北交所策略专题报告 2026 年 03 月 01 日 AI+医疗渗透提升项自主智能体升级，掘金北交所 AI 诊疗标的 北交所研究团队 ——北交所策略专题报告 诸海滨（分析师） 车欣航（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 chexinhang@kysec.cn 政策赋能+技术迭代双重驱动，AI+医疗渗透提升向自主智能体方向持续升级 随着生成式大模型等 AI 技术的迭代，AI+医疗已全面渗透医疗产业各环节。AI 医疗是依托机器学习、自然语言处理、计算机视觉等技术，深度分析复杂医疗数 据，辅助临床决策、优化诊疗流程、提升医疗效率的智能化应用体系，核心价值 在于提升医疗服务质量、增强可及性并降低成本。政策层面形成完善顶层设计， 2025 年 10 月五部门联合发布相关实施意见，明确 2027 年建成高质量医疗数据 集与专病垂直大模型、广泛应用基层诊疗智能辅助等目标，2030 年实现基层 AI 辅助全覆盖、二级以上医院普遍应用 AI 影像与临床决策辅助，并确定八大应用 重点方向。同年 12 月，相关专项行动将 AI 药物研发等列为重点支持领域；2026 年 1 月，国 ...

北交所策略专题报告 2026 年 03 月 01 日 AI+医疗渗透提升项自主智能体升级，掘金北交所 AI 诊疗标的 北交所研究团队 ——北交所策略专题报告 诸海滨（分析师） 车欣航（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 chexinhang@kysec.cn 政策赋能+技术迭代双重驱动，AI+医疗渗透提升向自主智能体方向持续升级 随着生成式大模型等 AI 技术的迭代，AI+医疗已全面渗透医疗产业各环节。AI 医疗是依托机器学习、自然语言处理、计算机视觉等技术，深度分析复杂医疗数 据，辅助临床决策、优化诊疗流程、提升医疗效率的智能化应用体系，核心价值 在于提升医疗服务质量、增强可及性并降低成本。政策层面形成完善顶层设计， 2025 年 10 月五部门联合发布相关实施意见，明确 2027 年建成高质量医疗数据 集与专病垂直大模型、广泛应用基层诊疗智能辅助等目标，2030 年实现基层 AI 辅助全覆盖、二级以上医院普遍应用 AI 影像与临床决策辅助，并确定八大应用 重点方向。同年 12 月，相关专项行动将 AI 药物研发等列为重点支持领域；2026 年 1 月，国 ...

Core Insights - The article highlights the business dynamics of Ciming Health Checkup, a member of the Meiyan Health Group, noting that there are no significant stock-related announcements but the operational developments are noteworthy Business Development - In 2025, Ciming Health Checkup Wuhan Co., Ltd. will expand its business scope to include medical beauty services and drug retail, indicating a diversification strategy [2] Business and Technology Advancement - Chengdu Ciming Health Checkup Center is implementing AI-assisted diagnostic systems and has introduced smart devices in 2023 to enhance service efficiency, having served over 1.5 million people cumulatively [3] Operational Status - In 2024, Ciming Health Checkup Wuhan Co., Ltd. reported an insured population of 355 individuals and a cumulative service volume exceeding 3.01 million, reflecting a solid operational foundation [4]

Core Insights - The transformative impact of artificial intelligence (AI) in healthcare is becoming tangible, with AI-assisted diagnostic systems improving efficiency in identifying diseases, large model technologies offering new pathways for drug development, and smart health devices extending chronic disease management into patients' homes [1][2] Group 1: AI in Healthcare - AI is no longer a distant concept but is actively being integrated into clinical settings, including examination rooms, operating rooms, and laboratories [1] - The core of these changes is to assist and empower healthcare professionals, enhancing decision-making and increasing efficiency, ultimately benefiting patients [1] Group 2: Challenges in Implementation - There is a significant gap between ideal scenarios and reality, as technology companies may understand algorithms but lack deep insights into the complexities of clinical processes and medical safety [1] - Effective communication between doctors and engineers is crucial, as many promising algorithms fail to transition from research to practical application due to a lack of real clinical scenarios for refinement [1] Group 3: Focus on Practical Dialogue - The emphasis should be on fostering practical dialogue between medicine and technology, allowing doctors to express clinical pain points and engineers to accurately understand medical logic [2] - Rigorous validation and iteration of technological products in real healthcare environments are deemed more important than flashy marketing [2] Group 4: Value of Industry Mapping - A valuable industry map should clarify which technologies are genuinely addressing clinical issues, their current status, and the key obstacles that remain [2] - This mapping should help clinicians understand the value and limitations of tools while guiding developers to focus on genuine innovations, avoiding resource waste on non-essential needs [2] Group 5: Collaborative Progress - Progress in healthcare relies on steady, practical steps, with a call for collaboration among all stakeholders to root AI technology in China's clinical landscape, addressing real issues and enhancing public health [2]

