文 ｜ 陈竹 宋硕 韩世通 曾令鹏 沈睦钧 王凯旋 唐寅灏 蒋罗昕 顾资然 李文涛 张斌斌 任杰 徐嘉琪 朱家成 王郑洋 医疗健康产业较多子行业在2 0 2 5Q1有望呈现出需求或业绩修复的趋势，相关上市公司从整体来看 2 0 2 5Q1业绩表现预期较为稳健。得益于集采等政策优化向好、商保推动和AI赋能，板块有望迎来 估值重估且催化预计将延续全年，我们判断医疗健康产业相关上市公司全年整体的收入、利润、现 金流将稳健修复向好。其中收入端有望得到商保等增量支付拉动，利润端有望受益于集采政策等优 化，现金流有望受益于医院回款向好、化债回款支持和生物医药融资环境触底回暖等因素。建议积 极布局医疗健康产业投资机会，板块估值迎来价值重估，底部布局正当时。 ▍ 2 5Q1有望呈现出需求或业绩修复的趋势，整体来看业绩表现预期较为稳健。 商保端： "穗新保"落地彰显广州市商保发展促进政策成效，后续全国其他省市政策落地值得进一 步期待。我们预计未来商保端将以惠民保为抓手，逐步提升中高端医疗险渗透率，打通医疗险对 医药行业支付的正向循环。 AI赋能： 我们认为AI医疗有望带来医疗数据价值重估、医疗医药工业提效和赋能诊疗新业态的 增 ...

Nano-X Imaging Ltd. (NASDAQ:NNOX) Q4 2024 Earnings Conference Call March 31, 2025 8:30 AM ET Company Participants Mike Cavanaugh - Investor Relations Erez Meltzer - Chief Executive Officer and Acting Chairman Ran Daniel - Chief Financial Officer Conference Call Participants Jeffrey Cohen - Ladenburg Thalmann Ross Osborn - Cantor Fitzgerald Scott Henry - Alliance Global Partners Jason Colbert - DeBoro Capital Operator Good day and thank you for standing by. Welcome to the Nano-X Fourth Quarter 2024 Earnings ...

最近权益市场下跌的逻辑比较清晰，美股上周三盘中开始传汽车关税要落地，并且周三盘后正式 签署了行政命令，同时签署的时候明确表示 对等关税4月2日生效 ，然后美股上周三开始连跌三 天，纳指跌超5%，而黄金开始连涨，现货黄金从3000美刀的位置， 以每天1%的速度向上突破， 今天上午突破了3100美刀，继续历史新高。 市场的避险情绪很明确，且可能一直到4月2日前后都是这么个环境，这里提到的4月2日，是美国 东部时间的白天，换算过来，就是我们4月3日，也就是周四的凌晨或者上午，所以，对A股和H 股的冲击，理论上会延续到周四。 今天A股和H股都算很顽强了，下午拉起来后，恒生指数跌1%出头，wind全A跌不到1%，而海外 一片狼藉，特别是亚太地区，日本跌超4%、韩国跌超3%、中国台湾跌超4%，欧洲那边跌幅也不 小，而美股纳指期货目前也跌超1%，纳指可能今晚会创年内的新低。 过程中，等待机会吧， 看看能不能等到A股3300点以下的筹码 。 ...... 聊一下大行5000亿的注资吧 ，今天，获得定增的四家， 建行、中行、交行、邮储 ，今天涨幅分 别是3.64%、1.82%、1.22%、0.19%，而银行指数涨幅0.35%， ...

