资源描述
124+S0120521080001 chentl S0120522100005 liuchuang S0120521110001 chenjing3 S0120522080001 zhangjun6 S0120122010010 wangyan5 S0120523080003 lijy7|2023 12 23 2 1.242.+3.4.5.CONTENTSYWCXuNtOmPrQpRoNmRtMqR6MaO7NpNqQnPsReRqRpNjMpNrP6MnNyQxNsOnQuOmNsN3 01 24 4 65 2031 20%2022 956 6.8%2022 65 2 15%2025 60 19.5%2040 60 28%2031 65 2.8 20%24/2020-2021 1958-1960 1962 2024 wind 1.1+1990-2031E 65%0.0%5.0%10.0%15.0%20.0%25.0%0.000.501.001.502.002.503.00199019921994199619982000200220042006200820102012201420162018202020222024E2026E2028E2030E65岁及以上 65岁以 上人 口占 比%051015202505001,0001,5002,0002,5003,0003,5001949195319571961196519691973197719811985198919931997200120052009201320172021出生 人数 出生 率5 2024 wind iFind 10000150002000025000300003500040000中国:总诊 疗人次 数:医院:当月值（万人）-60.0%-40.0%-20.0%0.0%20.0%40.0%60.0%80.0%100.0%120.0%140.0%2020-02-292020-03-312020-04-302020-05-312020-06-302020-07-312020-08-312020-09-302020-10-312020-11-302021-02-282021-03-312021-04-302021-05-312021-06-302021-07-312021-08-312021-09-302021-10-312021-11-302022-02-282022-04-302022-05-312022-06-302022-07-312022-08-312022-09-302022-10-312022-11-302023-02-282023-03-312023-042023-05诊 疗 人次增 速:公立医院 诊 疗 人次增 速:民营医院%22 22 22 2-11 4.9%23 Q3 23 24 1.1+6 24 23Q1-Q3 2022 2.9 1.6%4288.7 31.8%2023 Q1-3 1.8 3.4%2560 17.5%wind 2019-2023 10 2019-2023 10-20%-10%0%10%20%30%40%050001000015000200002500030000350002019-022019-052019-082019-112020-032020-062020-092020-122021-042021-072021-102022-022022-052022-082022-112023-032023-062023-09医药制造业:营业收 入:累计 值 YOY（%）-40%-20%0%20%40%60%80%100%120%010002000300040005000600070002019-022019-042019-062019-082019-102019-122020-032020-052020-072020-092020-112021-022021-042021-062021-082021-102021-122022-032022-052022-072022-092022-112023-022023-042023-062023-082023-10医药制造业:营业利 润:累计 值 YOY（%）1.1+7 5 374 2018 4+7”25 52%2017 52%96%9 4+7”59%2020-2023 1.8 50%0.1 2018 2019 2020 2021 2022 2023 4+7 4+7 12 17 9 30 1 21 8 24 2 8 6 28 11 30 7 18 4 11 11 16 2019 23 2019 2020 4 2020 10 2021 5 2021 10 2022 5 2022 11 2023 7 2024 3 25 25 112 122 60 80 52%59%54%52%48%57%1.2 8 2018 2020-2021 2022 IVUS 22 23 1.2 MedTrend 2023 4-5 2022 12 23H2 2023 11 93%2020 10 89%2021 5 82%2021 9 798 10%2022 9 84%2022 9 2022 10 49.35%2022 11 68%47.02%2021 9 2023 11 4788 2023 10 50%2023 9 50%9 1.2+2023 2023 7 21 2018 2016.05 2017.07 2018.1 2019.11 2020.12 2021.12 2023.01 2016.6 2017.12 2018.11 2020.1.1 2021.3.1 2022.1.1 2023.03 3 36 17 97 70 27 119 96 23 94 67 27 121 108 58.70%44%56.70%60.70%50.64%61.71%60.1%12 5 10 wind 2022 2023M9 23468.3 