Core Insights - The article emphasizes the significant progress made in Guizhou's infrastructure and economic development, particularly through the construction of bridges and railways, which are pivotal for the region's connectivity and growth [4][5][10]. Infrastructure Development - The completion of the Huajiang Grand Canyon Bridge has drastically reduced travel time between two regions from over two hours to just two minutes, showcasing Guizhou's engineering capabilities [4]. - Guizhou has built over 30,000 bridges in the past five years, with a total length exceeding 5,400 kilometers, addressing the challenges posed by its mountainous terrain [4][6]. - The Guinan High-Speed Railway has significantly improved travel efficiency, reducing the journey from Guiyang to Libo from four hours to one hour, leading to a 335.21% increase in tourist numbers during the New Year holiday [9][10]. Economic Growth - Guizhou's GDP surpassed 2 trillion yuan in 2022, with projections to reach 2.3562 trillion yuan by 2025, indicating a growth of over 500 billion yuan in five years [5]. - The region's economic vitality is further enhanced by the integration of tourism and local industries, driven by improved transportation infrastructure [6][10]. Cultural and Sports Integration - The "Village Super League" has become a significant cultural phenomenon, promoting grassroots football and tourism, with over 2,000 matches held in 2025, enhancing community engagement [12][15]. - The integration of sports events with tourism has created a positive feedback loop, attracting visitors and boosting local economies [15]. Digital and Technological Advancements - Guizhou is establishing itself as a key player in the national "East Data West Calculation" strategy, with a computing power capacity exceeding 160 Eflops, aimed at enhancing various sectors including agriculture and healthcare [18][21]. - The province is focusing on developing a robust digital economy, with plans to increase computing power to over 190 Eflops by 2026 and to foster over 150 cloud ecosystem enterprises [21][22]. Future Development Goals - Guizhou aims to achieve a GDP of 3 trillion yuan and a per capita GDP exceeding 80,000 yuan by 2026, with a focus on improving urban and rural living conditions and infrastructure [22].

Core Viewpoint - The integration of AI in healthcare is rapidly advancing, with significant potential benefits in diagnostics and treatment, but it also raises concerns about accuracy, practicality, and the impact on medical professionals' skills [1][5][9]. Group 1: AI Applications in Healthcare - AI is being utilized in various medical applications such as diagnostic assistance, medical record writing, and pre-consultation, with ongoing developments supported by government initiatives [1][2]. - The average accuracy of prenatal diagnosis for congenital defects is only 30%-60%, indicating a significant opportunity for AI to improve outcomes in cases like congenital diaphragmatic hernia [2][7]. - AI has shown high efficiency in areas like image recognition, pathology interpretation, and chronic disease management, which can reduce diagnostic time and human error [3][9]. Group 2: Concerns and Challenges - There are concerns that reliance on AI may lead to a decline in the diagnostic skills of younger doctors, as they may become overly dependent on AI tools [5][6]. - The accuracy of AI is not guaranteed, and it is essential for doctors to maintain their diagnostic authority and critical thinking when using AI [5][6]. - Challenges include the lack of a mature reimbursement system for AI-assisted diagnostics and the need for funding and support for AI development in healthcare [8][9]. Group 3: Regulatory and Development Recommendations - Recommendations include establishing a clinical access and evaluation system for AI medical products, ensuring safety and efficacy in real-world applications [9][10]. - It is suggested that pilot programs be initiated in community health centers and secondary hospitals to demonstrate the effectiveness of AI applications in healthcare [10]. - The government is encouraged to integrate AI into health city and digital governance initiatives to promote collaborative development among industry, hospitals, research, and regulation [10].

Core Insights - The AI industry is shifting focus from technological capabilities to practical applications, with a significant emphasis on how to translate AI technology into real-world value [1][2] - The stock price of BlueFocus Communication Group (300058) has surged by 107.2% within the month, indicating strong market interest in AI applications [1] Group 1: AI Application and Market Trends - The current AI models have not fully utilized their potential, with only about 10% of their capabilities being applied effectively [2] - The competition in the AI sector is moving towards integration and distribution capabilities, especially in the consumer market, where user experience and brand presence are critical [2] - In the B2B sector, the focus is on deep industry integration, with AI solutions aimed at cost reduction and efficiency improvements being essential for sustainable growth [2][3] Group 2: Standards for AI Implementation - Successful AI implementation is defined by three key standards: the ability to assist or replace tasks in production, the capacity for rapid replication of solutions, and the ability to quantify and create value from data [4] - A case study highlighted the effectiveness of AI in healthcare, where an AI-assisted diagnosis led to timely medical intervention, showcasing the practical value of AI applications [4] Group 3: Investment Trends in AI - In 2025, a total of 930 AI companies secured financing amounting to 107.07 billion yuan, with a significant concentration of investment in top AI application scenarios [6] - The majority of funding is directed towards AI projects that demonstrate practical applications and the ability to address industry pain points, rather than purely technical solutions [6] - There is a notable disparity in funding between consumer (C-end) and business (B-end) applications, with B-end projects attracting more investment [6]

