Market Performance - As of August 8, 2025, the CSI Hong Kong Internet Index (931637) decreased by 1.33% with mixed performance among constituent stocks [3] - Leading gainers included Dongfang Zhenxuan (01797) up 7.38%, and Lion Group Holdings (02562) up 3.19%, while leading decliners were Qutoutiao (00917) down 6.40% and Kingsoft Cloud (03896) down 5.10% [3] - The Hong Kong Internet ETF (159568) fell by 1.10%, currently priced at 1.8 yuan, but has seen a 0.55% increase over the past week [3] Liquidity and Trading Activity - The Hong Kong Internet ETF had a turnover rate of 19.46% with a trading volume of 62.965 million yuan, indicating active market participation [3] - Over the past year, the average daily trading volume of the Hong Kong Internet ETF was 187 million yuan [3] User Engagement and Ecosystem - Bilibili's user ecosystem is thriving, with 368 million monthly active users and 107 million daily active users as of Q1 2025 [3] - The platform has 32 million monthly paying users and an average daily usage time of 108 minutes, with a 70% penetration rate among Gen Z users [3] ETF Performance Metrics - As of August 7, 2025, the Hong Kong Internet ETF has seen a net value increase of 72.24% over the past year, ranking 138 out of 2949 in the index fund category [5] - The ETF's highest monthly return since inception was 30.31%, with a longest consecutive monthly gain of 3 months and an average monthly return of 8.62% [5] Risk and Fee Structure - The management fee for the Hong Kong Internet ETF is 0.50% and the custody fee is 0.10%, which are among the lowest in comparable funds [7] - The ETF's tracking error over the past three months was 0.050%, indicating high tracking precision compared to similar funds [7] Valuation Insights - The latest price-to-earnings ratio (PE-TTM) for the index tracked by the Hong Kong Internet ETF is 23.8, which is below the 80.03% historical average over the past five years, suggesting a low valuation [7] - The CSI Hong Kong Internet Index consists of 30 publicly listed companies related to internet businesses, reflecting the overall performance of internet-themed stocks within the Hong Kong Stock Connect [7][8]

Group 1 - KIM, a South Korean investment management company, launched an ETF focused on China's AI sector, tracking 50 leading AI companies, which was listed on July 29 [1][2] - The ETF, named "KIM ACE China AI Big Tech TOP2+ Active ETF," aims to capture investment opportunities in artificial intelligence, digital platforms, and smart industrial technologies [2] - The underlying index, developed by Solactive, selects 25 companies from two main fields: cognitive technology and digital platforms, ensuring that selected companies have substantial AI technology layouts [2][3] Group 2 - Morgan Stanley predicts that China will become a global AI leader by 2030, with the core AI industry expected to reach a scale of $140 billion and an overall industry chain expansion to $1.4 trillion [3] - International capital has shown strong interest in Chinese tech stocks, particularly in emerging fields like AI, with the KraneShares China Overseas Internet ETF seeing a significant increase in assets under management, growing over 40% from $5.414 billion at the end of last year to $7.667 billion by August 5 [4][5] - The average price-to-sales ratio of comparable Chinese AI companies is around 15 times, significantly lower than that of typical American AI companies, which averages 42 times, indicating that Chinese AI firms may be undervalued [8]

京东健康股份有限公司是中国最大的在线医疗健康平台,也是医疗产业链数字化改造的领跑者,致力于打 造以医药及健康产品供应为核心,医疗服务为抓手,数字驱动的用户全生命周期全场景的健康管理平台。 其零售药房和在线医疗健康服务业务可以满足用户对于健康领域的各方面需求,让国民享有易得、便 捷、优质和可负担的医疗健康产品与服务。 截至8月6日收盘，京东健康（06618.HK）报52.300港元，较上个交易日上涨2.65%，当日盘中最高价触 及52.600港元，创近一年新高。 资金流向方面，当日主力流入NaN万港元，流出NaN万港元，净流入4756.55万港元。 （以上内容为金融界基于公开消息，由程序或算法智能生成，不作为投资建议或交易依据。） 来源：金融界 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 京东健康股份有限公司 呈交日期: 2025年8月6日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06618 | | 說明 | | | | | | | | | 多櫃檯證券代號 | 86618 | RMB | 說明 | | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | | 100,000,000,000 | USD | | 0.0000005 | USD | | 50,000 | | 增加 / 減少 (-) | | | | 0 | | | | USD | | 0 | | 本月底結存 ...

