Core Viewpoint - The report from Bank of America Securities indicates that stock performance will continue to diverge this year, with the artificial intelligence sector expected to outperform the market again, while virtual consumption in entertainment and travel will continue to excel over physical e-commerce [2] Group 1: Market Trends - The macroeconomic environment remains weak, putting pressure on consumer spending (e-commerce) and corporate spending (advertising), which continues to be a drag on the industry [2] - Chinese internet stocks are seen as having attractive valuations, providing a buffer against downside risks, with a forecasted price-to-earnings ratio of 18 times, lower than the ten-year average of 23 times, the Nasdaq 100's 26 times, and the "Big Seven" of US stocks at 31 times [2] Group 2: Stock Preferences - The company prefers stocks in artificial intelligence and online gaming over e-commerce, with Tencent Holdings (00700) being the top choice due to its growth driven by AI applications, stable market competition, excellent shareholder returns, and attractive valuation [2] - Alibaba (09988) is identified as the best investment target in China's artificial intelligence sector and the preferred choice among Chinese e-commerce stocks [2] - Baidu Group-SW (09888) is considered attractive in the AI field, with value release on the right track [2] - In the digital entertainment sector, the company favors online gaming, recommending Bilibili-W (09626) and Tencent Music-SW (01698) [2] - Within specific segments, JD Health (06618) and Trip.com Group-S (09961) are viewed positively [2]

Core Viewpoint - The report from Bank of America Securities indicates that stock performance will remain differentiated this year, with the artificial intelligence sector expected to outperform the market again, while virtual consumption in entertainment and travel will continue to outperform physical e-commerce [1] Group 1: Market Trends - The macroeconomic environment is weak, putting pressure on consumer spending (e-commerce) and corporate spending (advertising), which remains a drag on the industry [1] - Chinese internet stocks are seen as having attractive valuations, providing a buffer against downside risks, with a forecasted price-to-earnings ratio of 18 times, lower than the ten-year average of 23 times, the Nasdaq 100's 26 times, and the "Big Seven" in the US stock market at 31 times [1] Group 2: Stock Preferences - The company prefers stocks in artificial intelligence and online gaming over e-commerce, with Tencent Holdings (00700) being the top pick due to its growth driven by AI applications, stable market competition, excellent shareholder returns, and attractive valuation [1] - Alibaba (09988) is identified as the best investment target in China's artificial intelligence sector and the top choice among Chinese e-commerce stocks [1] - Baidu-SW (09888) is considered attractive in the AI field, with value release on the right track [1] - In the digital entertainment sector, the company favors online gaming, recommending Bilibili-W (09626) and Tencent Music-SW (01698) [1] - Within specific sectors, JD Health (06618) and Trip.com (09961) are viewed positively [1]

港股通医疗ETF（520510）跟踪港股通医疗主题指数，覆盖阿里健康、京东健康、平安好医生等AI医疗 标的，有望受益于脑机接口、创新药出海及AI医疗技术革命。 港股市场年后表现持续强势，医疗、医药板块高弹性特点突出，港股通医疗ETF（520510）盘中大涨超 4%！年内涨幅突破20%，恒生医药ETF（159892）年内涨幅一度突破17%，在全市场ETF中涨幅靠前， 方舟健客盘中大涨超30%。 浙商证券认为，AI+医疗应用多点开花，政策支持与市场需求共振推动行业进入商业化落地快速阶段。 AI医疗应用方面，产业政策明确且进展迅速：2025年五部委印发相关实施意见、2026年初ChatGPT Health推出、蚂蚁阿福月活翻倍至3000万等持续催化市场热度。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不 对所包含内容的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担 全部责任。邮箱：news_center@staff.hexun.com ...

