Group 1 - The core viewpoint of the article indicates that Alibaba Health is expected to achieve significant revenue and profit growth in the upcoming fiscal year, with projected revenue between 34.594 billion to 35.296 billion yuan, representing a year-on-year increase of 13.1% to 15.4% [1][7] - The forecasted net profit is estimated to be between 2.003 billion to 2.286 billion yuan, showing a year-on-year growth of 39.8% to 59.6% [1][3] - Adjusted net profit is projected to range from 2.003 billion to 2.493 billion yuan, with a year-on-year increase of 2.7% to 27.9% [1][3] Group 2 - Alibaba Health is recognized as a leading player in the pharmaceutical e-commerce sector, leveraging Alibaba's digital technology and extensive traffic to dominate the online B2C healthcare retail market [4][9] - The company has a diverse business model that includes self-operated pharmaceuticals, e-commerce platforms, healthcare, and digital services, with over 300 million annual active consumers and a 24% year-on-year increase in SKUs to 97 million [4][5] - The application of large models in the pharmaceutical e-commerce scene is enhancing operational efficiency across various segments, contributing to GMV growth [6][9] Group 3 - The integration of AI and specialized services is expected to improve transaction efficiency and customer retention, with the Ant Financial app reaching over 15 million monthly active users and the Qianwen app surpassing 200 million monthly active users [6][10] - The potential to connect the "consultation—purchase—service appointment—fulfillment" chain is anticipated to further enhance user engagement and transaction efficiency [10]

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年2月28日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 阿里健康信息技術有限公司 (於百慕達註冊成立之有限公司) | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00241 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 20,000,000,000 | HKD | | 0.01 | HKD | | 200,000,000 | | 增加 / 減少 (-) | | | 0 | | | | HKD | | 0 | | 本月底結存 | | | 20,000,000,000 | HKD | | 0.01 | HKD | | 200,000,000 | 本月底法定/註 ...

转自：新华财经 美年健康集团董事长俞熔表示："美年健康将实现从预防医学龙头企业到'AI驱动的平台型健康管理科技 公司'的品牌跃迁，打造'一人一策'个性化服务，构建'公域破圈+私域深耕'的全域增长飞轮。" 编辑：罗浩 阿里健康董事会主席兼首席执行官沈涤凡表示，AI带来的信息平权，让用户从互联网获取医疗信息更 高效、更贴合需求，意愿大大增强。同时，创新药层出不穷，加上在线购药便捷性，用户开始愿意为了 便捷把一部分医疗服务从院内走向院外。希望通过双方的合作，让用户足不出户，就能够把专业、可靠 的医疗护理服务搬到家里。 新华财经北京3月3日电（记者沈寅飞）记者从阿里健康获悉，3月2日，阿里健康与美年健康签署战略合 作协议。双方将围绕护理服务协同、线上线下资源整合、医药健康联动三大核心板块，共同打造标准 化、智能化的上门护理服务体系，切实提升护理服务的可及性与用户体验，助力行业规范发展。 根据协议，双方将围绕三大核心板块展开深度协同：在护理服务层面，阿里健康将对接美年健康的专业 护理团队资源，着力构建30分钟健康服务圈，为用户提供涵盖慢病管理、康复护理、术后换药等上门服 务，并联合推出个性化护理方案；在运营层面，双方将 ...

阿里健康董事会主席兼首席执行官沈涤凡(右)与美年健康集团董事长俞熔(左)代表双方签约 美年健康是数智化健康管理领域的领军企业，自2015年公司上市以来累计服务近3亿人次，年体检量约 3000万人次，有近600家线下体检中心，沉淀了涵盖体检指标、影像记录、生活方式的多模态亿级健康 数据。过去，这些专业能力主要服务于体检场景，而通过此次合作，它们将成为支撑居家护理服务的核 心资源，为精准护理提供关键医学依据支撑。 阿里健康董事会主席兼首席执行官沈涤凡表示："阿里健康和美年健康已经是老朋友了，老朋友再签新 约，我们看到两个变化。第一个是AI带来的信息平权，用户从互联网获取医疗信息更高效、更贴合需 求，意愿大大增强。二是创新药层出不穷，加上在线购药便捷性，用户开始愿意为了便捷把一部分医疗 服务从院内走向院外。我们和美年健康的合作，正是看到了这些变化背后的机会。希望通过双方的合 作，让用户足不出户，就能够把专业、可靠的医疗护理服务搬到家里。" 美年健康集团董事长俞熔表示："此次与阿里健康的战略携手，本质上是让专业的健康服务真正流动起 来。美年健康将实现从预防医学龙头企业到'AI驱动的平台型健康管理科技公司'的品牌跃迁， ...

