但繁荣背后，对产业全景认知缺失导致的信息不对称问题也日益突出：企业仍困惑于AI落地场景的路 径选择，投资者难辨技术泡沫下的真实价值，政策制定者需更精准的产业数据用以支撑决策。 针对产业发展的核心痛点，项目主办方基于"扎实的产业调研实践"与"独特的资本视角解读"，系统梳理 了AI+药物研发、AI+医疗器械、AI+医疗服务三大赛道的发展现状，并在图谱中构建起覆盖"技术-场景- 资本"的完整分析框架。 在调研阶段，项目组深入复星医药、深势科技、微创机器人、仁济医院等25家标杆企业与医疗机构，通 过实地走访挖掘一手数据，收录了手术机器人、康养机器人、AI新药研发、AI医疗服务等多个领域行 业领跑者的典型案例，全面呈现AI技术在国内医疗健康产业落地的真实图景。 作为证监会批准的证券投资咨询机构，汇正财经的加入为图谱注入了关键的资本维度价值。其研究团队 不仅全程参与企业调研，更结合对产业周期的深刻研判，提出"结构性分化下的价值聚焦"观点——当前 市场正以"可规模化收入"和"清晰盈利路径"为核心标尺进行价值筛选，为投资者识别具备核心竞争力与 成长潜力的优质标的提供了更具参考价值的决策支撑。 凝聚了各方智慧，这份图谱将为AI ...

Group 1 - The core viewpoint of the report highlights that the pharmaceutical industry in China is experiencing a reversal in 2025, driven by innovative drugs, with significant benefits observed in the CXO and upstream supply chain sectors, particularly in the Hong Kong stock market where innovative drugs have seen a rise of over 80% year-to-date [1][4] - The report emphasizes that the core catalyst for innovative drugs comes from policy support and the realization of business development (BD) opportunities abroad, with notable transactions exceeding 1 billion USD, validating the international competitiveness of Chinese innovative drugs [1][2] - A significant reform in the payment sector is underway, with the introduction of a dual-track system for medical insurance, allowing for the inclusion of high-value innovative drugs in commercial insurance, addressing the gap in coverage for expensive treatments [1][2] Group 2 - The report indicates a rapid growth trend in the number of license-out transactions by Chinese pharmaceutical companies, with total upfront payments reaching 6.298 billion USD, a 53% year-on-year increase, and total transaction amounts reaching 118.862 billion USD, a 125% increase [2] - Looking ahead to 2026, the report suggests a shift from "BD-driven" to "data-driven" investment in innovative drugs, emphasizing the importance of clinical data validation and commercial capabilities for revenue growth [2] - Recommended stocks for investment include Heng Rui Medicine, Kelun-Biotech, and Teva Biopharmaceuticals, among others, while companies like Kangfang Biotech and Innovent Biologics are suggested for further attention [2][3] Group 3 - The overall profitability of the pharmaceutical sector remains stable, with a gradual improvement in the profitability of the pharmaceutical manufacturing industry, despite a slight decline in revenue growth [11][15] - The report notes a significant divergence within the industry, with the medical services sector performing well, while the profits of the biopharmaceutical sector have seen a substantial decline [28][29] - The report highlights that the medical insurance fund's income and expenditure growth rates are stabilizing, indicating a long-term trend towards cost control in medical insurance, which is essential for the sustainable development of the innovative drug industry [31][36]

专注于非诊断性患者沟通任务 。 作者丨冯汝梅 编辑丨关 雎 图源丨Midjourney AI医疗赛道又跑出一个估值近250亿元的独角兽。 Hippocratic AI在不到两年内密集完成多轮融资，累计融资金额超过4亿美元，成为全球成长最快的 AI医疗独角兽之一。每一轮融资都吸引了顶尖投资者加入，目前投资方包括Andreessen Horowitz （a16z）、General Catalyst、 凯 鹏华盈、 英伟达风投部门 NVentures 、谷歌母公司Alphabet旗 下成长基金 CapitalG 等。 | | HippocraticAl-融资历程 | | | | --- | --- | --- | --- | | 融资轮次 | 事件时间 | 融资金额 | 投资方 | | | | | Avenir Growth Capital | | | | | 领投 | | | | | Andreessen | | | | | Horowitz(A16Z) | | | | | General Catalyst | | C轮 | 2025年11月 | 1.26亿美元 | Kleiner Perkins | | | | ...

