2026年1月26日至30日，政协第十三届山东省委员会第四次会议在济南召开。 在此次会议上，山东省政协委员、海尔集团董事局副主席谭丽霞带来《关于推 进医疗科技成果转化做强全省医养健康产业的建议》。 她在这份提案中提出，建议开放AI+大健康场景，打造国际化前沿科技转化枢纽，构建山东全省成果转化加速体系等举措，加速医疗科技成果转化、做大做 强山东省医疗健康产业。 破解"达尔文之海"的探索 在《2026年山东省政府工作报告》中，山东提出将在2026年壮大人工智能、生物医药、新能源汽车、航空航天与低空经济4个千亿级新兴潜力产业。 在谭丽霞看来，在生物医药领域，山东有着得天独厚的资源优势。山东作为经济与人口大省，坐拥9个国家区域医疗中心和多个国家级创新平台，临床资源 富集，制造业底蕴深厚。 但是，临床发现与前沿的工程研发之间长期存在"海峡"，缺乏高效通达的"航船"与"桥梁"。这一现象被称为医工转化的"达尔文之海"，大量有潜力的技术创 新在转化途中折戟。 因为医疗科技创新有着"基础理论发现—关键技术突破—核心装备研制—工艺工程放大—临床验证注册—产业应用推广"漫长的链条，涉及"医、研、企、 金、服"多个环节，有着周期长、 ...

2026年1月26日至30日，政协第十三届山东省委员会第四次会议在济南召开。 在此次会议上，山东省政 协委员、海尔集团董事局副主席谭丽霞带来《关于推进医疗科技成果转化做强全省医养健康产业的建 议》。 她在这份提案中提出，建议开放AI+大健康场景，打造国际化前沿科技转化枢纽，构建山东全省成果转 化加速体系等举措，加速医疗科技成果转化、做大做强山东省医疗健康产业。 破解"达尔文之海"的探索 在《2026年山东省政府工作报告》中，山东提出将在2026年壮大人工智能、生物医药、新能源汽车、航 空航天与低空经济4个千亿级新兴潜力产业。 在谭丽霞看来，在生物医药领域，山东有着得天独厚的资源优势。山东作为经济与人口大省，坐拥9个 国家区域医疗中心和多个国家级创新平台，临床资源富集，制造业底蕴深厚。 海医汇由海尔大健康产业"盈康一生"牵头，携手中国研究型医院学会、山东产业技术研究院等共同成 立。该平台属于非营利组织，于2024年正式成立，至今汇聚60余家科研高校和医疗机构，包括多位院士 在内的100余位权威专家及1100余名研发人员入驻，以"链接者"与"加速者"的双重身份，通过构建创新 模式、提升转化效率、升级生态系统，为中 ...

近期，人保、国寿两大巨头先后新设健康管理公司，引发行业关注。 2025年12月31日，由人保健康全额出资2亿元设立的人保健康有限公司（以下简称"人保健管"）在京正 式揭牌成立，这也是国家金融监管总局成立后批准成立的首家非金融子公司。据了解，人保健管最早在 2021年开始筹划，2025年8月正式获得监管批复。 同年9月，国寿寿险旗下的国寿（南京）健康管理公司也获批成立，注册资本3.23亿元，由北京国寿养 老产业投资基金全资控股，业务范围涵盖各类养老服务、养生保健、病人陪护、护理机构服务等。 购买《保险新时代2024》 据了解，设立人保健管，也是近年来人保集团推动大健康、大养老生态建设的核心环节。在人身险领 域，人保集团将大健康、大养老生态总结为"保险+养老健康服务+科技"。人保健管也践行了这一思 路，聚焦"AI+大健康"，天眼查信息显示，除传统保险健康管理服务外，人保健管的经营范围还包括数 字技术服务、人工智能应用软件开发、人工智能通用应用系统、人工智能双创服务平台、人工智能硬件 销售、可穿戴智能设备销售等。 除人保、国寿之外，太保、新华、平安、泰康、阳光等一众头部险企也在前几年设立了专业健康管理公 司，招商信 ...

