车载CT行驶在通往云南省曲靖市罗平县钟山乡的道路上 罗平县人民医院基层培训现场 来源：环球网 6月29日，联影集团大型公益活动"改变·在'县'场——移动医疗公益行"第四站正式落地云南省曲靖市罗 平县。本站将由云南省医学会放射学分会作为指导单位，罗平县人民医院、罗平县卫健委作为支持单 位，联影与行业媒体鼎湖影像以及昆明市青年志愿者协会联合开展，分别在罗平县人民医院和钟山乡开 展了基层培训和公益筛查。 值得关注的是，在钟山乡公益筛查中，筛出多位肺癌早期患者。在现场义诊医生看来，早筛早诊的意义 便在于此，让老百姓可以把疾病控制在早期，以显著提升疾病治愈率与生存质量，并大幅降低医疗经济 负担。 联影医疗云南省总监贾艳表示："特别高兴能带着我们的"移动医疗大篷车"开进罗平。这不仅是响应国 家设备更新政策，更是联影人践行使命的实际行动——用中国自己的高端医疗科技，守护每一位乡亲的 健康。" 贾艳透露，目前联影的全生态链正在云南铺开——正在与县医院共建肿瘤防治中心，从移动筛查车开进 村，到智慧放疗精准治疗，再到数字化管家终身随访，让老乡从"怕进医院"变成"早治早好"，实现肿瘤 诊疗全流程管理。 据悉，联影自2024年8月启 ...

证券研究报告 | 策略点评 分析师：孟之绪 执业编号：S0300524080001 电话： 邮箱：mengzhixu@ykzq.com 投资策略研究 粤开市场日报-20250707 今日关注 2025 年 07 月 07 日 投资要点 今日主要指数涨跌幅：沪指涨跌幅为 0.02%，深证成指涨跌幅为-0.7%， 创业板指涨跌幅为-1.21%。 申万一级行业表现：综合、公用事业、房地产在行业涨跌幅榜居前；家 用电器、电子、食品饮料在行业涨跌幅榜居后。 概念板块表现：总体来看，连板、打板、预增概念表现相对较好；仿制 药、医疗服务、CRO 概念表现相对较差。 风险提示 股市有风险，投资需谨慎。 请务必阅读最后特别声明与免责条款 www.ykzq.com 1 / 5 | 一、市场回顾 | 3 | | --- | --- | | 二、风险提示 | 3 | | 图表 1： | | --- | | 今日主要指数涨跌幅（%）及概念板块表现 3 | 策略点评 一、市场回顾 图表1：今日主要指数涨跌幅（%）及概念板块表现 股市有风险，投资需谨慎 请务必阅读最后特别声明与免责条款 www.ykzq.com 3 / 5 资料来源： w ...

Company Overview - Zhiyun Health (09955.HK) is a leading provider of digital chronic disease management solutions in China, established in 2014 [3] - The company offers a comprehensive range of services including hospital SaaS systems, pharmacy SaaS systems, and advanced internet hospital platforms, covering the entire lifecycle of digital chronic disease management [3] - Zhiyun Health serves over 2,700 hospitals and more than 219,000 pharmacies nationwide, integrating upstream and downstream in the industry chain [3] Financial Performance - As of December 31, 2024, Zhiyun Health reported total revenue of 3.488 billion yuan, a year-on-year decrease of 5.49% [2] - The company experienced a net loss attributable to shareholders of 516 million yuan, a significant decline of 59.85% year-on-year [2] - The gross profit margin stood at 24.7%, with a debt-to-asset ratio of 49.63% [2] Market Performance - On July 7, the stock closed at 1.18 HKD per share, marking an increase of 8.26% with a trading volume of 5.484 million shares and a turnover of 6.2606 million HKD [1] - Over the past month, the stock has seen a cumulative increase of 3.81%, but it has declined by 9.17% year-to-date, underperforming the Hang Seng Index by 19.22% [2] Valuation Metrics - Currently, there are no institutional investment ratings for Zhiyun Health [2] - The company's price-to-earnings (P/E) ratio is -1.26, ranking 99th in the industry, while the average P/E ratio for the healthcare equipment and services sector is -2.82 [2] - Comparatively, other companies in the sector have P/E ratios ranging from 0.29 to 5.2 [2]

