2019 年前三季度生医药生物行业A 股上市公司合计实现营收12,582.17 亿元，同比上涨16.49%；实现扣非净利润878.84 亿元，同比增加6.73%；实现归母净利润1013.25 亿元，同比增加8.35%。

一、 行业整体情况 ......................................................................... 7

1． 板块行情表现 ......................................................................... 7

2． 行业业绩表现 ......................................................................... 8

3． 板块估值变化 ........................................................................ 11

二、 细分板块分析 ........................................................................ 12

1. 化学原料药 ............................................................................ 12

2. 化学制剂 .............................................................................. 13

3. 中药 .................................................................................. 14

4. 生物制品 .............................................................................. 15

4.1 生物制品（生物制药+疫苗） ......................................................... 16

4.2 血制品 ............................................................................ 18

5. 医疗器械 .............................................................................. 19

5.1 医疗设备 .......................................................................... 20

5.2 高值耗材 .......................................................................... 21

5.3 IVD ............................................................................... 22

6. 医疗服务 .............................................................................. 23

6.1 医疗服务机构....................................................................... 24

6.2 CXO .............................................................................. 25

7. 医药商业 .............................................................................. 26

7.1 医药流通 .......................................................................... 27

7.2 医药零售 .......................................................................... 28

三、 投资策略与建议 ...................................................................... 30

四、 风险提示 ............................................................................ 30