中国工程院院士、广州国家实验室主任钟南山，中国医院协会常务副会长毛群安，广东省政务服务和数 据管理局局长王天广，广州市政务服务和数据管理局局长黄津，广州市卫生健康委副主任李铁钢，广州 医科大学副校长付晓东，中国信息产业商会工业互联网分会理事长、广东省数据要素产业协会负责人朱 立锋、金域医学董事长兼首席执行官梁耀铭等出席大会。大会吸引了来自海内外超过400位医疗机构、 IVD企业、药企、大数据及人工智能等领域专家参与，近70名专家学者与企业领军人物登台分享。 王天广表示，健康医疗数据是国家重要基础性战略资源，也是医学人工智能发展的关键基础资源。他发 出三点倡议：一是打造全国领先的高质量数据集，全面赋能诊疗、公卫、新药研发等环节；二是加快建 设医疗数据基础设施，依托可信数据空间链接全流程数据资源，探索医疗健康领域数字经济发展新路 径；三是构建粤港澳大湾区"AI+医疗"创新圈，通过优化数据资产管理、探索数据质量评价标准、推动 数据合规流通，全面支撑人工智能在医疗领域的应用。"我们诚挚期待更多高水平的医疗机构、科研院 所和科技企业，能够参与到大湾区医学人工智能的创新实践中来，与我们携手并进，全力打造全球生物 医药创新 ...

Core Insights - The application of artificial intelligence (AI) in the medical field is rapidly advancing, with significant developments showcased at the first Greater Bay Area Medical AI Conference in Guangzhou [1] - Companies like Guangzhou Kingmed Diagnostics Group Co., Ltd. are leading the way in AI medical testing, having developed various AI products and models that enhance diagnostic efficiency [1][2] - The Chinese government is actively supporting the integration of AI in healthcare, aiming to establish high-quality data sets and intelligent applications by 2027 [3][4] Company Developments - Kingmed Diagnostics has been focusing on AI in medical testing since 2020, creating the first large model "Yujian Yiyan" and the intelligent agent "Xiaoyuyue," interpreting nearly 8 million reports [1] - The company has developed specialized AI models for cervical cancer pathology and multimodal pathology genetics, significantly improving diagnostic efficiency [1] - Kingmed's cloud testing platform supports 86,000 active doctors and 168,000 active users with clinical and research assistance [1] Industry Trends - Other companies, such as Shanghai United Imaging Healthcare Co., Ltd. and Shenzhen Mindray Bio-Medical Electronics Co., Ltd., are also innovating in the "AI + healthcare" sector [2] - Mindray has launched the "Ruiying AI+" solution to enhance ultrasound capabilities through AI, while United Imaging has integrated AI into medical imaging and radiotherapy equipment since around 2018 [2] - The integration of AI in medical imaging is currently one of the most mature applications, significantly improving diagnostic accuracy and efficiency [3] Policy and Market Dynamics - The Chinese government has issued guidelines to promote and regulate the application of AI in healthcare, aiming for widespread use of intelligent decision-making tools in clinical settings by 2027 [3] - The healthcare sector, characterized by vast data and essential public needs, is a critical area for AI implementation [4] - Challenges such as inconsistent data quality, lack of standardization, and insufficient cross-institutional sharing mechanisms need to be addressed to ensure high-quality development of AI in healthcare [4]

Core Insights - The first Greater Bay Area Medical Artificial Intelligence Conference was held on December 7, aiming to promote the integration of medical AI and big data, establishing a smart healthcare ecosystem with international influence [1] - The conference highlighted the urgent need for collaboration among institutions to advance medical AI, emphasizing that it is not a choice but a necessity for the future of healthcare [2] Group 1: Conference Overview - The conference was organized by various associations and institutions, attracting over 400 experts from medical, IVD, pharmaceutical, big data, and AI fields [1] - Key figures in attendance included prominent medical professionals and government officials, indicating the high-level support for the initiative [1] Group 2: Key Statements - Academician Zhong Nanshan emphasized that medical AI is essential for the future, and collaboration among institutions is crucial for its development [2] - He also noted that while AI can enhance efficiency, it cannot replace the human aspects of healthcare, such as understanding patients' emotional needs [3] Group 3: Data and Infrastructure Initiatives - The establishment of a national medical testing data circulation platform was announced, aimed at enhancing the quality of healthcare data and supporting AI applications in medicine [3][4] - The platform is expected to expand its cooperative network and develop new data products, positioning itself as a national open and win-win medical testing data circulation platform [4] Group 4: Company Developments - KingMed Medical has showcased its achievements in medical AI and data science, presenting a product blueprint that addresses key clinical challenges [6] - The company has developed several AI products and models, significantly improving diagnostic efficiency and providing support to a large number of healthcare professionals and users [6] Group 5: Collaborative Efforts - KingMed Medical has signed cooperation agreements with 18 institutions to foster innovation in specialized disease models, data circulation, and health management [7] - The company aims to build a smart healthcare ecosystem by leveraging data and clinical expertise, ensuring safe data circulation and maximizing AI's value in clinical settings [7]

