从AI驱动医疗企业发展的情况看，约30%企业在进行技术研发时会借助AI工具，约30%企业会在销售与 运营环节中引入AI，另有约10%的企业会在生产制造阶段运用AI。 AI（人工智能）医疗产品、服务的买单方与支付逻辑何在？AI医疗产业实现可持续发展有无经验可 循？ 在7月28日举办的2025世界人工智能大会"AI+医健产业可持续创新论坛"上，多位医疗大健康产业界资 深人士围绕上述问题展开讨论。 新模式、新路径 根据BCG（波士顿咨询）董事总经理、全球合伙人郝婧给出的一组数据，从AI驱动医疗企业发展的情 况看，约30%企业在进行技术研发时会借助AI工具，包括靶点选择、效率提升、创意来源等；约30%企 业会在销售与运营环节中引入AI，包括市场资料搜集、宣传等；另有约10%的企业会在生产制造阶段运 用AI以进行质量管控、分析等。 瑞宁康生物创始人兼CEO、原FDA（美国药监局）临床药理审评室定量药理学审评部部长王亚宁表示， 以美国经验为例，基于AI算法的AI医疗器械在美国已形成了一套较为成熟的审评流程，上市产品也有 1000余个，但AI驱动的药物还没有成功的。 王国鑫建议说，一方面，AI医疗可以探索在急危重症方面的快 ...

AUF ITP IT: Veeva AI（人工智能）医疗产品、服务的买单方与支付逻辑何在？AI医疗产业实现可持续发展有无经验可循？医疗产业如何理解AI向善？ 在今日举办的2025世界人工智能大会"AI+医健产业可持续创新论坛"上，多位医疗大健康产业界资深人士围绕上述痛点难点展开讨论。 新模式、新路径 根据BCG董事总经理、全球合伙人郝婧给出的一组数据，从AI驱动医疗企业发展的情况看，约30%企业在进行技术研发时会借助AI工具，包括靶点选择、效 率提升、创意来源等；约30%企业会在销售与运营环节中引入AI，包括市场资料搜集、宣传等；另有约10%的企业会在生产制造阶段运用AI以进行质量管 控、分析等。 俞熔表示，早些时期，大家在谈论健康管理时都觉得似乎有些不太靠谱，因为工具、方法以及可反馈、可量化的东西都不具备。现在不一样了，数据、智能 终端、可穿戴监测设备都打通了，商业逻辑就显现出来了，付费主体也就出现了，"后续，AI医疗服务将率先在院外市场（慢病）领域取得突破，真正实现 医疗服务质量、可及性、成本三个要素的协同。" 京东健康探索研究院首席科学家王国鑫也表示，正是因为AI能够实现更强、更快的链接，因此AI能够在 ...

医药医疗加快上行脚步！A股最大医疗ETF（512170）今日（2025年7月29日）刷新多项纪录：收涨2.45%报0.377元，收盘价创去年"924"以来次高！日线豪 取10连阳，刷新历史最长连阳纪录！全天成交11.52亿元，为近3个月次高。 制药板块同步活跃，国内首只药ETF（562050）盘中摸高2%，场内收涨1.68%，收盘价续创上市以来新高。百亿美元出海大单加持，核心权重股恒瑞医药继 昨日涨停后续涨2.84%，成交107.31亿元，跻身A股前三。 图片来源： 企业供图 药明康德交出"史上最强"半年报，CXO板块沸腾！医疗ETF（512170）覆盖的6只CXO龙头股集体上攻，药明康德涨7.72%，股价逼近100元，创3年新高！成 交90.14亿元，位列A股第7。此外，九洲药业涨停，昭衍新药午后触板。 中金公司指出，如今创新药板块估值中枢上修，预期BD资金和二级热度上涨将反哺国内新药研发需求起量以及一级创新药项目融资活跃度提升，内需CRO 有望受益。另一方面，中国企业成本与效率优势对海外客户具较强吸引力，外需CDMO订单趋势同样向好。 中泰证券提示，随着财报陆续披露，CXO、GLP-1等景气赛道表现亮眼。 ...

Group 1 - The innovative drug ETF (560900) rose by 2.74% with a turnover of 30.12%, indicating active market trading [1] - The CSI Innovative Drug Industry Index (931152) increased by 2.82%, with notable gains in constituent stocks such as Tigermed (300347) up 10.32%, Jiuzhou Pharmaceutical (603456) up 10.01%, and WuXi AppTec (603259) up 6.30% [1] - The innovative drug ETF reached a new high of 1.019 yuan during the morning session, marking the highest price since the beginning of the year, with a half-day trading volume of 18.8945 million yuan, also a record since its listing [1] Group 2 - Huazhang Securities noted that high-value medical consumables have been under pressure from centralized procurement, but the market is now refocusing on low-priced medical devices and IVD sectors, with specific interest in artificial crystals, endoscopic consumables, orthopedics, and neurosurgery [2] - The innovative drug sector continues to gain traction, becoming one of the main market directions, with long-term investment value in innovative drugs, innovative devices, and AI healthcare [2] - The CSI Innovative Drug Industry Index is designed to reflect the overall performance of listed companies involved in innovative drug research and development, selecting no more than 50 representative companies [2]

