丨证券研究报告丨 行业研究丨点评报告丨软件与服务 [Table_Title] 蚂蚁阿福验证赛道高景气，医疗或将成为原 生 AI 垂类应用突破点 报告要点 [Table_Summary] 12 月 15 日，蚂蚁集团正式宣布旗下 AI 健康应用"AQ"完成品牌升级，全新命名为"蚂蚁阿 福"，目前月活跃用户已经达到 1500 万，稳居健康管理类 AI 应用首位。当前时点，医疗信息 化正从 B 端建设迈向 C 端价值再造的新阶段，放眼全球，AI+Healthcare 也是巨头重点投资方 向， AI 医疗有望成为 AI 垂类应用破局点，建议重点关注具备场景卡位优势与技术落地能力的 医疗信息化龙头。 分析师及联系人 [Table_Author] SAC：S0490520030004 SFC：BUX668 宗建树 刘思缘 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 软件与服务 cjzqdt11111 [Table_Title 蚂蚁阿福验证赛道高景气，医疗或将成为原生 2] AI 垂类应用突破点 [Table_Summary2] 事件描述 12 月 15 日，蚂蚁集团正式 ...

Investment Rating - The investment rating for the pharmaceutical industry is "Positive" (maintained) [4] Core Insights - The report highlights the promising data from CTLA-4 drugs, suggesting potential investment opportunities in related areas [3][5] - The pharmaceutical index experienced a slight decline of 0.14% from December 15 to December 19, 2025, but showed a relative outperformance of 0.14% against the CSI 300 index [5] - The report emphasizes the importance of innovative drugs as a key investment theme for 2026, with a focus on companies that are expected to show clear performance trends and potential reversals in operations [5][41] Summary by Sections 1. CTLA-4 Target - CTLA-4 is identified as a significant immune checkpoint that can inhibit T cell activation, presenting potential value in cancer immunotherapy [8][9] - The CTLA-4 monoclonal antibody Gotistobart shows promising clinical trial results for squamous non-small cell lung cancer (sqNSCLC) patients who are resistant to immunotherapy [14][15] - Gotistobart's innovative mechanism targets Treg cells in the tumor microenvironment, potentially leading to a new paradigm in tumor immunotherapy [20][24] 2. Industry Perspective - The report maintains that innovative drugs should be the main focus for the year, while also considering manufacturing exports and aging-related consumption as relatively undervalued assets [25][41] - The pharmaceutical index has shown a year-to-date increase of 14.49%, with a notable number of stocks experiencing significant gains [25][26] - The report suggests that the Chinese pharmaceutical industry has completed a transition from old to new growth drivers, with innovative drugs opening new growth avenues for companies [41][42] 3. Investment Recommendations - Recommended stocks include innovative drug companies such as Xinyi Tai, Zai Jian Pharmaceutical, and others, as well as companies in the medical device sector [5][45] - The report advises focusing on companies with strong performance trends and those expected to benefit from the aging population and outpatient consumption [42][44] - The report also highlights the potential of AI in the pharmaceutical sector, suggesting that related stocks may perform well in the coming years [42][44]

Investment Rating - The report maintains an "Outperform" rating for the industry [7] Core Insights - The commercialization of AI in healthcare is accelerating, highlighting the importance of investing in AI healthcare opportunities [4] - The demand for AI healthcare applications is driven by real needs, as evidenced by the popularity of the "Ant Group's AI Health" application, which has reached 15 million monthly active users [16] - The report emphasizes that the current moment is a golden opportunity for AI healthcare investments, supported by favorable policies and market demand [4][30] Summary by Sections 1. Weekly Performance of Recommended Pharmaceutical Portfolio - The recommended portfolio outperformed the pharmaceutical index by 1.4 percentage points and the broader market by 1.6 percentage points [12] 2. AI Healthcare Application Demand and Commercialization - The report notes that AI healthcare applications are experiencing robust demand, with significant policy support from the government [18] - Major hospitals in China have completed the deployment of large AI models, with 38 hospitals developing specialized models tailored to their needs [22] - The report identifies several companies making strides in AI healthcare, including 康众医疗, 嘉和美康, 润达医疗, 美年健康, 讯飞医疗科技, and 晶泰控股, which are recommended for investment [4][30] 3. Weekly Market Review and Hotspot Tracking (Dec 15-19, 2025) - The CITIC Pharmaceutical Index fell by 0.1%, outperforming the CSI 300 Index by 0.2 percentage points [3] - The pharmaceutical sector has shown a year-to-date increase of 15.5%, although it lags behind the CSI 300 Index by 0.6 percentage points [3] - The top-performing stocks during the week included 华人健康 (+55.9%), 鹭燕医药 (+36.8%), and 漱玉平民 (+35.7%) [3][73] 4. Investment Opportunities in Innovative Drugs and Medical Devices - The report highlights three main directions for investment in innovative drugs: companies with revenue and commercialization capabilities, those with potential for large business development, and those involved in cutting-edge technologies like gene therapy [5] - In the medical device sector, opportunities are seen in areas such as endoscopy and robotics, as well as innovative consumables supported by national policies [5]

