9月12日，在2025年中国国际服务贸易交易会举办期间，由北京市"两区"办主办、全球化智库（CCG）承办的2025"北京'两区'建设与企业全球化论坛"（第 十二届中国企业全球化论坛）在北京举办。在以"数智时代新兴市场的战略机遇"为主题的圆桌对话环节，嘉宾围绕企业国际化、人工智能发展、新兴市场 开拓、本土化策略及共建共享等关键议题进行了深入研讨。 全球化智库（CCG）副主任、高级研究员刘宏(主持人) 中国企业走向国际化，常面临如何应对碎片化市场，以及如何采取"重起轻放"的策略应对挑战。基于中国体量、中国思路以及改变河山的勇气，企业需要 在新兴市场中探索适合当地的成长轨迹。 另外，在我们满怀激情、希望通过AI推动社会进步的同时，也应花些时间观察异国他乡的细微景象——路边的小草、当地的风土人情——这些都是生活 的一部分，也能为我们理解和融入当地市场提供启示。 鹰瞳科技合伙人、国际部总裁陈雪玲 鹰瞳科技(Airdoc)是全球第一家用"AI医疗"在港股上市的公司，十年前鹰瞳就十分看好人工智能与医疗领域的发展。 回顾十年出海历程，可总结为一个"核心铁三角"：第一，深度本土化；第二，创新商业模式；第三，与本地共建生态。 换 ...

今年以来，长城基金医药投资团队战绩尤为出色，旗下多只医药方向的基金交出了亮眼成绩单，既彰显 对产业趋势的深刻洞察，也印证了长期积淀的专业实力。立足医药行业"长坡厚雪"的产业底色，这支投 研队伍正以更开放的视野、更协同的力量，与投资者共赴医药产业的周期。 站在当前时点，医药行业哪些细分领域的投资机会或更具潜力？我们一起来看长城基金医药投资团队基 金经理们的最新观点。 谭小兵：看好创新药、机器人 我们认为市场短期可能会呈现震荡态势，个人相对看好创新药、机器人等方向。 对于创新药，从二季度末的公募基金持仓数据来看，这一轮行情的贝塔可能还处于前半段，不过由于7 月涨幅较大、8月缺乏催化而调整较多，或可等待9月份之后各重磅会议召开及医保谈判预热的催化。 龙宇飞：看好以AI医疗为代表的医疗新科技 责任编辑：郭栩彤 以AI医疗为代表的医疗新科技，其产业在持续推进，长期来看需求确定性较强，供给也在持续普及和 迭代，同时其中很多公司位置仍较低，自身主业景气度存在抬升的可能，因此在未来出现AI模型和应 用端催化的时候，重新获得市场青睐是值得期待的。 另外医药行业比较重视政策导向，目前除了创新药得到政策大力扶持外，一些医疗新科技方 ...

Group 1 - The core point of the news is that Neusoft Corporation (sh600718) reached its daily limit with a price of 11.32 yuan, reflecting a 10.03% increase and a total market capitalization of 13.449 billion yuan [1] - Neusoft Corporation secured a significant order worth 5.6 billion yuan for smart cockpit systems from a well-known domestic automotive manufacturer, reinforcing its leading position in the industry [2] - The company's AI medical business contracts grew by 106%, and its data monetization business surged by 207%, indicating strong momentum in emerging business sectors [2] Group 2 - Neusoft Corporation has actively pursued governance optimization by revising over 30 management policies and enhancing the role of independent directors, which has improved governance transparency [2] - The market has recognized Neusoft Medical's valuation at 14.5 billion yuan, with General Capital acquiring a 45.22% stake, reflecting confidence in its medical business [2] - The smart automotive and medical technology sectors are currently popular in the market, with many related stocks experiencing upward trends, contributing to Neusoft Corporation's stock performance [2]

Group 1 - The roundtable dialogue between the Vietnamese government and Chinese business CEOs aims to enhance infrastructure connectivity and promote cooperation in emerging fields such as artificial intelligence, digital economy, and green economy [3][4] - Vietnam's Deputy Prime Minister emphasized the importance of innovation and digital transformation, highlighting the active and diverse enterprise ecosystem in China that can contribute to production [3] - China Energy Engineering Group has invested approximately $2 billion in the Haiyang power plant, which is the largest single investment project by a Chinese company in Vietnam, focusing on green and low-carbon development [3] Group 2 - Runjian Co., a publicly listed artificial intelligence company, aims to promote resource sharing and collaborative partnerships in Vietnam, focusing on AI education, healthcare, and smart operations [4] - The company seeks to innovate and apply technologies such as embodied robots and AI agents to foster new digital economy business models in Vietnam [4]

