周思聪 梁福睿 从长期来看，2025年或成为中国创新药板块估值系统性提升的起点，商业保险的推进是核心变量。2024 年底全国医疗保障工作会议明确提出探索创新药多元支付机制，我国医疗保障从"单一保基本"向"多层 次精准覆盖"转型，中国创新药也从"医保依赖"转向"商保+医保双轮驱动"。随着支付端的显著改善，创 新药企业的估值会经历一个慢慢抬升的过程。 我认为，2025年是创新药3年以上投资周期的元年，当下是创新药投资的最好窗口，看好创新药行业长 周期、大级别的投资机会。 金笑非 ◎记者 赵明超 今年以来创新药板块表现抢眼，截至5月23日，多只相关主题基金年内回报超过40%，长城医药产业精 选基金净值涨幅更是超过60%。哪些因素推动创新药板块大涨？创新药板块接下来将如何演绎？上海证 券报记者邀请了三位聚焦创新药领域投资的基金经理——平安医疗健康基金经理周思聪、长城医药产业 精选基金经理梁福睿、鹏华医药科技股票基金经理金笑非，请他们谈谈如何把握创新药板块的投资机 会。 在三位基金经理看来，中国创新药板块过去几年蓄势生长，犹如潜龙在渊，今年开始则迎来收获期，在 医保相关利好政策的推动下，盈利逐步兑现，市场估值迎来抬升， ...

Core Insights - Shenyang is undergoing a significant transformation by integrating artificial intelligence (AI) into its traditional industrial base, aiming to become a national hub for AI innovation and application [1][2][11] - The city has established the Shenyang Artificial Intelligence Computing Center, which has expanded its computing power to 450P, making it the largest domestic AI computing center in Northeast China [1][2] Group 1: Industrial Transformation - Shenyang's deep industrial heritage provides a strong foundation for digital transformation, but challenges such as outdated equipment and the need for skilled talent remain [2][4] - The city is implementing a three-layer integration model that combines policy guidance, computing center support, and the establishment of industry-academia-research alliances to overcome these challenges [2][3] - Traditional industries are revitalized through AI, with examples like the "robot+" initiative that enhances efficiency and reduces costs in manufacturing processes [4][5] Group 2: AI and Robotics - The Shenyang Artificial Intelligence Computing Center collaborates with over 200 partners, providing computing support and developing over 300 solutions [3][6] - Robotics technology is being integrated into mining operations, significantly improving safety and efficiency, with autonomous robots capable of performing complex tasks [5][6] - The use of AI in medical imaging has led to substantial improvements in diagnostic efficiency, exemplified by Eastsoft's CT machines that reduce scan times dramatically [7][8] Group 3: Emerging Industries - New industries are rapidly developing in Shenyang, particularly in low-altitude economy sectors, with companies like Ruixiang Aviation making strides in electric aircraft technology [9][10] - The city aims to create a 100 billion yuan aerospace industry cluster, leveraging AI and digital technologies to enhance manufacturing processes [10][11] - Shenyang's strategic focus on 12 key future industries, including AI and advanced energy storage, positions it for significant growth and innovation [10][11]