9.2%20378.32 17.9%21M9-23M9 CAGR 7.3%21M9-23M9 CAGR 8.3%202023M9 3090 GDP GDP 23M9 9.2%GDP 4.91%-20.0%-10.0%0.0%10.0%20.0%30.0%40.0%50.0%60.0%2018-012018-042018-072018-102019-012019-042019-072019-102020-012020-042020-072020-102021-012021-042021-072021-102022-012022-042022-072022-102023-012023-042023-07当年累计 收入增 速 当年累计 支出增 速3390.80735623389.143689.364699.193,090 05001000150020002500300035004000450050002018 2019 2020 2021 2022 2023.09医保 基金 历年 结 余（亿 元）vs GDP%1.3 0.00%5.00%10.00%15.00%20.00%25.00%2018 2019 2020 2021 2022 23M9GDP增速 医保 收入 增速11 wind 1.3&30%5000&8%8%2018 2019 2020 2021 2022 2023 4+7 4+7 12 17 9 30 1 21 8 24 2 8 6 28 11 30 7 18 4 11 11 16 2019 2-3 2019 2020 4 2020 10 2021 5 2021 10 2022 5 2022 11 2023 7 2024 3/25 25 112 122 60 80 52%59%54%52%48%57%3486.62869.32631.62153.21862.2494611.3900.61118.91389.1050010001500200025003000350040002019 2020 2021 2022 2023国采药品金额/亿元 谈判药品金额/亿元12-50%0%50%100%150%2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 20222023 801150.SI 000001.SH 000001.SH 0%100%200%300%400%500%600%700%2009 2009 资料来 源：Wind，德 邦证 券研究 所（截至2023 年12 月5 日）1.4 15 09-10 11 12-14 GDP 15 16-18 16 17 18 18 19-20 18A CXO 20-21 CXO 21 22Q3(IVD);22 Q3 22Q3-23+23Q1-3+Q4+200913 020406080100120-200%0%200%400%600%800%1000%1200%1400%市盈率（TTM），右轴 医药生物指数相对于2000 年初涨跌幅，左轴 2023 12 6 29.0 x 2023Q3 3612.6 12.2%1.1pct 1104.6 30.6%2.4pct wind 1.4 2015-2023Q3 2000 7.6%12.2%30.6%8.8%0%5%10%15%20%25%30%35%40%2015Q12015Q22015Q32015Q42016Q12016Q22016Q32016Q42017Q12017Q22017Q32017Q42018Q12018Q22018Q32018Q42019Q12019Q22019Q32019Q42020Q12020Q22020Q32020Q42021Q12021Q22021Q32021Q42022Q12022Q22022Q32022Q42023Q12023Q22023Q3医药 市值 占比公募基金 医药重 仓占比医药基金 重仓占 公募基 金 医药重仓 市值占 比非医药主 题基金 医药重 仓 市值占比14 wind PE 1.4 PE-ttm 23 242023/12/6 2023/1/1-13.4 14.9 CDE+19.5 21.3+40.0 24.1 Q1-3 CXO 28.8 51.7 24H2 37.3 39.7 56.1 32.4 9 HPV 9 HPV 10.3-12.8 24H2 52.8 27.0+-12.7 126.81 1+2 Q3 2 23Q3 IVD 15.4 17.9 IVD 25.2 27.5 21.9 27.5+17.0 18.4 Q3 Q4 15 02+16 2021 2021 biotech CDE 2023 7 2023 biotech 1 2 DCF 3 biotech CME 5.25,5.5%2024 3 wind CME biotech CME Biotech-17 ADC ADC IO 2023H1 ADC 50 2030 ADC 647 ADC 2023 430 Seagen 2022 ADC 10 100 30 2030 1760 Argenx ADC 2 4 8 21 43851592643935316620.00%100.00%200.00%05001000市场规模（亿元）yoy ADC 41 55791141421872383154125286470.0%50.0%100.0%150.0%200.0%0200400600800市场规模（亿美 元）yoy ADC($)TNF-aHumira Adalimumab 212.37 2022 RA PA PP AS UC CD HSEnbrel etanercept 59.65 2016 RA PA PPRemicade infliximab 70 2016 RA PA PP AS UC CDSimponi golimumab 22.76 2021 RA PA AS UCIL-17Cosentyx secukinumab 