行业研究 政策优化+需求恢复，看好医疗器械板块结构性投资机会 ——医药生物行业跨市场周报（20250824） 要点 行情回顾：上周， A 股医药生物指数上涨 1.05%，跑输沪深 300 指数 3.13pp， 跑输创业板综指 3.47pp，在 31 个子行业中排名第 29。H 股恒生医疗健康指数 上周收涨 0.93%，跑赢恒生国企指数 0.48pp。 上市公司研发进度跟踪：上周，康诺亚的 AZD0901 注射液、科伦博泰的 HBM9378 注射液的临床申请新进承办；恒瑞医药的 HRS-7058 胶囊的 IND 申请新进承办； 恩华药业的 NH600001 乳状注射液的 NDA 申请新进承办。恒瑞医药的 SHR-1905、甘李药业的博凡格鲁肽正在进行三期临床；乐普医疗的 MWN105 正在进行二期临床；正大天晴的 NTQ1062 正在进行一期临床。 本周观点：政策优化+需求恢复，看好医疗器械板块结构性投资机会 我们建议增加医疗器械板块配置，1）预计国家药监局相关支持性政策的落地 有望推动高端影像设备、手术机器人、脑机接口、AI+医疗等领域快速发展， 其中研发储备强、品牌认知度高的细分领域龙头有望受益。2）24H ...

8月23日，家用医疗器械龙头鱼跃医疗（002223.SZ）发布2025年半年度报告。公告显示，上半年公司深 度布局"AI+医疗"产业生态，聚焦人工智能与医疗健康的深度融合，以"硬件+AI+生态"加速打通医疗与 家庭边界，实现营业收入46.59亿元，同比增长8.16%，归母净利润12.03亿元，同比增长7.37%。 面对前所未有的时代机遇，鱼跃医疗积极拥抱技术革新浪潮，将人工智能等前沿技术应用到产品研发、 公司运营管理等工作中，围绕数字化、可穿戴化两大核心发展方向，构建完善产品生态体系。同时在全 球化战略方向，公司持续推动海内外渠道建设、国际化人才培育、海外市场准入等工作，聚焦全球市场 的巨大潜力，致力于成为全球医疗器械领域的领先企业。 锚定三大战略坐标：全球化、数字化、可穿戴化 深耕家用医疗器械领域近三十年，鱼跃医疗持续扩大技术优势，打造深得国民信赖的专业品牌形象，并 连续多年保持着国内家用医疗器械市场领先地位。随着企业规模与产品竞争力的提升，鱼跃医疗积极走 出国门，以全球视野参与国际竞争，并在全球化的浪潮中实现企业持续升级进化。 作为医疗器械领域家用赛道极具影响力的品牌，今年618期间，鱼跃医疗再次蝉联家用 ...

Core Viewpoint - The integration of AI in healthcare is transforming patient care and operational efficiency, as demonstrated by the "Health Hubei AI Intelligent Accompanying Diagnosis" application, which enhances patient navigation and reduces the burden on healthcare staff [1][4]. Group 1: AI Applications in Healthcare - The "Health Hubei AI Intelligent Accompanying Diagnosis" application has achieved over 85% accuracy in guiding patients to the appropriate departments and supports 98% of test report interpretations [1]. - AI applications in healthcare are categorized into four main areas: AI in medical service management, grassroots public health services, health industry development, and medical education and research [4]. - By the end of 2025, Hubei plans to establish high-quality, standardized data sets and develop over 20 AI+ healthcare application models [4]. Group 2: Specific AI Use Cases - AI-assisted medical imaging quality control covers 88% of routine checks with a 99.53% accuracy rate, while AI diagnostic assistance improves early diagnosis rates for conditions like cerebral infarction from 60% to 90% [6]. - The multi-modal pathology model developed by Shanghai Ruijin Hospital and Huawei enables rapid diagnosis for 19 common cancer types with over 90% accuracy in pathology knowledge responses [6]. - AI can reduce electronic medical record writing time by 50%, with a case study showing a reduction from 1 minute to 3 seconds per record and an increase in completeness from 70% to 98% [6]. Group 3: Future Directions and Innovations - Hubei aims to accelerate AI implementation in healthcare, establishing demonstration hospitals and promoting AI applications across various medical scenarios [9]. - The integration of AI in healthcare is supported by foundational software and hardware, including cloud platforms and data management systems, which are essential for developing and deploying AI applications [8]. - Huawei's continuous innovation in core technologies is driving the intelligent upgrade of the national healthcare sector, with over 50 ecosystem partners launching solutions based on Huawei's technology [8].

