AI医疗应用商业化加速，重视AI医疗底部机会：医药生物

Investment Rating - The report maintains an "Outperform" rating for the industry [7] Core Insights - The commercialization of AI in healthcare is accelerating, highlighting the importance of investing in AI healthcare opportunities [4] - The demand for AI healthcare applications is driven by real needs, as evidenced by the popularity of the "Ant Group's AI Health" application, which has reached 15 million monthly active users [16] - The report emphasizes that the current moment is a golden opportunity for AI healthcare investments, supported by favorable policies and market demand [4][30] Summary by Sections 1. Weekly Performance of Recommended Pharmaceutical Portfolio - The recommended portfolio outperformed the pharmaceutical index by 1.4 percentage points and the broader market by 1.6 percentage points [12] 2. AI Healthcare Application Demand and Commercialization - The report notes that AI healthcare applications are experiencing robust demand, with significant policy support from the government [18] - Major hospitals in China have completed the deployment of large AI models, with 38 hospitals developing specialized models tailored to their needs [22] - The report identifies several companies making strides in AI healthcare, including 康众医疗, 嘉和美康, 润达医疗, 美年健康, 讯飞医疗科技, and 晶泰控股, which are recommended for investment [4][30] 3. Weekly Market Review and Hotspot Tracking (Dec 15-19, 2025) - The CITIC Pharmaceutical Index fell by 0.1%, outperforming the CSI 300 Index by 0.2 percentage points [3] - The pharmaceutical sector has shown a year-to-date increase of 15.5%, although it lags behind the CSI 300 Index by 0.6 percentage points [3] - The top-performing stocks during the week included 华人健康 (+55.9%), 鹭燕医药 (+36.8%), and 漱玉平民 (+35.7%) [3][73] 4. Investment Opportunities in Innovative Drugs and Medical Devices - The report highlights three main directions for investment in innovative drugs: companies with revenue and commercialization capabilities, those with potential for large business development, and those involved in cutting-edge technologies like gene therapy [5] - In the medical device sector, opportunities are seen in areas such as endoscopy and robotics, as well as innovative consumables supported by national policies [5]