《规定》明确了互联网药品医疗器械信息服务备案的内容、办理条件、工作程序、所需资料等相关事 项。《规定》的出台将进一步规范互联网药品医疗器械信息服务备案管理，有效指导各地规范开展备案 工作。 人民财讯12月22日电，12月22日，国家药监局发布《互联网药品医疗器械信息服务备案管理规定》(下 称《规定》)，《规定》自发布之日起施行。 ...

转自：连线Insight 文 | 连线Insight 王慧莹 编辑 | 子夜 编者按： 岁末将至，站在2025年的时间节点回望，技术浪潮的奔涌、消费需求的变迁、商业模式的迭代，构成了全新的商业图景。连线Insight推出年终盘点专题系 列，试图捕捉不同企业在这幅变局图景中，如何应对挑战、抓住机遇。本期为第一篇，关注大健康行业。 当人们谈论"健康"，人们究竟在谈论什么？ 是体检报告上的指标，是一种远离医院的生活状态，还是一个能随时解答焦虑AI医生。 如今的大健康行业，所有参与者都在试图重新定义这个问题的答案。 在中国，20万亿元级的大健康市场正处于数字化、智能化转型的关键期。不仅有蚂蚁、京东等互联网企业布局，还有平安好医生、北电数智等企业入场。 这是需求推动的结果。过去几十年来，我国建立起全球最为庞大的医疗系统和医保体系。但随着我国人口老龄化加剧，看病难、看病贵等问题带来的供需 缺口进一步加大，也推动大健康行业进入新的阶段。 曾经跑马圈地的流量争夺赛早已落幕，一场围绕用户心智的精准角逐已然开启。一个确定性的行业共识时，行业未来的领跑者，是具备医疗生态整合能力 的全能型选手，即能利用技术和资源为患者提供普惠的医疗 ...

华福证券 团队成员 分析师： 赵月(S0210524050016) zy30563@hfzq.com.cn 相关报告 1、消费与医疗周报——中国医械监管"双轨"新 纪元：全周期责任体系深化与全球创新催化剂共 振——2025 2、从政策优化到价值发现：医药产业升级下的投 资新机遇——2025 3、如何看待美股回调？——2025 2025 年 12 月 20 日 医疗与消费周报——技术驱动医疗智能化，数据 重塑服务新生态（2025.12.15-2025.12.19） 投资要点： ➢ 近期观点 1、医药指数本周关注 4 个子行业录得正收益，2 个子行业录得负 收益。 2、中国互联网医疗市场正处高速扩张期，2024 年整体规模已破千 亿，AI 精准医疗细分赛道增长尤为显著。政策体系持续完善，推 动"互联网+医疗健康"与 AI 技术向临床深度整合。技术驱动下， 医疗大模型与多模态数据融合正推动服务模式向个性化、全周期 健康管理演进。与此同时，数据安全合规、算法可靠性成为关键挑 战与未来发展的核心命题。 ➢ 风险提示 合规监管风险；数据与算法安全；资源与认知失衡风险 证 券 研 究 报 告 诚信专业 发现价值 1 请务必 ...

Core Insights - The health industry in China, valued at 20 trillion yuan, is undergoing a critical digital and intelligent transformation driven by increasing demand and an aging population [4][19] - The competition has shifted from a focus on traffic acquisition to a battle for user trust and mental engagement, with a consensus that future leaders will be those capable of integrating medical ecosystems [4][12] - AI is becoming a key driver in the healthcare sector, with predictions of explosive growth in the AI medical market, expected to rise from 8.8 billion yuan in 2023 to 315.7 billion yuan by 2033, reflecting a compound annual growth rate of 43.1% [19] Industry Trends - The healthcare sector is moving towards a model that emphasizes data, content, and service professionalism, marking a transition from simple online consultations to comprehensive health management [12][11] - Major players like Ant Group and JD Health are leveraging their ecosystems to provide integrated health services, while companies like Ping An Good Doctor are focusing on synergizing health services with insurance offerings [15][16] - The emergence of AI in healthcare is reshaping service delivery, with applications extending from basic consultations to full-cycle health management, addressing the needs of both consumers and healthcare providers [6][21] Company Strategies - Ant Group's AI health application, now branded as "Ant Aifu," has evolved into a comprehensive health service platform, enhancing user engagement through a three-dimensional service model [14][15] - JD Health is building a closed-loop ecosystem that integrates medicine, pharmacy, and health management, enhancing user experience and retention [15][16] - Ping An Good Doctor is integrating health management services with its insurance products, significantly increasing user engagement and value [16][28] Challenges and Opportunities - The healthcare industry faces significant challenges, including high investment costs, long cycles, and slow returns, necessitating a focus on sustainable commercialization paths [7][27] - Companies must navigate the complexities of integrating AI into real-world medical scenarios while ensuring compliance with regulatory standards and maintaining user trust [23][30] - The competition is intensifying as companies strive to differentiate their offerings and establish brand loyalty in a rapidly evolving market [13][30]

