本报讯 （记者矫月）近日，健康之路股份有限公司（以下简称"健康之路"）获得主要股东 MayJyuLimited增持，根据香港联交所11月14日披露的文件显示，MayJyuLimited于11月11日以每股均价 5.5179港元增持84.2万股普通股股份，价值约464.61万港元。增持后，MayJyuLimited最新持股数目为 4405.75万股股份，持股比例升至5.02%。 业内人士分析，这不仅体现了股东对公司发展前景的信心，可能还预示着健康之路AI医疗业务板块的 价值重估已拉开序幕。 健康之路2025年中期业绩报告或许是此次股东增持信心的核心基石。2025年上半年公司经营效率显著提 升，毛利率提升1.2个百分点，净利润扭亏为盈，公司已从追求规模扩张转向注重盈利质量的健康发展 轨道。 公开资料显示，健康之路自主研发的"医疗AI智能体"已在多个场景成功落地，例如帮助连锁健康管理机 构降低60%的人力成本、将客户复购率提升2倍，并帮助肿瘤医院提升高危病例识别效率、降低误诊率 20%。这些案例表明公司的AI技术不是停留在概念层面，而是已进入商业化落地阶段。后续业务落地值 得投资者重点关注，若健康之路能凭借AI技术 ...

Investment Rating - The industry investment rating is "Outperform the Market," indicating that the industry index is expected to perform better than the benchmark index over the next 6-12 months [11]. Core Insights - The report highlights that the three major telecom operators in China—China Mobile, China Telecom, and China Unicom—are transitioning from traditional communication providers to "AI infrastructure providers, industry enablers, and security guardians," significantly contributing to the digital transformation of the economy and society [1][3]. - The integration of AI into various sectors is seen as a key driver of the new technological revolution and industrial transformation, with telecom operators playing a crucial role in this evolution [1]. Summary by Sections Investment Recommendations - The report suggests that telecom operators will significantly benefit from the performance growth and value reassessment brought by intelligent computing services under the AI wave. It recommends focusing on the three major operators: China Mobile, China Telecom, and China Unicom, as well as their partnerships with computing service providers such as Runze Technology, Pingzhi Information, Zhongbei Communication, ZTE, Fenghuo Communication, and Unisplendour [3]. Industry Developments - The report emphasizes the practical AI capabilities demonstrated by the telecom operators at WAIC 2025, showcasing their role as a "digital infrastructure national team" and their technological leadership in building a smart service ecosystem that covers both industry and people's livelihoods [3]. - The collaboration between computing power and network innovation is highlighted as a core logic for the operators' computing infrastructure, leading to significant breakthroughs in computing resource utilization and efficiency [3]. Infrastructure Investment - In 2025, the three major operators are expected to increase their investments in computing infrastructure, with China Mobile planning to invest 37.3 billion RMB in this area. Both China Telecom and China Unicom are projected to see over 20% year-on-year growth in their computing investments [3]. - The report notes that the domestic server procurement by China Unicom has exceeded 90% for domestic servers, while China Mobile has the largest single liquid-cooled intelligent computing center among global operators, with over 85% of its computing power being domestically sourced [3].