Core Insights - The article discusses the challenges faced by companies in the current BANI (Brittle, Anxious, Non-linear, Incomprehensible) era, emphasizing the need for CFOs to enhance corporate resilience and value growth amidst geopolitical conflicts, supply chain fluctuations, and rapid technological changes [2][5]. Group 1: CFO Summit and Awards - The CFO Summit 2025, themed "Optimizing Market Value Management and Enhancing Financial Resilience," gathered over 200 CFOs, financial executives, and academic leaders to discuss financial strategies in the BANI era [2]. - The "Jiefu Award" aims to elevate the professional value of CFOs and their teams in areas such as market value management and financial resilience, helping them respond to market uncertainties [5][18]. Group 2: Economic and Financial Strategies - Li Zhan, Chief Economist at招商基金, analyzed the impact of US-China tariff disputes on macroeconomics and corporate financing strategies, suggesting that Chinese companies are effectively mitigating tariff risks through "export grabbing" and "transshipment trade" [5]. - Future domestic measures may include interest rate cuts and special bond issuance to support technology and equipment upgrades, with a recommendation for companies to enhance R&D and optimize global supply chains [5]. Group 3: Financial Management Innovations - Zhang Dengzhou emphasized the need for financial management to evolve in response to global economic risks and the Fourth Industrial Revolution, focusing on building a world-class financial management system [7]. - Key areas for financial transformation include shared financial services, financial information management, treasury system development, and cost management reforms [7]. Group 4: AI and Digital Transformation - Guan Xiaohui from Fosun Pharma highlighted the application of AI in pharmaceutical R&D and commercial decision-making, noting that AI can significantly enhance investment returns and decision-making efficiency [9][10]. - The development of intelligent decision-making systems like PharmAID aims to support real-time project evaluations and market data retrieval [9]. Group 5: Corporate Value and M&A Strategies - Cheng Peng from Weiming Environmental discussed the importance of mergers and acquisitions (M&A) in enhancing corporate value, emphasizing the need for strategic alignment and effective risk management throughout the M&A process [15]. - The focus on long-term value creation and effective communication of corporate stories is crucial for attracting patient capital and maintaining investor confidence [16]. Group 6: Recognition and Future Outlook - The "Jiefu Award" ceremony recognized outstanding CFOs for their financial wisdom and management achievements, with expectations for awardees to contribute to the development of China's capital markets [18]. - The article concludes with a call for CFOs to adopt a more open perspective and resilient practices in navigating the evolving global economic landscape [20].

新华社成都5月25日电（记者康锦谦、董小红、李倩薇）第二十届中国西部国际博览会（西博会）25日在成都开幕，共吸引包括境外62个国家 （地区）在内的3000余家企业参展，将持续至29日。来自世界各地琳琅满目的商品及各种高精尖技术广受参展客商青睐。 本届西博会首设"一欧一亚"双主宾国。记者在主宾国老挝的展馆看到，馆内特别设置了生态产品展示区，集中呈现茶叶、咖啡、啤酒、大米 等特色农产品及木制工艺品、家具等，前来问询的客人络绎不绝。现场还有老挝古树茶品鉴区域，洽谈生意的客人可以品鉴来自热带雨林的独特 风味。 "西博会为包括老挝在内的各国企业提供了宝贵的商贸对接、投资合作和信息共享机遇，有力促进了区域商品市场的互联与互通。"老挝副总 理吉乔在开幕式致辞中说。 "中国西部在可再生能源、先进制造业、物流领域蕴藏着巨大潜力，为世界各地企业和投资者带来了巨大商机，我们鼓励更多企业积极投身这 片充满活力的热土，借助西博会这一优质平台建立起长久稳定的合作关系。"瓦努阿图副总理兼财长科纳坡在开幕式上说。 参展客商普遍看好中国西部市场前景。77电子集团是一家来自匈牙利的体外诊断医疗设备开发商，总经理李察德说，匈牙利人口不到1000万 ...

截至2025年5月23日收盘，三星医疗（601567）报收于23.83元，较上周的24.95元下跌4.49%。本周，三 星医疗5月19日盘中最高价报24.93元。5月22日盘中最低价报23.65元，股价触及近一年最低点。三星医 疗当前最新总市值336.24亿元，在电网设备板块市值排名6/120，在两市A股市值排名404/5148。 本周关注点 公司公告汇总 三星医疗关于2024年核心团队持股计划锁定期届满的提示性公告显示，根据相关规定，公司2024年核心 团队持股计划将于2025年5月22日锁定期届满，且公司层面第一个归属考核期业绩指标已达成。2024年5 月23日，2048590股公司股票过户至持股计划证券账户，过户价格为20.58元/股。2025年5月14日，公司 审议通过业绩指标达成的议案，第一个归属考核期可归属本次核心团队持股计划的60%。 三星医疗关于完成工商变更登记的公告指出，公司已完成工商变更登记手续，并取得宁波市市场监督管 理局换发的营业执照。变更后的注册资本为1,411,085,871元，法定代表人为沈国英，经营范围涵盖投资 活动、医院管理、工程管理服务、仪器仪表制造与销售等多个领域。 以上 ...