Summary of Key Points from the Conference Call Industry Overview - The conference call primarily discusses the **pharmaceutical industry** and the **innovative drug sector** in China for the year 2025, highlighting various trends, opportunities, and challenges within the sector [2][4][26]. Core Insights and Arguments - **Policy Support for Innovative Drugs**: The Chinese government has approved a comprehensive plan to support innovative drug development, which includes price management, medical insurance payments, and diversified payment systems. This is expected to accelerate drug approval processes and enhance market opportunities for innovative drugs [2][3]. - **High Growth Potential**: The innovative drug sector is anticipated to maintain a high growth trajectory due to favorable policies and ongoing medical insurance negotiations. Companies like BeiGene and Hengrui Medicine are expected to benefit significantly from these developments [2][4]. - **AI in Healthcare**: The rapid development of AI in healthcare is highlighted, with companies that possess high-quality data expected to lead in AI applications for diagnostics and health management [2][5]. - **Medical Device Sector Recovery**: The medical device sector is showing signs of marginal recovery, particularly in the ophthalmology segment, driven by favorable fertility policies and increased demand for refractive surgeries [2][6]. - **Global Competitiveness of Chinese Firms**: Chinese innovative drug companies are increasingly demonstrating global competitiveness, with a significant share of global upfront payments and R&D milestones [2][8]. - **Transformation of Traditional Pharmaceutical Companies**: Traditional pharmaceutical companies are accelerating their transformation, with a focus on differentiated innovative products. Companies like East China Pharmaceutical and China National Pharmaceutical Group are noted for their promising prospects [2][9]. - **CXO Sector Recovery**: The CXO sector is gradually recovering, with leading companies like WuXi AppTec showing strong fundamentals and rapid order growth [2][27]. - **Technological Innovation in Medical Devices**: The medical device sector is characterized by strong technological innovation, with companies like United Imaging Healthcare expected to achieve significant growth in 2025 [2][38]. Notable Companies and Investment Opportunities - **Recommended Companies**: Key companies to watch include BeiGene, Hengrui Medicine, and Innovent Biologics in the innovative drug space, and United Imaging Healthcare in the medical device sector. These companies are recognized for their differentiated competitive advantages and potential for international expansion [2][7][12]. - **BeiGene's Profitability**: BeiGene is projected to achieve profitability in 2025, with its leading product, Zanubrutinib, expected to continue strong sales growth in the U.S. market [10][11]. - **Hengrui Medicine's Internationalization**: Hengrui is making significant strides in international markets, with a robust pipeline and expected high growth rates [12][15]. - **Innovent Biologics' Breakthroughs**: Innovent is noted for its advancements in tumor immunotherapy, with promising data expected from its overseas trials [16][19]. - **East China Pharmaceutical's Growth**: East China Pharmaceutical is positioned for growth with a diverse pipeline and strong market presence [24][25]. Additional Important Insights - **Market Trends**: The overall pharmaceutical market is expected to see a recovery in 2025, with innovative drugs leading the way due to supportive policies and market dynamics [4][26]. - **Investment Sentiment**: There is a positive sentiment towards the pharmaceutical sector, with expectations of continued growth driven by innovation and policy support [2][26]. - **Challenges and Risks**: While the outlook is positive, potential risks include regulatory changes and market competition, which could impact the performance of certain companies [2][3][4]. This summary encapsulates the key points discussed in the conference call, providing a comprehensive overview of the pharmaceutical industry's current landscape and future prospects.

底子好、估值低的传统赛道公司，正成为公募基金调研寻找估值切换逻辑下的"老树发新芽"。 近期，基金经理在传统赛道大规模调研的现象引发市场关注，其调研访问的信息大多指向传统赛道企业在 新兴赛道业务的积累和释放，而在基金调研传统赛道企业的背景下，头部公募近期举牌在人形机器人材料 领域有应用前景的化工企业进一步彰显了这一新策略。价值派基金经理独辟蹊径买入15倍估值的传统医学 网站股票，并在AI医疗的估值包装下实现数倍获利，这一低价买老票的业绩效果，远超该基金经理重仓的 新赛道股票，暗示了赚估值切换的钱，更吸引公募的持仓兴趣。 多位基金经理分析认为，由于市场对新事物的热度和认知充分，当前背景下难以通过合理价格重仓介入， 但部分传统赛道公司可能拥有向市场提供了低价切入新世界的机会，尤其是新技术的重大突破对传统赛道 的许多公司构成估值切换利好，形成对传统经济的赋能，第二增长逻辑让传统行业焕发出新的活力。 甚至公募基金在 调研 建筑工程造价软件领域的广联达时，关注的核心都指向该家建筑造价软件公司在人 工智能相关技术和应用产品上的布局策略，基金公司调研压塑机赛道的东亚机械时，公募人士关注的问题 也指向是否工业机器人的机械臂业务 ...

