转载与合作可联系证券时报小助理，微信ID：SecuritiesTimes END 点击关键字可查看 中共中央政治局委员、国务院副总理刘国中3日至5日到广东调研。他强调，要深入学习贯彻习近平总书记 关于"三农"工作和卫生健康工作的重要论述，按照党中央、国务院部署，加快推进农业和医疗领域科技创 新，因地制宜发展农业新质生产力，提升药品医疗器械自主创新能力，有力促进产业提质升级和经济高质 量发展。 刘国中先后来到深圳市、广州市，深入港口码头、科创中心以及农业、农机、电子、跨境电商等企业，实 地了解农业科技创新、农业产业发展、农民工稳岗就业等进展情况。 他强调，要以产业急需为导向，瞄准 种业、农机、饲料、种植养殖技术等重点领域，推进农业科技协同创新。要加快农业科技成果转化，推动 先进适用技术大面积集成推广，发挥农业科技为农服务、联农带农的重要作用。 要积极支持发展智慧农 业，推广农用无人机等新型农机装备，提高农业生产效率。要大力发展农产品精深加工，延伸农业产业链 价值链，提升农业综合效益。 要加强跟踪监测、就业指导和技能培训，帮助脱贫人口和农民工稳岗就业。 刘国中还走访了医疗器械研发生产企业，详细了解产品创新及应用情 ...

证券研究报告 | 2025年07月05日 **ACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACKACK ...

Core Viewpoint - The event "2 in 20,000 Encounters - The First National Public Welfare Science Popularization Art Exhibition on Tenosynovial Giant Cell Tumor (TGCT)" aims to raise awareness about TGCT, a rare disease affecting approximately 60,000 new cases annually in China, highlighting its impact on patients' daily lives and mobility [1][2]. Group 1: Disease Overview - TGCT is a non-malignant, locally aggressive tumor primarily affecting individuals aged 20-50, leading to symptoms such as joint swelling, pain, stiffness, and limited mobility [1][2]. - The disease is often misdiagnosed due to its non-specific symptoms, which can resemble other conditions like ganglion cysts and osteoarthritis, resulting in delayed treatment for many patients [2]. Group 2: Treatment and Clinical Needs - Surgical intervention remains the primary treatment for TGCT, with an overall recurrence rate of approximately 46.8% and a median recurrence time of about 12.9 months [2]. - There is a significant unmet clinical need for safe, effective systemic treatments, especially for patients with diffuse TGCT, who face challenges of recurrence and complications [2]. Group 3: Awareness and Community Involvement - The event aims to mobilize social forces and increase public participation in rare disease awareness, emphasizing the need for collaboration among government, medical institutions, enterprises, charitable organizations, and society to build a sustainable ecosystem for rare disease prevention and treatment in China [3].

Group 1 - The year 2025 is widely regarded as a critical juncture for the development of precision medicine, with advancements in biopharmaceuticals and innovative therapies driving significant changes in drug development [1][3] - The rapid development of artificial intelligence (AI) technologies is expected to reshape human health and disease treatment possibilities, enhancing the market growth potential of new therapies such as cell and gene therapy, bispecific antibodies, and antibody-drug conjugates (ADCs) [1][3] - The first domestic stem cell drug in China was approved for market release in January this year, with multiple stem cell therapies entering Phase III clinical trials, indicating a significant advancement in the field [3][5] Group 2 - The biopharmaceutical industry in China has experienced robust growth over the past decade, with innovative biopharmaceuticals becoming increasingly accessible [5][6] - China is achieving breakthroughs in cutting-edge technologies such as dual-target agonists, bispecific antibodies, and dual-load ADCs, positioning itself for a competitive edge in global drug development [5][6] - The approval of the weight-loss drug Ma Shidu Peptide, the world's first GCG/GLP-1 dual-target weight-loss medication, exemplifies the advancements in innovative drug development in China [5][6] Group 3 - The integration of AI tools in life sciences is becoming indispensable, with breakthroughs in induced pluripotent stem cells (iPSCs) opening new avenues for cellular reprogramming and regenerative medicine [3][8] - The potential applications of reprogrammed cells from human waste, such as urine, into pluripotent stem cells could significantly impact the treatment of neurodegenerative diseases [8][9] - Establishing standardized clinical-grade stem cell resource banks is essential for the sustainable development of the industry, necessitating advancements in both technology and ethical regulations [8][9] Group 4 - The future of precision medicine lies in the organic combination of technological integration and innovative breakthroughs, shifting the focus from disease confrontation to quality of life management [9][10] - The aging population and chronic diseases are becoming major challenges in human health, necessitating support from policies, capital patience, and public understanding to promote precision medicine as a new pillar of health [9][10] - The "Good Hope Science Salon" aims to bridge the gap between academia and industry, fostering cross-disciplinary exchanges to explore new paradigms and pathways for technological innovation [10]

