醫藥生物冠脈支架集採落地,醫療耗材利空壓制釋放，維持“增持”行業評級
機構：東吳證券
評級：維持增持
本週生物醫藥指數下跌1.36%，板塊表現弱於滬深300的4.05%的漲幅。年末哪些標的年內會有顯着超額收益？該類標的具有三大特徵：其一很可能受益於2020年創新藥醫保談判，尤其是像PD1/PD-L1等重磅產品；其二2020年Q4業績預期較好；其三：高增長產業龍頭，估值切換逐步展開。十月份醫藥指數止跌小幅收漲，年內最後兩個月很可能結構化強勢，原因有三，其一高增長子行業估值切換；其二海外疫情形勢較為嚴峻，疫情受益標的抬頭，將會促使醫藥板塊人氣回籠；其三國內外疫苗研發或將有新進展，催化醫療板塊持續走強。
冠脈支架集採落地，醫療耗材利空壓制釋放。冠脈支架全國集採落地，頭部企業均有產品中標，市場競爭格局預計將維持相對穩定。此次中標價格相比於原中標價降幅基本都在90%以上，企業依靠傳統藥物支架的盈利時代將向“介入無植入”時代發展，產品梯隊重要性顯着提升（可類比創新藥企業邏輯），頭部企業有望依靠具備資金、渠道、醫生資源以及規模優勢實現持續發展。
恆瑞PD-1卡瑞利珠單抗遞交一項新適應上市申請，注射用泮托拉唑迎來兩家過評。恆瑞PD-1卡瑞利珠單抗遞交一項新適應上市申請，且被擬納入優先審評，聯合順鉑和吉西他濱一線治療鼻咽癌。此前於9月2日，卡瑞利珠單抗剛就既往接受過二線及以上化療後疾病進展或不可耐受的晚期鼻咽癌適應症報上市並納入優先審評。本次上市申請意味着恆瑞PD-1的鼻咽癌適應症向一線治療又邁進了一步。仿製藥方面，本週共有6款注射劑過評，3款為首家。其中質子泵抑制劑（PPI）頗為矚目，注射用艾司奧美拉唑鈉首迎過評，來自正大天晴；銷售額超60億的注射用泮托拉唑鈉，在迎來首家奧賽康藥業過評後，隔天再迎次家揚子江藥業過評，加上原研直接湊齊三家。抗癲癇藥物拉考沙胺注射液，最早由優時比研發，本週青峯藥業首仿獲批。
具體配置思路。1）醫療器械：眼科耗材：昊海生科、愛博醫療、歐普康視；2）醫療設備：邁瑞醫療、理邦儀器；診斷性耗材：安圖生物、新產業；骨科治療性耗材：凱利泰、大博醫療、三友醫療、春立醫療；心血管治療性耗材：微創醫療、沛嘉醫療；消化治療性耗材：南微醫學；低值耗材：威高股份、三鑫醫療；3）原料藥：華海藥業、九洲藥業、仙琚製藥、美諾華等；4）疫苗：康泰生物、智飛生物、沃森生物、復星醫藥等；5）創新藥及產業鏈：恆瑞醫藥、藥明康德、復星醫藥、億帆醫藥等；6）蘇州創新藥組合：信達生物、康寧傑瑞、博瑞醫藥、亞盛藥業等；7）醫療服務：美年健康、通策醫療、愛爾眼科等；8）藥店：大參林、老百姓、益豐藥房等。
風險提示：藥品降價幅度超預期；疫情導致經濟衰退影響消費支出。
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