今年以来，创新药板块迎来上涨行情，A股创新药指数、香港恒生创新药指数整体上涨，多家港股创新 药上市公司股价年内涨幅超100%。多重利好因素共振，正推动创新药行业迈入高质量发展新阶段：销 售费用等刚性成本持续下探，行业收入快速放量，板块正从"烧钱"阶段切换至盈利驱动的新周期；凭借 研发实力与成本优势的同步提升，本土企业的出海版图不断扩张；叠加政策端"鼓励创新"暖风频吹，创 新药获批数量激增，中国创新药已在全球舞台上展现出强劲的竞争力与更高的研发效率，医药板块的投 资机遇备受关注。 金融界《投资实战派预见2025 · 未来健康》特别策划邀请泓德基金基金经理、医药组组长操昭煦，深入 解读医药与医疗器械领域的政策影响、创新方向及出海机会，分享其在该领域的投资策略与产业洞察。 对话全文： 金融界基金：您的组合目前对医药/器械、机器人、AI医疗等领域的配置比例如何？未来1年最可能加仓 哪个方向？ 操昭煦：目前主要配置创新药行业，少量仓位配置了器械和AI医疗。近期来说，我们认为当前创新药 行业的产业周期会持续几年，估值还具有性价比，因此仍以创新药为主；未来长期会视情况兼顾一些具 备国际化能力的医疗器械公司。 要点提炼： ● ...

Core Viewpoint - Ping An Good Doctor (1833.HK) has demonstrated strong financial performance in the first half of 2025, indicating a sustainable business model and self-sustaining capabilities [1][2]. Financial Performance - The company achieved revenue of 2.502 billion RMB, a year-on-year increase of 19.5% [1] - Net profit attributable to shareholders reached 134 million RMB, up 136.8% year-on-year [1] - Gross margin improved to 33.56%, an increase of 1.37 percentage points [1] - Adjusted net profit under non-IFRS reached 165 million RMB, a growth of 83.6% year-on-year [1] Market Performance - The Hong Kong healthcare sector has shown strong performance, with the Hang Seng Healthcare Index rising 90% this year [3] - Ping An Good Doctor outperformed its peers, reflecting positive market sentiment towards its growth prospects [3] - Over the past 60 trading days, institutional investors have increased their holdings in Ping An Good Doctor, with a total increase of nearly 38 million shares [3][4] Business Growth - The company reported strong growth in both its F-end (financial client) and B-end (enterprise client) businesses, with revenues of 1.433 billion RMB (up 28.5%) and 527 million RMB (up 35.2%) respectively [6] - The number of paying users in the F-end reached approximately 20 million, a year-on-year increase of 34.6% [7] - The B-end health management business served over 3,500 paying enterprise clients, with a user growth of 39.2% [7] Market Opportunity - The aging population in China presents a significant market opportunity, with over 310 million people aged 60 and above by the end of 2024 [8] - The silver economy is expected to reach 30 trillion RMB by 2030, driving demand for healthcare services [8] - The company aims to leverage its integrated healthcare services through family doctors and elderly care managers to capture this market [8][9] AI Empowerment - The company is enhancing its service capabilities through AI, utilizing a closed-loop service model based on data, models, and scenarios [10] - AI-assisted consultation accuracy is approximately 98%, and the accuracy of complex disease treatment plans is nearly 80% [11] - The integration of AI is expected to significantly reduce service costs and improve operational efficiency [11]

作为战略深化的重要布局，公司通过"中国平安企业健康保障计划"持续为企业客户提供专业、全 面、高品质、一站式的员工健康管理服务。一方面，公司不断加强精细化运营提升用户黏性，线上通过 家庭医生提供全程主动健康管理和诊疗服务，线下通过丰富的到企活动提高服务感知和员工满意度；另 一方面，在深耕集团可触达的企业客户基础上，公司积极拓展自主销售渠道，推动企业健康管理业务规 模快速增长。报告期内，公司服务付费企业客户数超3500家，B端付费用户数超360万人，同比增长 39.2%。 依托"数据+模型+场景"闭环优势，公司强化建设医疗AI闭环服务能力及应用落地。期内，基于平 安全球领先的平安6大医疗数据库、超14.4亿线上问诊数据，持续迭代升级的"平安医博通"医疗大模型 并优化针对关键医疗场景的5大垂域模型，推出"7+N+1"医疗AI产品体系。通过AI赋能，实现AI辅助咨 询问诊准确率约98%，复杂疾病MDT（多学科会诊）治疗方案准确率近80%，AI辅助医生日问诊承接量 可达400万人次；AI助力家医客均服务成本同比下降约52%，助力业务中台运营效率提升约50%等。 8月19日，平安健康医疗科技有限公司（股票简称"平安好医生 ...

