刘雅婧 A0230521080001 liuyj@swsresearch.com 林丽梅 A0230513090001 linlm@swsresearch.com 郝丹阳 A0230523120002 haody@swsresearch.com 王胜 A0230511060001 wangsheng@swsresearch.com 研究支持 冯彧 A0230123080001 fengyu@swsresearch.com 联系人 刘雅婧 (8621)23297818× liuyj@swsresearch.com 2025 年 07 月 08 日 外资通过 Keystone 正在流入港股 市场 ——港股行业比较系列之资金观察 相关研究 证券分析师 ⚫ 2025 年以来港股市场关注度提升，投资者尤其关注外资是否流入港股。我们认为外资正 在流入港股市场，主要体现在港股 IPO 基石投资者和 A-H 溢价收敛、部分个股出现港股 溢价等方面。 ⚫ 风险提示：全球流动性宽松不及预期，外资流入速度放缓。 本研究报告仅通过邮件提供给 中庚基金 使用。1 策 略 研 究 证 请务必仔细阅读正文之后的各项信息披露与声明 行 业 ...

Core Viewpoint - The announcement details the progress of the shareholding increase plan by the controlling shareholder and its concerted parties, indicating that no shares have been purchased yet despite the plan being halfway through its timeline [2][3]. Group 1: Shareholding Increase Plan - The controlling shareholder, Zhonghai Heng, and its concerted party, Guoxin Development Investment Management Co., plan to increase their shareholding in the company within six months from the announcement date, with a proposed investment amount between RMB 100 million and RMB 200 million [2]. - As of July 8, 2025, the shareholding increase plan has reached its halfway point, but no shares have been acquired yet due to the parties' internal arrangements [2][3]. - The shareholding increase will comply with relevant laws and regulations, ensuring that it does not affect the company's compliance with listing conditions or lead to changes in the controlling shareholder or actual controller [3]. Group 2: Regulatory Compliance - The shareholding increase plan adheres to the Company Law, Securities Law, and other relevant regulations, as well as the business rules of the Shenzhen Stock Exchange [2][3]. - The company will continue to monitor the progress of the shareholding increase plan and fulfill its information disclosure obligations in accordance with the Shenzhen Stock Exchange's regulations [3].

Group 1 - The core viewpoint is that data elements are becoming a key driver for industrial upgrading in Ningbo, enhancing operational efficiency and reducing costs across various sectors [2][3] - The Ningbo Zhoushan Port container terminal has improved container turnover efficiency by 30% through a specialized logistics database that integrates various data sources and analysis models [1] - The "Energy Efficiency Insight" platform has helped local enterprises save over 200 million kilowatt-hours annually and reduce carbon emissions by 140,700 tons, with an average energy cost reduction of 36% [2] Group 2 - The "Four Ports" linkage cloud platform has streamlined logistics operations, reducing the time for sea-rail intermodal bookings from 48 hours to 24 hours, saving a cross-border e-commerce company 2 million yuan in logistics costs annually [2] - The integration of data across different sectors, including healthcare, has led to significant improvements, such as AI-generated patient records in traditional Chinese medicine, enhancing efficiency in medical services [2][3] - The Ningbo Data Bureau has established a comprehensive mechanism for data collection, governance, and application, facilitating efficient data flow and breaking down departmental barriers [3]

"传统麻醉方式下，患者的睡眠、疼痛程度、并发症等等主诉会比较多，无管化手术的患者，就没 有那么多主诉。"河北大学附属医院麻醉科主任李永乐说，"传统手术下大剂量麻醉药让患者'沉睡不 醒'，无管手术彻底颠覆了这一模式。患者没有气管插管，全靠自主呼吸，维持在'刚好'的麻醉状态，苏 醒质量特别好。" 手术质量与康复相辅相成。谈及无管化手术的护理变化，河北大学附属医院胸外科护士长刘翠芳介 绍，以往开胸手术或胸腔镜手术后，患者创伤较大，部分患者都要回ICU过渡，并进行密集监护。然 而，无管化手术下，患者清醒后可以直接回到普通病房，护理也只是一些简单监测。康复重点也悄然发 生改变，譬如以往传统手术，护士要协助患者叩背排痰、指导呼吸管理、护理各种管路。无管化手术 下，患者回到病房很快即可下床活动，护理重点也从此前的紧急干预变成了患者教育。 从2018年至今, 河北大学附属医院胸外科主任李鹤飞带领医疗团队在我国北方率先规模化开展胸外 科热点前沿Tubeless自主呼吸单孔胸腔镜技术，目前已成功完成自主呼吸单孔胸腔镜手术千余例,近年来 大于80%患者采用此项技术，居国内国际先进水平。 "以精准麻醉、无管微创为独特优势,最大程度减 ...

