本报讯 （记者袁传玺）近日，2025医学界价值医疗大会暨第六届泰山奖颁奖仪式在上海隆重召开。 在"AI大模型驱动的诊疗变革与产业融合"分论坛上，京东健康探索研究院相关负责人发表主题演讲，介 绍了"京医千询"医疗大模型的核心能力优势与生态共建进展，展现了京东健康在医疗AI领域的突破性成 果。 作为京东健康在医疗AI领域的技术底座，"京医千询"通过开源持续推动行业协同创新，成为破解医疗普 惠难题、逼近临床认知边界的关键力量之一。目前，以多模态感知、拟人对话、可信推理三大核心能力 为支撑，全新升级的"京医千询2.0"，已构建起适配医疗健康全场景的技术体系。 在多模态技术方面，"京医千询"实现了从文本到影像的全维度信息深度整合，不仅能精准提取病历、医 嘱中的关键文本信息，联动检验指标构建完整健康档案，更具备领先的像素级影像分析能力——输入医 学影像后，可精准识别每个像素点对应的解剖结构或病灶区域，同时覆盖脑部MRI、内窥镜、超声等专 科特异性影像模态的原生理解。其多模态思维链推理能力更是模拟人类医生的诊疗逻辑，先全局观察影 像整体情况，再聚焦细颗粒度细节并行分析，最终整合多源信息输出可靠诊断结果，即便面对弯折、旋 转 ...

近日，2025医学界价值医疗大会暨第六届泰山奖颁奖仪式在上海召开。在"AI大模型驱动的诊疗变革与产业 融合"分论坛上，京东健康探索研究院相关负责人发表主题演讲，介绍了"京医千询"医疗大模型的核心能力优 势与生态共建进展，展现了京东健康在医疗AI领域的突破性成果。 三大核心能力筑牢技术底座，执业资格考试表现出色 作为京东健康在医疗AI领域的技术底座，"京医千询"通过开源持续推动行业协同创新，成为破解医疗普惠难 题、逼近临床认知边界的关键力量之一。目前，以多模态感知、拟人对话、可信推理三大核心能力为支撑， 全新升级的"京医千询2.0"，已构建起适配医疗健康全场景的技术体系。 专科化深耕+开放演进，技术渐进逼近临床认知边界 为精准适配临床场景需求，京东健康专门基于京东互联网医院沉淀的问诊数据，构建了与临床任务高度吻合 的评测集，该评测集在与ChatGPT的全面对比中，充分验证了"京医千询"在核心医疗能力上的领先性。 目前，"京医千询"已完成从通用基座模型到全科大模型，再到专科专病大模型的技术演进，而这一演进背后 是京东健康在专科专病领域的长期深入布局。 具体来看，京东健康首先以"京医千询"为基石，依托旗下京东互联网 ...

Group 1 - The core viewpoint of the report highlights that the pharmaceutical industry in China is experiencing a reversal in 2025, driven by innovative drugs, with significant benefits observed in the CXO and upstream supply chain sectors, particularly in the Hong Kong stock market where innovative drugs have seen a rise of over 80% year-to-date [1][4] - The report emphasizes that the core catalyst for innovative drugs comes from policy support and the realization of business development (BD) opportunities abroad, with notable transactions exceeding 1 billion USD, validating the international competitiveness of Chinese innovative drugs [1][2] - A significant reform in the payment sector is underway, with the introduction of a dual-track system for medical insurance, allowing for the inclusion of high-value innovative drugs in commercial insurance, addressing the gap in coverage for expensive treatments [1][2] Group 2 - The report indicates a rapid growth trend in the number of license-out transactions by Chinese pharmaceutical companies, with total upfront payments reaching 6.298 billion USD, a 53% year-on-year increase, and total transaction amounts reaching 118.862 billion USD, a 125% increase [2] - Looking ahead to 2026, the report suggests a shift from "BD-driven" to "data-driven" investment in innovative drugs, emphasizing the importance of clinical data validation and commercial capabilities for revenue growth [2] - Recommended stocks for investment include Heng Rui Medicine, Kelun-Biotech, and Teva Biopharmaceuticals, among others, while companies like Kangfang Biotech and Innovent Biologics are suggested for further attention [2][3] Group 3 - The overall profitability of the pharmaceutical sector remains stable, with a gradual improvement in the profitability of the pharmaceutical manufacturing industry, despite a slight decline in revenue growth [11][15] - The report notes a significant divergence within the industry, with the medical services sector performing well, while the profits of the biopharmaceutical sector have seen a substantial decline [28][29] - The report highlights that the medical insurance fund's income and expenditure growth rates are stabilizing, indicating a long-term trend towards cost control in medical insurance, which is essential for the sustainable development of the innovative drug industry [31][36]

