中信证券：大厂竞逐C端AI医疗Agent，医药电商有望率先受益

Core Viewpoint - Ant Group's C-end AI medical application "AQ" has been rebranded as "Ant Afu," completing a brand strategy upgrade [1] Group 1: Product Features - Ant Afu APP features structured multi-modal precise consultation capabilities, enhancing user stickiness through long-term health data accumulation [1] - The application is positioned to integrate medical consultation, health management, and medical consumption into a national-level AI medical application [1] Group 2: Market Potential - The internet giants are expected to leverage AI product capabilities, mature ecosystems, and substantial funding to capture market share and cultivate user awareness of AI home medical services [1] - Leading pharmaceutical e-commerce platforms possess vast C-end customer bases and complete commercialization scenarios, including online consultations, medication purchases, appointment scheduling, and medical services, positioning them to benefit first [1] Group 3: Industry Trends - Continuous policy support is driving the development of the AI + medical industry, with incremental capital inflow boosting demand on both B and G ends [1]