3月投资月记："AI+医疗"有哪些细分方向上的应 用？ 来源：诺德基金 AI技术可以整合可穿戴设备的多模态数据，为慢性病患者提供动态监测和个性化健康干预服务， 如糖尿病患者的血糖管理，下图为AI系统进行慢病管理示意图： 自今年2月DeepSeek模型引发关注以来，AI+医疗的关注度显著提高，本文旨在探讨AI+医疗在医药 产业各细分方向的潜在应用。AI医疗在提升检查检验结果解读、提高检查检验效率、辅助临床医生决 策、健康管理与药物研发等多个领域的应用价值较大，或将成为医疗企业和医院建立评估矩阵的创新方 向和竞争趋势。 1.AI+影像与AI+检验 AI通过计算机视觉的深度学习算法可快速识别CT、MRI、病理切片等影像中的病灶，辅助医生实 现毫米级病灶定位，提升诊断效率和准确性。例如，AI可量化影像参数并生成结构化数据，减少医生 重复性工作。AI医疗影像产品广泛应用于医技科室，包括超声影像、放射影像和病理影像等领域。AI 医疗影像辅助诊疗软件集成了计算机视觉技术和深度学习，嵌入至医技科室的医疗器械设备中，以实现 病灶智能识别、影像量化分析及结构化报告生成等功能。这些软件的应用可帮助医生快速出具诊断结论 和治疗方案。 ...

Core Viewpoint - The article discusses the strategic collaboration between Ant Group, Huawei, and Alibaba Cloud in the AI healthcare sector, highlighting the launch of the "Large Model Integrated Machine" and its implications for the medical industry [1][2][6]. Summary by Sections Product Launch and Implementation - Ant Group, in collaboration with nearly 100 enterprises, has introduced the "Large Model Integrated Machine" to facilitate the rapid and secure deployment of AI in healthcare institutions [2]. - Seven medical institutions, including Zhejiang Provincial People's Hospital and Beijing Traditional Chinese Medicine Hospital, are among the first to adopt this integrated solution [3]. AI Healthcare Expansion - The AI health application "Anzhen'er," developed in partnership with the Zhejiang Health Commission, has reached over 1,000 public hospitals and is expanding to regions like Hunan and Shanghai [4]. - Ant Group's acquisition of "Good Doctor," a pioneer in online medical consultation, has led to the enhancement of AI tools for 290,000 registered doctors [4][5]. Importance of AI in Healthcare - The article emphasizes the growing need for AI in healthcare due to the imbalance between medical professionals and patients, with generative AI showing promise in areas like resume generation and basic consultations [7]. - Advanced models like GPT-4 and Med-PaLM have outperformed human experts in medical question-answering tests, indicating the potential of AI in enhancing healthcare efficiency [7]. Ant Group's Strategic Positioning - Ant Group has made significant strides in AI healthcare since 2023, launching various initiatives such as the "AI Health Manager" and multi-modal medical models [9][10]. - The "Three-in-One" strategy encompasses services for institutions, doctors, and patients, aiming to create a comprehensive healthcare ecosystem [12][21]. Technical and Operational Aspects - The integrated machine emphasizes privacy protection and professional capabilities, allowing hospitals to deploy AI solutions without complex configurations [13][14]. - Ant Group's AI medical model has ranked first in various medical knowledge assessments, showcasing its advanced capabilities [15]. Challenges and Future Directions - The article identifies challenges in the AI healthcare sector, including the complexity of medical workflows and the need for high-quality data to train models effectively [25][26]. - Ant Group's long-term experience in the healthcare sector positions it well to address these challenges and develop AI solutions that meet actual needs [30]. Collaborative Ecosystem - The collaboration between Ant Group and major tech partners like Huawei and Alibaba Cloud aims to create a complete value chain in AI healthcare, integrating technology, industry, and payment systems [33][34]. - The article concludes that the ongoing cooperation among major players in the industry enhances the prospects for AI in healthcare, making it a critical area for future development [36].

