文 | 快刀财经 朱末 资本寒冬中，活下去比活得好更重要。 2025年12月5日，香港上市公司国锐生活官宣以总计2.69亿元人民币（现金及股票），收购春雨医生78.29%的股权，成为其控股股东。春雨医生最终出售对 价约为3.4亿元人民币，与昔日的70亿元估值相比，仅有巅峰时期的二十分之一。 创业十四年，春雨医生选择以"被并购"为过去的创业旅途画上句号。交易完成后，国锐生活这家以物业管理为主业的公司，将成为中国移动医疗开创者的控 股股东，从收购角度来看，春雨医生拥有成熟的产业体系、稀缺的医疗资源以及已验证的商业闭环，可以降低传统房地产周期风险，重塑整体竞争力。 而对于春雨医生来说，这已经算是最好的归宿。早在去年，春雨医生就已在行业内寻求买家，接触过京东、百度等互联网大厂，但因为春雨医生要价过高未 能成交。 作为最早探路线上问诊的互联网医疗企业，春雨是当之无愧的行业"独角兽"，一手开创了中实时问诊模式，点燃了中国互联网医疗的星星之火，医疗圈内都 视春雨为绝对的行业大哥，纷纷进行效仿。 然而，创始人张锐的猝然离世，使得春雨医生分拆打包上市的计划被搁置，在很长一段时间内陷入战略迷茫，自此由盛转衰，再传出消息，已经"物 ...

从资金流向上来看，当日AI医疗板块主力资金净流出8252.25万元，游资资金净流出8136.03万元，散户 资金净流入1.64亿元。AI医疗板块个股资金流向见下表： 证券之星消息，12月16日AI医疗板块较上一交易日下跌0.98%，思创医惠领跌。当日上证指数报收于 3824.81，下跌1.11%。深证成指报收于12914.67，下跌1.51%。AI医疗板块个股涨跌见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 ...

智通财经APP获悉，东方财富证券发布研报称，随着中国创新药License-out项目总金额创下新纪录，临 床前项目占比持续保持高位，ADC、双/多抗、小核酸等新兴疗法，以及代谢领域中肥胖适应症等或为 未来License-out项目的重点方向。我国创新药企业已从高投入低产出的研发探索期过渡到了管线密集收 获期，与此同时商保的发展有望让原先的创新药"单一"支付向多元支付转型。此外，医疗器械2025年招 采端持续复苏，关注设备更新政策与资金落地持续驱动需求释放。 东方财富证券主要观点如下： 标的方面 创新药板块建议关注百济神州(06160)、恒瑞医药(01276)、中国生物制药(01177)、三生制药(01530)/三生 国健(688336.SH)、石药集团(01093)等。医疗器械板块：1）内需修复：建议关注迈瑞医疗(300760.SZ)、 联影医疗(688271.SH)、开立医疗(300633.SZ)、澳华内镜(688212.SH)等；2）出海兑现：建议关注海泰新 光(688677.SH)、新产业(300832.SZ)等；3）脑机接口：建议关注诚益通(300430.SZ)、伟思医疗 (688580.SH)等。 ...

