行业概览 2025/10 www.leadleo.com 2025年中国医疗大模型行业概览： 大模型铸就新引擎，赋能驱动大健康 China Medical Large Model Industry 中国医療用大規模モデル産業 报告标签：人工智能、AI医疗、大模型 主笔人：吕佳睿 报告提供的任何内容（包括但不限于数据、文字、图表、图像等）均系头豹研究院独有的高度机密性 文件（在报告中另行标明出处者除外）。 ，任何人不得以任何方式擅自 复制、再造、传播、出版、引用、改编、汇编本报告内容，若有违反上述约定的行为发生，头豹研究 院保留采取法律措施、追究相关人员责任的权利。头豹研究院开展的所有商业活动均使用"头豹研究院 "或"头豹"的商号、商标，头豹研究院无任何前述名称之外的其他分支机构，也未授权或聘用其他任何 第三方代表头豹研究院开展商业活动。 行业概览 | 2025/10 中国医疗大模型行业 ◼ 中国医疗大模型市场呈现"梯队分化、场景 深耕、生态协同"的竞争格局，行业正向临 床价值与商业化落地加速迈进 中国医疗大模型市场已形成以华为云、晶泰科 技、讯飞医疗、联影智能等为代表的第一梯队， 凭借技术壁垒与商业落地能力主 ...

Core Viewpoint - The launch of the Hang Seng Biotechnology Index futures on November 28 is expected to provide investors with new risk hedging tools and enhance liquidity in the biotechnology sector [1] Group 1: Index and Market Overview - The Hang Seng Biotechnology Index was launched by Hang Seng Indexes Company in 2019 to reflect the overall performance of the biotechnology sector in the Hong Kong stock market [1] - The index currently includes notable companies such as Innovent Biologics, BeiGene, WuXi Biologics, CanSino Biologics, and 3SBio, covering sub-sectors like CXO and innovative drugs [1] Group 2: Market Trends and Expectations - The introduction of the index futures is anticipated to attract foreign capital back to the biotechnology sector amid a global liquidity easing cycle initiated by the Federal Reserve's interest rate cuts [1] - The continuous inflow of southbound funds is expected to create a resonance effect, further boosting the biotechnology sector in the Hong Kong market [1]

Core Viewpoint - The trend of AI in healthcare is irreversible, with all AI-based medical products originating from clinical needs and ultimately providing greater value than clinical applications [2][4]. Group 1: AI in Healthcare - AI and large models are seen as tools that must address clinical problems effectively [2][3]. - Liu Jianxun, Senior Vice President of GeRui Technology, emphasizes that technology innovation must focus on solving real clinical issues [3][4]. - The company has made significant advancements in orthopedic fields, including the launch of a fully electric integrated intraoperative 3D imaging system and the "Newton" orthopedic endoscopic surgical robot, which is entering multi-center human clinical trials [2]. Group 2: Clinical Value and Innovation - The essence of AI medical innovation is to return to clinical fundamentals, ensuring that technology meets actual clinical needs [3][4]. - Liu Jianxun highlights the importance of accurately defining clinical needs to address genuine clinical pain points [3]. Group 3: Commercialization and Industry Ecosystem - Liu Jianxun stresses the need for a collaborative effort to improve the industry ecosystem, particularly regarding payment systems for innovative medical devices [4]. - He notes that a diversified payment system in international markets supports the promotion of innovative medical technologies, which should be emulated in China [4]. - The expectation is for all stakeholders, including medical institutions, enterprises, and insurance agencies, to explore solutions suitable for the Chinese market to foster healthy industry development [4].

Core Viewpoint - The AI medical sector experienced a significant increase of 3.48% on November 24, with leading stock performance from Sichuang Medical [1] Group 1: Market Performance - On November 24, the Shanghai Composite Index closed at 3836.77, up 0.05%, while the Shenzhen Component Index closed at 12585.08, up 0.37% [1] - The top-performing stocks in the AI medical sector included Sichuang Medical, which rose by 8.20% to a closing price of 4.88, and Chengdu Xian Dao, which increased by 6.61% to 22.90 [1] Group 2: Trading Volume and Capital Flow - The AI medical sector saw a net inflow of 136 million yuan from institutional investors, while retail investors contributed a net inflow of approximately 99.92 million yuan [1] - The trading volume for Sichuang Medical reached 2.345 million shares, with a transaction value of 1.11 billion yuan [1] Group 3: Individual Stock Capital Flow - Notable net inflows from institutional investors included 67.19 million yuan for Weining Health, 38.08 million yuan for Rundar Medical, and 33.69 million yuan for Jiuyuan Yinhai [2] - Conversely, retail investors showed net outflows in several stocks, including 47.88 million yuan for Weining Health and 55.12 million yuan for Jiuyuan Yinhai [2]

