证券研究报告|行业投资策略 医药生物 行业评级：强于大市（维持评级） 2026年1月12日 医疗器械2026年度策略： 把握出海陡峭曲线，卡位AI医疗商业化落地 证券分析师： 王艳 执业证书编号：S0210524040001 请务必阅读报告末页的重要声明 • 十五五"规划开年，预计后续开年财政也将会释放更积极信号，重视超跌底部AI医疗应用机会。AI应用端需求闭环方能持续支撑 AI产业可持续发展，当前AI医疗底部跌破1月主升浪最低点，政策-基本面-事件催化兼具，最新上线"蚂蚁阿福"流量凸显AI医疗 应用真实需求，AI"六小龙"智谱、miniMax港股聆讯意味着资本加速认证新阶段；相关公司AI收入增长可见，商业化开启加速 趋势，建议关注：康众医疗、润达医疗、嘉和美康、美年健康。 • 脑机接口：技术政策融资共振，龙头上市在即催化板块。国内外技术共振，国内获批进入高峰窗口期，海外脑机接口百亿级大龙 头强脑科技、博瑞康等上市加速，预计将强催化板块，建议关注麦澜德、翔宇医疗、诚益通、创新医疗、三博脑科、美好医疗等。 把握出海陡峭曲线，卡位AI医疗商业化落地 华福证券 华福证券 把握出海陡峭曲线，卡位AI医疗商业化落地 医 ...

Group 1 - Anthropic plans to raise $10 billion with a pre-money valuation of $350 billion, nearly doubling its valuation from four months ago [2] - The company anticipates a nearly threefold increase in annual revenue by 2026, targeting $26 billion, driven by increased AI procurement from B2B clients [2] - Following the news, Anthropic abruptly cut off external access to its programming model, Claude Code, leading to significant discussions among developers and users [3][4] Group 2 - Users reported issues accessing Claude Code through third-party platforms, with subscription fees for individual users at $200 per month, while enterprise users could face costs exceeding $1,000 for similar usage [3] - The decision to restrict access has sparked backlash, with users expressing frustration over account suspensions without clear communication of the rules [4][5] - Anthropic's team acknowledged the enforcement of access restrictions and committed to clarifying service terms to prevent user confusion [5] Group 3 - The incident has drawn attention from competitors, with xAI's team indicating that the access cut is a strategic move against major rivals [6] - OpenAI engineers and GitHub executives expressed support for alternative platforms, allowing users to access various coding tools, including their own models [7] - Anthropic's actions are seen as an effort to protect its core assets and maintain user engagement by creating high switching costs [8] Group 4 - Anthropic announced the launch of Claude for Healthcare, targeting the clinical medical market and allowing users to manage personal health records [9][11] - The new product is designed to assist healthcare providers and consumers in handling complex medical issues, with a focus on reducing error rates [11] - The healthcare sector is projected to experience significant growth, with a compound annual growth rate of approximately 44% over the next decade, making it a key area for AI applications [12][13] Group 5 - Anthropic has been actively pursuing B2B opportunities since its inception, emphasizing safety, reliability, and stability as core values [13] - The company is aware of the long-term value of large models in productivity tools rather than entertainment, indicating a strategic focus on enterprise solutions [13]

Group 1: AI Applications - Elon Musk announced on January 10 that he will open-source the latest content recommendation algorithm for the X platform, interpreted as a move into Generative AI Optimization (GEO) [4] - GEO, based on generative AI, aims to enhance the visibility of AI search results and is expected to evolve advertising marketing models, potentially creating a market worth billions [5] - Companies like Zhejiang Wenlian, BlueFocus, and Insai Group have seen significant stock price increases, with respective gains of 10.61%, 27.21%, and 25.63% as of January 12 [5] Group 2: AI in Healthcare - OpenAI's release of ChatGPT Health is seen as a significant step into the trillion-dollar AI healthcare market, with institutions identifying healthcare as a key application area for AI [8] - Weining Health achieved a 20% price limit increase following the news, reflecting strong market interest [8] Group 3: AI Marketing - JD.com launched an AI agent named "Jing Xiaotong," with projections indicating that the AIGC advertising market could grow tenfold to 150 billion yuan by 2030 [10] - Yidian Tianxia, a Google partner, has benefited from this trend, experiencing a stock price increase of 42.86% [10][11] Group 4: Commercial Aerospace - The Guangzhou government plans to build a globally influential "Sky City" and a new hub for commercial aerospace by 2035, with the market expected to reach 7.8 trillion yuan by 2030 [14] - Companies like Tongyu Communication and Mengsheng Electronics have seen stock price increases of 41.05% and 26.07%, respectively, as of January 12 [14] Group 5: Satellite Technology - The commercial aerospace sector is entering a new phase of rapid development, with a significant increase in satellite applications, including 200,000 new satellite applications in China [25] - China Satellite's stock reached a limit increase following this news, reflecting strong investor interest [25][26] Group 6: Brain-Computer Interfaces - Strong Brain Technology has reportedly submitted a confidential IPO application in Hong Kong, indicating a significant move in the brain-computer interface sector [33] - The company completed a 2 billion yuan financing round, positioning itself as a key player in the market, second only to Neuralink [33][34]

