根据wind数据，医疗ETF（159865）盘中流入6100万份，净流入5600万份，资金抢筹医疗资产。 国元证券表示，AI医疗是通过机器学习、自然语言处理、计算机视觉等先进技术，对复杂的医疗数据 进行深度分析，辅助临床决策、优化诊疗流程、提升医疗效率的新型医疗体系，具备智能化、高效化、 便捷化的特征，应用前景广阔。根据甲子光年《2024年中国AI医疗产业研究报告》，2023年中国AI医 疗行业规模为973亿元，预计将在2028年达到1598亿元，2022-2028年间的年复合增长率为10.5%。细分 市场中，AI医学影像和AI制药增长较快。政策支持产业发展，加快AI医疗技术落地。 医疗ETF（159828）跟踪的是中证医疗指数（399989），该指数从沪深市场中选取医药卫生和药品零售 行业的上市公司证券作为指数样本，主要覆盖医疗器械、医疗服务及医疗研发外包等领域，以反映医疗 主题相关上市公司证券的整体表现。该指数成分股偏向中小市值，具有较高的成长性与波动性特征。 （文章来源：每日经济新闻） ...

于完成收购事项及投票权委托后，本公司将持有目标公司股权(表决权)约12.64%。于目标公司董事会组 成调整后，目标公司董事会将由十一名董事组成，超过半数的董事会成员由买方提名。因此，紧随完成 收购事项、投票权委托及根据股份转让协议所规定的目标公司董事会组成调整后，本公司将于目标公司 董事会中拥有大多数董事席位，并将能够对通过目标公司董事会决议案施加重大影响。目标公司被视为 本公司的附属公司，目标公司的财务业绩将于本集团的综合财务报表综合入账。 本次收购创业慧康控制权，是华检医疗在国家战略指引下，基于对AI医疗产业趋势的深刻洞察，依托 自身独特的"K×A"智能资本模式，对一家拥有深厚积淀与创新活力的行业领军企业进行的战略性投资。 通过此次并购及后续的全面赋能与深度融合，华检医疗将与创业慧康携手，共同开啓中国"AI+医疗"的 新篇章，不仅为双方股东创造持续且丰厚的回报，亦将为推动中国医疗健康事业的进步、服务国家发展 大局贡献坚实力量。 华检医疗(01931)发布公告，于2025年11月12日，本公司(买方)与卖方订立股份转让协议及第一份投票权 委托协议，本公司已有条件同意收购，而卖方已有条件同意出售目标公司创业慧 ...

智通财经APP获悉，中信建投发布研报称，短期来看，随着政策缓和、集采出清、新产品新业务拓展和 出海布局，预计26年多家医疗器械龙头公司迎来业绩拐点，建议把握业绩估值修复投资机会，以及脑机 接口、AI医疗等医疗新科技方向投资机会。医疗器械板块的长期投资机会来自创新、出海和并购整 合，板块的创新性和国际化能力逐步得到认可、估值正在被重估。 低值耗材：展望2026年，预计国内业务将保持平稳增长;随着企业海外产能陆续投产及中美关税形势缓 和，海外产能释放贡献业绩增量。 家用医疗器械：2026年行业有望延续平稳增长趋势，国内家用医疗器械龙头有望通过自建团队、投资并 购等方式持续加快国际化步伐。 风险提示：招采及控费政策严于预期、行业竞争激烈程度强于预期、器械审批进度不及预期，外部环境 变化难以判断。 中信建投主要观点如下： 医疗设备及上游：今年招标大幅改善，2026年的招标景气度需根据政策来判断，各公司情况有所分化， 部分龙头公司有望收入稳定增长或提速改善。医疗设备上游部分公司在新业务、新订单、新客户的驱动 下，有望加速增长。 高值耗材：受集采政策落地执行时间差异等因素的影响，板块内部公司的业绩拐点出现时间节点先后有 ...