Core Viewpoint - The article discusses the significant advancements made by Ant Group in the AI and healthcare sector, highlighting the integration of AI technologies to improve patient, doctor, and healthcare institution interactions, ultimately enhancing the overall healthcare experience [4][10][23]. Group 1: AI in Healthcare - Ant Group has made substantial progress in the healthcare sector, particularly in AI applications, which are becoming increasingly popular among the public [2][4]. - The integration of AI in healthcare addresses existing challenges faced by patients, doctors, and institutions, providing timely and professional medical services [5][10]. - AI's ability to process vast amounts of data and provide accurate diagnoses is crucial in a field where precision is paramount [9][10]. Group 2: Benefits for Stakeholders - The AI solutions developed by Ant Group benefit all three parties: patients receive better service, doctors can enhance their efficiency, and healthcare institutions can improve their capabilities [10][11]. - The introduction of AI tools, such as AI medical record organization and research assistants, alleviates the burdens on healthcare professionals, allowing them to focus on critical tasks [16][17]. - Patients experience a more manageable healthcare journey, with AI providing guidance and support during vulnerable times [20][19]. Group 3: Future Prospects - Ant Group's decade-long efforts in healthcare AI are expected to lead to personalized treatment plans and improved health management for users [23][24]. - The potential for AI to influence various industries beyond healthcare, such as automotive and consumer goods, indicates a broad scope for future applications [24][25]. - The article emphasizes that continuous efforts in AI development will eventually lead to significant transformations in healthcare and beyond [25][26].

Investment Rating - The report maintains an "Overweight" rating for the industry [6] Core Insights - The National Healthcare Security Administration has established separate pricing for brain-computer interface (BCI) medical services, paving the way for clinical application fees [1] - The BCI technology is a promising frontier technology that connects the brain with external devices, with applications in healthcare, wellness, education, and entertainment [2] - The market size for brain-computer interfaces in China is projected to reach 3.2 billion yuan in 2024, with a growth rate of 18.8%, and expected to grow to 5.58 billion yuan by 2027 [2] - National and local policies are accelerating the development of the BCI industry, with plans to cultivate influential tech companies and promote large-scale commercialization of BCI products by 2030 [3] Summary by Sections - **Investment Recommendations**: The report suggests focusing on companies such as Sanbo Brain Science, Aipeng Medical, and Innovation Medical, as the regulatory framework supports the clinical application of BCI technologies [4]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The report highlights the significant advancements in AI technology and applications in both China and the United States, emphasizing the competitive landscape and the unique strengths of each country in various AI sectors [3][10][33] Summary by Sections AI Infrastructure Analysis - The United States leads in cloud computing technology, while China excels in localized service advantages [10][18] - American companies are at the forefront of algorithm innovation, whereas Chinese firms demonstrate strong application innovation capabilities [10][18] - China holds a substantial market share in data centers, accounting for one-fourth of the global market, with rapid growth potential [25] AI Technology Analysis - Chinese visual AI companies are showing robust momentum, establishing unique advantages in the market [33] - The United States has a deep accumulation of knowledge graph technology, while China leads in commercializing these technologies [33] - Chinese companies are rapidly iterating and innovating in AI model applications, gradually closing the gap with international standards [40] AI Application Analysis - Chinese humanoid robots are emerging as strong competitors, showcasing significant advancements in technology [58] - Chinese AI glasses are gaining market share, with domestic manufacturers pulling ahead of overseas competitors [58] - The AI smartphone market is being reshaped by Chinese manufacturers, who are innovating in various AI applications [58] - In smart home technology, the U.S. focuses on high-end solutions, while China emphasizes comprehensive smart home integration [58][62] Industry Solutions - In the financial sector, U.S. companies excel in payment solutions and investment platforms, while Chinese firms lead in mobile payments and AI healthcare applications [71][76] - The U.S. is at the forefront of autonomous driving technology, while Chinese companies are leveraging local market advantages for rapid application [77] - Chinese AI healthcare companies are making significant strides in medical imaging analysis, while U.S. firms lead in drug discovery and health management [82] - In retail, Chinese companies are innovating in e-commerce through AI, while U.S. firms focus on optimizing the entire shopping experience [83]

