Market Overview - The Hang Seng Index rose by 1.09%, reclaiming the 24,000-point mark, as market concerns over U.S. tariffs were deemed exaggerated [1] - U.S. President Trump signed an executive order extending the tariff delay period to August 1, with various countries facing tariffs ranging from 25% to 40% [1] - China expressed confidence in its ability to counter external economic pressures, with Premier Li Qiang highlighting the country's resources and strategies [1] Trade Relations - U.S. Treasury Secretary Yellen indicated plans for upcoming discussions with Chinese officials to enhance trade relations, which typically results in positive market reactions [2] - Stocks related to North American business showed significant gains, with companies like Tigermed and Zai Lab experiencing increases of nearly 12% and over 6%, respectively [2] Cryptocurrency Developments - Jin Yong Investment announced a strategic partnership with AnchorX to issue a stablecoin pegged to offshore RMB, which is expected to play a significant role in the Belt and Road Initiative [2] - The stablecoin's anticipated launch has led to a surge in market interest, with Jin Yong Investment's stock rising over 552% [2] Industry Trends - The photovoltaic sector is experiencing price increases due to recent policy changes, with major companies like GCL-Poly and Xinte Energy seeing stock gains of over 8% [3] - The lithium industry is also benefiting from similar trends, with companies like Tianqi Lithium and Ganfeng Lithium showing strong performance [3] Smartphone Market Insights - According to Counterpoint Research, China's smartphone sales are expected to see slight year-on-year growth, with Huawei projected to increase sales by 12% [4] - Apple has recently outperformed domestic brands in the Chinese market, marking a significant shift in consumer preferences [4] International Expansion - Cha Bai Dao has successfully entered the South Korean market, with over 10 stores opened and plans for rapid expansion [5][6] - The company is expected to achieve profitability in its overseas operations, contributing to a dual-driven growth strategy [6] AI and Technology Developments - Industrial Fulian reported a projected net profit increase of 47.72% to 52.11% for Q2 2025, driven by strong demand for AI infrastructure [6] - New AI models and collaborations are being launched, with companies like Kuaishou and Ping An Good Doctor making significant advancements in AI applications [8] Gaming and Tourism Sector - Macau's tourism numbers have exceeded 20 million visitors this year, leading to positive market sentiment for gaming stocks, which saw gains of over 4% [7] Wind Energy Sector - Goldwind Technology reported a 26.1% year-on-year increase in orders, with significant growth in international markets [9] - The company has a robust order backlog of 51,091.24 MW, reflecting a 51.81% increase compared to the previous year [10] - Goldwind's international business spans 47 countries, with a strong presence in North America, Australia, and South America [10][11]

Core Viewpoint - The RuiPath pathology model, developed by Ruijin Hospital in collaboration with Huawei, aims to enhance the efficiency and accuracy of pathology diagnostics in China by leveraging AI technology [1][5]. Group 1: Model Development and Features - The RuiPath model is a clinical-grade multimodal pathology model that covers 90% of the annual cancer incidence in China, addressing 19 common cancer types and hundreds of auxiliary diagnostic tasks [1][5]. - The model has achieved state-of-the-art (SOTA) performance in 7 out of 14 auxiliary diagnostic tasks tested against 12 mainstream public datasets, surpassing the performance of Harvard's UNI2 model [4]. - The model's core "visual foundation model" was developed using over one million high-quality digital pathology slides from Ruijin Hospital, utilizing Huawei's AI toolchain for annotation, training, and fine-tuning [2][4]. Group 2: Efficiency and Impact - The implementation of the RuiPath model allows pathologists to increase their daily workload from 200-300 slides to 400-500 or more, significantly improving diagnostic efficiency [5]. - The model aims to standardize digital pathology practices across hospitals in China, enabling easier deployment and reducing training costs for other institutions [5][10]. - The collaboration between Ruijin Hospital and Huawei has streamlined the model training process, allowing for the completion of the RuiPath model development with only a 16-card cluster, making it more accessible for hospitals [10][11]. Group 3: Industry Challenges and Solutions - There is a significant shortage of pathology doctors in China, with only about 20,000 available and a gap of 140,000 needed, highlighting the importance of AI solutions in addressing this challenge [5]. - The partnership has evolved through two phases: digitalization and smart pathology, focusing on data standardization and collaborative model development [7][8]. - The use of Huawei's ModelEngine has transformed the annotation process, allowing pathologists to review over 700 slides in a day, thus enhancing both efficiency and accuracy [10].