Group 1 - The core viewpoint indicates that the medical innovation sector is experiencing a downturn, with significant declines in stocks such as Kanglong Chemical, which fell by 5.37%, and others like Sanofi and Kanghong Pharmaceutical also showing notable decreases [1] - The Medical Innovation ETF has decreased by 1.56%, with the latest price at 0.38 yuan, reflecting the overall market sentiment in the medical sector [1] - The introduction of heterogeneous robots in sanitation and healthcare is expected to create new development opportunities in the medical innovation field, as the domestic industrial chain continues to demonstrate advantages [1] Group 2 - The CSI Medical and Medical Device Innovation Index consists of 30 listed companies selected for their profitability, growth potential, and R&D capabilities, aiming to reflect the overall performance of profitable and growth-oriented companies in the medical and medical device sectors [2] - As of October 31, 2025, the top ten weighted stocks in the CSI Medical and Medical Device Innovation Index account for 64.12% of the index, with companies like WuXi AppTec and Hengrui Medicine leading the list [2] - The medical sector's valuation is considered to be at a low point compared to the last decade, with expectations for recovery driven by innovative drugs and CXO trends [1]

投资界11月17日消息，「商汤医疗」近日完成数亿元Pre-A+轮战略融资，投资方包括联想创投、联创 资本、九弦资本、申冉投资等。今年年初，商汤医疗已获得美的系盈峰控股、人民卫生出版社集团旗下 人卫科发等产业资本的上亿元投资。 据商汤医疗介绍，当前公司已启动A轮融资，投后估值超30亿元，本轮融资认购金额已超5亿元。 因此，早在2018年，商汤医疗就提出了"赋能全院诊疗愈"的平台化理念，发展至今形成了临床诊疗、智 能决策、患者服务、医学科研等实践场景应用，覆盖医疗全流程。 这种平台化战略，也符合医院方的隐性需求。很多医院希望供应商能提供有延展性的产品，而不是装十 几款软件、对应十几家厂商。澳门镜湖医院便是一个案例，该院多年来接连采购了商汤医疗十余款人工 智能产品。 为了避免陷入"软件标品"的价格战 ，商汤医疗搭建了智能体开发、模型应用生产双中台体系，形成"自 主可控+灵活调配"的差异化优势。医院不仅能调用底层大模型能力；还可结合自身优势，利用双中 台，生产特定领域专属模型及智能体，实现智慧医院的升级。 "大医"模型，以千亿参数规模的商汤日日新"商量"大语言模型为基模，利用海量高质量医学知识数据训 练而成，具备感知 ...

Core Insights - SenseTime Medical has completed a strategic financing round of several hundred million yuan, with investors including Lenovo Ventures, Lianchuang Capital, and others [1] - The company has initiated its Series A financing, with a post-investment valuation exceeding 3 billion yuan and subscription amounts surpassing 500 million yuan [2] Group 1: Business Strategy - SenseTime Medical is leveraging AI technology to promote the construction of "future smart hospitals," utilizing a "fusion of general and specialized" technical approach [2] - The core technological engines include the medical health large language model "Da Yi" and a multi-modal medical image foundational model group, which can address various medical scenarios such as intelligent self-diagnosis and clinical decision support [2] - The CEO emphasizes that while pure technology can provide a first-mover advantage, a rich product matrix and capital-supported industrial ecosystem are harder to replicate [2][3] Group 2: Market Positioning - The platform strategy aligns with hospitals' implicit needs for extensible products rather than multiple software solutions from different vendors [3] - To avoid price wars in the "software commodity" market, SenseTime Medical has established a dual middle platform system for intelligent agent development and model application production, creating a differentiated advantage [3] - The company aims to deepen its focus on "full hospital intelligence" while also expanding standardized software modules to grassroots hospitals to increase revenue [3]

(本文来自第一财经) 中信建投研报表示，短期来看，随着政策缓和、集采出清、新产品新业务拓展和出海布局，预计2026年 多家医疗器械龙头公司迎来业绩拐点，建议把握业绩估值修复投资机会，以及脑机接口、AI医疗等医 疗新科技方向投资机会。医疗器械板块的长期投资机会来自创新、出海和并购整合，板块的创新性和国 际化能力逐步得到认可、估值正在被重估。 ...