Group 1: Alzheimer's Disease Market Overview - The global dementia patient population exceeds 55 million, with Alzheimer's disease accounting for approximately 60%-70% of these cases, translating to 33-38.5 million individuals [1] - China has around 10 million Alzheimer's patients, representing about one-third of the global total, with numbers expected to rise due to aging [1] - The economic burden of Alzheimer's disease in China was over 1.2 trillion yuan in 2015, projected to exceed 13 trillion yuan by 2050 [1][2] Group 2: National Action Plan for Dementia - The National Action Plan (2024-2030) aims to implement a health-first strategy to combat dementia, focusing on prevention and treatment [2] - By 2030, the plan seeks to establish a comprehensive dementia prevention and control system, improve early intervention, and enhance care services [2] Group 3: Medical Technology and Innovations - Shenzhen Yiwai Medical Technology Co., Ltd. is recognized as a national-level "little giant" enterprise, specializing in AI for brain disease diagnosis and treatment [3] - The company has developed several innovative products, including the world's first AI medical software for early Alzheimer's diagnosis, which has received both NMPA and CE certifications [3][4] - The AI-assisted diagnostic platform for stroke has also achieved dual certification from NMPA and FDA, marking a significant milestone in the field [4] Group 4: Business Performance and Growth - The subsidiary, Shihe Gene, reported profitability in 2023 and is pursuing an IPO, with a focus on automated NGS solutions for clinical applications [6] - Shihe Gene's products have been recognized globally, with FDA breakthrough device designation for its multi-cancer early screening product [6][7] - The company is expanding its international presence, having established a business network in over 20 countries [6] Group 5: Overseas Market Expansion - The company has successfully achieved overseas sales for its entire line of contrast agents and has received EU GMP and Brazil ANVISA GMP certifications [9] - The expansion into international markets is expected to positively impact the company's operations and revenue growth [9] Group 6: Product Performance and Future Outlook - The contrast agent segment remains a primary revenue source, with stable growth anticipated in 2024 due to successful bidding and international registrations [10] - The company is actively developing new products to enhance its contrast agent pipeline, with recent approvals expected to drive revenue growth [10] - The diabetes medication segment has also seen significant revenue growth, supported by successful bidding processes [11] Group 7: Acquisition Strategy - The company has pursued acquisitions to enhance its competitive position in the contrast agent market and diversify its product offerings [13] - Future acquisitions will align with the company's strategic goals and regulatory requirements [13]

上海凯利泰医疗科技股份有限公司 声明人朱丁敏作为上海凯利泰医疗科技股份有限公司第六届董事会独立董事 候选人，已充分了解并同意由提名人涌金投资控股有限公司提名为上海凯利泰医 疗科技股份有限公司（以下简称"公司"）第六届董事会独立董事候选人。现公 开声明和保证，本人与该公司之间不存在任何影响本人独立性的关系，且符合相 关法律、行政法规、部门规章、规范性文件和深圳证券交易所业务规则对独立董 事候选人任职资格及独立性的要求，具体声明并承诺如下事项： 一、本人已经通过上海凯利泰医疗科技股份有限公司第五届董事会提名委员 会或者独立董事专门会议资格审查，提名人与本人不存在利害关系或者其他可能 影响独立履职情形的密切关系。 是 □ 否 如否，请详细说明：______________________________ 二、本人不存在《中华人民共和国公司法》第一百七十八条等规定不得担任 公司董事的情形。 是 □ 否 如否，请详细说明：______________________________ 三、本人符合中国证监会《上市公司独立董事管理办法》和深圳证券交易所 业务规则规定的独立董事任职资格和条件。 是 □ 否 独立董事候选人声明 ...

