2026开年以来，港股创新药已上演了一波拉升行情。业内人士指出，1月7日行情诱因主要是美股公司Arrowhead发布了较好的小核酸药物临床数据，刺激了 创新药情绪。创新药行业属于技术驱动，如果全球有新技术发展和突破，相关板块和公司也会有较积极的反应。 公司新闻方面，脑机接口"独角兽"强脑科技完成20亿元融资，规模仅次于马斯克的Neuralink。此外，AI制药明星公司英矽智能上市后首单BD交易落地，1 月5日，英矽智能发布公告称，其与施维雅达成多年期抗肿瘤药物研发合作。根据公告，这笔合作总金额为8.88亿美元。英矽智能将有资格获得最高3200万 美元的首付款及近期研发里程碑付款。 港股通创新药ETF(159570)标的指数权重股多数飘红：三生制药涨超2%，信达生物、科伦博泰生物-B涨超1%，百济神州、翰森制药微涨。 | 序号 | 代码 | 名称 | 估算权重 | 涨跌幅 | 成交额 | | --- | --- | --- | --- | --- | --- | | 1 | 1093 | 石药集团 | 10.37% | -0.77% | 1.80亿 | | 2 | 1801 | 信达生物 | 10.21% | ...

当地时间1月6日，2026年美国消费电子展(CES)在内华达州拉斯维加斯开幕。 中新社记者 张朔 摄 2026年CES展会面积超过260万平方英尺、吸引来自150多个国家和地区的逾4100家参展商。其中，既有 英伟达、高通、3M、亚马逊、联想、TCL、京东方、海信等知名大型企业，也有众多富有开拓性的初 创企业。 在展示尖端科技产品的同时，2026年CES期间还将举行专题论坛与研讨会等数百场活动。美国超威半导 体公司(AMD)董事会主席兼首席执行官苏姿丰、联想集团董事长兼首席执行官杨元庆等行业领军人物发 表演讲，参展企业代表、学者和政府官员等各界人士围绕消费电子产业新动向进行交流探讨。 中新社拉斯维加斯1月7日电 (记者 张朔)2026年美国消费电子展(CES)6日在内华达州拉斯维加斯开幕， 聚焦人工智能(AI)、数字健康、能源技术、企业技术、移动技术和机器人等六大前沿科技趋势。 CES是世界规模最大的消费技术产业盛会之一，由美国消费者技术协会主办，展示国际消费电子领域最 新科技成果，被视为全球科技领域开年重头戏。 华人科学家创办的机器人AI软件公司MARI首次参展，其开发的移动自主智能机器人系统脱颖而出，赢 ...

数读 OCES 2026 = = 2026 年国际消费电子展(CES 2026) 于 2026 年 1 月 6 日~ 9 日在美国拉斯维加斯举办。作为全球科技行业的 开年大展,CES 汇聚来自全球数千家科技企业与创新力 量,展示未来科技发展的最前沿成果。本届展会,中国机器 人企业以空前的规模集体参展,从关键传感器、灵巧手、计 算平台到机器人本体,初步勾勒出了一条清晰且完整的国 产机器人产业图谱。 度以解析 PART CES 2026 主要在拉斯维加斯会议中心(LVCC)展开,跨 越多个会场（共 12 个官方场馆）,并分布在三个主要园区 (Campus),分别容纳不同主题、不同类型的参展企业与活 动。 CES 最核心、最大规模的展 馆群,包括中央馆、北馆、西 馆、南馆等多个展区,展示范 国涵盖从主流电子产品、大 型品牌展区到自动驾驶、智 能设备与企业解决方案等。 Venetian Campus 主要分布在 The Venetian Expo 及附近的会展空间,很 多初创企业、智能家居、可穿 戴设备、生活方式、食物科技 等内容在这里展出。 C Space Campus . Cosmonolitar Velars ...

