证券研究报告 医药生物 行业定期报告 hyzqdatemark 2025 年 05 月 19 日 板块表现： 长春高新，涅槃重生？ 投资评级： 看好（维持） ——医药行业周报（25/5/12-25/5/16） 投资要点： 请务必仔细阅读正文之后的评级说明和重要声明 证券分析师 本周医药市场表现分析：5 月 12 日至 5 月 16 日，医药指数上涨 1.27%，相对沪深 300 指数 超额收益为+0.16%。本周题材性个股表现较好，拓新药业、川宁生物、华大基因等。建议关 注：1）创新药作为产业趋势，近期盘整较为充分，继续重点推荐 A 股信立泰、科伦药业、热 景生物、一品红、科兴制药、恒瑞医药；港股三生制药、科伦博泰、康方生物、中国生物制 药；2）业绩落地、估值较低的个股，建议关注长春高新（创新药）、昆药集团、开立医疗、 迈瑞医疗、鱼跃医疗、海泰新光等；3）Ai/科技+医疗，建议关注华大智造、麦澜德、三友医 疗、润达医疗、塞力医疗、乐心医疗等。 联系人 医药指数和各细分领域表现、涨跌幅：本周医药指数上涨 1.27%，上涨个股数量 345 家，下 跌个股 138 家，涨幅居前为拓新药业（+45.03%）、永安药业 ...

自2019年至2020年走出一轮强势行情以来，医药板块回调已有将近五年时间。今年以来，在创新药概念 的带动下，医药板块投资逐渐回暖。近日，融通健康产业基金经理万民远在接受中国证券报记者专访时 表示，无论是从政策端、需求端还是企业创新端来看，医药行业最困难的时刻或许已经过去，该行业的 投资筹码出清已经较为彻底，当下其对医药行情的预期相对乐观。 作为有着医学专业背景的基金经理，万民远最早从四川大学华西医学院遗传学博士毕业，曾在券商研究 所、公私募基金工作，金融从业时间超14年。目前，逆向投资已成为他坚定的选择，"在买入后下跌空 间很小，在估值泡沫时逐步卖出"是他投资决策的核心目标。他坦言，这种方式确实有些逆人性，但起 码可以让投资处在相对安全的范围内。比起追求上涨空间，他更注重投资的安全性。 买在无人问津处 "我个人的风险偏好比较低。"万民远直言，他在选股时会更偏好左侧投资，耐心等待拐点的到来。虽然 大家都想等到反转出现时再买入，但当基本面真正明显起来的时候，可能股价已经涨得差不多了。因 此，投资需要一些前瞻性，否则很容易错过。而当市场过热，估值出现泡沫时，他就会选择卖出。在他 看来，或许当所有人蜂拥而入时，股价 ...

"这种跨界协同模式尤其适用于AI医疗等硬科技领域。"王欣对第一财经记者说，"未来，AI医疗器械的 发展需依托产学研医协同，推动临床需求与工程创新深度融合，建设合规高效的数据平台，加快技术转 化与成果应用。" 王欣表示，AI的发展正在重构器械研发的新范式，从加速创新到重新定义产品，AI的影响已经渗透到 研发的各个环节。"企业不仅能利用AI智能挖掘数据，识别技术空白；还能利用AI整合影像、病理等多 源数据，开发创新解决方案，提升诊疗的精准度。"他说道。 上海市胸科医院院长侯旭敏教授表示，伴随着AI医疗大模型等技术的发展，未来的疾病诊疗和患者的 全流程管理也将迎来新的范式，融合多模态数据，基于个体生理体征构建的"患者数字孪生"将成为现 实。 在谈到AI如何参与未来诊疗和手术时，中国科学院院士、复旦大学附属中山医院心内科主任葛均波教 授对第一财经记者表示："从2021年我们在海南博鳌开展首例机器人介入冠脉手术，到2022年的东方会 上首次提出心脏数字孪生，再到我们最近发布的首个心脏大模型观心，AI在心血管诊疗领域的应用一 直受到关注。" 葛均波指出，得益于数据、算法与算力的进展，AI在心血管领域的应用过去几年取得了快 ...

