Huajin Securities released a research report stating that AI has permeated the entire medical industry chain. Smart healthcare, particularly medical imaging, stands as one of the most mature application fields currently, while AI in drug discovery can significantly enhance R&D efficiency. Presently, technological iteration and policy support are jointly driving rapid market growth. With the accelerated approval and deployment of domestic AI medical large models and medical device products, industry vitality continues to rise, creating development opportunities for related enterprises. Huajin Securities' main views are as follows: The application prospects for AI in healthcare are broad, though application maturity varies. AI technology has progressively infiltrated the entire healthcare industry chain, from drug discovery, clinical trials, and drug promotion in the pharmaceutical sector to the entire lifecycle of treatment encompassing pre-diagnosis, diagnosis, and post-diagnosis, significantly improving the efficiency and quality of medical services. Smart healthcare is one of the most mature areas for AI application in the health industry, demonstrating outstanding performance especially in medical imaging diagnosis by assisting doctors to improve diagnostic efficiency and accuracy. However, its performance in diagnosing complex diseases (such as rare diseases or multi-morbidity) remains limited, and its application effectiveness is highly dependent on high-quality, standardized medical data. The application of AI in pharmaceutical R&D shows high compatibility and feasibility. It can rapidly identify potential effective molecules through virtual compound screening and predict drug safety and efficacy, thereby reducing R&D costs and risks. In the realm of personal health management, although technology and market acceptance are gradually improving, there is still room for enhancement in areas like emotional understanding, complex problem handling, and personalized services. Technological catalysts combined with policy impetus are expected to drive high-speed growth in the domestic AI medical market. Multiple ministries have successively introduced policies to promote the application of artificial intelligence in the medical field. In June 2025, the National Medical Products Administration deliberated and passed the "Measures on Optimizing Full Lifecycle Supervision to Support the Innovative Development of High-End Medical Devices," which for the first time listed "AI Medical Devices" as one of four key development areas, with various local policy pilots advancing steadily. On the technology front, open-source large models like DeepSeekR1 have driven a significant reduction in medical AI development costs, accelerating the commercialization of AI technology. According to data from Guanyan, the global market size for AI solutions in the healthcare sector is projected to grow from $13.7 billion in 2022 to $155.3 billion by 2030, representing a CAGR of 35.5%. Driven by both technological catalysts and policy support, the domestic AI+healthcare market is poised for rapid growth. The Shenwan Pharmaceuticals index showed relative strength, outperforming the CSI 300. Over the past two weeks, the Shenwan Pharmaceuticals index fell by 3.68%, underperforming the CSI 300 index by 3.14 percentage points. During this period, the Shenwan Pharmaceuticals index ranked 30th among the 31 primary industries. Looking at sub-sectors, offline pharmacies, blood products, and active pharmaceutical ingredients performed better, with changes of 4.36%, -0.98%, and -1.04% respectively over the past two weeks. In contrast, medical R&D outsourcing, medical equipment, and chemical preparations lagged, with changes of -7.46%, -4.86%, and -4.85% respectively. Regarding individual stocks, the top five gainers over the past two weeks were *ST Changyao, Kaipu Bio, Wanze Shares, Kangzhong Medical, and Hualan Shares; the top five decliners were Aididi Pharma, Luyan Pharma, Weikang Pharma, Haichen Pharma, and Kaiyin Tech. AI medical products are accelerating their deployment; focus on AI medical-related targets. AI products in the medical field are being successively launched. For instance, Mindray Medical released the "Qiyuan Critical Care Large Model" in December 2024, which integrates patient condition data to generate clinically oriented medical records. United Imaging Healthcare launched the "Yuanzhi" large model in April 2025, achieving over 95% accuracy in tasks like complex lesion diagnosis and organ segmentation. In January 2026, Yice Technology, a subsidiary of Dian Diagnostics, obtained a Class III medical device registration certificate from the NMPA for its self-developed "Cervical Cell Digital Pathology Image-Assisted Diagnosis Software." As large model application scenarios in the medical field continue to expand, industry prosperity is expected to remain high. It is advisable to focus on AI+healthcare related targets such as Mindray Medical, United Imaging Healthcare, MGI Tech, BGI Genomics, Dian Diagnostics, XtalPi, and Insilico Medicine. Risk warnings include policy uncertainty risks, uncertainties regarding the market launch of pipeline products, and risks of R&D progress falling short of expectations.
Comments