本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 广州金域医学检验集团股份有限公司（以下简称"公司"）于 2025 年 9 月 9 日召开 2025 年第二次临时股东会审议通过了《关于取消公司监事会并修订<公司 章程>及相关议事规则的议案》。具体内容详见公司于 2025 年 8 月 23 日及 2025 年 9 月 10 日在上海证券交易所网站（www.sse.com.cn）和公司指定信息披露媒 体《中国证券报》、《上海证券报》、《证券时报》、《证券日报》上刊登的《广州金 域医学检验集团股份有限公司关于取消公司监事会并修订<公司章程>及相关制 度的公告》（公告编号：2025-036）及《广州金域医学检验集团股份有限公司 2025 年第二次临时股东会决议公告》（公告编号：2025-039）。 近日，公司完成了工商变更登记及《公司章程》的备案手续，并取得了广州 市市场监督管理局换发的《营业执照》，相关信息如下： 公司名称：广州金域医学检验集团股份有限公司 证券代码：603882 证券简称：金域医学 公告编号：2025-041 广州金 ...

Investment Rating - The investment rating for the aviation industry is "Outperform" [7]. Core Views - The aviation industry is experiencing a golden era with continuous growth in capacity and passenger volume, driven by a recovery in demand and increased operational efficiency among airlines [4][6]. - Airlines are increasing capacity deployment, with passenger turnover growth outpacing capacity growth, indicating strong demand recovery [4]. - The report highlights that the average aircraft utilization rate has improved, with wide-body aircraft averaging 9.0 hours and narrow-body aircraft at 7.9 hours per day [4]. Summary by Sections Industry Overview - In September 2025, civil aviation passenger transport volume reached approximately 62.7 million, a year-on-year increase of 4.6% compared to 2024 [4]. - Domestic capacity increased by 1.0% year-on-year, while domestic passenger flow grew by 3.6% [4]. Airline Performance - Major airlines reported varying growth rates in capacity (ASK) and passenger turnover (RPK): - Air China: ASK +1%, RPK +6% - China Eastern Airlines: ASK +4%, RPK +9% - Southern Airlines: ASK +4%, RPK +5% - Spring Airlines: ASK +21%, RPK +23% - Hainan Airlines: ASK +6%, RPK +7% [4][5]. Domestic Market - The domestic market shows a balanced growth in supply and demand, with Spring Airlines experiencing significant growth in both capacity and passenger volume [4]. - The report indicates that the overall ASK and RPK for major airlines have shown modest growth compared to 2024, with some airlines like Spring Airlines showing substantial increases [5]. International Market - The international flight market is recovering, with airlines like Spring Airlines and China Eastern Airlines exceeding pre-pandemic levels in terms of capacity and passenger turnover [4]. - The report notes that international flights have seen a significant recovery, with the number of flights reaching 85.7% of the levels seen in 2019 [4]. Investment Recommendations - The report recommends focusing on the aviation sector due to strong supply-side logic and elastic demand, with potential for significant performance improvement in airlines [4]. - Specific airlines recommended for investment include China Eastern Airlines, Hainan Airlines, Air China, Southern Airlines, Spring Airlines, and Cathay Pacific [4].

Core Insights - The aviation and airport sector saw a slight increase of 0.31% on October 14, with China Eastern Airlines leading the gains [1] - The Shanghai Composite Index closed at 3865.23, down 0.62%, while the Shenzhen Component Index closed at 12895.11, down 2.54% [1] Stock Performance - China Eastern Airlines (600115) closed at 4.15, up 1.22% with a trading volume of 1.0534 million shares and a transaction value of 436 million [1] - Xiamen Airport (600897) closed at 14.56, up 1.04% with a trading volume of 19,800 shares [1] - Baiyun Airport (600004) closed at 9.54, up 0.85% with a trading volume of 179,400 shares [1] - HNA Holding (600221) closed at 1.63, up 0.62% with a trading volume of 5.3673 million shares [1] - Spring Airlines (601021) closed at 52.19, up 0.35% with a trading volume of 42,000 shares [1] Capital Flow - The aviation and airport sector experienced a net outflow of 54.71 million from institutional investors, while retail investors saw a net inflow of 97.49 million [2][3] - Major stocks like China Eastern Airlines and HNA Holding had mixed capital flows, with significant outflows from institutional and speculative investors [3]