计算机行业 2025 年 7 月 4 日 卢芷心 S0340524100001 电话：0769-22119297 邮箱： luzhixin@dgzq.com.cn 罗炜斌 S0340521020001 电话：0769-22110619 邮箱： luoweibin@dgzq.com.cn 陈伟光 S0340520060001 电话：0769-22119430 邮箱： chenweiguang@dgzq.com.cn 资料来源：iFinD，东莞证券研究所 超配（维持） 计算机行业双周报（2025/6/20-2025/7/3） 行 业 国内科技巨头争相抢滩 AI 医疗，有望加快 AI 垂类应用场景落地 投资要点： 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 SAC 执业证书编号： 计 算 机 行 业 指 数 涨 跌 幅 及 估 值 ： 申 万 计 算 机 板 块 近 2 周 （2025/6/20-2025/7/3）累计上涨4.48%，跑赢沪深300指数1.23个百分 点，在31个申万一级行业中排名第15名；申万 ...

Core Insights - Shanghai Jiao Tong University School of Medicine's Ruijin Hospital collaborates with Huawei to open-source the RuiPath pathology model, enhancing AI implementation in the healthcare sector [1][2] - The RuiPath model is based on a dataset of one million high-quality digital pathology slides, aiming to address the challenges of clinical coverage and accessibility in pathology [2] - The AI healthcare market in China is projected to grow from 97.3 billion yuan in 2023 to 159.8 billion yuan by 2028, driven by the increasing integration of AI technologies in various medical applications [6] Group 1: AI in Healthcare - The RuiPath pathology model includes a testing dataset covering seven common cancer types, with the goal of promoting equitable healthcare through open-source tools and guidelines [2] - The healthcare industry is identified as a prime candidate for AI applications due to its strong demand, rich data resources, and rapid technological adaptability [1][2] - AI is expected to enhance precision, efficiency, and accessibility in healthcare, addressing human limitations and pushing technological boundaries [1][6] Group 2: Company Initiatives - Weisi Medical is focusing on integrating AI into medical device development, exploring applications in mental health and rehabilitation [3] - Haoyuan Pharmaceutical is leveraging generative AI to shorten drug development cycles and enhance the design of novel compounds [4] - MediXis is building an AI drug discovery platform, aiming to improve its research and development capabilities through collaboration with AI innovation companies [5] Group 3: Market Trends - The AI healthcare market is experiencing rapid growth, with significant advancements in AI applications across drug development, medical imaging, and smart hospital management [6] - Major companies in the healthcare sector are accelerating their AI business strategies, which are expected to reflect positively in their financial performance [6]

Core Insights - The rapid integration of AI technology into the healthcare sector is transforming traditional medical practices, particularly in areas such as imaging, diagnostics, drug development, and health management [1][12] - The Chinese AI+ healthcare market is projected to grow from 31.5 billion yuan in 2023 to over 80 billion yuan by 2025, with a compound annual growth rate of 58.3% [1] - The global AI healthcare market is expected to exceed $1.5 trillion by 2030, with drug development, imaging diagnostics, and health management accounting for over 60% of this growth [1] AI in Pathology - Pathology diagnosis is considered the "gold standard" for disease diagnosis, especially for cancer, but the traditional process is time-consuming and requires high levels of expertise [2] - There is a significant shortage of pathologists in China, leading to unequal distribution of medical resources and increased patient costs [2] RuiPath Model Development - The RuiPath model, developed by Ruijin Hospital in collaboration with Huawei, is a clinical-grade multi-modal pathology model that covers 90% of cancer cases in China and includes over a hundred auxiliary diagnostic tasks [3] - The open-sourced RuiPath model includes a visual foundation model, a multi-cancer test dataset, and a complete practical guide, significantly lowering the barriers for grassroots hospitals to implement AI-assisted diagnostics [4] Global Collaboration and Standardization - Ruijin Hospital has initiated a global multi-center plan to promote the RuiPath model, focusing on improving diagnostic capabilities in resource-poor areas [5] - The collaboration aims to standardize diagnostic results across different centers and enhance the performance and applicability of the RuiPath model [5] Transition to Smart Pathology - The partnership between Huawei and Ruijin Hospital has evolved through clear phases of digitalization and smart pathology, culminating in the development of a large model capable of precise cancer identification [6] - The introduction of Huawei's ModelEngine AI toolchain has transformed the workflow of pathologists, increasing efficiency and reducing the time required for AI application deployment [7][8] Future Implications - The open-sourcing of the RuiPath model is expected to improve pathology diagnosis in grassroots hospitals, alleviating the imbalance in medical resource distribution [12] - Long-term, this collaboration is anticipated to attract more healthcare institutions and tech companies to participate in the development and application of medical AI, enhancing early diagnosis, personalized treatment, and drug development [12][14]

