从资金流向上来看，当日AI 医疗板块主力资金净流入1.36亿元，游资资金净流出2.36亿元，散户资金净 流入9991.73万元。AI 医疗板块个股资金流向见下表： 证券之星消息，11月24日AI 医疗板块较上一交易日上涨3.48%，思创医惠领涨。当日上证指数报收于 3836.77，上涨0.05%。深证成指报收于12585.08，上涨0.37%。AI 医疗板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 300078 | 思创 | 4.88 | 8.20% | 234.50万 | 11.10亿 | | 688222 | 成都先导 | 22.90 | 6.61% | 10.22万 | 2.30亿 | | 688246 | 嘉和美康 | 24.42 | 6.45% | 4.26万 | 1.02亿 | | 002777 | 久远银海 | 19.55 | 5.05% | 19.84万 | 3.82亿 | | 603108 | 润达医疗 | 16.11 | 4.68% | 24.45万 ...

责任编辑：郭栩彤 关于板块后续可能的催化，龙宇飞认为可关注这几个方面的催化进展：一是整体AI应用领域的催化， 比如今年以来较大的催化其实是基于DeepSeek这种基础模型能力的提升；二是政策端，比如今年底地 方预算中有专项拨款做基础设施建设，或者定价上进一步明确；三是应用端，海内外出现解决问题能力 特别强的应用，比如解决了明确的临床问题或者创新药当中的瓶颈。 在AI医疗的相关细分领域中，龙宇飞指出，首先可重点关注传统医疗信息化企业转型AI，因为这类企 业在医院客户关系和渠道方面优势突出；其次是AI技术驱动的初创公司或上市公司，这类企业往往技 术领先，产品创新力强；再次，还可关注穿透药企/械企布局AI，比如一些CXO公司利用AI赋能研发， 他们的优势是深刻理解行业需求和拥有大量高质量数据。 免责声明：本通讯所载信息来源于本公司认为可靠的渠道和研究员个人判断，但本公司不对其准确性或 完整性提供直接或隐含的声明或保证。此通讯并非对相关证券或市场的完整表述或概括，任何所表达的 意见可能会更改且不另外通知。此通讯不应被接受者作为对其独立判断的替代或投资决策依据。本公司 或本公司的相关机构、雇员或代理人不对任何人使用此全 ...

智通财经APP获悉，11月23日，光大证券发布医渡科技（02158）跟踪研究报告指出，公司在AI医疗创 新领域取得多项实质性进展，医疗大模型已初步构建起"数据‑算法‑场景"飞轮闭环，推动业务在多场景 中加速落地。 9月，公司公告中标山东衍渡生物科技有限公司重组人神经生长因子(SMR001)滴眼液III期临床研究项 目，总金额约5582万元人民币。报告指出，凭借医疗大模型高效产出高质量临床证据与疾病知识图谱， 并结合真实世界研究能力，公司助力药企解决临床试验"耗时长、成本高、成功率低"的痛点。鉴于高质 量客户群不断扩大，报告认为公司中长期市占率有望进一步提升。 三、健康管理平台业务新增河北和广州两地"惠民保"业务 "河北医惠保"和"穗岁康"近日开放投保，医渡科技提供相关智能服务。截至目前，公司已深度参与5省 13市的"惠民保"项目，累计服务参保用户超4000万人次。公司依托智能模型与风险预测能力，为城市普 惠保险提供从产品设计到运营服务的全流程解决方案，报告认为医渡科技"惠民保"业务有望持续渗透高 能级城市。 报告显示，医渡科技近期在三大业务板块中均有亮眼表现： 光大证券看好医渡科技在AI医疗领域的持续创新与场 ...

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 事件： 近期公司在AI医疗创新领域取得多项进展，包括深度参与北京市医疗领域国家人工智能应用中试基地、中标 III期临床研究项目、新增河北和广州两地"惠民保"业务。 深度参与中试基地建设，以核心技术共筑AI医疗创新高地 9月12日，公司作为北京市医疗领域国家人工智能应用中试基地的核心生态伙伴，深度参与平台建设与场景创 新，推动多项标杆项目落地：开发区域级受试者招募AI智能体，全面提升受试者招募效率与精准度，解决临 床研究受试者招募难、招募慢的核心痛点，已在6个项目中落地验证；开发北京市AI应用插件程序，以统一入 口方式整合集成多AI应用，大幅减轻医疗机构用户操作和系统集成负担。2025年8月，国务院发布《关于深入 实施"人工智能 ...