47.88 2022 RA PA PP AS nr-axSpATaltz ixekizumab 24.82 2022 PA PP AS nr-axSpAIL-12/23Tremfya guselkumab 22.68 2022 PA PPSkyrizi risankizumab 51.65 2022 PA PP UC CDStelara ustekinumab 97.23 2022 PA PP UC CDIL-4/13 Dupixent dupilumab 82.93 2022 AD ASM NP EE PN COPDPDE4 Otezla Apremilast 22.88 2022 PA PP OUIL-6 Actemra tocilizumab 35.62 2021 RA GCA CRS IDL COVIDJAKRinvoq upadacitinib 25.22 2022 RA PA AS UC nr-axSpA CD ADOlumiant baricitinib 11.15 2021 RA COVID AAXeljanz tofacitinib 24.55 2021 RA PA AS UCCD20Ocrevus ocrelizumab 60.36 2022 MSKesimpta ofatumumab 10.92 2022 MS 882.67 2022()2023H1()Mylotarg CD33 2000/5/17Adcetris Seagen/CD30 2011/8/19 1473 821Kadcyla HER2 2013/2/22 2389 1195Besponsa CD22 2017/6/28 219 117Lumoxiti CD22 2018/9/13Polivy CD79b 2019/6/10 591 513Padcev Astellas/Seagen Nectin-4 2019/12/18 754 466Enhertu/HER2 2019/12/20 1260 1165Trodelvy Trop-2 2020/4/22 680 482Blenrep GSK BCMA 2020/8/5 143 25Akalux Rakuten Medical EGFR 2020/9/25ZynlontaADC TherapeuticsCD19 2021/4/23 75 40 HER2 2021/6/8 56TivdakGenmab/SeagenTF 2021/9/20 62 41ELAHERE lmmunoGen FR 2022/11/14 107 7702 4972资料来源：科伦 博泰招 股书，弗若 斯特沙利 文，健 康界，医药魔 方，启德医药 微信公 众号，智药局，德 邦研究所 Biotech-18 24 24 1+2)ADC 3 3 Biotech-2024+ADC ADC Nectin-4 ADC ADC G-CSF+AK112 NDA 2L NDA Efgar NDA Efgar SUL-DUR 19 Pharma-+/IPO Pharma+/BD Pharma+Biotech=20 Pharma-+Wind wind Pharma+pharma pharma pharma pharma X 2023/12/05 2024E 2025E 2024E 2025E600276.SH 2,857 55.57 69.68 51 41 3692.HK 812 30.92 35.28 26 23 7 ADC 1177.HK 534 31.78 36.04 17 15/2096.HK 154 13.8 17.5 11 9+0867.HK 304 35.56 40.01 9 8 301015.SZ 193 8.76 11.41 22 17 CSO+BD 6600.HK 78 10.23 10.91 8 7+1530.HK 154 24.44 27.42 6 6+2186.HK 120 8.69 13.4 14 9+21-+CGM LVAD RSV-22-Choice PD1 SPX.GI 303%XLV 320%XBI 300%PPH 38%PD1 BMS KeytrudaK PD1 30 2022 Keytruda 209.37 22%BMS Opdivo K 2022 Opdivo 82.49 Keytruda 2010-2020 BMS 2010-2020 020406080100120140160050010001500200025003000350040002010/1/292010/4/302010/7/302010/10/292011/1/312011/4/292011/7/292011/10/312012/1/312012/4/302012/7/312012/10/312013/1/312013/4/302013/7/312013/10/312014/1/312014/4/302014/7/312014/10/312015/1/302015/4/302015/7/312015/10/302016/1/292016/4/292016/7/292016/10/312017/1/312017/4/282017/7/312017/10/312018/1/312018/4/302018/7/312018/10/312019/1/312019/4/302019/7/312019/10/312020/1/312020/4/302020/7/312020/10/30SPX.GI XLV.A XBI.A PPH.OSPX.GIXLV;XBI;PPH2011 CTLA-4 ipilimumab 2014 PD-1 O K 2017 CAR-T Kymriah PD-1 TIGHT TGF-TIM.2014(ObamaCare)healthcare 