Investment Rating - The report maintains an "Overweight" rating for the industry [5] Core Insights - The report highlights the ongoing transformation in cancer treatment, moving from broad-spectrum therapies to precision medicine, with a focus on innovative technologies such as bispecific antibodies, antibody-drug conjugates (ADC), and CAR-T therapies [7][14] - It emphasizes the importance of companies with cutting-edge technology platforms and differentiated research strategies, particularly in the context of blood cancers becoming manageable chronic diseases [11][14] - The report suggests that the recent ESMO Asia and ASH conferences have positively influenced market sentiment, revealing clear directions for future cancer treatments [11][14] Summary by Sections Industry Overview - The pharmaceutical sector is experiencing significant internal differentiation, with some sub-sectors like pharmaceutical commerce and traditional Chinese medicine performing well, while others like medical devices and chemical pharmaceuticals are facing declines [7][11] - The total market capitalization of the industry is approximately 72,066.76 billion [2] Key Investment Directions - Focus on biotech companies with innovative technology platforms, particularly those developing new delivery systems and ADCs targeting specific cancer markers [11][14] - Look for companies implementing differentiated research strategies, especially in rare target areas and combination therapies [11][14] - Recognize the long-term investment value in blood cancers as they transition into manageable chronic conditions, expanding the market for existing and new therapies [11][14] Market Dynamics - The report notes that the pharmaceutical sector's performance has been mixed, with a year-to-date return of 15.86%, slightly lagging behind the broader market [11] - The report identifies key companies to watch, including 康方生物, 药明合联, and others, which are expected to perform well based on their innovative approaches and market positioning [8][11][14]

Core Insights - The first Greater Bay Area Medical Artificial Intelligence Ecosystem Conference was held in Guangzhou, marking a significant step in the rapid development of AI applications in medical diagnostics in China [1][2] - The conference attracted over 400 experts and featured discussions on the necessity of collaboration among institutions to advance medical AI [2][4] Group 1: Medical AI Development - The development of medical AI is deemed an inevitable choice, with a strong emphasis on the need for collaboration among various institutions, particularly in integrating industry, academia, and research [2][4] - AI is expected to enhance the clinical capabilities of grassroots doctors by leveraging decades of clinical experience, although it cannot replace the human aspects of medical care [2][4] Group 2: Data Space and Collaboration - The "Trusted Medical Data Space" was officially launched by KingMed Medical, which is the only medical institution selected as a pilot for the national trusted data space initiative [3][4] - KingMed Medical has signed cooperation agreements with 18 institutions to foster collaboration in specialized disease model development, AI applications, and data flow [4][5] Group 3: KingMed Medical's Innovations - KingMed Medical has developed a comprehensive product blueprint that includes intelligent product services, specialized disease model services, user health services, and the trusted medical data space [4] - Since implementing the "Medical Testing 4.0" strategy in 2020, KingMed has created the industry's first large model "Yujian Yiyan" and the intelligent agent "Xiaoyue Yi," interpreting nearly 8 million reports [4]