Policy Developments - The "Regulations on the Management of Clinical Research and Clinical Translation Applications of Biomedical New Technologies" were officially published, emphasizing the balance between innovation and safety in the biomedical sector [2] - The National Healthcare Security Administration has issued a draft for "Basic Medical Insurance Registration Service Specifications," mandating that registration for individuals or units must not exceed five working days [3] Industry News - The National Healthcare Security Administration is conducting a special investigation into "dual pricing" practices at designated retail pharmacies, which discriminate between insured and uninsured patients [4] - Keren Biotechnology's TROP2 ADC has received approval for second-line treatment of EGFR mutation NSCLC, marking a significant advancement for the company's core product [6] - Beijing Norsland Biotechnology Co., Ltd. plans to issue H-shares and apply for listing on the Hong Kong Stock Exchange to enhance its international presence and raise funds for long-term development [8] - The National Medical Products Administration has reclassified Dangshen Granules and Regulating Menstrual Blood Capsules from prescription to over-the-counter drugs [10] - KingMed Diagnostics, Tencent, and Guangzhou Medical University First Affiliated Hospital announced a collaboration to develop a multimodal model for pathological genetics using AI [11] Company Updates - Kangtai Medical received a warning letter from the FDA regarding non-compliance with medical device quality system regulations, which could prevent its products from entering the U.S. market until issues are resolved [14] - Warner Pharmaceuticals has voluntarily withdrawn its drug registration application for Arolol Hydrochloride Tablets, which will not significantly impact the company's current or future operations [15]

Core Insights - The collaboration between Guangzhou Jinyu Medical, Tencent, and Guangzhou Medical University aims to develop an AI model called DeepGEM for predicting gene mutations in tumor patients using conventional pathological images [1][5][6] - The DeepGEM model has shown promising results in accurately predicting lung cancer gene mutations, achieving a precision rate between 78% and 99% [2][3] - The partnership is expected to enhance the clinical application of DeepGEM and expand its capabilities to other cancer types, integrating various omics data for a comprehensive diagnostic approach [6] Group 1: Development of DeepGEM Model - The DeepGEM model was developed by a team from Guangzhou Medical University and Tencent, utilizing AI to predict lung cancer gene mutations from pathological images [2][3] - The model can process different types of biopsy samples and generate spatial distribution maps of gene mutations, enhancing the understanding of mutation patterns within tissues [3][4] - The model's performance has been validated with a large dataset from Jinyu Medical, covering 4,260 lung cancer patient samples across various medical institutions [4] Group 2: Clinical Implications and Future Directions - The collaboration aims to provide timely and cost-effective gene diagnostics, especially for patients in resource-limited areas, by combining AI screening with targeted gene confirmation [3][6] - The successful deployment of DeepGEM at Jinyu Medical marks a significant milestone in the exploration of multi-modal AI models for pathology and genetics [6] - Jinyu Medical's extensive data repository and commitment to integrating AI in medical testing are expected to lead to advancements in diagnosing not only tumors but also rare and complex diseases [5][6]

