| 指数 | 收盘 | | 涨跌（％） | | | --- | --- | --- | --- | --- | | 名称 | （点） | 1 日 | 5 日 | 1 月 | | 上证指数 | 3914 | 0.63 | -5.99 | -1.1 | | 深证综指 | 2580 | 1.29 | -6.66 | -0.37 | | 风格指数 (％) | 昨日 | 近 1 个月 | 近 6 个月 | | --- | --- | --- | --- | | 大盘指数 | 0.51 | -4.15 | -1.94 | | 中盘指数 | 1.25 | -9.45 | 5.88 | | 小盘指数 | 1.46 | -9.94 | 5.57 | | 涨幅居前 行业(％) | 昨日 | 近 1 个月 | 近 6 个月 | | --- | --- | --- | --- | | 能源金属 | 6.11 | -6.9 | 37.28 | | 化学制药 | 5.72 | -1.35 | -11.44 | | 电子化学品 | 4.78 | -8.92 | 17.58 | | Ⅱ 调味发酵品 | 4.43 | 1.9 | 3.24 | ...

上 市 公 司 公 司 研 究 / 公 司 深 度 医药生物 2026 年 03 月 27 日 康众医疗 (688607) —— "设备+医疗 AI"双轮驱动，迎来高速发展期 报告原因：首次覆盖 买入（首次评级） | 市场数据： | 2026 年 03 月 26 日 | | --- | --- | | 收盘价（元） | 54.70 | | 一年内最高/最低（元） | 67.66/14.21 | | 市净率 | 5.6 | | 股息率%（分红/股价） | 0.11 | | 流通 A 股市值（百万元） | 4,821 | | 上证指数/深证成指 | 3,889.08/13,606.44 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 09 月 30 日 | | --- | --- | | 每股净资产（元） | 9.74 | | 资产负债率% | 13.17 | | 总股本/流通 A 股（百万） | 88/88 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： -200% 0% 200% 400% 03-26 04-26 05-26 06-2 ...

上 市 公 司 公 司 研 究 / 公 司 深 度 医药生物 2026 年 03 月 27 日 康众医疗 (688607) —— "设备+医疗 AI"双轮驱动，迎来高速发展期 报告原因：首次覆盖 买入（首次评级） | 市场数据： | 2026 年 03 月 26 日 | | --- | --- | | 收盘价（元） | 54.70 | | 一年内最高/最低（元） | 67.66/14.21 | | 市净率 | 5.6 | | 股息率%（分红/股价） | 0.11 | | 流通 A 股市值（百万元） | 4,821 | | 上证指数/深证成指 | 3,889.08/13,606.44 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 09 月 30 日 | | --- | --- | | 每股净资产（元） | 9.74 | | 资产负债率% | 13.17 | | 总股本/流通 A 股（百万） | 88/88 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： -200% 0% 200% 400% 03-26 04-26 05-26 06-2 ...

证券代码：688607 证券简称：康众医疗 公告编号：2026-010 江苏康众数字医疗科技股份有限公司 关于首次授予股票期权登记完成的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 江苏康众数字医疗科技股份有限公司（以下简称"公司"）于 2026 年 2 月 12 日召开第三届董事会第十六次（临时）会议，审议通过《关于向激励对象首 次授予股票期权的议案》，根据上海证券交易所、中国证券登记结算有限责任公 司上海分公司的规定，公司已完成 2026 年股票期权激励计划（以下简称"本激 励计划"）首次授予股票期权的登记工作，有关情况如下： 一、本次股票期权授予登记已履行的决策程序和信息披露情况 （一）2026 年 1 月 12 日，公司召开第三届董事会第十四次（临时）会议， 审议通过《关于<2026 年股票期权激励计划（草案）>及摘要的议案》《关于<2026 年股票期权激励计划考核管理办法>的议案》《关于提请股东会授权董事会办理 2026 年股票期权激励计划相关事项的议案》《关于提请召开公司 2026 年第 ...