明敏 发自 凹非寺 量子位 | 公众号 QbitAI DeepSeek之后，大模型下半场的走向如何？ 蚂蚁华为阿里云已做出选择：携手近百家企业联手组局，将探索的航道驶向医疗新大陆。 他们共同发布了一个新产品： "大模型一体机"全栈解决方案 。 如今，医疗机构想要快速、安全、稳定实现大模型落地，只需一键接入蚂蚁医疗大模型一体机设备， 即可完成国产算力、医疗大模型、AI训 推一体这一连串的私有化部署 。同时还定制化配置成熟应用，直接给医院业务系统、医疗诊断、患者服务大升级。 浙江省人民医院、北京市中医院、上海仁济医院等7家机构已成为首批接入合作的医疗机构。比如， 浙江省人民医院选择在一体机中配备了医 生助手、达摩院影像筛查应用 。 不止如此，蚂蚁与浙江卫健委合作的AI健康应用"安诊儿"已覆盖超1000家公立医院，这一方案也正应用于湖南、上海等地。收购"互联网在线 诊疗鼻祖"之称的好大夫之后，助力产品持续升级，推出了AI医生助手系列功能，为29万注册医生提供更趁手的AI工具。 生成式AI浪潮爆发， 更进一步解决底层模型能力问题 。大模型表现出的强泛化能力，使得AI在行业落地可以摆脱原本的"烟囱"模式（专门从 头训练 ...

合作伙伴征集：2025全球手术机器人大会 报名：首届全球眼科大会 | 暂定议程 报名：首届全球心血管大会 | 奖项报名倒计时 报名：首届全球骨科大会 | 奖项报名倒计时 年初以来，在DeepSeek的推动下，各行各行纷纷加入AI浪潮。 近日， 华为 宣布正式成立"医疗卫生军团" ，用AI大模型为中国医院装上"智能心 脏"，提升医疗效率和质量 。该军团旨在整合华为在5G、云计算、AI大模型等领域的技术积累，重点构建AI辅助诊断解决方案体系，推动医疗大模型 在临床场景的应用。 据世界卫生组织预测，到 2030 年全球医疗数据量将增长至 2.3 万亿 GB ，但传统医疗系统对数据的处理能力严重滞后。 华为的医疗军团模式，正是 以技术融合填补这一鸿沟，通过"端到端"的垂直整合 ，实现从实验室到临床的快速落地。 # 三 大核 心 技术底 牌 虽然华为本身并未发布任何医疗大模型，只是为行业训练大模型提供解决方案。但面对这块万亿蛋糕，华为的野心远不止于技术供应商，它要成为医 疗智能化的"操作系统"。 一旦华为在技术、生态、政策三端协同突破，或将推动中国医疗从"跟跑"转向"领跑 "。 华为的"军团制度"自2021年实施以来， ...

今天白天股市开盘后，全球都继续演绎risk off，也就是避险的模式， 昨晚美股大跌 （原因看这 Trumpcession ），亚太地区的股市基本都是低开 的状态，港股低开2.5%，日本低开2.5%，韩国低开2.5%，中国台湾低开3%左右，大家都差不多。 等到收盘一看，下图，韩国和中国台湾回来了一半，日本回来的更多一些，而港股直接翻红了，恒生科技涨了1.4%。 核心原因还是市场消化了一下，觉得有点跌多了， 上午10点开始，美国那边的股指期货开始触底反弹 ，带动了全球股市的止跌，另外提醒一下 大家，美国进入夏令时了，开盘变成北京时间的21:30，开盘小跌。 今天有两处略显诡异的地方，也是大家讨论比较多的。 第一，A股尾盘拉红。 沪深300和上证都是尾盘最后15-20分钟拉红的，大家觉得是不是有神秘资金护盘的力量加持，我看了一下最大的几个沪深300ETF和最大的上证50ETF， 确实尾盘放量比较明显 。 第二，是港股通南向资金，今天净卖出了40亿，但港股却一路涨。 下图，可以看到，14点之后，南向资金和港股走势明显背离了，港股通（黄线）持续卖出，但恒指（白色）一路往上。 其中一个解释，是外资的回补了。 但今天卖出 ...

