投资建议：Q4是医美传统旺季，下游终端客流量环比恢复较好。在消费整体偏淡的大环境下，重点关注重要产品处于成长期， 带动24 年估值具备性价比的公司。1）医美行业龙头公司爱美客短期承压。公司再生类新品如生天使有望在24年进入放量期， 公司推出护肤品，布局光电类设备等品种，与A型肉毒毒素、利多卡因丁卡因乳膏等新品构成后续管线接力。目前估值性价比 已逐渐显现，建议重点关注。2）锦波生物的成长性受到市场认可，带动整体重组胶原蛋白赛道关注度大幅提升，建议持续关 注。3）医药板块整体关注度上行，华东医药、普门科技、伟思医疗等公司经营稳健，或迎来估值修复行情。4）其他建议关注 医美业务可能出现突破的江苏吴中。5）港股建议关注估值处于低位的美丽田园医疗健康、复锐医疗科技等。

在2020年年末我们撰写2021年年度策略时提出：医保全面控费背景下，医药“四化建设”是未 来投资方向，当前时点医药行业面临新周期，安信医药团队再度提出，新周期下的新“四化建 设”的投资思路，以供您参考  新“四化建设”包含：创新化（升级）、国际化（出海）、国产化（替代）、高效化（提质）， 其中创新化、国际化是做大增量；国产化、高效化是优化存量。

【综合策略】策略构建：自下而上汇总消费、制造、科技优选组合，自由流通市值加权，个股 权重不超过15%。投资表现：全区间超额医疗指数13.1%，相对指数月度超额胜率65.3%，相 对医药主题基金中位数分年胜率75%，相对主动权益基金中位数分年胜率88%。信息增量： 医药行业相对市场走弱时超额明显；组合内低关注度个股约占3 成，胜率高于组合整体。

痛风患病人数众多，全球抗痛风药市场超35亿美元，中国市场规模受集采影响约20亿元  从患者人数看：中国高尿酸血症患病人数从2015年的1.3亿增长到2019年的1.6亿，复合年增长率 为5.4%。痛风患病人数从2015年的2390万增长到2019年的3200万，复合年增长率为7.5%。  从市场规模看：全球抗痛风药市场规模超35亿美元，中国抗痛风药市场规模受集采影响2021年缩 小至约20亿元。

Neuropathy pain is a complex, chronic pain condition that is accompanied by tissue injury. In neuropathic pain, the nerve fibers may be damaged, dysfunctional, or injured. These nerve fibers send incorrect signals to other pain centers. The impact of nerve fiber injury creates a change in nerve function at the site of injury and areas surrounding the injury.

Neurodiagnostics refers to the analysis and monitoring of the nervous system to help doctors understand, decide, and perform required treatment for various conditions such as epilepsy, seizure disorders, blurred vision, or hearing loss.

Online video calls, audio calls, emails, real-time chat, and video conferences are all methods that can be used to conduct online therapy sessions, which are mental or health treatments that are offered online with the aid of an Internet network connection. Online therapy is a useful alternative to traditional in-person therapy and is quickly gaining acceptance as a method of receiving treatment. Users of the top online therapy services have access to a wide range of qualified therapists who can conduct distant sessions through phone, online chat, text message, or live video. Online counseling is generally more affordable than in-person therapy and is just as effective.

A phacoemulsification device is an ultrasonic equipment that has been accepted as the gold standard for cataract surgical procedures. It is a mechanically assisted extracapsular technique used for cataract extraction. Phacoemulsification is a common indication performed during cataract surgery and enables easy implantation of IOL in the posterior chamber. Using this device, the cataract is extracted through a 3.0 millimeters (mm) incision. The ultrasound waves break the cataract into smaller pieces and allow a small incision. Phacoemulsification helps in significantly shortening the recovery period and involves lesser pain when compared with conventional cataract procedures. It also conserves the posterior chamber, and vitreous body and avoids retinal detachment

Pharmaceutical logistics is a specialized branch of logistics focused on the storage, transportation, and distribution of pharmaceutical products, including drugs, vaccines, medical devices, and related materials. This field plays a critical role in ensuring that pharmaceutical products reach healthcare providers and patients safely, efficiently, and in compliance with regulatory requirements.