Group 1 - China Communication Technology Co., Ltd. won a total of 11 important rail transit projects with a total bid amount of approximately 3.789 billion yuan, accounting for 11.67% of the company's audited revenue for 2024 [1] - New Chai Co., Ltd. plans to use no more than 500 million yuan of idle funds to purchase low-risk financial products to improve fund efficiency [2] - Qingshan Paper Industry's controlling shareholder intends to restructure and inject assets into Fujian Provincial Industrial Holding Group [3] Group 2 - BWS hired Liu Xiaodan as Senior Vice President, effective immediately [4] - Huakang Clean won a bid for a purification project at the Tengzhou Medical and Health Center, with a bid price of 60.2394 million yuan [6] - Silver Dragon Co., Ltd. announced that several executives plan to reduce their holdings by a total of no more than 550,000 shares due to personal financial needs [8] Group 3 - Intercontinental Oil & Gas plans to invest 848 million USD in the South Basra Integrated Project in Iraq, holding a 67% stake [13] - Huatai Dain's subsidiary received a drug registration certificate for sodium valproate oral solution, used for treating epilepsy [14] - Hainan Mining's 20,000-ton battery-grade lithium hydroxide project has achieved full-process connectivity and produced qualified products [29] Group 4 - Roman Co., Ltd.'s subsidiary won a significant overseas project in Saudi Arabia with a bid amount of approximately 200 million yuan [30] - Measurement Co., Ltd. completed a capital reduction for its subsidiary, optimizing resource allocation [31] - Guodian Nanzi plans to increase capital by 45 million yuan for its wholly-owned subsidiary to meet market expansion needs [32] Group 5 - Eighty Billion Space plans to repurchase shares with a total amount not less than 50 million yuan and not exceeding 100 million yuan [33] - Tianyin Electromechanical's director plans to reduce holdings of no more than 0.25% of the company's shares [34] - Hailier's subsidiary passed environmental protection acceptance for its agricultural chemical preparation project [35] Group 6 - Kelong Pharmaceutical's subsidiary will present innovative drug research results at the ASCO annual meeting [36] - Zhonghong Medical's subsidiary received medical device registration certificates for enteral nutrition pumps and injection pumps [37] - Luyou Pharmaceutical received a drug registration certificate for amlodipine besylate tablets, used for hypertension [39]

证券代码：601567 证券简称：三星医疗 公告编号：临 2025-041 宁波三星医疗电气股份有限公司 关于完成工商变更登记的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 宁波三星医疗电气股份有限公司（以下简称"公司"）于 2025 年 1 月 10 日 召开第六届董事会第二十次会议，审议通过了《关于公司变更注册资本、修订< 公司章程>并办理工商变更登记的议案》。具体详见公司于 2025 年 1 月 11 日披露 于上海证券交易所网站（www.sse.com.cn）、中国证券报、上海证券报和证券时 报的《宁波三星医疗电气股份有限公司关于公司变更注册资本并修订公司章程的 公告》（公告编号：临 2025-008）。 近日，公司完成了上述事宜的工商变更登记手续，并取得了宁波市市场监督 管理局换发的《营业执照》。工商登记变更后，相关登记信息如下： 公司名称：宁波三星医疗电气股份有限公司 统一社会信用代码：9133020079603386X0 住所：浙江省宁波市鄞州工业园区（宁波市鄞州区姜山镇） 法定代表人：沈国英 注册资本： ...

Core Viewpoint - The innovation drug sector in A-shares and Hong Kong stocks is experiencing significant growth, driven by strong performance in related ETFs and positive market sentiment towards Chinese pharmaceutical companies [1][2][3] Group 1: Market Performance - The innovation drug ETF Tianhong (517380) saw an increase of over 2.5% at one point, closing with a nearly 1.7% rise, with key stocks like Ascentage Pharma-B rising over 6% [1] - Other related ETFs, such as the medical device ETF (159873) and the biopharmaceutical ETF (159859), also showed positive performance, with the latter achieving a trading volume exceeding 55 million yuan [1][2] Group 2: Company Developments - Heng Rui Pharmaceutical plans to issue 225 million shares in Hong Kong, with its stock price surging over 33% during trading [2] - The innovation drug ETF Tianhong (517380) closely tracks the Hang Seng Shanghai-Shenzhen Hong Kong Innovation Drug 50 Index, which selects 50 leading innovative drug companies, including Heng Rui Pharmaceutical and BeiGene [2] Group 3: Industry Insights - Current market conditions suggest that the Hong Kong innovation drug sector is poised for excess returns due to the global competitive advantages of Chinese pharmaceutical companies [3] - The rise of the NewCo model has helped original drug companies address challenges related to financing, monetization, and research and development risks [3] - Recent policy shifts indicate a favorable regulatory environment for the sector, with signs of support for innovative drugs and optimization of procurement rules [3] - Financially, leading Hong Kong innovative drug companies are benefiting from increased license-out transactions, resulting in steady revenue and profit growth, while valuations remain at relatively safe levels compared to other growth sectors [3]