[Table_Page] 跟踪分析|传媒 证券研究报告 [Table_Title] 传媒行业 Agent 商业化拐点加速，渗透空间可观 [Table_Summary] 核心观点： | [Table_Grade] 行业评级 | 买入 | | --- | --- | | 前次评级 | 买入 | | 报告日期 | 2026-03-03 | [Table_PicQuote] 相对市场表现 [分析师： Table_Author]旷实 SAC 执证号：S0260517030002 SFC CE No. BNV294 010-59136610 kuangshi@gf.com.cn 分析师： 廖志国 SAC 执证号：S0260525060001 021-38003665 liaozhiguo@gf.com.cn 分析师： 宾特丽亚 SAC 执证号：S0260526010003 021-38003624 binteliya@gf.com.cn 请注意，廖志国,宾特丽亚并非香港证券及期货事务监察委 员会的注册持牌人，不可在香港从事受监管活动。 -14% -1% 12% 24% 37% 50% 03/25 05/25 07/25 ...

3月2日，在国家大力推进"互联网+护理服务"、加速医疗健康领域数字化转型的背景下，美年健康与阿 里健康签署战略合作协议。双方将围绕护理服务协同、线上线下资源整合、医药健康联动三大核心板 块，共同打造标准化、智能化的上门护理服务体系，切实提升护理服务的可及性与用户体验，助力行业 规范发展。 ▲美年健康集团董事长俞熔（左）与阿里健康董事会主席兼首席执行官沈涤凡代表双方签约 根据协议，双方将围绕三大核心板块展开深度协同：在护理服务层面，阿里健康将对接美年健康的专业 护理团队资源，为用户提供涵盖慢病管理、康复护理、术后换药等上门服务，并联合推出个性化护理方 案；在运营层面，双方将通过线上线下协同培训实现服务标准统一，同时美年健康将为阿里健康用户提 供专属权益；在业务闭环层面，双方将打通体检筛查与线上购药场景，推动实现"体检发现问题、线上 解决问题、护理跟进康复"的服务闭环，并积极探索创新商业模式，联合开发融合预防筛查与健康保障 的新型保险产品。 此次合作的核心在于双方优势资源的互补。美年健康是数智化健康管理领域的领军企业，自2015年公司 上市以来累计服务近3亿人次，年体检量约3000万人次，有近600家线下体检中心 ...

Group 1: Market Overview - The Hang Seng Index rose by 0.82% during the week of February 23-27, 2026, while the Hang Seng Technology Index fell by 1.41%[10] - The average daily trading volume in the Hong Kong stock market increased by 26.14% to HKD 186.2 billion during the same period[24] - The PE ratio of the Hang Seng Index as of February 27, 2026, was 11.38X, down by 0.82% from the previous week[16] Group 2: AI Market Insights - In February 2026, the AI model invocation volume in China surged by 127%, surpassing that of the United States for the first time[7] - Four Chinese models accounted for 85.7% of the top five models in invocation volume, indicating strong domestic performance[7] - The AI hardware infrastructure is expected to maintain high demand in 2026, benefiting companies like SMIC and Hua Hong Semiconductor[7] Group 3: Investment Recommendations - Companies with strong data, resource, and application advantages in AI, such as Tencent and Alibaba, are recommended for investment[7] - Focus on AI ecosystem companies like Kuaishou and MINIMAX, which have model or application capabilities[7] - The autonomous driving sector is highlighted as a key area for investment, with companies like XPeng Motors and NIO recommended[7] Group 4: Risks - Geopolitical risks may impact overseas revenues and competitiveness, posing a threat to stock prices[32] - Regulatory risks in the internet sector could affect industry performance and individual stocks[32] - Consumer recovery may not meet expectations, which could influence stock performance negatively[32]