近日，三生制药发布公告称，公司建议将附属公司蔓迪股份分拆并于联交所主板独立上市。建议分拆 （倘进行）预计将通过本公司按董事会为确定股东权利而厘定的记录日期，根据股东各自于本公司的持 股比例，以实物分派方式向股东分派其持有的蔓迪全部股份及蔓迪新股的全球发售，包括香港公开发售 及国际发售。 2025年11月20日，蔓迪已向联交所递交申请，以实物分派本公司持有的蔓迪全部股份及全球发售蔓迪新 股的方式，批准蔓迪股份在联交所主板上市。蔓迪上市文件的经编纂申请版本（「申请版本」）刊载于 联交所网站以供阅览及下载。 蔓迪是一家在开曼群岛注册成立的获豁免有限公司，且为三生制药公司的附属公司。于公告日期，蔓迪 由本公司、英泰管理有限公司、MandiGroupLimited、GLWecanInvestmentIVL.P.及阿里健康（香港）科 技有限公司实益拥有约87.16%、3.38%、2.80%、4.00%及2.65%的权益。 药师帮：第三季度收入同比增长15%，致力于推出高质量自有品牌产品 近日，药师帮发布公告称，截至2025年9月30日止三个月，公司连同其附属公司及综合联属实体的收入 同比增长15%。这一增长超过了2025 ...

Group 1 - The core viewpoint of the article is that the recently issued policy document on "Promoting and Regulating the Application Development of 'Artificial Intelligence + Healthcare'" serves as a roadmap for the AI healthcare industry, outlining eight key application areas and setting clear development goals for 2027 and 2030 [1][2] - The policy marks a shift from encouraging exploration to implementation, providing clear directions and timelines for the AI healthcare sector [1][2] - The document emphasizes the establishment of high-quality data sets and trustworthy data spaces, which will enhance the value of data assets and address the "data island" issue that has hindered AI healthcare development [1][2] Group 2 - The policy prioritizes "grassroots applications," reflecting the current focus on improving quality and efficiency while balancing resource distribution [2] - AI-enabled solutions for grassroots healthcare institutions are expected to benefit from the policy, particularly companies providing integrated diagnostic solutions that enhance the capabilities of general practitioners [2] - Companies specializing in cloud-based SaaS services for AI healthcare are likely to thrive, as grassroots hospitals may find it challenging to afford expensive local deployments [2] - The policy also favors enterprises involved in the intelligentization of diagnostic equipment, such as portable and smart ultrasound and ECG devices, which have significant market potential in grassroots settings [2]

Core Viewpoint - The article discusses the challenges and potential of AI in healthcare, emphasizing that while AI shows promise in controlled environments, its integration into real clinical settings faces significant hurdles [1][2][4]. Group 1: AI Performance and Clinical Integration - Microsoft's AI diagnostic system scored four times higher than human doctors in a complex case test, highlighting AI's potential in medical diagnostics [1]. - A study from Harvard indicates that simply providing doctors with AI tools like ChatGPT does not improve diagnostic outcomes; optimal results occur when AI analyzes cases first, followed by human input [4]. - The disconnect between AI's technical capabilities and clinical needs is a core issue, as medicine requires both scientific and artistic approaches, which AI struggles to replicate [5]. Group 2: Challenges in Implementation - The integration of AI into clinical workflows is hindered by established practices among doctors, who may find AI tools burdensome rather than helpful [6]. - Medical data infrastructure is crucial for AI's effectiveness; for instance, Yidu Tech invested over $100 million over four years to build a data foundation necessary for AI applications [6]. - Patient trust remains paramount, as evidenced by a survey where none of the 3,000 patients chose hospitals based on AI tools, indicating that patients prefer human doctors over algorithms [6]. Group 3: Democratization of Healthcare - AI's ultimate goal is to democratize access to quality healthcare, as illustrated by a new insurance model in Beijing and Shenzhen that offers affordable premiums and high coverage [7]. - The use of AI in non-critical care settings is being explored to enhance service delivery, particularly in underserved areas [7]. - AI can reduce administrative burdens on doctors, allowing them to spend more time with patients, thus improving overall healthcare delivery [7]. Group 4: Future Collaboration Between Doctors and AI - There is a consensus that AI will not replace doctors; however, those who do not learn to utilize AI effectively may be outpaced by their peers [8]. - Medical education is evolving to include AI collaboration skills, ensuring future doctors can use AI tools while understanding their limitations [9]. - Continuous monitoring and optimization of AI tools are necessary to ensure they are user-friendly and effective for busy healthcare professionals [9].

