图 片由AI生成 "AI会抢医生饭碗吗？"2025年，这个萦绕医疗圈多年的疑问仍被反复提起，但从业者的答案愈发一致 ——"不会"。医疗行业的强监管体系已为AI划定"辅助者"的清晰定位，推动AI医疗告别"概念炒作"的青 涩期，踏入政策与市场双轮驱动的实质发展期。 过去一年，医保局首次将AI辅助诊断纳入立项指南，"十五五"规划为智慧医疗发展指明方向，五部门圈 出8大应用场景、24项具体举措，为"AI+医疗"的落地铺好了清晰路线；而AI影像覆盖率超80%成为最成 熟的落地板块，AI制药让研发周期缩短40%、资金成本节省10%，细分场景技术落地的深度与广度远超 以往，行业规模将在2025年触及千亿元的新高度。 热闹之下，成长的烦恼也在冒头。医疗数据"多而不优"，支付体系尚待完善，多数企业仍未找到稳定的 盈利路径……带着这些行业焦点，我们对话了健康元、商汤医疗、明视脑机三家产业链公司的高层，从 技术渗透、瓶颈破解到商业化探索，描摹出AI医疗2.0阶段的分化图景，也试图找到3.0时代"可持 续"与"普惠"交汇的下一个路口。 在人口老龄化加剧、医护资源短缺的现实背景下，AI医疗正成为缓解医疗供需矛盾的关键抓手，行业 规模也 ...

今日看点 11月28日重点关注的财经要闻与资本市场大事： 1、恒生生物科技指数期货上市 近日，港交所发布公告，恒生生物科技指数期货将于11月28日上市交易。恒生生物科技指数是恒生指数公司于2019年推出的反映港股市场生物科技板块整体 表现的指数，当前覆盖信达生物、百济神州、药明生物、康方生物、三生制药等知名标的，兼顾CXO、创新药等细分概念，有望持续受益于创新药出海、 AI医疗等市场主线。 2、25.99亿元市值限售股今日解禁 4、德国11月CPI月率初值、加拿大9月GDP月率等数据将公布。 （数据来源Wind，内容不构成任何投资建议） 经济观察网 编辑 王俊勇 整理 11月28日，共有11家公司限售股解禁，合计解禁量为1.09亿股，按最新收盘价计算，合计解禁市值为25.99亿元。 从解禁量来看，2家公司解禁股数超千万股。水发燃气、亿纬锂能、咸亨国际解禁量居前，解禁股数分别为7552.63万股、2761.07万股、216.7万股。从解禁 市值来看，2家公司解禁股数超亿元。亿纬锂能、水发燃气、咸亨国际解禁市值居前，解禁市值分别为19.79亿元、5.06亿元、4069.55万元。 3、16家公司披露回购进展 11 ...

Core Insights - The company, Yidu Tech (2158.HK), reported a healthy revenue growth of 8.7% year-on-year, reaching RMB 358 million for the first half of the 2026 fiscal year [1][4] - The adjusted EBITDA for existing business doubled compared to the same period last year, amounting to approximately RMB 54 million, indicating significant improvement in profitability and operational efficiency [1][7][10] - The company has entered a new phase of its large model technology, with deep applications in over 30 top-tier hospitals and a substantial increase in order amounts across its core segments [1][14] Revenue and Profitability - Total revenue for the reporting period was RMB 358 million, reflecting an 8.7% increase year-on-year [1][4] - Adjusted EBITDA for existing business reached approximately RMB 54 million, showing a significant improvement compared to the previous year [1][7] - The company is nearing breakeven in its financial statements, ahead of management's previous expectations by one year [1][10] Order Growth - The core business segments saw substantial growth in new order amounts, with the big data platform and solutions segment increasing by 19.7% year-on-year, and the life sciences solutions segment experiencing a remarkable 61.1% increase [1][9] Technological Advancements - The company’s large model technology has evolved into a stage of "multiple blooms and large-scale landing," evidenced by its deep application in top hospitals and high-frequency usage of its AI Copilot [1][14][22] - The accuracy of the TNM staging assessment AI has significantly improved, with T staging accuracy reaching 90% and N staging accuracy reaching 80% [1][20][21] Business Collaboration and Ecosystem - The company has established collaborations with top experts and hospitals, creating a digital twin of doctors to extend expert clinical experience to a broader patient base [1][14] - The company has been actively involved in health management, serving over 44 healthcare institutions and covering nearly 30 cities and provinces [1][28]

