掘金新消费 - 医美产业链动态更新 20250709 摘要 中国医美市场渗透率远低于发达国家，增长潜力巨大，但机构端鱼龙混 杂，上游产品端如爱美客、华熙生物等通过平价优质产品推动市场发展。 新氧预折扣模式或冲击传统机构，下游机构面临获客成本高、复制难度 大和价格内卷等痛点。 轻医美因门槛较低、易于复制，成为未来发展方向，疫情后服务次数占 比从 30%提升至 70%，预计未来规模达 1,400 亿元。新氧通过极致运 营优化单店模型，将传统门店利润率从不到 5%提升至 15%，关键在于 降低获客成本和采用轻医美小店模式。 新氧通过模拟连锁模式，弱化医生 IP，自建大中台，与各地医美机构合 作店中店，标准化运营。门店前期投入五六百万，成熟期后单店月营收 约三四百万。计划年底门店数量增至 50 家以上，并开放加盟，以轻资 产模式快速复制。 新氧整合产业链上游，建设自有供应链，产品分为青春原创、万师大师 和经典系列。通过贴牌 OEM、外部品牌标品和资深医生处理高难度项目 等方式，增强竞争力，上游累计投入超 10 亿人民币，并计划推出更多 自有产品。 当前中国下游机构主要痛点包括： 中国医美市场供给侧驱动变革的背景和具体 ...

医渡科技 20250709 摘要 易都科技净亏损同比收窄 38.9%，OPEX 占收入比例下降 10 个百分点， 经营活动现金流出同比收窄 23.8%，效率和盈利能力显著提升，为未来 盈利增长奠定基础。 易都科技面向医生打造一加 N 加 X 的 CO pilot 产品矩阵，以 AI 中台为 基座，集成 Deep Sick 和医疗垂域大模型等，已在 30 多家头部医疗机 构落地，赋能诊前、诊中、诊后的全流程业务场景。 易都科技在肿瘤疾病领域以肿瘤疾病为核心深度攻克顶级专科机构，如 中肿、北肿和哈肿等，并推出首个由中科院院士滕高军领衔的肝癌诊疗 智能体"小肝人"，已在中肿落地 120 多个新的诊疗场景。 易都科技提供 AI 智能体服务，通过无代码工具链让医生根据需求自行构 建，在重点医院使用人数达全院医护人员的 43%，AI 诊疗助手辅助医生， 两个月内服务患者达 2.6 万次，医院端订单数量同比增长 15%。 易都科技参与新加坡卫生部 MSC home 移动住院护理国家项目，通过 APP Doctor Body 实现出院患者远程监控，将生命体征实时回传并生成 个性化建议，实现离院不离管的新健康管理模式。 Q&A ...

金融文化论坛以"传统文化与现代金融"为主议题，探讨中国特色金融文化弘扬路径，以金融文化引 领金融实践创新发展。 围绕"诚实守信 以传统文化涵育现代金融价值体系""守正创新 塑造金融服务实体新优势""依法合规 构建现代金融发展新秩序"三项分议题，中泰国际首席经济学家李迅雷，新华保险党委书记、董事长杨 玉成，青岛大学党委书记胡金焱，招银国际首席执行官霍建军作主旨演讲，挖掘中华优秀传统文化中蕴 涵的金融思维，解析中华文化基因对金融行业的影响。 两河对话，让古老智慧焕发生机 黄河文明和尼罗河文明都是大河文明的杰出代表。中埃古代文明对话会上，来自各国的专家学者以 考古、科技、人文为经纬，进行了深入交流。 山东大学在章丘焦家遗址发现的"黄河下游最早史前城市"，为中华文明提供了黄河样本；卢克索文 物局局长阿卜杜勒加法尔·瓦格迪则展示了科技赋能的考古新范式：通过3D光影重现卡尔纳克神庙内部 结构，让沉睡的文物焕发时代生机。 北京语言大学一带一路研究院院长徐宝锋认为，文明互鉴需走向现实维度，为全球南方国家提供发 展方案，让古老智慧照亮前路，共同讲好人类故事。从北京语言大学设立"埃及汉学家理事会"，到山东 大学与开罗大学联合培养 ...

Group 1 - The city of Suzhou launched two major funds, the Talent Fund and the Major Industry Development Fund, each with a total scale of 10 billion yuan, to accelerate the construction of a talent-friendly city and support talent growth and industrial upgrading [1][2] - The Suzhou Talent Fund, initiated by Suzhou Chuangtou Group, has a total scale of 10 billion yuan, with an initial phase of 2.5 billion yuan and a duration of 15 years, focusing on key areas such as artificial intelligence, low-altitude economy, biomedicine, cultural creativity, and youth entrepreneurship [1] - The fund aims to bridge the gap between technology, talent, and capital, adopting an innovative operation model of "mother fund + sub-fund + direct investment" to support key projects in Suzhou's talent strategy [1] Group 2 - The Major Industry Development Fund, led by Suzhou Guotou Group, also has a total scale of 10 billion yuan, focusing on "chain master" projects in major industrial sectors to assist in the upgrade of Suzhou's "1030" industrial system [2] - The fund primarily invests directly, with a minimum investment of 500 million yuan per project, targeting key enterprises that possess scarce resources and core technologies [2] - The fund aims to integrate market mechanisms with government strategies, ensuring a unified approach to project operations and promoting the transformation and industrialization of cutting-edge technology [2]

