醫(yī)藥行業(yè)2019年度投資策略深化變革之年，行業(yè)進(jìn)入新紀(jì)元

1、證監(jiān)會(huì)審核華創(chuàng)證券投資咨詢(xún)業(yè)務(wù)資格批文號(hào)：證監(jiān)許可（20目錄一、行業(yè)運(yùn)行情況總結(jié)..........................................................................................................................................5二、政策：三年改革，重塑行業(yè)...........................

2、.................................................................................................6（一）20152018，政策框架完成..................................................................6（二）2018年，帶量采購(gòu)落地，關(guān)注執(zhí)行效果及影響............

3、....................................8（三）上海帶量采購(gòu)：價(jià)、量與格局重塑..........................................................14三、創(chuàng)新藥行業(yè)持續(xù)高景氣度，外包服務(wù)受益.....................................................................................

4、.................16（一）創(chuàng)新藥：獲批速度不斷加快，醫(yī)保談判有望成為常態(tài)..........................................16（二）創(chuàng)新藥服務(wù)外包：受益的高景氣度行業(yè)......................................................19四、連鎖藥店：三大趨勢(shì)推動(dòng)行業(yè)增長(zhǎng)，關(guān)注醫(yī)保動(dòng)向...............................

5、.........................................................21（一）行業(yè)發(fā)展：三大趨勢(shì)利好連鎖藥店，“連鎖化率”“醫(yī)保覆蓋率”“藥店密度”均呈提升態(tài)勢(shì)....21（二）行業(yè)政策：兩大利好政策2019年釋放，關(guān)注醫(yī)保政策動(dòng)向.....................................22五、中藥行業(yè)：布局中藥消費(fèi)細(xì)分行業(yè).........................

6、.......................................................................................23（一）中藥OTC：大單品表現(xiàn)靚麗，品種格局以“明星款”藥品為主..................................23（二）品牌中藥（片仔癀）：品牌中藥瑰寶，30?穩(wěn)健增速.....................................

7、................................................24六、重點(diǎn)公司.......................................................................................................................................................26七、風(fēng)險(xiǎn)提示.....

8、..................................................................................................................................................27證監(jiān)會(huì)審核華創(chuàng)證券投資咨詢(xún)業(yè)務(wù)資格批文號(hào)：證監(jiān)許可（20圖表332016年中國(guó)各省市藥店連鎖化率統(tǒng)計(jì)......................

9、..................................21圖表342015年各省份醫(yī)保覆蓋率統(tǒng)計(jì)..............................................................22圖表352016年全國(guó)各省藥店密度統(tǒng)計(jì)..............................................................22圖表36個(gè)人醫(yī)保賬戶(hù)適用范圍從嚴(yán)的相

10、關(guān)文件.......................................................23圖表37個(gè)人醫(yī)保賬戶(hù)適用范圍放寬限制的相關(guān)文件...................................................23圖表382017年零售終端銷(xiāo)售規(guī)模超過(guò)10億元的OTC單品.............................................23圖表392017

11、年零售終端銷(xiāo)售增速超50?的OTC單品..................................................24圖表4020152020年企業(yè)麝香消耗量（年）測(cè)算.....................................................25圖表41片仔癀體驗(yàn)館數(shù)量.........................................................