Index Performance - The CSI A500 Index increased by 1.32% this week, closing at 4662.51 points on July 4 [4] - The average daily trading volume for the week was 18341.42 billion yuan, with a week-on-week decrease of 9.22% [4] Top Performing Stocks - The top ten stocks with the highest gains this week included: 1. Tian Shou Pharmaceutical (600521.SH) with a gain of 23.34% 2. Daqian Energy (688303.SH) with a gain of 22.18% 3. Junshi Biosciences (688180.SH) with a gain of 18.93% 4. Lepu Medical (300003.SZ) with a gain of 17.99% 5. Giant Network (002558.SZ) with a gain of 17.42% 6. Tongwei Co., Ltd. (600438.SH) with a gain of 17.32% 7. Hualing Steel (000932.SZ) with a gain of 15.37% 8. Pengding Holdings (002938.SZ) with a gain of 14.57% 9. Shenzhou Taiyue (300002.SZ) with a gain of 13.70% 10. Dongshan Precision (002384.SZ) with a gain of 13.36% [3] Underperforming Stocks - The ten stocks with the largest declines this week included: 1. Hengxuan Technology (688608.SH) with a loss of 33.40% 2. Huazhi Shihua (688120.SH) with a loss of 32.34% 3. Northern Huachuang (002371.SZ) with a loss of 22.87% 4. Weining Health (300253.SZ) with a loss of 8.77% 5. China Eastern Airlines (600115.SH) with a loss of 7.07% 6. Xingyuan Material (300568.SZ) with a loss of 6.99% 7. Cambricon Technologies (688256.SH) with a loss of 6.50% 8. Beiyi Innovation (603986.SH) with a loss of 5.93% 9. Jixiang Airlines (603885.SH) with a loss of 5.84% 10. New Zhou Bang (300037.SZ) with a loss of 5.49% [3] Fund Performance - This week, 38 CSI A500 funds collectively rose, with Pu Yin An Sheng leading at a 1.72% increase [5] - The top three funds by size were Huatai-PB (200.88 billion yuan), Guotai (181.5 billion yuan), and GF Fund (174.22 billion yuan) [5] Market Trends - A new trend has emerged in the Hong Kong stock market where A-share listed technology companies are increasingly pursuing secondary listings in Hong Kong [7] - The secondary listings provide diversified financing channels and enhance international market recognition for the companies [7] - The median discount rate for five companies planning secondary listings in Hong Kong is approximately -17% [7] - The core factors driving asset performance are expected to shift from external to internal influences in the second half of the year [7]

Core Viewpoint - The digital hospital industry in China is experiencing rapid growth, with the market size expected to reach 487.7 billion yuan in 2024 and 525 billion yuan in 2025, driven by advancements in technology and the need for modernization in healthcare [1][4][6]. Digital Hospital Industry Definition and Classification - Digital hospitals utilize advanced computer network systems to integrate patient diagnosis, health economic information, and hospital management data into a comprehensive information management system [2][4]. - Key products in the digital hospital industry include Hospital Information Systems (HIS), Clinical Information Systems (CIS), Picture Archiving and Communication Systems (PACS), Laboratory Information Systems (LIS), and Electronic Medical Records (EMR) [2]. Current Development Status of the Digital Hospital Industry - The digital hospital market in China has grown from 18.2 billion yuan in 2014 to 487.7 billion yuan in 2024, with projections for 2025 indicating further growth [4][6]. - The digital transformation of hospitals is essential for adapting to societal changes and improving operational efficiency [4][6]. Industry Structure and Value Chain - The digital hospital industry value chain includes upstream technology and equipment suppliers, midstream solution integrators, and downstream hospitals [8]. - The application of digital solutions in hospitals is expanding, enhancing operational efficiency and service delivery [8]. Development Environment and Relevant Policies - The Chinese government has implemented various policies to support the digital transformation of hospitals, emphasizing the need for electronic medical records and health information sharing [10][12]. - Key policies include the promotion of smart hospitals and the integration of health information systems across regions [10][12]. Competitive Landscape of the Digital Hospital Industry - The market features both domestic and international players, with major companies including Microsoft, Cisco, IBM, and domestic firms like Eastsoft, Founder, Huawei, and others [13][15]. - Domestic companies are increasingly gaining market share, focusing on providing comprehensive digital solutions for hospitals [13][15]. Key Companies in the Digital Hospital Industry - Eastsoft has over 300 proprietary products and provides comprehensive information solutions for hospitals, with projected revenues of 13.32 billion yuan in 2024 [15]. - Chuangyue Huikang has implemented over 10,000 healthcare information projects and serves more than 7,000 clients, with revenues of 1.423 billion yuan in 2024 [17]. Implementation Pathways for Digital Transformation - The digital transformation of hospitals requires top-level design, scientific data management, and strengthening of academic disciplines to enhance information management capabilities [19][21][22]. - Emphasis on cross-disciplinary collaboration and talent development is crucial for achieving sustainable growth in hospital information management [22][23].

