目录
1. 医药流通行业运行态势.................................................................................................................4
1.1 医药流通行业市场稳步增长................................................................................................................................4
1.2 上市公司整体运行情况........................................................................................................................................4
2. 行业需求确定性增长.....................................................................................................................7
3. 成长性:横(行业集中度提高)+纵(产业链上游延伸).......................................................7
3.1 行业集中度或加速提高,中国医药或将受益.....................................................................................................7
3.1.1 行业集中度提高大势所趋.................................................................................................................................7
3.1.2 政策加速区域内行业集中度提高....................................................................................................................10
3.1.3 中国医药外延式扩张思考...............................................................................................................................10
3.2 向产业链上游延伸,或提升盈利能力...............................................................................................................12
3.2.1 向上游延伸:与制药企业整合打通产业链....................................................................................................12
3.2.2 向下游延伸:药房托管似水中月....................................................................................................................12
4. 医疗改革对医药流通行业可能带来的影响...............................................................................13
5. 行业估值与重点公司投资价值分析...........................................................................................14
5.1 国药股份(600511):先天禀赋优异.................................................................................................................15
5.2 一致药业(000028):工商业齐头并进.............................................................................................................16
6. 风险提示......................................................................................................................................17
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