Core Viewpoint - The interview with Xin Lijun, former CEO of JD Health, reveals his transition from a corporate role to a personal investment and advisory position in the healthcare sector, emphasizing a more holistic and personal perspective on industry trends and opportunities [1][2][3]. Group 1: Transition and Current Role - Xin Lijun has stepped down from his role as CEO of JD Retail Group and is now a consultant for JD Group, receiving a monthly salary while not engaging in day-to-day operations [2][4]. - He enjoys a more relaxed lifestyle, spending time with family and engaging in hobbies like golf, while also advising startups and investing in the healthcare sector [5][6]. Group 2: Industry Insights - Xin Lijun has conducted in-depth research on over 200 healthcare companies, leading to a shift in his views on industry trends, particularly regarding the profitability of internet healthcare services [2][3]. - He now believes that internet healthcare services can be profitable due to changes in healthcare funding and the emergence of third-party platforms for non-standardized services [13][14]. Group 3: AI in Healthcare - Xin Lijun expresses skepticism about the commercialization of AI in serious medical applications, citing regulatory constraints and the limited role of AI as a decision-making tool in clinical settings [15][16]. - He acknowledges the potential for AI in health management but warns against overestimating its commercial viability in the healthcare sector, particularly for consumer-facing applications [19][20].

Group 1: JD Health - JD Health has evolved from a pharmaceutical e-commerce platform to a comprehensive service provider covering health product sales, medical services, and smart healthcare solutions since February 2014 [11] - The core driver of JD Health's performance is its self-operated pharmaceutical business, which is expected to generate revenue of 48.8 billion in 2024, growing by 6.9% year-on-year, accounting for 84% of total revenue [11] - The online retail penetration rate for pharmaceuticals is currently low at approximately 13%, but it is anticipated to accelerate due to the increasing trend of prescription drugs moving outside hospitals and the enhancement of online medical insurance coverage [11] - The competitive landscape in internet healthcare is expected to stabilize by 2025, with JD Health leveraging its supply chain, service ecosystem, and AI technology to create a competitive barrier [11] - Revenue projections for JD Health are estimated at 63.65 billion, 69.65 billion, and 76.55 billion for 2025-2027, with net profits of 4.52 billion, 5.04 billion, and 5.79 billion respectively [11] Group 2: Changjiu Logistics - Changjiu Logistics is positioned as a leading enterprise in the truck logistics transportation sector, transitioning from price competition to high-quality development amid a "de-involution" trend [10] - The implementation of new regulatory measures is expected to enhance the pricing power and market share of compliant companies, with average freight rates for Changjiu Logistics increasing by 27% from 2015 to 2018 [10] - The company has invested in 2,456 mid-axle transport vehicles, with depreciation costs expected to decline in 2025, leading to improved profitability [10] - The logistics sector is witnessing a shift towards automation, with autonomous driving technology poised to enhance operational efficiency and safety in traditional logistics [12] - Revenue projections for Changjiu Logistics are estimated at 0.88 billion, 1.29 billion, and 1.53 billion for 2025-2027, with corresponding net profit growth rates of 10.84%, 46.67%, and 18.12% [14]