P i f 大 张玉表示，以武汉为枢纽，构建覆盖省、市、区、社区各级医疗机构的健康信息共享网络，实现数据实时归集、动态更新，让"健康大 脑"持续学习、越用越聪明。同时让"健康大脑"将智能服务精准快速输出到诊疗一线，缓解群众"看病难、看病烦"。 为此，张玉提出两条具体建议：一是推动优质资源的数字化下沉，依托"健康大脑"中枢，为基层医院配备专病智能体、AI专家助手， 进一步完善数智病理、阅片、检查结果互通，提升基层诊疗的精准性和规范性，让群众在家门口享受优质医疗服务。二是以智慧服务改善 群众就医体验。做到高效共享、动态更新患者健康信息，提升诊疗连续性；通过物联网跟踪慢病患者的家庭监护，自动触发预警，实现疾 病预防与救治的"关口前移"；借助智能体强大的分析能力和数据传送能力，让"上下转诊"无缝对接。 张玉提出，要推动数字技术与生物医药、医学装备等产业深度融合，围绕三大方向布局数智创新： 支持"AI＋生物医药"的协同创新，重点推动AI在新药靶点发现、临床试验设计优化等关键环节的应用，助力生物医药产业创新升级； 发展智能医学装备产业，推动可穿戴健康监测设备、居家智能康复器械等产品的研发和普及，促进慢病管理、康复护理等从 ...

为更好呈现人工智能、量子科技等前沿技术发展趋势，今年展会推出"创新工坊"全新板块，通过现场演 示、交流活动和专题论坛等形式，为企业、科研人员和投资者搭建互动与合作平台。 作为全球规模最大的消费技术产业盛会之一，始创于1967年的拉斯维加斯消费电子展一直是科技领域的 开年重头戏，被视作国际消费电子领域的"风向标"，每年展会都会吸引全球各地众多企业参展。据美国 消费者技术协会数据，2025年展会吸引超过4500家企业参展，观展者约14.2万。 2026年美国拉斯维加斯消费电子展6日开幕，人工智能新应用及机器人技术成为今年展会最大热点。 据展会主办方美国消费者技术协会介绍，本届展会吸引超过155个国家和地区的数千家企业参展，重点 展示人工智能、数字健康、未来能源、机器人技术、汽车科技、智能出行等领域的最新进展。展会期间 还将举行400多场主题演讲和论坛活动。 近年来，中国企业在拉斯维加斯消费电子展上的影响力持续提升。今年同样有众多中国企业亮相，既包 括行业领军企业，也涵盖大量初创企业。美国消费者技术协会首席执行官加里·夏皮罗在展会开幕前接 受新华社专访时表示，期待在拉斯维加斯消费电子展这一全球科技舞台上看到中国企业 ...

Rock Health是美国著名的以研究能力见长的专注于数字健康的风险投资机构，他们的研究报告质量非常高，我几乎每期必读。圣诞前他们发布了2026年 数字健康几项热点领域的发展预判，我读后深感对国内奋战在数字医疗领域的同行有价值，特此翻译和解读成文。 01 研究方法：创新成熟度曲线 • 校准阶段 (Calibrating)：创新正在扩展规模，并逐步沉淀进入长期轨道。 • 成熟阶段 (Mature)：最终可能演变为"行业标配"、"利基市场"或消散的"一时热潮"。 这个曲线是通过客观数据评估医疗创新的阶段，而非依赖市场热度。 其分析框架基于三个核心指标：研究活跃度（PubMed 论文量）、风险投资金额（资 本风向标）以及合作伙伴活跃度（商业落地证明）。很像Gartner的hype cycle曲线。 该曲线将创新划分为以下关键节点： • 初创期 (Nascent)：领域刚获得市场早期关注，资本市场活跃水平有限。 • 新兴阶段 (Emerging)：资本活跃水平增加，大型企业开始介入。 • 发展阶段 (Developing)：获得大量资金和关注，但尚未实现规模化应用。 02 热点领域发展预判 患者表型分析与数字孪生 ...