0102030405060708005101520253035402010/1/12010/4/12010/7/12010/10/12011/1/12011/4/12011/7/12011/10/12012/1/12012/4/12012/7/12012/10/12013/1/12013/4/12013/7/12013/10/12014/1/12014/4/12014/7/12014/10/12015/1/12015/4/12015/7/12015/10/12016/1/12016/4/12016/7/12016/10/12017/1/12017/4/12017/7/12017/10/12018/1/12018/4/12018/7/12018/10/12019/1/12019/4/12019/7/12019/10/12020/1/12020/4/12020/7/12020/10/1MRK BMY.NMRK BMY2011 ipilimumab 2014 6 Opdivo PMDA 2014 12 Opdivo FDA Opdivo K 2014 9 FDA Keytruda PD-1 2015 10 K NSCLS 2016 10 K NSCLS2017 5 K 2020 6 Bavencio UC Keytruda 23-Wind PD-1 PD-1 PD-1 2018-2019 ADC GLP-1 PD-1 050100150200250300020406080100120恒瑞医药 君实生物 信达生物 百济神州2018-12 PD-1 2018-12 PD-1 2019-04 PD-1 2019-12 PD-1 24-ADC/GLP1/NASH/AD Choice ADC 2019 03 28 69 HER2ADC DS-8201 2020 9 210 Immunomedics Trop-2 ADC 2023 3 430 Seagen ADC GLP-1 eg.2019 9 GLP-1)eg.2022 10 FDA NASH eg.2023 6 Lily GLP-1/GIP/glucagon Retatrutide 8mg 12mg 80%;ADC GLP-1 NASH AD 2019 02040608010012014016018001000200030004000500060002019/1/312019/2/282019/3/292019/4/302019/5/312019/6/282019/7/312019/8/302019/9/302019/10/312019/11/292019/12/312020/1/312020/2/282020/3/312020/4/302020/5/292020/6/302020/7/312020/8/312020/9/302020/10/302020/11/302020/12/312021/1/292021/2/262021/3/312021/4/302021/5/282021/6/302021/7/302021/8/312021/9/302021/10/292021/11/302021/12/312022/1/312022/2/282022/3/312022/4/292022/5/312022/6/302022/7/292022/8/312022/9/302022/10/312022/11/302022/12/302023/1/312023/2/282023/3/312023/4/282023/5/312023/6/302023/7/312023/8/312023/9/21SPX.GI XLV.A XBI.A PPH.O2019 3 28 69 HER2 ADC DS-82012020 05 NASH II 2023 6 GLP-1R/GCGR Efinopegdutide FDA NASH2019 9 GLP-1 2020 9 210 Immunomedics Trop-2 ADC 2021 6 GLP-1 Wegovy 2022 5 GLP-1R/GIPR 2023 3 430 Seagen ADC2022 10 FDA 2023 6 Lily GLP-1/GIP/glucagon Retatrutide 8mg 12mg 80%SPX.GI XLV.A,XBI.A,PPH.O 25-24 IO ADC NASH AD/CGM NASH RDN 26-FDA Brukinsa BTK 2019/11/14 2021/9/1 2021/9/14/2023/1/19 Carvykti/BCMA CAR-T 2022/2/28 Tapinarof/Dermavant 2022/5/24 Rykindo 5-HT2A/D2/I 2023/1/13 Loqtorzi/Coherus PD-1 2023/10/27 Fruzaqla/VEGFR 2023/11/8 Ryzneuta/G-CSF-Fc 2023/11/17 Tevimbra PD-1 EU 2023/9/19US NDA AiRuiKa PD-1 PDUFA:2024 5 31 DAT/SERT/NET US NDA LY03010 5-HT2A/D2 US NDA27/-2020 IL-6R/2023 9 29 FDA Biogen VEGF-A 2023 12 7 FDA Sandoz insulin 2023 6 14 FDA Sandoz insulin 2023 2 23 FDA Sandoz insulin 2023 6 1 FDA Sandoz insulin 2023 2 1 HER2 HER2/2020 7 29 2023 2 14 FDA Accord 2023 6 25 FDA-2023 6 5 FDA-/28+22Q3 23Q3 PE 24 IVD wind-收 入（亿元)20Q1 20Q2 20Q3 20Q4 21Q1 21Q2 21Q3 21Q4 22Q1 22Q2 22Q3 22Q4 23Q1 