2025年1 2月2-5日 ，由清科控股（01945.HK）、投资界主办，汇通金控、南山战新投联合主办的 第二十五届中 国股权投资年度大会 将在 深圳 隆重举行。 12月4日下午，特别举办 创新药与生命科技峰会 ，共探时代浪潮！ 「AGENDA」 ▼ { 精 彩议程已上线，一起解锁思想盛宴 } 拆解产业未来，"创新药与生命科技峰会"聚焦生物科技领域的关键进展，围绕 AI制药、细胞与基因治疗、医疗 器械创新 及 创新药产业生态 等方向展开讨论，为投资人提供精准的赛道判断与解题参考。 中国医药投资新十年 「SPEAKERS」 { 哪些重磅嘉宾出席盛会 } 来自 中国科学院院士、 华盖资本、比邻星投资、大湾生物、大橡科技、山蓝资本、慧创医疗、益佳达医疗、弘 晖基金、维亚生物、鼎泰集团 等科学界、产业界、投资界多方代表将共同登台，围绕议题展开深度对话。 演讲嘉宾:许小林 华盖资本 创始合伙人、董事长 14:10-14:50 圆桌派 Al驱动与模型革新:解锁生物医药的下一代研发范式 对话主持：李 喆 比邻星投资 创始人、管理合伙人 对话嘉宾: 梁国龙 大湾生物 联合创始人、董事长 周 宇 大橡科技 董事长兼CEO 14 ...

AI医疗是一个比较宽泛的概念，我们可以这样理解：所有利用AI算法，结合医疗、医药的海量数据，最 终在这个垂类场景落地的AI应用，都基本可以定义成AI医疗。 人工智能正加速赋能千行百业，医疗领域无疑是其最具潜力的重要应用方向之一。 近期，《关于促进和规范"人工智能+医疗卫生"应用发展的实施意见》正式印发。这份被业内视为"AI医 疗施工图"的政策文件，系统明确了八大重点应用领域，涵盖"人工智能+基层应用""人工智能+临床诊 疗""人工智能+患者服务"以及"人工智能+中医药"等多个方面，并提出了2027年与2030年两阶段发展目 标，为AI医疗产业规划出清晰的发展路径。 显然，一幅更加智慧、普惠、安全的医疗未来发展蓝图正徐徐展开。近日，长城消费增值基金经理龙宇 飞做客央视财经直播间，围绕AI医疗产业的发展进程、最新政策影响及其投资逻辑等话题展开深度交 流。以下是其核心观点： 1、与传统医疗信息化相比，AI的介入是一种质变，它能从海量数据中挖掘规 律、形成洞察、甚至做出辅助诊断。 2、当前AI医疗整体正处于从技术验证向规模落地、探索商业模式过渡的阶段， 而《关于促进和规范"人工智能+医疗卫生"应用发展的实施意见》的发 ...

Core Insights - The "Yun Gu Cup · 2025 Artificial Intelligence Application Innovation and Entrepreneurship Competition" successfully held its online preliminary round, showcasing numerous outstanding projects from enterprises and higher education institutions in various cutting-edge fields such as AI recruitment, fintech, AI pharmaceuticals, and smart education, highlighting the deep integration of AI with the real economy [2][4] Group 1: Competition Overview - The competition has been held three times since its inception in 2023, gradually becoming a regionally influential and professionally credible arena for AI application innovation [4] - The competition focuses on technology achievement transformation and promoting new quality productivity, featuring two tracks: AI application innovation and "AI+" industry integration, with 15 projects advancing to the semifinals in each track [4] Group 2: Semifinal Insights - In the semifinal stage, 30 participating projects demonstrated high levels of technical strength and innovation capability, with ten teams emerging as finalists due to their strong technical prowess and clear industry empowerment paths [7] - The evaluation criteria for the semifinals were stricter than those for the preliminaries, assessing projects on innovation, product completeness, commercial value, and technological foresight, with a focus on the potential for practical application and industry value [5] Group 3: Final Competition Preparation - The final competition will feature project roadshows and Q&A sessions, with expert evaluations focusing on business models, market prospects, feasibility, team capabilities, and implementation intentions [9] - The competition will award various prizes, including a first prize of 50,000 yuan, second prizes of 30,000 yuan each, third prizes of 20,000 yuan each, and four consolation prizes of 5,000 yuan each, along with certificates for the winning projects [10] Group 4: Support and Policies - Winning projects that are implemented within a year in the Zijin Port Science and Technology City will receive direct support from talent project policies, with substantial subsidies available for top projects [10]

