Core Viewpoint - Traditional companies with strong fundamentals and low valuations are becoming the focus of public fund research, as they present opportunities for valuation switching in the current market environment [1][10]. Group 1: Investment Strategy - Public fund managers are increasingly researching traditional sectors, seeking companies that can leverage new technologies for growth, indicating a shift towards "old trees sprouting new buds" [3][12]. - The strategy involves identifying traditional companies that have the potential to transition into emerging sectors, thus benefiting from valuation increases [4][11]. Group 2: Fund Research Focus - Recent public fund research has targeted traditional industries such as software, electronics, machinery, and energy, with specific companies like 聚杰微纤 and 广联达 being highlighted for their potential in new growth areas [3][5]. - Funds are particularly interested in how these traditional companies are positioning themselves in relation to new technologies, such as AI and robotics, which could trigger valuation shifts [4][6]. Group 3: Market Dynamics - The current market environment makes it challenging to invest heavily in new high-valuation stocks, leading funds to explore undervalued traditional companies that may offer lower entry points into new markets [6][10]. - The performance of traditional companies transitioning into new sectors has been notable, with examples like 医脉通 demonstrating significant returns after successfully shifting their business models [7][8]. Group 4: Future Outlook - As 2024 earnings reports are released, traditional companies with stable fundamentals and low valuations are expected to attract more investment, driven by their potential for business model transformation and valuation switching [12].

长按即可参与 3、AI医疗产业端落地成熟度，影像→体外诊断→医疗机器人→制药→慢病管理→医疗信息化。 4、AI+诊断领域： 1）体外诊断公司：主业有业绩压力，但需给予AI属性估值溢价。关注与大厂绑定深、落地成熟的 公司。 2）影像公司：如联影，在设备市场铺设、市占率、数据授权上有优势。 3）业绩变好公司：对主业业绩有包容度，关注可能迎来拐点的公司。 风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者： 巴菲特读书会 来源：雪球 1、AI医疗产业整体前景大，能够赋能医疗产业端公司的传统业务，提升其盈利能力，并在客户绑 定、新客户开拓上提供帮助。 2、在患者端，AI医疗可以提高了医疗资源的可及性，使得偏远地区的人能够触达到高等级的医疗 资源（医疗资源平权）；还可以减少漏诊和误诊，提高诊断的准确性（诊断准确性）；以及AI制 药如果成功，患者将受益（制药）。 4）细分领域数据公司：如华大智造，除数据、AI逻辑外，还受Illumina被禁入中国市场影响。 5、AI+医院/医生：AI能提高医生和医院的诊断治疗能力；对医院和医生的运营效率有帮助。 6、AI+慢病管理：看好AI慢病管理 ...

Core Viewpoint - The article discusses the strategic collaboration between Ant Group, Huawei, and Alibaba Cloud in the AI healthcare sector, highlighting the launch of the "Large Model Integrated Machine" and its implications for the medical industry [1][2][6]. Summary by Sections Product Launch and Implementation - Ant Group, in collaboration with nearly 100 enterprises, has introduced the "Large Model Integrated Machine" to facilitate the rapid and secure deployment of AI in healthcare institutions [2]. - Seven medical institutions, including Zhejiang Provincial People's Hospital and Beijing Traditional Chinese Medicine Hospital, are among the first to adopt this integrated solution [3]. AI Healthcare Expansion - The AI health application "Anzhen'er," developed in partnership with the Zhejiang Health Commission, has reached over 1,000 public hospitals and is expanding to regions like Hunan and Shanghai [4]. - Ant Group's acquisition of "Good Doctor," a pioneer in online medical consultation, has led to the enhancement of AI tools for 290,000 registered doctors [4][5]. Importance of AI in Healthcare - The article emphasizes the growing need for AI in healthcare due to the imbalance between medical professionals and patients, with generative AI showing promise in areas like resume generation and basic consultations [7]. - Advanced models like GPT-4 and Med-PaLM have outperformed human experts in medical question-answering tests, indicating the potential of AI in enhancing healthcare efficiency [7]. Ant Group's Strategic Positioning - Ant Group has made significant strides in AI healthcare since 2023, launching various initiatives such as the "AI Health Manager" and multi-modal medical models [9][10]. - The "Three-in-One" strategy encompasses services for institutions, doctors, and patients, aiming to create a comprehensive healthcare ecosystem [12][21]. Technical and Operational Aspects - The integrated machine emphasizes privacy protection and professional capabilities, allowing hospitals to deploy AI solutions without complex configurations [13][14]. - Ant Group's AI medical model has ranked first in various medical knowledge assessments, showcasing its advanced capabilities [15]. Challenges and Future Directions - The article identifies challenges in the AI healthcare sector, including the complexity of medical workflows and the need for high-quality data to train models effectively [25][26]. - Ant Group's long-term experience in the healthcare sector positions it well to address these challenges and develop AI solutions that meet actual needs [30]. Collaborative Ecosystem - The collaboration between Ant Group and major tech partners like Huawei and Alibaba Cloud aims to create a complete value chain in AI healthcare, integrating technology, industry, and payment systems [33][34]. - The article concludes that the ongoing cooperation among major players in the industry enhances the prospects for AI in healthcare, making it a critical area for future development [36].

