全球血制品行业保持良好增长态势，呈寡头垄断格局。全球血制品行业市场规模2021年为417亿美元，预计将以年均9.33%的复合增速增长，2030年市场规模将达到931亿美元。当前全球年采浆量在6万吨左右，其中美国采浆量占比在60%以上；全球血制品行业呈寡头垄断格局，CR5>80%。从供给端来看，当前我国年采浆量在10000吨左右，2021年浆站数为287家；相较于美国，我国在血浆供给端存在4-5倍的差距；十四五期间多个省份陆续推出浆站建设规划，我国浆站数和人均采浆量均有进一步提升空间。从需求端来看，我国目前仅有14个血制品品种，在产品种类、人均使用量和应用领域等方面均处于较低水平，存在广阔发展空间。新冠疫情发生后，人们对于血制品的临床认知得以进一步提升。

应用远不止“长效化”：我们认为，聚乙二醇作为应用广泛的聚合物类载体，优点体现在分散度低、既溶于水又溶于有机溶剂、无免疫原性、无毒性、可生物降解。聚乙二醇小分子修饰的应用更多是改变化合物的理化性质使前药在到达特异性作用靶点后被活化而发挥药效，或改变小分子的脂溶性或水溶性以降低毒副作用，应用场景远不止长效化。

本报告期医药生物行业指数降幅为3.43%，在申万31 个一级行业中位居第16，跑输沪深300 指数（-2.20%）。从子行业来看，仅医药流通板块上涨，涨幅为0.01%；线下药店、医院、医疗研发外包板块跌幅居前，跌幅分别为9.26%、6.42%、6.34%。估值方面，截至2023 年4 月21 日，医药生物行业PE（TTM 整体法，剔除负值）为24.82x（上期末为25.36x），估值有所下降，低于负一倍标准差。医药生物申万三级行业PE（TTM 整体法，剔除负值）前三的行业分别为其他医疗服务（84.97x）、医院（77.12x）、血液制品（39.36x），中位数为28.17x，体外诊断行业（6.52x）估值最低。

我国医美渗透率爬升，市场有望迎来量价齐升。2022年，中国大陆医美渗透率提升至4.5%，与发达国家成熟医美市场之间的差距逐渐缩小。我们认为，中国医美市场有望迎来量价齐升：①我国医美消费者年轻化趋势明显，医美群体日渐壮大；②我国医美用户年消费水平较高，多集中在1-6万元之间；③联合治疗方案和轮廓固定理念推广，有望推高医美客单价，并逐渐成为医美领域的流行风向。

连锁化率提升，销售品类多元化，行业空间进一步打开。2021年，我国零售药店市场总规模约为5938亿元，2015-2021年CAGR为10.6%；药店连锁化率由2012年的34.6%提升至2021年的55.3%，连锁化率持续提升；药店销售品类日益多元化，非药品类客单价高、毛利率高，盈利能力不断提升，市场空间进一步打开。

消费者对口腔问题的重视助力口腔护理行业持续扩容。1）口腔护理行业持续扩容。2021 年我国口腔护理行业规模为521.7 亿元，同比增长4.56%，2008-2021 年间行业规模增速CAGR 为8.72%，增速显著高于美日及全球。2）消者对口腔问题的重视助力人均消费支出提升。我国口腔患者人数占全国总人口的一半，且口腔问题位列国民健康困扰Top5，与此同时我国人均口腔支出仅136元，对比美国、日本、韩国1500-2700 元的人均口腔消费支出提升空间较大；此外，2020 年我国人均口腔消费支出增速为13%，高于美日韩1-2%的增速。

For over a century, vendors in the cleaning and maintenance products industry have delivered products that clean and disinfect to ensure optimal levels of hygiene and ensure high living standards and life expectancy. Proper hygiene is critical to prevent infections and the transmission of superbugs in hospitals and medical centers, food processing factories, dairies, restaurants, and other places where food is handled daily. Thus, regular cleaning and disinfection are essential to prevent the transmission of food-borne illnesses and other pathogens in schools, sports centers, shops, offices, hotels, and restaurants and make these professional spaces more agreeable for people to work in and be more productive.

Packaging is the process of enclosing products ready for sale, distribution, and storage. Factors such as the surge in the prevalence of chronic diseases worldwide and the emergence of sophisticated technologies and treatments are expected to propel the demand for pharmaceutical products worldwide. The rapid evolution of the pharmaceutical industry has contributed to the growth of the global pharmaceutical packaging market.

Due to the growing prevalence of chronic disease across the globe and sophisticated technologies and treatments, the demand for pharmaceuticals is rapidly increasing. The pharmaceutical marketplace is evolving rapidly. Pharmaceutical manufacturers manage drug product distribution from the production point to drug wholesalers. Pharmaceutical logistics deals with manufacturing, processing, shipping materials, and resources. It even deals with activities related to handling manufactured goods by customers. Logistics companies play a crucial role in the functioning of pharmaceutical companies.

Vitamins play a major role in several industries, including food and beverages, public health, dietary supplements, and medical nutrition. Vitamins such as D3 are considered the major constituents and active pharmaceutical ingredients (API) in the pharmaceutical industry. The outbreak of COVID-19, the increasing demand for nutricosmetics, the rising intake of nutritional supplements, and growing investments in the animal feed industry are expected to drive the market for vitamin D during the forecast period. While the industry is expected to pose an absolute growth of 62% by 2026, over 75% of the growth is expected to come from APAC, North America, and Europe regions.