AI医疗观察 . 响应《关于深入实施"人工智能+"行动的意见》，推动AI在医疗领域的应用，本账号发布权威资讯 以下文章来源于AI医疗观察 ，作者关注AI医疗的 蚂蚁阿福月活用户规模已超过 1500 万，成为国内首个月活突破千万的健康管理类 AI 应用，其意义并不仅在规模本身，而在于验证了消费端长 期健康管理的可行性。 而这只是 C 端 AI 医疗商业化的起点。未来真正决定产品能否走向长期增长的，并非单点能力，而是能否把用户的健康行为持续组织起来。基于 大量过往投资案例和长周期验证，我们认为其核心有三层： 高频 刚性 的 场景、大量用户以及用户主动上传的数据 。本文将通过 分析中国 AI 医疗 格局 ，进一步展开这一判断。 为什么是现在：从试点条件走向系统条件 在 通用 AI 2C 产品中，模型足够好，或在某个高频场景中解决了明确痛点，用户规模便可以迅速放大。 但在医疗领域，这一关系长期是倒置 的。医疗模型的有效性高度依赖两类基础条件：一类是来自医疗体系内的历史就诊与检查数据，用以覆盖真实人群与疾病阶段；另一类是来自真 实使用者的长期交互与连续健康记录，用以 解答高度个体化和针对性的健康问题。 所以， AI 医 ...

开年行情或可关注脑机接口&AI 医疗&国企改革条线 [Table_Industry] 医药生物行业周报 [Table_ReportTime] 2026 年 1 月 4 日 证券研究报告 行业研究 [Table_ReportType] 行业周报 医药生物 医药生物 投资评级 看好 上次评级 看好 [Table_A 唐爱金 uthor 医药首席分析师 ] 执业编号：S1500523080002 邮 箱：tangaijin@cindasc.com 贺鑫 医药联席首席分析师 执业编号：S1500524120003 邮 箱：hexin1@cindasc.com 曹佳琳 医药行业分析师 执业编号：S1500523080011 邮 箱：caojialin@cindasc.com 章钟涛 医药行业分析师 执业编号：S1500524030003 邮 箱：zhangzhongtao@cindasc.com 赵丹 医药行业分析师 执业编号：S1500524120002 邮 箱：zhaodan@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 ...

2025年12月下旬，开盘证券等机构发布针对健康160（02656.HK）的评级报告，最高目标价达到95.51港 元，引发市场广泛关注。 作为国内领先的数字医疗健康综合服务平台，健康160凭借超过18年的行业深耕，在平台挂号量、合作 医疗机构及医护人员数量等核心资源指标上均位列行业第一。券商研究所的乐观预期正是源于健康160 展现出的明确业绩拐点信号：营收重回增长轨道，经调整净亏损大幅收窄，盈利在望。 健康160的业务构成呈现出鲜明的"医药产品经销与数字健康服务双轮驱动"特征。医药健康用品销售业 务贡献了公司收入的主要部分，但毛利率较低；而数字医疗健康解决方案虽然收入占比约30%，但毛利 率超过70%，成为公司盈利改善的关键动力。截至2025年3月31日，健康160的平台已连接超过4.46万家 医疗健康机构，其中包括超过1.44万家医院（含3430家三级医院）及超过3.02万家基层医疗卫生机构。 平台与超过90万名医护人员建立合作关系，注册个人用户达到5690万名。这些资源构成了健康160的核 心竞争壁垒。 行业风口：数字医疗赛道迎来黄金发展期 中国医疗健康行业正经历深刻变革。根据行业数据，数字医疗健康综合服 ...

未来，随着AI技术的不断突破和医疗健康需求的升级，AI医疗行业有望持续保持高景气度。 北京市卫健委信息处处长邓锴介绍，《行动计划》和《若干措施》两份文件，将抢抓人工智能发展历史 机遇，赋能人工智能和医药健康产业发展，通过人工智能赋能医疗健康行业，使人民群众广泛享有更加 优质、便捷、高效的医疗卫生服务。同时，立足卫生健康行业自身的需求场景、行业数据、科技服务等 方面，提出支持人工智能和医药健康产业发展的具体举措。 AI医疗正迎来商业化拐点 北京医疗领域发展人工智能将有更明确的措施。12月30日，北京市卫生健康委召开医疗健康人工智能政 策发布媒体沟通会，详细解读了《北京市支持医疗健康领域人工智能应用发展行动计划（2026—2027 年）》（简称《行动计划》）和《北京市医疗健康领域支持人工智能产业创新发展若干措施（2026— 2027年）》（简称《若干措施》）。 《行动计划》从聚焦核心场景应用、进一步拓宽应用场景、加大支撑保障力度等三个维度出发，共部署 了16项重点任务。聚焦核心场景应用，《行动计划》聚焦辅助临床诊疗、基层卫生和健康管理的核心应 用场景，鼓励医疗机构与优质人工智能企业开展应用研发合作，培育并遴选成熟 ...

