医药生物行业：忆往昔，观今朝，中药板块价值几何

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1、目录前言.-4-1、以史为镜，回顾中药板块高光时刻..................................................................-4-1.1彼时中药板块之崛起.....................................................................................-5-1.2市场风向标，复盘市场热点变化趋势.....................................

2、....................-7-2、忆往昔观今朝，辉煌难现，避险属性仍在.....................................................-16-2.1中药板块红利期已过...................................................................................-16-2.2低估值、稳增长，中药板块避险属性仍在..............................

3、.................-19-3、借鉴海外，锚定中药板块估值........................................................................-25-3.1美股市场.......................................................................................................-25-3.2日本市场.................

4、......................................................................................-27-3.3分部估值角度看中药板块...........................................................................-28-4、盘点当下中药板块投资机会.....................................................

5、.......................-29-4.1中药板块此去何方.......................................................................................-29-4.2中药口服制剂（处方药）...........................................................................-30-4.3品牌OTC....................

6、..................................................................................-37-4.4中药饮片&中药配方颗粒........................................................................-40-5、风险提示....................................................................

7、........................................-43-6、附录....................................................................................................................-44-6.1日本汉方药发展史.......................................................................

8、................-44-6.2津村发展之路...............................................................................................-46-6.3细数安徽模式VS带量采购.......................................................................-48-图1、2004-2016年新农合覆盖人数............