【市场数据】 截至10日收盘，上证综指涨0.48%，报3509.68点；科创50指数跌0.32%，报979.99点；深证成指涨 0.47%，报10631.13点；创业板指涨0.22%，报2189.58点。 4、据智通财经，7月10日，外交部发言人毛宁主持例行记者会。法新社记者提问，美国总统特朗普昨天 宣布将对进口的铜征收50%的关税，理由是国家安全，请问中方对此有何评论？"这个问题我们立场非 常明确。"毛宁强调，我们一贯反对泛化国家安全概念，我们也始终认为关税战、贸易战没有赢家，滥 施关税不符合任何一方的利益。 5、7月10日，据央视新闻，针对《关于在政府采购活动中对自欧盟进口的医疗器械采取相关措施的通 知》，财政部对有关方面关注的问题进行了解答。解答提到，对于4500万元人民币以上的医疗器械政府 采购项目，未分包开展采购的，非欧盟企业提供的自欧盟进口的医疗器械占比不得超过该项目合同总金 额的50%；分包开展采购的，非欧盟企业提供的自欧盟进口的医疗器械占比不得超过分包后单个采购包 合同金额的50%。采购人分包开展采购时，应当结合采购实际，按照专业类型、专业领域、规格等次 等，对采购项目合理分包。 6、据央广网 ...

Core Viewpoint - The Chinese pharmaceutical industry is experiencing positive changes driven by policy optimization and innovation, with a focus on internationalization and high-quality development [2][3]. Group 1: Industry Development - China's pharmaceutical industry has become a global leader in the production of active pharmaceutical ingredients (APIs) and small to medium-sized medical devices, playing an increasingly important role in the global pharmaceutical landscape [1][2]. - The industry is transitioning from exporting intermediates and APIs to a comprehensive export of innovative products, marking a significant shift in the internationalization of Chinese pharmaceuticals [2][3]. Group 2: Policy and Regulatory Environment - Recent reforms in drug and medical device regulation have enhanced the safety and effectiveness of products while stimulating innovation within the industry [4][5]. - The acceleration of drug review and approval processes, along with China's membership in the International Council for Harmonisation (ICH), has created a "fast track" for innovative drugs to enter international markets [2][3]. Group 3: Market Strategies and Internationalization - Companies are encouraged to adopt differentiated and refined market entry strategies by analyzing regional market characteristics, disease profiles, payment capabilities, and competitive landscapes [3][4]. - Successful case studies highlight the importance of collaboration, local production, and building partnerships to penetrate target markets effectively [5]. Group 4: Challenges and Future Directions - Despite the progress, the industry faces various internal and external challenges that require modernization of the regulatory system and governance capabilities to ensure high-quality development [3][5]. - The industry must maintain confidence and focus on enhancing innovation capabilities and quality control to navigate complex international environments and competition [5].

Group 1 - The article highlights the ongoing efforts in Taizhou's Hailing District to ensure the safe use of medical insurance funds through a special rectification campaign aimed at preventing fraud and misuse [1] - A three-tiered supervision mechanism has been established involving the district's disciplinary inspection and supervision commission, functional departments, and medical institutions, leading to the investigation of 15 corruption and misconduct cases, with 8 individuals formally charged [1] - The campaign is part of a broader initiative to protect the integrity of medical insurance funds, which are crucial for the public's well-being [1] Group 2 - The Taizhou Fourth People's Hospital has implemented a "one-stop service" for chronic disease management, significantly reducing processing time from 5 working days to immediate completion, serving approximately 12,000 people annually [2] - A new prescription management model has been introduced, allowing for an average of over 200 prescriptions to be processed daily, covering 70% of chronic disease patients, while also preventing fraudulent prescriptions [2] - The hospital has adopted a multi-modal real-name medical system to combat the misuse of medical insurance cards, enhancing patient identification through facial recognition and ID verification [2] Group 3 - A regional testing center has been established to address the issue of repeated medical examinations, which is expected to reduce over 600 duplicate tests monthly, saving more than 200,000 yuan in medical expenses and insurance funds annually [3] - The district's disciplinary inspection and supervision commission emphasizes the dual role of safeguarding medical insurance funds while protecting the interests of the public [3] - Future efforts will focus on deepening the results of the special rectification campaign and establishing a long-term regulatory mechanism for medical insurance funds [3]