Group 1 - The core narrative shift among tech giants like Nvidia, Microsoft, Google, and Samsung is driving public QDII funds to increase their positions in US stocks, particularly in the AI healthcare sector [1][6] - Star fund managers, including Zhang Kun and Li Yaozhu, have significantly raised their US stock allocations, reducing their exposure to Hong Kong stocks amid recent market adjustments [3][4] - The performance of QDII funds has improved, with many previously underperforming funds seeing accelerated gains due to the strong performance of AI healthcare stocks [1][6] Group 2 - The report from GF Global Select Fund indicates that by the end of Q3, the fund's US stock allocation rose to 75%, while its Hong Kong stock allocation dropped to approximately 3.72% [3] - Similarly, the E Fund Global Growth Select Fund saw its US stock allocation increase to 52%, with only about 10% in Hong Kong stocks, focusing on major US tech companies [3] - The Chuangjin Hexin Global Pharmaceutical Fund completely liquidated its Hong Kong stock holdings, increasing its US stock allocation to 71% by the end of September [4] Group 3 - The core reason for the increase in US stock holdings among QDII fund managers is the high elasticity exhibited by the AI healthcare sector in the US market [6] - QDII funds focusing on US stocks have dominated performance rankings, with notable returns such as 39% for E Fund Global Growth Select Fund and 36% for Huaxia New Era Fund over the past three months [6] - Funds with minimal Hong Kong exposure, like the Jianxin Emerging Markets Mixed Fund, have also seen significant returns, ranking first with an 11% return in the last month [6] Group 4 - Recent developments in the US AI healthcare sector, including major collaborations and investments by companies like Nvidia and Microsoft, have significantly contributed to the performance of QDII funds [7] - For instance, the GRAIL company, which focuses on cancer early detection, has seen its stock price rise by 55% after receiving investments from major firms, benefiting funds like Chuangjin Hexin [7] Group 5 - Fund managers are optimistic about the growth potential of AI healthcare, viewing it as a key investment area amid the ongoing technological advancements in the sector [9][10] - The focus is shifting towards AI medical devices and applications with substantial market potential, as evidenced by adjustments in fund holdings [9][10] - The Silver Hua Healthcare Fund has also invested heavily in AI healthcare stocks, emphasizing the underestimated potential of AI technology in the pharmaceutical industry [10]

Core Insights - The report by KPMG highlights the rapid growth period of the "AI + Healthcare" sector in China from 2020 to 2021, with the number of financing rounds reaching 280 and total financing exceeding 40 billion yuan, indicating significant demand for digitalization and intelligence in healthcare [1] - From 2023 to 2024, investment and financing in the "AI + Healthcare" sector are expected to decline and stabilize, marking a transition from "wild growth" to "refined cultivation" [1] - AI has made breakthroughs in various fields such as computer vision, natural language processing, and robotics, with significant applications in drug development, enhancing precision medicine by improving gene editing accuracy from 85% to over 98% [1] Investment Trends - The report indicates a decrease in investment activity in the "AI + Healthcare" sector, suggesting a shift towards more sustainable and strategic growth approaches [1] - The integration of AI with technologies like 5G and big data is creating new research directions and treatment methods, with emerging fields such as AI drug development and traditional Chinese medicine innovation gaining traction [2] Challenges and Governance - AI in healthcare faces stringent challenges due to the sensitivity of medical data, irreversible decision outcomes, and complex responsibility attribution, necessitating a focus on "human-machine alignment" [2] - "Human-machine alignment" involves ensuring that AI's logic aligns with human medical standards and societal values through mechanisms like algorithm transparency and ethical constraints [2] - The future development of "AI + Healthcare" will depend not only on computational power and data scale but also on companies' strategic capabilities in compliance design and interdisciplinary integration [2] Policy and Support - The Chinese biotechnology sector is receiving systematic support driven by policy, focusing on collaborative innovation across the entire value chain, capital ecosystem restructuring, expedited review processes, and payment mechanism reforms [2]

Core Viewpoint - Jingtai Holdings (02228) has seen a significant stock price increase of over 4%, currently trading at HKD 11.92 with a transaction volume of HKD 22.59 billion, following its inclusion in the FTSE China Small Cap Index [1] Group 1: Company Performance - Jingtai Holdings has achieved its first profitable half-year, reporting a revenue of HKD 517 million, which represents a year-on-year growth of 403.8% [1] - The company has secured a substantial order worth nearly USD 6 billion, validating its AI pharmaceutical commercialization capabilities [1] - Adjusted net profit for the first half of the year reached HKD 141.6 million, marking the first time the company has reported a half-year profit [1] Group 2: Market Impact - The inclusion in the FTSE Global Equity Index Series indicates broader capital attention and potential liquidity premium for Jingtai Holdings [1] - The adjustment to the index took effect after the market close on September 19, enhancing the company's visibility in the international market [1]