Nano-X Imaging (NNOX) Q1 2025 Earnings Call May 22, 2025 08:30 AM ET Company Participants Mike Cavanaugh - Managing DirectorErez Meltzer - CEO & Acting Chairman of the BoardRan Daniel - Chief Financial OfficerJeffrey Cohen - MD - Equity Research Conference Call Participants Ross Osborn - Director, Lead Research Analyst - MedTech and DiagnosticsScott Henry - Managing Director & Senior Research Analyst Operator Good day, and thank you for standing by. Welcome to the Nano QX Q1 twenty twenty five Earnings Conf ...

Financial Data and Key Metrics Changes - The company reported a GAAP net loss of $13.2 million for Q1 2025, compared to a net loss of $12.2 million in Q1 2024, reflecting an increase of $1 million largely due to a $1.1 million increase in gross loss [27] - Revenue for Q1 2025 was $2.8 million, with a gross loss of $3 million, compared to revenue of $2.6 million and a gross loss of $2.1 million in the same period last year [27][28] - Non-GAAP gross loss for Q1 2025 was $400,000, down from a gross profit of $600,000 in Q1 2024, indicating a gross margin of approximately 15% for the reported period [28] Business Line Data and Key Metrics Changes - Revenue from teleradiology services for Q1 2025 was $2.6 million, with a gross profit of $400,000, compared to $2.4 million and a gross profit of $300,000 in Q1 2024, representing a gross profit margin of approximately 17% [28] - Revenue from imaging systems and OEM services was $33,000 with a gross loss of $1.6 million in Q1 2025, compared to revenue of $47,000 and a gross loss of $400,000 in the same period last year [29] - Revenue from AI solutions was $200,000 with a gross loss of $1.9 million in Q1 2025, compared to $100,000 and a gross loss of $2 million in Q1 2024 [29] Market Data and Key Metrics Changes - The sales pipeline has doubled since January 2025, with the sales team handling over 1,000 leads, primarily from small and medium-sized health clinics in various countries [9] - The company is targeting over 100 ARC systems in various stages of deployment by the end of 2025, with over 60 units currently in various stages of implementation [10][11] Company Strategy and Development Direction - The company aims to improve medical imaging and enhance patient outcomes through strategic acquisitions and the integration of AI-powered imaging analysis [6][7] - The focus is on expanding the commercialization of Nanox ARC and AI solutions, with a multi-pronged strategy involving direct sales, collaborations, and distributor engagements [8][12] - The company is also pursuing opportunities in the workers' compensation segment, which presents a significant potential market [14] Management's Comments on Operating Environment and Future Outlook - Management acknowledged recent market uncertainties but expressed optimism about the growing base of early adopters for Nanox ARC [11] - The company expects its AI business to break even by 2026 and the ARC business to reach breakeven by 2027, with an anticipated inflection point in the second half of 2025 [57][58] Other Important Information - The company has received FDA clearance for the Nanox Arc X, enhancing its regulatory standing [20] - The company is actively engaged in clinical trials to generate data supporting the use of Nanox Arc, which is crucial for future growth [21] Q&A Session Summary Question: Can you provide details on the fleet deployment by the end of the year? - Management indicated that the majority of units will be in the US, with about 15-20% in Europe and 10% in other regions, depending on regulatory approvals [38] Question: What is the pricing and reimbursement status for the second opinion services? - The second opinion service is priced at approximately $300 and is primarily a retail model, with growing business potential [42] Question: How many units are currently deployed and operational in the US? - More than 20 units are currently installed, with some awaiting regulatory approvals [47] Question: What is the timeline for reaching breakeven across business lines? - The teleradiology division is already profitable, while the AI business is expected to break even in 2026 and the ARC business in 2027 [56][57]