Core Insights - The report highlights the strong performance of Penghua Fund in the active equity sector, with multiple funds ranking highly in long-term performance metrics, showcasing their robust investment capabilities [1][7]. Fund Performance - Penghua Medical Technology Stock A (001230) achieved a net value growth rate of 147.17% over seven years, ranking 1st out of 17 in its category, and 59.64% over the past year, ranking 1st out of 45 [1]. - Penghua Innovation Upgrade Mixed A (012093) also performed well, with net value growth rates of 28.95% and 48.82% over the past three and one years, respectively, ranking in the top 4% of its category [1]. - Penghua Shengshi Innovation A (LOF) (160613) managed by Wu Xuan recorded net value growth rates of 121.16%, 50.01%, and 28.10% over the past seven, five, and three years, respectively, with rankings of 34/374, 45/552, and 28/1343 [3]. - Penghua Hongjia Flexible Allocation Mixed A (003165) achieved net value growth rates of 153.58%, 58.84%, and 20.70% over the past seven, five, and three years, ranking in the top 7% of its category [5]. Investment Strategy - Wu Xuan emphasizes a systematic investment framework focused on "buying good companies at good prices," which allows for resilience against market volatility and promotes independent thinking [4]. - The report indicates a potential rise in large-scale pharmaceutical information and medical data companies due to China's vast population and supportive policies for digital transformation in healthcare [2]. Market Trends - The development of AI, big data, cloud computing, and IoT technologies is expected to enhance the efficiency of pharmaceutical information and medical data companies, providing valuable services [2]. - The report notes that the capital market's narrative logic often influences investor psychology, with shifts in asset pricing dynamics observed in the market [6]. Additional Fund Highlights - Other notable funds include Penghua Hongli Flexible Allocation Mixed A (001122) with a net value growth rate of 14.41% over three years, ranking 8/108, and Penghua Carbon Neutrality Theme Mixed A (016530) with a net growth rate of 105.51%, ranking 1/32 in its category [7]. - The long-term performance rankings serve as a significant reference for investors seeking "long-distance" funds, reflecting the depth of Penghua Fund's research and risk management systems [7].

因消息面利好，医疗器械近日受到关注。同类费率最低档的医疗器械ETF基金（159797）受冲高回落跌0.54%，盘中一度涨近2%， 持续溢价交易，近5日有3日"吸金"，今日盘中再度净流入！ 消息面上，国监局网站7月3日消息，日前，药监局发布优化全生命周期监管支持高端医疗器械创新发展的有关举措。该举措涵盖优 化特殊审批程序、完善分类和命名原则等十个方面的内容，旨在全力支持高端医疗器械重大创新，促进新技术、新材料、新工艺和 新方法在医疗健康领域的应用，满足人民群众健康需求，提升我国高端医疗器械的国际竞争力。 此外，高层发布通知，决定7月6日起，在行政采购活动中对部分自欧盟进口的医疗器械采取相关措施：采购人采购预算金额4500万 元人民币以上的医疗器械时，确需采购进口产品的，在履行法定程序后，应当排除欧盟企业（不包括在华欧资企业）参与；对于参 与的非欧盟企业，其提供的自欧盟进口的医疗器械占比不得超过项目合同总金额的50%；上述措施不适用于仅自欧盟进口的医疗器 械能够满足采购需求的采购项目。 医疗器械ETF基金（159797）标的指数成分股多数飘绿：热景生物跌超5%，迈瑞医疗跌超2%，乐普医疗、贝瑞基因跌超1%。上涨 ...

Group 1 - Tencent Technology (Shenzhen) Co., Ltd. has applied for a patent titled "Method, Device, Storage Medium, and Computer Equipment for Lesion Identification," with publication number CN120259707A and application date of January 2024 [1] - The patent describes a method for identifying lesions by obtaining screening information related to target diseases and analyzing video footage collected from the target's body surface after applying a specific chemical substance [1] - The method involves extracting images from the video in chronological order, performing feature extraction on both the image sequence and screening information, and then fusing these features to classify the lesion identification results using a classification network [1] Group 2 - Tencent Technology (Shenzhen) Co., Ltd. was established in 2000 and is primarily engaged in software and information technology services, with a registered capital of 2 million USD [2] - The company has invested in 15 enterprises, participated in 260 bidding projects, and holds 5000 trademark records and 5000 patent records, along with 472 administrative licenses [2]

Core Insights - The emergence of medical AI agents marks a significant shift in the healthcare industry, transitioning from a focus on large models to intelligent agents that enhance service delivery and operational efficiency [1][2][3] Group 1: Development of Medical AI Agents - The relationship between large models and intelligent agents is characterized by a division of labor, where large models handle cognitive tasks while agents perform actions based on environmental inputs [2] - Medical AI agents are being deployed across various healthcare scenarios, including patient services, diagnostic assistance, hospital management, and even in research and education [3][4] Group 2: Application Scenarios and Key Players - In-hospital applications include patient services, diagnostic assistance, and hospital management, with companies like 惠每科技, 金域医学, and 微医 leading the charge [4] - Out-of-hospital applications feature AI family doctors and health management systems, with key players such as 京东健康 and 平安好医生 [4] - Specialized AI agents are emerging in fields like drug development and insurance claims, with companies like 健康之路 and 中康科技 involved [4] Group 3: Personalization and Specialization - The trend towards personalization in AI agents includes the creation of virtual personas and unique names to enhance user engagement and trust [5][6] - Specialized diagnostic agents are being developed to address specific medical conditions, such as the "腹痛诊疗智能Agent" for abdominal pain management [8][9] Group 4: Challenges and Future Directions - Current medical AI agents are primarily iterative upgrades and have not yet achieved breakthroughs in foundational models [12][14] - The development of specialized agents requires deep involvement from clinical experts to ensure effectiveness and relevance [15] - The advancement of foundational AI capabilities is crucial for the realization of fully functional medical AI agents [16]