Core Insights - The three principles proposed by the founder of Yidu Technology, Ms. Gong Rujing, emphasize that AI should not replace doctors, should remain contextually relevant, and should not abandon inclusivity in healthcare [1][9] - The forum held in Kuala Lumpur gathered global investment leaders and industry experts to discuss the future of AI in healthcare [1] Group 1: AI in Healthcare - Ms. Gong Rujing highlighted that there is no "universal AI," but rather precise solutions that fit into workflows, emphasizing the need for high-quality medical data and seamless integration into the entire diagnostic and treatment process [3][4] - Yidu Technology's "AI Medical Brain" YiduCore has processed over 6 billion medical records, establishing a robust foundation for AI applications in healthcare [4] - The company has developed over 1,000 intelligent agents covering various clinical needs, significantly improving efficiency and standardization in areas like oncology [4][6] Group 2: Inclusivity in Healthcare - The ultimate mission of AI in healthcare is to provide accessible and affordable health services to everyone, as stated by Ms. Gong Rujing [6] - Yidu Technology has participated in the development of health insurance projects across multiple provinces, offering insurance products with annual premiums as low as 100 yuan, benefiting millions [6][7] - The company has served over 40 million insured users, demonstrating the social equity driven by technology [6] Group 3: Globalization and Localization - Ms. Gong Rujing emphasized that globalization in AI healthcare should not be a mere replication of solutions but should involve "technology generalization + local adaptation" to create value with local partners [8] - Yidu Technology has implemented localized projects, such as the BruHealth digital health platform in Brunei, covering over 60% of the population [8] - The company is also involved in Singapore's "MIC@Home" project, supporting remote monitoring and management of discharged patients [8]

AI医疗是一个比较宽泛的概念，我们可以这样理解：所有利用AI算法，结合医疗、医药的海量数据，最 终在这个垂类场景落地的AI应用，都基本可以定义成AI医疗。 人工智能正加速赋能千行百业，医疗领域无疑是其最具潜力的重要应用方向之一。 近期，《关于促进和规范"人工智能+医疗卫生"应用发展的实施意见》正式印发。这份被业内视为"AI医 疗施工图"的政策文件，系统明确了八大重点应用领域，涵盖"人工智能+基层应用""人工智能+临床诊 疗""人工智能+患者服务"以及"人工智能+中医药"等多个方面，并提出了2027年与2030年两阶段发展目 标，为AI医疗产业规划出清晰的发展路径。 显然，一幅更加智慧、普惠、安全的医疗未来发展蓝图正徐徐展开。近日，长城消费增值基金经理龙宇 飞做客央视财经直播间，围绕AI医疗产业的发展进程、最新政策影响及其投资逻辑等话题展开深度交 流。以下是其核心观点： 1、与传统医疗信息化相比，AI的介入是一种质变，它能从海量数据中挖掘规 律、形成洞察、甚至做出辅助诊断。 2、当前AI医疗整体正处于从技术验证向规模落地、探索商业模式过渡的阶段， 而《关于促进和规范"人工智能+医疗卫生"应用发展的实施意见》的发 ...

Group 1: Company Developments - SenseTime Medical has completed a new round of strategic financing amounting to several hundred million yuan, with investors including Lenovo Capital, Lianchuang Capital, and others, and has initiated Series A financing with subscriptions exceeding 500 million yuan, leading to a post-investment valuation of over 3 billion yuan [2] - SenseTime Medical currently possesses nearly a hundred AI clinical auxiliary diagnostic tools and patient service systems, enabling digital upgrades across major hospitals in Shanghai and nationwide [4] - The company was established as a spin-off from SenseTime Technology, leveraging its SenseCare smart diagnosis platform and foundational algorithm capabilities to develop a "large medical intelligent body development platform" [5] Group 2: Industry Trends - Despite a challenging overall capital market environment, the AI healthcare sector remains active, with companies like Quanjingtong announcing significant financing rounds [3] - The competition in the AI healthcare sector has intensified, with companies vying for data access from hospitals and patients to transform infrequent medical interactions into frequent health consultations [3] - The market for smart healthcare in China is projected to reach 52.86 billion yuan by 2028, with a compound annual growth rate of 67.8% [6] Group 3: Expert Insights - Experts emphasize that AI's role in healthcare should evolve from being a mere tool to becoming a productivity-enhancing force that empowers entire systems and platforms [7] - The potential of AI in healthcare is seen as significant, with the ability to enhance diagnostic accuracy and create personalized treatment plans, thereby rebuilding trust between patients and healthcare providers [6][7]