｜2025年12月5日星期五｜ NO.1国际医学：拟向特定对象增发募资不超过约10.08亿元 国际医学公告，拟向不超过35名特定投资者定向增发A股股票，募集资金总额不超过10.08亿元。募集资 金用于以下用途：智慧康养项目，总投资约7.51亿元，拟投入募集资金约6.38亿元；质子治疗中心二期 项目，总投资9993.13万元，拟投入募集资金9993.13万元；补充流动资金项目，总投资2.7亿元，拟投入 募集资金2.7亿元。 点评：研报认为创新药板块经历回调后估值趋合理，安全边际提升，已进入较好配置窗口。同时提示板 块内存在结构性轮动机会，建议前瞻布局经营周期有望在2026年迎来改善的细分领域。整体观点偏积 极，核心在于"估值回归"与"周期拐点"的双线逻辑 NO.3众生药业RAY1225注射液新增适应证获批临床 众生药业控股子公司广东众生睿创生物科技有限公司自主研发的一类创新多肽药物RAY1225注射液新 增适应证治疗"代谢相关脂肪性肝炎"的药物临床试验获得国家药品监督管理局批准，并收到《药物临床 试验批准通知书》。 点评：众生药业核心在研双靶点创新药RAY1225获批进入MASH（代谢相关脂肪性肝炎）临床试验， ...

Core Insights - The 2025 Summer Davos Forum will be held in Tianjin from June 24-26, focusing on the theme of "Entrepreneurial Spirit in the New Era" [1] Group 1: AI in Healthcare - AI technology can significantly enhance the quality of medical diagnosis and treatment by integrating years of patient medical history into a visual timeline, allowing doctors to better understand patient conditions [3] - The AI decision support system can provide multiple treatment suggestions for complex cases, aiding doctors in making more accurate clinical decisions [3] - Clinical trial costs have been reduced by 30%-40% due to the integration of AI and data platforms, which can automate many previously manual processes [3] Group 2: Industry Challenges and Opportunities - The healthcare industry is challenging to navigate, with recent market and policy changes prompting the company to adopt a cautious approach to commercialization [4] - The recent activity in the secondary market for innovative drugs reflects a valuation correction, recognizing China's potential as a research-driven market [4] - The Chinese biopharmaceutical ecosystem is expected to grow, with more companies pursuing international collaborations and contributing to global healthcare [4] Group 3: Future Outlook - Future healthcare scenarios envision the integration of historical medical data with wearable devices, providing a comprehensive understanding of individual health and 24/7 personalized health advice through AI [5] - AI is expected to significantly lower new drug development costs, helping more drugs avoid the "orphan drug" dilemma [5] - Insurance coverage is anticipated to expand, with initiatives like the company's "Hui Min Bao" providing coverage for a wide range of patients, including those with pre-existing conditions [5]