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 ...

港股通医疗ETF（520510）聚焦CXO、AI医疗等概念，有望受益于反内卷及AI技术革命；药明康德、药 明合联等龙头业绩的持续性也提振了市场对CXO板块的信心。 （文章来源：每日经济新闻） 药明合联公布H1业绩，其营业收入27.01亿元人民币，同比增长62.2%；净利润同比增长52.7%，至7.46 亿元人民币；净利润率达27.6%。未完成订单总额增至13.29亿美元，同比增长57.9%。 据公司公告，药明合联H1业绩高增主要得益于（1）全球抗体偶联药物（ADC）及更广泛生物偶联药物 市场的持续活跃发展，推动了客户数量及项目数量的增加；（2）集团作为领先的ADC CRDMO服务提 供商的稳固地位带动其市场份额提升；（3）集团项目向后期阶段的稳步推进。 近期CXO板块利好频传，恒生医药ETF（159892）价格再创阶段新高；持仓药明合联、药明康德、药明 生物的港股通医疗ETF（520510）自8月7日上市以来涨幅超7%，二级市场交易价格创上市以来新高。 ...

一、交易提示 公募"先药后医"的节奏让创新药主题基金6、7月批量翻倍，也触发调仓窗口。6月末起，多只医疗与科技基金减持甚至清仓 创新药，腾出头寸集中买入AI医疗。进入8月，AI医疗热度在政策催化与资金博弈中迅速升温，多位明星基金经理认为， 兼具医药与科技属性的AI医疗有望接力资金，但也提醒主题退潮后的回撤风险需警惕。 金融界8月18日消息,周一A股市场全线爆发,沪指创近10年新高,北证50创历史新高,深成指、创业板指均突破去年10月8日高 点。截止收盘,沪指涨0.85%报3728.03点,深成指涨1.73%报11835.57点,创业板指涨2.84%报2606.2点,科创50指数涨2.14%报 1124.82点;沪深两市全天成交额2.76万亿,成交额再创年内新高。市场热点集中在AI硬件和大金融方向,个股涨多跌少,全市场 超4000只个股上涨。 二、基金要闻 （1）08月18日新发基金共有65只，主要为股票型基金和ETF联接基金基金，其中华夏上证科创板半导体材料设备主题ETF 联接C募集目标金额达80.00亿元亿元；基金分红15只，多为债券型，派发红利最多的基金是中金印力消费基础设施封闭式 基础设施证券投资基金， ...

Core Viewpoint - 港通医疗's stock closed at 23.30 yuan on August 18, experiencing a decline of 0.22 yuan from the previous trading day, with a trading volume of 1.01 billion yuan and a turnover rate of 6.77% [1] Group 1: Company Overview - 港通医疗 specializes in the research and production of medical gas equipment and systems, as well as medical clean equipment and systems, primarily used in hospital wards and operating rooms [1] - The company's products are a crucial part of smart hospital construction [1] Group 2: Recent Developments - 港通医疗 has not yet initiated business in clean medical warehouse robots or fertility robots, nor has it established business relations with brain-machine equipment companies [1] - The company is focused on monitoring advancements in AI medical technology to enhance product intelligence and meet the modernization needs of hospitals [1] Group 3: Financial Performance - The stock's current price-to-earnings ratio is 368.92 times, and the price-to-book ratio is 1.88 times [1] - On August 18, the main funds experienced a net outflow of 12.40 million yuan, with a cumulative net outflow of 8.71 million yuan over the past five trading days [2]

公募"先做药后做医"的布局节奏，正为医药主题基金带来净值提升与切换时机。 多位管理医疗主题产品的基金经理均强调，创新药与AI医疗是医药行业最大的两个新兴主题，创新药成熟在前，AI医疗 成熟在后，在医疗新技术、新产品上的布局必须考虑节奏，才能获得最大的收益空间，即"先做药后做医"。 鹏华基金权益投资二部副总经理、基金经理金笑非认为，2025年对创新药领域长期看好，是他目前重仓的方向，但也逐 步提高组合的进攻性，作为调仓思路，比如AI医疗。 今年6、7月份，创新药主题基金开始批量翻倍，使得公募基金的换仓需求加速释放，刺激AI医疗热度的提升。券商中国 记者注意到，6月末，多只医疗主题基金、科技主题基金减持甚至清仓创新药，并将减去的仓位替换为AI医疗股票。 8月份以来，伴随着一系列重磅基本面消息与机构资金博弈，AI医疗在股票市场热度明显加速提升，多位明星基金经理判 断，今年上半年AI医疗未能受益于创新药行情，考虑到AI医疗板块兼具医药属性与科技属性， AI医疗有望分流资金覆 盖，但也须关注主题投资弱化后的风险问题。 AI医疗赛道热度加速接棒 在主题行情轮动的节奏型行情中，尽可能在短时间博取最大收益，已是基金换仓需求的 ...