23Q2 23Q3康德莱 4.8 7.3 7.4 7.0 6.7 7.5 7.9 8.8 8.7 7.7 7.6 7.2 6.9 5.9 5.9YoY 39.6%2.5%7.6%26.7%28.8%3.2%-4.2%-18.4%-20.8%-23.2%-21.6%拱东医疗 1.0 2.3 2.5 2.4 2.6 3.1 2.7 3.5 3.5 4.5 3.8 2.9 2.3 2.3 2.5YoY 155.9%33.6%7.6%44.3%32.7%43.7%40.6%-16.8%-35.0%-48.6%-33.2%采纳股份 1.2 0.8 1.0 1.0 1.1 1.3 1.4 1.3 1.0 0.9 0.7 1.1 1.2YoY-7.0%57.4%39.5%34.4%-4.5%-34.1%-52.8%-16.8%12.8%昌红科技 1.8 3.4 2.9 3.1 2.7 2.8 3.1 2.6 2.9 2.8 3.4 3.2 2.9 2.3 2.3YoY 51.6%-18.0%8.6%-15.4%7.3%-0.1%7.4%22.0%-2.9%-16.8%-33.3%维力医疗 1.6 3.9 2.9 2.9 2.2 2.5 2.9 3.5 3.0 3.3 3.7 3.6 3.6 2.9 3.3YoY 40.9%-35.5%-0.4%22.5%36.9%30.0%28.2%1.5%20.2%-11.8%-13.1%可孚医疗 5.1 6.3 6.5 4.5 6.0 5.8 6.0 7.0 5.8 11.0 8.6 6.6 6.0YoY 16.6%-8.8%-7.2%53.7%-2.7%90.2%42.4%-4.5%3.9%英科医疗 7.7 36.8 45.0 48.9 67.3 39.4 29.7 25.9 22.9 14.5 14.7 14.0 15.7 17.2 17.5YoY 770.9%7.2%-33.9%-47.0%-66.0%-63.1%-50.5%-46.0%-31.2%18.5%18.7%中红医疗 3.3 8.1 18.1 18.4 22.7 13.7 6.9 5.7 5.7 3.5 3.0 3.5 4.3 5.7 5.8YoY 588.2%70.6%-61.9%-68.7%-74.8%-74.5%-56.8%-38.8%-24.6%61.8%96.0%蓝帆医疗 9.0 13.9 23.7 32.1 31.7 20.2 13.8 15.4 13.0 12.8 11.8 11.4 10.9 11.7 13.2YoY 253.0%45.7%-41.6%-52.2%-59.0%-36.9%-14.7%-25.5%-15.7%-8.5%11.9%振德医疗 7.1 31.1 43.0 22.8 19.9 9.2 9.5 12.3 12.6 15.0 14.3 19.4 13.0 10.1 9.0YoY 181.3%-70.5%-77.9%-46.1%-36.6%63.7%50.5%57.9%2.8%-33.1%-36.9%海泰新光 0.7 0.6 0.6 0.8 0.7 0.7 0.8 0.9 0.9 1.0 1.4 1.4 1.5 1.2 1.1YoY-6.2%7.6%29.5%20.0%39.2%50.2%73.9%49.7%58.8%16.2%-24.4%美好医疗 3.2 3.1 2.8 3.9 3.9 3.5 3.7 3.9 2.9YoY 24.4%11.0%29.2%-0.8%-26.5%2018 2019 2020 2021 2022 23H1 2.66 3.43 7.90 7.66 9.69 6.49YoY28.6%130.6%-3.0%26.4%31.6%19%20%38%30%32%35%0.433 0.988 2.398 5.111 10.776 7.178YoY128.2%142.7%113.1%110.8%32.3%2.1%3.3%4.2%7.0%11.7%13.6%0.626 2.474 4.203 6.543 12.202 7.849 YoY295.4%69.9%55.7%86.5%-52.5%2.7%9.3%67.5%54.3%35.6%33.8%Wind 29 IVD ODM wind 2023 12 20 Wind-PE23H1 2024E 2025E 2024E 2025E688271.SH 1,108 24.7 30.0 44.8 36.9 13.8%688114.SH 354 1.7 3.9 208.5 90.4 33.8%300760.SZ 3,520 138.9 167.4 25.3 21.0 36.2%ROW 20%300049.SZ 107 2.2 3.2 48.7 34.0 66.8%fibroscan GO NASH 300298.SZ 179 5.6 7.0 31.7 25.7 33.8%CGM FDA 300832.SZ 587 21.2 27.2 27.7 21.6 34.8%X3 X8 300396.SZ 83 4.5 6.0 18.4 13.8 34.7%688389.SH 96 4.8 6.3 20.1 15.2 24.4%301363.SZ 150 5.5 6.9 27.4 21.6 89.0%603987.SH 43 3.6 4.4 11.8 9.7 20.5%30 24 wind iFind 10000150002000025000300003500040000中国:总诊 疗人次 