热烈祝贺 12月19日下午，第八届"上海医改十大创新举措"颁奖与经验交流会在沪举行。此次活动由上海市卫生健康委、上海市医保局、上海市药监局指导，《解放 日报》联合上海市卫生和健康发展研究中心组织开展，上海市健康促进中心、上海市卫生经济学会协办。 项目积极响应国家关于发展"人工智能+"与深化分级诊疗的战略指引，直面当前医疗体系中优质资源分布不均、基层能力薄弱、医养结合存在断点等现实 困境，创新性地提出并实践了以互联网医院为数字化枢纽、以AI医生伙伴（AI Doctor Assistant,AIDA）为智能化引擎的系统性解决方案，致力于构建一 个"资源可下沉、能力可提升、服务可连续"的智慧健康新生态。 聚焦打造医生"数字分身"与个性化AI助理这一核心目标，项目基于仁济互联网医院这一坚实平台——该平台作为首批公立互联网医院，汇聚仁济医院53个 学科、1200余名医生，服务人次超1400万，核心指标领先上海——基于互联网医院大规模病患对话及诊疗数据，结合学科专家临床诊疗经验，建设多模态 专科大模型及智能决策平台，打造医生个性化AI助理，为临床决策提供支持。这不仅是前沿技术的应用，更是一场旨在构建"互联网+AI"新质医 ...

Group 1 - Dingtang Health repurchased 540,000 shares at an average price of 1.08 HKD per share, totaling approximately 585,800 HKD, with a cumulative repurchase of 7.32 million shares this year, representing 0.55% of the total share capital [1] - The company's stock price increased by 3.81% to 1.09 HKD per share following the repurchase announcement [1] - The repurchase activity is interpreted as a response from the management to the perceived undervaluation of the stock and reflects confidence in future growth [1] Group 2 - Dingtang Health focuses on digital healthcare services, including online consultations, drug delivery, and health management services, utilizing platforms like "Dingtang Fast Medicine" [2] - The company has been expanding its business boundaries through partnerships with various medical institutions and pharmaceutical companies, creating an integrated health ecosystem [2] - Despite intense competition in the industry, Dingtang Health holds certain advantages in instant drug delivery and digital services, with its Hong Kong listing providing capital support for future development [2]

Group 1 - The core viewpoint is that the Hong Kong Stock Connect high dividend sectors currently possess strong allocation value, with a focus on the improvement of profitability in the Hang Seng Technology constituents after excluding companies affected by the food delivery war [1] - The Hang Seng Technology constituents are projected to see a 13.6% year-on-year revenue growth and a 21.7% growth in Non-GAAP net profit by 2025, contributing nearly 60% to the market value increase, indicating sustained profitability improvement [1] - The liquidity aspect highlights that the Federal Reserve has entered a rate-cutting cycle, with net inflows of southbound funds reaching 1.3 trillion yuan this year, which has driven valuation recovery [1] Group 2 - The current sector's price-to-earnings ratio is 20 times, which is at the 15th percentile of the past five years, while the price-to-book ratio stands at 1.5 times, with dividend yields generally in the range of 4%-6%, providing both defensive characteristics and valuation elasticity [1] - Specific sub-sectors such as internet healthcare and OTA maintain growth rates above 15%, and the application of AI technology has significantly reduced costs and improved efficiency for leading platforms, suggesting that a macroeconomic recovery could further enhance profit elasticity due to their cyclical consumption attributes [1] - The Hong Kong Dividend ETF (159331) tracks the Hong Kong Stock Connect high dividend index (930914), which selects 30 high dividend yield securities with good liquidity and consistent dividends, focusing on financial and traditional sectors, reflecting the overall performance of quality securities under a high dividend strategy [1]