Core Insights - The article highlights the launch of the Super CEO series by Zhito Finance for the ninth consecutive year, featuring various sub-lists that reflect the diverse driving forces behind China's economic growth, particularly in the healthcare sector [1] Industry Overview - The Chinese pharmaceutical manufacturing industry is experiencing a decline, with revenue of 1,227.52 billion yuan in the first half of 2025, down 1.2% year-on-year, and total profit of 176.69 billion yuan, down 2.8% year-on-year, indicating ongoing industry pressure and deepening segmentation [1] - Since 2025, numerous policies have been introduced to support high-quality development in innovative pharmaceuticals, including measures to enhance the clinical trial approval process and the introduction of a commercial insurance directory for innovative drugs [2] - The medical device export sector continues to grow, with a total import and export value of 41.09 billion USD in the first half of 2025, a 1.1% increase year-on-year, while imports decreased by 3.9%, indicating a shift towards domestic alternatives in high-end equipment [3] Investment Trends - The overseas business development (BD) orders for innovative pharmaceuticals have reached a record high, surpassing 60 billion USD, with significant transactions indicating a shift in China's role from a follower to a contributor in the global pharmaceutical landscape [4] - Capital preferences are improving, with the healthcare industry in China seeing a recovery in financing activities, particularly in medical devices and innovative pharmaceuticals, with significant investments in areas like cancer screening and AI healthcare [5] Future Outlook - The 15th Five-Year Plan emphasizes the importance of health in economic development, aiming to enhance public health and support the growth of innovative drugs and medical devices, which will shape the future of the healthcare industry in China [6] - The aging population, active policy support, and the internationalization of medical devices are driving demand and supply upgrades in the healthcare sector, presenting both opportunities and challenges for industry leaders [6] CEO Insights - The Super CEO list features 25 leaders whose companies have shown median revenue growth of 6.11% and net profit growth of 16.08%, with an average market capitalization of 86.1 billion yuan [9] - The list includes a notable representation of women leaders, with three female CEOs demonstrating strong strategic vision in high-barrier industries [10] - The majority of CEOs on the list have advanced degrees, reflecting the industry's demand for leaders with deep scientific understanding and business acumen [10] Company Highlights - Li Ge, CEO of WuXi AppTec, leads the list, showcasing strong performance with a revenue of 32.857 billion yuan in the first three quarters of 2025, a year-on-year increase of 18.61% [17] - Zhu Yi, CEO of BaiLi TianHeng, achieved significant revenue growth through strategic partnerships, emphasizing the importance of building a robust product pipeline [18] - Wu Hao, CEO of Mindray, reported a revenue of 36.726 billion yuan in 2024, with a focus on R&D and international expansion [19] - Zhong Huijuan, CEO of Hansoh Pharmaceutical, became the richest woman in China with a revenue of 12.261 billion yuan in 2024, driven by innovative drug sales [19] - Shi Yifeng, CEO of Aimeike, led the company to a revenue of 3.026 billion yuan in 2024, emphasizing shareholder value through high dividend payouts [20]

机器之心发布 通用大模型（LLM）的狂飙突进，终于在医疗垂直领域的「最后一公里」撞上了硬墙。虽然 ChatGPT 在 USMLE（美国执业医师资格考试）中表现优异，但在面 对需要「火眼金睛」和「毫厘必争」的心脏手术台上，通用大模型的表现究竟如何？ 近日，一项由空军军医大学唐都医院李妍教授团队牵头，与深圳清华大学研究院朱锐团队联合完成的 COMPARE 研究在 arXivs 上发表预印版。研究揭示：在经皮 冠状动脉介入治疗（PCI）的决策制定中， CA-GPT垂直领域 CA-GPT 系统 （一项基于 OCT 影像的 AI 系统）， 在关键决策指标上显著优于 Open AI 的通用大模 型 ChatGPT-5 。该研究是基于中科微光医疗（Vivolight Medtech）OCT 系统搭建的 RAG 增强型 AI-OCT 整合决策支持模型。 这不仅是一次算法的胜利，某种程度上可以称得上是中国腔内影像领域的「DeepSeek 时刻」。这套 CA-GPT 系统有望重新定义心脏介入手术的智能化标准。 01. 巅峰对决 通用大模型在专业战场「水土不服」 据《2023 年全球心血管疾病负担报告》统计，每年因心血管疾病死亡的 ...

Core Viewpoint - The biopharmaceutical sector is expected to experience significant performance divergence among its sub-sectors before the third quarter of 2025, with industry revenue and profit growth rates initially declining before rebounding, as the pressures from high baselines, centralized procurement, and anti-corruption measures have been largely absorbed [1] Group 1: Innovative Drugs - The commercial insurance innovation drug catalog is set to debut in 2025, which is anticipated to drive incremental payments for innovative drug products [2] - The domestic new drug development is accelerating, with lower costs and favorable macro policies, leading to a global leadership position in innovative drug development, contributing approximately one-third of the global innovative R&D pipeline by 2025 [2] - The overseas rights BD transactions are driving the revaluation of innovative drug assets, with a continuous increase in the proportion of Chinese innovative drug license-outs [2] Group 2: CXO and Life Sciences - The CXO market is witnessing improved supply-demand dynamics, with CDMO companies entering a high prosperity cycle due to strong demand for new molecules like ADCs and peptides [2] - The life sciences upstream sector is experiencing a comprehensive recovery in downstream demand, with listed companies actively pursuing mergers and acquisitions to expand [3] Group 3: AI in Healthcare - The "Artificial Intelligence+" policy is leading to widespread applications of AI in healthcare, with significant developments driven by companies like Deepseek [3] Group 4: High-end Medical Equipment - The high-end medical equipment sector is poised for growth due to domestic procurement recovery, import substitution, and accelerated international expansion [3] Group 5: Orthopedic Joint Consumables - The negative impact of centralized procurement is clearing, and the aging population is driving market expansion, with potential growth in surgical robotics [3] Group 6: Traditional Chinese Medicine - There are signs of operational improvement in traditional Chinese medicine, with factors like flu season and basic drug catalog adjustments potentially catalyzing a new market cycle [4]