Core Insights - OpenAI has launched HealthBench, an open-source benchmark for evaluating the performance and safety of large language models in the healthcare sector, which has sparked widespread discussion in the industry [1][3] - The benchmark was developed with the participation of 262 practicing doctors from 60 countries and integrates 5,000 real medical dialogue data, utilizing 48,562 unique scoring criteria created by doctors for meaningful open assessments [1][3] - The introduction of HealthBench is expected to enhance the scientific and comprehensive evaluation of AI medical models, accelerating the application of AI technology in healthcare and providing new development opportunities for related companies [1][3] Group 1: HealthBench Overview - HealthBench consists of 7 themes and 5 evaluation dimensions, focusing on areas such as emergency referrals and professional communication, with dimensions including accuracy and contextual understanding [3][4] - OpenAI has also introduced two special versions of HealthBench: HealthBench Consensus, which includes 34 critical evaluation dimensions verified by doctors, and HealthBench Hard, which presents more challenging assessment scenarios [4] - The credibility of HealthBench has been supported by a meta-evaluation comparing model scores with human doctor scores, showing high consistency in 6 out of 7 evaluation areas [4] Group 2: Trends in AI Healthcare Applications - The AI healthcare market is projected to grow at an annual rate of 43% from 2024 to 2032, potentially reaching a market size of $491 billion [6] - AI is expected to enhance healthcare accessibility and efficiency, addressing issues like personnel shortages in hospitals and improving diagnostic accuracy [6] - The evolution of AI in healthcare has transitioned from rule-driven to data-driven approaches, now entering a multi-modal integration phase, allowing for better understanding and modeling of diverse medical data [6][7] Group 3: Future Directions in AI Models - The focus of competition among large models has shifted from merely increasing parameter size to optimizing model efficiency and performance under limited computational resources [7] - Key trends in AI applications within the pharmaceutical industry include the emergence of models as products, local and edge deployment, and rapid expansion of AI applications in research and development [7][8] - The pharmaceutical industry is expected to see a rise in specialized models tailored for specific scenarios, enhancing the adaptability and effectiveness of AI solutions [7][8]

来源：环球时报 研发团队同时强调严格遵守国家医疗规范的重要性，正审慎探索AI与人类医务人员的高效协作模式， 并确保在技术完全成熟后再投入临床推广，目前正着力扩大AI医生精准诊疗的疾病覆盖面。这一里程 碑事件揭示了中国人工智能如何快速成长为医疗基础设施的关键组件，通过与人脑智慧互补应对现代医 学挑战。作为医疗AI创新浪潮的组成部分，该进展引发关于自动化与人类判断如何平衡的重要思考。 中国人工智能医院展现的优异成果为AI医疗未来融入患者体验并赢得信任提供了前瞻视野。（作者梅 莉莎·卢尼斯，刘长煌译） 该医院的AI医护人员通过大型语言模型驱动的智能体进行自主沟通。该系统模拟了覆盖患者护理每个 阶段的完整闭环流程：从院前程序、分诊和挂号，到咨询、检查、诊断、开处方、康复和随访。通过分 析海量医学文献并持续学习，这些AI医生可自主优化诊断和治疗技能。 这家AI医院短短几天内处理了超过1万名虚拟患者。研究人员说，假设人类医生平均每周治疗100名患 者，完成这一工作量通常需要约两年时间。AIR执行院长刘洋表示，这项研究是医疗领域的变革性突 破。这家AI医院将改变医生诊断和治疗患者的方式，为医疗专业人员和公众带来巨大益处。这 ...

