醫藥行業：海外疫情引關注，“國談“下創新藥企業面臨新考驗，維持“推薦”行業評級
機構：興業證券
評級：推薦
投資要點
海外疫情引關注，“國談”下創新藥企業面臨新考驗。疫情方面，美、英等國新發患者數屢創新高，同時新冠病毒變種為全球疫情防控再添變數，但各疫苗企業均表示其現有新冠疫苗應當對新變種仍然有效。另一方面，創新藥企業想要在醫保談判常態化的背景下實現商業化上的成功，需要在銷售能力及研發能力兩方面下手。
2021年醫藥板塊“磨底”+“結構性行情”的機會較大。
“醫療服務+自費消費”：逢低佈局各賽道龍頭企業【醫療服務】（愛爾眼科、金域醫學、通策醫療等）、【藥店】（益豐藥房、大參林、一心堂、老百姓等）、【品牌消費品】（片仔癀、雲南白藥、同仁堂）、【自費醫療】（我武生物、艾德生物、長春高新。
“創新藥及產業鏈”：下半年業績加速【大市值龍頭】（藥明康德、泰格醫藥、藥明生物）、【細分賽道】（凱萊英、康龍化成、藥石科技、艾德生物等）、系統性優勢的【BigPharma】（恆瑞醫藥、中國生物製藥、翰森製藥等）、新興【Biotech】（信達生物、君實生物、諾誠健華、康方生物、康寧傑瑞、博瑞製藥等）。
“高成長賽道之醫療器械”：【創新\進口替代的醫療器械】（邁瑞醫療、樂普醫療、微創醫療、安圖生物、新產業、南微醫學、三友醫療、啟明醫療、沛嘉醫療、心脈醫療、惠泰醫療等）。
“高成長賽道之疫苗”：【創新疫苗】（長春高新、康泰生物、華蘭生物、康希諾生物、智飛生物、萬泰生物、康華生物）“關注血製品機會”：【血製品】（天壇生物、華蘭生物）。
本週推薦標的：愛爾眼科（國內醫療服務龍頭企業，行業地位穩固）、金域醫學（第三方檢驗龍頭，檢驗室迎來業績收穫期）、邁瑞醫療（醫療器械龍頭企業研發銷售能力突出，估值合理）、恆瑞醫藥（創新藥龍頭，新品不斷上市，進入業績加速期）、藥明康德（全球臨牀前CRO龍頭企業，行業地位突出）、益豐藥房（藥店領域龍頭之一，管理優秀增長較快）。
風險提示：政策變化超預期，產品研發審批速度低於預期，市場競爭加劇
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