即使到了2025年，AI医疗依旧"红得发紫"。 从生成式AI、大模型等新一代AI技术在医疗健康/生命科学寻求临床价值验证到各类AI医疗健康/生命科学应用层出不穷，百花齐放……AI医疗健康/生命 科学创新实践在如火如荼开展的同时，市场规模也不断攀升。据甲子光年预测，2025年中国AI医疗市场规模将达到1157亿元，且预计2028年还将攀升至 1598亿元。 行业高速发展的同时，一个疑问也摆在了产业各方面前——当AI与医疗健康/生命科学的融合已然取得佳绩时，行业在未来会朝着哪些方向演进？ 为此，英伟达调研了600余位专业人士，并发布了《医疗健康和生命科学领域AI现状及2025年趋势》调研报告。 需要特别指出的是，为确保调研结果的客观性和完整性，这600余位受访对象不仅领域不同，职位也不尽相同。在领域方面，英伟达访谈了四类细分领域 的从业人员，即医疗技术、工具和诊断行业、数字医疗健康、制药和生物技术、方案购买方和方案提供方，完整涵盖了医疗健康/生命科学的产业链接。 此外，这600余位受访对象也涵盖了企业高管、临床医生、技术设备方案人员以及学术人员等，使得调研结果不仅客观完整，也丰富多元。 | 然而，由于所处行业及视 ...

Group 1: 6G Technology Development - China Mobile has released a white paper and prototype for 6G transmission technology, predicting that by 2040, the number of 6G terminal connections will reach 1.216 billion, growing over 30 times from 2022 [1] - Dongguan Securities reports that the consensus on 6G standards is increasing, with key architectural decisions expected to be made in a relatively short time frame as the industry approaches a period of technological iteration and policy benefits in 2025 [1] Group 2: Commercial Space Industry - SpaceX's internal stock pricing has reached $421 per share, valuing the company at $800 billion, potentially leading to the largest IPO in history [3] - The commercial space industry is at a critical turning point, with supportive policies and technological breakthroughs driving growth, particularly in satellite manufacturing and launch services [3] - Companies like Xunwei Communication and Tongyu Communication are actively developing technologies for satellite communication and have established partnerships with SpaceX [4] Group 3: Quantum Computing Advancements - Google is collaborating with the UK National Quantum Computing Centre to explore applications for its Willow quantum processor, with predictions that quantum computing will mainstream within two years and replace GPUs by 2030 [5] - Companies like Shaanxi Huada and Guoshield Quantum are making strides in quantum computing technologies, with products aimed at the quantum computing market [6] Group 4: AI in Healthcare - The Zhejiang Provincial Government has awarded a contract worth approximately 206 million yuan to Alipay for the development of a medical AI innovation service platform, addressing common industry challenges [7] - The AI healthcare market in China is projected to grow from 2 billion yuan in 2019 to 64 billion yuan in 2023, with a compound annual growth rate of 43.1% expected through 2033 [7] - Companies like RunDa Medical and Kangzhong Medical are actively developing AI solutions for healthcare, enhancing operational efficiency and expanding their product offerings [8] Group 5: Nuclear Fusion Industry - The nuclear fusion sector is experiencing a surge in project bids, with significant funding and interest from major tech companies like Google and Microsoft, indicating a strategic shift towards fusion energy [9] - Companies such as Sichuan Electronic and Xuguang Electronic are engaging in various nuclear fusion projects, establishing technical collaborations to advance the industry [10] Group 6: Photovoltaic Industry Developments - The establishment of a "polysilicon production capacity integration acquisition platform" by the China Photovoltaic Industry Association marks a significant step in the industry, aiming to improve supply chain efficiency [11] - Companies like Tongrun Equipment and Tuori New Energy are leveraging their strengths in the photovoltaic sector, focusing on the entire value chain from silicon purification to solar power plant operations [11]