Core Viewpoint - iFlytek Medical Technology (02506) has seen a significant stock price increase of over 18%, currently trading at 90.2 HKD, following the announcement of winning a 428 million RMB project for the National AI Application Pilot Base in the medical field [1] Group 1: Project Details - The project involves the development of large-scale medical models with hundreds of billions of parameters and the establishment of a medical data resource platform [1] - The service period for the project extends until 2028, indicating a long-term commitment [1] Group 2: Business Model Evolution - Historically, the medical AI industry has faced challenges such as a single business model and difficulties in monetization [1] - iFlytek Medical's recent project indicates a significant evolution in its business model, transitioning from traditional one-time software delivery to a comprehensive service model that includes "large models + data + operations" [1] - The project emphasizes the establishment of a "long-term operational mechanism," suggesting a shift towards sustainable operational practices [1]

Core Viewpoint - iFlytek Medical Technology (02506) has seen a significant stock increase of over 18%, currently trading at 90.2 HKD, following the announcement of winning a 428 million RMB bid for a national AI application pilot project in the healthcare sector [1] Group 1: Project Details - The project involves the development of large-scale medical models with hundreds of billions of parameters and the establishment of a medical data resource platform [1] - The service period for the project extends until 2028, indicating a long-term commitment [1] Group 2: Business Model Evolution - The AI healthcare industry has historically faced challenges such as a single business model and difficulties in monetization [1] - iFlytek Medical's recent project indicates a significant evolution in its business model, moving from traditional one-time software delivery to a comprehensive service model that includes "large models + data + operations" [1] - The project emphasizes the establishment of a "long-term operational mechanism," suggesting a shift towards sustainable operational practices [1]

12月6日，一场特殊的"城市行走"在深圳罗湖区展开。作为2025深圳全球招商大会的"1+7+N"系列活动 之一，罗湖区投资考察活动得到众多企业响应，139家企业代表穿行于城建云启大厦、清水河数字新城 指挥部和B1地块之间，用脚步丈量这个深圳罗湖的产业空间。 这场以"产业升级·战新聚势"为主题的活动，不仅延续了去年"空间蝶变·战新加速"的热度，更展现出罗 湖在产业提升的加速度和战略性新兴产业布局上的深度。站在罗湖新材料大厦30层，企业家们看到的不 仅是玉龙片区连片的待开发土地，更是深圳中心城区向新质生产力高地跃迁的雄心。罗湖推出"战新跃 升"计划，最高5000万元资源包，全周期护航企业发展。 此次罗湖区投资考察活动作为2025深圳全球招商大会的延伸实践，是基于去年企业现场考察后的正向反 馈而得以延续的传统，让企业通过"零距离"的沉浸式体验，直观感受大湾区枢纽节点的区位优势与空间 潜力。 这种"大会招商+实地考察"的创新组合，既彰显了深圳"心诚+行程"的招商诚意，也为全球资本布局大湾 区提供了可触摸的决策依据。 "这就是规划中提到过的B1地块，没想到整体建设面积这么大，太震撼了。"在城建云启大厦俯瞰B1地 块的一 ...

"底层连接器"定位清晰 初步落地潜力初现 在12月3日举行的"第十届智通财经资本市场年会暨上市公司颁奖盛典"上，健康之路（02587.HK）摘 得"最具价值医疗公司"大奖。一同获评该奖项的还包括京东健康等医疗健康领域知名企业。 健康之路将AI明确定位为"医疗健康生态的底层连接器"，并系统阐述了其"医助+健康管家"双智能体 及"AI+生态合作"相结合的规模化落地实践路径。这一战略表述成为本次年会资本市场关注的焦点之 一。 健康之路"医助+健康管家"双智能体分别赋能医生提效和患者全周期健康管理，构建"诊前-诊中-诊后-日 常管理"无缝衔接的健康管理闭环。目前已成功在20多家医院、数百名医生中部署应用，日新增服务患 者超1000名。 此次获奖，标志着健康之路"底层连接器"的战略定位和增长潜力获得了资本市场的初步认可。在医疗产 业数字化进入深水区的当下，这一定位契合了行业对高效协作、数据互通的深层需求。市场将持续关注 其生态网络效应的释放节奏，以及从技术赋能到价值变现的转化效率。若能顺利实现规模化落地，健康 之路有望在医疗智能化浪潮中占据有利地位。 更具想象空间的是其"AI+生态合作"模式，该模式将把健康之路沉淀的A ...

