华泰证券发表研究报告，继续看好京东健康作为在线医疗电商龙头的地位，预期收入增长步伐稳健，利 润率可持续改善，关注接下来新医疗产品供应节奏及首发合作进展、减肥药等产品进入医保名单后的量 价变化趋势、AI医疗应用、O2O业务扩张以及B2C业务医保支付接入等进展。该行预计京东健康2025年 全年收入将按年增长25%至727亿元，非IFRS经营利润达41.1亿元，并将2025至2027年各年非IFRS纯利 预测上调11.6%、15.6%及22.4%，目标价由68.3港元升至77.4港元，维持"买入"评级。 ...

据中国网援引美国《纽约时报》，当地时间1月2日，后者整版报道介绍了阿里巴巴研发的胰腺癌早筛AI模型——57岁的邱先生因腹胀、恶 心等症状去医院，在宁波大学附属第一医院进行常规糖尿病检查时接到电话通知：阿里巴巴达摩院开发的AI模型从他的平扫CT片里发现了 早期胰腺癌。 而他此行并未预约胰腺专科，CT片也没有显示明显异常。最后邱先生顺利做了手术切除。 这是纽约时报2026年首篇关于中国的报道，美国国家科学院院士Eric Topol已公开称赞这项研究，并仔细列出了论文数据。 Che New Hork Cimes In China, A.I. Is Finding Deadly Tumors That Doctors Might Miss Using Routine Testing To Aid Early Detection Of Elusive Conditions By VIVIAN WANG NINGBO, China — Three days after China, went for a routes days after he hadn't met before. The doctor, the hea ...

Economic Policy and Market Overview - The People's Bank of China emphasized the importance of promoting high-quality economic development and reasonable price recovery in its monetary policy, utilizing various tools like reserve requirement ratio cuts and interest rate reductions to maintain liquidity and support balanced credit growth [1] - The Ministry of Commerce announced strengthened export controls on dual-use items to Japan, citing recent provocative statements from Japanese leaders regarding Taiwan, which are seen as a serious violation of China's sovereignty [1] Capital Market Developments - The China Securities Index announced adjustments to the CSI 1000, CSI 500, and CSI A500 indices, effective January 9, 2026, with companies like Chipone Technology and Mingyue Optical being added to the indices [3] - In December 2025, A-share new account openings reached 2.6 million, a 9% increase from November, with a total of 27.44 million new accounts opened throughout the year, marking a 10% year-on-year growth [3] Industry Insights - AI in healthcare is gaining traction, with Alibaba's AI model for early pancreatic cancer screening highlighted as a significant innovation, indicating a growing trend in AI applications across various medical fields [6] - The semiconductor industry is experiencing price increases, with Samsung and SK Hynix raising DRAM prices for servers, PCs, and smartphones by 60%-70% in Q1 2026 compared to Q4 2025 [7] Company Highlights - iFlytek reported extensive collaborations with over 500 robot manufacturers, leveraging its AI service platform for various types of robots [8] - BYD outperformed Tesla in sales across Europe's two largest electric vehicle markets, with a sevenfold increase in sales in Germany to 23,306 units, while Tesla's sales dropped to 19,390 units [9] - FiconTEC, a subsidiary of Robotech, signed a significant contract worth approximately €770,000 (about ¥63.08 million), which is expected to have a positive impact on the company's revenue [11] - MiniMax's IPO received overwhelming interest, with a subscription amount exceeding HK$253.3 billion and a public offering oversubscription rate of 1,209 times [13]

转自：证券时报 在A股市场持续走强并刷新10年新高的同时，中证转债指数1月6日也攀升走高，创下自2015年6月以来 的逾10年高点。 中证转债指数近期表现不仅延续了自2025年以来的强势格局，更凸显其在权益市场波动中"进可攻、退 可守"的独特价值。 中证转债指数刷新逾10年高点 1月6日，在权益市场强势走高，并刷新10年新高的背景下，中证转债指数也大涨1.35%，报505.77点， 创2015年6月以来高点。 此次行情的核心催化剂是脑机接口行业的商业化突破。特斯拉CEO埃隆·马斯克于2025年12月31日宣 布，旗下脑机接口公司Neuralink将于2026年启动设备大规模生产，并推进几乎完全自动化的手术方案。 这一表态被市场视为脑机接口从实验室走向大众消费的关键转折点。与此同时，国内政策支持力度持续 加码：国家药监局近期召开脑机接口医疗器械工作推进会，明确将加快相关产品审评审批流程；上海等 地出台专项行动方案，提出到2027年推动5款以上侵入式、半侵入式产品完成临床试验。 除塞力转债外，嘉美转债、联创转债等亦表现亮眼。嘉美包装股价大涨带动嘉美转债在1月5日涨 10.94%后，1月6日再度上涨14.95%，2 ...