Core Insights - The aging population, scarcity of grassroots medical resources, and uneven distribution of quality medical resources are driving the rapid integration and application of AI technology in the healthcare sector [2] - AI medical technology is expected to reconstruct the medical value chain, creating a new model for equitable access to medical resources [5] - The domestic AI medical market is projected to reach 159.8 billion yuan by 2028, with a compound annual growth rate of 10.5% from 2022 to 2028 [7] Industry Overview - The aging population in China is expected to reach 310 million by the end of 2024, accounting for 22% of the total population, and is projected to exceed 400 million by 2035, surpassing 30% [2] - Grassroots medical institutions account for 94.9% of all medical institutions in China but only handle 51.8% of the total medical services, indicating a mismatch in resource utilization and service quality [2] - AI technology is being rapidly integrated across various medical processes, including imaging diagnosis, surgical assistance, drug development, and intelligent management [2] AI Medical Technology - AI medical technology enhances the quality and efficiency of healthcare services by providing intelligent management and optimization of medical processes [3] - AI medical devices can be categorized into two types: those that include hardware (e.g., diagnostic analysis systems, robots) and those that operate as standalone software [3] - The advantages of AI in healthcare include high efficiency, accuracy, and low misdiagnosis rates, which can significantly improve diagnostic processes and treatment timelines [4] Market Potential - The AI medical market is expanding rapidly, with significant applications in drug and vaccine development, medical imaging analysis, smart hospital management, and genomics research [7] - AI applications in in-vitro diagnostics are expected to grow at a compound annual growth rate of 26.1% by 2028 [17] Company Profiles - Mindray Medical (300760) has a comprehensive product line in life information and support, in vitro diagnostics, and medical imaging, with a projected revenue of 36.725 billion yuan in 2024, a 5.14% increase year-on-year [10] - United Imaging (688271) focuses on medical imaging equipment and has been investing in AI since 2017, with a projected revenue of 10.3 billion yuan in 2024, a 9.73% decrease year-on-year [14] - BGI Genomics (300676) specializes in genomic testing services and is expected to generate 3.867 billion yuan in revenue in 2024, an 11.10% decrease year-on-year [19] - Yuyue Medical (002223) is a leading provider of medical devices, with a projected revenue of 7.566 billion yuan in 2024, a 5.09% decrease year-on-year [23] - Kefu Medical (301087) focuses on home medical devices and is expected to achieve 2.983 billion yuan in revenue in 2024, a 4.53% increase year-on-year [25]

京东集团-SW（09618.HK）跌2.66%；网易-S（09999.HK）则绩后大涨13.03%；哔哩哔哩-W （09626.HK）上涨3.8%。 涨幅榜上，奢侈品、香港零售、烟草概念、食品、航空、奶制品、影视等消费股逆市上涨。其中，普拉 达（01913.HK）涨1.22%，周黑鸭（01458.HK）涨3.11%，国泰航空(00293.HK)涨2.99%，中国南方航空 股份（01055.HK）涨2.02%，中国东方航空股份（00670.HK）涨1.54%。 汽车产业链中，锂电池、特斯拉概念、汽车股也纷纷上扬。耐世特（01316.HK）涨9.79%，敏实集团 （00425.HK）涨4.36%，比亚迪股份（01211.HK）涨3.28%，蔚来-SW（09866.HK）涨2.38%，理想汽 车-W（02015.HK）涨1.71%，小米集团-W（01810.HK）涨1.69%。 表现较好的还有医美概念股、互联网医疗、AI医疗概念、生物医药等医药股。成分股中，三生制药 （01530.HK）涨11.36%，山东新华制药股份（00719.HK）涨8.95%，京东健康（06618.HK）涨3.85%， 再鼎医药（09688 ...