Core Insights - The health service industry is shifting from reactive treatment to proactive management, emphasizing continuous care and long-term relationships with users [1][3] - The IPO of Easy Health Group coincides with a critical moment in China's digital health industry, transitioning from competition for traffic to a focus on efficiency and user experience [1][3] Business Transformation - Easy Health Group has successfully transformed from an "insurance-first" model to a "health service-led" approach, with digital health service revenue increasing from 15.2% in 2022 to 76.7% in the first half of 2025, achieving a compound annual growth rate of 221.26% [3][4] - The company reported revenues of 3.94 billion yuan in 2022, projected to reach 9.45 billion yuan by 2024, with a compound annual growth rate of 54.9% [3][4] Financial Performance - Easy Health Group maintained a healthy cash flow and optimized gross margins, with adjusted net profits exceeding 80 million yuan annually from 2022 to 2024, and reaching 51.18 million yuan in the first half of 2025, a year-on-year increase of 11.4% [4] - The company has a robust user base, with 168 million registered users and 60.4% of them being core health consumers aged 20-45 [6] AI Integration - The AI technology stack, AIcare, is integrated into various health management processes, enhancing user engagement and establishing a long-term service interface [7][9] - The launch of the medical vertical model "Dr.GPT" showcases the company's commitment to providing comprehensive health services and improving diagnostic efficiency [9][10] Market Positioning - Easy Health Group's business model has evolved to demonstrate strong self-sustaining capabilities, distinguishing it from other digital health companies that are still in loss-making phases [6][11] - The company has partnered with 58 insurance companies to launch 294 health insurance products, leveraging AI for precise product pricing and risk control [10][11] Industry Outlook - The digital health and insurance market in China is projected to reach 11.8 trillion yuan by 2029, with a compound annual growth rate of 7.7% from 2024 to 2029, indicating significant growth potential [13][14] - Easy Health Group's approach aligns with the "Health China 2030" strategy and reflects a broader trend of integrating AI into health services, enhancing efficiency and accessibility [13][14]

Core Viewpoint - The Hong Kong IPO market remains vibrant as the digital health service platform, Easy Health Group, successfully debuted, reflecting strong market confidence and potential for long-term investment value [1][2]. Group 1: IPO Performance - Easy Health Group officially listed on the Hong Kong main board on December 23, with its stock price surging over 163% at one point, closing with a gain of 158.82%, resulting in a market capitalization exceeding HKD 12.1 billion [2]. - The company’s IPO was highly anticipated, with a global subscription oversubscription rate of 1421 times, indicating strong investor interest and confidence in its future growth [2][3]. - The company plans to issue approximately 26.54 million shares, with a public offering price set at HKD 22.68 per share, reflecting a robust market response [2]. Group 2: Business Transformation and Financial Performance - Easy Health Group has successfully transitioned to a comprehensive health service model, with a reported revenue of HKD 945 million in 2024, representing a year-on-year growth of 92.9% [4]. - For the first half of 2025, revenue further increased to HKD 656 million, marking an 84.7% year-on-year growth, significantly outpacing industry averages [4]. - The company ranks 10th in the domestic digital health service and health insurance market, and 7th in the digital health service sector, indicating a solid industry position [4]. Group 3: Business Model and Ecosystem - The dual-driven model of "health services + insurance technology" has established a comprehensive ecosystem, allowing users to access a full range of services from health monitoring to insurance claims [6]. - The health service segment has become the core growth engine, with a compound annual growth rate of 221.26% over the past three years, and its revenue share reaching 76.7% in the first half of 2025 [5]. - The company collaborates with 58 insurance companies, offering 294 insurance products, leveraging AI for improved marketing and risk control efficiency [5][6]. Group 4: Technological Advancements - Easy Health Group has registered 58 invention patents and 39 software copyrights, with significant investments in R&D, totaling approximately HKD 186 million over the past three years [7]. - The AI Care 4.0 service system empowers various health management and insurance service scenarios, enhancing operational efficiency and user experience [7][8]. - The Galaxy AI marketing platform has generated 12.9 million business leads, with the value contribution of AI models increasing from 1.5% in 2022 to 23.3% in 2024, demonstrating the effectiveness of AI in driving business growth [8]. Group 5: Market Potential and User Engagement - The platform has registered 168.4 million users, with 60.4% belonging to the core health consumer demographic aged 20-45, indicating a strong market base for health services [10]. - The company boasts a high user retention rate of 92.2% after 13 months, reflecting the platform's strong appeal and service quality [10]. - The ongoing growth in user conversion rates and insurance uptake highlights the effectiveness of the company's AI-driven marketing and product matching capabilities [11]. Group 6: Future Outlook - The digital health market in China is still in a growth phase, with increasing demand for comprehensive health management services, providing ample opportunities for expansion [11]. - Continuous advancements in AI technology and the deepening of the ecosystem will further differentiate the company from competitors and enhance its service offerings [11]. - Easy Health Group's successful business transformation and technological foundation position it well to capitalize on industry trends and drive future growth [11].