Summary of Key Points from Conference Call Records Industry Overview - The pharmaceutical sector experienced a correction in 2025 but rebounded towards the end of the year, with the innovative drug market expected to continue its momentum into 2026, presenting investment opportunities [1][6][10]. - Current industry hotspots include the flu epidemic, policy support, and breakthroughs in innovative fields such as small nucleic acid drugs, GLP-1, and BCL-2 inhibitors [1][7][8]. Core Insights and Arguments - The overall performance of the pharmaceutical sector in November 2025 was weak, with a decline of 3.6%, underperforming the CSI 300 index by approximately 1.16 percentage points [3]. - The application of AI technology in healthcare, including AI medicine and brain-computer interfaces, is gaining attention and is expected to present opportunities in 2026 [4][12]. - The release of the medical insurance negotiation directory and commercial insurance innovation directory will significantly impact the sales of related products once they enter the insurance system [10]. - Investment recommendations for 2026 include focusing on cutting-edge technologies such as dual antibodies, multi-antibodies, ADC, PROTAC, small nucleic acids, and GLP-1, as well as large companies with strong R&D capabilities and biotech firms with best/first-in-class potential [9][11]. Notable Developments - The flu data has reached new highs, driving up the stock prices of related testing drugs and vaccines [7]. - The third-party laboratory sector is expected to see performance bottoming out in Q4 2025, with a recovery starting in Q1 2026, aided by accelerated payment collection from companies like KingMed and Dian Diagnostics [4][19]. - The PROTAC technology is highlighted for its ability to degrade target proteins, addressing issues of drug resistance, with leading companies like Pfizer, BMS, and BeiGene making significant progress [4][16][17]. Investment Opportunities - Companies such as KingMed and Dian Diagnostics are recommended for investment due to their improving cash flow and potential recovery in the IVD industry [19][20]. - Jichuan Pharmaceutical is included in the December portfolio due to its expected performance rebound driven by flu season demand and low inventory levels [21]. - The CRO industry is poised for growth, with expectations of increased outsourcing rates and improved margins due to a decrease in new entrants [22][23]. Future Trends - The medical device sector is showing positive trends, with expectations for improvement in the consumer healthcare segment in 2026 [2][11]. - The potential for significant growth in the insulin business of companies like Lianbang Pharmaceutical is anticipated, with a projected revenue of 20 billion yuan in 2025 [32][35]. - The upcoming KMR data in December is expected to act as a catalyst for the global PROTAC market, with a focus on companies with substantial technology platforms [18]. Conclusion - The pharmaceutical and healthcare sectors are navigating through a period of adjustment, with various innovative technologies and market dynamics presenting both opportunities and challenges. Investors are advised to keep a close watch on regulatory developments, clinical trial outcomes, and emerging technologies that could shape the future landscape of the industry [1][6][10].

Group 1: Strategy Research - The scale of insurance funds, wealth management, and pension funds in China exceeds 70 trillion, showing continuous growth with an asset allocation characterized by "fixed income as the base, equity gradually increasing" [2][4] - Insurance and social security funds heavily invest in A-shares, focusing on financial sectors while gradually increasing allocations in technology and growth areas [2][5] Group 2: Biopharmaceutical Research - The second batch of price negotiations under the US IRA has been announced, with the highest price reduction reaching 85%, effective from January 2027 [2][7] - The overall impact of the negotiations is limited as the negotiated products are close to patent cliffs [7][9] Group 3: Investment Characteristics - The asset scale of insurance funds, pension funds, and wealth management has surpassed 70 trillion, with insurance and wealth management each exceeding 30 trillion, accounting for over 80% of the total [5] - Fixed income remains the mainstay of asset allocation, with insurance funds favoring bonds and social security funds leaning towards equity investments [5][6] Group 4: A-Share Heavyweights - The core of A-share heavyweights is in the financial sector, but there is an increasing focus on growth attributes, particularly in technology and advanced manufacturing sectors [6][7] Group 5: Company Quarterly Reports - For Yaxiang Integration, the net profit attributable to shareholders increased by 40% in Q3 2025, with a gross margin improvement of 9 percentage points [16][17] - For Jin Yu Medical, operational efficiency has steadily improved, with significant cash flow enhancement despite a decline in revenue [24][25] Group 6: Industry Trends - The biopharmaceutical industry is facing challenges due to the impending patent cliffs, which may limit the impact of IRA negotiations on product sales [9][15] - The automotive industry, particularly GAC Group, is accelerating its electrification transformation and collaborating with Huawei to explore new growth avenues [28][29]