1、央行部署今年工作!继续实施适度宽松的货币政策 重要程度：★★★★★ 2026年中国人民银行工作会议1月5日-6日召开。会议在部署今年工作时提到，要继续实施好适度宽松的货 币政策。把促进经济高质量发展、物价合理回升作为货币政策的重要考量，灵活高效运用降准降息等多种 货币政策工具，保持流动性充裕，保持社会融资条件相对宽松。以下为部分要点： ①继续实施好适度宽松的货币政策; ②灵活高效运用降准降息等多种货币政策工具; ③促进社会综合融资成本低位运行; ④防范汇率超调风险; ⑤发挥好两项支持资本市场的货币政策工具作用。 2、消息人士：中方正研究收紧对日稀土出口许可审查 重要程度：★★★★ 据中国日报报道，可靠消息人士称，鉴于日本近期恶劣表现，中国政府正考虑针对性收紧2025年4月4日列 管的中重稀土相关物项出口许可审查。 此外，中国商务部6日发布公告，决定加强两用物项对日本出口管制。两用物项指兼具民用与军事用途或 可提升军事潜力的货物、技术和服务。 3、事关精准打通中长期资金入市堵点，监管近期调研部分理财公司 重要程度：★★★ 据证券时报，为做好"十五五"规划编制工作，监管部门上月调研了部分银行理财公司。其调研问 ...

Group 1 - The company focuses on providing medical gas equipment and systems, as well as medical clean equipment and systems for various medical institutions [1] - Medical gas and clean equipment systems are part of the smart hospital construction [1] - The company is paying continuous attention to the development of AI in healthcare, aiming to enhance the intelligence level of its products to meet the growing demands of modern hospital construction [1]

Group 1 - The core point of the news is that the China Convertible Bond Index has reached a new high not seen in over 10 years, driven by strong performance in the equity market and specific stocks like Seli Medical [2][3][4] - The China Convertible Bond Index rose by 1.35% to 505.77 points on January 6, marking the highest level since June 2015 [3] - Seli Convertible Bond has seen a significant increase, with a 20% rise over two consecutive trading days, benefiting from the strong performance of its underlying stock, Seli Medical, which is focused on AI and medical big data [3][4] Group 2 - The catalyst for this market trend is the commercialization breakthrough in the brain-computer interface industry, with Neuralink planning to start large-scale production in 2026 [4] - Domestic policy support for the brain-computer interface sector is increasing, with the National Medical Products Administration accelerating the review process for related products [4] - Other convertible bonds like Jiamei and Lianchuang have also performed well, indicating a structural rally in the convertible bond market [4] Group 3 - The strong performance of the convertible bond market is closely linked to the performance of underlying stocks, with the China Convertible Bond Index showing a rise of 18.66% in 2025, closely following the 18.41% increase in the Shanghai Composite Index [6][7] - The valuation recovery in the convertible bond market has been a significant driver, especially after a period of low valuations due to risks like defaults and delistings [7] - The current market sentiment is characterized by a preference for high-growth sectors such as AI healthcare and advanced manufacturing, which are driving the performance of specific convertible bonds [4][8] Group 4 - Analysts suggest that the current market conditions may lead to a "spring rally," driven by seasonal capital inflows and policy expectations [9] - Institutional investors may have a renewed interest in convertible bonds as they adjust their equity asset risk factors, potentially leading to increased demand [9] - The performance of convertible bonds may also depend on the specific terms of the bonds and the strategies employed by investors [9]

Core Viewpoint - The A-share market continues to strengthen, reaching a 10-year high, while the China Convertible Bond Index has also risen, hitting its highest point since June 2015 [1][3]. Group 1: Market Performance - The China Convertible Bond Index has shown a strong performance since 2025, highlighting its unique value in the equity market's volatility, characterized by "offensive and defensive" capabilities [2]. - On January 6, the China Convertible Bond Index surged by 1.35% to 505.77 points, marking a high not seen since June 2015 [4]. - The recent strong performance of convertible bonds is driven by the underlying stocks, with notable examples including the Seer Medical bond, which saw a 20% increase due to the stock's performance [5]. Group 2: Key Catalysts - The core catalyst for the current market rally is the commercialization breakthrough in the brain-computer interface industry, with significant announcements from companies like Neuralink [4]. - Domestic policy support for the brain-computer interface sector is also increasing, with initiatives aimed at expediting the approval processes for related medical devices [4]. Group 3: Structural Trends - The recent rally in convertible bonds is characterized by two main features: strong performance of underlying stocks and concentrated thematic interest in sectors like brain-computer interfaces and AI healthcare [5]. - Despite some convertible bonds experiencing declines due to falling stock prices, the overall market sentiment remains positive, driven by high-growth sectors [6]. Group 4: Historical Context - The last time the China Convertible Bond Index reached a historical high was in June 2015, during a peak in the A-share bull market [8]. - Since 2019, the convertible bond market has gradually recovered, with a notable resurgence in 2025, reflecting a strong correlation with the performance of underlying stocks [9]. Group 5: Future Outlook - Analysts suggest that the upcoming "spring rally" in the A-share and convertible bond markets may be influenced by seasonal capital inflows and policy expectations [12]. - The performance of convertible bonds in the near term will depend on institutional investment behavior and the release of annual performance forecasts for A-shares [12].