Core Viewpoint - The Hong Kong IPO market remains vibrant as the digital health service platform, Easy Health Group, successfully listed, reflecting strong market confidence and potential for long-term investment returns [1][2]. Group 1: IPO Performance - Easy Health Group officially listed on the Hong Kong main board on December 23, with a first-day closing price of HKD 58.7, marking a 158.82% increase from its IPO price of HKD 22.68 [2]. - The company achieved a global subscription oversubscription rate of 1421 times, indicating high investor interest and confidence in its future growth [2][3]. - The strong performance on the first trading day was supported by a pre-listing dark market trading surge of over 127% [2]. Group 2: Business Transformation and Financial Performance - Easy Health Group has successfully transitioned to a comprehensive health service model, with revenue reaching HKD 945 million in 2024, a year-on-year increase of 92.9% [4]. - For the first half of 2025, revenue further increased to HKD 656 million, reflecting an 84.7% year-on-year growth, significantly outpacing industry averages [4]. - The company ranks 10th in the domestic digital health service and health insurance market, and 7th in the digital health service market, indicating a solid industry position [4]. Group 3: Business Model and Ecosystem - The dual-driven model of "health services + insurance technology" has established a comprehensive ecosystem, allowing users to access a full range of services from health monitoring to insurance claims [6]. - The health service business has become the core growth engine, with a compound annual growth rate of 221.26% over the past three years, and its revenue share reached 76.7% in the first half of 2025 [5]. - The integration of AI technology enhances operational efficiency and customer acquisition, creating a unique service barrier and further collaboration between health services and insurance [8][9]. Group 4: Technological Advancements - Easy Health Group has registered 58 invention patents and 39 software copyrights, demonstrating its commitment to technological innovation [7]. - The AI Care 4.0 system empowers various core scenarios in health management and insurance services, showcasing the company's technological capabilities [7]. - The AI marketing platform has generated 12.9 million business leads, with the value contribution from AI models increasing from 1.5% in 2022 to 23.3% in 2024, highlighting the effectiveness of AI in enhancing business performance [8]. Group 5: Market Potential and User Engagement - The platform has registered 168.4 million users, with 60.4% belonging to the core health consumer group aged 20-45, indicating a strong user base for business monetization [10]. - The company boasts a high user retention rate of 92.2% after 13 months, reflecting the platform's strong appeal [10]. - The ongoing growth in user conversion rates and insurance uptake demonstrates the effectiveness of the company's AI-driven marketing and product matching capabilities [11].