Core Insights - China is a significant market for global medical AI solutions, benefiting from technological advancements, high-quality medical data accumulation, supportive national policies, and growing market demand, leading to rapid growth in AI applications in healthcare [1][4]. Market Size and Growth - The market size for medical AI solutions in China is projected to grow from 9.1 billion yuan in 2021 to 16.4 billion yuan in 2024, with L1 solutions increasing from 5.8 billion yuan to 9.4 billion yuan, L2 solutions from 3.3 billion yuan to 6.9 billion yuan, and L3 solutions at 0.1 billion yuan [1][4]. - By 2025, the market size is expected to reach 18.2 billion yuan, with L1 solutions at 9.8 billion yuan, L2 solutions at 7.8 billion yuan, and L3 solutions at 0.6 billion yuan [1][4]. Industry Definition and Applications - Medical AI solutions utilize AI technologies such as machine learning, deep learning, natural language processing, and big data analysis to enhance various medical processes, including diagnosis, treatment, drug development, and hospital management [2][3]. - The industry is evolving from L1 and L2 solutions, which provide supportive insights, to L3 and L4 autonomous agents capable of executing tasks independently [2][3]. Industry Development Status - The integration of general large model capabilities with medical knowledge bases is driving the transition of medical AI solutions towards higher levels of autonomy [3][4]. - The global market for medical AI solutions is expected to grow from 23.2 billion yuan in 2021 to 40 billion yuan in 2024, with L1 solutions increasing from 13.9 billion yuan to 21.1 billion yuan, L2 solutions from 9.3 billion yuan to 18.7 billion yuan, and L3 solutions at 0.2 billion yuan [4]. Industry Chain - The medical AI solutions industry chain includes upstream data supply, hardware providers (chips, servers), cloud services, operating systems, and algorithms, with midstream companies providing AI solutions and downstream applications in healthcare institutions, pharmaceutical companies, and individual patients [5]. Policy Environment - The Chinese government has prioritized the application of AI in healthcare, implementing policies to support AI in medical diagnosis, health management, and insurance regulation, which are expected to accelerate the development of AI in healthcare [5]. Competitive Landscape - The industry features a competitive landscape with local giants, vertical startups, and multinational companies. Key players include iFlytek Medical, Baidu, United Imaging, CloudWalk, Weining Health, and Mindray Medical [7]. - iFlytek Medical is a leading company in the AI healthcare sector, leveraging its large model to empower various healthcare stakeholders and has developed comprehensive AI solutions for hospitals and primary care institutions [9][11]. Revenue Structure of Key Players - iFlytek Medical reported a revenue of 299 million yuan in the first half of 2025, with contributions from various solutions: 84 million yuan from primary care solutions, 58 million yuan from regional solutions, 53 million yuan from hospital solutions, and 104 million yuan from patient management services [11]. - The company aims to build a robust B-end ecosystem to strengthen its commercial channels [9]. Future Trends - The development of the medical AI industry will be driven by a combination of technology, data, scenarios, and regulation, leading to a more mature, deeper, and broader market landscape [12].

