Group 1 - The core viewpoint is that by 2025, domestic PFA brands are expected to enter a rapid commercialization phase, gradually replacing traditional radiofrequency and cryoablation technologies due to their non-thermal ablation characteristics, shorter operation times, lower complication risks, and better long-term efficacy [1] - Six domestic brands have already been approved, indicating a growing market presence [1] - The National Medical Products Administration has approved measures to optimize the lifecycle regulation to support the innovation and development of high-end medical devices, which includes ten initiatives aimed at promoting the development of medical robots, high-end medical imaging equipment, AI medical devices, and new biological materials [1] Group 2 - The medical device sector is currently valued at historical lows, with policy benefits expected to materialize starting from Q2 2025, particularly in the AI + imaging/surgery direction [1] - The innovative drug sector is experiencing short-term fluctuations but is viewed positively in the long term, driven by accelerated overseas expansion and changes in payment systems [1] - The traditional Chinese medicine sector is seeing reduced impacts from centralized procurement, with improved gross margins for OTC products; the blood products industry is experiencing increased concentration and favorable demand for immunoglobulin [1] Group 3 - The retail pharmacy industry is undergoing accelerated clearing, with AI empowerment enhancing operational efficiency and outpatient coordination creating incremental opportunities [1] - The CXO sector is gradually stabilizing in performance, with a recovery in overseas investment and financing driving industry growth [1] Group 4 - The ChiNext Medical ETF tracks the ChiNext Medical Index, which is compiled by China Securities Index Co., Ltd., selecting listed companies in the medical and health industry from the ChiNext market to reflect the overall performance of the medical and biological sector [2] - This index focuses on high-growth and innovative sub-sectors such as biomedicine, medical devices, and medical services, effectively showcasing the investment value and development potential of the ChiNext medical industry [2]

回顾2022年至2023年，由ChatGPT问世点燃的生成式AI浪潮，迅速席卷了整个科技行业，智能手机也不例外。一时间，各大手机厂商仿佛陷入了一场关于 自研大模型的军备竞赛。 从参数规模的比拼，到端侧部署能力的炫技，再到发布会上不厌其烦的"AI含量"强调，厂商们似乎坚信，掌握底层AI能力，特别是自研大语言模型，就能 掌握未来手机市场的核心竞争力。 然而，风向的转变比预想中来得更快。2024年下半年，这股曾经汹涌的自研大模型热潮，正以肉眼可见的速度退火。市场不再为单纯的参数和算力欢呼， 用户对AI手机的期待也日趋理性。 我们不禁要追问： 喧嚣过后，手机厂商在AI领域的竞争点发生了哪些转变？2025年的AI手机，到底在比拼什么？ 01 自研大模型热怎么熄火了？ 2023年至2024年，手机行业弥漫着一种对底层AI能力近乎极致的追求与焦虑。华为盘古大模型持续迭代，OPPO推出AndesGPT，vivo祭出蓝心大模型，小 米也积极投入相关研发。发布会上，大模型的参数量、端侧部署能力以及所谓的AI含量成为厂商们竞相标榜的重点。 彼时，AI似乎成了一个无所不包的筐，任何功能只要冠以AI之名，便显得科技感十足，但用户是否愿 ...

4月28日，联影医疗(688271.SH)披露2024年年度报告。报告期内，公司实现营业收入103.00亿元，归母 净利润12.62亿元，扣非归母净利润10.10亿元，拟向全体股东每10股派发现金红利0.80元(含税)，合计派 发现金红利0.66亿元。 尽管因国内设备更新政策落地节奏变化的影响，联影医疗年度营业收入有所波动，但公司凭借着持续创 新能力及海外拓展速度，依旧取得了不少亮眼的市场成绩。国内在行业整体规模较上年同期有较大收缩 的情况下，公司高端产品市占率提升近5个百分点，2024年度中国影像产品(不含超声和DSA)综合新增 市场占有率排在了绝对第一;公司海外业务收入则实现了连年快速增长，2024年度同比增长超35%，占 总营收比达到了历史性的22%;而整体收入结构方面，由于规模效应与供应链协同降本，叠加数字化赋 能及服务精细化运营，2024年度公司服务收入同比增长超26%，占总营收比同样达到了历史性的13%以 上。 与此同时，伴随国内行业政策的进一步落地，招投标自2024年年末到2025年一季度呈现出了明显的复苏 态势，活跃度不断增加，市场的回暖在联影医疗2025年一季度的业绩数据上也得到了同步反映。 ...