Core Viewpoint - The successful listing of Qingsong Health Group on the Hong Kong Stock Exchange, with a first-day stock price increase of 158.82% and a market capitalization of HKD 12.1 billion, highlights its position as one of the few profitable digital health companies in the current market landscape [1][3]. Group 1: Company Overview - Qingsong Health Group's global offering consisted of 26.54 million shares at a price of HKD 22.68 per share, raising a net amount of HKD 513 million, which will be used for brand awareness, user engagement, partnerships, medical research, AI and big data capabilities, and market expansion [3]. - The company ranks 10th in the domestic digital comprehensive health services and health insurance market based on projected revenue for 2024 [3]. Group 2: Customer Base and Services - Qingsong Health's clients include insurance companies, pharmaceutical companies, and individual customers utilizing its comprehensive health service packages [4]. - The company provides various health-related services, including digital marketing through health-related articles and videos, digital medical research support, and early disease screening promotion [3][4]. Group 3: User Metrics - The registered user numbers for Qingsong Health were 155 million in 2022, 164 million in 2023, 168 million in 2024, and 168 million in the first half of 2025, with active users decreasing from approximately 71 million in 2022 to 23 million in the first half of 2025 [5]. - The company has developed a reliable brand in the insurance sector, offering 294 insurance products from 58 partners as of June 30, 2025, an increase from the previous year [5]. Group 4: Financial Performance - Qingsong Health's revenue from 2022 to 2025 shows significant growth, with figures of approximately HKD 394 million, HKD 490 million, HKD 945 million, and HKD 656 million for the first half of 2025, respectively [6]. - The adjusted net profit for the same periods was approximately HKD 149 million, HKD 147 million, HKD 84 million, and HKD 51 million, indicating consistent profitability [6]. Group 5: Revenue Structure and Market Outlook - The company has shifted from being primarily driven by insurance-related services (81.5% in 2022) to health services, which now account for a significant portion of revenue [7]. - The overall digital health service market is expected to grow from HKD 221.5 billion in 2024 to HKD 706.8 billion by 2029, with a compound annual growth rate of 26.1% [7]. Group 6: Technological Foundation - Qingsong Health has developed its proprietary AI technology stack, AIcare, which enhances user engagement and operational efficiency [8]. - The company has registered 58 invention patents and 39 software copyrights related to its technology capabilities as of June 30, 2025 [8].

Core Insights - The core viewpoint of the article highlights the successful IPO of Qingsong Health Group, which saw its stock price rise by 158.82% on its first day, achieving a market capitalization of HKD 12.1 billion, making it one of the few profitable digital health companies listed in the market [1] Group 1: Company Overview - Qingsong Health Group went public on December 23, raising HKD 513 million through the global offering of 26.54 million shares at a price of HKD 22.68 per share [1] - The company aims to enhance brand awareness, user engagement, and partnerships, invest in medical and real-world research, improve AI and big data capabilities, and expand into new regions and overseas markets [1][2] Group 2: Services and User Base - The company provides health-related and insurance-related solutions, including digital marketing, digital medical research support, comprehensive health service packages, and early disease screening services [2] - Qingsong Health's registered user numbers have shown a steady increase from 155 million in 2022 to 168 million in 2024, although active user numbers have declined from approximately 71 million to 23 million during the same period [2] Group 3: Financial Performance - The company has demonstrated a shift from a "scale-first, profit-later" approach, with revenues increasing from approximately HKD 394 million in 2022 to HKD 945 million in 2024, and further to HKD 656 million in the first half of 2025 [3][4] - Adjusted net profits have remained positive, with figures of approximately HKD 149 million in 2022, HKD 147 million in 2023, HKD 84 million in 2024, and HKD 51 million in the first half of 2025, indicating a stable profitability trend [4] Group 4: Market Outlook - The overall digital health service market is projected to grow from RMB 221.5 billion in 2024 to RMB 706.8 billion by 2029, with a compound annual growth rate (CAGR) of 26.1%, while the digital insurance market is expected to grow from RMB 15 billion to RMB 41.7 billion during the same period, with a CAGR of 22.7% [5] - Qingsong Health is well-positioned to capitalize on these growth opportunities due to its strong technological foundation and established relationships within the industry value chain [5] Group 5: Technological Edge - The company has developed a proprietary AI technology stack called AIcare, which enhances user engagement and supports operations, including smart claims processing and dynamic risk assessment [5] - As of June 30, 2025, Qingsong Health has registered 58 invention patents and 39 software copyrights related to its technological capabilities [5]