Core Insights - The article discusses the rapid growth of AI applications, with leading companies experiencing stock price increases of over 100% within a month, highlighting the shift from technological marvels to practical applications in the industry [2]. Group 1: AI Application Trends - The AI industry is transitioning from a focus on foundational models and computing power to the practical application of technology, which is now seen as the key differentiator for competitive advantage [2]. - The market is expected to see AI applications evolve from being merely usable to highly effective, with diverse business models emerging as a central theme for the AI industry in 2026 [2]. Group 2: Challenges in AI Implementation - Current AI models have not fully utilized their potential, with only about 10% of their capabilities being applied effectively [4]. - The competition in the AI sector is shifting towards the ability to integrate and distribute AI solutions effectively, emphasizing the importance of user experience and brand in consumer markets [4]. Group 3: Standards for AI Deployment - Successful AI implementation is defined by three key standards: the ability to assist or replace tasks in production, the capacity for rapid replication of solutions, and the transformation of capabilities into quantifiable and valuable data [6][7]. - A real-world example illustrates the importance of AI in healthcare, where an AI-assisted diagnosis led to timely medical intervention, showcasing the practical value of AI applications [7]. Group 4: Investment Trends in AI - In 2025, a total of 930 AI companies secured funding amounting to 107.07 billion yuan, with a significant concentration of investment in top AI application sectors, which captured 89% of the total funding [8]. - There is a notable disparity in funding between consumer-facing (To C) and business-facing (To B) AI projects, with To B projects attracting more capital due to their practical applications [8].

Group 1: Urban and Rural Integration - The integration of urban and rural areas is being promoted, with significant improvements in living conditions and infrastructure [1][2] - By 2025, Wei County plans to increase public green space by 3,245 square meters, enhancing the livability of the area [1] - Urban renewal efforts include the completion of 8 bridge connections and the implementation of smart parking systems to alleviate parking difficulties [1] Group 2: Digital Technology and Economic Development - The "Digital Wei County" platform has integrated 15 vertical scene models to enhance urban governance [2] - The county's e-commerce sector has seen a total transaction volume of 390 million yuan in the first three quarters of 2025, with 23,000 individuals trained in e-commerce [2] - A precision manufacturing company has improved production efficiency by 30% through the establishment of an enterprise-level data platform [2] Group 3: Reform and Efficiency - The administrative process has been streamlined, with an average approval time reduction of 83% for 767 government service items [3] - The county has implemented reforms in healthcare, education, and agriculture, enhancing resource distribution and operational efficiency [3] - Research and development expenditures have increased by 46%, with technology contract outputs reaching 860 million yuan [3] Group 4: Social Welfare and Housing - A total of 934 households received their long-awaited property certificates as part of a campaign to address housing issues [4] - Wei County has completed 22 housing projects, delivering 6,263 homes to alleviate housing concerns for residents [4] - The county has exceeded targets for 30 social welfare projects, contributing to improved living standards [5] Group 5: Employment and Education - The county has created 8,000 new jobs, demonstrating effective employment support measures [5] - New and expanded schools have added over 10,000 educational slots, with notable academic achievements including 29 students admitted to prestigious universities [5] - The new hospital facility has established a "15-minute medical service circle," enhancing healthcare accessibility [5]

Core Insights - The core viewpoint of the article highlights that Tongren Alliance has been recognized by Fortune magazine as one of the "50 Institutions Changing the World" for 2024, ranking 22nd and being the only investment institution from the Asia-Pacific region to make the list this year [1] Group 1: Investment Achievements - Tongren Alliance has invested in 73 foundational technology projects, with notable success in the NeuLink brain-machine interface project, which achieved clinical breakthroughs for paralyzed patients in 2024 and is now being applied in 12 medical institutions globally [2] - The organization has developed a "technology transformation accelerator" mechanism that connects over 2,000 global technology experts, solving 53 critical technical challenges for enterprises [2] Group 2: Green Investment Impact - The renewable energy sector has significantly contributed to Tongren Alliance's recognition, with its portfolio companies having reduced carbon emissions by 20.47 million tons, equivalent to the environmental benefit of planting 110 million trees [3] - The "County Green Energy Plan," in collaboration with the United Nations Environment Programme (UNEP), aims to promote integrated photovoltaic and energy storage projects in 100 developing countries over the next five years [3] Group 3: International Collaboration and Innovation - Tongren Alliance's international strategy has been praised, with the establishment of a "Technology Transformation Center" in Central and Eastern Europe facilitating six cross-border projects, resulting in a signing amount of €1.2 billion in 2023 [10] - The organization has introduced a "DAO + enterprise dual-ring drive" governance model that maintains innovation while managing risks through entities like Hong Kong Dingmei Industrial [10][11] Group 4: Future Focus and Funding - The organization plans to invest $5 billion in an innovation fund over the next three years, focusing on three key areas: AI healthcare, zero-carbon technology, and space economy [12] - The AI healthcare sector has initiated a "Grassroots Diagnosis Empowerment Plan," aiming to equip 500 county-level hospitals with AI-assisted diagnostic systems by 2026 [12] Group 5: Organizational Background - Founded in 2012 by five cross-disciplinary investors, Tongren Alliance focuses on long-term value investments in hard technology, beauty industry, and renewable energy [15] - As of 2025, the organization has established an investment matrix covering 43 countries and manages an innovation fund of $5 billion, nurturing 12 unicorn companies [15]