2023年初以来(截至20230831)，申万医药指数下跌10.87%，跑输沪深300指数8.6%，年初以来行业涨跌幅排名第26。2023年8月申万医药指数下跌4.76%，跑赢沪深300指数1.64%，月初以来行业涨跌幅排名第9。2023年初以来(截至20230831)医药子行业调整力度较小，8月，医疗研发外包涨幅最大(+5.8%)，医疗耗材跌幅最大(-10.8%)。 

第三代 EGFR-TKI 耐药治疗需求尚未满足，我们测算国内有近 8 万名第三代 EGFR-TKI 耐药的晚期 NSCLC 患者，对应国内治疗市场规模近 80 亿元；美国约有 1.42 万名耐药患者，市场空间约 175 亿元。双靶向联合疗法能够有效克服 EGFR 非依赖性耐药，强生双抗针对奥希替尼耐药的三期临床取得成功。EGFR 依赖性耐药主要以 C797X 突变为主，第四代 EGFR-TKI 初显锋芒。免疫联合疗法开启耐药治疗新时代，Trop-2、HER3 ADC 另辟蹊径克服耐药。维持创新药及生物药 CDMO 行业“强于大市”评级。

APIs are used in finished pharmaceutical products and are intended to furnish pharmaceutical products. These products directly affect disease diagnosis, mitigation, cure, treatment, and prevention. They also help to restart, correct, or modify the physiological functions of human beings. Each drug comprises two core elements: API, the major ingredient, and excipient, the substance other than drugs that support medicine delivery in patients. Excipients are chemically inactive compounds, such as mineral oil or lactose. APIs are made of several chemical compounds.

The Material described in this report are primarily defined by its title since the title is generally long and includes most of the criteria used to differentiate the Material from other similar Material. The Material descriptions are sourced from the U.S. Census. Additionally descriptions can be collected from the manufacturing industry descriptions that each Material is categorized. The U.S. Census manufacturing industry descriptions for Material are listed below

The Material described in this report are primarily defined by its title since the title is generally long and includes most of the criteria used to differentiate the Material from other similar Material. The Material descriptions are sourced from the U.S. Census. Additionally descriptions can be collected from the manufacturing industry descriptions that each Material is categorized. The U.S. Census manufacturing industry descriptions for Material are listed below

Barnes Reports' Global Manufacturing & Makets report series provide estimates of the size and characteristics of the largest Material, materials and consumables by manufacturing industries in the largest 140 global countries. These estimates are produced by a proprietary economic model that is based on a number of sources and factors

The Material described in this report are primarily defined by its title since the title is generally long and includes most of the criteria used to differentiate the Material from other similar Material. The Material descriptions are sourced from the U.S. Census. Additionally descriptions can be collected from the manufacturing industry descriptions that each Material is categorized. The U.S. Census manufacturing industry descriptions for Material are listed below

The Material described in this report are primarily defined by its title since the title is generally long and includes most of the criteria used to differentiate the Material from other similar Material. The Material descriptions are sourced from the U.S. Census. Additionally descriptions can be collected from the manufacturing industry descriptions that each Material is categorized. The U.S. Census manufacturing industry descriptions for Material are listed below

2022 年中国医疗美容服务市场规模达 1891 亿元，预计 2022-2030E CAGR 13.8%。根据弗若斯特沙利文数据（转引自爱美客 H 股招股书）及艾尔建美学与德勤《中国医美行业 2023 年度洞悉报告》，2022 年中国医疗美容服务市场规模达 1891 亿元，与 2021 年基 本持平，2017-2022 年 CAGR 13.7%，弗若斯特沙利文预计到 2030 年市场规模达 5323 亿元，2022-2023E CAGR 13.8%。

从渗透率/项目数量/频次/客单等多维度看，中国医美行业空间广阔、增长确定性强。供给创造需求，新材料、新技术、监管、跨界等多因素驱动医美生物材 料日趋丰富，局部减脂、防脱发成为泛医美新赛道。生物材料企业：1）赛道孤品拓蓝海、享红利——PLLA/PCL/重组胶原等；2）红海品类，创新谋发展 ——交联技术等产品创新，商业模式创新。