结构上看，港股众多优质创新药龙头尚有约20%空间，A股预期差标的更为稀缺。投资上应聚焦确定性 龙头。行业主题方面，双抗依然是投资主旋律。自免、小核酸、基因治疗等主题性个股，则需深挖预期 差或转型机会，以期获得自身阿尔法。 医药板块内部展开来看，CXO器械板块自去年底至今，环比趋势明显改善。未来两个季度的关键在于 CXO国内景气度、器械国内招标与景气度能否持续，这将直接决定二者明年能否承接创新药行情。在9- 10月窗口期，会适当提升CXO与器械板块的配置比例，侧重寻找确定性阿尔法标的。至于如中药、药 店等后线板块，无论基本面确定性还是修复速度，均逊于CRO和器械，配置优先级相对更低。 桑翔宇表示，投资节奏来看，第一波为3-6月炒数据阶段，第二波为6-10月炒BD阶段，第三波则BD产品 出海后于海外临床验证，这一阶段风险相对大于收益。第四阶段，就是如美股上市的创新药公司，上市 后利润表极大改善。在第一、二、四阶段应尽量乐观，第三阶段更宜通过主动管理规避风险、深挖阿尔 法。之前讲过ADC，PD-1双抗与TCE三个方向。 9月10日，华安基金经理桑翔宇分享了医药创新和AI医疗的机会。桑翔宇表示，创新药为全年主线，AI ...

Market Overview - The A-share market has experienced adjustments in September, digesting previous gains while maintaining a generally positive sentiment [1] - Domestic "anti-involution" policies are gaining traction, leading to a recovery in residents' risk appetite and a shift in fund allocation from deposits to capital markets [1] - The expectation of interest rate cuts by the Federal Reserve is increasing, suggesting a continuation of global liquidity easing [1] Investment Opportunities - The market is expected to maintain its current structure, with potential adjustments in previously high-performing sectors [2] - Focus on technology stocks with high earnings visibility and acceptable valuations, particularly in overseas computing sectors [2] - Resource stocks, including gold, copper, and aluminum, present investment opportunities due to the anticipated weakening of the dollar [2] - Dividend stocks and innovative pharmaceuticals that have been stagnant may also offer potential as adjustments appear to be complete [2] Sector Insights - Robotics and innovative pharmaceuticals are viewed positively, with expectations of market fluctuations influenced by Federal Reserve decisions and significant domestic meetings [3] - AI applications, particularly in healthcare, are expected to gain traction as demand remains strong and supply continues to evolve [4] - The pharmaceutical sector is anticipated to return to a more predictable trajectory, with a focus on small to mid-cap innovative pharmaceutical stocks that show fundamental promise [5] - The military industry is expected to see increased orders driven by the "14th Five-Year Plan" and new demands from the "15th Five-Year Plan" [7] Economic Trends - The cyclical sectors are likely to strengthen, supported by favorable market conditions and expectations of a rate cut in the U.S. [8] - The focus on overseas expansion for Chinese companies remains strong, with careful selection based on valuation and quality [9] - AI computing and other growth sectors are viewed as having solid fundamentals, despite potential short-term volatility [10] - The technology growth sector is expected to continue performing well, driven by liquidity and independent industry logic [11]

Core Viewpoint - The report from Citi highlights that Ping An Good Doctor (01833) has shown impressive performance in the first half of the year, with a revenue increase of 19.5% to 2.5 billion RMB and a significant net profit growth of 136.8% to 134 million RMB, driven by advancements in medical AI and improved profit outlook [1] Group 1: Financial Performance - Revenue for the first half of the year increased by 19.5% to 2.5 billion RMB [1] - Adjusted net profit surged by 136.8% to 134 million RMB [1] Group 2: Market Outlook and Predictions - Citi expects the strong stock performance of Ping An Good Doctor is attributed to progress in medical AI and an improved profit outlook [1] - The target price has been raised from 10 HKD to 20 HKD based on discounted cash flow analysis, maintaining an "outperform" rating [1] - The company is seen as a major beneficiary of the growing trends in AI healthcare and commercial health insurance in China [1] Group 3: Future Projections - Revenue forecasts for 2025 to 2027 have been increased by 1.9% to 5.6% [1] - Net profit forecasts have been significantly raised based on more optimistic margin assumptions [1] - Continued enthusiasm for AI healthcare companies is anticipated as the cycle of technology investment and potential AI-driven applications gains momentum [1]

