今日，港股AI医疗板块持续活跃，差异化布局港股AI医疗板块的港股医疗ETF（159366）盘中一度涨 超2%，成分股平安好医生（01833）上涨超15%，金斯瑞生物科技（01548）上涨6.24%，晶泰控股 （02228）上涨5.89%，阿里健康（00241），信达生物（01801）等个股跟涨。 中泰证券表示，平安好医生重视AI投入，医疗AI产品成果丰硕。公司重视产品研发创新，加大AI技术 投入，提升公司产品及服务的智能化程度。公司在五大医疗数据库和"平安医博通"医疗大模型基础上， 基于具体应用场景推出两项医疗AI产品"平安芯医"、"安主任"。两产品荣获中国信通院2025年"开源大 模型+"软件创新应用典型案例。"平安芯医"依托公司自建的TOP级名医网络，在患者智能问诊、患者病 历整理、康复建议、诊后随访等方面助力名医成为"超级医生"。"安主任"补全了家庭医生产品版图，为 线上用户提供7*24小时，线上线下一体化的闭环服务。公司医疗AI产品成果丰硕，助力公司提升运营 效率，提高用户满意度。 此前不久，京东健康发布2025年中期业绩。2025H1公司收入约为352.9亿元（同比+24.5%），税前利润 为28. ...

【导读】上证指数逼近3800点，芯片股集体"霸屏"，寒武纪续创新高；中石油系指数大涨；具身智能再现利 好消息 今天是8月21日星期四，基金君继续和你一起关注上午的市场行情和最新资讯！ 8月21日上午，A股市场呈现高开震荡格局，上证指数逼近3800点，三大股指集体收涨，但市场分化明显，跨 境支付、存储芯片、多元金融等板块表现活跃，而覆铜板、PEEK材料等板块回调。 上午市场交投活跃度持续提升，沪深两市交易额突破1.5万亿元，较昨日放量近600亿元。 上证指数逼近3800点 三大股指集体收涨 | 序号 | 名称 | 现价 | 涨跌幅 ▼ | 总市值 | 年初至今 | | --- | --- | --- | --- | --- | --- | | 7 | 盛科通信-U | 122.50 | 10.36% | 502亿 | 45.83% | | 2 | 德明利 | 100.71 | 10.01% | 229亿 | 62.08% | | 3 | 兆易创新 | 139.71 | 10.00% | 928亿 | 31.18% | | ব | 翱捷科技-U | 111.99 | 9.58% | 468亿 | 107.04% ...

【导读】上证指数逼近 3800 点，芯片股集体 " 霸屏 " ，寒武纪续创新高；中石油系指数大 涨；具身智能再现利好消息 中国基金报记者 张舟 今天是 8 月 21 日星期四，基金君继续和你一起关注上午的市场行情和最新资讯！ 8 月 21 日上午， A 股市场呈现高开震荡格局，上证指数逼近 3800 点，三大股指集体收 涨，但市场分化明显，跨境支付、存储芯片、多元金融等板块表现活跃，而覆铜板、 PEEK 材料等板块回调。 上午市场交投活跃度持续提升，沪深两市交易额突破 1.5 万亿元，较昨日放量近 600 亿元。 上证指数逼近 3800 点 三大股指集体收涨 截至午间收盘，上证指数报 3779.52 点，涨 0.35% ，深证成指涨 0.45% ，创业板指涨 0.21%， 沪深两市半日成交额突破 1.5 万亿元，达 15674 亿元，较上个交易日增加 591 亿元。 个股涨跌互现，市场共 2525 只个股上涨， 54 只个股涨停， 2693 只个股下跌。 芯片爆发！寒武纪续创新高 半导体板块大涨，存储芯片概念板块持续走高，兆易创新、德明利双双涨停。 | 序号 | 名称 | 现价 | 涨跌幅 ▼ | 总市值 | ...