Investment Rating - The industry investment rating is "Overweight" [2] Core Viewpoints - The pharmaceutical sector is experiencing a divergence among its sub-industries, entering a phase of logical exploration [5] - The pharmaceutical index has outperformed the CSI 300 index, with a 1.9% increase this week, ranking 19th in terms of performance [17][19] - The highest valuation sub-industry is vaccines, with a PE (TTM) of 62X, while the lowest performing sub-industry is chemical preparations, which decreased by 2.02% [22] Summary by Sections Market Review - The pharmaceutical index rose by 1.9%, outperforming the CSI 300 index by 0.21 percentage points and the Shanghai Composite Index by 0.23 percentage points [17] - As of July 25, the PE (TTM) for the pharmaceutical industry is 28X, which is below the historical average of 33X [19] - Among 13 sub-industries, 11 saw increases, with medical research outsourcing leading at an 8.29% rise [22] Stock Performance - In the A-share market, 72.36% of the 474 pharmaceutical stocks increased in value this week [24] - The top ten performing stocks include Haitai Biological (+46.93%) and Zhendong Pharmaceutical (+42.89%) [25] - In the Hong Kong market, 66.67% of 114 stocks rose, with the top performer being MicroPort Medical (+28.86%) [31] Weekly Insights - The divergence in sub-industries is attributed to the focus on innovation and potential high-value products, with medical devices gaining market attention [5] - The National Healthcare Security Administration's guidance against price-only bidding has renewed interest in the medical device and IVD sectors [5] - The report maintains a bullish outlook on the pharmaceutical sector, emphasizing innovation in hard technology, including innovative drugs and devices [37] Investment Strategy - The investment strategy is divided into two main areas: innovative drug sector and other sectors [38] - Key recommendations include Zai Lab, BGI Genomics, and Junshi Biosciences, with a focus on oncology and innovative drug development [38] - Other sectors of interest include medical hard technology, medical consumption, and companies with significant overseas business [39][41]

Core Viewpoint - The recent optimization of centralized procurement policies by the National Medical Insurance Administration is expected to positively impact the medical device sector, leading to potential performance reversals for previously restricted high-value consumables and in vitro diagnostics [1][9]. Group 1: Policy Changes - The 11th batch of centralized procurement has been initiated, with new rules optimizing the calculation of price differences, moving away from solely relying on the lowest bid as a reference [1][9]. - Companies that submit the lowest bids must now provide a rationale for their pricing and commit to not pricing below cost [1][9]. Group 2: Market Outlook - Zhongyou Securities anticipates that the centralized procurement policy will extend from pharmaceuticals to medical devices, suggesting a recovery in performance for high-value consumables and in vitro diagnostics due to policy improvements [1][9]. - The medical device sector is expected to benefit from a recovery in procurement activities this year, with the third quarter potentially marking a performance turning point for the sector [1][9]. Group 3: Investment Opportunities - Huajin Securities indicates that the medical device sector is experiencing a policy shift, with improved profitability prospects for related companies and potential valuation recovery, as the sector is currently undervalued [1][9]. - The medical device index ETF (159898) has attracted significant investment interest, with over 37 million net subscriptions in the past 10 days, indicating strong market confidence [1][9]. Group 4: Historical Performance - The CSI Medical Device Index has shown a cumulative increase of nearly 953% since its base date of December 31, 2004, translating to an annualized return of 12.51%, outperforming major indices like the Shanghai Composite and CSI 500 [2][6][7]. - The index's performance highlights the high barriers and value characteristics of the medical device industry, which has consistently delivered strong results in the secondary market [6][8].

《健康中国行动(2019—2030年)》明确提出，我国将针对心脑血管疾病、癌症、慢性呼吸系统疾病、糖 尿病这四类重大慢性病开展防治行动，旨在通过科技创新推动慢病防治技术的研发与应用。由于慢病不 易发现、病程较长、并发症多等特点，让医院、医生、患者建立长期疾病管理模式面临诸多挑战。 针对这一问题，AQ联合中国科学院院士、浙江大学附属第二医院党委书记王建安及其医生团队，共同 打造推出"Jack安心智能体"，这是首个连接智能硬件提供专科疾病管理的专业智能体。 打开AQ，在对话框说一句"帮我找王建安的智能体"即可调用，除常见心内科疾病症状科普问答功能之 外，用户可接入华为手表、鱼跃血压计等设备，智能体将结合血压、脉搏、ECG等数据，为心脏瓣膜病 患者提供专业的诊后管理服务，如健康分析、异常预警、复查提醒、加号申请等。 "AI技术的独特优势，在于能快速识别并总结出隐藏在大量数据中的规律，尤其擅长锁定人类难以察觉 的特征模式。Jack安心智能体将AI+医生+硬件结合，在心脏瓣膜疾病的管理中充分利用AI技术，让患 者得到24小时的及时守护。我们相信这将带来诊断方式的革命性进步，让科技更好守护生命的脉 动。"王建安表示。 在 ...

