行情回顾：10.12-10.25 期间，医药生物板块涨幅为-2.75%，在所有板块中位列第二十二位，跑输沪深300 指数3.82 个百分点；年初至今，医药生物板块涨幅为46.14%，跑赢沪深300指数31.05 个百分点。

1．行情回顾 ........................................................................................................................................... 3

1.1 医药生物行情回顾 ····················································································································· 3

1.2 医药生物子板块行情回顾 ········································································································· 4

1.3 医药生物板块估值 ····················································································································· 5

1.4 医药生物板块个股表现 ············································································································· 6

2．行业要闻 ........................................................................................................................................... 7

3．投资建议 ........................................................................................................................................... 8

4．风险提示 ........................................................................................................................................... 8