Core Viewpoint - The listing of Qingsong Health Group on the Hong Kong Stock Exchange marks the beginning of its international capital journey and validates the commercial value of its "AI + health services + insurance" closed-loop model, injecting new momentum into China's rapidly growing digital health industry [1][9]. Group 1: Company Overview - Qingsong Health Group, established in 2014, has successfully transformed from an insurance technology service provider to a comprehensive digital health platform integrating health management, insurance technology, and medical services [3]. - The company ranks 10th in the domestic digital comprehensive health services and health insurance market, and 7th in the digital health services market as of 2024 [3]. Group 2: Financial Performance - Qingsong Health Group has shown steady revenue growth and continuous optimization of its business structure, with a 92.9% year-on-year revenue increase to 945 million yuan in 2024, and a 140% increase compared to 2022 [4]. - The company’s revenue for the first half of 2025 is projected to reach 656 million yuan, reflecting an 84.7% year-on-year growth [4]. - Adjusted net profit has remained above 80 million yuan for three consecutive years from 2022 to 2024, reaching 51.18 million yuan in the first half of 2025, a year-on-year increase of 11.4% [4]. Group 3: Business Structure and Growth Drivers - The company has successfully transitioned from an "insurance-led" model to one led by "health services," with the revenue share of digital comprehensive health services rising from 15.2% in 2022 to 76.7% in the first half of 2025, achieving a compound annual growth rate of 221.26% over three years [5]. - The health services segment includes various offerings such as health content education, digital medical research assistance, comprehensive health service packages, and early disease screening promotion and consultation [5]. - The insurance technology business has also developed steadily, collaborating with 58 insurance companies to launch 294 health insurance products, with insurance technology service revenue reaching 99.44 million yuan in the first half of 2025 [5]. Group 4: User Base and Engagement - As of June 2025, Qingsong Health Group has accumulated 168.4 million registered users, with 60.4% belonging to the core health consumer group aged 20-45, indicating significant potential for health service and insurance demand [7]. - The company boasts a high user retention rate of 92.2% after 13 months, significantly exceeding the industry average, and has shown improved conversion efficiency with a purchase conversion rate rising from 5.0‰ to 6.7‰ [7]. Group 5: AI Integration and Ecosystem Development - Qingsong Health Group's core competitiveness stems from the deep integration of AI technology with business scenarios, utilizing its self-developed AIcare technology stack across various core applications [8]. - The contribution of AI models to annualized premium value has increased from 1.5% in 2022 to 23.3% in 2024, remaining at 21.3% in the first half of 2025, highlighting its role as a key growth driver [8]. - The company has launched innovative AI tools such as "Dr.GPT" for intelligent consultation and personalized health management, enhancing service efficiency for both users and healthcare providers [8]. Group 6: Market Opportunities and Future Outlook - The listing of Qingsong Health Group coincides with a golden period for China's digital health industry, supported by increasing health awareness and favorable policies [9]. - The market for comprehensive health services and health insurance in China is projected to reach 11.8 trillion yuan by 2029, with a compound annual growth rate of 7.7% from 2024 to 2029, indicating vast market potential [9]. - The company plans to utilize the funds raised from its IPO to enhance AI technology, extend health service scenarios, and integrate industry resources, aiming to strengthen its ecosystem and explore new markets [10].

Investment Rating - The report assigns an investment rating of "Outperform the Market" for the pharmaceutical sector, indicating a relative performance better than the benchmark index [8]. Core Insights - The pharmaceutical sector has shown resilience, with the SW Pharmaceutical Bio Index declining only 0.14% compared to the Shanghai and Shenzhen 300 Index's decline of 0.28% during the week of December 15-21 [2]. - The report highlights significant developments in AI healthcare, particularly with the launch of Ant Group's upgraded AI health app "Antifufu," which aims to enhance health management for users [2]. - Insilico Medicine's IPO is anticipated to drive innovation in drug development, with a focus on its AI-driven platform Pharma.AI and promising clinical results for its lead product Rentosertib [2]. - The approval of the Enhertu and trastuzumab combination therapy for HER2-positive breast cancer is expected to redefine first-line treatment standards in this area [2]. - The report emphasizes the potential of Chinese innovative drugs in international markets and suggests continued monitoring of key sectors such as ADCs, bispecific antibodies, and weight-loss drugs [2]. Summary by Sections Industry Performance - The pharmaceutical sector's weekly trading volume was 389.82 billion yuan, showing a slight decline compared to previous weeks, indicating a need for recovery in market sentiment [2]. AI Healthcare Developments - The "Antifufu" app connects users with 300,000 real doctors for online consultations and has over 15 million monthly active users, with 55% from lower-tier cities, showcasing the app's broad reach [2]. IPO and Drug Development - Insilico Medicine's IPO is set for December 30, with a total fundraising target of 2.277 billion HKD, primarily for clinical research of its drug pipeline [2][5]. Treatment Innovations - The Enhertu and trastuzumab combination therapy has shown a significant improvement in progression-free survival rates, marking a major advancement in treatment options for HER2-positive breast cancer [2].

