据国家统计局数据，2022 上半年医药制造业营业收入平均增速为 1.97%，利润平均增速为-19.85%；去年同期医药制造业营业收入平均增 速为30.45%，利润平均增速为87.78%。2022 上半年，A 股申万医药生 物行业共计实现营业收入11639 亿元、净利润1298 亿元、扣非净利润1132 亿元，同比增速分别为8.90%、2.17%和8.99%；去年同期，行业整体营 业收入、净利润和扣非净利润增速分别为21.45%、43.63%和45.67%。 受去年同期行业高基数，今年部分地区疫情散发等多因素影响，今年上半 年医药生物行业同比增速回落明显。从盈利能力看，2022 上半年医药生 物上市公司平均毛利率为51.95%（-1.96pp）；平均扣非净利率为15.21% （-1.56pp）；盈利能力小幅下降。

1.疫情影响，高基数下医药生物行业增速放缓 ................................................................................... 4

1.1 医药制造业增速显著回落 ................................................................................................................................. 4

1.2 医药生物上市公司整体增长平稳，盈利能力下降 ............................................................................................. 4

2.细分子板块分析 .............................................................................................................................. 6

2.1 原料药板块 ....................................................................................................................................................... 6

2.2 化学制剂板块 ................................................................................................................................................... 6

2.3 中药板块 ........................................................................................................................................................... 7

2.4 疫苗板块 ........................................................................................................................................................... 8

2.5 血制品板块 ....................................................................................................................................................... 9

2.6 其他生物制品板块 ............................................................................................................................................ 9

2.7 医疗设备板块 ................................................................................................................................................. 10

2.8 医疗耗材板块 ................................................................................................................................................. 11

2.9 体外诊断板块 ................................................................................................................................................. 11

2.10 医药流通板块 ............................................................................................................................................... 12

2.11 线下药店板块................................................................................................................................................ 13

2.12 诊断服务板块 .............................................................................................................................................. 13

2.13 医院板块 ...................................................................................................................................................... 14

2.14 医疗研发外包板块 ....................................................................................................................................... 15

2.15 细分子板块比较 ........................................................................................................................................... 15

3.投资建议 ....................................................................................................................................... 17

4.风险提示 ....................................................................................................................................... 17