Group 1 - The roundtable seminar titled "Intelligent Life - AI-Driven Innovation in the Medical Device Industry Going Global" was co-hosted by CITIC Bank Shanghai Branch and various organizations to explore the integration of AI technology with the medical industry for global development [1][2] - CITIC Bank Shanghai Branch emphasized its commitment to national strategies and its comprehensive financial service solutions, including cross-border settlement, currency risk management, and financing support for enterprises [1][3] - The seminar featured discussions on reconstructing the service chain for medical device exports and the importance of data in the AI medical sector, highlighting the need for Chinese companies to accelerate technology standardization and international compliance [2] Group 2 - The Hongqiao Overseas Development Service Center presented the strategic positioning and future vision of the Hongqiao International Central Business District as a key hub linking the Yangtze River Delta to international markets [2] - CITIC Securities aims to leverage its investment and investment banking capabilities to support national strategies and enhance the quality of services to the real economy [2] - The seminar received high recognition from participating enterprises for providing one-stop services, including policy interpretation and financial solutions, through collaboration with various professional investment institutions and academic experts [2][3]

Investment Rating - The industry investment rating is "Leading the Market" which indicates a projected outperformance of over 10% relative to the benchmark index in the next 6-12 months [2][8]. Core Insights - The report highlights the gradual integration of the C-end AI medical applications industry ecosystem, driven by technological advancements and policy guidance [5]. - The AI+medical market in China is expected to grow from 8.8 billion yuan in 2023 to 315.7 billion yuan by 2033, with a compound annual growth rate (CAGR) of 43.1% over the next decade [5]. - The report emphasizes the increasing number of AI applications in the medical field, with 101 models and algorithms registered by the end of 2024, covering various areas such as consultation dialogues (48%), health assessments (24%), and diagnostic assistance (5%) [5]. - Major domestic and international tech companies are actively entering the medical sector, with notable developments from companies like JD Health, ByteDance, Tencent, Google, and Microsoft [5]. Summary by Sections Industry Performance - The report provides a performance overview indicating relative returns of 5.83% over 1 month, 6.73% over 3 months, and 38.04% over 12 months, alongside absolute returns of 8.32%, 7.98%, and 51.74% respectively [4]. Related Reports - The report references several related analyses on the media sector, including developments in AI smart glasses and the impact of domestic video generation models on industry growth [5]. Investment Recommendations - The report suggests focusing on companies such as Alibaba-W, Tencent Holdings, JD Health, Meituan-W, and Waterdrop, as they leverage technological and data advantages to drive industry growth [5].

过去几年，人工智能在医疗健康领域的落地速度令人瞩目，北京、上海、浙江、广东等多地依托自身的 产业资源禀赋展开AI医疗的良性竞争。 这个需要AI产品具备足够优质的数据和智能化分析能力。就以皮肤拍照这个功能为例，据了解，AQ结 合全球超2000万临床病例数据库，能精准识别25种常见皮肤疾病，并给出合理健康建议，这对于皮肤科 医生来说无疑是很大的减负。 6月26日，蚂蚁集团推出的AI健康App——AQ，集成了健康科普、就诊咨询、报告解读、健康档案等超 百项AI功能，同时链接全国超5000家医院、近百万医生、近200个名医AI分身等专业医疗服务。 我认为，作为一个医疗行业的运用，蚂蚁AQ贴合了当下临床及用户需求场景。 我们已经进入了人工智能的时代，积极拥抱AI的发展已经成为全社会、全球的共识。在公共卫生健康 体系中，AI也具有非常重要的战略意义，积极引入AI已经成了一种行业共识。 我认为，AQ这样的运用将逐步改变我们对"医生""诊疗""随访""健康管理"的传统认知。与以往用于辅助 科研或后台分析的工具不同，今天的AI医疗产品正直接走向临床一线，成为医生的助手、患者的顾 问，甚至是撬动医疗体系改革的杠杆。 以前我们经常 ...

Group 1 - The article emphasizes the strategic significance of innovative drugs for national development and proposes five measures to build a sustainable investment and financing system for pharmaceutical companies, including improving multi-level capital market support and establishing government guidance funds [1] - Jiangxi Province has released guidelines for the protection of commercial secrets in the biopharmaceutical industry, focusing on core areas such as innovative drug research and traditional Chinese medicine technology, proposing a three-tier management system to strengthen commercial secret protection [1] - The pharmaceutical and biotechnology sector has shown a lackluster performance recently, with medical services, medical devices, and pharmaceutical commerce sub-sectors leading in growth [1] Group 2 - The weight-loss drug sector continues to attract attention, with Innovent Biologics' GLP-1R/GCGR dual agonist, Ma Shidu, being approved for market launch, marking it as the world's first dual-target weight-loss drug, showing significant weight loss and metabolic improvement effects in Phase III clinical trials [1] - Long-acting/oral formulations and multi-target molecules are the mainstream research directions for GLP-1 class weight-loss drugs, with domestic companies showing significant advantages in this field and multiple major licensing transactions already taking place [1] - The current PE valuation for the pharmaceutical and biotechnology sector stands at 27.67 times, which is at a historically low level, with a valuation premium of 124% relative to the CSI 300 index [1] Group 3 - The chemical pharmaceutical sub-sector has seen a year-to-date increase of 19.41%, demonstrating strong performance [2] - There is a recommendation to focus on commercialization opportunities in innovative drugs and devices, as well as in specific areas such as medical devices and traditional Chinese medicine [2] - The Guotai Innovation Drug ETF tracks the SHS Innovation Drug (RMB) Index, which is compiled by China Securities Index Co., Ltd., selecting listed companies engaged in the research, production, and sales of innovative drugs from the A-share market, reflecting the overall performance of innovative pharmaceutical-related listed companies [2]