Group 1 - Ark Health (06086) saw a significant stock increase of over 17%, currently trading at 5.77 HKD with a transaction volume of 138 million HKD [1] - The company recently announced the integration of DeepSeek's open-source large model, completing private deployment, which enhances the digital drive for "AI + chronic disease management" [1][2] - Ark Health aims to develop multiple "AI intelligent assistant" scenarios by 2025, increasing R&D investment to leverage advanced models like DeepSeek for extracting medical data value [2] Group 2 - The launch of the first fully domestic intelligent solution in the medical industry, "Bianshi + DeepSeek dual-engine medical intelligent machine," was a collaborative effort with Huawei [1] - The company is focusing on creating a "H2H (Hospital To Home) smart medical ecosystem" to upgrade its "AI + H2H" strategy, positioning it as a new growth point for its smart medical business [1] - Ark Health has recently been included in the Hong Kong Stock Connect list and is set to release its 2024 annual performance report [2]

Investment Ratings - The report does not explicitly state an investment rating for the industry Core Insights - The financial data for February 2025 shows an increase in social financing and new loans, indicating a potential recovery in economic activity [2][11][13] - The oil market is under pressure due to recession fears in the US, but there are opportunities for recovery as the US plans to replenish its strategic oil reserves [17][18][19] - The express delivery sector has shown strong growth in early 2025, with a 22.4% year-on-year increase in package volume [21][22] - The aviation industry is expected to benefit from macroeconomic recovery, with increased ticket bookings for domestic and international flights [20][23][24] Summary by Sections Fixed Income - New loans in February 2025 amounted to 1.01 trillion yuan, with social financing reaching 2.24 trillion yuan, indicating a year-on-year increase in social financing growth to 8.2% [2][11][13] - M2 growth was stable at 7.0%, and M1 growth is expected to rise further throughout the year [12][14] Transportation - The oil price has declined significantly, with Brent crude at $69.28 per barrel, creating opportunities for refiners to improve profit margins [17][18] - The shipping market is expected to benefit from supply tightness and geopolitical uncertainties, with recommendations to focus on companies like China Merchants Energy and COSCO Shipping [19][30] Express Delivery - The express delivery industry reported a strong performance in January and February, with a total of 284.8 billion packages delivered, reflecting a 22.4% increase year-on-year [21][22] - The sector is expected to see continued demand, with major players like ZTO Express and SF Express positioned for growth [29] Aviation - The aviation sector is experiencing a rebound in ticket bookings, with domestic flight reservations up 24% year-on-year for the Qingming Festival [20][23] - The industry is expected to benefit from a long-term supply-demand imbalance, with a focus on companies like China Southern Airlines and Hainan Airlines [20][29] Metals and New Materials - Copper prices are anticipated to rise due to supply disruptions from smelting plants reducing output [30] - The demand for copper is supported by recovering downstream industries, with expectations of a bullish trend in copper prices [30] North Exchange - The North Exchange is seeing new financing projects and a stable market environment, with a focus on companies that can provide consistent dividends and growth potential [10][30]