证券代码：688607 证券简称：康众医疗 公告编号：2026-011 江苏数字医疗科技股份有限公司 关于董事会秘书辞职暨董事长代行董事会秘书 职责的公告 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。 重要内容提示： 二、离任对公司的影响 公司董事会于近日收到公司董事会秘书尹晟先生的辞职报告，尹晟先生因个 人原因申请辞去公司董事会秘书职务。根据《公司法》《公司章程》及有关法律 法规的规定，尹晟先生的辞职申请自送达公司董事会之日起生效。辞职生效后， 将不再担任公司及控股子公司任何职务。董事会秘书空缺期间，将由公司董事长 JIANQIANG LIU（刘建强）先生代行董事会秘书职责。公司将按照相关规定，尽 快完成董事会秘书的选聘工作。 截至本公告披露日，尹晟先生未持有公司股份（其中 2024 年限制性股票激 江苏康众数字医疗科技股份有限公司董事会 2026 年 3 月 23 日 江苏康众数字医疗科技股份有限公司（以下简称"公司"）董事会秘书尹晟 先生因个人原因申请辞去公司董事会秘书的职务。辞职生效后，将不再担任公司 及子公司任何职 ...

Group 1 - The report highlights a shift in China's innovative drug development from "fast-following" to "innovation-leading," potentially reshaping the global new drug development landscape. Key emerging technology platforms include molecular glue, small nucleic acids, and in vivo CAR-T, with Chinese companies making significant investments in these areas [3][4]. - Molecular glue offers a new paradigm for targeting "undruggable" targets, with significant potential in the PAN-RAS space. Companies to watch include Heng Rui Medicine, Jinfang Medicine, Yuandong Biology, and Betta Pharmaceuticals [3]. - Small nucleic acids are expanding from rare diseases to chronic conditions, with numerous companies involved in hypertension, dyslipidemia, weight loss, MASH, and CNS diseases. Notable companies include Heng Rui Medicine, Shiyao Group, and Innovent Biologics [3]. - In vivo CAR-T technology is cost-effective and enhances accessibility, showing promise in oncology and autoimmune diseases. Key players include Yunding Xinyao and Kexi Pharmaceuticals [3]. - The integration of AI in healthcare and drug development is accelerating, with companies like Runda Medical and Kangzhong Medical leading the way [3]. Group 2 - The report reviews the performance of the pharmaceutical sector in 2025, noting a cumulative increase of 11.9% in the pharmaceutical index, while the broader market rose by 30.2%, indicating a relative underperformance of 18.3% [8][14]. - The valuation of the pharmaceutical sector has slightly improved, with the PE (TTM) ratio rising from 29.8x at the beginning of 2025 to 36.2x by year-end, while the broader market's PE increased from 28.6x to 39.5x [14]. - The pharmaceutical sector's revenue for the first three quarters of 2025 reached CNY 18,544 billion, with a year-on-year decline of 0.4%, and net profit attributable to shareholders was CNY 1,407 billion, down 0.8% year-on-year [17][22]. Group 3 - The report indicates that the number of IND (Investigational New Drug) applications for innovative drugs in 2025 reached 3,626, marking a year-on-year growth of 10.4%. The number of NDA (New Drug Application) submissions also increased, with 83 for chemical drugs and 271 for therapeutic biological products [31][29]. - The report emphasizes the growing trend of molecular glue technology, particularly in targeting RAS mutations, which are prevalent in approximately 30% of malignancies. The representative drug Daraxonrasib has shown significant clinical efficacy [53][50]. - The report notes an increase in collaboration and licensing activities in the molecular glue sector, with major pharmaceutical companies engaging in high-value transactions, indicating a robust interest in this innovative technology [54][56].