在百乐园社区的活动中，医生通过鹰瞳Airdoc先进的全自动智能眼底相机，高效拍摄视网膜图像，并为 居民提供一对一的报告解读和健康建议。对于检测出眼部问题或存在疾病风险的居民，医生给予了进一 步检查和治疗的指导。居民们纷纷表示通过鹰瞳Airdoc的AI眼底检查，不仅了解了自己的眼部健康，还 对潜在的全身性疾病风险有了提前认知，收获颇丰。 智通财经APP获悉，7月26日，2025世界人工智能大会盛大开幕，再次将全球目光聚焦于人工智能技术 的前沿应用与未来发展。作为港股市场中的AI医疗明星企业，鹰瞳科技-B(02251)凭借其三大AI产品线 ——软硬一体化的视网膜影像AI诊断解决方案——全自动智能眼底相机、PBM视力康复仪和人工智能 抗压能力检测仪同样受到资本市场关注。7月28日，鹰瞳科技开盘后股价稳步攀升，盘中最高触及14.36 港元，截至收盘涨幅达7.03%至14港元。 同时，消息面上，在政策支持与AI医疗商业化落地的双重推动下，视网膜影像诊断AI技术正加速走进 社区场景。近日，鹰瞳科技走进彩虹城社区、东明社区、百乐园社区养老服务站开展脑卒中科普与AI 眼底筛查活动，通过"健康讲座+AI检测"模式，为居民提供心 ...

Market Overview - On July 28, 2025, A-shares saw collective gains across the three major indices, with the Shanghai Composite Index rising by 0.12%, the Shenzhen Component Index by 0.44%, and the ChiNext Index by 0.96%. The total trading volume in the Shanghai and Shenzhen markets exceeded 1.7 trillion yuan [1]. Innovation Drug Sector - Innovation drug-related ETFs led the market with significant gains, including the Innovation Drug ETF Hong Kong-Shenzhen (159622) rising by 4.10%, and the Hong Kong Innovation Drug 50 ETF (513780) increasing by 4.04% [1]. - A notable announcement from Heng Rui Medicine involved a potential license-out collaboration with GlaxoSmithKline (GSK) worth up to $12.5 billion, covering a clinical-stage respiratory innovation drug and up to 11 non-clinical candidates. This news led to a surge in Heng Rui's stock, reaching a four-year high in A-shares and over 16% increase in H-shares [2]. ETF Performance - The top-performing ETFs included several innovation drug-related funds, with multiple ETFs achieving gains above 3.70% [1]. - Conversely, the energy sector faced declines, with the top ETF, the Sci-Tech Comprehensive Aluminum ETF (589300), dropping by 14.01% [3]. Trading Activity - The trading volume for the Short-term Bond ETF (211360) was the highest at 33.9 billion yuan, followed by the Silver Hua Daily ETF (511880) at 21.0 billion yuan [4]. - The turnover rate for the Benchmark National Bond ETF (511100) was the highest at 552.67%, indicating strong trading activity in this segment [5][6].

Company Overview - 德适生物科技股份有限公司 (德适生物) has submitted an IPO application to the Hong Kong Stock Exchange, with Huatai International as the sole sponsor [1] - Established in 2016 and headquartered in Hangzhou, Zhejiang, the company focuses on AI-driven medical imaging solutions, particularly its core product, iMedImage™ [1][2] - The company has completed multiple rounds of financing, achieving a post-investment valuation of 2.56 billion yuan after the latest round in June 2025 [1] Product and Technology - 德适生物's core product, iMedImage™, is a leading medical imaging base model that supports 19 imaging modalities and covers over 90% of clinical scenarios [4][11] - The company has developed a complete automated chromosome analysis pipeline, including AI AutoVision® and MetaSight® systems, which have received regulatory approvals [4][5] - The AI AutoVision® is expected to be the world's first AI-driven chromosome karyotype analysis system upon approval from the National Medical Products Administration [4] Market Position and Financial Performance - 德适生物 has established a distribution network of over 75 distributors, covering more than 400 healthcare centers across 31 provinces in China [6] - The company reported revenues of 52.84 million yuan and 70.35 million yuan for 2023 and 2024, respectively, with a year-on-year growth of 33.1% [5] - In 2024, the company achieved a gross profit margin of 65.5%, positioning it among the top in the medical device industry [5] Industry Context - The medical imaging AI industry faces challenges such as low standardization of multimodal data and a shortage of skilled professionals, creating a demand for efficient AI tools [2] - The chromosome karyotype analysis market is highly concentrated, with international giants holding 95% of the market share; 德适生物 has captured 30.6% of the market following the launch of its innovative products [10][7] - The reproductive health medical device market in China is projected to grow significantly, with an expected market size of 71 billion yuan by 2024 and over 173 billion yuan by 2035 [7][10]