责任编辑：郭栩彤 关于板块后续可能的催化，龙宇飞认为可关注这几个方面的催化进展：一是整体AI应用领域的催化， 比如今年以来较大的催化其实是基于DeepSeek这种基础模型能力的提升；二是政策端，比如今年底地 方预算中有专项拨款做基础设施建设，或者定价上进一步明确；三是应用端，海内外出现解决问题能力 特别强的应用，比如解决了明确的临床问题或者创新药当中的瓶颈。 在AI医疗的相关细分领域中，龙宇飞指出，首先可重点关注传统医疗信息化企业转型AI，因为这类企 业在医院客户关系和渠道方面优势突出；其次是AI技术驱动的初创公司或上市公司，这类企业往往技 术领先，产品创新力强；再次，还可关注穿透药企/械企布局AI，比如一些CXO公司利用AI赋能研发， 他们的优势是深刻理解行业需求和拥有大量高质量数据。 免责声明：本通讯所载信息来源于本公司认为可靠的渠道和研究员个人判断，但本公司不对其准确性或 完整性提供直接或隐含的声明或保证。此通讯并非对相关证券或市场的完整表述或概括，任何所表达的 意见可能会更改且不另外通知。此通讯不应被接受者作为对其独立判断的替代或投资决策依据。本公司 或本公司的相关机构、雇员或代理人不对任何人使用此全 ...

Core Insights - The long-term investment opportunities in the medical device sector stem from innovation, international expansion, and mergers and acquisitions, with the sector's innovative and international capabilities being recognized and valuations being restructured [1] - In the short term, there are opportunities for performance and valuation recovery for individual stocks in Q4 and 2026, with some companies expected to accelerate growth in 2025 compared to 2024, and a potential performance inflection point in 2026 [1] Industry Performance - The medical device sector experienced significant year-on-year growth in revenue and net profit in Q3 2025, with ongoing recovery in bidding processes [1] - The high-value consumables segment is slowly recovering, and the procurement of electrophysiology and other related fields is gradually clearing [1] - The IVD segment is under pressure due to centralized procurement and the unbundling of testing packages, but some companies are experiencing high growth in overseas markets [1] Investment Recommendations - It is recommended to focus on innovative device segments with large market potential and low domestic penetration rates, such as PFA, RDN, TAVR, as well as new technology directions like brain-computer interfaces, AI in healthcare, and surgical robots [1] - The long-term outlook is positive for Chinese medical device companies to grow into global leaders through incremental innovation and internationalization [1] Index Information - The medical ETF (159828) tracks the CSI Medical Index (399989), which selects listed companies in the medical device, medical services, and medical information sectors from the Shanghai and Shenzhen markets to reflect the overall performance of medical-themed listed companies [1] - The CSI Medical Index primarily focuses on the pharmaceutical and biotechnology sectors, emphasizing small and mid-cap companies, and exhibits notable cyclical volatility characteristics [1]

Core Insights - The report suggests that the current market position may be the starting point of a long-term bull market, supported by gradual improvements in fundamentals and industry highlights [3][4] - The report emphasizes the importance of time over space in the current bull market, indicating that the duration of the bull market may be more significant than the magnitude of the increase [3][4] Industry Research Construction Materials - The investment strategy focuses on three main lines: 1) Real estate chain recovery, emphasizing resilient consumer building material leaders like Dongfang Yuhong and Beixin Building Materials, which are expected to have greater profit elasticity amid rising demand for stock updates 2) Overseas growth, targeting companies with established advantages and mature operations abroad, such as Huaxin Cement and Conch Cement 3) Corporate transformation, highlighting construction companies actively restructuring and innovating during industry downturns, like Shanghai Port and Hongrun Construction [10] Machinery Manufacturing - The investment strategy revolves around three major themes: 1) Cycle recovery in engineering machinery, with internationalization, electrification, and intelligentization opening new growth spaces 2) Data center power generation equipment, driven by increased electricity demand 3) Nuclear fusion, entering a phase of capital expenditure expansion with high technical barriers [11] Company Research Aidi Precision (603638.SH) - Aidi Precision reported revenue of 2.37 billion yuan for Q1-Q3 2025, a year-on-year increase of 16.5%, and a net profit of 320 million yuan, up 12.6% year-on-year - The company is expected to benefit from the recovery in the engineering machinery sector, with continued growth in demand for its hydraulic components and new products like industrial robots and RV reducers [12] NetEase-S (9999.HK) - NetEase's Q3 2025 game revenue fell short of expectations due to the deferral of income recognition - The company maintains revenue forecasts of 114.5 billion yuan for 2025, 123.6 billion yuan for 2026, and 132.2 billion yuan for 2027, with a focus on new game releases expected to contribute significantly in 2026 [13] Yidu Technology (2158.HK) - Yidu Technology has made progress in AI medical innovation, but revenue forecasts for FY26 and FY27 have been reduced by 19.4% and 24.9% respectively - The company is expected to achieve a net profit of 0.08 billion yuan in FY28, maintaining a "buy" rating despite the adjustments [14] NVIDIA (NVDA.O) - NVIDIA's FY26 Q3 performance exceeded market expectations, with a projected GAAP net profit of $113.88 billion for FY2026 - The company has raised its FY2027-2028 net profit forecasts by 14.1% and 14.7%, driven by strong demand for AI computing [15] Lenovo Group (0992.HK) - Lenovo reported revenue of $20.452 billion for FY26 Q2, a 15% year-on-year increase, with adjusted net profit rising 25% - AI-related business revenue accounted for 30% of total revenue, up 13 percentage points year-on-year, despite downward adjustments in profit forecasts for FY26 to FY28 [16]