Core Viewpoint - The company is strategically advancing in cutting-edge technologies such as brain-computer interfaces and rehabilitation robots, enhancing its competitive advantages in the rehabilitation medical device sector [1] Group 1: Technological Advancements - The company is establishing a rehabilitation robot laboratory and planning the Sun-BCI Lab for brain science, focusing on the research, transformation, and application of advanced technologies like brain-computer interfaces, rehabilitation robots, and AI in rehabilitation [1] - The company is developing a brain-controlled exoskeleton robot that integrates brain-computer interface technology, aimed at improving rehabilitation training for patients with weakened lower limb strength [1] Group 2: Market Position - The company's initiatives are expected to strengthen its competitive advantages and barriers in the rehabilitation medical device field [1]

Core Viewpoint - The article discusses the emergence of leading players in the healthcare sector as the hype subsides and the market stabilizes, particularly focusing on the growth of innovative drugs and AI healthcare in China [1][2][3]. Group 1: Market Trends - In the first half of the year, Chinese A/H share innovative drug companies saw stock prices rise by 78%, while some AI healthcare stocks experienced gains exceeding 100% [3]. - The healthcare sector is experiencing a resurgence, reminiscent of the internet healthcare boom over a decade ago, but with a more serious and sustainable approach [4][5]. Group 2: Company Performance - JD Health reported a revenue of 35.29 billion yuan for the first half of the year, marking a 24.5% year-on-year increase, with active user numbers surpassing 200 million [6][7]. - The company achieved a gross profit of 8.89 billion yuan, reflecting a 32.7% increase, and operating profit surged by 105.5% to 2.13 billion yuan [7]. Group 3: Industry Dynamics - The healthcare industry is expected to undergo a cooling period, with predictions of a more stable growth trajectory following a previous surge in 2019-2020 [9][10]. - In 2025, healthcare is positioned as a key focus area in policy frameworks, with initiatives aimed at promoting the integration of medical services and innovative healthcare models [11]. Group 4: Competitive Advantages - JD Health's competitive edge lies in its robust supply chain and comprehensive service offerings, including a one-stop solution for medication, diagnostics, and treatment [15][24]. - The company has established itself as a leader in the innovative drug market, launching over 30 new drugs in the first half of 2025, and has expanded its online pharmacy network significantly [22][23]. Group 5: AI Integration - JD Health is at the forefront of AI healthcare, having launched its AI triage and prescription review solutions as early as 2019, and has since developed a comprehensive AI product matrix [29][30]. - The introduction of AI-driven digital twins of doctors has significantly improved consultation efficiency, serving over 50 million users by mid-2025 [31].

Core Insights - The report highlights a mixed performance in the Hong Kong stock market, with the Hang Seng Index declining by 0.37%, while the Hang Seng Tech Index increased by 0.65, indicating a structural rotation of funds focusing on growth sectors [2][4][6] - The report notes a significant increase in trading volume, reaching HKD 312.78 billion, with a decrease in the short-selling ratio to 15.815% [2] - The report emphasizes the strong performance of sectors such as film, pharmaceuticals, automotive, and technology, while traditional defensive sectors faced downward pressure [4][6] Market Performance - The net inflow of southbound funds through the Stock Connect was HKD 1.387 billion, with notable net purchases in stocks like China Life and Alibaba, while the most sold stocks included the Tracker Fund and Xiaomi [3] - The film sector saw a remarkable rise, with companies like Lingmeng Entertainment increasing by over 21%, driven by a recovery in box office demand [4] - The automotive supply chain continued to perform strongly, with companies like BYD and NIO showing significant gains, reflecting consumer upgrades [5] Company Analysis: Shuangdeng Group - Shuangdeng Group is a leading company in the energy storage business within the big data and communications sector, ranking first in global shipments of communication and data center energy storage batteries with an 11% market share [11][12] - The company's revenue for 2022, 2023, and 2024 is projected to be HKD 4.073 billion, HKD 4.260 billion, and HKD 4.499 billion respectively, with net profits of HKD 281 million, HKD 385 million, and HKD 353 million [12] - The company plans to use approximately 40% of the raised funds for building a lithium-ion battery production facility in Southeast Asia and 35% for establishing a research and development center [17] Industry Outlook - The global communication base station count is expected to rise from 210 million in 2024 to 439 million by 2030, driving the demand for energy storage solutions [14] - The competitive landscape in the global energy storage market is intense, with the top five manufacturers holding a combined market share of about 40.7% [14] - The report indicates that the demand for data centers and communication base stations is rapidly increasing, which will significantly boost the energy storage market [14][15]