Investment Rating - The industry investment rating is "Outperform the Market," indicating that the industry index is expected to perform better than the market by more than 5% over the next six months [28]. Core Insights - Australian superannuation funds are projected to increase their investments in the U.S. to AUD 1 trillion over the next decade, with current investments at approximately AUD 400 billion [2][9][10]. - New Jersey has committed to fully funding its pension system for the fifth consecutive year, with a budget proposal of USD 72 billion for the 2025 fiscal year [3][11]. Summary by Sections Australian Pension Investments - The Australian superannuation industry, currently valued at AUD 2.6 trillion, plans to accelerate its investment in the U.S. market, with expectations of reaching AUD 1 trillion in the next ten years. This is driven by the U.S. market's innovation and depth, with about 20% of current Australian retirement fund assets already allocated to the U.S. [2][9][10]. - Aware Super noted that 70% of new funds are directed overseas, with two-thirds going to the U.S. [9]. New Jersey Pension Funding - New Jersey's Governor announced a budget proposal of USD 58.1 billion for the 2025 fiscal year, which includes a USD 7.2 billion contribution to the state pension system, marking a shift from previous practices of underfunding [3][11]. - The state aims to stabilize its pension funding after years of financial strain and underpayment, which had led to significant pension asset shortfalls [3][11]. Overseas Pension Dynamics - The U.S. employer groups are supporting FedEx in a legal dispute regarding pension benefits for married retirees, highlighting ongoing challenges in pension management [8][12]. - The Korean sovereign wealth fund KIC reported an 8.5% return for 2024, attributed to strong equity investments [14]. - The People's Pension in the UK is reallocating USD 35 billion to focus on responsible investment strategies, enhancing transparency and flexibility in asset management [15]. Domestic Pension Policies and Developments - The Chinese Ministry of Finance is focusing on improving the pension system and enhancing social security measures, including gradual retirement age reforms and increasing basic pension levels [21][22]. - Qingdao has implemented a pension advisory system to assist the elderly in accessing resources and services [21][22]. - Shanghai has released guidelines for the construction and service of specialized elderly day care centers to improve care for seniors with disabilities [21][22].

Group 1: Company Performance - The company achieved profitability in 2024, driven by product structure optimization and increased marketing efforts, leading to stable revenue growth in the chemical drug sector [1] - The acquisition of 80% of Tianyuan Pharmaceutical contributed to revenue growth in the traditional Chinese medicine segment [1] - R&D investment remained high but decreased compared to 2023, with no goodwill impairment recorded in the current reporting period [1] Group 2: Marketing Strategies - The marketing strategy for Jiuwu Zhenxin Granules will be adjusted following the change in the National Medical Insurance Drug List, which now limits its use to "generalized anxiety disorder with heart and spleen deficiency" [2] - The company is developing a series of health products targeting sleep disorders in young and elderly populations, currently under review for approval [2] Group 3: Subsidiary Developments - Shenzhen Yiwei Medical Technology Co., Ltd. is recognized as a national-level "little giant" enterprise, focusing on early screening and treatment of brain diseases with AI technology [3] - Yiwei Medical's core products include AI software for early Alzheimer's diagnosis and a comprehensive stroke diagnosis platform, both of which have received multiple certifications [4][5] Group 4: Gene Technology Progress - Shihe Gene achieved profitability in 2023 and is progressing towards an IPO, with a focus on automated NGS solutions for clinical applications [6] - The company has received FDA breakthrough device designation for its multi-cancer early screening product and is expanding its global presence [6][7] Group 5: International Market Expansion - The company has successfully achieved overseas sales for its entire line of contrast agents and has received EU GMP and Brazil ANVISA GMP certifications for its production facilities [8][9] - Ongoing efforts to expedite the registration of contrast agent products for international markets are underway, enhancing the company's global business channels [9]

技术的力量，开源的力量，初创生态的力量。 整理丨刘倩 ▲扫描上图中的二维码，可收听播客。《晚点聊 LateTalk》#100 期节目。欢迎在小宇宙、喜马拉雅、苹果 Podcast 等渠道关注、收听我们。 《晚点聊 LateTalk》是《晚点 LatePost》推出的播客节目。"最一手的商业、科技访谈，最真实的从业者思考。" 2025 年 1 月，农历春节也没有让模型竞赛丝毫减速。DeepSeek 发布开源推理模型 R1，以相对低的成本，在一些 Benchmark 上比 肩，甚至超越了 o1 的表现，在全球掀起了广泛讨论。 这期节目，我们邀请了 2015 年，在硅谷创立了 Fusion Fund 的投资人张璐，来和我们一起聊一聊，当前美国科技圈和硅谷语境中， 对 DeepSeek 等模型的讨论。 我们也延展聊了 DeepSeek-R1 和 o1 等推理模型打开的 Agent（智能体）应用空间；以及在美国的科技投资视野中，除了 AI，大家还 在关注什么。 Fusion Fund 曾投资 Grubmarket、Al 会议公司 Otter.ai 还有 Al 与医疗结合的公司 Subtle Medical 等。在 Al ...