Investment Rating - The industry investment rating is "Outperform" [2] Core Insights - The report highlights the issuance of the "Implementation Opinions on Promoting the Innovation and Development of Brain-Machine Interface Industry" by the Ministry of Industry and Information Technology and six other departments, which increases certainty in the related industry [5][14] - The pharmaceutical and biotechnology sector has shown a 3.08% increase this week, outperforming the CSI 300 index by 0.7 percentage points, ranking 10th among 31 sub-industries [20][21] - The report indicates that the brain-machine interface technology is in a period of accelerated transformation, with domestic companies expected to gradually achieve commercialization, leading to rapid market expansion [6][17] Summary by Sections Industry Overview - The closing index for the industry is 9029.09, with a 52-week high of 9029.09 and a low of 6070.89 [2] Weekly Performance - The medical research outsourcing sector had the highest increase this week at 7.77%, followed by the hospital sector at 5.59% and medical consumables at 4.47% [7][21] - The report notes a significant divergence in performance among sub-sectors, with offline pharmacies experiencing the largest decline at 1.82% [7][21] Beneficiary Stocks - Beneficiary stocks in the innovative drug sector include companies such as Innovent Biologics, Kintor Pharmaceutical, and BeiGene for H-shares, and Zai Lab, Eucure Biopharma, and others for A-shares [8] - In the medical device and consumables sector, companies like Mindray Medical, Weigao Group, and others are highlighted as beneficiaries [8] Sub-sector Analysis - The report emphasizes that the innovative drug sector is expected to continue performing well due to overseas business development expectations and supportive policy documents [26] - The medical device sector is projected to benefit from policies promoting the replacement of old equipment, with significant growth expected in the second quarter of 2025 [27][28] - The IVD sector is anticipated to see marginal improvements due to optimized procurement policies, with AI-assisted diagnostics being a promising direction [31][32] Market Trends - The report indicates that the overall trend for the medical device industry is positive, driven by innovation, mergers, and internationalization, with leading Chinese companies expected to grow into global leaders [28] - The report also notes that the traditional Chinese medicine sector is expected to see a turning point as inventory clears and procurement policies are implemented [40]

Group 1 - The 31st China International Medical Instrument and Equipment Exhibition and Technology Exchange Conference will be held from August 15 to August 17, 2025, in Beijing, focusing on AI technology applications in healthcare [1] - The seminar titled "Walking with AI: Health Silk Road AI Empowerment" aims to break down medical resource barriers and promote efficient collaboration among medical resources across regions and countries [2] - The "Xihe No. 1" medical model, developed by Peking University Third Hospital and other partners, has been trained on 1 million real clinical cases, achieving over 100 billion parameters and high accuracy in medical knowledge [3][4] Group 2 - The "Xihe No. 1" model is built on rigorous clinical data, ensuring low error rates and high compliance, which is crucial for its commercial application [4] - The model addresses significant issues in cardiovascular disease diagnosis, such as high misdiagnosis rates and delays in treatment, by providing a core research system focused on clinical needs [5] - The company aims to create an AI + healthcare ecosystem that spans various fields, including omics research and drug development, while also exploring AI-enabled hardware products [6] Group 3 - The company, Tianjin TEDA Biomedical Engineering Co., Ltd., is committed to enhancing global healthcare through AI and has established a strong innovation capability in medical data platform construction and resource collaboration [8] - A recent partnership with Shenzhen Computing Science Research Institute aims to improve data quality and analysis for AI medical model optimization [8] - The company anticipates serving over 100 million patients within three years and aims to establish a global AI collaboration network for shared medical wisdom [9]