以下文章来源于AI医疗观察 ，作者关注AI医疗的 AI医疗观察 . 响应《关于深入实施"人工智能+"行动的意见》，推动AI在医疗领域的应用，本账号发布权威资讯 *转载请联系后台，原创不易 把它和传统综合健康管理应用对比，会更清楚差异点。传统应用的干预是内容化的，例如给出饮食与运动建议，然后把执行交给用户。 WELT 这类产品把干预做成流程化的，持续监测腰围与行为模式，自动触发提醒与反馈，把健康行为拆成每天都会发生的小动作，系统承担了更大比例 的执行责任，而不是把责任留在用户端。 从建议到执行：综合健康管理正在把决策负担从人转移到系统 综合健康管理在 CES Digital Health 里是最拥挤的赛道之一。大量公司都在讲 AI、个性化、全维度健康，但真正的分化点并不在谁能覆盖更多 模块，而在产品是否对健康结果承担了更大的执行责任。这里的执行责任不是口号，而是产品结构上把原本由人完成的事情系统化，例如自动触 发、自动校正、自动把训练与干预排进日程，并且把反馈闭环绑定在硬件与家庭场景里，让健康行为不再依赖意志力与手动记录。 基于对 CES 官网展商公司介绍及产品分类 的逐条分析，我们将 92 家公司归入综合健康 ...

智通财经APP获悉，西南证券发布研报称，2025年初，港股企业陆续达成BD;港股创新药领先上涨;3 月，《政府工作报告》提出"健全药品价格形成机制，制定创新药目录，支持创新药和医疗器械发展， A股创新药跟涨。5月随着PD1/VEGR双抗首付款12.5亿美金BD落地，创新药迎来加速上涨行情。随着 三季度结束，创新药迎来高位调整。该行判断，2026年创新药板块将从普涨进入精选个股行情。2026 年，该行看好医药出海、脑机接口、AI医疗三大方向。 西南证券主要观点如下： 出海方面 2025年中国创新药出海节奏显著提速，截至12月5日，BD出海项目数量已达166项，较2024年全年增加 54项;首付款已达63.0亿美元，较2024年全年增长超199%;总金额已达1419.7亿美元，较2024年全年增长 超136.8%。超52%的分子在出海时处于I期临床及临床前的早期阶段，ADC和双抗等仍是出海热点、 GLP-1R靶点新药在长效化/口服化/多靶点激动/减脂保肌等方向上仍具出海潜力。器械出海方面：2025 年7月赛诺医疗冠脉支架获批FDAPMA进展高度提振市场信心，未来关注国内企业器械产品在美国实现 PMA注册进展。 脑 ...

Group 1 - The discussion on "AI surpassing ordinary doctors in top-tier hospitals" has garnered significant attention in the investment community, with notable investor Duan Yongping commenting that AI is likely to be faster, more convenient, and even more accurate than expensive private doctors [1][3] - The AI healthcare sector is experiencing a surge in interest, particularly highlighted by the rapid popularity of consumer-level applications, such as Ant Group's AI health app "Antifufu," which has reached the top of the Apple App Store's free download chart and processes 5 million health inquiries daily [3][6] - The capital market's enthusiasm for the AI healthcare sector has been ignited, with the Wind AI healthcare theme index rising for several consecutive trading days following the product upgrade of "Antifufu," leading to active stock performance among related listed companies, including Meinian Health, Huaren Health, Weining Health, and Yuyue Medical [6] Group 2 - The aging population and increasing life expectancy are driving the demand for health-related AI applications, revealing a widespread market need for health solutions [6] - The current trajectory of AI healthcare is expanding from single products to a full diagnostic and treatment chain, with applications extending from core hospitals to grassroots healthcare and personalized health management [6] - The integration of "artificial intelligence + healthcare" is expected to deepen under supportive policies and the development of new productive forces, opening up broader opportunities for industry growth [6]