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical and biotechnology sector [5][4]. Core Insights - The ban on Illumina's export of sequencing instruments to China is expected to accelerate domestic alternatives, with companies like BGI Genomics likely to capture significant market share [2][14]. - The overall performance of the pharmaceutical sector has been weaker than the broader market, with a TTM P/E ratio of 31.19x, which is at the 54.01 percentile of the past five years [1][51]. Market Overview - The A-share market rose by 1.90% overall, with the healthcare services sector leading at 2.63%, while the biotechnology sector increased by 1.06% [1][44]. - The market for global sequencing instruments and consumables is projected to grow from approximately $2.8 billion in 2017 to about $20.2 billion by 2032, with a CAGR of 16.8% [19]. Company Performance and Recommendations - Illumina holds a 26.5% share of the new sequencing instrument market in China, with an expected revenue of $310 million in 2024 [2][14]. - BGI Genomics is positioned to gain the largest share of the newly available market due to its established solutions and market foundation [2][14]. - Other domestic companies such as Aihua Long, Shengxiang Biology, Antu Biology, and Zhenmai Biology are also expected to benefit from this market shift [2][14]. Valuation and Investment Strategy - The report suggests focusing on high-quality domestic manufacturers of sequencing instruments, such as BGI Genomics, Aihua Long, Shengxiang Biology, and Antu Biology [2][14]. - The report continues to recommend innovative pharmaceuticals and AI healthcare as key investment themes, highlighting companies like Kangfang Biologics, Keren Biotechnology, and Sanofi [3][4]. Key Company Forecasts - Major companies in the sector, including Mindray Medical and WuXi AppTec, are rated as "Outperform" with projected net profits increasing from 115.8 billion yuan in 2023 to 176.4 billion yuan by 2026 [4][7]. - The report emphasizes the importance of innovation in driving growth within the pharmaceutical industry, particularly in the context of digital transformation and AI integration [3][4].

10日，A股午后逐渐止跌，北证50指数较为强势，场内近3300股飘红，但全A成交额明显萎缩。 具体来看，三大股指盘中震荡下探，尾盘跌幅逐渐收窄。截至收盘，沪指跌0.19%报3366.16点，深证成指跌0.17%报10825.7点，创业板 指跌0.25%报2199.88点，北证50指数逆市涨1.89%，沪深北三市合计成交15442亿元，较上一交易日减少3177亿元。 场内近3300股飘红，AI医疗概念活跃，创业慧康、塞力医疗、润达医疗等涨停，博济医药涨超13%；BC电池概念等拉升，英诺激光、 海优新材、海源复材等涨停；培育钻石概念崛起，黄河旋风、国机精工涨停，惠丰钻石涨近10%；零售概念走高，友阿股份、人民同 泰、南宁百货等涨停；煤炭、石油等资源股集体上扬，大有能源、美锦能源、罗平锌电等涨停；金融板块疲弱，中国人寿跌超2%；值得 注意的是，云鼎科技、杭齿前进、海南华铁等强势股相继跳水跌停。 港股大幅回调，恒生指数跌近2%，恒生科技指数一度跌超3%。截至收盘，恒生指数跌1.85%报23783.49点，恒生科技指数跌2.52%报 5885.49点。个股方面，中国联通、美团跌近5%，阿里巴巴跌约4%，腾讯控股跌逾3% ...