Core Insights - The article highlights the increasing momentum in the brain-computer interface (BCI) sector, with significant developments such as the IPO application of Qiangnao Technology and the establishment of new industry standards by the National Medical Products Administration [1][4][7] Group 1: Company Developments - Qiangnao Technology has reportedly submitted a confidential IPO application in Hong Kong, indicating strong market interest and potential for growth in the BCI sector [1][4] - The company has completed approximately 2 billion yuan in financing, with investors including IDG, Huaden International, and Lens Technology, showcasing strong capital recognition and industry collaboration expectations [4] - Lens Technology, a strategic investor in Qiangnao Technology, has seen its market value exceed 200 billion yuan and is actively involved in the mass production of core hardware modules for Qiangnao [1][4] Group 2: Industry Trends - The BCI industry is experiencing rapid growth, with projections indicating that the global market could reach $12.4 billion by 2034 and the Chinese market could reach 6.14 billion yuan by 2028 [8] - The industry is transitioning from research and development to commercialization, with various segments such as invasive, semi-invasive, and non-invasive approaches gaining attention [8] - The Chinese government is strengthening its top-level planning for the BCI sector, with initiatives like the "Brain-Computer Interface Industry Innovation Development Action Plan (2025-2028)" highlighting national support for the industry [7] Group 3: Technological Advancements - The focus on non-invasive BCI technologies is growing, with companies exploring dual-driven models combining medical and consumer applications, which are expected to accelerate commercialization [8] - The upcoming J.P. Morgan Healthcare Conference is anticipated to provide insights into the latest developments in the global pharmaceutical and biotechnology sectors, including BCI technologies [5]

注：科技指数的表现 智通财经1月12日讯（编辑 胡家荣）受益于人工智能产业利好消息持续释放，今日港股市场三大指数集体走强。截至收盘，恒生指数涨1.44%，报26608.48 点；科技指数涨3.10%，报5863.20点；国企指数涨1.90%，报9220.08点。 注：恒生指数的表现 以SaaS概念为例，迈富时(02556.HK)涨32.09%、有赞(08083.HK)涨12.50%、金蝶国际(00268.HK)涨12.16%。 今日市场 从市场表现来看，科网、AI应用、SaaS概念、AI医疗、纸业、影视娱乐及商业航天等板块领涨，而医药研发服务与锂电池板块则出现回调。 科网与AI应用概念强势崛起 科网巨头今日表现亮眼，截至收盘，阿里健康(00241.HK)涨10.23%、快手-W(01024.HK)涨7.43%、美团-W(03690.HK)涨6.60%。 | 代码 | 名称 | 最新价 | 涨跌额 | 涨跌幅 = | | --- | --- | --- | --- | --- | | 00241 | 阿里健康 | 6.360 | +0.590 | +10.23% | | 01024 | 快手-W | 80.25 ...

Core Insights - The entry of major players into the AI healthcare sector is accelerating, with a significant increase in patent applications expected by 2025 [1] Group 1: Market Growth - The global AI healthcare market is projected to reach $56 billion (approximately 391.3 billion RMB) by 2026, indicating a substantial user demand for health and wellness inquiries [2] - In 2023, the registration of AI healthcare-related companies in China surpassed 20,000 for the first time, marking a 45.59% year-on-year increase to 21,900, which is the highest registration volume in the past decade [3] Group 2: Company Distribution - As of January 9, there are 108,000 existing AI healthcare-related companies in China, with 38.36% located in first-tier cities, followed by 22.77% in new first-tier cities and 15.63% in third-tier cities [4] Group 3: Patent Applications - There are currently 12,800 AI healthcare-related patents in China, with a continuous increase in patent applications over the past decade; the total applications are expected to reach 2,000 in 2024 and 2,471 in 2025, setting a new record [5]