Group 1 - The core index of the China Securities Internet Medical Theme Index (CS Internet Medical, 930720) experienced a decline of 1.12%, closing at 2641.28 points with a trading volume of 7.882 billion yuan [1] - Over the past month, the CS Internet Medical Theme Index has increased by 2.71%, by 0.71% over the past three months, and by 12.96% year-to-date [1] - The index reflects the overall performance of representative companies providing hardware, software, or services for medical informationization and intelligence [1] Group 2 - The top ten weighted companies in the CS Internet Medical Theme Index include Lepu Medical (6.03%), Weining Health (5.1%), Jiahe Meikang (5.09%), Jiuyuan Yinhai (5.07%), Donghua Software (5.07%), Chuangye Huikang (5.05%), Sichuang Yihui (5.03%), Yaoyigou (5.03%), Haier Biomedical (5.01%), and Aier Eye Hospital (4.99%) [1] - The market share of the CS Internet Medical Theme Index holdings is 56.07% from the Shenzhen Stock Exchange and 43.93% from the Shanghai Stock Exchange [1] - The industry composition of the index holdings shows that 64.79% is in the pharmaceutical and health sector, 30.18% in information technology, and 5.03% in communication services [1] Group 3 - The index samples are adjusted quarterly, with adjustments implemented on the next trading day following the second Friday of March, June, September, and December [2] - Weight factors are generally fixed until the next scheduled adjustment, with temporary adjustments made under special circumstances [2] - Companies that are delisted or undergo mergers, acquisitions, or splits are handled according to calculation and maintenance guidelines [2] Group 4 - Public funds tracking the CS Internet Medical Index include Huatai-PineBridge China Securities Internet Medical A and Huatai-PineBridge China Securities Internet Medical C [3]

证券代码：300253 证券简称：卫宁健康 公告编号：2025-055 债券代码：123104 债券简称：卫宁转债 卫宁健康科技集团股份有限公司 关于 2025 年第二季度可转换公司债券转股情况的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 特别提示： 1、证券代码：300253 证券简称：卫宁健康 债券代码：123104 债券简称：卫宁转债 2、票面金额：100 元/张，转股价格：17.31 元/股 3、2025 年第二季度，共有 0 张"卫宁转债"完成转股,转换成 公司股票 0 股。 5、转股期限：2021 年 9 月 22 日至 2027 年 3 月 15 日 根据《深圳证券交易所创业板股票上市规则》和《深圳证券交易 所可转换公司债券业务实施细则》的有关规定，卫宁健康科技集团股 份有限公司（以下简称"公司"）现将 2025 年第二季度可转换公司 债券（以下简称"可转债"）转股及公司股份变动情况公告如下： 一、可转债基本情况 1、可转债发行上市情况 经中国证券监督管理委员会"证监许可〔2021〕311 号"文同意 注册的批复，公司于 2021 年 ...