Core Insights - Baidu Health launched three major initiatives at AI DAY: the upgraded Wenxin Health Steward, the Atomic Open Plan, and the Dr.Flow creative platform [1][3][6] Group 1: Wenxin Health Steward - The Wenxin Health Steward aims to provide a one-stop service for families, covering disease prevention, knowledge acquisition, and health management [1] - Since the launch of the Baidu Health AI Steward on October 18, the total order volume for AI and human services has exceeded 47 million, achieving a tenfold increase compared to previous human-only services [3] - The vision is to ensure that every family in China has access to a dedicated doctor, addressing the challenges posed by the current healthcare system, where one general practitioner serves an average of 835 families [3] Group 2: Atomic Open Plan - The Atomic Open Plan is designed to share health AI capabilities across the industry, offering authoritative content, doctor services, and over 100 AI health tools for free [6] - This initiative aligns with national policies promoting the integration of healthcare services with information technology and encourages social participation in health service system construction [6] - The plan includes access to 600 million pieces of professional health content and 360,000 professional doctor services, facilitating collaboration with hospitals, pharmaceutical companies, insurance institutions, and health app developers [6] Group 3: Dr.Flow Creative Platform - Dr.Flow is the first AI creative platform tailored for health professionals, addressing the imbalance between high demand for health education content and the limited supply [8] - The platform allows health professionals to create content efficiently, reducing the time required to produce a video from an average of 10 hours to just 10 minutes [8] - It features a comprehensive library of over 1.5 million compliant medical materials and supports easy distribution and monetization of content, enabling professionals to focus on refining their expertise [8]

Core Viewpoint - The event highlighted the innovative application of AI in chronic disease management by Ark Cloud Health, showcasing its leadership in the digital healthcare sector and its recognition as a top case in 2025 by Central Radio and Television Financial. Group 1: AI and Chronic Disease Management - Ark Cloud Health has developed an innovative H2H (Hospital to Home) smart medical ecosystem to address inefficiencies in traditional chronic disease management, completing an "AI+H2H" technology upgrade this year [2]. - The company has created multiple AI core application products based on its self-developed large model, providing comprehensive service coverage for patients, doctors, and industry partners [2]. - The AI medication assistant offers medication reminders and prescription consultations, while the AI doctor assistant provides 24/7 intelligent pre-consultation and case organization, significantly enhancing doctors' diagnostic efficiency [2]. Group 2: Business and Social Value - The "AI+Chronic Disease Management" approach emphasizes measurable and replicable business and social value, with a "familiar doctor-patient" service model that fosters long-term management and high user retention, evidenced by an 85.4% repurchase rate among paid users [3]. - Ark Cloud Health collaborates with industry partners, including Tencent Health, to promote high-quality development in internet healthcare, marking a new phase in chronic disease management [3]. - Strategic partnerships with leading biopharmaceutical companies aim to create a comprehensive service system for chronic disease management, injecting new momentum into the industry's intelligent, compliant, and efficient development [3]. Group 3: Policy and Future Outlook - The global economic landscape is shifting, with AI emerging as a key driver for industrial upgrades, supported by favorable policies for AI applications in healthcare [4]. - Ark Cloud Health's unique "AI+Chronic Disease Management" path reflects its deep integration of technological innovation and industry application, receiving recognition as a top case for its contributions to public health [4]. - The company plans to deepen its large model capabilities and expand application scenarios in chronic disease management, focusing on real patient needs and contributing to global solutions in chronic disease management [4].

Core Viewpoint - Morgan Stanley's recent report significantly raised the target price for Ping An from 70 yuan to nearly 90 yuan, predicting that Ping An Good Doctor's stock price could double within the year [1][13]. Group 1: Ping An Good Doctor's Performance - In the first three quarters of 2025, Ping An Good Doctor is expected to achieve a revenue growth of 13.6% year-on-year and a net profit surge of 72.6% [1]. - Despite being smaller than competitors like JD and Alibaba, Ping An Good Doctor's differentiated business model and vast potential have captured market attention [1]. Group 2: HMO Model and Its Significance - The HMO (Health Maintenance Organization) model, exemplified by UnitedHealth Group, integrates pre-paid premiums with exclusive medical services, shifting from traditional reimbursement to proactive health management [3][4]. - UnitedHealth's Optum division has become a growth engine, contributing over 50% of the company's revenue and profits, showcasing the sustainability of the "insurance + full-chain medical services" model [5]. Group 3: Ping An's Strategic Framework - Ping An aims to create a Chinese version of the HMO model by combining comprehensive financial services with healthcare, leveraging its resources from Ping An Good Doctor and other subsidiaries [7]. - The company has established a robust medical service network and a large healthcare database, which supports its "four services" framework: online, hospital, home, and enterprise services [8][10][11]. Group 4: Market Opportunities - The commercial health insurance market in China is expected to grow significantly, with an annual growth rate exceeding 20%, presenting a substantial opportunity for Ping An Good Doctor [11][12]. - Ping An Good Doctor has a leading position in corporate health management, having served over 56,000 corporate clients and 26 million employees, which positions it well for future growth [12]. Group 5: Future Outlook - Ping An Good Doctor is poised to leverage its internal service network and operational efficiencies to expand into external markets, including government healthcare systems, thereby diversifying its revenue streams [11][13]. - The potential market size and the company's strategic positioning suggest a promising future, with Morgan Stanley's target price adjustment reflecting confidence in its long-term growth potential [13].