Snoring is a hoarse or jarring sound produced when air vibrates as it breathes past the relaxed tissue of the throat. Most people sometimes snore, but it can be a chronic problem for some. Sometimes it may indicate a serious health condition. When the air is forced through a congested area, the soft tissues of the mouth, nose, and throat collide with each other and vibrate. The vibration produces a rattling, snorting, or humming sound. Snoring can interfere with sleep. It can also bother the person’s partner.

Medical aesthetics or aesthetic medicine includes a comprehensive range of treatments that alter the cosmetic appearance of individuals by removing scars, skin laxity, wrinkles, moles, liver spots, excess fat, cellulite, unwanted hair, skin discoloration, and spider veins. The minimally invasive aesthetic medicine procedures that minimize the signs of aging include surgical procedures such as liposuction, facelifts, breast implants, and radiofrequency ablation. The non-surgical aesthetic medicine procedures include radiofrequency skin tightening, non-surgical liposuction, chemical peel, and high-intensity focused electromagnetic field. Also, most aesthetic procedures have a low incidence of adverse effects and a short recovery period compared to regular surgical procedures.

Virtual clinical trials are also known as decentralized clinical trials or remote clinical trials in the healthcare industry. Virtual clinical trials are defined as the deployment of a wide range of digital technologies and tools to collect safe and effective data from participants. In virtual clinical trials, specific digital technologies are prominently used in data collection, such as wearable or sensor devices, telemedicine, eCOA, ePRO, eConsent. In the past few years, the adoption of virtual clinical trials witnessed massive increase due to its benefits, which led to a shift toward technology implementation in clinical trial activities.

高尿酸血症（HUA，Hyperuricemia）是由于血液中尿酸水平过高而引起的一种代 谢性疾病，通常会导致痛风、尿酸肾病等疾病，且极易引起包括高血压、脂肪肝、慢 性肾病和心脑血管等并发症。

口腔清洁护理行业的市场规模稳步扩张，新品类增长可期。2017-2021年国内口腔清洁护理行业规模从388.5亿扩张 至521.7亿元，复合增速为7.7%。其中2021年牙膏/牙刷的市场规模分别达到311.6亿元/176.7亿元，占比 59.7%/33.9%。核心品类牙膏均价稳步增长，价格带天花板较高，为消费升级的受益品种，主要由于牙膏消费频率 低，单次消费金额不高，消费者对提价不敏感；此外随着消费者口腔健康护理意识增强，对产品功能需求个性化， 新成分产品如酵素美白牙膏、益生菌牙膏等普遍定价中高端，价格带继续向上延伸。新品类电动牙刷、漱口水/液规 模达到90.2亿元、25亿元，2017-2021年的复合增速27.3%、45.7%。随着消费者消费观念升级以及产品价格带趋 于丰富，新产品近年市场规模快速扩张。

整体观点：我们看好医药板块2023年行情，医药板块整体震荡，中药、化学制剂和商业表现突出，板块配置仍具备性价比。 1、生产端：Q1受到一月影响，预计后续复苏更显著。2023年1-3月医药制造业累计实现营业收入6740.9亿元，同比下降2.8%， 实现利润总额892.2亿元，同比下降16.3%，我们判断主要受到一月份影响，预计后续复苏将更加显著。 2、支付端：2023年1-2月基本医疗保险基金支出同比大幅增长。2023年1-2月基本医疗保险基金（含生育保险）总收入5955 亿元，同比增长11%；基本医疗保险基金（含生育保险）总支出3480.49亿元，同比增长25%，其中职工医保支出、居民医保 支出分别同比增长25.1%与24.7%。医保支出资金的大幅增长侧面印证诊疗及药品销售的复苏态势明显。 3、零售端：2023年Q1中西药品当月零售额增长强劲。1月受到疫情影响，当月零售额大幅增长；2、3月有所回落，但整体增 速仍高于社零。

截至2023/4/28，中信医药PE（TTM，剔除负值）为26.11X，医药板块估值溢价率为127.70%，处于2010年以来的偏下位置，性价比大幅提升。2023年第一季度，公募基金重仓医药行业的比例为11.24%，持仓比例低于10年平均水平（13.58%），医药板块的投资潜力亟待挖掘。 截至2022年末，基本医疗保险基金累计结存42,540.73亿元；2022年中以来医保谈判降价温和，集采降价悲观情绪趋缓。从医药流通、化学制剂、化学原料药、中成药这几个子行业来看，2023年第一季度营业总收入同比增速均出现了显著提升，归母净利润也基本实现较好的增长，业绩反弹曙光初现。

行业基本面看，维生素A 和E 的价格基本维持在底部，目前还没有看到价格上涨的催化因素；维生素B3 因为供需缺口，价格呈现上涨态势；中药原材料价格大部分还维持在高位，一季报中药企业业绩表现靓丽，政策持续向好；眼科赛道复苏明确，一季报业绩靓丽，23 年业绩可期；CXO 板块目前处于低估状态，海外融资数据或有好转，加之美联储加息周期或将结束，板块整体有望迎来反弹；创新药板块新药临床数据进入密集读出期，长期向好。

2022 年医药生物行业实现营业总收入2.48 万亿元，同比增长9.54%，实现归母净利润1939.73 亿元，同比下滑6.33%。从二级子行业看，医疗器械和医疗服务板块业绩亮眼，2022 年分别实现营业总收入3104.83 亿元、1851.54 亿元，同比增速分别为21.57%、32.88%，实现归母净利润分别为773.02 亿元、265.98 亿元，同比增速分别为16.85%、41.26%；生物制品和中药板块表现不佳，归母净利润同比下滑分别为54.90%、37.93%。