Core Insights - The successful IPO of Qingsong Health Group on December 23 marks a significant milestone, with shares opening at HKD 50, a 120% increase from the issue price, and reaching a market capitalization of HKD 11.402 billion [1] - Qingsong Health has transformed from an insurance technology service provider to a comprehensive platform covering health management, medical services, and insurance protection, ranking 10th in the domestic digital health service market [1] - The company is recognized as a pioneer in the "AI + health services + insurance protection" model, capitalizing on the aging population, health consumption upgrades, and ongoing policy benefits [1] Financial Performance - In 2024, Qingsong Health achieved revenue of CNY 945 million, a year-on-year increase of 92.9%, with the first half of 2025 showing revenue of CNY 656 million, up 84.7% [2] - The adjusted net profit has remained above CNY 80 million for three consecutive years from 2022 to 2024, reaching CNY 51.18 million in the first half of 2025, a growth of 11.4% [2] - The revenue share from digital comprehensive health services surged from 15.2% in 2022 to 76.7% in the first half of 2025, with a compound annual growth rate of 221.26% [2] User Base and Retention - As of June 30, 2025, Qingsong Health had 168.4 million registered users, with 60.4% belonging to the core health consumption group aged 20 to 45 [2] - The retention rate for insured users in the 13th month is 92.2%, significantly higher than the industry average, with approximately 46% of policyholders holding two or more insurance products [3] - The conversion rate from active users to policyholders improved from 5.0‰ to 6.7‰ between 2024 and the first half of 2025 [3] AI Integration and Technology - Qingsong Health's self-developed AIcare technology stack is integrated across the entire business chain, enhancing areas such as content creation, intelligent underwriting, risk prediction, claims review, and health management [4] - The Galaxy AI marketing platform generated 12.9 million high-quality business leads by 2025, with AI-driven leads accounting for 21.3% of new policies in a complex market environment [5] - The company launched the generative AI tool "Qingsong Ask Doctor Dr.GPT" in 2023, providing 24/7 professional health consultations and assisting doctors in preliminary diagnoses [5] Industry Outlook - The digital health industry in China is entering a golden development period, with the comprehensive health services and health insurance market projected to reach CNY 11.8 trillion by 2029, growing at a compound annual growth rate of 7.7% from 2024 to 2029 [6] - Qingsong Health plans to utilize funds raised from its IPO to enhance AI technology, extend health service scenarios, and integrate the industry chain, aiming to strengthen its ecosystem [6] - The company is positioned to align with the "Healthy China" strategy, with strong growth potential, making it a core investment target in the Hong Kong digital health sector [6]

智通财经APP获悉，港股今日小幅高开后走弱，三大指数盘中集体翻绿。截止收盘，恒生指数跌0.11% 或27.63点，报25774.14点，全日成交额为1571.31亿港元；恒生国企指数跌0.29%，报8913.83点；恒生 科技指数跌0.69%，报5488.89点。 东吴证券认为，港股或有短期行情，但仍建议保持观察。从中长期配置来看，当前位置有吸引力。短期 美股有望有"圣诞行情"，美股科技股有反弹迹象，港股科技有可能与美股科技形成共振，但解禁仍会对 港股形成扰动。此外，港股配置仍然需要控制仓位。该行担心一月美股科技仍有回调风险。 蓝筹股表现 盘面上，大型科技股涨跌不一，阿里巴巴涨0.55%，腾讯跌2.03%。国际金价再创历史新高，黄金股盘 中冲高后有所回落，山东黄金收涨逾4%；锂电池股表现活跃，赣锋锂业涨超4%，中创新航涨超3%；电 力设备股、内银股飘红。另一边，港股年底迎解禁潮，多股今日遭遇重挫，越疆跌超8%，三花智控盈 喜后仍跌超6%；光通信、机器人概念、芯片股等普遍承压。 1. 黄金股冲高回落。截至收盘，山东黄金(01787)涨4.64%，报37.86港元；招金矿业(01818)涨2.79%，报 33.1 ...