( 图片来源：《澳华财经在线》) 鑫海快步布局澳交所金矿板块：Ariana Resources(ASX:AA2)获山东鑫海矿业重磅投资 冲刺Dokwe黄金项目最终可行 性研究 今年预计将是1979年以来黄金表现最佳的一年。 进入12月，金价徘徊于每盎司4200美元高位，年初至今已上涨超60%。 在澳交所，黄金生产商率先上涨，但黄金开发商板块的表现很快开始超越那些大市值的金矿股。 业内人士表示，ASX黄金板块目前"流动性巨大，收益丰厚"，不仅体现在大型公司的现金生成能力上，也体现在小 公司获取股权融资的能力上。 具有大规模生产潜力的金矿开发商尤其不断受到发掘——这些公司有望非常迅速地推进开发，在短期内成为"下一 个"突然崛起、即将进入市场的黄金生产商。 这是一场时间与资金的赛跑，更是一场实力投资者与优秀黄金开发公司基于商业嗅觉和战略契合的双向奔赴。 Ariana (ASX:AA2)喜迎战略投资者 在非洲和欧洲拥有高潜力黄金项目的Ariana Resources Plc (ASX股票代码:AA2)周二宣布获得来自香港鑫海矿业服务 有限公司（山东鑫海矿业技术装备股份有限公司旗下公司）重大战略投资承诺。 根据双方签署 ...

医疗行业跨界洞察 本文来自微信公众号： 健闻咨询 ，作者：毛晓琼、李琳，原文标题：《问诊单量下降40%，基层医 生排不上班，线上问诊会是第一个被AI干掉的医疗赛道吗？》，题图来自：AI生成 做了近10年的线上问诊，舒浩没有想到，变化会来得如此之快。 舒浩是国内某头部三甲医院的一名内科高年资主治，从2016年开始接触线上问诊，几家主流的在线 问诊平台他都注册了个遍。从单量上来看，他在几个核心平台都算是靠前的，一个月平均能接500单 左右。 今年10月下旬，他所服务的某个主力平台发布了一款AI健康管家类产品。当时，这个偏行业侧的消 息并没有引起他的重视。直到11月过半，他发现自己在该平台上的线上问诊量缩水了40%左右。 以下文章来源于健闻咨询 ，作者健闻咨询 健闻咨询 . "其它平台的问诊量之前也有一些下降，大概在20%左右。"舒浩说。 在某互联网医疗公司任职的苏玉更早捕捉到了这种趋势，她所在的公司很早就围绕线上问诊做了独立 的业务布局，医生黏性强，在用户端的口碑也很好。 但从2024年下半年开始，她发现问诊平台的单量开始平稳下滑，"当时我们都不知道原因，后来接触 AI多了，大家才意识到，很多浅层的，和医疗健康相 ...

但从2024年下半年开始，她发现问诊平台的单量开始平稳下滑，"当时我们都不知道原因，后来接触AI 多了，大家才意识到，很多浅层的，和医疗健康相关的咨询已经开始被AI替代了。" "所有常规标准化的问诊，都会逐步被AI取代。"长期从事互联网医疗相关工作的资深人士徐晓向《健闻 咨询》表示，在他看来，这部分可被替代的问诊需求，在所有线上问诊场景里的占比接近80%。 做了近10年的线上问诊，舒浩没有想到，变化会来得如此之快。 舒浩是国内某头部三甲医院的一名内科高年资主治，从2016年开始接触线上问诊，几家主流的在线问诊 平台他都注册了个遍。从单量上来看，他在几个核心平台都算是靠前的，一个月平均能接500单左右。 今年10月下旬，他所服务的某个主力平台发布了一款AI健康管家类产品。当时，这个偏行业侧的消息 并没有引起他的重视。直到11月过半，他发现自己在该平台上的线上问诊量缩水了40%左右。 "其它平台的问诊量之前也有一些下降，大概在20%左右。"舒浩说。 在某互联网医疗公司任职的苏玉更早捕捉到了这种趋势，她所在的公司很早就围绕线上问诊做了独立的 业务布局，医生黏性强，在用户端的口碑也很好。 巧合的是，最近互联网医疗行业 ...

