Group 1 - The 31st China International Medical Instrument and Equipment Exhibition and Technical Exchange Conference will be held in Beijing from August 15 to August 17, 2025, featuring a seminar on AI in healthcare [1] - The seminar aims to leverage AI technology to create a "Health Silk Road," breaking down barriers in medical resource allocation and enhancing the efficiency of healthcare services across regions [2] - Multiple initiatives were launched during the seminar, including the establishment of a global children's early diagnosis and treatment AI innovation ecosystem, contributing to the construction of the "Health Silk Road" [2] Group 2 - The "Xihe No. 1" medical model, developed by Peking University Third Hospital and other partners, has been a focal point, utilizing 1 million real clinical cases and featuring over 100 billion parameters [3] - The model's training data comes from 18 medical institutions, ensuring high accuracy and compliance, with a medical knowledge coverage rate of 98% and precision rate exceeding 90% [4] - The model aims to address high misdiagnosis rates in cardiovascular diseases and improve diagnostic efficiency in primary care settings [5] Group 3 - The company is building an AI + healthcare ecosystem that encompasses data, models, and clinical applications, focusing on rapid translation of research outcomes into practical applications [6] - The company is also exploring AI-enabled hardware products to meet healthcare service demands, indicating a broadening of its service offerings [6] - The company has formed strategic partnerships to enhance data quality and application in AI medical models, aiming to serve over 100 million patients within three years [8][9]

Group 1 - The 31st China International Medical Instrument and Equipment Exhibition and Technical Exchange Conference will be held in Beijing from August 15 to August 17, 2025, featuring a seminar on AI in healthcare [1] - The seminar aims to leverage AI technology to create a "Health Silk Road," breaking down barriers in medical resource allocation and enhancing the efficiency of healthcare services across regions [2] - Multiple initiatives were launched during the seminar, including the establishment of a global children's early diagnosis and treatment AI innovation ecosystem, contributing to the construction of the "Health Silk Road" [2] Group 2 - The "Xihe No. 1" medical model, developed by Peking University Third Hospital and other partners, has been highlighted, featuring over 100 billion parameters and a 98% coverage rate of medical knowledge [3] - The model's training data is sourced from 18 medical institutions, ensuring high accuracy and compliance, with a reported error rate of less than 10% [4] - The model addresses significant issues in cardiovascular disease diagnosis, where traditional methods have high misdiagnosis rates [5] Group 3 - The company is focused on building an AI + healthcare ecosystem that spans various fields, including omics research and drug development, to accelerate the translation of research outcomes [6] - The company is also exploring AI-enabled hardware products to meet healthcare service demands [6] - The company aims to serve over 100 million patients within three years and establish a global AI collaboration network for shared medical wisdom [9] Group 4 - The company, Tianjin TEDA Biomedical Engineering Co., Ltd., is committed to optimizing medical resource allocation through AI technology [8] - The company has formed strategic partnerships to enhance data quality and application in AI medical models [8] - The company plans to continue its exploration in the AI + healthcare sector, collaborating with various stakeholders to improve healthcare access and quality [9]

Core Viewpoint - The Hang Seng Healthcare Index (HSHCI) has shown strong performance, with significant gains in constituent stocks, indicating a positive trend in the healthcare sector [3]. Group 1: Market Performance - As of July 4, 2025, the HSHCI rose by 1.19%, with notable increases in stocks such as Huahao Zhongtian Pharmaceutical-B (02563) up 16.34% and Kangfang Biotech (09926) up 8.67% [3]. - The Hang Seng Healthcare ETF (513060) increased by 0.86%, with a latest price of 0.59 yuan, and has seen a cumulative increase of 3.57% over the past week [3]. - The ETF recorded a turnover rate of 18.66% during the trading session, with a transaction volume of 1.516 billion yuan, indicating active market participation [3]. Group 2: Investment Opportunities - Huatai Securities suggests that AI is expected to reshape drug development and healthcare service delivery, with increasing applications in the medical field, highlighting potential investment opportunities by 2025 [4]. - The Hang Seng Healthcare ETF has seen a significant growth in scale, with an increase of 191 million yuan over the past week, ranking in the top third among comparable funds [4]. - Leveraged funds are actively investing, with the latest financing buy-in amounting to 291 million yuan and a financing balance of 277 million yuan [4]. Group 3: Performance Metrics - The Hang Seng Healthcare ETF has achieved a net value increase of 18.78% over the past two years, with a maximum monthly return of 28.34% since inception [4]. - The ETF has outperformed its benchmark with an annualized excess return of 1.73% over the past year, and a Sharpe ratio of 1.85 as of June 27, 2025 [4]. - The ETF has the lowest drawdown among comparable funds, with a relative drawdown of 0.45% year-to-date [4]. Group 4: Fee Structure and Valuation - The management fee for the Hang Seng Healthcare ETF is 0.50%, and the custody fee is 0.15% [5]. - The ETF's tracking error over the past year is 0.069%, the highest tracking precision among comparable funds [5]. - The latest price-to-earnings ratio (PE-TTM) for the HSHCI is 27.68, indicating a valuation below 90.41% of the historical data over the past three years, suggesting it is at a historical low [5]. Group 5: Index Composition - The top ten weighted stocks in the HSHCI account for 58.46% of the index, including companies like Innovent Biologics (01801) and BeiGene (06160) [5].