Summary of Conference Call for Kangzhong Medical Company Overview - **Company**: Kangzhong Medical - **Industry**: Medical Imaging Solutions - **Transformation**: Transitioning from component supplier to imaging solution provider, with a focus on AI integration and grassroots healthcare services [2][3][4] Key Points and Arguments Strategic Transition - **Timeline**: 2026-2027 identified as critical years for transformation [2][4] - **AI X-ray Prototype**: Expected to begin mass production in 2026, aiming for a shift from component sales to system-level integration [2][3] - **Focus on Grassroots Healthcare**: Targeting a vast market by avoiding competition with top-tier hospitals, leveraging the "Kangzhong Medical Energy" platform for service fees and data monetization [2][4] Financial Projections - **Revenue Model**: Transitioning from equipment sales to per-use fees, with screening costs in Wenzhou and Shanghai set at 68 and 90 yuan respectively, yielding an annual market size of nearly 30 billion yuan [2][8] - **Incentive Goals**: Aiming for an incremental revenue of approximately 200 million yuan driven by national policies supporting grassroots AI healthcare [2][11] AI Integration and Product Development - **AI Ultrasound Accuracy**: Achieved over 90% accuracy in Wenzhou projects, significantly reducing unnecessary biopsies, which cost around 2000 yuan [2][4][19] - **Partnership with Maide Medical**: Strategic investment to enhance ultrasound AI capabilities, with regulatory approvals for thyroid and breast diagnostics expected [2][6][9] Market Strategy - **Target Markets**: Focus on county hospitals, community clinics, and village doctors, integrating AI capabilities into existing healthcare frameworks [7][8] - **Commercial Model**: Implementing a service fee model to ensure sustainable revenue generation in grassroots healthcare [8][10] Competitive Landscape - **Maide's Position**: Recognized as a leading player in ultrasound AI, with collaborations to enhance market presence in Europe [7][10] - **Regulatory Approvals**: Maide's products are positioned to meet high clinical standards, with multiple certifications expected in 2026 [13][15] Future Growth and Expansion - **Projected Market Size**: Anticipating a total of 6 billion ultrasound checks annually, with a potential market size of 30 billion yuan for AI services [16][17] - **Strategic Partnerships**: Collaborations with major tech firms (e.g., Huawei) and academic institutions to enhance product offerings and market reach [17][20] Operational Insights - **Wenzhou Project**: Currently in the operational phase, with data trends expected to stabilize in 2-3 months [18][19] - **Promotion Dynamics**: Driven by national healthcare policies, with plans to expand into 300 county-level markets by the end of 2026 [19][20] Additional Important Content - **Cash Flow Stability**: Existing detector business provides stable cash flow, with growth strategies focused on overseas markets and new product lines [20] - **AI in Diagnostics**: Emphasis on integrating AI into diagnostic processes to enhance efficiency and reduce costs for patients and healthcare systems [15][19] This summary encapsulates the strategic direction, financial outlook, and operational insights of Kangzhong Medical as discussed in the conference call, highlighting the company's commitment to transforming healthcare through AI and innovative business models.

Investment Rating - The report maintains an "Optimistic" rating for the AI4S industry, highlighting its role as a key multiplier for new productive forces and future industry development, supported by policy backing and technological advancements [5][4]. Core Insights - AI4S (AI for Science) is positioned as the first priority in the "Artificial Intelligence+" action plan, emphasizing its significance in accelerating scientific discovery and enhancing research efficiency across various foundational disciplines [12][11]. - The report outlines a clear investment strategy along the technology chain, focusing on core segments with high potential, including upstream AI4S-specific computing power, midstream cross-scale computing, and downstream innovative materials and pharmaceuticals [5][4]. - The report emphasizes the importance of understanding the technology chain and ROI of AI4S, which can lead to significant cost savings and efficiency improvements in research and development [18][5]. Summary by Sections 1. Top-Down Analysis of AI4S - AI4S is recognized as a critical accelerator for new productive forces and future industries, with its integration into various foundational scientific research areas [11][12]. - The report discusses the importance of AI4S in international competitive fields, suggesting its application can enhance research capabilities in key technological areas [17][11]. 2. Bottom-Up Analysis of AI4S Technology Chain and ROI - The report details a six-layer breakdown of the AI4S technology chain, spanning micro, meso, and macro levels, each with specific outputs and implications for investment [18][19]. - It provides analogies to help investors understand the complex technology, comparing AI4S processes to stock investment decision-making and deep learning image recognition [33][36]. 3. Industry Chain: Technical Segmentation and Business Models - The AI4S industry chain is segmented into upstream (computing power and databases), midstream (cross-scale computing and experimental robotics), and downstream (materials and pharmaceuticals) applications [7][4]. - The report highlights the importance of identifying genuine AI4S companies based on their technological capabilities and data sources [7][6]. 4. Participants in the AI4S Market - The report lists potential investment targets in the secondary market, including companies like JingTai Holdings and ZhiTe New Materials, which are positioned at the intersection of AI4S and their respective industries [5][4]. - It also identifies key players in the primary market, emphasizing their potential for capital market entry and growth [5][4].