Core Viewpoint - The public fund's strategy of "first doing drugs, then doing medicine" is enhancing the net value of pharmaceutical theme funds and creating switching opportunities in the market [1][4]. Group 1: Market Dynamics - In June and July, innovative drug theme funds began to double in value, accelerating the demand for portfolio adjustments among public funds, which in turn boosted interest in AI healthcare [1][3]. - By the end of June, many healthcare and technology theme funds reduced or completely sold off their positions in innovative drugs, reallocating those funds to AI healthcare stocks [1][3]. - As of August, AI healthcare stocks gained significant traction in the market, with several prominent fund managers predicting that AI healthcare would attract funds previously directed towards innovative drugs [1][10]. Group 2: Fund Performance - As of August 17, medical theme funds achieved a maximum return of nearly 150% in just eight months, primarily driven by the "drug" segment [3]. - Funds like Huatai-PineBridge and E Fund focused heavily on drug stocks, which contributed to their substantial returns, with some funds doubling their value within the year [3][4]. - The shift in focus from innovative drugs to AI healthcare is evident, with funds like Silver华 and 华夏 increasing their positions in AI healthcare stocks significantly by the end of June [6][8]. Group 3: Investment Strategy - Fund managers emphasize the importance of timing in the investment strategy, advocating for a sequential approach of "first doing drugs, then doing medicine" to maximize returns [4][10]. - The current phase of innovative drugs is characterized by a concentration of results and clear performance indicators, while AI healthcare is still in the early stages of product validation and commercialization [4][10]. - Fund managers are increasingly liquidating their positions in innovative drug stocks to switch to AI healthcare stocks, indicating a strategic pivot in their investment focus [8][10]. Group 4: Future Outlook - There is a growing expectation for AI healthcare to experience a rebound in the latter half of the year, with funds beginning to recognize its potential [9][10]. - Fund managers believe that AI healthcare could become a key investment theme by 2025, driven by collaborations between internet giants, pharmaceutical companies, and leading hospitals [10].

Core Viewpoint - The 2025 Medtec International Medical Device Design and Manufacturing Exhibition will focus on high-quality raw materials, precision components, and manufacturing technologies, taking place from September 24-26, 2025, at the Shanghai World Expo Exhibition and Convention Center [2][44]. Industry Overview - The medical device industry in China reached a market size of 1.18 trillion yuan in 2023, with a circulation market size of 1.36 trillion yuan, reflecting a year-on-year growth of 6.25%. The revenue of manufacturing enterprises is expected to reach 1.35 trillion yuan in 2024, maintaining its position as the second-largest single-country market globally [5]. - From 2018 to 2024, a total of 608 innovative medical devices were approved, with domestic products accounting for 91.45% (556 items). The growth rate for 2024 is projected at 24.83% [5]. Exhibition Highlights - The exhibition will showcase over 470 new products, including medical device components, innovative materials, electronic components, medical tubing, and extrusion products, as well as manufacturing equipment [4][8]. - The event will feature more than 1,000 global suppliers and brands across 17 categories, emphasizing a comprehensive approach to medical device design and manufacturing [7]. Innovation and Technology - Key areas of innovation include AI medical software, brain-machine interfaces, and exoskeleton robots, with a focus on advanced technologies such as AI pathology diagnosis systems and laparoscopic surgical robots [5]. - The exhibition will also introduce a "Manufacturing Festival" to highlight innovative products from the supply chain, allowing attendees to quickly locate exhibitors and learn about new offerings [19]. Networking and Collaboration - The event will host specialized networking opportunities, including a lunch meeting for major buyers with clear procurement needs, aimed at facilitating valuable discussions between exhibitors and attendees [27]. - A closed-door meeting on innovative medical device R&D will take place, inviting companies and universities to share breakthrough products and technologies [29]. Regulatory and Market Trends - The exhibition will address regulatory challenges, such as the FDA's new requirements for continuous clinical monitoring of AI medical devices, emphasizing the need for real-time risk warning systems to avoid post-market recalls [39]. - The event will also explore emerging markets, such as the weight management sector, which is projected to grow significantly under national initiatives [40].