Group 1 - The latest stock price of Mylande is 47.28 yuan, down 1.27% from the previous trading day, with an opening price of 48.00 yuan and a trading range between 46.20 yuan and 48.00 yuan, achieving a transaction amount of 264 million yuan [1] - Mylande is primarily engaged in the research and production of medical devices, focusing on women's health. The company has recently ventured into the AI medical field, beginning trials of the DeepSeek multimodal data fusion technology to create an intelligent diagnostic and treatment closed-loop system [1] - Mylande is exploring the application of artificial intelligence in the medical sector by deploying the DeepSeek system, aiming to construct an intelligent diagnostic solution that covers the entire process of prevention, diagnosis, treatment, and rehabilitation, achieving precise matching of clinical pathways across departments [1] Group 2 - Capital flow data indicates that Mylande experienced a net outflow of 31.24 million yuan on the day, accounting for 1.79% of its circulating market value. Over the past five trading days, the cumulative net outflow reached 39.11 million yuan, representing 2.25% of its circulating market value [1]

Investment Rating - The report does not explicitly state an investment rating for the AI stroke diagnosis medical device industry Core Insights - The demand for AI stroke diagnosis medical devices is surging due to the continuous increase in stroke incidence globally and in China, driven by aging populations and lifestyle changes [4][15][16] - The market for AI stroke diagnosis medical devices in China is projected to grow from 180 million yuan in 2022 to 610 million yuan by 2024, with a compound annual growth rate (CAGR) of 83.4% [20][22] - By 2030, the market size is expected to reach 6.36 billion yuan, indicating a CAGR of 47.6% [22] Summary by Sections Industry Overview - Stroke is defined as a sudden loss of neurological function due to brain blood circulation disorders, with AI medical devices aiding in diagnosis and treatment decisions [4][9] - The global stroke incidence has risen from 13.5 million in 2018 to 14.38 million in 2022, with a CAGR of 1.6% [16] - In China, stroke incidence increased from 4.605 million in 2018 to 5.353 million in 2022, with a CAGR of 3.8% [16] Market Demand - The increasing stroke incidence, coupled with an aging population, is driving the demand for AI stroke diagnosis medical devices [15][16] - The lifetime stroke risk for individuals over 25 years old is 24.9%, with East Asia having the highest risk at 38.8% [15] Market Size - The market for AI stroke diagnosis medical devices in China is expected to grow significantly, from 180 million yuan in 2022 to 610 million yuan in 2024, and further to 6.36 billion yuan by 2030 [20][22] Competitive Landscape - As of May 2025, 14 AI stroke diagnosis products have received approval as Class III medical devices in China, covering various indications such as intracranial hemorrhage and ischemia [37][38] - Key players include Pushang Medical, United Imaging, and Neusoft Medical, each focusing on different aspects of stroke diagnosis [38] Industry Chain Analysis - The industry chain consists of upstream raw material suppliers, midstream AI stroke diagnosis device manufacturers, and downstream distribution and sales entities [24][25] - The report emphasizes the need for companies to focus on "technology accessibility, precision medicine, and ecological collaboration" to seize market opportunities [25]