智通财经APP了解到，近日讯飞医疗（02506）以4.28亿元中标国家人工智能应用中试基地（医疗领域 基层卫生服务方向）软件服务项目。国家人工智能应用中试基地是为响应"人工智能+"政策，推动建设 一批产业链协同的"连接器"，技术成果转化的"加速器"以及优质应用落地的"孵化器"。此次讯飞医疗中 标，不仅彰显了公司技术实力，同时也意味着AI医疗赛道进入了政策驱动的加速期。作为此次项目的 承建方，更标志着该公司角色从行业参与者跃升为未来医疗AI国家标准的核心共建者。 今年以来，国家发改委协同多部门持续推动制造、医疗及交通等一批重点领域应用中试基地启动建设， 目前全国已有多地落地项目。AI+医疗赛道率先出发，11月4日，国家卫生健康委等五部门印发《关于 促进和规范"人工智能+医疗卫生"应用发展的实施意见》，深化推动AI在医疗领域的应用。 总的来说，2025年是"人工智能+"国家战略的推动元年，由政府牵头联合头部企业推动，而2026年将迎 来大规模应用浪潮。讯飞医疗具有行业多重领先优势，尤其是医疗AI大模型的断崖式领先，且构建了 GBC三大场景下AI产品矩阵，积累了庞大的用户群体，将使得该公司成为AI医疗赛道高成长的最 ...

Core Viewpoint - Recently, iFlytek Medical (02506) won a bid for a software service project worth 428 million yuan for the National Artificial Intelligence Application Pilot Base in the medical field, marking a significant step in the AI healthcare sector driven by policy support [1] Industry Overview - The National Development and Reform Commission, along with multiple departments, is actively promoting the establishment of pilot bases in key sectors such as manufacturing, healthcare, and transportation, with AI in healthcare leading the way [1] - The AI healthcare sector in China has experienced a compound annual growth rate (CAGR) of 33.8% from 2019 to 2023, and it is expected to continue leading the AI sector with a projected CAGR of 43% from 2023 to 2033, reaching a market size of 315.7 billion yuan [1] Company Impact - The recent bid win allows iFlytek Medical to solidify its leadership position in the industry by transitioning from "experimental exploration" to "industry definition" [2] - The company is positioned to benefit from the commercialization of AI medical technology, taking advantage of policy and market dividends [2] - iFlytek Medical's AI medical products have shown significant commercial success, with its core product "Zhi Yi Assistant" covering 31 provinces and serving over 250,000 grassroots doctors, providing over 1.1 billion diagnostic assists [3] Business Model Transformation - The focus on "grassroots health services" aligns with the most urgent needs in the healthcare system, supported by strong policy backing, with a goal of achieving full coverage of intelligent auxiliary applications by 2030 [3] - The recent project win shifts the company's business model from a single product delivery approach to a "model as a service" model, expected to enhance user stickiness and generate continuous service revenue [3] Future Outlook - 2025 is anticipated to be a pivotal year for the "Artificial Intelligence+" national strategy, with significant applications expected to emerge in 2026 [3] - iFlytek Medical's leading advantages in the industry, particularly in AI medical models, and its extensive user base position it as a major beneficiary in the high-growth AI healthcare sector [3][4]

Core Insights - The "2025 AI for Healthcare Hackathon" successfully concluded in Beijing, showcasing a diverse range of innovative teams from top hospitals, renowned universities, and tech companies, emphasizing a shift from traditional tech competitions to a demand-driven, AI-centric healthcare innovation platform [1][8] - The event highlighted the emergence of AI healthcare projects with both cutting-edge technology and clinical application potential, addressing real-world healthcare needs [1][6] Awards and Recognitions - Notable projects included the "Clinical Trial Intelligent Entry and Exit Review Agent," which achieved end-to-end automation in clinical trial participant screening, and various AI assistants targeting specific medical conditions such as hepatitis B and rare diseases [3][6] - The event also recognized projects focused on enhancing healthcare management and service quality, such as the AI health rumor debunking tool and the foreign patient healthcare assistant [3][7] Evaluation and Support - A multidisciplinary panel of experts from academia, industry, and investment participated in the evaluation process, ensuring a comprehensive assessment of both technological innovation and clinical applicability [5][8] - The hackathon benefited from the support of the medical AI development platform provided by Yidu Tech, which offered resources and training to participating teams, significantly lowering the barriers to AI healthcare application development [5][6] Innovation and Future Directions - The awarded projects collectively represent a new generation of AI healthcare agents that are capable of understanding complex intentions, executing multi-step tasks, and collaborating with human experts [8][9] - The event underscored the importance of focusing on high-value niche scenarios and building sustainable service models in the era of "AI + Healthcare" [9]