美迪西今日20cm涨停，成交额6.02亿元，换手率10.47%，盘后龙虎榜数据显示，沪股通专用席位买入 5643.39万元并卖出2588.45万元，2家机构专用席位净买入6584.48万元。 ...

Core Viewpoint - The company, Aoyang Health, is experiencing a decline in revenue and net profit, with a significantly high PE ratio compared to the industry average, indicating potential overvaluation in the current market context [1][2]. Group 1: Company Performance - On July 8, Aoyang Health's stock closed at 3.93 yuan, up 1.03%, with a rolling PE ratio of 106.26 times and a total market capitalization of 3.009 billion yuan [1]. - For Q1 2025, the company reported revenue of 452 million yuan, a year-on-year decrease of 22.27%, and a net profit of 18.4992 million yuan, down 39.82% [2]. - The company's sales gross margin stands at 15.09% [2]. Group 2: Industry Comparison - The average PE ratio for the healthcare services industry is 42.77 times, with a median of 47.19 times, positioning Aoyang Health at 41st in the industry ranking [1]. - The company’s PE (TTM) is significantly higher than the industry average, indicating a potential overvaluation [2]. - Other companies in the industry, such as WuXi AppTec and Kanglong Chemical, have much lower PE ratios, suggesting that Aoyang Health may be less attractive to investors based on valuation metrics [2]. Group 3: Company Operations and Achievements - Aoyang Health's main business includes medical services, pharmaceutical distribution, and biotechnology, with key products being medical services and pharmaceutical logistics [1]. - The company has received several honors, including awards for quality management in hospitals and recognition as one of the top 100 non-public hospitals in China [1]. - Aoyang Hospital has signed an agreement with the China Trauma Rescue Alliance to enhance its emergency response capabilities, aiming to reduce mortality and disability rates among severely injured patients [1].

Group 1 - The core viewpoint of the article highlights the performance and market position of New Mile Health Technology Group Co., Ltd, which operates in the medical services and pharmaceutical industry [1] - As of July 8, the closing price of New Mile was 2.14 yuan, reflecting a 2.39% increase, with a rolling PE ratio of 64.65 times and a total market capitalization of 7.249 billion yuan [1] - The average PE ratio for the medical services industry is 42.77 times, with a median of 47.19 times, positioning New Mile at the 34th rank within the industry [1][2] Group 2 - In terms of capital flow, on July 8, New Mile experienced a net outflow of 5.392 million yuan, continuing a trend of outflows over the past five days, totaling 127.0872 million yuan [1] - The company has been focused on pharmaceutical production for over 20 years, with its main products including traditional Chinese medicine, particularly the "Duyiwei" brand, which is recognized in the 2020 edition of the Chinese Pharmacopoeia [1] - The latest financial results for Q1 2025 show that New Mile achieved a revenue of 796 million yuan, a year-on-year decrease of 16.49%, and a net profit of 25.652 million yuan, down 9.35%, with a gross profit margin of 27.96% [1]