Investment Rating - The report maintains a "Buy" rating for JD Health (6618.HK) [1] Core Insights - JD Health's revenue and profit for H1 2025 significantly exceeded expectations, leading to an upward revision of the full-year performance forecast [6] - The company achieved a revenue of 35.3 billion RMB, a year-on-year increase of 24.5%, with adjusted operating profit reaching 2.5 billion RMB, up 57% year-on-year, and adjusted net profit of 3.6 billion RMB, a 35% increase year-on-year [6][7] Revenue and Profit Performance - In H1 2025, JD Health's revenue was 35.3 billion RMB, reflecting a 25% year-on-year growth; adjusted operating profit margin (OPM) reached 7.0%, and adjusted net profit margin was 10.1% [6] - The strong profit performance was attributed to impressive drug sales and robust growth in advertising revenue, which improved the gross margin by 1.6 percentage points year-on-year [6] User Engagement and Service Expansion - As of H1 2025, the number of active users surpassed 200 million, with daily online consultation exceeding 500,000 and over 150,000 third-party merchants, an increase of more than 50,000 compared to the end of 2024 [6] - The company's instant retail service "JD Buy Medicine Fast Delivery" linked to over 200,000 pharmacies nationwide, and online medical insurance payment services expanded to nearly 200 million people, enhancing the efficiency of medical insurance fund usage and reducing user medication costs [6] AI and Medical Services - JD Health's AI applications in medical services continue to expand, with over 80% of doctors' consultations utilizing AI services, and the satisfaction rate for AI nutritionist services reaching 91% [7] - By H1 2025, the cumulative number of users served by AI medical assistants exceeded 50 million [7] Earnings Forecast and Valuation - The report projects revenues for 2025, 2026, and 2027 to be 70 billion RMB, 80.5 billion RMB, and 91.1 billion RMB respectively, with adjusted net profits of 5.5 billion RMB, 6.3 billion RMB, and 7.7 billion RMB [7][10] - Corresponding adjusted P/E ratios are estimated at 29x, 26x, and 21x for the years 2025, 2026, and 2027 [7]

Core Viewpoint - Philips is making a significant investment of over $150 million (approximately 1.07 billion RMB) in the U.S. to expand its AI-enabled ultrasound device manufacturing capabilities and related R&D projects, marking a strategic shift towards integrating AI in clinical applications and local manufacturing [2][4]. Investment and Expansion - The investment includes the expansion of the Reedsville factory in Pennsylvania and ongoing upgrades at the Plymouth imaging-guided therapy site in Minnesota, focusing on AI-driven ultrasound systems customization, imaging equipment manufacturing, and professional training [2][4]. - The Reedsville factory will gain 24,000 square feet of manufacturing space and 40,000 square feet of storage space, expected to create 120 manufacturing jobs [7]. AI Integration in Medical Devices - Philips aims to transition from "laboratory algorithms" to "clinical devices" and from "general models" to "scene customization," addressing the critical challenges in AI medical development [5]. - The Reedsville expansion will not only manufacture ultrasound hardware but also handle complex software customization, enhancing the diagnostic capabilities of ultrasound systems [8]. Financial Performance and Strategic Positioning - In Q2 2025, Philips' diagnostic and treatment business segment reported revenues of €2.084 billion, with a profit margin increase of 130 basis points to 13.5%, attributed to product structure optimization and AI platform value release [10]. - The SmartSpeed Precise MRI platform and Spectral CT series exemplify Philips' commitment to integrating AI into its products, enhancing image clarity and diagnostic speed [10][13]. Global Strategy and Market Position - Philips is pursuing a dual strategy: solidifying high-end manufacturing and AI technology applications in developed markets while creating scene-based breakthroughs in emerging markets [14][16]. - The company has signed a multi-year agreement with the Indonesian Ministry of Health to deploy the Azurion imaging-guided therapy system nationwide, impacting over 280 million people [16]. Manufacturing and AI Medical Integration - The expansion at Reedsville is part of a broader strategy to embed AI capabilities into scalable devices, emphasizing the importance of flexible and precise manufacturing for commercial viability [18]. - Philips is constructing a narrative of technological recovery, leveraging AI as an engine, manufacturing as a mechanism, and regional markets as touchpoints [18].