Investment Rating - The industry investment rating is "Outperform the Market" [3][28] Core Viewpoints - The report emphasizes the potential of AI in healthcare, particularly through the DeepSeek model, which accelerates the implementation of AI in medical settings, enhancing diagnostic efficiency and resource allocation [7][23][27] - The industry is expected to transition from scale expansion to higher-level development, focusing on high-quality growth and long-term investment opportunities [28] Summary by Sections Industry Overview - The medical device sector has shown a monthly increase of 8.67%, outperforming the pharmaceutical sector and the CSI 300 index by 2.26 and 6.04 percentage points respectively [11][15] - The average PE ratio for the medical device sector is 28.93, which is a 9.74% premium over the pharmaceutical sector and a 154.06% premium over the CSI 300 index [15][21] Key Stocks - Major companies highlighted include: - Mindray Medical: EPS of 9.55 in 2023, rated "Buy" [4] - Weili Medical: EPS of 0.66 in 2023, rated "Add" [4] - New Industry: EPS of 2.10 in 2023, rated "Add" [4] - Yuyue Medical: EPS of 2.39 in 2023, rated "Add" [4] - Kefu Medical: EPS of 1.22 in 2023, rated "Add" [4] AI Medical Applications - AI in healthcare is categorized into several applications, including drug development, medical imaging, healthcare robotics, and health management, all aimed at improving service efficiency and quality [25][24] - The report suggests that AI will help address the growing medical demand and resource distribution issues in China, enhancing early disease detection and treatment [24][26] Investment Recommendations - The report recommends focusing on companies with strong innovation capabilities and international expansion potential, such as Mindray Medical, Union Medical, and Weili Medical [28] - It also highlights the importance of AI models like DeepSeek in improving medical efficiency and resource optimization, suggesting attention to companies like BGI and Shengxiang Biological [28]

合作伙伴征集：2025全球手术机器人大会 报名：首届全球眼科大会 | 暂定议程 报名：首届全球心血管大会 | 奖项报名倒计时 报名：首届全球骨科大会 | 奖项报名倒计时 年初以来，在DeepSeek的推动下，各行各行纷纷加入AI浪潮。 近日， 华为 宣布正式成立"医疗卫生军团" ，用AI大模型为中国医院装上"智能心 脏"，提升医疗效率和质量 。该军团旨在整合华为在5G、云计算、AI大模型等领域的技术积累，重点构建AI辅助诊断解决方案体系，推动医疗大模型 在临床场景的应用。 据世界卫生组织预测，到 2030 年全球医疗数据量将增长至 2.3 万亿 GB ，但传统医疗系统对数据的处理能力严重滞后。 华为的医疗军团模式，正是 以技术融合填补这一鸿沟，通过"端到端"的垂直整合 ，实现从实验室到临床的快速落地。 # 三 大核 心 技术底 牌 虽然华为本身并未发布任何医疗大模型，只是为行业训练大模型提供解决方案。但面对这块万亿蛋糕，华为的野心远不止于技术供应商，它要成为医 疗智能化的"操作系统"。 一旦华为在技术、生态、政策三端协同突破，或将推动中国医疗从"跟跑"转向"领跑 "。 华为的"军团制度"自2021年实施以来， ...

作 者丨孙永乐 编 辑丨陈思颖 3月11日，AI医疗概念人气高标塞力医疗（6 0 3 7 1 6 .SH），突然发布异动公告称，公司客户主 要为公立医院，受限于行业政策影响，以及应收账款回款不及预期，公司2 0 2 4年7月、8月和 2 0 2 5年1月 存在三笔合计4 . 6 8亿元募集资金到期未能及时归还的情形。 公告还显示，塞力医疗于2 0 2 4年3月2 5日收到中国证监会《立案告知书》，因公司涉嫌信息披 露违法违规，中国证监会决定对公司立案。公司尚未收到就立案调查事项的结论性意见或决 定。 南财快讯记者注意到，因"沾上"华为AI医疗概念，塞力医疗已连续两个交易日涨停。截至3月 1 2日收盘，报每股1 2 . 0 8元，总市值达2 3 . 0 7亿元。 | | 塞力医疗 603716 | 23 医药商业 -0.28% | | 同行对比 | | --- | --- | --- | --- | --- | | | 12.08 +1.10 +10.02% 積 | 溢价:转债 22.59% | | | | 委比 | +100.00% | 资金分析(万元) 76175 | | | | 5 | 1 | 主力流入: ...