Core Viewpoint - The healthcare landscape in Foshan is undergoing significant transformation driven by competition among public hospitals, private capital, and external players, focusing on patient acquisition, talent, and resource allocation [1][7]. Group 1: Expansion of Healthcare Resources - Over the past five years, the number of beds in Foshan's tertiary hospitals has increased by over 40%, highlighting a rapid expansion of healthcare resources [3]. - The new Green Island Lake campus of the Second Municipal Hospital, with an investment of 3.375 billion and 1,200 beds, aims to address the healthcare needs of 550,000 residents in the western region of Foshan [3]. - The strategy of "westward expansion" has become a common approach among Foshan's tertiary hospitals, with various institutions collaborating to enhance regional emergency response capabilities [4]. Group 2: Challenges in Healthcare Efficiency - The competition has led to inefficiencies and a struggle for balance between expansion and survival among local leading hospitals [4]. - The First Municipal Hospital's management has expressed concerns over resource allocation, as the emergency department faces increased patient volume due to ineffective referrals from grassroots facilities [4]. - The current healthcare model shows a disparity where primary care accounts for 57.96% of total diagnoses, falling short of the 65% target for 2025 [4]. Group 3: Talent Acquisition and Competition - The competition for top medical talent has intensified, with hospitals offering substantial financial incentives, such as 300,000 yuan in living and housing subsidies for experts [5]. - The trend of medical professionals moving to grassroots hospitals for greater autonomy reflects a shift in career aspirations away from traditional tertiary institutions [5]. - Private capital is also entering the talent acquisition battle, with institutions like Heyou Hospital customizing career paths for healthcare professionals [5]. Group 4: Innovative Survival Strategies for Grassroots Hospitals - Grassroots hospitals are developing unique survival strategies to thrive amidst competition, focusing on localized capabilities rather than merely chasing tertiary hospital ratings [6]. - Zhangcha Hospital has seen an 800% increase in traditional Chinese medicine services by leveraging community health stations [6]. - The establishment of the Foshan University Affiliated Third Hospital through the merger of three district-level hospitals aims to enhance resource integration [6]. Group 5: The Role of Private Capital - The healthcare sector in Foshan is experiencing a dichotomy, with small private institutions struggling while larger private entities leverage technology to reshape industry dynamics [7]. - Heyou Hospital's investment of 10 billion yuan in non-profit healthcare, utilizing AI throughout the treatment process, challenges the perception that private healthcare is synonymous with high costs [7]. - The success of Zen Medical in becoming a leading non-public hospital demonstrates the importance of combining technological capabilities with high-quality service to rebuild patient trust [7]. Group 6: Future of Healthcare in Foshan - The ultimate success of Foshan's healthcare landscape will depend on balancing public welfare with efficiency, expansion with equity, and competition with collaboration [7]. - The ability to provide accessible and suitable healthcare services to every citizen will determine the effectiveness of the healthcare highland being developed in Foshan [7].

Core Insights - The integration of AI in healthcare, particularly through large models, is transforming the efficiency of medical processes and enhancing patient experiences [1][3][5] Group 1: AI Applications in Healthcare - The introduction of the "AI Pre-Consultation" assistant allows patients to upload their medical history, which is then structured and summarized for doctors, saving time and improving the quality of consultations [3][4] - The large model can match patients with clinical trial criteria, automating the notification process and reducing the burden on doctors [4] - AI capabilities extend to pain assessment, utilizing facial expression recognition to provide timely and accurate evaluations of patient discomfort [4] Group 2: Enhancing Medical Knowledge and Research - The use of AI in multidisciplinary treatment (MDT) meetings helps doctors manage complex cases by integrating data from various medical systems, thus improving decision-making efficiency [5][6] - AI tools assist in knowledge iteration and research by enabling quick access to relevant literature and facilitating the learning of new medical knowledge [6][7] Group 3: Building Intelligent Healthcare Platforms - The collaboration with Volcano Engine aims to create an "Intelligent Hospital Platform," enhancing service efficiency and patient experience through comprehensive data integration and AI technology [7] - The platform encompasses a full-service system from infrastructure to application development, promoting the digital transformation of healthcare [7]

Core Viewpoint - Samsung Electronics announced the acquisition of the American healthcare service company Xealth, expected to be completed by 2025, aiming to integrate its wearable technology with Xealth's platform [1] Company Summary - Samsung Electronics is expanding its portfolio in the healthcare sector through the acquisition of Xealth, which will enhance its capabilities in providing healthcare solutions [1] Industry Summary - The acquisition reflects a growing trend in the healthcare industry where technology companies are increasingly investing in healthcare services to leverage their technological advancements [1]