Investment Rating - The investment rating for the company is "Buy" [5] Core Insights - The company's main business is gradually improving, with a reduction in losses reported for Q2. The estimated net profit for Q2 is projected to be between -0.61 billion to -0.39 billion CNY, narrowing the loss compared to Q1 by 0.08 billion to 0.30 billion CNY [1] - The company has partnered with Huawei to enter the overseas market, developing an AI medical model that received top scores in MedBench evaluations. Their AI medical solution integrates a clinical decision-making system that enhances trust in generative AI within the medical field [2] - The establishment of a national AI medical application pilot base is underway, focusing on clinical research and addressing industry pain points. This initiative is supported by various local governments, promoting the development of AI-assisted diagnostic and treatment products [3] Financial Forecast and Valuation - The revenue forecast for the company from 2025 to 2027 is projected to reach 78.25 billion, 87.76 billion, and 102.25 billion CNY, with year-on-year growth rates of -5.86%, +12.16%, and +16.51% respectively. The net profit for the same period is expected to be -0.75 billion, 3.02 billion, and 4.45 billion CNY, with growth rates of -235.19%, +504.23%, and +47.24% respectively. The estimated P/E ratio for 2026 is 39 times [4][10]

Core Viewpoint - Artificial intelligence has become a crucial tool in the fight against cancer, particularly with the launch of the DAMO GRAPE AI model for early gastric cancer detection, which significantly improves detection rates through large-scale clinical studies [1][4] Group 1: AI in Cancer Detection - The DAMO GRAPE AI model is the world's first imaging screening tool for gastric cancer, developed by Zhejiang Provincial Cancer Hospital in collaboration with Alibaba's DAMO Academy [1] - The model has been validated through a large-scale clinical study involving nearly 100,000 participants across 20 hospitals, leading to a substantial increase in gastric cancer detection rates [1][4] - The technology has been shared globally, covering nine countries and serving 20 million people, showcasing a significant advancement in AI and healthcare [4] Group 2: Gastric Cancer Statistics in China - China has approximately 360,000 new gastric cancer cases and 260,000 deaths annually, ranking third in mortality among all malignancies [7] - The early detection rate of gastric cancer in China is only 15%-20%, compared to over 60% in Japan and nearly 70% in South Korea, highlighting a significant gap in early diagnosis [8][9] - The five-year survival rate for gastric cancer patients in China is 35.9%, which is considerably lower than that of Japan (60.3%) and South Korea (68.9%) [8] Group 3: Challenges in Early Detection - The low early detection rate in China is attributed to various factors, including insufficient medical resources, low public awareness, and limitations of traditional screening methods [10][11] - Traditional methods like questionnaires and high-risk group endoscopies have low detection rates, with only 1.16% of high-risk individuals being identified [10] - The need for a cost-effective, accessible, and non-invasive screening method is emphasized, as current methods like endoscopy are invasive and not widely accepted by the public [12][13] Group 4: Proposed Solutions - A tailored screening approach that identifies high-risk populations through affordable and non-invasive methods is necessary for China, given its large population [11][12] - The collaboration with DAMO Academy for AI screening is seen as a promising opportunity to enhance early detection rates and improve patient outcomes [13]

Core Insights - The investment logic in the AI sector is shifting from "model-driven" to "application-driven," focusing on the deep integration of AI with specific industries to create commercial value [2][3] - There is a growing emphasis on "AI for Science," which presents broader opportunities compared to single-industry applications, as it can significantly enhance research efficiency across various sectors [2][5] Investment Trends - Investment is increasingly directed towards vertical applications of AI, particularly in industrial settings and smart hardware integration [2][3] - The valuation logic for projects is evolving, with a greater focus on product service viability and commercial implementation rather than solely on team capabilities [2][3] - The concentration of investment is becoming more pronounced, with capital flowing towards state-owned enterprises and leading institutions due to challenges in IPO exits and market fundraising [2][3] Future Opportunities - The potential for new unicorns is high in the "AI + Data" segment, where combining advanced AI technologies with industry data could lead to companies with valuations exceeding billions [5] - The "AI for Science" paradigm is expected to disrupt various trillion-dollar markets, including pharmaceuticals, materials, energy, chemicals, and semiconductors, indicating a transformative impact on research and development [5] - Industries that exhibit strong demand for cost reduction and efficiency improvements, along with favorable policy support and adaptable technology, are likely to produce significant market players [5]