"目前，DeepSeek等开源模型推动私有化部署成本下降，解决医疗数据敏感性问题，超百家三级医院已 完成本地化部署。生成式AI在医学问答测试中的表现超越人类专家（如GPT-4、Med-PaLM），其在病 历生成、辅助诊断场景的效率优势已被验证。AI医疗已成为大模型最不愿错过的应用场景。"有券商医 药行业分析师指出，人口老龄化的加剧与优质医疗资源的供不应求（三级医院仅占7.8%的比例却需承 担50%的门诊量）构成了巨大的需求缺口，为技术革新与替代开辟了广阔的发展天地。 近日，上海交通大学医学院附属瑞金医院联合华为发布RuiPath病理模型最新开源成果。公开信息显 示，RuiPath病理大模型是瑞金医院携手华为开发的临床级多模态病理大模型，于今年2月发布，涵盖泛 癌种视觉特征提取、视觉—语言跨层表征对齐等能力，用于全流程临床病理辅助诊断，目前已覆盖我国 每年全癌种发病人数90%的19个常见癌种，涵盖上百个辅助诊断任务。 互联网巨头纷纷押注的背后，是AI医疗市场的巨大潜力。智研咨询数据显示，2024年我国AI医疗器械 市场规模已从2020年的2.92亿元增长到94.61亿元。随着技术的飞速进步和市场需求的牵引，国内 ...

本报记者 李万晨曦 AI医疗再迎突破。6月30日，上海交通大学医学院附属瑞金医院（以下简称"瑞金医院"）携手华为技术 有限公司开源了RuiPath病理模型中核心的视觉基础模型。 智参智库特聘专家袁博对《证券日报》记者表示，此次开源也有助于加速AI在医疗行业应用加速落 地，通过开放数据标准、工具、评测数据集，解决源头数据处理、模型部署、应用开发、评测上线的一 系列实际困难，打通从模型到应用的"最后一公里"，为AI在医疗行业的商业化落地提供了实践。 弗若斯特沙利文预测，中国AI医疗市场规模将从2023年的88亿元增至2033年的3157亿元，年复合增长 率达43.1%。 浙大城市学院文化创意产业研究所秘书长、副教授林先平在接受《证券日报》记者采访时表示，短期来 看，病理大模型将推动AI医疗从辅助工具向全流程智能服务升级，多模态技术融合将催生更多高附加 值的商业产品。长期来看，人口老龄化加剧叠加医疗资源分布不均的矛盾，将持续催生远程诊疗、慢性 病管理等AI工具的刚性需求，AI医疗大规模应用前景可期。 企业寻求突破 在行业利好与政策红利的双重驱动下，AI医疗赛道热度不断攀升。Choice金融终端数据显示，近一个月 内 ...