数:医院:当月值（万人）-60.0%-40.0%-20.0%0.0%20.0%40.0%60.0%80.0%100.0%120.0%140.0%2020-02-292020-03-312020-04-302020-05-312020-06-302020-07-312020-08-312020-09-302020-10-312020-11-302021-02-282021-03-312021-04-302021-05-312021-06-302021-07-312021-08-312021-09-302021-10-312021-11-302022-02-282022-04-302022-05-312022-06-302022-07-312022-08-312022-09-302022-10-312022-11-302023-02-282023-03-312023-042023-05诊 疗 人次增 速:公立医院 诊 疗 人次增 速:民营医院%22 22 22 2-11 4.9%23 Q3 23 24 24 31 23Q1-3 2019Q1 2019Q2 2019Q3 2019Q4 2020Q1 2020Q2 2020Q3 2020Q4 2021Q1 2021Q2 2021Q3 2021Q4 2022Q1 2022Q2 2022Q3 2022Q4 2023Q1 2023Q2 2023Q3 22.4 25.0 29.8 22.6 16.4 25.2 44.0 33.5 35.1 38.4 42.5 34.0 41.7 39.4 49.4 30.6 50.2 52.3 58.0 2.1 2.5 2.8 2.2 2.4 2.3 3.0 1.8 3.1 3.1 3.2 3.5 3.9 4.6 5.1 3.5 4.7 4.2 5.4 2.9 6.5 7.3 7.9 3.2 0.0 0.0 7.1 0.0 0.0 8.2 7.7 8.1 7.7 9.4 7.1 9.3 10.6 11.1 2.2 2.2 2.3 3.2 2.8 3.6 4.3 5.3 6.3 6.7 7.4 8.7 3.0 7.6 8.5 8.0 10.6 11.5 11.3 3.9 4.5 5.7 4.7 1.9 5.5 7.1 6.4 6.3 6.9 8.2 6.4 6.5 6.6 8.2 5.8 6.7 6.9 8.2 13.5 17.2 17.9 18.8 13.6 21.3 20.0 16.0 13.9 19.6 17.6 19.2 19.8 24.2 25.0 22.0 22.5 33.0 27.9 28.5%23.2%27.2%19.8%-26.9%0.7%47.6%48.2%113.9%52.1%-3.5%1.7%18.7%2.7%16.4%-10.2%20.4%32.8%17.2%14.9%-11.0%8.3%-15.6%26.9%38.8%6.5%0.8%20.7%-8.2%6.3%-16.9%38.7%72.8%45.1%9.5%15.8%-8.2%15.1%38.1%17.4%-80.8%-51.6%11.7%42.6%25.0%63.4%88.6%68.0%129.8%84.8%71.7%63.2%-51.8%13.2%14.0%-8.6%247.4%50.8%34.0%27.8%20.1%20.0%23.8%-51.1%20.4%24.5%34.2%227.3%25.9%14.6%1.4%3.7%-3.3%0.3%-10.1%3.0%3.7%0.1%16.8%20.3%10.5%12.9%1.3%23.3%11.6%-14.6%1.8%-8.0%-12.1%19.8%42.8%23.5%42.4%14.5%13.4%36.6%11.4%3.0 4.0 5.4 1.5 0.8 6.0 8.7 1.8 4.8 6.3 8.9 3.2 6.1 6.8 10.7 1.7 7.8 9.3 14.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.3 0.3 0.3(0.0)0.3 0.2 0.2(0.3)0.6 0.2 0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.3 0.4 0.5(0.2)0.4 0.1 0.4(0.7)1.6 0.7 0.8 0.0 0.0 0.0 0.0(0.3)0.0 0.0 1.1 0.0 0.0 1.2 1.2 1.1 1.2 1.6 1.1 1.5 2.0 2.0 0.3(0.2)(0.3)(3.8)(1.9)(1.5)(1.5)5.4(1.8)(1.8)(2.3)(2.4)(4.3)(1.7)(2.3)(3.5)(0.7)(1.5)(0.0)0.9 1.1 1.9 0.6(0.2)1.6 2.5 1.0 1.6 1.9 2.7 0.8 1.7 1.3 2.2 0.3 1.7 1.4 2.1 2.3 3.4 2.4 2.3 2.1 2.9 2.3 2.3 1.7 3.3 1.7 0.2 1.6 1.9 3.5 2.5 2.7 6.0 6.2 37.8%35.6%38.9%29.7%-73.4%50.5%62.3%20.1%509.9%5.9%2.0%79.9%26.2%7.7%20.1%-47.7%27.9%36.8%37.8%-6.7%-49.3%-22.5%-828.2%117.8%36.9%-12.0%-485.1%28.8%-61.7%-19.4%-200.4%334.8%420.4%92.8%9.6%36.1%-3.5%34.0%64.6%25.7%-58.4%-101.1%-209.2%-707.0%-765.5%-559.7%-510.0%241.7%3.4%-14.3%-45.8%-143.6%-134.0%5.4%-2.8%-47.4%82.6%11.8%100.0%53.7%54.4%36.5%11.8%-119.6%44.6%30.7%52.8%986.6%13.9%7.4%-14.6%1.3%-30.7%-18.5%-60.0%1.5%4.9%-5.6%23 23Q1-3+23%+23%+51%+22.4%wind 32 图：2023 年 医 药 生 物 及 医 院 指
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