Core Insights - AI technology has the potential to transform traditional gene testing diagnostic processes [1] - The collaboration between KingMed Diagnostics, Tencent, and Guangzhou Medical University aims to develop a multi-modal AI model for accurate and accessible gene mutation predictions for cancer patients [2][5] Group 1: Traditional Gene Testing Challenges - Traditional tumor gene testing is expensive, with costs ranging from 15,000 to 20,000 yuan, making it unaffordable for many patients [4] - The waiting time for traditional gene testing can take 7 to 14 days, during which patients' conditions may deteriorate, delaying treatment and reducing survival rates [4] - There is a lack of gene testing capabilities in most hospitals outside of top-tier institutions, limiting access for patients [4] Group 2: AI Model Development and Validation - The AI model "DeepGEM" has been developed to predict lung cancer gene mutations using routine tissue pathology images, achieving a prediction accuracy of 78% to 99% within one minute [5] - A larger-scale validation of the DeepGEM model is planned for 2025 in collaboration with KingMed Diagnostics [5] - The partnership aims to expand the model's application in lung cancer gene identification and explore its capabilities in other cancer types [5] Group 3: Future Directions and Goals - KingMed Diagnostics emphasizes the importance of AI in transforming traditional diagnostic processes, providing timely guidance for urgent cases and affordable diagnostic pathways for patients without access to expensive testing [6] - The collaboration aims to create a new paradigm in smart medical testing, with aspirations to extend beyond cancer diagnostics to rare and complex diseases [6]

Core Insights - The collaboration between Kingmed Medical, Tencent, and Guangzhou Medical University First Affiliated Hospital aims to develop the AI model DeepGEM for predicting gene mutations in cancer patients using routine pathological images [1][5][6] - DeepGEM has demonstrated a high accuracy rate of 78% to 99% in predicting common lung cancer driver gene mutations, significantly improving the efficiency and accessibility of genetic diagnostics [2][4] Group 1: Development and Technology - DeepGEM is developed by a collaboration between Guangzhou Medical University First Affiliated Hospital, Guangzhou Respiratory Health Research Institute, and Tencent, marking a significant advancement from traditional pathology to genetic insights [1][3] - The model utilizes innovative techniques such as Multiple Instance Learning (MIL) and an end-to-end architecture that enhances prediction accuracy without the need for manual tumor region annotation [3][4] Group 2: Clinical Application and Validation - Kingmed Medical is providing a large-scale dataset for validating DeepGEM, with over 15,000 NGS tests conducted annually and a sample size of 4,260 lung cancer patients across various medical institutions [4][5] - The model has reached clinical auxiliary diagnostic levels for identifying mutations in genes like EGFR, KRAS, and ALK, showcasing its robustness and compatibility for clinical use [4][6] Group 3: Future Prospects and Expansion - The partnership aims to expand the application of DeepGEM beyond lung cancer to other cancer types, integrating various omics data for a comprehensive diagnostic approach [5][6] - The collaboration is seen as a milestone in the exploration of AI-driven pathology-genetics models, with aspirations to enhance the efficiency of clinical research and diagnostics in both cancer and rare diseases [6]

Investment Rating - The report maintains a "Market Weight" rating for the pharmaceutical and biotechnology industry [2][24]. Core Viewpoints - The SW pharmaceutical and biotechnology industry underperformed the Shanghai and Shenzhen 300 index, declining by 0.23% from September 26, 2025, to October 9, 2025, lagging behind the index by approximately 2.76 percentage points [9][24]. - Most sub-sectors within the industry recorded negative returns during the same period, with the medical research outsourcing and in vitro diagnostics sectors showing gains of 1.99% and 0.55%, respectively, while the raw materials and chemical preparations sectors fell by 2.23% and 1.73% [10][24]. - Approximately 54% of stocks in the industry achieved positive returns, with the top performer, Zhendemedical, increasing by 21.43%, while the largest decline was seen in Guangshentang, which fell by 21.86% [11][14]. - The overall price-to-earnings (PE) ratio for the SW pharmaceutical and biotechnology industry was approximately 55.04 times as of October 9, 2025, indicating a decrease in industry valuation [15][24]. Summary by Sections 1. Market Review - The SW pharmaceutical and biotechnology industry underperformed the Shanghai and Shenzhen 300 index, with a decline of 0.23% from September 26, 2025, to October 9, 2025 [9]. - Most sub-sectors recorded negative returns, with medical research outsourcing and in vitro diagnostics performing better than others [10]. - About 54% of stocks in the industry recorded positive returns, with significant variations in individual stock performance [11]. 2. Industry News - The 11th batch of national procurement will begin accepting applications on October 21, 2025, with 55 major varieties included [22]. - The National Medical Products Administration issued guidelines for the quality management of medical device online sales [20][21]. 3. Company Announcements - Zhejiang Haizheng Pharmaceutical announced that its product achieved Self-GRAS certification in the U.S., allowing it to enter the U.S. market [23]. 4. Weekly Industry Perspective - The report suggests focusing on investment opportunities in innovative drugs and sectors with expected business development catalysts, including medical devices and pharmaceutical commerce [24][26].