规模方面，恒生医疗ETF最新规模达98.67亿元，位居可比基金1/3。 份额方面，恒生医疗ETF近1周份额增长7500.00万份，实现显著增长，新增份额位居可比基金1/3。 资金流入方面，恒生医疗ETF最新资金流入流出持平。拉长时间看，近5个交易日内，合计"吸金"2665.80万元。 截至2025年5月16日 10:34，恒生医疗保健指数(HSHCI)上涨0.65%，成分股三生制药(01530)上涨4.90%，科伦博泰生物-B(06990)上涨2.97%，一脉阳光(02522) 上涨2.88%，信达生物(01801)上涨2.60%，再鼎医药(09688)上涨2.48%。恒生医疗ETF(513060)上涨0.42%，最新价报0.47元。流动性方面，恒生医疗ETF盘中 换手3.15%，成交3.12亿元。拉长时间看，截至5月15日，恒生医疗ETF近1年日均成交12.30亿元，排名可比基金第一。 近日，商务部公布了中美日内瓦经贸会谈联合声明，中美双方近期会将4月2日相关的34%关税分为24%（暂缓90天）和10%，中国还将暂停或取消自2025年4 月2日起针对美国的非关税反制措施。采取上述举措后双方将建立机制，继续就 ...

Group 1: Core Insights - Heng Rui Pharmaceutical is set to list on the Hong Kong Stock Exchange, aiming to raise up to HKD 130.8 billion, following its peers WuXi AppTec, BeiGene, and Rongchang Biologics [1] - The company has experienced a significant decline in generic drug revenue from 2021 to 2023, but is expected to rebound in 2024 due to its innovative drug business [1][8] - Mindray Medical, another industry giant, has seen a notable slowdown in revenue growth, with a mere 0.74% increase in 2024, marking a departure from its previous six years of nearly 20% growth [1] Group 2: Financial Performance - Heng Rui's revenue from generic drugs dropped from CNY 277.3 billion in 2020 to CNY 228.2 billion in 2023, with a significant impact from drug price reductions due to procurement policies [8] - In 2024, Heng Rui's innovative drug sales reached CNY 138.92 billion, a 30.60% increase, contributing to 49.64% of total revenue, marking a historical high [8][9] - Mindray's 2024 revenue was CNY 367.25 billion, a 5.14% increase, while net profit grew by only 0.74%, with domestic market revenue declining by 5.10% [13][14] Group 3: Market Trends and Future Outlook - The medical health sector is witnessing a new phase driven by advancements in AI technology and the international expansion of innovative drug and medical device companies [2] - The Chinese market's demand for innovative drugs has surged, with the proportion of innovative drug products in development increasing from 4.1% in 2016 to 29% in 2023 [2] - Mindray's overseas revenue reached CNY 164.3 billion in 2024, accounting for 45% of total revenue, with a strong focus on developing markets [14]

证券代码：301060 证券简称：兰卫医学 公告编号：2025-001 上海兰卫医学检验所股份有限公司 尊敬的投资者，感谢您的提问！ 投资者关系活动记录表 投资者关系活动 类别 □特定对象调研 □分析师会议 □媒体采访 业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他（请文字说明其他活动内容） 参与单位名称及 人员姓名 投资者网上提问 时间 2025 年 5 月 15 日（周四）下午 15:00-16:30 地点 公司通过全景网"投资者关系互动平台"（https://ir.p5w.net）采用网 络远程的方式召开业绩说明会 上市公司接待人 员姓名 1、董事长、总经理：曾伟雄先生； 2、董事、副总经理：毛志森先生； 3、副总经理：方国伟先生； 4、董事会秘书：高文俊先生； 5、财务中心负责人：王海洋女士； 6、独立董事：石道金先生； 7、保荐代表人：唐蕾女士。 投资者关系活动 主要内容介绍 投资者提出的问题及公司回复情况 公司就投资者在本次说明会中提出的问题进行了回复： 1、高管您好，请问您如何看待行业未来的发展前景？谢谢。 尊敬的投资者，感谢您的提问！ 我们认为，第三方医学诊断服务仍属于快速发展的行业 ...