Core Viewpoint - The medical device sector is experiencing slight fluctuations, with the medical device ETF reaching a historical high of 3.22 billion yuan, despite a minor decline of 0.11% [1] Industry Overview - The global IVD (in vitro diagnostics) market is maintaining steady growth, while the domestic market faces some pressure due to DRG/DIP policies. However, the demand for medical testing remains robust due to aging demographics [1] - The domestic biochemical diagnostics sector has largely overcome foreign dependencies, with the localization process nearly complete [1] Company Developments - The "Qiyuan Inspection Model," the first vertical large model focused on clinical testing in China, was officially launched at the Southern Inspection Medicine Academic Conference. This model was developed collaboratively by Mindray Medical and Southern Medical University Shenzhen Hospital, with support from multiple departments in Shenzhen [1] - The "Qiyuan" model differentiates itself from general large models by systematically building the reasoning and thinking capabilities of medical experts through a four-step process: professional learning, clinical training, thinking simulation, and continuous evolution [1] Market Performance - As of 14:24 on November 26, the medical device ETF (562600) showed a slight decline of 0.11%, with leading stocks including Haorunbo, Weili Medical, Lexin Medical, Dian Diagnostics, and Shuoshi Biology showing strong upward trends [1]

Core Viewpoint - The launch of the "QiYuan Inspection Model" marks a significant advancement in China's clinical inspection field, showcasing the integration of artificial intelligence in medical diagnostics and addressing the core challenges of clinical inspection automation and intelligent decision-making [2][4]. Industry Overview - Clinical inspection is a crucial support for modern medical systems, influencing over 70% of clinical decision-making. Traditional inspection processes face challenges such as large information volumes, complex workflows, and heavy manual review burdens. The explosive growth of medical data has led to high expectations for AI to assist in automatic analysis and intelligent decision-making [4]. - The limitations of general-purpose large language models (LLMs) in the medical field stem from their broad but non-specialized nature, which often fails to provide precise conclusions in complex experimental data and professional judgment tasks. The focus has shifted to developing vertical models that can truly understand inspection logic and possess expert thinking [4]. - In August 2025, the State Council issued opinions to promote the deep integration of AI with key areas such as healthcare, encouraging the development of specialized AI models in the medical field [4]. Company and Technology Background - Mindray Medical, a leading global provider of medical devices and solutions, has been intensifying its AI research and development efforts, forming a technology matrix centered on "AI + medical imaging," "AI + monitoring," and "AI + inspection" [6]. - Since 2023, Mindray has been advancing the "QiYuan" medical model system, with the core achievement being the QiYuan Critical Care Model, which focuses on clinical decision support in ICU settings and has been implemented in several large hospitals [8]. Product Introduction - The "QiYuan Inspection Model" distinguishes itself from general AI through its specialization and interpretability, following a four-stage training system: professional learning, clinical training, thinking simulation, and continuous evolution [9][10]. - The model has been applied in hospitals, significantly reducing the time required for complex report reviews from 20-30 minutes to just 1 minute [11]. - It features automated risk identification and suggestions for retesting when anomalies are detected, creating an automated feedback loop from anomaly detection to correction [12]. - The model integrates multi-source data for comprehensive analysis, enhancing the basis for clinical judgment [13]. - It also supports clinical communication by automatically generating suggestions for follow-up tests and potential interference factors, improving collaboration between inspection and clinical departments [14]. Open Ecosystem and Future Expansion - Mindray plans to open the "QiYuan Inspection Model" to more medical institutions for collaborative optimization and adaptation to specific diseases, establishing a sustainable evolving medical intelligence platform [15]. Conclusion - The release of the "QiYuan Inspection Model" represents a milestone in China's inspection medicine, signifying a shift from passive reporting to active decision-making participation [16]. - The model is expected to significantly enhance inspection efficiency and report accuracy, allowing doctors to focus on high-value clinical judgments and research innovation [17]. - Mindray's "QiYuan" model system is building the foundation for China's medical AI industry, creating a closed loop of data, models, and applications that will support the standardization and internationalization of intelligent healthcare in the future [17].