伊鲁阿克作为新一代ALK抑制剂，具有强效抑制ALK激酶活性、良好覆盖常见耐药突变、优异血脑屏 障穿透能力等多重优势。临床研究显示，其在颅内病灶缓解方面表现突出，颅内客观缓解率(ORR)达 85.7%，为易发生脑转移的ALK阳性患者提供了重要治疗保障。同时，该药在长期生存数据上也展现出 1月12日，齐鲁制药旗下1.1类创新药、ALK阳性非小细胞肺癌靶向治疗新药——启欣可®(伊鲁阿克片) 在京东健康全网首发。该药物的上市，进一步丰富了京东健康在肺癌精准治疗领域的产品矩阵，为更多 ALK阳性肺癌患者提供了全新的治疗选择。京东健康将持续发挥"新特药全网首发第一站"的能力优势， 推动更多前沿治疗药物快速触达患者，提升药品可及性与治疗规范性。 肺癌是我国发病率和死亡率最高的恶性肿瘤，其中非小细胞肺癌(NSCLC)占比超过80%。ALK融合基因 突变在非小细胞肺癌中发生率约为3%-7%，主要出现在年轻人、女性及非吸烟者中，因其对靶向药物响 应率高、患者生存获益显著而被称为"钻石突变"。尽管靶向药物已成为ALK阳性肺癌的主要治疗手段， 但临床上仍面临着患者发病年龄轻，疗效需要持续突破、脑转移发生率高、耐药机制复杂等挑战。 除 ...

Core Insights - The Huabao CSI Hong Kong Stock Connect Medical Theme ETF (159137) closed with a gain of 0.38% on January 12, with a trading volume of 173 million yuan [1] Fund Overview - The fund was established on December 31, 2025, and is officially named Huabao CSI Hong Kong Stock Connect Medical Theme Exchange-Traded Fund [1] - The management fee is set at 0.50% per annum, while the custody fee is 0.10% per annum [1] - The performance benchmark for the fund is the return of the CSI Hong Kong Stock Connect Medical Theme Index, adjusted for the RMB exchange rate [1] Fund Management - The current fund manager is Zhang Fang, who has managed the fund since its inception, achieving a return of 4.33% during the management period [1] Top Holdings - The latest report indicates that the top holdings of the ETF include: - WuXi Biologics: 2.65% holding, valued at approximately 7.49 million yuan [2] - JD Health: 2.02% holding, valued at approximately 5.71 million yuan [2] - WuXi AppTec: 1.44% holding, valued at approximately 4.07 million yuan [2] - Crystal Digital Holdings: 0.98% holding, valued at approximately 2.76 million yuan [2] - Alibaba Health: 0.93% holding, valued at approximately 2.63 million yuan [2] - WuXi AppTec Holdings: 0.86% holding, valued at approximately 2.43 million yuan [2] - Sinopharm: 0.72% holding, valued at approximately 2.04 million yuan [2] - Genscript Biotech: 0.55% holding, valued at approximately 1.55 million yuan [2] - Ping An Good Doctor: 0.46% holding, valued at approximately 1.31 million yuan [2] - CSPC Pharmaceutical Group: 0.41% holding, valued at approximately 1.17 million yuan [2]

Group 1 - The core viewpoint of the news is the strong performance of the online consumption sector, highlighted by the significant rise in the China Securities Hong Kong-Shenzhen Online Consumption Theme Index, which increased by 4.79% [1] - The online consumption ETF fund also showed positive momentum, rising by 4.28% and achieving a price of 1.17 yuan, marking its third consecutive increase [1] - The National Business Work Conference held on January 10-11, 2026, emphasized boosting consumption as a top priority, with initiatives aimed at enhancing service consumption and creating a favorable international consumption environment [1] Group 2 - The China Securities Hong Kong-Shenzhen Online Consumption Theme Index includes 50 companies involved in online shopping, digital entertainment, online education, and telemedicine, reflecting the overall performance of the online consumption sector [2] - As of December 31, 2025, the top ten weighted stocks in the index accounted for 55.63% of the total index weight, with major players including Meituan-W, Tencent Holdings, and Alibaba-W [2] - The index's top stocks showed varying performance, with notable increases such as 20.00% for Yidian Tianxia and 16.70% for Kunlun Wanwei, indicating strong market interest in these companies [3]

Group 1 - JD Health held the 2026 Medical Device Development Strategy Conference, focusing on supply, AI, and medical services as core drivers for growth [1] - The company signed agreements with the top 100 global brands to launch new products in 2026, committing over 100 million in marketing resources [1] - JD Health aims to enhance its medical device sector by leveraging its supply chain, AI technology, and internet medical services to create a comprehensive ecosystem [1] Group 2 - In 2025, JD Health plans to deepen global brand collaborations and introduce overseas supplies through large-scale procurement [2] - The company will focus on high-potential areas such as chronic disease management and home healthcare, aiming to transition from single product sales to comprehensive health management solutions [2] - JD Health is committed to driving innovation and sustainable development in the medical device industry by enhancing product offerings and AI technology [2]