研究员：洪依真/林起贤/刘洋/张静含/周文远/任梦妮/陈晴华/黄俊儒 机构：申万宏源研究 风险提示：互联网医疗政策环境变化、线上渗透率不及预期、行业竞争加剧。 自营医药为核心，拓展至综合医疗健康服务。京东健康为京东集团在医疗健康领域的核心子公司，14 年2 月至今已从医药电商拓展为涵盖健康商品销售和营销、医疗健康服务、企业健康解决方案、智慧医 疗解决方案等的综合服务商。 竞争趋缓，供应链+服务+AI 协同破局。2021 年起互联网医疗的竞争激烈，以美团买药为代表的O2O、 以抖音快手平台为代表的短视频直播电商带来了大健康领域竞争格局的较大变化，至2025 年互联网医 疗电商的竞争或陆续趋于平缓。公司除供应链优势外，服务生态上已形成医检诊药闭环，AI 技术端发 布京医千询大模型并开源，构建用户、医生、医院端产品矩阵，多方协同下有望打开未来增长空间。 首次覆盖，给予买入评级。考虑到公司供应链优势、自营品牌优势、持续引入第三方商家和拓展O2O 下能推动业绩稳健增长， 我们预测2025-2027 年收入预计为636.5/696.5/765.5 亿，归母净利润分别为 45.2/50.4/57.9 亿。考虑到公司在供应链 ...

Core Insights - The article highlights that JD Health has been recognized for its leading AI capabilities and applications in the healthcare sector, being included in the "2025 Sustainable Innovation Case Recommendation List" at the World Artificial Intelligence Conference [1][3]. Group 1: Recognition and Achievements - JD Health was selected for its significant contributions to sustainable innovation in the healthcare industry, alongside over 30 other renowned companies [3]. - The company has developed a series of AI medical products, including the "JD Medical Inquiry" model, which is the first fully open-source vertical model in China's medical industry [3][4]. Group 2: AI Model Development - The "JD Medical Inquiry" model is continuously upgraded, focusing on a "three engines + four models" architecture to enhance its capabilities in complex disease areas [4][10]. - The upgraded version "JD Medical Inquiry 2.0" integrates multi-source clinical information to provide reliable decision support for doctors, particularly in specialized disease treatment [8][9]. Group 3: Application and Impact - JD Health's AI applications have rapidly expanded across various healthcare scenarios, serving over 30 million users within six months of launching the "Kangkang" health assistant [11]. - The AI-driven services have lowered the barriers for users to access online medical consultations, allowing them to receive scientific advice without needing to visit a doctor first [12][13]. Group 4: Future Directions - JD Health aims to further enhance its AI capabilities by developing deep reasoning and multi-modal models to provide personalized and precise medical consultations [10]. - The company plans to expand its AI doctor program, aiming to cover more specialized areas and enhance the integration of online and offline healthcare services [11][13].

Group 1 - The core viewpoint of the report is that Credit Lyonnais has raised the adjusted net profit forecasts for JD Health (06618) by 5% and 6% for 2025 and 2026 respectively, reflecting better cost control [1] - The target price for JD Health has been increased from HKD 45 to HKD 56, indicating a positive outlook for the company [1] - JD Health is identified as a major beneficiary of JD Group's investment strategy focused on increasing app user growth [1] Group 2 - JD Health's performance in the first half of 2025 is reported to be strong, with total revenue growing by 23% year-on-year, reaching RMB 34.8 billion [1] - The revenue growth is attributed to the successful 618 shopping festival, particularly in the sales of nutritional health products and medical devices [1] - The outflow of original research drugs from hospital channels continues to support the demand for pharmaceuticals [1] Group 3 - The adjusted EBITDA is expected to increase by 57% year-on-year, reaching RMB 2.5 billion, driven by improved gross margins and strict control over investments in immediate demand [1]

Core Viewpoint - Credit Suisse has raised the adjusted net profit forecasts for JD Health (06618) for 2025 and 2026 by 5% and 6% respectively, reflecting better cost control, and increased the target price from HKD 45 to HKD 56 [1] Group 1: Financial Performance - JD Health's total revenue for the first half of 2025 is expected to grow by 23% year-on-year, reaching RMB 34.8 billion, driven by strong performance during the 618 shopping festival, particularly in the sales of nutritional health products and medical devices [1] - The adjusted EBITDA is projected to increase by 57% year-on-year, reaching RMB 2.5 billion, supported by improved gross margins and strict control over investments in immediate demand [1] Group 2: Market Position and Strategy - JD Health is identified as a major beneficiary of JD Group's aggressive investment strategy in app user growth [1] - The continued outflow of original research drugs from hospital channels is further supporting the demand for pharmaceuticals [1]