Investment Rating - The report assigns a "Buy" investment rating for the company, marking its first coverage [8]. Core Insights - The company is experiencing short-term performance pressure, but new generation products are expected to drive revenue growth [4]. - The company launched AI products WiNGPT 2.8 and WiNEX Copilot 2.1, enhancing its digital transformation solutions for healthcare institutions [5]. - The company has been focusing on technological innovation and deepening its medical information strategy since its establishment [6]. Financial Performance - In 2024, the company achieved revenue of 2.782 billion yuan, a year-on-year decrease of 12.05%, and a net profit of 88 million yuan, down 75.45% [4]. - For Q1 2025, the company reported revenue of 345 million yuan, a decline of 30.24%, and a net profit of 5 million yuan, down 68.18% [4]. - Revenue forecasts for 2025-2027 are 3.144 billion, 3.585 billion, and 4.088 billion yuan, respectively, with corresponding EPS of 0.18, 0.22, and 0.27 yuan [8][10]. Growth Projections - The company anticipates a revenue growth rate of 13.0% in 2025, followed by 14.0% in 2026 and 14.1% in 2027 [10]. - The net profit is expected to rebound significantly in 2025, with a growth rate of 356.4%, followed by 22.1% in 2026 and 20.7% in 2027 [10]. Market Position - The company has a total market capitalization of 24 billion yuan and a current stock price of 10.83 yuan [1]. - The stock has a 52-week price range of 5.15 to 13.24 yuan, indicating potential volatility [1].

Market Overview - The Shanghai Composite Index fell by 0.70% on June 27, with 18 out of the 28 sectors experiencing gains, led by the metals and communications sectors, which rose by 2.17% and 1.79% respectively [2] - The banking and public utilities sectors saw the largest declines, with drops of 2.95% and 1.01% respectively [2] - The computer industry also experienced a decline of 0.36% [2] Capital Flow Analysis - The main capital outflow from the two markets totaled 19.41 billion yuan, with 8 sectors seeing net inflows [2] - The communications sector had the highest net inflow of 2.579 billion yuan, followed by the electronics sector with a net inflow of 2.435 billion yuan and a daily increase of 0.92% [2] - The computer industry had the largest net outflow, totaling 6.630 billion yuan, followed by the defense and military industry with a net outflow of 2.891 billion yuan [2] Computer Industry Specifics - Within the computer industry, there are 336 stocks, with 141 rising and 188 falling on the day [3] - A total of 111 stocks in the computer sector saw net inflows, with 5 stocks exceeding 100 million yuan in net inflow; leading was Dawi Technology with 671 million yuan, followed by Jinzhen Shares and Weining Health with 321 million yuan and 256 million yuan respectively [3] - The stocks with the largest net outflows included Zhinan Zhen with 683 million yuan, Zhongke Shuguang with 375 million yuan, and Xinguodu with 372 million yuan [3][5] Top Gainers in Computer Industry - The top gainers in the computer sector included: - Dawi Technology: +6.61%, turnover rate 28.45%, net inflow 671.13 million yuan - Jinzhen Shares: +4.51%, turnover rate 15.87%, net inflow 321.27 million yuan - Weining Health: +9.84%, turnover rate 13.46%, net inflow 255.91 million yuan [4] Top Losers in Computer Industry - The top losers in the computer sector included: - Zhinan Zhen: -3.41%, turnover rate 15.62%, net outflow -682.78 million yuan - Zhongke Shuguang: -1.35%, turnover rate 2.62%, net outflow -375.17 million yuan - Xinguodu: -2.94%, turnover rate 22.68%, net outflow -371.73 million yuan [5]

Group 1 - The core viewpoint of the article highlights a significant increase in the performance of medical information technology concept stocks, with notable gains in specific companies [1] - Weining Health experienced a rise of over 10%, indicating strong market interest and investor confidence in the sector [1] - Other companies such as Dian Diagnostics and Chuangye Huikang also saw increases of over 5%, reflecting a broader positive trend in the medical information technology industry [1] Group 2 - Additional companies that followed the upward trend include Sichuang Medical, Guoxin Health, Jiuyuan Yinhai, Wanda Information, and Saili Medical, showcasing a collective movement within the sector [1]