Group 1 - The core theme of the 2025 Customer Service Festival is "Accompanying with Qianhai, '10' is like 'YI'", emphasizing a customer-centric service philosophy through innovative online and offline integration [1] - The festival has evolved over ten years, consistently focusing on enhancing service quality and deepening service connotations [1] Group 2 - The "Yilu Xiangban" activity focuses on social responsibility, providing health knowledge and life enjoyment for elderly clients through traditional Chinese medicine lectures and hands-on activities [2] - Financial literacy and risk awareness are promoted through offline public education activities, helping clients safeguard their wealth [2] Group 3 - The "Yiqu Xingtong" offline activities include outdoor sports and museum study projects, allowing clients to experience traditional culture and enhance social interaction [3] - The "Walk into Medical Care" experience offers clients a chance to visit Qianhai's hospitals, showcasing the company's integrated model of insurance, healthcare, and elderly care [3] - The festival features a live-streaming health lecture series in collaboration with medical experts, providing clients with accessible health knowledge [3] - The "Yixin Shouhu" online activities enhance customer engagement through task completion for points and prizes, with an upgraded points mall for redeeming gifts [3] - The festival serves as a bridge for emotional connection between the company and its clients, aiming to provide a comprehensive and diverse service experience [3]

Group 1 - The spokesperson from the county housing construction bureau confirmed that the Tianxiayuan and Shuixiemingju residential projects are in the process of selecting homes, with Shuixiemingju expected to start selection in early July [1] - Tianxiayuan is located east of the Yingbin vegetable market, while Shuixiemingju is situated west of the Diyi International [5] Group 2 - The county medical insurance bureau spokesperson provided information on the necessary documents for applying for medical assistance, including identification and medical records [9] - The county urban management bureau acknowledged the issue with the public bicycle station at Baisheng Huayuan and stated that they are working to restore power to the station [9] - The county education bureau clarified that student class assignments are managed by the school, and parents can submit written requests for special considerations [9] Group 3 - The county housing provident fund spokesperson indicated that individuals who have repaid their housing provident fund loans can apply for new loans for improved housing, which will be subject to second-home interest rates [10]

Core Viewpoint - The performance of the CSI All Index for Medical Care Equipment and Services has shown mixed results, with a slight increase on the day but a decline over the past month, three months, and year-to-date [1]. Group 1: Index Performance - The CSI All Index for Medical Care Equipment and Services rose by 0.21% to 13,548.3 points, with a trading volume of 19.92 billion [1]. - Over the past month, the index has decreased by 1.41%, by 2.78% over the past three months, and by 1.24% year-to-date [1]. Group 2: Index Composition - The index is composed of listed companies in the medical care sector, reflecting the overall performance of these securities [1]. - The index was established on December 31, 2004, with a base point of 1,000.0 [1]. Group 3: Top Holdings - The top ten holdings in the index are as follows: Mindray Medical (9.65%), United Imaging (8.18%), Aier Eye Hospital (7.43%), Aimeike (3.42%), Huatai Medical (3.23%), Yuyue Medical (2.81%), New Industry (2.79%), Lepu Medical (2.69%), Meinian Onehealth (2.06%), and Shandong Pharmaceutical Glass (1.9%) [1]. Group 4: Market Distribution - The index's holdings are primarily listed on the Shenzhen Stock Exchange (60.10%) and the Shanghai Stock Exchange (39.90%) [1]. - The entire sample of the index is focused on the pharmaceutical and healthcare sector, with a 100% allocation [1]. Group 5: Index Adjustment and Fund Tracking - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [2]. - Public funds tracking the index include various Southern and Tianhong funds, as well as ETFs from multiple asset management companies [2].