Core Insights - The core viewpoint of the article highlights the robust growth and operational efficiency of the AI healthcare company, Yidu Tech (医渡科技), as it reported an 8.7% year-on-year increase in total revenue to RMB 358 million for the first half of the 2026 fiscal year, with a significant improvement in profitability and operational metrics [1][4]. Financial Performance - Total revenue reached RMB 358 million, reflecting an 8.7% year-on-year growth [4]. - Adjusted EBITDA for existing business doubled compared to the same period last year, amounting to approximately RMB 54 million [1][6]. - The company’s financial statements are nearing breakeven, ahead of management's previous expectations by one year [1][8]. Business Growth - The company experienced strong growth momentum, with new order amounts in core segments showing substantial increases: - New orders in the big data platform and solutions segment grew by 19.7% year-on-year [1][7]. - New orders in the life sciences solutions segment surged by 61.1% year-on-year [1][7]. Technological Advancements - The company’s large model technology has entered a new phase characterized by widespread application and scalability, evidenced by: - Deep integration in over 30 top-tier hospitals, with the AI Copilot being utilized nearly 1,000 times daily in single hospitals [1]. - Significant improvements in the accuracy of specialized assessments, such as the TNM staging evaluation [1]. - The development of digital avatars for doctors to extend expert clinical experience to a broader patient base [1]. Market Positioning - The company has established a strong presence in the healthcare AI sector, with over 10 years of experience in multidimensional quantifiable knowledge graph accumulation and advanced large language model technology [12]. - The AI solutions are applied across research, diagnosis, and public health, enhancing operational efficiency and patient care [12][17].

丨2025年11月27日星期四丨 NO.1 欧林生物向港交所主板递交上市申请 11月26日，欧林生物发布公告，称公司于11月25日向香港联合交易所有限公司（简称"香港联交所"）递 交了境外公开发行股份（H股）并在香港联交所主板上市的申请，并于同日在香港联交所网站刊登了本 次发行上市的申请资料。 点评：OT-702获批上市，意味着在原研药之外，给中国患者提供更多药物选择。对于欧康维视生物， 该事件短期将提振股价情绪，长期则为公司估值提供业绩支撑，但具体效果能否落地需持续观察。 NO.4 罗氏回应流感特效药需求上升：已启动应对预案 11月26日，罗氏制药对《每日经济新闻》记者表示，面对流感高发季，罗氏已启动预案，调动速福达全 球供应链资源，尽最大努力加大生产，加速向中国市场供应。目前，速福达正按计划分批次抵达中国口 岸，持续供应中国市场。 点评：罗氏制药的回应反映出中国市场的重要性，也凸显出国内流感特效药供不应求的问题。近年来， 业内卷起"一次治疗"新战场，未来若有更多的中国药企研发出流感创新药物，将成为这一市场的破局关 键。 NO.5 博雅生物破伤风人免疫球蛋白在国内获批 点评：欧林生物递表港股是其资本化与国际 ...

华为Mate 80系列 | Mate X7及全场景新品发布会 （原标题：英华号周播报|震荡市下，投资要重归"长期配置逻辑"？科技与高股息又该如何配置？） NO.3： 华为 # " 当期热文 NO.1 国泰基金 一只ETF的初心 NO.2 摩根士丹利基金 摩根士丹利基金市场洞察：全球股市下跌，长期逻辑资产或迎布局机会 NO.3 长城基金 长城"科技+" | 解码AI医疗："政策红利+产业迭代"的战略配置机会 （点击文章标题跳转原文，下同） # " 热转好文 NO.1 招商证券投教基地 投资基础设施REITs的收益来源丨投资一点通 NO.2 中银证券投教基地 银兜兜奇遇记：穿越宋朝悟出的财富真经，原来是。。。。。。 NO.3 华安基金 9月美国就业略偏弱，12月仍有较大概率降息 # " 趣投教 NO.1： 基金君走现场 价格翻倍都一货难求！基金君实探华强北：存储芯片缘何成为"黑金条"？ NO.2： 工银瑞信基金 走进工银瑞信基金系列视频|第12期 底线，生命线 NO.3： 对话 香港数码港郑松岩：数码港可协助企业对接资本市场 # " 热门直播 NO.1： 平安证券 把握中国资产确定性，共享高质量发展红利 NO.2 ...