Investment Rating - The report maintains a "Buy" rating for Yidu Technology (2158.HK) [4] Core Insights - Yidu Technology has made significant advancements in AI medical innovation, including deep involvement in the National AI Application Pilot Base in Beijing and winning a Phase III clinical research project [1][2] - The company has expanded its health management platform and solutions by launching "Hui Min Bao" insurance services in Hebei and Guangzhou, enhancing its service reach [3] - Revenue and profit forecasts have been adjusted downward due to slower-than-expected progress in the AI digital therapy business, but the long-term market share is expected to improve [4] Summary by Sections AI Medical Innovation - Yidu Technology is a core partner in the National AI Application Pilot Base in Beijing, focusing on building a "data-algorithm-scenario" closed-loop for AI medical innovation [1] - The company has developed AI recruitment agents to improve clinical trial participant recruitment efficiency, successfully implemented in six projects [1] Clinical Research Projects - The company won a Phase III clinical research project for SMR001 eye drops, valued at approximately RMB 55.82 million, which is expected to enhance its market share in the long term [2] Health Management Solutions - The launch of "Hui Min Bao" in Hebei and Guangzhou has attracted over 200,000 participants on the first day, with the company serving over 40 million users across multiple provinces [3] Financial Forecasts - Revenue forecasts for FY2026 and FY2027 have been reduced by 19.4% and 24.9% to RMB 797 million and RMB 896 million, respectively, while FY2028 revenue is projected at RMB 1.007 billion [4][5] - The net profit forecast for FY2026 and FY2027 has been adjusted to -RMB 85 million and -RMB 36 million, with a positive net profit of RMB 8 million expected in FY2028 [4][5]

Core Insights - The Life Valley (International) Bioengineering Innovation Center has been launched, focusing on the integration of life sciences and future industry technologies, particularly in cell and gene therapy and AI healthcare [1][2] - The center aims to create a full lifecycle ecosystem from research and development to industrialization, leveraging top global research resources and industry chain enterprises [2] Group 1 - The launch event featured the signing of agreements by 15 companies from the biotech and innovative drug development sectors, marking the first batch of enterprises to join the innovation center [1] - A dual-driven model of "industry + capital" was established through fund signing ceremonies, providing financial support for the long-term development of the innovation center [1] - The "Innovation Zhuang Coffee" brand was introduced to create an open resource platform, promoting a collaborative innovation ecosystem [1] Group 2 - The center is positioned as a strategic hub for the transformation of cutting-edge technologies in life sciences, contributing to the construction of Beijing's international science and technology innovation center [2] - Experts at the subsequent seminar discussed topics such as AI's role in enhancing public hospital development, reshaping pharmaceutical research and development, and driving virtual clinical trials through computational medicine [2] - The event attracted participation from representatives of universities, research institutions, industry associations, financial institutions, and enterprises, highlighting the collaborative nature of the initiative [2]

Core Viewpoint - The article discusses the emergence of AI in the healthcare sector, highlighting how companies like Di'an Diagnostics are transitioning from traditional diagnostic services to AI-driven health management and solutions [3][6]. Strategic Layout - Di'an Diagnostics' AI development is structured in three phases: tool-based, platform-based, and ecosystem-based [4]. - The initial phase involves creating AI tools for medical diagnostics, such as the AI pathology software launched this year [3]. - The platform phase includes the launch of the Zhijian Lianyu platform, which integrates regional healthcare resources and addresses the interoperability of diagnostic results [4]. - The future vision is to build an open ecosystem that connects medicine, pharmaceuticals, patients, and diagnostics through AI [4]. Core Advantages - Data is identified as a critical barrier to entry in AI healthcare products, with Di'an accumulating 21PB of data and an annual increase of 1PB from self-testing services [5]. - The company has access to multimodal data from hospitals and public health data from regions like Chongqing, enhancing the quality of AI model training [5]. - Di'an's extensive offline service network, including 36 laboratories and over 800 collaborative centers, provides a competitive edge in commercializing AI solutions [5]. Commercialization Challenges - Di'an acknowledges the challenges in commercializing AI products, emphasizing the need for patience and the importance of demonstrating product value in clinical settings [6]. - Currently, the direct revenue from AI commercialization is in the tens of millions, indicating a gradual approach to market penetration [6]. - The company aims to transform data into compliant and efficient clinical products, positioning itself as both a technology service provider and a data-driven solution developer [6]. Conclusion - Di'an Diagnostics is actively embracing AI and adapting its business model to become a leader in intelligent diagnostic solutions, leveraging its data accumulation and clinical insights to navigate the evolving healthcare landscape [6].