本报告期医药生物行业指数跌幅为1.80%，在申万31 个一级行业中 位居第26，跑平沪深300 指数。从子行业来看，仅体外诊断、医疗 耗材、其他生物制品上涨，涨幅分别为3.74%、1.77%、0.55%；医疗 研发外包、线下药店、疫苗跌幅居前，跌幅分别为7.00%、5.10%、 5.03%。

化妆品板块：行业需求修复+格局优化，精选强α属性标的。1）需求 端：2023 年防疫政策优化叠加经济复苏，化妆品可选消费需求有望边际恢 复；线上化趋势延续，抖音优于淘系，功效护肤红利仍存。2）供给端：渠 道格局重塑、政策监管趋严背景下，具备研发/产品/渠道/营销/灵活组织等 综合优势的头部企业份额有望持续提升。建议重点关注：①重组胶原蛋白 产业链龙头-巨子生物；②国货美妆龙头-珀莱雅；③透明质酸产业链龙头- 华熙生物；④国货皮肤学级护肤龙头-贝泰妮；⑤国货美妆二线龙头-上海上 美。

创新药：行业回暖，估值提升。21年7月以来，创新药显著跑输恒生综指，既有外部加息因素的困扰，也有内部定价不及预期、行业竞争加剧以及出海遭遇不顺等多方面原因。经过一段时间的调整，行业迎来多方面改观，政策面医保谈判规则进一步明确，鼓励和加速创新药进医保的态度更加明确，行业面内部“出清”加速进行，构建多层次健康生态。2022年，创新药领域迎来诸多突破，阿兹海默病、血友病、减肥领域进展瞩目，个性化癌症mRNA疫苗也读出IIb期临床结果，技术进步推动生物技术创新持续进行。国内企业也即将在2023年迎来多方面催化。看好创新药龙头（恒瑞医药、信达生物、百济神州、康方生物、荣昌生物）的估值修复机会。

The market study aims at estimating the market size and the growth potential of this market. Topics analyzed within the report include a detailed breakdown of the global markets for automated hospital beds by geography and historical trend. The scope of the report extends to sizing of the automated hospital beds market and global market trends with market data for 2021 as the base year, 2022 and 2022 as the estimate years and forecast for 2024 with projection of CAGR from 2024 to 2029.

The extensive stage small cell lung cancer market currently has four approved products, among which immune checkpoint inhibitors constitute part of a standard treatment regimen. The approved therapeutic products under immune checkpoint inhibitors include Imfinzi (Durvalumab) and Tecentriq (Atezolizumab), while Zepzelca (Lurbinectedine) constitutes the second-line treatment of extensive stage small cell lung cancer. Cosela (Trilaciclib) is indicated for the treatment of chemotherapy-induced myelosuppression. The primary products that constitute the standard of care (SoC) along with immune checkpoint inhibitors include Etoposide and Cisplatin or Carboplatin. All these three products of SoC have their generics available in the market.