北水关注个股 12月15日，南下资金净买入港股36.54亿港元。 其中：净买入小米集团-W 13.82亿港元、中国平安11.9亿港元、美团-W 5.47亿港元、中国人寿3.5亿港元、阿里巴巴-W 3.04亿港元、长飞光纤光缆1.77亿港 元、建设银行1.04亿港元；净卖出腾讯控股7.74亿港元、华虹半导体5.55亿港元、中国移动5.5亿港元、中芯国际4.34亿港元、中国海洋石油4.16亿港元。 据统计，南下资金已连续12日净买入小米，共计121.5043亿港元；连续4日净买入美团，共计46.2952亿港元；连续5日净卖出中芯国际，共计19.8564亿港 元；连续4日净卖出腾讯，共计24.9089亿港元；连续3日净卖出华虹半导体，共计15.4751亿港元；连续3日净卖出中海油，共计14.0144亿港元。 此外，平安好医生CEO何明科表示，继十五五规划建议之后，2025年中央经济工作会议再次将民生保障、民生福祉明确为重点任务，公司作为国内领先的医 疗健康养老管理服务平台，将积极响应与落实，依托AI医疗创新驱动，以到线、到院、到企、到家的四到医健养生态体系，协同各方满足民众的多层次医 疗健康需求，助力高质量健康职场 ...

Summary of the Conference Call on the Pharmaceutical Industry Industry Overview - **Industry**: Pharmaceutical Industry - **Rating**: Leading - **2026 Outlook**: Value recovery, upward trend continues, selective layout amidst differentiation [1] Core Insights and Arguments - **Industry Trends**: - The industry is expected to maintain a relatively fast growth rate despite tightening drug regulations and increasing challenges in new drug development in the U.S. [2] - The integration trend within the industry is just beginning, with leading players in high-growth segments showing strong long-term certainty [2] - **Private Hospitals**: - High-quality private hospital targets are recommended as cost control pressures ease and outdated capacities are eliminated, allowing for a return to faster growth [3] - Recommended stocks include Gushengtang and Haijia Medical, which are expected to rebound in the short term and have clear long-term expansion paths [3] - **Valuation Summary**: - A detailed table of various pharmaceutical companies with their stock codes, ratings, target prices, closing prices, earnings per share (EPS), price-to-earnings ratios (P/E), and other financial metrics is provided [4] Important but Overlooked Content - **Market Performance**: - The MSCI China Pharmaceutical Index increased by 62.0% year-to-date, outperforming the MSCI China Index by 31.8 percentage points [10] - The pharmaceutical sector has officially entered a rebound phase, with significant performance differentiation among sub-sectors [10] - **Policy Environment**: - The policy environment is improving, with the government supporting innovative drug development and introducing commercial insurance funds to supplement the medical insurance directory [11] - The latest round of medical insurance negotiations has successfully included 127 drugs outside the directory, indicating a shift towards a more balanced pricing strategy [11] - **Innovation and R&D**: - The industry is witnessing a positive cycle of R&D breakthroughs and global licensing, with many companies entering a "R&D investment - clinical breakthrough - global licensing" cycle [11] - As of September 2025, Chinese pharmaceutical companies have completed 103 overseas transactions, exceeding 77% of the total transaction amount for 2024 [11] - **Financial Performance**: - The overall revenue of the A-share pharmaceutical sector showed a marginal recovery in Q3 2025, with a 0.7% year-on-year increase, indicating strong operational resilience [17] - The sector's earnings growth expectations are improving, with leading companies showing rapid recovery in performance [11][20] - **Investment Opportunities**: - The report emphasizes two main investment lines: focusing on innovative companies with strong differentiation and product export potential, and capitalizing on the recovery of valuation multiples and earnings growth [32][34] - Specific recommendations include companies like Sanofi Pharmaceutical, Deqi Pharmaceutical, and Baiji Shenzhou, which have rich catalysts and are still undervalued [35] - **AI in Healthcare**: - The application of AI in healthcare is highlighted as a new theme for industry innovation, with significant market expansion potential [33] - **Future Outlook**: - The pharmaceutical industry is expected to maintain a stable upward trend in 2026, with a focus on fundamental performance and valuation [30] - The introduction of the commercial insurance innovative drug directory and ongoing policy reforms are anticipated to further enhance market sentiment and fundamental expectations [37]