Group 1 - The article discusses the performance of various funds and their market insights, highlighting the potential investment opportunities in the current economic climate [2][4][10] - It mentions that the U.S. job market showed slight weakness in September, which increases the likelihood of a rate cut in December [4] - The article emphasizes the strategic configuration opportunities in AI healthcare, driven by policy benefits and industry iterations [2][4] Group 2 - The article features insights from different financial institutions, including the importance of understanding the sources of income from infrastructure REITs [2][19] - It highlights the ongoing trends in the global stock market, suggesting that long-term logical assets may present layout opportunities amidst market declines [2][4] - The article also notes the increasing demand for storage chips, referring to them as "black gold" due to their scarcity despite price doubling [4]

本报（chinatimes.net.cn）记者于娜 北京报道 大健康产业正在迈向科技驱动新周期。 11月21日，由华夏时报社主办的"2025第五届华夏大健康产业发展暨康复服务大会"在北京成功举行。本 次大会以"智领健康未来"为主题，汇聚了产业界、学术界、研究机构及投资方等多方代表，旨在整合全 链条资源，把脉行业趋势，探索发展路径。会议设置了多场高水平圆桌对话，聚焦创新药、脑机接口、 AI医疗、中医药转化等前沿议题，深入探讨行业热点与突破方向。本次大会获得万得信息技术股份有 限公司、头豹研究院、瓦琉咨询、天眼查等机构的大力支持。 "过去五年，中国大健康产业完成了一次令人瞩目的跨越式规模跃升，产业规模从7.4万亿元增长到12.3 万亿元。"华夏时报社党委书记、社长、总编辑冯慧君在开幕致辞中表示，科技与创新始终是贯穿产业 发展的灵魂主线。 这一数据勾勒出中国大健康产业的迅猛发展态势。五年来，AI医疗逐步走进基层诊室，细胞与基因治 疗等前沿技术为重症患者点亮生命希望，创新药蓬勃突破，为临床医疗带来全新可能。 随着"十五五"蓝图徐徐展开、"健康中国"战略不断深入，中国大健康产业迎来了前所未有的发展机遇。 冯慧君指出，" ...

Core Insights - The biomanufacturing industry in China is entering a historic policy window, driven by the inclusion of biomanufacturing in the "14th Five-Year Plan" and the implementation of the "Regulations on the Management of Clinical Research and Clinical Translation Applications of Biomedical New Technologies" [1][10] - Leading in vitro diagnostic company, Sansure Biotech, is aligning its strategic development with national policies, focusing on high-quality innovation and technological self-reliance to transition from "following innovation" to "source innovation" [1][2] Policy Direction and Strategic Layout - The combination of the "14th Five-Year Plan" and the new regulations provides strong support for the biomanufacturing industry, emphasizing high-quality innovation and technological independence [2] - Sansure Biotech is integrating AI technology into its diagnostic platform, establishing a vertical integration capability from raw materials to large-scale production and intelligent terminals [2][3] Product Development and Market Positioning - The company is enhancing its diagnostic capabilities in respiratory and HPV fields, ensuring precision in diagnosis while promoting convenient and home-based testing solutions [3][4] - Sansure Biotech has achieved significant growth in its sequencing business, with a 150% year-on-year increase in the first three quarters, and has received over 130 new domestic and international certifications this year [4] Competitive Advantages and Global Strategy - Sansure Biotech aims to become a platform-based ecological enterprise, focusing on "products + services + digital empowerment" to enhance its competitive edge [5][7] - The company is expanding its global market presence by implementing a strategy of "deepening emerging markets and breaking into high-end markets," with a focus on localized production and regional R&D centers [7][9] Innovation Goals and Future Outlook - The company has set clear innovation goals for the "14th Five-Year Plan," aiming to transition into a platform-based ecological enterprise driven by product, service, and digital empowerment [8][10] - Sansure Biotech plans to leverage national strategies and market demands, utilizing AI technology and ecological construction to capture opportunities in the global biomanufacturing landscape [10]

中泰证券（600918）认为，国内医疗器械行业处于持续快速发展阶段，短期医保控费和国际形势对医疗 器械领域可能带来负面扰动，但依然看好创新驱动下的进口替代以及全球化发展，当前时间点，预计多 重负面影响正在充分释放，器械板块已进入拐点区间，不同细分拐点节奏或有差异。持续看好：1)国产 企业在政策扶持以及创新驱动下，竞争力不断提升，加速进口替代；2)全球化布局完善，海外市场持续 突破的公司；3)重视AI医疗、脑机接口等主题投资机会。 方正证券认为，医疗器械行业进入调整周期尾声，行业及公司层面边际改善趋势明确，重视底部回升机 会。在医疗行业整顿、招标节奏延迟、集采扩面执行、医保控费等多重压力下，医疗器械板块股价持续 下调；2024年四季度设备更新的加速落地带来短期催化，但由于中标到收入确认存在周期，整体仍处于 底部波动，然而年初以来，该板块已出现一定回升趋势，一方面国家陆续出台政策支持高端创新器械发 展，同时管制价格"内卷"、优化国内招标采购环境，此外设备更新持续驱动采购需求释放；另一方面， 国产医疗器械企业业绩端压力因素逐步消化，加之出海业务的持续布局，二季度出现边际改善趋势。在 创新、出海和业绩修复的多重驱动下 ...