Group 1: Event Overview - The 31st China International Medical Instrument and Equipment Exhibition and Technology Exchange Conference (China-Hospeq) was held from August 15 to 17 in Beijing, showcasing cutting-edge medical technology and serving as a catalyst for health industry transformation [1] - The National Health Commission announced the establishment of the "China-Africa Hospital Alliance" during the event, launching several joint working groups including "Health Silk Road AI Development" [1] Group 2: Strategic Collaborations - A seminar titled "Walking with AI: Health Silk Road AI Empowerment" was successfully held, where Hongxin Electronics' Chairman Li Qiang revealed a collaboration with Boya Quan Jian Technology to develop an integrated diagnostic machine for medical scenarios [1][3] - The integrated diagnostic machine aims to achieve efficient adaptation between domestic computing platforms and NVIDIA's Clara medical AI model, showcasing it at the exhibition [1][3] Group 3: Technological Innovations - Suihong Huachuang, a subsidiary of Hongxin Electronics, has built a comprehensive AI development system based on the national strategy of "National Core, National Model, National Use," providing end-to-end services from chip sourcing to application development [2] - The collaboration between Suihong Huachuang and Boya Quan Jian represents a significant step towards integrating computing power with medical applications, addressing challenges in data processing and algorithm execution [2][3] Group 4: AI Model Development - Boya Quan Jian's "Xihe No. 1" medical model, developed over nearly 10 years with 1 million real case data, boasts a 98% medical knowledge coverage and over 90% accuracy in disease prediction and personalized treatment [3] - The collaboration aims to bridge the gap in medical resource allocation, particularly in grassroots medical institutions facing computing power shortages [3][4] Group 5: Market Impact and Future Prospects - The integrated diagnostic machine is positioned as a key solution for achieving equitable distribution of medical resources, with a focus on enhancing diagnostic accuracy for prevalent diseases in Africa [4][7] - The strategic partnership is expected to create a replicable commercial pathway in the AI medical field, significantly lowering operational costs and enhancing service quality [6][7] - The initiative aims to serve over 100 million patients within three years and establish a global medical AI collaboration network [7]

随着沪指创下"十年新高"，承压四年的医疗器械板块也启动连续反攻行情，自今年6月20日以来，医疗器械指数区间累计反弹超18%。 资金面上看，医疗器械指数ETF（159898）资金面延续强劲流入状态，昨日该ETF再获1201万元资金增仓，近20日该净申购数据升至1.4亿元，基金最新规模 3.55亿元再刷上市新高。 展望后市，牛市进入第二阶段，基本面改善有望成为资金下一阶段关注重点。而从医疗器械板块本身看，随着集采反内卷以及AI催化，医疗器械板块下半 年有望迎来改善，2025年中报部分公司基于自身经营趋势已开始展现不错业绩表现。从估值角度，医疗器械板块目前估值合理，进入下半年有估值切换空 间。 财信证券看好具备自主创新能力与出海能力的医疗器械研发平台化厂家；DeepSeek等大模型助力医疗效率提升与资源优化，未来AI医疗领域有望持续扩 容；在全民健康意识增强、消费刺激政策持续发力背景下，或可关注受益于集采和国产替代的眼科器械创新型企业、家用器械企业。 从机构持仓角度看，目前虽然医疗器械板块关注度在逐步提升，但当前当前医疗器械核心子板块设备与耗材持仓均处于历史中低水平。根据兴业证券数据统 计，截至2025Q2，A股医 ...