Core Insights - The collaboration meeting between Yantai Yuhuangding Hospital, Tsinghua University School of Biomedical Engineering, and Beijing Boao Jingdian Biotechnology Co., Ltd. was successfully held, focusing on deepening cooperation in biomedical engineering and precision medicine [1][3]. Group 1: Hospital's Development and Achievements - Yantai Yuhuangding Hospital has made significant advancements in medical-engineering integration, precision medicine, and big data with AI, achieving notable results since its partnership with Boao Bio in 2011 [3]. - The hospital emphasizes its core position in regional healthcare and its proactive approach in discipline construction and research transformation, enhancing clinical diagnosis capabilities through high-end platforms [3][8]. Group 2: Tsinghua University Contributions - Tsinghua University School of Biomedical Engineering has made breakthroughs in five key research areas, including biomedical imaging and neural engineering, with particular attention to its leading research in brain-machine interfaces [4]. - The school aims to leverage its research strengths to foster collaboration in medical-engineering intersections and precision medicine [4]. Group 3: Boao Bio's SMART Plan - Boao Bio introduced its SMART plan, which focuses on integrating traditional and modern medicine, aiming to establish a high-level precision medicine center that enhances early disease screening and personalized treatment [4]. - The plan seeks to combine technological innovation with clinical resources to improve regional healthcare services [4]. Group 4: Collaborative Efforts and Future Directions - The three parties reached a preliminary consensus on cooperation in research project applications and talent cultivation, aiming to establish a complete closed-loop system from basic research to clinical application [6]. - They plan to conduct joint efforts in cutting-edge fields such as early diagnosis of head and neck squamous cell carcinoma and clinical applications of brain-machine interface technology [6]. Group 5: Research Facilities and Innovation - Experts visited various research platforms at the hospital, showcasing advanced experimental equipment and a strong research team, which lays a solid foundation for future collaboration [8]. - The hospital aims to strengthen the tripartite collaboration mechanism and promote the transformation of scientific achievements to enhance regional healthcare services, supporting the "Healthy China" strategy [8].

Group 1 - The Chinese government is actively promoting the protection and governance of rivers with 24 comprehensive measures [7] - The Shanghai Free Trade Zone is set to replicate and promote 77 pilot measures to align with international high-standard trade rules [11] - The Ministry of Education is collaborating with various departments to enhance employment opportunities for recent graduates [12] Group 2 - In the first five months of this year, China invested over 131.1 billion yuan in rural road construction, completing 28,000 kilometers of new and renovated roads [10] - The number of international vessels entering and leaving Shanghai port reached 23,000 in the first half of the year, marking a 3.2% year-on-year increase [17] - The China-Europe Railway Express (Xi'an) has operated over 3,000 trains this year, achieving a 22% year-on-year growth [18]

Core Insights - Tempus AI is experiencing strong operational momentum with significant revenue and gross profit growth, transitioning from a high-growth startup to a scalable enterprise AI and diagnostics company [1][2] Revenue and Profit Growth - In Q4 2024, Tempus AI reported a 35.8% year-over-year revenue growth and a 49.7% increase in gross profit, primarily driven by its high-margin Data and Services segment [2] - For Q1 2025, revenues grew by 34% and gross profit increased by 45%, with gross margin rising from 42.5% to 44.5% [2][7] - The improvements were attributed to lab efficiencies, increased adoption of AI tools like Tempus One and xM, and a higher mix of data services [2][7] Future Earnings Expectations - The upcoming Q2 2025 earnings release is anticipated to show further margin expansion and sequential gains in adjusted EBITDA, supported by new offerings such as Tempus One in EHR systems and the xM liquid biopsy assay [3] - Any upward revision to guidance or increase in contract value, especially from large enterprise deals, could enhance the momentum observed in early 2025 [3] Competitive Landscape - Tempus AI's peers, such as Guardant Health and Natera, are also making significant advancements in AI-driven diagnostics, with Guardant Health introducing new assays and Natera expanding its market reach [6][8] - Natera reported a 36.5% revenue growth in Q1 2025, with gross margin expansion to 63.1%, indicating a competitive environment in personalized oncology [8] Earnings Estimates - The Zacks Consensus Estimate for Tempus AI's 2025 earnings suggests a 56.3% year-over-year improvement [9] - Current estimates indicate a potential for significant growth in earnings per share, with a year-over-year growth estimate of 63.49% for the current quarter [10] Valuation Metrics - Tempus AI currently trades at a forward Price-to-Sales (P/S) ratio of 7.52X, which is higher than the industry average of 5.8X, indicating a potentially expensive valuation [11]