Core Insights - The report discusses the recent market adjustments driven by global liquidity pressures, concerns over an "AI bubble," and the A-share Q4 settlement season, highlighting a potential market recovery following the easing of these uncertainties [1] - It emphasizes the importance of structural adjustments in the upcoming 2025 Central Economic Work Conference, suggesting a focus on expanding domestic demand while acknowledging the need for a solid economic recovery [1] - The report identifies potential investment opportunities in the AI sector, particularly in application areas such as AI healthcare, AI edge computing, intelligent driving, and embodied intelligence, as well as in key industries related to the 14th Five-Year Plan, including commercial aerospace, nuclear power, hydrogen energy, quantum communication, and brain-computer interfaces [1][2] AI Sector Opportunities - AI healthcare shows significant potential for deep applications in pathology detection and pharmaceuticals, with a focus on building high-quality datasets and breaking down data barriers [2] - The report notes the recent release of AI medical models and their rising popularity, indicating a strong consumer demand for accessible healthcare services [2] - AI edge computing is being explored by companies like ByteDance, with new AI phone models being introduced, although challenges related to data privacy and competition remain [3] - The report highlights advancements in AI glasses, which are expected to see increased consumer adoption and order releases in the near future [5] Intelligent Driving - The initiation of L3 autonomous driving trials in China is expected to enhance the value of intelligent driving hardware, with companies like Changan and Xiaopeng leading the way [6] - The report mentions the successful commercialization of Robotaxi models, indicating a positive trend in the intelligent driving sector [6] - It also notes the importance of smart traffic infrastructure as part of the broader "Transportation Power" goals outlined in the 14th Five-Year Plan [6] Embodied Intelligence - The humanoid robot sector is poised for significant developments, with key catalysts including IPOs and product launches from companies like Tesla [7] - The report emphasizes the need for practical applications of humanoid robots in industrial settings to validate their market potential [7] Key Industries from the 14th Five-Year Plan - Commercial aerospace is highlighted as a critical area for national strategy, with ongoing developments in satellite internet and 6G technology [8] - The report discusses the increasing focus on nuclear power and controlled nuclear fusion projects, with significant funding and project announcements expected [11] - Hydrogen energy is noted for its growing economic viability due to decreasing production costs and increasing demand for green energy solutions [12] - Quantum communication is positioned as a strategic area for national competition, with ongoing efforts to standardize and commercialize technologies [13] - Brain-computer interfaces are advancing rapidly, with recent breakthroughs in clinical trials and applications in healthcare [14]