Investment Rating - The report maintains an "optimistic" rating for the AI4S industry, highlighting its role as a key multiplier for new productive forces and future industry development, supported by policy backing and technological penetration [6]. Core Insights - AI4S is positioned as the first priority in the "Artificial Intelligence+" action plan, emphasizing its significance in accelerating scientific discovery and enhancing research and development efficiency across various fields [15][17]. - The report outlines a clear investment strategy along the technology chain, focusing on core segments with high potential in AI4S, including upstream dedicated computing power, midstream cross-scale computing, and downstream innovative materials and drugs [6][8]. - The report emphasizes the importance of understanding the technology chain and ROI of AI4S, which can lead to significant cost savings and efficiency improvements in research and development [6][23]. Summary by Sections 1. Overview of AI4S - AI4S is recognized as a foundational technology that permeates various basic scientific research fields and is crucial for international competitive domains [14][19]. - The report categorizes AI4S into narrow and broad definitions, with narrow AI4S focusing on specific applications in pharmaceuticals and materials, while broad AI4S encompasses a wider range of scientific disciplines [19][44]. 2. Technology Chain and ROI - The report details a six-layer breakdown of the technology chain from micro to macro levels, illustrating how AI can achieve a "structure-performance" mapping [23][24]. - It provides analogies to help investors understand the complex technical aspects of AI4S, comparing it to investment decision-making processes and deep learning image recognition [39][43]. 3. Industry Chain Analysis - The AI4S industry chain is segmented into upstream, midstream, and downstream components, focusing on dedicated computing power, cross-scale computing platforms, and applications in materials and pharmaceuticals [8][21]. - The report identifies key players in both secondary and primary markets, highlighting companies with significant potential for growth and innovation in the AI4S space [6][21]. 4. Market Participants - The report lists various companies in the secondary market, such as JingTai Holdings and Ningde Times, which are positioned at the intersection of AI4S and their respective industries [6][21]. - It also mentions primary market representatives like SiLang Technology and DeepForce Technology, indicating their potential for capital market entry [6][21].

上市首日，康众医疗盘中创下股价高点85.22元，为该股截至目前的股价最高峰。 中国经济网北京2月26日讯 康众医疗(688607.SH)昨晚披露的2025年年度业绩快报公告显示，报告期 内，公司实现营业总收入32,052.67万元，较上年同期增长7.52%；实现归属于母公司所有者的净利 润-709.98万元，上年同期为1,765.27万元；实现归属于母公司所有者的扣除非经常性损益的净利 润-1,563.29万元，上年同期为594.42万元。 | | | | 项目 | 本报告期 | 上年同期 | 增减变动幅度 | | --- | --- | --- | --- | | | | | (%) | | 营业总收入 | 32. 052. 67 | 29. 810. 04 | 7.52% | | 营业利润 | -1. 075. 58 | 1, 757. 62 | 不适用 | | 利润息额 | -1.098.13 | 1. 768. 54 | 不适用 | | 归属于母公司所有者的净利 | -709.98 | 1.765. 27 | 不适用 | | 润 | | | | | 归属于母公司所有者的扣除 | -1.563.29 | ...