公司层面，平安好医生19日晚公布业绩显示，2025年上半年总营收录得25亿元，同比增长19.5%；归母 净利润1.34亿元，同比增长136.8%；付费用户数约2400万人，同比增长35.1%。 业绩公布后，里昂发布业绩点评称，平安好医生上半年业绩令人瞩目，股价的强劲表现可归因于其在医 疗AI方面的进展和改善的盈利前景，预期AI医疗赋能和商业健康保险发展的蓬勃发展，将推动其进一 步增长，对其目标价从10港元上调至20港元，重申"跑赢大市"评级。里昂继续认为，平安好医生是中国 AI医疗和商业健康保险发展的主要受益者，这两个大趋势在中国医疗行业中正获得越来越多的关注。 鉴于上半年积极的业绩，里昂将公司2025年至2027年收入预测上调1.9%至5.6%，并基于更乐观的利润 率假设大幅上调净利润预测。里昂又预期，市场对医疗AI公司的热情将保持不变，因为从技术投资到 潜在AI驱动应用的循环继续获得动力。 格隆汇8月21日｜平安好医生(1833.HK)盘中拉升，一度涨超15%，报18.2港元，股价创2021年10月以来 新高，截至目前成交额放大至7.2亿港元。 消息面上，互联网医疗行业方面，中共中央政治局常委、国务院总理 ...

消息面上，互联网医疗行业方面，中共中央政治局常委、国务院总理李强8月20日在北京调研生物医药 产业发展情况时强调：要注重运用人工智能全面赋能产业发展，提高药物研发、临床试验、诊断治疗、 生产流通等环节智能化水平。 格隆汇8月21日｜平安好医生(1833.HK)盘中拉升，一度涨超15%，报18.2港元，股价创2021年10月以来 新高，截至目前成交额放大至7.2亿港元。 业绩公布后，里昂发布业绩点评称，平安好医生上半年业绩令人瞩目，股价的强劲表现可归因于其在医 疗AI方面的进展和改善的盈利前景，预期AI医疗赋能和商业健康保险发展的蓬勃发展，将推动其进一 步增长，对其目标价从10港元上调至20港元，重申"跑赢大市"评级。里昂继续认为，平安好医生是中国 AI医疗和商业健康保险发展的主要受益者，这两个大趋势在中国医疗行业中正获得越来越多的关注。 鉴于上半年积极的业绩，里昂将公司2025年至2027年收入预测上调1.9%至5.6%，并基于更乐观的利润 率假设大幅上调净利润预测。里昂又预期，市场对医疗AI公司的热情将保持不变，因为从技术投资到 潜在AI驱动应用的循环继续获得动力。 公司层面，平安好医生19日晚公布业绩显示 ...

Group 1 - The capital market landscape in 2025 is shifting towards diversified asset allocation, moving away from single-asset strategies to include equities, fixed income, and physical assets [1] - Structural opportunities in the Hong Kong stock market are evident, with companies like (02195.HK/34lp9) achieving a 45% increase in the AI healthcare sector and (02195.HK/83nm1) benefiting from stable dividend yields above 5.2% due to renewable infrastructure policies [2] - The bond market is seeing green bonds represented by (02195.HK/46df2) with yields surpassing 6.5%, while convertible bonds like (02195.HK/29rg4) offer a balanced risk-reward profile [2] Group 2 - Gold is highlighted as a traditional safe-haven asset, showing unique value during the Federal Reserve's interest rate cut cycle, with a combination of physical gold and (02195.HK/38ts6) gold ETFs meeting liquidity needs while avoiding transaction losses [2] - The investment strategy suggests dividing funds into core and satellite allocations, with core investments in (02195.HK/14kb9) bond funds and (02195.HK/77pd0) blue-chip stocks, while satellite investments include sector-specific targets like (02195.HK/22wf4) [3] - Risk management focuses on three dimensions: using (02195.HK/41qr9) cross-market ETFs to hedge currency risk, employing (02195.HK/58sj2) volatility index products for market risk management, and allocating (02195.HK/36xf8) gold options to address extreme events [3] Group 3 - The rise of smart investment advisory tools is changing allocation methods, with systems like (02195.HK/26vq7) dynamically adjusting stock-bond ratios based on economic indicators [4] - There is a caution against algorithmic homogenization risk, suggesting that maintaining a portion of actively managed products like (02195.HK/39zp0) can enhance portfolio differentiation [4]

里昂发表研报指，平安好医生上半年业绩令人瞩目，收入按年增长19.5%至25亿元，调整后净利润按年 大幅增长136.8%至1.34亿元。里昂认为，平安好医生股价的强劲表现可归因于其在医疗AI方面的进展和 改善的盈利前景，预期AI医疗赋能和商业健康保险发展的蓬勃发展，将推动其进一步增长，对其目标 价从10港元上调至20港元，重申"跑赢大市"评级。 该行继续认为，平安好医生是中国AI医疗和商业健康保险发展的主要受益者，这两个大趋势在中国医 疗行业中正获得越来越多的关注。鉴于上半年积极的业绩，里昂将公司2025年至2027年收入预测上调 1.9%至5.6%，并基于更乐观的利润率假设大幅上调净利润预测。里昂又预期，市场对医疗AI公司的热 情将保持不变，因为从技术投资到潜在AI驱动应用的循环继续获得动力。 ...