Core Viewpoint - The rise of AI applications in healthcare, particularly the "Ant Fortune" app, is expected to significantly impact the market, with predictions that next year could be a pivotal year for AI applications in this sector [2][6]. Group 1: AI in Healthcare Applications - The "Ant Fortune" app has gained remarkable traction, reaching the second position on the Apple App Store's free chart after a surge in downloads following its latest release [6]. - AI is increasingly being utilized as a "super assistant" for doctors, enhancing diagnostic completeness by allowing physicians to consult the app during patient evaluations [10][8]. - The healthcare sector is showing a positive response to AI technology, with the "Ant Fortune" app providing a "famous doctor AI avatar" feature, which has already answered over 27 million health inquiries [18]. Group 2: Market Response and Investment Trends - The healthcare sector has seen a strong performance in the stock market, with AI healthcare concept stocks like Meian Health and Weining Health experiencing significant gains [11]. - Investment interest is growing, with investors actively inquiring about potential collaborations with the "Ant Fortune" app and urging companies to capitalize on industry trends [15]. - Analysts suggest that AI healthcare is transitioning from thematic investment to a growth track supported by real performance metrics [11]. Group 3: Policy Support and Industry Standards - The government has expressed clear support for the integration of AI in healthcare, identifying it as a key direction for cultivating new productive forces by 2025 [17]. - The establishment of industry standards is crucial for the development of AI in healthcare, with the first AI doctor standard in the surgical field recently released by Peking University People's Hospital in collaboration with Ant Health [22].

Core Insights - The report indicates that the innovative drug sector is entering a phase of selective stock picking in 2026, following a beta market in 2025. The A-share pharmaceutical industry has risen by 15.9% since the beginning of 2025, underperforming the CSI 300 index by 0.65 percentage points, ranking 17th among industries [2][14]. - The report highlights three key investment directions for 2026: overseas expansion of pharmaceuticals, brain-computer interfaces, and AI in healthcare [2]. Investment Strategy Overview - The innovative drug sector is expected to shift from a broad market rally to a focus on selective stocks in 2026. The average increase for 75 innovative drug sample indices in A-shares reached 54.8%, with Hong Kong's indices doubling [2]. - The report notes that as of December 5, 2025, there were 166 overseas business development (BD) projects, a significant increase from the previous year, with upfront payments reaching $6.3 billion, a growth of over 199% compared to 2024 [2]. Key Investment Directions Overseas Expansion - The report emphasizes the acceleration of Chinese innovative drugs entering international markets, with ADCs and bispecific antibodies being hot topics. The potential for GLP-1R target new drugs remains strong in areas such as long-acting formulations and oral medications [2]. Brain-Computer Interfaces - The report outlines the government's strategic push for brain-computer interfaces as a new economic growth point, with applications in medical rehabilitation for conditions like stroke and spinal cord injuries [2]. AI in Healthcare - The report discusses the establishment of clear short-term and long-term goals for AI in healthcare, covering various applications such as AI health management and clinical decision support systems [2]. Recommended Stocks - The report recommends several companies for investment, including Heng Rui Medicine (600276), BeiGene (688235), Mindray Medical (300760), and others, indicating a diversified approach across the innovative drug and medical device sectors [2].

2025年6月，杭州微脉技术有限公司（下称"微脉"）向港交所递交主板上市申请。作为国内较早提出"全病程管理"概念的企业，微脉曾因嵌入公立医院体 系、以AI驱动患者管理服务而受到市场关注。然而，招股书披露的财务数据与最新监管动态揭示出多重挑战：营收增长几近停滞、三年累计亏损超全年收 入、研发投入持续萎缩。根据港交所披露最新信息其首次港股IPO尝试目前审核状态为失效。 营收停滞，三年累计亏损超全年收入 表面的营收增长难掩增长乏力的窘境。根据微脉2025年7月3日提交的上市申请文件，2022年至2024年公司营收分别为5.12亿元、6.28亿元和6.53亿元，2023 年同比增长22.7%，但2024年增速骤降至3.98%，几近停滞。 盈利能力更是核心痛点。同期，微脉净亏损分别为4.14亿元、1.50亿元和1.93亿元，三年累计亏损达7.57亿元，相当于2024年全年营收的1.16倍。尽管公司强 调"经调整净亏损"已收窄至3020万元，但这一数据剔除了股权激励等非现金项目，实际经营性现金流仍持续为负——2022年至2024年经营活动所得现金净额 分别为-2.43亿元、-0.83亿元和-0.39亿元，意味着靠现有业务 ...