Group 1 - The core viewpoint of the article highlights the significant stock price increase of Ping An Good Doctor (1833.HK), which rose over 15% to reach HKD 18.2, marking the highest price since October 2021, with a trading volume of HKD 720 million [1][3] - On August 20, Premier Li Qiang emphasized the importance of utilizing artificial intelligence to enhance the development of the biopharmaceutical industry, focusing on improving the intelligence levels in drug research, clinical trials, diagnosis, treatment, and production [3] - Ping An Good Doctor reported a total revenue of RMB 2.5 billion for the first half of 2025, representing a year-on-year growth of 19.5%, and a net profit of RMB 134 million, which is a remarkable increase of 136.8%. The number of paying users reached approximately 24 million, up 35.1% year-on-year [3] Group 2 - After the earnings announcement, Citi released a performance review stating that the impressive results of Ping An Good Doctor are attributed to advancements in medical AI and improved profit outlook. The target price was raised from HKD 10 to HKD 20, maintaining an "outperform" rating [3] - Citi believes that Ping An Good Doctor is a major beneficiary of the growing trends in AI healthcare and commercial health insurance in China, which are gaining increasing attention in the healthcare sector [3] - Following the positive performance in the first half of the year, Citi raised its revenue forecasts for the company from 2025 to 2027 by 1.9% to 5.6%, and significantly increased net profit forecasts based on more optimistic profit margin assumptions [3]

Core Viewpoint - The report from Credit Lyonnais highlights that Ping An Good Doctor's performance in the first half of the year is impressive, with a revenue increase of 19.5% year-on-year to 2.5 billion yuan and a significant net profit growth of 136.8% year-on-year to 134 million yuan [1] Group 1: Financial Performance - Revenue increased by 19.5% year-on-year to 2.5 billion yuan [1] - Adjusted net profit surged by 136.8% year-on-year to 134 million yuan [1] Group 2: Market Outlook - Credit Lyonnais attributes the strong stock performance of Ping An Good Doctor to advancements in medical AI and improved profit outlook [1] - The firm expects the booming development of AI in healthcare and commercial health insurance to drive further growth [1] Group 3: Forecast Adjustments - The target price for Ping An Good Doctor has been raised from 10 HKD to 20 HKD, maintaining an "outperform" rating [1] - Revenue forecasts for 2025 to 2027 have been increased by 1.9% to 5.6%, with a significant upward revision in net profit forecasts based on more optimistic margin assumptions [1] Group 4: Industry Trends - Ping An Good Doctor is seen as a major beneficiary of the growing trends in AI healthcare and commercial health insurance in China [1] - The enthusiasm for medical AI companies is expected to remain strong as the cycle of technological investment and potential AI-driven applications continues to gain momentum [1]

Group 1: Market Overview - The A-share market experienced a significant surge on August 18, with the Shanghai Composite Index reaching a nearly 10-year high, closing at 3728.03 points, up 0.85% [1] - The total trading volume in the Shanghai and Shenzhen markets hit a new annual high of 2.76 trillion yuan, with over 4000 stocks rising [1] - The market focus shifted towards AI hardware and large financial sectors, indicating a strong interest in AI-related investments [1] Group 2: Fund News - On August 18, 65 new funds were launched, primarily stock and ETF linked funds, with the Huaxia SSE Sci-Tech Innovation Board Semiconductor Materials and Equipment Theme ETF Link C aiming to raise 8 billion yuan [2] - Over 95% of Fund of Funds (FOF) reported positive returns year-to-date, with 36 products exceeding a 20% return, particularly those heavily invested in Hong Kong's innovative pharmaceutical and technology sectors [2] - The issuance of new funds has increased, with 45 new funds starting fundraising from August 18 to 24, marking a 36.36% week-on-week increase [2] Group 3: ETF Insights - The Jiashi Fund's Hong Kong Stock Connect Consumer ETF and Technology ETF officially launched on August 19, allowing mainland investors to trade Hong Kong stocks without opening a separate account [3] - The Hong Kong Stock Connect Consumer ETF has seen a 42.30% increase over the past year, while the Technology ETF has surged by 93.86%, highlighting their growth potential [3] - The Hong Kong market showed mixed performance on August 18, with the innovative pharmaceutical sector gaining traction, particularly after the National Healthcare Security Administration's announcement regarding the adjustment of drug directories [3] Group 4: Fund Performance - The best-performing fund on August 18 was the Xinhua Strategy Selected Stock Fund, with a daily growth rate of 7.0792%, followed closely by the Xinhua Trend Navigation Mixed Fund at 7.0644% [6][7] - Among stock funds, the top performers included the Bosera North Certificate 50 Index Initiating C and A, both showing growth rates above 6.5% [8] - In the bond fund category, the South China Changyuan Convertible Bond A led with a daily growth rate of 2.3540% [7]