股票投资评级 买入 |维持 个股表现 2024-07 2024-09 2024-11 2025-02 2025-04 2025-06 -11% -6% -1% 4% 9% 14% 19% 24% 29% 34% 盈康生命 医药生物 资料来源：聚源，中邮证券研究所 公司基本情况 证券研究报告：医药生物 | 公司点评报告 发布时间：2025-07-01 | 最新收盘价（元） | 9.50 | | --- | --- | | 总股本/流通股本（亿股）7.49 | / 6.41 | | 总市值/流通市值（亿元）71 | / 61 | | 52 周内最高/最低价 | 10.99 / 7.07 | | 资产负债率(%) | 29.9% | | 市盈率 | 52.78 | | 第一大股东 | 青岛盈康医疗投资有限 | | 公司 | | 研究所 分析师:盛丽华 SAC 登记编号:S1340525060001 Email:shenglihua@cnpsec.com 分析师:龙永茂 SAC 登记编号:S1340523110002 Email:longyongmao@cnpsec.com 盈康生命(300143) 长沙珂信肿瘤医院 ...

Core Viewpoint - The Hong Kong pharmaceutical ETF (159718) is experiencing a tight market with a recent price of 0.84 HKD, reflecting a significant increase in net value and trading volume, driven by supportive government policies for innovative drugs [1][2]. Group 1: ETF Performance - As of June 30, the Hong Kong pharmaceutical ETF has seen a net value increase of 63.33% over the past year, with an average daily trading volume of 1.44 billion HKD in the last month [1]. - The ETF's liquidity is highlighted by a turnover rate of 7.06% and a total transaction value of 17.53 million HKD [1]. - The ETF's scale has grown by 49.67 million HKD over the past three months, indicating significant growth [1]. Group 2: Government Policies - On July 1, the National Healthcare Security Administration and the National Health Commission issued measures to support the high-quality development of innovative drugs, facilitating their entry into designated medical institutions [1]. - The measures encourage timely adjustments to drug supplies and the establishment of temporary procurement channels to meet clinical needs and ensure patient rights [1]. Group 3: Market Trends - Pacific Securities emphasizes the importance of the pharmaceutical sector in light of market pricing power and liquidity changes, particularly focusing on AI healthcare and innovative drugs as key investment strategies [2]. - The backdrop of increased liquidity and risk appetite in the Hong Kong market, along with significant data releases from major conferences, has heightened interest in biotech catalysts [2]. Group 4: Index Performance - The CSI Hong Kong Pharmaceutical and Medical Device Innovation Index (931484) rose by 0.56%, with notable increases in stocks such as Aier Eye Hospital (2.61%) and Genscript Biotech (2.01%) [4]. - The index's top ten weighted stocks account for 59.44% of the total, indicating a concentrated market [7]. Group 5: Fund Inflows - The Medical Innovation ETF (516820) has seen continuous net inflows over the past three days, with a peak single-day inflow of 10.09 million HKD, totaling 17.40 million HKD [4].

Core Viewpoint - The article discusses the upcoming IPO of Weimai, a leading AI healthcare management company in China, which has achieved significant growth and recognition in the AI medical sector over the past decade [1][3]. Company Overview - Weimai, founded in 2015, is recognized as one of the top three full-process health management service providers in China, focusing on AI-driven healthcare solutions [4][27]. - The company has received substantial backing from major investors, including Alibaba and Tencent, since its inception [2][35]. Business Model - Weimai's core service is full-process health management, transitioning from a treatment-centered approach to a health-centered model, covering the entire patient journey from pre-illness to post-recovery [5][4]. - The company collaborates with public hospitals, providing both online and offline services, including a dedicated team of over 360 medical assistants [7][8]. Financial Performance - Weimai's revenue has shown consistent growth, with figures of 512 million RMB in 2022, 628 million RMB in 2023, and projected 653 million RMB in 2024 [13]. - The full-process management service has been the primary revenue driver, contributing 77.3%, 69.7%, and 72% of total revenue in the respective years [13]. - The company has experienced a narrowing of losses, with adjusted net losses decreasing from 233 million RMB in 2022 to 30 million RMB in 2024 [19][21]. Market Potential - The full-process management market in China is rapidly growing, with a projected market size of 614 billion RMB in 2024 and a compound annual growth rate (CAGR) of 39.3% from 2020 to 2024 [44]. - By 2030, the market size is expected to reach 3,654 billion RMB, indicating significant growth potential [45]. Future Plans - Weimai plans to enhance its AI capabilities and expand its service offerings, aiming to address the persistent pain points in the traditional healthcare system [39][40]. - The company is positioned to leverage the increasing health awareness among residents and the growing demand for chronic disease management services due to an aging population [43][44].