Investment Rating - The report assigns a "Buy" rating for the stocks of Weining Health, Chuangye Huikang, and Jiahe Meikang, indicating an expectation of strong performance in the next 12 months [5][50]. Core Insights - The medical IT industry is experiencing a recovery in orders, with a notable increase in AI-related orders expected in the future [4][45]. - The total order amount for the medical IT industry in January-February 2025 was 767 million CNY, a decrease of 7.9% compared to the same period in 2024, while the number of orders increased by 5.2% [4][42]. - The structure of orders shows that traditional hospital information projects account for 91.2% of the total, indicating a strong demand in this area due to regulatory pressures for system upgrades [4][43]. Summary by Sections 1. Overview of Medical IT Industry Orders - The report analyzes data from 11 A-share listed medical information companies, highlighting a recovery trend in orders for February 2025 [4][12]. - The cumulative order amount for January-February 2025 was 767 million CNY, slightly down from 833 million CNY in the same period last year, while the number of orders rose to 448 from 426 [4][13][42]. 2. Monthly Order Data - In February 2025, the medical IT industry recorded an order amount of 340 million CNY, a year-on-year increase of 15.9%, with 174 orders, up 30.8% year-on-year [4][18][42]. 3. Order Structure - Traditional hospital information projects dominate the order structure, with 91.2% of total orders, followed by electronic medical records at 6.8% and medical insurance IT at 2.1% [4][39][43]. 4. Supplier Landscape - In February 2025, the leading suppliers for million-level orders were Jiahe Meikang (35.2%), Donghua Software (34.2%), and Weining Health (23.5%), indicating a high market concentration [4][33][36]. - The report suggests that leading companies will have a greater advantage in securing large orders due to stricter regulations and a more standardized bidding process [4][36][44]. 5. Investment Recommendations - The report anticipates a sustained increase in medical IT demand over the next 3-5 years, particularly with the integration of AI technologies [4][45]. - Companies such as Weining Health, Chuangye Huikang, and Jiahe Meikang are highlighted as having significant advantages, along with a recommendation to monitor AI-related medical companies [4][45].

今天白天股市开盘后，全球都继续演绎risk off，也就是避险的模式， 昨晚美股大跌 （原因看这 Trumpcession ），亚太地区的股市基本都是低开 的状态，港股低开2.5%，日本低开2.5%，韩国低开2.5%，中国台湾低开3%左右，大家都差不多。 等到收盘一看，下图，韩国和中国台湾回来了一半，日本回来的更多一些，而港股直接翻红了，恒生科技涨了1.4%。 核心原因还是市场消化了一下，觉得有点跌多了， 上午10点开始，美国那边的股指期货开始触底反弹 ，带动了全球股市的止跌，另外提醒一下 大家，美国进入夏令时了，开盘变成北京时间的21:30，开盘小跌。 今天有两处略显诡异的地方，也是大家讨论比较多的。 第一，A股尾盘拉红。 沪深300和上证都是尾盘最后15-20分钟拉红的，大家觉得是不是有神秘资金护盘的力量加持，我看了一下最大的几个沪深300ETF和最大的上证50ETF， 确实尾盘放量比较明显 。 第二，是港股通南向资金，今天净卖出了40亿，但港股却一路涨。 下图，可以看到，14点之后，南向资金和港股走势明显背离了，港股通（黄线）持续卖出，但恒指（白色）一路往上。 其中一个解释，是外资的回补了。 但今天卖出 ...