Core Viewpoint - The stock of Kingmed Diagnostics has shown a mixed performance in recent trading sessions, with a year-to-date increase of 12.08% but a decline over the past 60 days [1][2]. Company Overview - Kingmed Diagnostics, established on May 26, 2006, and listed on September 8, 2017, is based in Guangzhou, China. The company provides a wide range of diagnostic services to over 23,000 medical institutions across the country, covering nearly 80 types of testing technologies and approximately 3,200 testing projects [1]. - The main revenue sources for the company include: medical diagnostic services (91.20%), sales of diagnostics (6.45%), other services (1.47%), cold chain logistics (0.62%), and health check services (0.27%) [1]. Financial Performance - For the period from January to September 2025, Kingmed Diagnostics reported a revenue of 4.538 billion yuan, a year-on-year decrease of 19.23%. The net profit attributable to the parent company was -796.095 million yuan, reflecting a significant decline of 184.84% compared to the previous year [2]. - Since its A-share listing, the company has distributed a total of 2.545 billion yuan in dividends, with 1.647 billion yuan distributed over the past three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders for Kingmed Diagnostics was 41,700, a decrease of 1.60% from the previous period. The average number of tradable shares per shareholder increased by 1.62% to 11,042 shares [2]. - The top circulating shareholder, Hong Kong Central Clearing Limited, held 35.5057 million shares, a reduction of 2.8676 million shares from the previous period. The eighth largest shareholder, Hua Bao Zhong Zheng Medical ETF, held 7.8786 million shares, down by 1.2515 million shares [3].

Investment Rating - The report maintains an "Accumulate" rating for the company [6][13]. Core Views - The company's operational efficiency is steadily improving, with gross margins and operating cash flow showing quarterly enhancements. The innovation and digital transformation are progressing steadily, justifying the "Accumulate" rating [2][13]. Financial Summary - Total revenue for 2023 is projected at 8,540 million, with a decline of 44.8% year-on-year. The net profit attributable to the parent company is expected to be 643 million, down 76.6% [4][14]. - For 2025, total revenue is estimated at 6,201 million, with a year-on-year decrease of 13.8%. The net profit is projected to be -35 million, showing a significant recovery of 90.8% compared to 2024 [4][14]. - The earnings per share (EPS) for 2025 is forecasted at -0.08 yuan, with a recovery to 0.91 yuan in 2026 and 1.20 yuan in 2027 [4][14]. Operational Performance - In the first three quarters of 2025, the company achieved revenue of 4,538 million, a year-on-year decrease of 19.23%. The net profit attributable to the parent company was -8 million, down 184.84% [13]. - The third quarter of 2025 saw revenue of 1,541 million, a decrease of 11.32%, but a net profit of 0.05 million, marking a 24.08% increase [13]. Market Position and Strategy - The company is actively participating in the construction of medical communities, with 21 projects signed in the first three quarters. The revenue from community benefit projects grew by 53.8% year-on-year [13]. - The digital transformation is advancing, with significant user engagement in the smart medical platform, achieving over 599 million report interpretations and 140,000 monthly active users by the end of Q3 [13]. Valuation and Target Price - The target price is set at 36.40 yuan, based on a 2026 price-to-earnings (PE) ratio of 40 times, reflecting the company's leading position in the industry and the potential of its digital transformation [6][13].

Market Overview - The medical services sector experienced a decline of 2.71% on November 21, with Baihua Pharmaceutical leading the drop [1] - The Shanghai Composite Index closed at 3834.89, down 2.45%, while the Shenzhen Component Index closed at 12538.07, down 3.41% [1] Stock Performance - Notable gainers included Yangguang Nuohua, which rose by 4.47% to a closing price of 61.21, with a trading volume of 86,300 shares and a transaction value of 530 million [1] - Baihua Pharmaceutical saw a significant decline of 9.67%, closing at 9.06, with a trading volume of 292,400 shares and a transaction value of 275 million [2] - Other notable decliners included Chengda Pharmaceutical (-9.58%), Berry Genomics (-8.67%), and Guangzheng Eye Hospital (-7.26%) [2] Capital Flow - The medical services sector experienced a net outflow of 1.325 billion in institutional funds, while retail investors saw a net inflow of 1.332 billion [2] - The table of capital flow indicates that major stocks like Yangguang Nuohua had a net inflow of 10.986 million from institutional investors, while retail investors had a net inflow of 1.374 million [3]