Investment Rating - The report maintains a "Recommended" investment rating for the computer industry [2][9]. Core Viewpoints - Ant Group has launched an AI health application, AQ, aimed at simplifying medical processes and enhancing health management efficiency, connecting over 5,000 hospitals and nearly one million doctors [5][9]. - The AI healthcare sector is rapidly developing, with major players accelerating their investments, addressing traditional healthcare challenges, and promoting the informatization and accessibility of medical services [9]. Summary by Sections Recent Developments - On June 26, 2025, Ant Group officially launched the AI health application AQ, which integrates various health management functions and provides 24/7 medical services [3][5]. Key Features of AQ - AQ includes intelligent consultation, multi-modal interaction, online-to-offline consultation pathways, and collaboration with health device manufacturers to create a personalized health management ecosystem [5][6]. Market Trends - The AI healthcare market in China is expanding, with a projected compound annual growth rate (CAGR) of 11.7% from 2023 to 2028, reaching a total market size of 35.75 billion yuan by 2028 [5][9]. - Companies like Huawei and Tencent are also making significant strides in AI healthcare solutions, indicating a competitive landscape [5][9]. Investment Recommendations - The report suggests focusing on companies with strong technological reserves and rich medical data in the fields of chronic disease management and medical informatization, including Weining Health, Meinian Health, Chuangye Huikang, Dongsoft Group, Rundar Medical, Keda Xunfei, and Jiahe Meikang [9].

Core Viewpoint - The article discusses the establishment of the "smart hospital" at Xinhua Hospital's Fengxian campus, which aims to integrate artificial intelligence (AI) into the entire medical process, creating an innovative testing ground for AI in healthcare [1][2]. Group 1: AI Integration in Healthcare - The hospital features a digital human guide service that assists patients in navigating the hospital and provides medical advice through AI technology [2][4]. - Advanced imaging equipment, such as a three-dimensional dynamic whole-body skeletal imaging system, has been developed locally to enhance diagnostic accuracy and provide personalized treatment plans [4][5]. - The concept of "metaverse surgery" is introduced, where AI-enabled devices assist in pre-surgical planning and real-time data visualization during operations [4][6]. Group 2: Collaborative Efforts and Innovations - Xinhua Hospital is collaborating with SenseTime Medical to implement a comprehensive AI medical model, covering areas from AI-assisted diagnosis to personalized healthcare services [5][6]. - Other hospitals in Shanghai are also developing "metaverse operating rooms" and utilizing AI for real-time patient monitoring and treatment planning [8][9]. - The integration of AI in various medical fields, including pediatric cardiology, is highlighted as a promising area for future development [9][10]. Group 3: Funding and Ecosystem Development - The Shanghai Future Industry Fund, with a total scale of 10 billion yuan, has been established to support disruptive innovation and interdisciplinary research, with AI healthcare being a key focus area [10][11].

Core Viewpoint - The concept of "metaverse medicine" is evolving into a comprehensive system that integrates all medical information, aiming to create a "thinking" metaverse hospital that utilizes AI throughout the healthcare process [1][5][6]. Group 1: Development of Metaverse Hospitals - The newly opened Xinhua Hospital's Fengxian branch aims to establish itself as a "smart hospital" by integrating AI into the entire medical process, starting with AI-driven digital human guidance in the outpatient hall [1][3]. - AI functionalities are being incorporated into medical imaging devices such as MRI and CT scanners, enhancing diagnostic capabilities [3][5]. - A locally developed 3D dynamic whole-body skeletal imaging system is introduced, which can assess scoliosis severity using AI algorithms, potentially offering more precise and personalized treatment options [5]. Group 2: AI Integration in Medical Procedures - The hospital showcases advanced surgical cases using digital technologies, where surgeons can access patient data through AR glasses and control robotic systems during operations [5][6]. - Xinhua Hospital is collaborating with SenseTime Medical to develop a comprehensive "metaverse smart hospital" platform that covers AI-assisted diagnosis, personalized treatment, and health services [6]. Group 3: Broader Industry Trends - Other hospitals in Shanghai are also exploring "metaverse operating rooms" and AI applications, with initiatives like digital twin technology for real-time patient monitoring in ICUs [7]. - Fudan University’s Zhongshan Hospital is developing AI models to assist in complex coronary interventions, demonstrating the potential for AI to transform surgical practices [7][8]. - The emergence of multi-modal AI models is expected to enhance the efficiency of medical diagnostics across various diseases [8]. Group 4: Funding and Ecosystem Development - The Shanghai Future Industry Fund, with a total scale of 10 billion yuan, is established to support disruptive innovations and interdisciplinary collaborations, with AI healthcare being a significant focus area [9].