Investment Rating - The investment rating for the pharmaceutical and biotechnology industry has been downgraded from "Positive" to "Neutral" [2][52] - The rating for 恒瑞医药 (Hengrui Medicine) is maintained at "Buy" [2][52] Core Insights - The National Medical Security Work Conference was held to summarize the work during the 14th Five-Year Plan and deploy key tasks for 2026, focusing on high-quality development of medical insurance [9][10] - The new drug directory and commercial health insurance innovation drug directory are expected to be implemented, suggesting potential growth for pharmaceutical companies whose products enter the medical insurance system [52] - The report highlights the importance of optimizing the payment structure for pharmaceutical companies and the investment opportunities arising from this [52] - Recent advancements in AI healthcare applications are noted, with a recommendation to focus on related medical services and pharmaceutical commercial sectors [52] Industry News - The National Medical Security Bureau has issued a three-year action plan to improve the quality and efficiency of medical insurance fund settlement [11][12] - The second-generation cardiac muscle troponin inhibitor, 星舒平® (Afikaytai), has been approved in China for treating obstructive hypertrophic cardiomyopathy [13] - The AI health application "蚂蚁阿福" (Ant Health) has entered the first tier of AI applications, reflecting strong demand for health management [13] Industry Data - The price of vitamin raw materials as of December 18, 2025, remains stable, with Vitamin B1 at 238 RMB/kg and Vitamin D3 at 160 RMB/kg [14] - The Chinese herbal medicine market price index has decreased by 16% year-on-year, with specific herbs like 连翘 (Forsythia) and 党参 (Codonopsis) showing significant price drops [18] Company Announcements - 和铂医药-B (HaploMed) has signed a global strategic cooperation and licensing agreement with Bristol-Myers Squibb, potentially receiving up to 1.125 billion USD in milestone payments [30] - 翰森制药 (Hansoh Pharmaceutical) has entered a licensing agreement with Glenmark for the drug 阿美替尼 (Amivantamab) for non-small cell lung cancer [31] - 诺诚健华 (Innovent Biologics) has received approval for the III phase clinical trial of 奥布替尼 (Orelabrutinib) for systemic lupus erythematosus [33] Market Review - The Shanghai Composite Index rose by 0.08%, while the Shenzhen Component Index fell by 0.71%, with the SW pharmaceutical and biotechnology index declining by 1.23% [45] - The SW pharmaceutical and biotechnology industry has a TTM P/E ratio of 50.11, with a valuation premium of 259% compared to the CSI 300 [47]

Group 1 - The article discusses the launch of Ant Group's AI health assistant "Ant Aifu," which aims to transform low-frequency medical consultations into high-frequency health management through an "AI companionship" model, achieving a digital closed-loop in healthcare, pharmaceuticals, and insurance [3][4]. - The application has reportedly surpassed 15 million monthly active users (MAU) and has reached the top of the app store rankings, indicating strong user engagement and market penetration [4]. - The integration of Ant Group's underlying payment and insurance infrastructure enhances the service's capability, allowing for a seamless transition from consultation to medication purchase and claims processing [4]. Group 2 - The report on Zhi Zi Cheng Technology (9911.HK) highlights its successful product and national replication strategy, with projected revenues of 6.9 billion, 8.41 billion, and 9.7 billion RMB for 2025-2027, and net profits of 950 million, 1.24 billion, and 1.49 billion RMB respectively, leading to a "buy" rating with a target price of 14.5 HKD [8]. - Salt Lake Pharmaceutical (300181.SZ) plans to acquire a variety of trace element injection assets, which is expected to enhance its product structure and profitability, with projected net profits of 655 million, 836 million, and 1.063 billion RMB for 2025-2027, maintaining a "buy" rating [24]. - The report on Fen Zhong Media (002027.SZ) indicates a stable business performance driven by strong demand from internet clients, with revised net profit forecasts of 5.62 billion, 6.05 billion, and 6.47 billion RMB for 2025-2027, maintaining an "overweight" rating [30].

Investment Rating - The report suggests a positive investment outlook for the innovative drug sector and anticipates a reversal of challenges in the left-side sectors, identifying them as the biggest investment opportunities in the pharmaceutical sector for 2025 [4]. Core Insights - The launch of the Ant Group's AI health application "Antifufu" has significantly increased attention on the medical AI theme, addressing previous issues in internet healthcare such as low user engagement and limited access to quality medical resources [1][12]. - Takeda's TYK2 inhibitor Zasocitinib has successfully met all primary and secondary endpoints in its Phase III clinical trials for moderate to severe plaque psoriasis, with over 50% of patients achieving PASI 90 and approximately 30% achieving PASI 100 by week 16 [2][44]. - The report highlights the successful results of Eli Lilly's orforglipron in maintaining weight loss over 52 weeks, indicating its potential to extend the usage cycle of GLP-1 medications [2][46]. Summary by Sections AI Medical Applications - The Antifufu app has upgraded its features to include health companionship, health Q&A, and health services, effectively increasing user engagement and linking patients with medications and services [1][12]. - The platform connects with 5,000 hospitals and 300,000 real doctors, democratizing access to quality medical resources [1][12]. Pharmaceutical Sector - Takeda's Zasocitinib has shown promising results in clinical trials, with plans to submit a new drug application to the FDA and other regulatory bodies by the 2026 fiscal year [2][44]. - The report emphasizes the potential of innovative drugs, particularly dual/multi-antibody drugs and those addressing unmet clinical needs in chronic diseases, as key investment opportunities [4]. Biologics - Eli Lilly's orforglipron has demonstrated superior weight maintenance compared to placebo, suggesting a promising future for GLP-1 drugs [2][46][48]. Medical Devices - The domestic continuous glucose monitoring (CGM) market is expected to expand, driven by rapid product iterations and improvements in quality and patient acceptance [3]. Retail Pharmacy - The report notes that leading companies in the pharmacy sector are likely to increase market share through mergers and acquisitions during the industry consolidation phase [3]. Medical Services and Consumer Healthcare - The AI medical market is being validated as a scalable business model, with ongoing developments in AI healthcare applications [3][4]. Key Investment Targets - The report identifies several key companies for investment consideration, including Innovent Biologics, Kintor Pharmaceutical, and others in the pharmaceutical and healthcare sectors [5].