Group 1 - Huawei officially launched the Huawei AI Data Platform for the medical field on December 7, 2025, based on the OceanStor A800 storage, aiming to address the cost, quality, and accessibility challenges in healthcare [1] - Ant Group's C-end AI medical application "AQ" has been rebranded as "Ant Afu," completing a brand strategy upgrade, and signed a strategic cooperation agreement with Sichuan University West China Hospital to advance research and innovation in "AI + healthcare" [2] - Citic Securities reports that Ant Afu APP has three highlights: structured multimodal precise diagnosis capability, long-term health data accumulation enhancing user stickiness, and promising commercialization prospects within the Alibaba ecosystem [2] Group 2 - Citic Jin Invest notes that AI healthcare in China is progressing in policy, technology, products, and applications, with a shift from individual products to full-chain scenarios and from large hospitals to grassroots and individual applications [3] - The application value of AI in healthcare is significant across various fields, including enhancing medical device functions, interpreting test results, assisting clinical decision-making, and health management, making it a crucial innovation direction for healthcare enterprises and hospitals [3] - The AI healthcare market is expected to accelerate its application with ongoing policy and technological support, suggesting investment opportunities in the industry [3] Group 3 - Yidu Technology, a leading AI healthcare company, has been invited to the Henan Health Industry Development Conference and signed as a partner in the national AI application pilot base for healthcare [4] - iFlytek Medical Technology is recognized for its extensive coverage in the AI healthcare sector and is seen as a key player benefiting from policy incentives and national projects [4] - JD Health is consolidating its leading position in the pharmaceutical e-commerce sector through expanded insurance coverage, offline service development, and deepening AI healthcare applications [4] Group 4 - Alibaba Health is actively exploring AI applications in healthcare, focusing on optimizing e-commerce search, supply chain management, and enhancing efficiency for professional users with AI medical assistants [4] - Guosheng Tang is a leader in traditional Chinese medicine services, developing AI avatars and health assistants to advance AI healthcare [5] - Ping An Good Doctor's stock performance is attributed to advancements in AI healthcare and improved profit prospects, with expectations for growth driven by AI empowerment and the flourishing of commercial health insurance [5]

Group 1: Huawei AI Data Platform - Huawei officially launched its AI data platform for the medical field on December 7, 2025, based on the OceanStor A800 storage system [1] - The platform includes three core technologies: knowledge generation and retrieval, memory extraction and recall, and UCM inference acceleration, aimed at overcoming the cost, quality, and accessibility constraints in healthcare [1] Group 2: Ant Group's AI Medical Application - Ant Group's C-end AI medical application "AQ" has been rebranded as "Ant Afu," completing a brand strategy upgrade [2] - A strategic cooperation agreement was signed between Sichuan University West China Hospital and Ant Group to advance research and service system construction in chronic diseases, particularly respiratory diseases [2] - The "Ant Afu" app is noted for its structured multimodal precise consultation capabilities, long-term health data accumulation, and promising commercialization prospects within the Alibaba ecosystem [2] Group 3: AI Medical Industry Trends - CITIC Securities reports that AI medical applications are entering a commercialization acceleration phase, with companies that have technological barriers and clear commercialization paths expected to achieve rapid expansion and improved profitability [2] - Continuous progress in policies, technology, products, and applications in the domestic AI medical sector is anticipated, with applications moving from large hospitals to grassroots and individual levels [3] - AI medical applications are expected to accelerate in various fields, including enhancing medical device functions and assisting clinical decision-making [3] Group 4: Key Players in AI Medical Sector - Yidu Tech (医渡科技) has been invited to participate in the Henan Health Industry Development Conference and has signed as a partner in the national AI application pilot base for medical direction [4] - iFlytek Medical Technology (讯飞医疗科技) is recognized for its extensive coverage in the AI medical field and is seen as a major beneficiary of policy incentives and national projects [4] - JD Health (京东健康) is consolidating its leading position in pharmaceutical e-commerce through expanded insurance payment coverage and deepening AI medical applications [4] - Alibaba Health (阿里健康) is actively exploring AI applications in medical e-commerce and is currently refining its AI medical assistant product [4] Group 5: Other Notable Companies - Guoshengtang (固生堂) is a leader in traditional Chinese medicine services, developing AI health assistants and AI medical avatars [5] - Ping An Good Doctor (平安好医生) is expected to see growth driven by advancements in AI medical capabilities and improving profitability prospects [5]