Core Viewpoint - JD Health aims to become a powerful growth engine and launchpad for global medical device brands by leveraging supply, AI, and medical services as its three core drivers [1] Group 1: Strategic Development - JD Health announced its 2026 medical device development strategy during the annual merchant conference, focusing on high-quality growth and innovation in the medical device sector [1] - The company plans to invest over 100 million yuan in marketing resources for the launch of new products in collaboration with the top 100 global brands [1][2] - The medical device market in China is projected to grow from approximately 300 billion yuan to a target of 500 billion yuan in the coming years, driven by policy and market forces [1] Group 2: Product Innovation and Market Expansion - In 2025, JD Health will deepen global collaborations and introduce overseas supplies through large-scale procurement, aiming for a 100% growth in trending categories [2] - The "Crazy New Product IP" initiative has led to the launch of nearly 30 new products with sales exceeding 10 million yuan and around 500 products exceeding 1 million yuan in sales, setting new industry records [2] - JD Health will focus on four high-potential areas in 2026: chronic disease management, home care, home-use medical products, and consumer health products [2] Group 3: AI Integration and Service Enhancement - JD Health is utilizing its self-developed "Jingyi Qianxun" AI model to transform product categories and define value through service, moving towards a full-cycle health management solution [3] - Collaborations with brands like Yuyue, SanNu, and Weitai have resulted in the launch of customized CGM products, creating an integrated smart blood glucose management system [3] - The company aims to enhance its capabilities in supply, service, and AI to promote sustainable development in the medical device industry and make professional healthcare services more accessible [3]

Core Insights - JD Health is set to enhance its investment in the medical device sector, focusing on supply, AI, and medical services as core drivers for growth, aiming to become a significant growth engine and launchpad for global medical device brands by 2026 [1][5] Group 1: Strategic Initiatives - JD Health signed agreements with 100 global brands to launch new products in 2026, committing over 100 million in marketing resources to ensure that new products are launched as bestsellers [1][5] - The company aims to create a comprehensive ecosystem that meets user needs across all channels and life cycles, supporting the "Healthy China 2030" strategy [1] Group 2: Market Growth and Product Innovation - The medical device market in China is projected to grow from approximately 300 billion to 500 billion, driven by aging population, health awareness, and consumption upgrades [3] - JD Health plans to deepen global collaborations and enhance domestic supply through initiatives like JDH+N alliance, targeting a 100% growth in trending categories [3] Group 3: Awards and Recognition - JD Health established a rigorous evaluation system for awarding the 2025 Golden Award for new medical devices, recognizing nearly 100 brands for their quality and reputation [5] Group 4: AI and Service Integration - JD Health is leveraging its self-developed AI model "Jingyi Qianxun" to transform product categories and define value through services, moving towards a full-cycle health management solution [7] - The company has launched customized CGM products in collaboration with brands like Yuyue and Sanofi, creating an integrated smart blood glucose management system [9] Group 5: Consumer Engagement and Service Enhancement - JD Health's AI doctor "Xiao Wei" provides comprehensive support throughout the purchasing process, achieving a user satisfaction rate of 98.4% [9] - The company is enhancing its online and offline medical services, integrating them with medical device usage scenarios to create a seamless health management experience [9]

Core Insights - JD Health is significantly increasing its investment in the medical device sector, leveraging its robust supply chain, AI technology, and internet healthcare services to build a comprehensive ecosystem that meets the full lifecycle needs of users [1][2] - The medical device market is expanding rapidly as health awareness rises, consumer demands become more refined, and the aging population accelerates, creating a vast market with immense potential [1] - JD Health aims to transition the industry from reactive treatment to proactive health management, injecting strong momentum and innovation into the sector [1] Company Strategy - JD Health is committed to long-term investment in the medical device category, positioning itself as a powerful growth engine and launch platform for brands [2] - The company plans to deepen the integration of online consultations, home testing, and home care services with medical device usage scenarios, while expanding AI applications and building an interconnected smart ecosystem [2] - A strategic focus for 2026 includes slow disease management, home elder care, home-use medical products, and wellness products, with over 100 million yuan allocated for marketing new medical device products [3] Financial Performance - JD Health reported impressive growth in its latest financial results, with revenues of 17.12 billion yuan for Q3 2025, marking a year-on-year increase of 28.7%, and a non-IFRS net profit of 1.9 billion yuan, up 42.4% [3]