年市场规模约 30 亿，预计 2024~2026 年市场增速约 180%、80%、40%：1）中老年人接种池庞大且数量持续增长（60 年代婴儿潮逐渐步入 60 岁）；2）我们估算中国 2023 年 50 岁以上城镇人口接种率 0.5%、累计渗透率 0.8%，距离美国 2021 年年度接种率 4.6%与累计渗透率 18.5%存在较大差距；3）供给与销售出现大幅好转，百克于 2023 年上市、GSK 于 2024 年交付智飞生物，2026 年起重组蛋白国产化将启动。产业链相关公司 GSK、百克生物、绿竹生物、怡道生物、迈科康、瑞科生物、华诺泰、国药集团、嘉晨西海，康希诺等。

在2024年第42届摩根大通医疗保健会议（JPM）上，多家海外疫苗企业披露了自身在疫苗产品销售及开发的进展。各企业均开发了对部分现有疫苗的升级迭代产品，并继续保持对mRNA技术的关注和布局。此外，海外疫苗企业也 积极布局新的预防及治疗领域。与海外疫苗企业相比，国内企业对创新技术路线的布局较少，覆盖的疾病领域仍有广阔的拓展空间。我们建议关注拥有近期处于上市放量阶段或即将上市的重磅产品，且自主研发能力强劲，拥有创新疫苗研发管 线布局的企业：智飞生物、康泰生物、沃森生物、万泰生物、康希诺、康华生物、欧林生物。

Thoracic surgery is the branch of medicine that deals with the chest organs, such as the heart, lungs, esophagus, and trachea. Thoracic surgery helps to diagnose and treat conditions that affect the lungs and chest cavity and is responsible for the care of patients with cancer of the lungs and chest.

Syringes and needles are the sterile medical devices that are used to inject fluids/solutions or to withdraw secretions from the body. Needles are one of the commonly used medical devices in the healthcare system.

Tardive dyskinesia (TD) is an involuntary neurological movement problem caused by the utilization of dopamine receptor-impeding medications that are endorsed to treat specific mental or gastrointestinal circumstances. The global tardive dyskinesia treatment market is focused on the diagnosis of neuromuscular movements in the mouth, lips, and tongue.

Stem cell banking is a facility that stores stem cells derived from amniotic fluid for future use, which involves the extraction, processing, and storage of stem cells, which the donors may wish to use in later stages of life for the treatment of various diseases such as cancer, heart diseases and more. Stem cells are also used in research for developing regenerative therapies.

Spinal implants are devices used in spine surgeries for the treatment of different conditions, such as degenerative disc diseases, spondylitis, scoliosis, spinal deformities, and spinal fractures. They are made of metals such as titanium, titanium alloy, and stainless steel, and also non-metallic compounds.

The global annuloplasty rings market refers to the market for devices used in cardiac surgery for the repair or replacement of heart valves. Annuloplasty rings are elastic or rigid structures that are placed around the circumference of the heart valve to provide support, reshape the valves annulus, and improve its function. This market includes annuloplasty rings designed for both mitral valve repair and tricuspid valve repair. Mitral valve repair is a procedure used to treat mitral valve regurgitation, a condition where blood leaks backward into the left atrium. Tricuspid valve repair, on the other hand, is performed to treat tricuspid valve regurgitation, a condition where blood leaks backward into the right atrium.

Roselle, known as Hibiscus sabdariffa L., is an annual crop used in food, animal feed, nutraceuticals, cosmeceuticals, and pharmaceuticals. It is used in producing jelly, jam, juice, wine, syrup, gelatin, cake, ice cream, and others. The product has anti-inflammatory and exfoliating properties, due to which it is becoming a vital raw material for organic and natural cosmetics.