全国公立医院收入中医疗服务占比（2021年占比28%）仍处于较低水平，财政补贴收入占比提升较快（从2010年 的8.2%上升至2021年的12.1%）。不合理的收支结构可能带来的问题：①总增长过快财政补贴压力大；②医疗服务类价格不合理不能体现医生价值；③药品耗材收入占比过高形成“以药养医”，引起医患矛盾等。

2023年H1疫苗板块收入维持增长，新冠疫苗贡献减少影响表观增速。疫苗板块合计11家公司（基于可比性，未纳 入华兰生物），2023H1营收同比增长8.42%，扣非净利润同比降低16.44%，主要为新冠疫苗贡献减少，2022H1康 希诺营业收入6.3亿元，2023H1为0.26亿元。智飞生物自主产品2022H1实现营业收入16.67亿元，2023H1为8.6亿 元。HPV疫苗加速放量，2023H1智飞生物4价HPV疫苗批签发量627万支（同比+29%），9价HPV疫苗批签发量 1468万支（同比+58%）。23H1康希诺流脑结合疫苗销售额达2.2亿元，同比增加1997%。截至2023年9月14日，百克生物带状疱疹疫苗获得批签发15批次，批签发进度迅速。

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