Core Viewpoint - Crystal Technology Holdings (02228) has seen a stock price increase of over 4%, currently at HKD 11.92, with a trading volume of HKD 22.59 billion, following its inclusion in the FTSE China Small Cap Index, which enhances capital attention and liquidity premium [1][1][1] Company Performance - Crystal Technology Holdings has achieved its first profitable quarter, reporting a revenue of RMB 517 million for the first half of the year, representing a year-on-year growth of 403.8% [1][1][1] - The adjusted net profit for the company is RMB 141.6 million, marking its first half-year profitability [1][1][1] - The company has secured a significant contract worth nearly USD 6 billion, validating its AI pharmaceutical commercialization capabilities [1][1][1] Strategic Developments - The partnership with DoveTree has contributed positively to the company's revenue growth [1][1][1] - Progress has been made in embodied intelligence (e.g., agile spoons) and Multi-Agent systems [1][1][1]

Group 1 - The State Council of China, led by Premier Li Qiang, has approved the draft regulations for the management of clinical research and clinical application of biomedical new technologies, aiming to promote innovation and accelerate the transformation of technology and results in the biomedical industry [1] - The Chinese biomedical industry is in a critical phase of rapid development, with the market size expected to exceed 3.5 trillion yuan by 2025, accounting for over 10% of the global biomedical market, positioning China as the second-largest innovative drug market globally [1] - Technological innovation is driving transformation, with AI expected to shorten drug development cycles by over 30% and increase target discovery efficiency by 30 times, with AI-designed drugs projected to account for over 15% of approved new drugs by 2028 [1] Group 2 - The approval cycle for innovative drugs has been shortened to 6-8 months, supported by dynamic adjustments to the medical insurance catalog, with a projected 35% year-on-year increase in IPO fundraising in the biomedical sector for 2024 [2] - The Chinese biomedical industry is shifting from "scale expansion" to "value creation," with innovation drugs, gene therapy, and AI pharmaceuticals identified as core growth engines driven by policy, technology, and capital [2] - Key A-share related stocks include Huahai Pharmaceutical and Kexing Pharmaceutical, indicating potential investment opportunities in the sector [2]

Group 1 - The core viewpoint of the articles emphasizes that technology sectors, particularly artificial intelligence and innovative pharmaceuticals, are driving the structural market trends in A-shares this year, and these areas are expected to remain long-term focal points for investment [1][12]. - The concept of "smart living" is introduced, which refers to the comprehensive intelligent upgrade of daily life through big data and AI, enhancing convenience, efficiency, and personalization in various life scenarios [5]. - The rise of autonomous driving technology is highlighted, showcasing its potential to improve traffic safety and efficiency through advancements in AI, sensors, and communication technologies, indicating a significant growth opportunity in the automotive sector [9]. Group 2 - AI-driven pharmaceuticals are emerging as a new model in drug development, significantly reducing costs and time associated with traditional drug development processes, thus attracting investment interest in the pharmaceutical and technology sectors [12]. - The integration of technology into everyday life is reshaping consumer behavior and creating substantial market opportunities, as companies continue to innovate in this space [5]. - The upcoming introduction of the Sci-Tech Innovation Board Index is mentioned as a tool for investors to capitalize on technology opportunities in the evolving smart era [15].

Core Insights - The innovative drug industry is experiencing robust growth, with the innovative drug index rising by 50.2% year-to-date as of August 7 [1] - The China National Medical Products Administration approved 43 innovative drugs in the first half of the year, a 59% increase year-on-year, nearing the total of 48 for the entire year of 2024 [2] - The industry is seeing a shift towards deeper strategic collaborations in overseas licensing, moving from simple product exports to comprehensive partnerships [4] Industry Growth and Trends - The innovative drug sector is benefiting from ongoing drug review reforms and policy incentives, leading to a revitalization of the capital market [2] - Companies like Tigermed are establishing integrated platforms to support clinical research across all stages globally [2] - The R&D expenditure of Shijiazhuang Pharmaceutical Group has increased from 1.583 billion HKD in 2018 to approximately 5.19 billion HKD in 2024, reflecting a consistent double-digit growth [2] International Expansion - In the first half of the year, upfront payments for overseas licensing of innovative drugs exceeded 2.5 billion USD, with total transaction amounts nearing 50 billion USD, comparable to the previous year's figures [4] - Shijiazhuang Pharmaceutical Group has completed four overseas licensing agreements this year, with a total contract value of approximately 9.7 billion USD [4] - The potential for sustainable business development (BD) partnerships depends on the core capabilities of Chinese innovative drug companies [4] AI in Drug Development - AI technology is significantly transforming drug development by shortening research cycles and reducing costs, with applications expanding rapidly [7] - The integration of AI with automation in production processes is expected to enhance quality and reduce costs, promoting sustainable practices [7] - Companies like De Rui Zhi Yao are leveraging AI to drive new drug development, with several innovative drugs already in clinical stages [7][8]