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical and biotechnology sector [5]. Core Insights - The pharmaceutical sector has shown weaker performance compared to the overall market, with the biopharmaceutical sector outperforming with a 7.81% increase [1]. - The brain-computer interface (BCI) industry is experiencing significant breakthroughs and commercialization opportunities, driven by favorable policies and technological advancements [2][18]. - The AI healthcare market is projected to grow substantially, with the global market size expected to increase from USD 13.7 billion in 2022 to USD 155.3 billion by 2030, reflecting a CAGR of 35.5% [23][28]. Summary by Sections Market Performance - The overall A-share market increased by 4.09%, while the biopharmaceutical sector rose by 7.81%, indicating strong sector performance [1]. - The TTM price-to-earnings ratio for the biopharmaceutical sector is at 38.96x, which is at the 85.59th percentile of the past five years [1]. Brain-Computer Interface (BCI) - The BCI market is expected to see explosive growth due to policy support, including the "14th Five-Year Plan" and the establishment of independent billing codes for BCI devices [2][18]. - Key investment opportunities include upstream hardware suppliers, midstream companies with core patents, and downstream firms that create commercial applications in rehabilitation and industrial control [2][18]. AI in Healthcare - AI is identified as a critical application area in healthcare, with various themes such as AI in drug development, multi-omics, precision diagnostics, imaging devices, and smart healthcare being highlighted for investment [3][22]. - The launch of ChatGPTHealth by OpenAI signifies a growing trend in integrating AI with healthcare applications, enhancing patient interaction with health data [29]. Company Earnings Forecasts - Several companies in the sector have been rated as "Outperform," with projected net profits for 2024 ranging from CNY 1.4 billion to CNY 116.7 billion [4]. - Notable companies include Mindray Medical (CNY 116.7 billion), WuXi AppTec (CNY 93.5 billion), and Aier Eye Hospital (CNY 35.6 billion), all showing strong growth potential [4].

GEO推动广告投放升级，市场规模有望高速增长 GEO生成式引擎优化是面向生成式AI应用的广告投放技术，其通过广告内容投喂，使得广告内容被纳入AI信息库，进而提升广告内容在AI生成内容中 的被引用概率。从模式来看，用户直接向浏览器提问，不再点入网页，有望重塑营销版图。 | | | 12 1 1 1 2 1 2 1 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 | | | | --- | --- | --- | --- | --- | | | 1990年代 | 2000年代 | 2010年代 | 2020年代 | | 主要媒介 | 电子邮件 | 搜索引擎 | 社交媒体 | 社交媒体 | | 流量入口 | 电视机 | 门户网站 | 移动App | 原生AI应用 | | 主要广告 | 邮件广告 | 网站banner | 开屏广告 | 内容营销 | | 形式/技术 | 电视广告 | 竞价排名、SEO | 信息流广告 | GEO | 近期，GEO、AI医疗等概念持续发酵，其中GEO ...

软件ETF（515230）跟踪的是软件指数（H30202），该指数从市场中选取涉及软件开发、销售及相关服 务的企业证券作为指数样本，成分股以技术领先、创新能力强为特征。作为信息技术行业的代表性指 数，它集中反映了软件行业的整体表现和发展趋势。 风险提示：提及个股仅用于行业事件分析，不构成任何个股推荐或投资建议。指数等短期涨跌仅供参 考，不代表其未来表现，亦不构成对基金业绩的承诺或保证。观点可能随市场环境变化而调整，不构成 投资建议或承诺。提及基金风险收益特征各不相同，敬请投资者仔细阅读基金法律文件，充分了解产品 要素、风险等级及收益分配原则，选择与自身风险承受能力匹配的产品，谨慎投资。 相关机构表示，GEO概念持续发酵，有望驱动广告代理商商业模式变革，AI+营销有望重塑广告行业内 核。此外，AI医疗方面，ChatGPT推出health服务，可以提供实时并且准确的健康服务。AI会是持续的 科技主线，硬件切软件是迟早的，只是什么时候的问题。从产业链的闭环看，AI基建的大规模投入， 必须在软件端形成共振，才能保证长期投入的可持续性。当前北美AI大模型和国产AI大模型之间形成 了一定的性能差距，后续国产算力供给瓶颈缓 ...

Group 1: Commercial Aerospace Sector - The commercial aerospace concept is experiencing renewed activity, with stocks like Tongyu Communication achieving a three-day consecutive rise, and China Satellite hitting a historical high with a market cap of 137.9 billion yuan and a trading volume exceeding 7 billion yuan [3]. - On January 10, the International Telecommunication Union (ITU) reported that China submitted an application for an additional 203,000 satellites, covering 14 satellite constellations, indicating significant growth potential in the sector [5]. Group 2: Photovoltaic Sector - The photovoltaic sector is active, particularly in perovskite batteries and space photovoltaic applications, with companies like Dongfang Risheng and Maiwei Shares showing notable gains. Recent focus on space photovoltaic technology has been highlighted by several listed companies [5]. - Institutional research indicates that space computing has gained consensus, with overseas giants planning to establish space data centers, suggesting a potential explosive growth phase for commercial aerospace in the coming years [5]. Group 3: AI Medical Sector - The AI medical and pharmaceutical sectors are strengthening, with stocks like Dean Diagnostics and Meian Health achieving consecutive gains. The development of an AI-driven high-throughput drug virtual screening platform by Tsinghua University has been a significant milestone [6][9]. - The GEO (Generative AI Optimization) concept continues to show strength, with companies like Liou Shares and Inertia Media hitting the limit up. Many domestic listed companies are entering the GEO field through investments and product line expansions [9]. Group 4: AI Programming Sector - The AI programming concept saw fluctuations but ultimately rose, with stocks like Zhuoyi Information hitting the limit up. The announcement by Elon Musk regarding the upcoming upgrade of xAI's Grok Code, which will support complex programming tasks, has generated market interest [11].