本报告期医药生物行业指数涨幅为2.91%，在申万28 个一级行业 中位居第2，跑赢沪深300 指数（-3.27%）。从子行业来看，医药 生物三级行业中，医疗服务、化学原料药、医疗器械、化学制剂 涨幅居前，涨幅分别为9.56%、8.21%、5.08%、1.57%。估值方面， 截止2021 年9 月24 日，医药生物行业PE（TTM 整体法，剔除负 值）为34.34x（上期33.20x）。医药生物申万三级行业医疗服务、 生物制品、医疗器械、化学制剂、化学原料药、中药、医药商业 PE（TTM 整体法，剔除负值）分别为90.79x、41.18x、25.92x、 32.68x、46.12x、27.58x、14.59x。

景氣展望：儘管特定抗生素類原料藥因海外治療新冠肺炎重症患者所需而持續具 有顯著需求，而且本土廠商所屬利基型產品可望受惠於歐美國家醫藥供應鏈逐步 進行重組的趨勢，從而有效拓展海外市場，不過受到2020年同期國內下游學名藥 廠商積極拉貨、銷售基期有所墊高，加上領導廠商旭富製藥科技短期無法接單生 產的影響，故估計2021年上半年我國原料藥製造業景氣將呈現成長放緩的局面。 

2021 年上半年，特色原料药板块可以说是“打回原形”，中报业绩均有承压，市场更是 强化了板块的周期属性。然而，深入分析各家公司的情况，我们认为是“转型投入”遇 上“阶段扰动”，当前是黎明前的黑暗时刻，产业升级的拐点就在眼前。

Endodontics is the study of science related to soft tissue surrounding the root of a tooth and dental pulp. Endodontics include endodontic retreatment, root canal treatment, dental implants and endodontic surgery. This study comprises products only and not the services. The study estimates the revenue generated from the sales of endodontic consumables. The valuations comprise revenue generated from the adoption of root canal procedures by patients. The study scope focuses on endodontics consumables for dental clinics and hospital and dental clinics. Furthermore, the report excludes revenue generated from post-sale services of endodontic consumables.

The report covers the detailed analysis of the trends, future estimations, and a thorough study of the global face mask market on the basis of type, material, nature, and distribution channel. It analyzes government regulations, policies, and patents to provide information on the current market trends and suggests future growth opportunities globally.

Erythropoietin is a hormone produced primarily by capillary network of the kidney's renal cortex, with small amounts produced by liver and brain. It stimulates production of red blood cells (RBCs). Erythropoietin (EPO) is a protein generated by red blood cells. It is also known as hematopoietin or hemopoietin. Kidney cells produce and release erythropoietin when blood oxygen levels are extremely low. Erythropoietin drugs are used to treat anemia caused by chronic kidney disease (CKD), cancer, and human immunodeficiency virus (HIV). The report provides market dynamics and trends related to the global erythropoietin drugs market. The study estimates revenue generated from sales of erythropoietin products; however, it excludes total revenue for bio similar products. The valuations comprise revenue generated from erythropoietin products such as epoetinalfa, epoetin-beta, and darbepoetin-alfa.

Bioadhesives are defined as naturally occurring polymeric materials, which possess adhesive characteristics and can adhere to biological surfaces. This substance includes glues created by using biological intermediates such as starch, cellulose, or gelatin. With the growing popularity of bioadhesives, owing to their environmentfriendly nature, they are preferred over synthetic adhesives. These adhesives find their application in several end-use industries such as wood, packaging & paper, construction, and medical industries.

The report includes the revenue generated from the sales of vaccines used for the prevention of various animal diseases. Recent advancements and developments in the animal vaccines market have enhanced the efficiency of these drugs. Drivers, restraints, and opportunities are explained in detail to understand the market dynamics. Key strategies adopted by the potential market leaders to facilitate effective planning and decision-making are also discussed.

Animal model is a non-human species utilized in medical research as it shows related aspects of diseases and disorders that are found in humans. It is used to test the efficacy of the treatment cycle and effectiveness of a drug for specific disease condition. The report provides market dynamics and trends related to the animal model market. The study estimates the revenue generated from the sales of animal model types. The valuations comprise revenue generated from animal model types such as rat, mice, guinea pigs, rabbits, and others.