Group 1 - The smart medical sector is experiencing a significant upward trend, with notable stock price increases for several companies [1] - Jincheng Pharmaceutical (300233) has seen its stock rise by over 10% [1] - Heertai (002402) and Weining Health (300253) have both increased by over 9% [1] - Yaoshi Technology (300725) has experienced a stock price increase of over 5% [1] - Other companies such as Yuandong Biology and Chengdu Xian Dao are also showing upward movement [1]

后不会对公司股本造成影响。 卫宁健康科技集团股份有限公司关于 2022 年股权激励计划部分期权注销完成的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 卫宁健康科技集团股份有限公司（以下简称"公司"）第六届董 事会第十四次会议审议通过了《关于注销部分股票期权的议案》《关 于 2022 年股权激励计划首次授予期权第三个行权期行权条件未成就 的议案》《关于 2022 年股权激励计划预留授予期权第二个行权期行权 条件未成就的议案》，同意注销 2022 年股权激励计划首次授予期权 25,284,320 份、预留授予期权 6,308,806 份，其中：23 名首次授予 激励对象、8 名预留授予激励对象因个人原因离职，不再具备激励对 象资格，同意注销已授予尚未行权的首次授予期权 1,952,680 份、预 留授予期权 705,175 份；公司 2024 年经营业绩未达到公司层面的业 绩考核指标，首次授予期权第三个行权期、预留授予期权第二个行权 期行权条件未成就，同意注销首次授予期权第三个行权期已获授期权 23,331,640 份、预留授予期权第二个行权期已获授期权 ...

Core Viewpoint - The credit rating report for Weining Health Technology Group indicates a stable outlook despite recent performance declines, driven by challenges in innovative business segments and competitive pressures in the healthcare information technology industry [3][5][6]. Company Overview - Weining Health is recognized as a leading enterprise in the domestic healthcare information industry, maintaining a market share of 13.4% in the core hospital diagnostic system sector as of 2023 [17]. - The company continues to implement its "1+X" strategy, focusing on the WiNEX series products and digital health applications [15][17]. Financial Performance - The company's revenue for 2024 was reported at 3.45 billion yuan, a decrease of 12.05% year-on-year, with a net profit of -0.03 billion yuan [4][16]. - The financial structure remains robust, with total debt at 11.62 billion yuan and equity at 60.30 billion yuan as of March 2025 [4][5]. - The company’s cash flow from operating activities was negative at -0.26 billion yuan, indicating liquidity challenges [4]. Business Segments - The healthcare information technology segment remains the primary revenue source, contributing 2.92 billion yuan in 2024, but faced a decline of 14.17% [16][19]. - The internet healthcare segment showed slight revenue growth, but overall performance is still impacted by losses in innovative business areas [24][25]. Market Environment - The healthcare information technology industry is experiencing growth, with a projected market size of 230.3 billion yuan in 2024, driven by policy support and AI technology integration [10][11]. - The industry faces high competition and rapid technological changes, necessitating continuous innovation and adaptation from companies [6][10]. Innovation and R&D - The company has been focusing on enhancing its R&D capabilities, with a significant investment in AI and digital health solutions, although R&D personnel and investment amounts have decreased recently [23][24]. - The introduction of new products, such as the WiNGPT2.8 and WiNEX Copilot 2.1, aims to strengthen the company's competitive position in the market [23]. Customer Base and Sales - The primary customers are public hospitals and health management departments, with a low customer concentration risk as the top five clients account for only 5.61% of total sales [19][21]. - The sales model primarily involves direct sales through competitive bidding, with payment structures that include prepayments and milestone payments [18]. Future Outlook - The company maintains a stable credit rating outlook, supported by its competitive advantages in core hospital systems and ongoing technological advancements [5][6]. - However, the future profitability of innovative business segments remains uncertain, with ongoing losses and the need for strategic adjustments [24][25].