证 券 研 究 报 告 政策计算机行业周报（20250623-20250627） 推荐（维持） 小米 YU7 首销爆单，产业加速迭代升级 行业研究 计算机 2025 年 06 月 29 日 相对指数表现 | % | 1M | 6M | 12M | | --- | --- | --- | --- | | 绝对表现 | 8.2% | 4.0% | 51.4% | | 相对表现 | 6.1% | 5.5% | 37.8% | $$\frac{1}{4}\mathbb{E}\frac{1}{4}\left(\frac{1}{2}\mathbb{E}\frac{1}{4}\right)$$ 华创证券研究所 证券分析师：吴鸣远 邮箱：wumingyuan@hcyjs.com 执业编号：S0360523040001 联系人：周志浩 邮箱：zhouzhihao1@hcyjs.com 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 338 | 0.04 | | 总市值(亿元) | 45,343.43 | 4.40 | | 流通市值(亿元) | 39,023.53 | 4.8 ...

证券研究报告 | 2025年06月22日 医药生物周报（25 年第 24 周） 优于大市 政策出台加速+AI 应用落地有望带来医疗服务行业新增长 本周医药板块表现强于整体市场，生物医药板块领涨。本周全部 A 股下跌 0.21%（总市值加权平均），沪深 300 下跌 0.25%，中小板指下跌 0.65%， 创业板指上涨 0.22%，生物医药板块整体上涨 1.40%，生物医药板块表 现强于整体市场。分子板块来看，化学制药上涨 3.53%，生物制品上涨 0.33%，医疗服务上涨 2.42%，医疗器械下跌 0.52%，医药商业下跌 0.83%，中药下跌 0.32%。医药板块当前市盈率（TTM）为 34.88x，处 于近 5 年历史估值的 74.55%分位数。 生育津贴政策持续推进完善，催生辅助生殖需求提升。自政府工作报告提 出支持生育意愿以来，多地陆续推出生育利好政策，如呼和浩特市为生 育一孩、二孩、三孩分别提供 1 万、5 万、10 万元补贴。目前，全国超 过 20 个省份已实施生育补贴制度，包括现金、购房补贴和育儿假等。 政策的落地推动了生育意愿提升，同时辅助生殖纳入医保也促进了 IVF 渗透率的增长。近 30 ...

Core Viewpoint - The establishment of the "National Medicine AI Avatar" product by Guoshengtang represents a significant milestone in the application of AI technology within traditional Chinese medicine, potentially reshaping the service model and competitive landscape of the industry [1][2]. Group 1: AI Product Launch and Impact - Guoshengtang has launched its first "National Medicine AI Avatar," which replicates the capabilities of renowned physician Li Hao, allowing for enhanced patient service and significantly increasing the supply of quality medical care [2][3]. - The AI Avatar product is seen as a breakthrough in addressing the challenges faced by the traditional Chinese medicine sector, such as the scarcity of top experts and long training cycles for new practitioners [6][7]. Group 2: Infrastructure and Resource Development - Since its establishment in 2010, Guoshengtang has developed a proprietary IT system, accumulating extensive medical data, including 17 million patient visits and over 8 million cases, which supports the training and optimization of AI models [4]. - The company has built a network of 8 national masters and hundreds of provincial-level renowned physicians, facilitating real-time feedback and continuous improvement of AI capabilities [4][9]. Group 3: Business Model and Growth Strategy - Guoshengtang aims to transition from a medical service provider to an AI medical platform, creating new revenue streams and growth models through the deployment of AI technologies [7][8]. - The AI Avatar allows the company to serve a larger patient base simultaneously, leading to exponential growth in potential customers and a significant expansion of market size [8]. Group 4: Long-term Value and Competitive Advantage - The integration of AI technology not only enhances service efficiency but also reduces marginal costs, potentially increasing profit margins and overall profitability [8]. - By cultivating young doctors through AI training, Guoshengtang is positioned to dominate talent supply in the industry, enhancing its competitive edge and industry influence [9].

各位领导晚上好我是华创医药的李晨娟感谢大家来收听我们今晚的这个华创医疗信息的随笔系列10报告的一个分享那这篇报告呢我们主题就是Tempus AI in剩下的一个A股的投资机遇本篇报告呢因为基于近期这个Tempus在美股的 前段时间的一个大涨当然近期股价略有回调我们来看Tempus AI的核心竞争力来自于哪些方面然后映射到国内为什么暂时还没有自己的Tempus AI以及我们认为目前A股的一些投资的启示首先是对Tempus AI这个公司做一个简单的介绍Tempus AI是成立于15年专注于构建能够实时获取医疗数据来实现精准诊疗的一个平台 那它的这个平台呢最初是聚焦在肿瘤领域啊之后逐步拓展到心脏病包括精神病其他几个领域公司也是在20年的6月份在美国纳斯达克实现了上市目前呢公司是由三大产品管线首先是基因组织 那精英主学我们看到公司的精英主学产品线主要就能在肿瘤领域慢慢地拓展到了精神病等等其他的领域基本上覆盖了整个肿瘤诊疗的全流程包括从病前的筛查 早期的辅助治疗监察再到疾病后期的治疗选择 预后反应监测 此前公司的经营组学主要依赖于治疗过程中的检测业务随着新产品的上市之后能够触及到更大的市场空间 基因组学员我们看到这个肿 ...

Group 1 - The article highlights the growing importance of the "silver economy" and artificial intelligence in addressing the needs of the aging population as global aging intensifies [1] - "Silver technology" is identified as a key driver in improving the quality of life for the elderly and addressing challenges in elderly care [1] - Current pain points for the elderly include chronic disease management, insufficient medical resources, lack of emotional companionship, and limited entertainment options [2] Group 2 - The article introduces 12 outstanding companies in the silver technology sector, covering areas such as exoskeleton robots, sleep monitoring, smart nursing, disease review, mental health, and hearing rehabilitation [2][3] - These companies aim to meet the rigid demands of elderly health monitoring and chronic disease management while bridging the "digital divide" to help the elderly integrate into a smart society [2] - Specific companies mentioned include TaiXi Intelligent, MaiDiJia, ZuoWei Technology, and others, each focusing on different aspects of elderly care and health technology [3]