Core Viewpoint - China Biotechnology Services (08037) has entered into a non-binding memorandum of understanding with AXA Group and other partners to jointly develop affordable medical insurance products covering Boron Neutron Capture Therapy (BNCT) treatment costs and related services [1][2][3] Group 1: Collaboration Areas - Patient Medical Services: The company will provide treatment services including surgery, hospitalization, and post-operative rehabilitation for patients covered by insurance who are diagnosed for BNCT treatment at Hainan Pengbo BNCT Treatment Center and potentially other medical networks in the future [1] - Insurance Product Development and Marketing: Based on medical data provided by the company, partners will assist in developing competitive BNCT insurance products and promote them extensively in mainland China, Hong Kong, and potentially overseas markets [1][2] - Reinsurance Solutions: Partners will provide reinsurance solutions for BNCT insurance, leveraging their expertise in risk assessment and management to support pricing and risk control [2] Group 2: Market Expansion - Overseas Market Development: AXA and Gallagher will utilize their global insurance and reinsurance networks to help the company develop BNCT medical insurance products tailored for different countries and collaborate with local insurance companies [2] - Launch of BNCT Insurance in Hong Kong: AXA Hong Kong will be the first insurer to launch BNCT insurance products in the Hong Kong market [2] Group 3: Partner Profiles - AXA Group is a leading global insurance company operating in 50 markets, serving 95 million customers worldwide [3] - Qianhai Reinsurance, established in Shenzhen, is the first state-owned mixed-ownership reinsurance company in China, providing various reinsurance products and services [3] - Gallagher, a leading global insurance brokerage and risk management firm, offers professional insurance solutions and consulting services to clients worldwide [3] Group 4: Strategic Goals - The collaboration aims to develop affordable medical insurance products covering BNCT treatment costs to reduce the financial burden on patients and enhance treatment accessibility [3] - The partnership is expected to create synergies for the company's BNCT business, providing treatment to more patients in China and abroad, highlighting the company's commitment to improving global patient treatment outcomes [3]

近年来，国家推动集采工作规范化制度化常态化开展，进一步降低药品和耗材费用、减轻群众就医负 担。2024年12月，《国家医保局国家卫生健康委员会关于完善医药集中带量采购和执行工作机制的通 知》印发，旨在加强集采全流程管理。今年《政府工作报告》提出，优化药品和耗材集采政策，强化质 量评估和监管，让人民群众用药更放心。本期邀请专家围绕相关问题进行研讨。 医药集采重塑行业生态 推动集采工作规范化制度化常态化开展，得益于跨部门协同治理的突破。医保部门牵头组织，制定采购 政策，竞价形成中选价格，通过实施预付货款、直接结算和结余留用等政策，激励医药机构使用中选产 品。卫健部门将落实集采改革情况纳入公立医院管理考核，进一步规范医疗行为。药监部门强化"生产 —流通—使用"全链条监管，对中选企业检查覆盖率达100%。多部门协同发展和治理，改变了以往行政 命令式的管理手段，形成了全方位、多层次的监管体系。 集采对医药市场秩序的规范体现在生产、流通和使用等多个环节。在生产环节，通过严格的质量要求和 供应保障措施，倒逼企业加强质量管理，开展仿制药质量和疗效一致性评价，淘汰落后产能，提升行业 整体生产水平。在流通环节，有效降低流通成本， ...

Core Insights - The Hong Kong stock market has seen a significant surge in equity financing this year, with total financing reaching 2879.82 billion HKD, a year-on-year increase of 350.56% [1][2] - The IPO market has been particularly strong, with 42 IPOs completed in the first half of the year, raising over 1070 billion HKD, which is approximately 22% more than the total for the previous year, making it the largest globally [1][2] Financing Scale - In 2023 and 2024, the Hong Kong market experienced relatively weak financing, with IPOs raising 463.34 billion HKD and 881.47 billion HKD respectively, both under 1 billion HKD [2] - Since the second half of 2024, the market has become active again due to several key policies, with 2025 seeing a total equity financing of 2879.82 billion HKD, surpassing the total for 2023 and 2024 combined [2] - The rapid growth in financing is attributed to a significant increase in placement issuance, which has reached 1569.85 billion HKD in 2025, exceeding the combined total of 1206 billion HKD from 2023 and 2024 [2] Leading Companies Driving Growth - Major companies have played a crucial role in boosting the equity financing scale, with three companies in the top 10 IPO projects raising over 100 billion HKD each, including Ningde Times at 410 billion HKD [3] - The top 10 fundraising projects include seven A-share companies, indicating strong participation from A+H companies in the IPO market [3] - In the top 10 refinancing projects, BYD and Xiaomi have raised over 400 billion HKD each, accounting for more than 50% of the total refinancing amount in 2025 [3][4] Industry Trends - A notable trend in the Hong Kong financing landscape is the urgent need for capital in thriving industries, particularly in technology hardware, capital goods, and automotive sectors [5] - The financing activities are heavily driven by emerging sectors such as new energy, artificial intelligence, and biomedicine, reflecting a dual focus on technology and consumer markets [5][6] - These industries are facing intense competition and pressures to expand internationally, prompting a strategic move to accumulate more capital through the market [6]