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

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

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

23年初以来医美化妆品跑输大盘。美容护理行业指数较年初跌幅为18.60%，跑输沪深300指数14.31%，分行业看：（1）医美：年初阳康影响 消费需求+假期出行分流，龙头公司估值中枢下降；（2）化妆品：电商增速放缓+大促表现平淡+线下渠道弱复苏，化妆品社零平稳恢复，部分 公司业绩承压叠加龙头公司业绩降速担忧带来估值下降。龙头公司爱美客(44X PE)、珀莱雅(37X PE)等已回调至长期配置位置。

巩固优势领域，寻求新突破。主流的 Pharma 已经形成各自的优势领域并且已经具备完善的体系，主流 pharma 主要通过更多的适应症开发以及药物联用来扩展重磅药物的覆盖范围，在优势领域加大新药开发力度通过各个药物间的协同效应来继续巩固优势领域。并且更加积极布局 ADC、减重、NASH以及阿尔兹海默等领域。例如默沙东的 K 药已经在肿瘤领域优势明显，目前默沙东积极开展 K 药与 ADC 药物以及 mRNA 疫苗的联合用药，进一步拓展 K 药的治疗范围。强生的硼替佐米奠定了其在多发性骨髓瘤（MM)适应症的优势地位之后，先后推出CD38 单抗 Darzalex ，BCMA CAR-T Carvykti，以及BCMAxCD3双抗 teclistamab ，多个产品在 MM 适应症上具有良好的协同效应。

通过跟踪美股的重点制药企业中报，我们认为主流pharma已经形成各自的优势领域并且已经具备完善的体系。对于商业化的重磅产品，主要通过更多的适应症开发以及药物联用 来扩展重磅药物的覆盖范围。肿瘤领域ADC依然是重点领域，通过收/并购、合作研发以及自研 等方式布局该赛道；在自免领域新靶点值得关注，FcRn拮抗剂Efgartigmod23年上半年销售 4.87亿美元，已经超过去年全年销售额，同时赛诺菲上半年公布新靶点CD40L抗体临床数据表 现优异。GLP-1赛道依旧保持火热，诺和诺德司美格鲁肽和礼来替尔博肽上半年销售分别达到 92亿美金、15亿美金，超出市场预期，随着GLP-1类药物产能提升，以及在其他适应症拓展，未来该赛道具有更广阔的潜力。

医疗器械是直接或者间接用于人体的仪器、设备、器具、体外诊断试剂及校准物、材料以及其他类似或者相关的物品，包括所需要的计算机软件。其效用主要通过物理等方式获得，在疾病和损伤的预防、诊断、监护、治疗、缓解等方面具有广泛应用。医疗器械行业是一个多学科交叉、知识密集度高、资金聚拢型的高新技术产业，与民生福祉和生命健康息息相关。