医药行业月报2025/02：AI医疗再爆发，Deepseek应用影响深远

Investment Rating - The report does not explicitly state an investment rating for the pharmaceutical industry Core Insights - The Deepseek AI technology has sparked a wave of applications in the medical field, significantly enhancing the valuation of the pharmaceutical sector. The rapid deployment of Deepseek's localized applications by pharmaceutical companies is expected to improve core business shares and create new services and functions for long-term industry growth [4][5][48] - The report highlights a multi-dimensional perspective on the impact of Deepseek applications, including historical, economic, industrial, and investment viewpoints, indicating a transformative shift in the pharmaceutical industry towards data-driven approaches [4][5][37] Summary by Sections 1. Medical AI Empowerment and Big Data Value Extraction - AI is driving a comprehensive upgrade in the medical industry, with Deepseek's large model technology revolutionizing drug development and intelligent diagnosis [7][9] - The medical AI industry is structured into three layers: foundational (data, computing power, algorithms), technical (application systems), and application layers, all contributing to intelligent upgrades [7][9] 2. Industry Data Dynamics - The pharmaceutical industry has underperformed compared to the CSI 300 index, with a rolling P/E ratio of 30.88 compared to 12.55 for CSI 300 as of February 28, 2025 [48] - Pharmaceutical manufacturing revenue has stabilized, with a notable recovery expected in 2024 after a period of decline [51] - Outpatient expenses surged due to the pandemic, while inpatient costs have been effectively controlled, reflecting the impact of medical reform policies [55] - The total number of medical consultations in 2024 is projected to reach 10.11 billion, a 5.8% increase year-on-year, indicating a significant recovery in medical service volume [58] - The overall operation of the medical insurance fund remains stable, with total income of 3.48 trillion yuan in 2024, a 4.4% increase year-on-year [66] 3. Investment Recommendations - The report suggests focusing on companies involved in diagnostic services (e.g., Kingmed Diagnostics, Dean Diagnostics), diagnostic equipment (e.g., Mindray Medical, Lepu Medical), health management (e.g., Meinian Health), new drug development (e.g., Hongbo Pharmaceutical, Chengdu Xianlead), and pharmaceutical processes (e.g., Chuaning Biological) [4][5][48]