Core Viewpoint - The company reported a significant increase in revenue and gross profit for the first half of 2025, driven by advancements in AI healthcare technology and supportive national policies [1]. Financial Performance - The company achieved an operating income of 299 million yuan, representing a year-on-year growth of 30.26% [1]. - The gross profit reached 154 million yuan, with a year-on-year increase of 26.96% [1]. Industry Context - The company is positioned to benefit from the "Digital China" and "Healthy China" strategies, with national policies promoting the integration of AI in healthcare [1]. - The company leverages its leading position in core medical model technology and extensive product coverage across the country to capitalize on the accelerating growth of the AI healthcare industry [1]. Future Strategy - The company plans to continue focusing on its development strategy, utilizing policy advantages to drive technological breakthroughs and deepen application scenarios in medical models [1]. - The company aims to provide higher quality medical services to residents and more efficient diagnostic tools for doctors [1]. Technological Advancements - Since the launch of the Xunfei Spark Medical Model in 2023, the company has expanded its technological advantages and achieved breakthroughs in multiple fields [1]. - In July 2025, the Xunfei Spark Medical Model underwent further upgrades, enhancing its capabilities and maintaining industry leadership in key medical task scenarios [1].

Core Insights - The company reported a strong performance in the first half of 2025, achieving a revenue of 299 million yuan, a year-on-year increase of 30%, and a gross profit of 154 million yuan, with a gross margin of 51.5% [1] Group 1: Financial Performance - Revenue for the first half of 2025 reached 299 million yuan, reflecting a 30% year-on-year growth [1] - Gross profit amounted to 154 million yuan, with a 27% increase compared to the previous year [1] - The gross margin remained stable at 51.5% [1] Group 2: Research and Development - The company invested 134 million yuan in R&D, accounting for 45% of its revenue [1] - The "Spark Medical Model" is the only large model trained on fully domestic computing power, achieving top rankings in the Medbench evaluation [1] - The model has demonstrated capabilities equivalent to chief physicians in major hospitals across various specialties [1] Group 3: Business Development - The company has established a collaborative business matrix covering government (G), hospital (B), and consumer (C) sectors [2] - Revenue from government solutions grew by 52%, while regional solutions surged by 178% [2] - The "Smart Medical Assistant" has been implemented in over 75,000 grassroots institutions, completing over 1.01 billion AI-assisted diagnoses [2] Group 4: Global Expansion - The company accelerated its global layout, launching the international version of the "Spark Medical Model" in Hong Kong [3] - The unique international status of Hong Kong facilitates the integration of local and English medical knowledge, enhancing the model's training data [3] Group 5: Long-term Strategy and Policy Support - The company is committed to using AI to serve the health sector in China, focusing on long-term development in smart healthcare [4] - National policies are increasingly promoting the integration of AI in healthcare, with specific initiatives aimed at enhancing AI applications in medical settings [4] - The company aims to leverage policy advantages and technological breakthroughs to improve healthcare services and tools for both residents and doctors [5]

证券之星价投圈财报分析工具显示：业务评价：去年的净利率为-59.82%，算上全部成本后，公司产品 或服务的附加值不高。从历史年报数据统计来看，公司上市以来中位数ROIC为10.48%，投资回报也较 好，其中最惨年份2023年的ROIC为-10.12%，投资回报极差。公司历史上的财报相对一般(注：公司上 市时间不满10年，上市时间越长财务均分参考意义越大。)，公司上市来已有年报8份，亏损年份2次， 显示生意模式比较脆弱。 财报体检工具显示：建议关注公司现金流状况(货币资金/流动负债仅为98.89%、近3年经营性现金流均 值/流动负债仅为-30.48%)建议关注公司债务状况(有息资产负债率已达22.61%、近3年经营性现金流均值 为负)建议关注财务费用状况(近3年经营活动产生的现金流净额均值为负) 据证券之星公开数据整理，近期麦迪科技(603990)发布2025年中报。截至本报告期末，公司营业总收入 1.35亿元，同比下降47.24%，归母净利润2832.75万元，同比上升137.11%。按单季度数据看，第二季度 营业总收入7186.38万元，同比下降50.4%，第二季度归母净利润473.16万元，同比上升105 ...