Core Viewpoint - SenseTime Medical has completed a strategic financing round of several hundred million yuan, indicating strong investor interest and confidence in the company's AI-driven healthcare solutions [1][4]. Financing and Valuation - The company has initiated its Series A financing, with a post-investment valuation exceeding 3 billion yuan and subscription amounts surpassing 500 million yuan [2][4]. - Previous investments in early 2023 included over 100 million yuan from major industry players [1]. Technology and Product Development - SenseTime Medical leverages AI technology to promote the construction of "future smart hospitals," utilizing a "fusion of general and specialized" technical approach [2]. - The core technology includes the "Da Yi" medical language model, which is trained on vast amounts of high-quality medical knowledge, enabling capabilities in self-diagnosis, medication consultation, structured imaging reports, and clinical decision support [2]. - The multi-modal medical image foundational model group addresses various data modalities, supporting efficient model training to overcome challenges in medical data scarcity and annotation difficulties [2]. Strategic Positioning - The CEO emphasizes that while pure technology can provide a competitive edge, a rich product matrix and a capital-supported industrial ecosystem are harder to replicate, which is crucial for long-term success [2]. - Since 2018, the company has adopted a platform-based approach to empower comprehensive hospital diagnosis and treatment, covering clinical diagnosis, intelligent decision-making, patient services, and medical research [2]. Market Demand and Competitive Strategy - The platform strategy aligns with hospitals' implicit needs for extensible products rather than multiple software solutions from various vendors [3]. - To avoid price wars in standardized software, SenseTime Medical has established a dual middle platform system for intelligent agent development and model application production, creating a differentiated advantage [3]. Commercialization and Future Plans - Following the "1+X" strategy, SenseTime Medical operates independently in the market, focusing on large-scale "full-hospital intelligence" projects while also expanding standardized software modules to grassroots hospitals [5]. - The company aims to attract resourceful shareholders to foster a collaborative ecosystem, emphasizing that financing is not solely for capital but also for partnership development [5].

人民财讯11月17日电，中信建投（601066）研报称，短期来看，随着政策缓和、集采出清、新产品新业 务拓展和出海布局，预计26年多家医疗器械龙头公司迎来业绩拐点，建议把握业绩估值修复投资机会， 以及脑机接口、AI医疗等医疗新科技方向投资机会。医疗器械板块的长期投资机会来自创新、出海和 并购整合，板块的创新性和国际化能力逐步得到认可、估值正在被重估。 ...

中信建投（601066）证券发布研报称，短期来看，随着政策缓和、集采出清、新产品新业务拓展和出海 布局，预计26年多家医疗器械龙头公司迎来业绩拐点，建议把握业绩估值修复投资机会，以及脑机接 口、AI医疗等医疗新科技方向投资机会。医疗器械板块的长期投资机会来自创新、出海和并购整合， 板块的创新性和国际化能力逐步得到认可、估值正在被重估。 IVD：2026年板块业绩仍受多重政策影响，但相比25年有望改善。增值税同比影响将消除、行业检验量 将逐步企稳、部分项目的出厂价仍受集采和检验收费价格影响，国产厂家进口替代仍将持续，海外业务 高增长、占比高的公司业绩确定性更强。 低值耗材：展望2026年，预计国内业务将保持平稳增长；随着企业海外产能陆续投产及中美关税形势缓 和，海外产能释放贡献业绩增量。 家用医疗器械：2026年行业有望延续平稳增长趋势，国内家用医疗器械龙头有望通过自建团队、投资并 购等方式持续加快国际化步伐。 风险提示：招采及控费政策严于预期、行业竞争激烈程度强于预期、器械审批进度不及预期，外部环境 变化难以判断。 中信建投证券主要观点如下： 医疗设备及上游：今年招标大幅改善，2026年的招标景气度需根据政策 ...