Investment Rating - The investment rating for the aviation industry is "Overweight" [2]. Core Insights - The domestic aviation market has shown strong performance during the National Day holiday, with passenger transport volume averaging approximately 2.15 million people per day, a year-on-year increase of 31% compared to 2019 and 4% compared to 2024 [1]. - The average ticket price (including fuel) has increased by 7% compared to 2019 and 3% compared to 2024, indicating a positive trend in pricing despite some regional weather disruptions [1]. - The industry is expected to enter a "golden era" over the next 5-10 years, driven by supply chain improvements and increasing demand, with major airlines likely to continue reporting strong earnings [1]. Summary by Sections Passenger Transport Data - Daily average domestic passenger transport volume: 2.15 million, +31% YoY vs. 2019, +4% YoY vs. 2024 [1]. - Daily average domestic flight volume: 14,500 flights, +19% YoY vs. 2019, +2% YoY vs. 2024 [1]. - International passenger transport volume: 380,000, -13% YoY vs. 2019, +11% YoY vs. 2024 [1]. Market Perception - There are misconceptions regarding the recovery of Boeing and Airbus production capacity, which may not reverse the aging trend of aircraft [1]. - Current low domestic ticket prices do not necessarily correlate with poor airline profitability, as many airlines have seen international market recovery exceeding pre-pandemic levels [1]. Future Outlook - The aviation industry is expected to experience significant improvements in profitability, with a shift from losses to profitability anticipated in the coming years [1]. - The supply chain issues leading to aircraft shortages are projected to persist for 5-10 years, creating a favorable environment for airlines [1]. Investment Recommendations - Continued focus on the aviation sector is recommended, with specific attention to airlines such as China Eastern Airlines, Spring Airlines, and China Southern Airlines, among others [1][2].

Group 1 - The core point of the news is that Kingmed Diagnostics has experienced a significant decline in stock price, dropping 5.02% on September 23, with a total market value of 13.32 billion yuan and a cumulative decline of 7.15% over six consecutive days [1] - Kingmed Diagnostics, established on May 26, 2006, and listed on September 8, 2017, provides a wide range of medical testing services to over 23,000 medical institutions across China, including nearly 80 types of testing technologies and approximately 3,200 testing projects [1] - The company's main business revenue composition includes: medical diagnostic services at 91.20%, sales of diagnostics at 6.45%, other services at 1.47%, cold chain logistics at 0.62%, and health check-up services at 0.27% [1] Group 2 - From the perspective of fund holdings, one fund under Chuangjin Hexin has a significant position in Kingmed Diagnostics, with 311,000 shares held, accounting for 4.5% of the fund's net value, ranking as the eighth largest holding [2] - The fund has incurred a floating loss of approximately 472,700 yuan today and a total floating loss of 724,600 yuan during the six-day decline [2] - The Chuangjin Hexin Medical Consumption Stock A fund, established on December 3, 2020, has a current scale of 173 million yuan, with a year-to-date return of 3.63% and a one-year return of 17.93% [2]