Investment Rating - The investment rating for JD Health (6618.HK) is not explicitly stated in the provided documents, but the report indicates a positive outlook based on performance metrics and growth potential [1][12]. Core Viewpoints - JD Health reported a revenue of approximately 35.29 billion yuan for H1 2025, representing a year-on-year increase of 24.5%. The pre-tax profit was 2.864 billion yuan, up 17.4% year-on-year, and the net profit attributable to shareholders was about 2.591 billion yuan, reflecting a 27.4% increase [2][3]. - The growth in revenue is driven by an increase in active user numbers, improved penetration rates, and an expansion of product categories. The active user count exceeded 200 million, with an average of over 500,000 daily consultations in H1 2025 [3][4]. - The company continues to expand its product launch lineup, including innovative drugs and non-pharmaceutical products, which are expected to enhance sales and user engagement [3][4]. Financial Summary - For the fiscal years 2024A to 2027E, total revenue is projected to grow from 58.16 billion yuan in 2024 to 93.737 billion yuan in 2027, with year-on-year growth rates of 9%, 21%, 15%, and 16% respectively [5][6]. - The pre-tax profit is expected to increase from 4.797 billion yuan in 2024 to 7.13 billion yuan in 2027, with corresponding growth rates of 78.13%, 14.93%, 12.10%, and 15.37% [5][6]. - The gross margin is anticipated to improve from 22.88% in 2024 to 25.18% in 2027, indicating enhanced profitability [5][6]. User Engagement and AI Integration - The company has integrated AI into its healthcare services, with the "AI Jingyi" platform serving over 50 million users by June 30, 2025. This includes various AI-driven services for patients and healthcare professionals [3][4]. - JD Health is also enhancing its specialized medical capabilities, focusing on areas such as dermatology, mental health, and traditional Chinese medicine, which have collectively served over 20 million patients [4].

Core Viewpoint - Ant Group has officially declared war on fake medical advertisements, with its AI health application AQ launching four major initiatives to combat medical fraud and misinformation [1][2]. Group 1: Initiatives Launched by AQ - AQ has introduced the industry's first AI medical fraud refutation zone, allowing users to activate features by entering "fraud" in the AQ App, including "AI photo fraud detection" and "AI phone verification" [5][19]. - The application has partnered with over 300 top-tier doctors to provide AI avatars and connect with more than 300,000 real practicing physicians for in-depth consultation and education [19][20]. - AQ has formed a "Silver Anti-Fraud Team" in collaboration with the Blue Vest Public Welfare Action Group, conducting over 1,000 anti-fraud activities nationwide aimed at protecting the elderly from scams [5][20]. Group 2: Background and Context - Over 30,000 elderly individuals have been defrauded of more than 1 billion yuan due to misleading advertisements for "special health wines," highlighting the severe impact of fake medical ads on vulnerable populations [5]. - Recent government efforts have intensified to combat fake medical advertisements, prompting Ant Group to take proactive measures through AQ [5][19]. - The application aims to provide low-threshold, trustworthy digital tools to help the public identify medical fraud, particularly benefiting the elderly demographic [6][19]. Group 3: Technology and Functionality - AQ's technology engine utilizes a medical model trained on over a trillion tokens of professional medical data, integrating authoritative medical literature for in-depth analysis [18]. - The app's "AI photo fraud detection" feature allows users to upload images of suspicious products, which AQ analyzes to provide warnings about potential risks and illegal claims [6][18]. - The platform emphasizes the importance of evidence-based principles in its model's learning and the continuous enhancement of its anti-fraud capabilities [18].

Core Viewpoint - Ant Group has officially declared war on fake medical advertisements, with its AI health application AQ launching four major initiatives to combat medical fraud and misinformation [2][4]. Group 1: Initiatives Launched by AQ - AQ has introduced the industry's first AI medical fraud refutation zone, allowing users to activate features like "AI photo fraud detection" and "AI phone verification" by entering "fraud detection" in the app [6][7]. - The application has partnered with over 300 real doctors and AI avatars of renowned physicians to provide in-depth health education and consultation services [9][10]. - AQ has formed a "Silver Anti-Fraud Team" in collaboration with the Blue Vest Public Welfare Action to conduct thousands of anti-fraud activities for the elderly across the country [7][8]. Group 2: Technology and Data Utilization - AQ's technology engine, the Ant Medical Model, has learned from over a trillion tokens of professional medical data, integrating authoritative medical literature for deep analysis to provide reliable health information [8][9]. - The app's "AI photo fraud detection" feature allows users to upload images of suspicious products, which are then analyzed to provide warnings about potential risks and illegal claims [8][9]. - In 2022, over 40% of consumer complaints from the elderly were related to false advertising of health products, highlighting the urgent need for tools like AQ to protect vulnerable populations [7][8].