中国AI+治疗行业调研简报 | 2025/09 www.leadleo.com 报告标签：CT、X射线、AI医疗 2025年9月 作者：何婉怡 1 报告提供的任何内容（包括但不限于数据、文字、图表、图像等）均系头豹研究院独有的高度机密性文件（在报告中另行标明出处者除外）。未经头豹 研究院事先书面许可，任何人不得以任何方式擅自复制、再造、传播、出版、引用、改编、汇编本报告内容，若有违反上述约定的行为发生，头豹研究 院保留采取法律措施、追究相关人员责任的权利。头豹研究院开展的所有商业活动均使用"头豹研究院"或"头豹"的商号、商标，头豹研究院无任何前述名 称之外的其他分支机构，也未授权或聘用其他任何第三方代表头豹研究院开展商业活动。 头豹调研简报 | 2025/07 AI医疗器械行业 Q1：中国AI手术规划行业市场规模及增长驱动力是什么？ 图表1：中国AI手术规划医疗器械行业市场规模，2022-2030E 单位：亿元 0.1 0.3 0.7 1.5 3.0 5.5 8.2 13.7 21.1 2022 2023 2024 2025E 2026E 2027E 2028E 2029E 2030E 期间 复合年增长率 2 ...

Group 1 - The core viewpoint of the investment strategy report highlights the potential new main lines driven by policies and events, emphasizing the role of ETFs as a key investment tool in a "slow bull" market [2] - The report suggests that the 2025 surge in the innovative drug sector is a result of the resonance between policy, industry, demand, and globalization, indicating that "new" assets in the pharmaceutical sector remain a long-term investment direction [4] - The analysis focuses on five key areas for macroeconomic and investment outlooks for 2026, including supply-demand contradictions, price assessments, financial conditions, economic transformation, and overseas stock-bond allocation experiences [7][8] Group 2 - The pharmaceutical industry is expected to see investment opportunities in 2026, with recent adjustments leading to relatively low valuations, which may restart an upward trend in 2026 [4] - The report recommends focusing on hard technology in pharmaceuticals and specific sub-sectors, including innovative drugs (leading BIC and FIC pipelines), innovative medical devices (imaging, high-value consumables, consumer devices), and medical AI [4] - Tuniu's performance dialogue will explore strategies for recovering outbound tourism, including product upgrades, channel optimization, and private domain operations to reshape competitiveness [11]

在近日举办的"AI+医疗数据引领大健康行业升级"会议上，健康160（2656.HK）首次披露：其AI驱动医 院运营升级方案已助力深圳某医院实现年增收超5000万元。这一数字背后，是医疗数据要素化价值释放 的冰山一角。 政策东风已至：医疗AI迎来黄金投资窗口 "医疗大数据作为第五大生产要素的价值释放窗口已经打开。"与会专家指出，在数据要素市场化配置改 革加速背景下，健康160等平台型企业将率先受益。 商业模式已验证：双轮驱动打造增收引擎 健康160集团总裁冀冉在主题演讲中系统展示了其独特的盈利模式。公司以医院微信公众号为数字化主 阵地，构建消费医疗、智慧导诊、医生品牌与院长数据驾驶舱四大模块，形成完整的公众号运营升级方 案，推动医院向数据驱动的精准运营转型。 在平台推广上，健康160依托"公众号私域+平台公域"双轮驱动模式，结合5500万用户数据与华为鸿蒙生 态入口，基于AI精准推荐为医院引流优质患者。这一模式不仅解决了医院在医保控费背景下的增收难 题，更开辟了可复制、可推广的数字化实践路径。 尽管医疗数据所有权归患者所有，但通过创新服务模式，健康160可合法为药企、保险机构等提供合规 数据服务，开辟全新营收渠 ...