中邮证券表示，近日，国家药监局审议通过《关于优化全生命周期监管支持高端医疗器械创新发展的举 措》，支持高端医疗器械创新发展。《举措》主要包括优化特殊审批程序、完善分类和命名原则、持续 健全标准体系、进一步明晰注册审查要求、健全沟通指导机制和专家咨询机制、细化上市后监管要求、 强化上市后质量安全监测、密切跟进产业发展、推进监管科学研究和推动全球监管协调等十方面具体措 施。 中邮证券指出，医用机器人、高端医学影像设备、人工智能医疗器械和新型生物材料医疗器械等技术集 成度高，是高端医疗器械的典型产品也是塑造医疗器械新质生产力的关键。《举措》的出台对支持高端 医疗器械重大创新，促进更多新技术、新材料、新工艺和新方法应用于医疗健康领域，满足人民群众健 康需求具有重要意义，是药监部门贯彻落实党中央、国务院决策部署的重要举措。 （来源：中邮证券20250630《药监局通过关于优化全生命周期监管支持高端医疗器械创新发展的举 措》） 今天（7.1），大盘震荡走强，医药医疗板块强势，医疗器械再度上涨。同类费率最低档的医疗器械 ETF基金（159797）放量收涨1.08%，连续第2日获资金净流入！ 医疗器械ETF基金（159797 ...

在6月30日举办的"2025瑞金医院RuiPath病理模型开源及成果发布会"上，上海交通大学医 学院附属瑞金医院（以下简称瑞金医院）宣布："RuiPath病理大模型的视觉基础模型正式开 源。" 来源：中国基金报记者拍摄 这标志着国产医疗AI完成从技术突破到生态共享的跨越式进阶。记者注意到，RuiPath病理大 模型从诞生到当前取得重大进展，背后均有华为的身影。 RuiPath病理大模型是在华为团队支持下，由瑞金医院研发的临床级多模态病理大模型，经历 了从"数字化"到"智慧化"两个阶段。 "这为其他行业的AI化落地起到一个很好的示范作用。"华为公司副总裁、数据存储产品线总 裁周跃峰表示，未来，华为与瑞金医院将继续开展联合创新，共建医疗"Data+AI"新生态。 开源视觉基础模型 启动RuiPath病理大模型全球多中心计划 瑞金医院—上海市数字医学创新中心专职副主任朱立峰介绍，RuiPath病理大模型开源了其核 心的视觉基础模型。该模型依托上百万张高质量数字病理切片数据，结合华为开源的AI全流程 工具链ModelEngine，进行标注、训练和模型精调。 同时，瑞金医院配套提供测试数据集与实践指南，覆盖肺癌、结直肠 ...

Market News - US stock indices collectively rose, with the Dow Jones up 0.63%, Nasdaq up 0.47%, and S&P 500 up 0.52%, both Nasdaq and S&P 500 hitting record closing highs [1] - The dollar index fell by 0.5% to 96.77, with a 10.79% decline in the first half of the year [1] - Spot gold increased by 0.88% to $3302.16 per ounce, while Brent crude oil slightly decreased by 0.30% to $66.60 per barrel [1] Industry Insights - The Financial Secretary of Hong Kong highlighted the potential of fintech in cross-border trade, aiming to address long-standing issues of slow payment speeds and high costs [2] - The newly released "Digital Asset Development Policy Declaration 2.0" emphasizes stablecoins as cost-effective alternatives in the traditional financial system, with regulations set to take effect on August 1 [2] - Ant Group's Agentar platform became the first financial-grade AI agent to receive the highest rating of 5 from the China Academy of Information and Communications Technology [3] - The AI industry is at a pivotal point, with expectations for AI agents to simplify user interactions through voice commands, potentially leading to a market share exceeding 50% for AI phones by 2027 [4] - Shanghai Ruijin Hospital has open-sourced its RuiPath pathology model, covering seven common cancers, marking a significant step in AI's application in healthcare [5] - The AI healthcare market in China is projected to reach 159.8 billion yuan by 2028, with a compound annual growth rate of 10.5% [5] Company Updates - Lihua Co. announced plans for major shareholder reductions, with a maximum of 2.5 million shares to be sold [6] - Jin Hong Shun is terminating its major asset restructuring plans after failing to reach an agreement on the transaction [7] - Hai Tian Rui Sheng plans to reduce its shareholding by up to 5% through various trading methods [7]