Group 1: Core Insights - The report suggests a positive outlook for the AI industry and gaming sectors, indicating that recent market corrections may present better investment opportunities [12] - E-commerce sector shows mixed results, with Alibaba leading in AI advancements but facing pessimistic revenue growth expectations, leading to stock price fluctuations [16] - Social entertainment media, particularly Tencent and Bilibili, are expected to maintain strong growth, with Bilibili's advertising growth likely to outperform the overall internet advertising market [16] Group 2: E-commerce Insights - Alibaba's AI developments are significant, with the launch of the Qwen 3.5-Plus model, which has shown competitive performance at a lower cost, enhancing its market position [13] - Meituan is expected to face challenges due to intense competition in the food delivery sector, impacting profitability in the short term [16] Group 3: Gaming Sector Insights - The gaming sector is anticipated to maintain a favorable outlook, with new product launches expected to drive growth in 2026 [14] - Companies like Century Huatong and Perfect World are highlighted for their strong product pipelines and potential for revenue growth [18] Group 4: AI Developments - The report notes a growing concern about AI's impact on traditional industries, with a shift in market focus towards model technology pricing and capabilities [20] - The upcoming second quarter of 2026 is expected to see a new wave of model iterations, with domestic models catching up rapidly [20] Group 5: Advertising and Marketing - The advertising sector is seeing increased activity, with companies like Focus Media ramping up ad placements, particularly in consumer goods ahead of major events like the World Cup [18] - AI marketing is gaining traction, with companies like Titanium Technology preparing for an IPO, indicating strong growth potential in this area [19] Group 6: Media and Entertainment - The long video sector is stabilizing, with companies exploring new business avenues, while short video platforms like Kuaishou are benefiting from technological advancements [17] - The report emphasizes the importance of content production capabilities and project pipelines for companies in the film and television industry [19]

本周观点 风险提示 后续政策不及预期风险；中美关系变化风险；内容上线及表现不及预期风险；宏观经济运行不及预期风险；AI 技 术迭代和应用不及预期风险；政策监管风险。 敬请参阅最后一页特别声明 1 咖啡茶饮：1）咖啡：高景气维持；行业具备β性红利，各品牌依旧积极开店，整体咖啡行业价格竞争趋缓；阿 拉比卡咖啡期货价格持续下跌，后续有望带来成本改善。2）茶饮：略有承压；短期平台 AI 流量大战，奶茶成为 引流品，数据依旧具备韧性；但有关"糖税"征收相关研究讨论引发市场担忧。 电商：持续承压。受国内消费环境影响，整体国内电商基本面表现平淡。 流媒体平台：音乐流媒体平台为内需驱动的优质互联网资产，高性价比悦己消费，规模效应驱动盈利杠杆释放。 网易云音乐 2025 年收入略微不及预期，关注 2026 年音乐订阅业务有望量价齐升。 虚拟资产&资产交易平台：地缘冲突风险加剧，币价持续承压。香港 2026-2027 年度财政预算案确认香港年内将 提交法案，建立虚拟资产交易商及托管服务提供者的发牌制度，监管范围将进一步扩展至场外交易等数字资产买 卖业务。 汽车服务：IAM中，多家主机系汽服连锁蛰伏后市场，车后连锁品牌持续加码开店 ...

证券之星消息，2月27日南向资金减持48.45万股阿里健康（00241.HK）。近5个交易日中，获南向资金 增持的有3天，累计净增持973.7万股。近20个交易日中，获南向资金增持的有14天，累计净增持3063.4 万股。截至目前，南向资金持有阿里健康（00241.HK）19.85亿股，占公司已发行普通股的12.26%。 阿里健康信息技术有限公司是一家为医疗医药行业提供产业互联网解决方案的投资控股公司，是阿里巴 巴控股在大健康领域的旗舰平台。该公司主要从事发展医药健康产品销售业务，营运医药电商平台及消 费医疗服务平台，通过云计算、大数据等技术发展追溯及数字医疗及互联网医疗业务。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 ...