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 流量入口的重定向，推动高频医疗健康交互 "阿福"通过AI降低了健康咨询门槛，过去互联网医疗的痛点是"低频"，而"AI陪伴"将医疗拉向了高频健康管 理，成为链接患者与药品、服务的入口。我们认为阿福AI 陪伴模式有望显著提升用户活跃度（DAU）与留存 率。AI 能够在用户需求产生的早期阶段完成精准识别与分流，为后端的高毛利药品销售及专业医疗服务实现 高效导流。 赋能"医+药+险"全链路闭环。蚂蚁依托支付生态（医保电子凭证）、保险（好医保）与阿福的AI能力结合， 实现了从"产生症状"到"AI咨询"再到"在线购药/挂号"的无缝对接。我们认为这种全链路的无缝对接，显著降低 了跨环节的交易摩擦成本。对于用户而言，实现了"医+药+险"的一站 ...

同时值得关注的是，医渡科技在国际多边合作舞台实现重要突破：上海合作组织国家多功能经贸平台 (上合家园)卫生可持续发展工作委员会近期正式成立，医渡科技成功入选组织成员单位;公司联合创始 人、CEO 徐济铭当选委员会第一届理事，双重认可标志着公司在国际数字健康合作领域的专业能力与 行业地位获得权威背书。 近年来，医渡科技的国际化战略布局稳步推进，业务和客户网络已拓展至全球六个地区。通过与当地政 府部门、医疗机构及科研院所深度协同，构建起了成熟的本土化合作生态，研发的智能化解决方案已广 泛落地于传染病监测预警、全民人口健康管理、AI 辅助诊疗、个性化健康管理等关键领域，持续以科 技力量赋能全球健康事业发展。 智通财经APP获悉，12月19日，医渡科技(02158)公告显示，当日以每股5.23港元的价格回购9.35万股， 回购金额约49万港元。12月以来，公司已回购11次，累计回购约344万股，总金额超1740万港元。以真 金白银持续夯实市场信心，彰显医渡科技对自身发展前景的坚定看好。 消息面上，医渡科技近期在行业认可与国际合作领域捷报频传。在香港城市大学数码医学研究院周年大 会上，公司创始人、董事长宫如璟女士获聘为 ...

来源：喜娜AI 金融市场犹如变幻莫测的海洋，时刻涌动着投资与经济政策的波澜，深刻影响着全球经济的走向。在 此，喜娜AI为您呈上今日财经热点新闻，全方位覆盖股市动态、经济数据、企业财务状况以及政策更 新等关键领域，助您精准洞察金融世界的风云变幻，把握市场脉搏。 12月18日晚间，美光科技盘前大涨约10%，其给出的营收预测高于市场预期，这一消息带动美股三大指 数集体高开。美光科技称人工智能存储需求飙升，产品全面售罄。此外，美国11月CPI同比上涨2.7%低 于预期，进一步提振市场信心，主要股指连续下跌后反弹。投资者关注该数据对美联储货币政策的影 响。详情>> 阿里一周减持三家上市公司，投资布局向AI领域集中 12月12 - 17日，阿里系资本减持华谊兄弟、翱捷科技、红星美凯龙三家上市公司股份。早前美年健康也 公告，阿里旗下公司计划减持。过去两年阿里已减持多家企业，如今似乎加快外部资产减持。同时，其 外部投资正聚焦AI领域，2023年后人工智能领域投资金额占比跃升至50%，今年还新增多笔具身智能领 域投资。此外，阿里也在加大对电商及阿里云业务的投入。详情>> 海南自贸港正式封关，多项政策利好释放 自2025年12月 ...