7月3日下午，"江苏苏州干部学院援疆名师工作室"揭牌仪式在霍尔果斯市委党校举行，拓展干部培 训领域合作； …… "苏超"如火如荼，6月29日晚，苏州队对阵扬州队的比赛在昆山奥体中心开赛，在万里之外的新疆 阿图什市，数千名少数民族球迷也通过直播观赛，齐声呐喊"苏州队加油！"； 自2010年起，苏州市开始对口支援霍尔果斯、巩留和阿图什，携手共进的细节场景每天都在发生。 6月底，张家港下发了集中支持24个巩留县科技创新项目经费安排的通知，明确将投入735万元援疆 资金，有效带动企业配套投入达1620万元； 从太湖边到天山下，苏州援疆工作组唯实唯干、创新创优，脚步在南疆和北疆奔忙，苏州的"三大 法宝"——张家港精神、昆山之路、园区经验，在新疆落地生根，提升各民族同胞幸福感。 产业援疆，始终是苏州援疆工作的重中之重。多年来，苏州工作组带动优质项目与优秀团队，深度 参与霍尔果斯当地建设，助力霍尔果斯外贸、跨境电商等行业发展迅速。 手术前两天时间里，老太太反复出现眼前发黑、头晕心悸并伴随大汗淋漓，每次发作虽仅持续一两 分钟，但活动后发作尤为频繁。急诊检查结果令人心惊——心率仅32次/分，心电图提示过缓的房室交 界区逸搏心律 ...

Core Viewpoint - WeiMai Inc. (微脉) has submitted its prospectus for an IPO on the Hong Kong Stock Exchange, aiming to leverage AI in the healthcare sector to enhance service delivery and patient management [1][3]. Company Overview - WeiMai was established in 2013 and has undergone six rounds of financing and asset restructuring since its inception [1][3]. - The company focuses on connecting hospitals, doctors, and patients through AI technology, covering the entire health management process from pre-treatment to post-treatment [3]. - The registered capital of WeiMai is approximately 51.72 million RMB, with key shareholders including Qiu Jialin and Zhejiang Yuhang Transformation and Upgrade Industry Investment Co., Ltd. [3][4]. Financial History - WeiMai has completed several financing rounds, including: - A round of $6.75 million in 2016 - B round of $17.05 million in 2016 - B+ round of $27.3 million in 2018 - C round of approximately $57.13 million in 2019 - D round of $75 million in 2020 - D+ round of $5.175 million and 120 million RMB in 2023 [4][6]. - The pre-money valuation for the D+ round was approximately $559.25 million [4]. Revenue and Losses - WeiMai's revenue for 2022, 2023, and 2024 is projected to be approximately 512 million RMB, 628 million RMB, and 653 million RMB, respectively [10]. - Gross profit for the same years is estimated at around 88.23 million RMB, 118.3 million RMB, and 129.72 million RMB, with net losses of approximately 414.32 million RMB, 149.56 million RMB, and 193.11 million RMB [10]. - The adjusted net losses according to non-IFRS measures are projected to be about 233.26 million RMB, 99.11 million RMB, and 30.20 million RMB for the respective years [10]. Revenue Structure - The majority of WeiMai's revenue comes from full-course management and medical health product sales, contributing approximately 396 million RMB, 437 million RMB, and 470 million RMB, accounting for 77.3%, 69.7%, and 72.0% of total revenue [11].

Group 1 - The core viewpoint of the event emphasizes the significant market growth potential of new therapies such as cell and gene therapy, bispecific antibodies, and antibody-drug conjugates (ADCs), alongside the rapid development of artificial intelligence providing more possibilities for disease treatment [1] - The Chinese innovative drug industry has been accelerating its international expansion, with a notable increase in the accessibility of innovative biopharmaceuticals over the past decade [1] - The establishment of a standardized clinical-grade stem cell resource bank is identified as a core support for the sustainable development of the industry, necessitating simultaneous advancements in technological innovation and ethical regulations [1] Group 2 - The roundtable discussion highlighted the shift in human health perspectives from "fighting diseases" to "controlling life quality," driven by breakthroughs in emerging biotechnologies [2] - The event aims to bridge the gap between academia and industry, fostering cross-disciplinary exchanges to explore new paradigms and pathways for technological innovation [2] - Future discussions will focus on cutting-edge technologies such as artificial intelligence, photonics, and synthetic biology, promoting the integration of future technologies with future industries [2]