Group 1 - The core theme of the 21st Guangxi-Taiwan Economic and Cultural Cooperation Forum is to explore new opportunities in the AI era and promote cooperation between Guangxi and Taiwan [1] - Guangxi aims to build a cross-border industrial ecosystem focusing on "Northern R&D + Guangxi Integration + ASEAN Application," leveraging Taiwan's strengths in semiconductors, AI, and precision manufacturing [2] - The trade volume between Guangxi and Taiwan reached 7.79 billion yuan in the first three quarters of this year, marking a 75.4% year-on-year increase, indicating significant cooperation potential [2] Group 2 - Guangxi has over 240 AI industrial enterprises, forming a comprehensive industrial chain that supports Taiwanese companies in developing AI industries in the region [1] - The forum included discussions on AI industry development and youth innovation, highlighting the need for Taiwanese businesses to adapt to the "Shenzhen R&D + Guangxi Adaptation + ASEAN Application" model [2] - The collaboration between Guangxi and Taiwan in AI hardware manufacturing and vertical applications is seen as a perfect complement, providing broader development opportunities for Taiwanese businesses [3] Group 3 - The forum serves as an important platform for deepening cross-strait exchanges and cooperation in various fields since its inception in 2005 [4] - Sub-forums focused on AI industry innovation and biopharmaceutical industry collaboration were held, aiming to build bridges between government, finance, and enterprises [4] - The Chinese modernization process during the "14th Five-Year Plan" period is expected to create new opportunities for Taiwanese compatriots to engage with the mainland market [4]

Core Viewpoint - The successful listing of Qingsong Health Group on the Hong Kong Stock Exchange marks a significant step in the internationalization of this leading digital health management platform in China, reflecting the growth potential of the digital health industry driven by technology and AI [1][11]. Group 1: Company Overview - Qingsong Health Group, established in 2014, has evolved into a technology-driven digital health platform integrating health management, insurance technology, and medical services [1]. - The company has positioned itself as a one-stop platform focusing on providing comprehensive digital health services and health insurance solutions [2]. Group 2: Financial Performance - Qingsong Health Group's revenue is projected to grow by 140% to 945 million RMB in 2024 compared to 2022, with a strong growth momentum evidenced by a 84.7% increase in revenue to approximately 656 million RMB in the first half of 2025 [2]. - The adjusted net profit for the same periods shows a steady trend, with figures of approximately 149 million RMB, 146 million RMB, 84.4 million RMB, and 51.18 million RMB [2]. Group 3: Revenue Structure and Strategic Transformation - The revenue structure has shifted significantly, with the share of traditional "digital insurance services" declining from 81.5% in 2022 to 34% by the end of 2024, while "digital health services" surged from 15.2% to 65.3% [3]. - The health services revenue has grown from approximately 59.78 million RMB in 2022 to about 617 million RMB in 2024, reflecting a compound annual growth rate of approximately 221.26% [3]. Group 4: User Base and Market Position - Qingsong Health Group has nearly 170 million registered users, with about 60.4% aged between 20 and 45, providing a solid foundation for future value extraction [4]. - The company collaborates with numerous pharmaceutical partners and offers a total of 294 insurance products from 58 insurance companies, enhancing its market position [4]. Group 5: Technological Advancements - As of mid-2025, Qingsong Health Group has registered 58 invention patents and 39 software copyrights, with a total R&D expenditure of approximately 186 million RMB over the past three years, indicating a strong commitment to technology development [8]. - The company's AI technology is deeply integrated into health management and insurance services, creating a seamless connection between insurance and health services [10]. Group 6: Industry Context and Future Outlook - The digital health industry in China is poised for rapid growth due to factors such as an aging population, increased health awareness, and supportive policies, with the "14th Five-Year Plan for National Health" emphasizing the acceleration of digital health construction [6]. - Qingsong Health Group's model of "AI + full-chain services" positions it as a potential leader in the digital health sector, with the upcoming IPO expected to provide additional funding and resources for further expansion [11].