Huajin Securities: C-side AI medical application launches industry ecosystem, gradually integrates domestic surgical network companies and actively lays out

The Zhitong Finance App learned that Huajin Securities released a research report saying that recently, Ant Group released the AI health application “AQ”, which provides hundreds of AI functions such as health science popularization, medical consultation, and report interpretation, connecting more than 5,000 hospitals, nearly 1 million doctors, and nearly 200 famous doctors across the country to professional medical services such as AI aliens. According to Frost & Sullivan's forecast, the size of China's “AI+ healthcare” market is expected to surge from 8.8 billion yuan in 2023 to 315.7 billion yuan in 2033, with a compound annual growth rate of 43.1% over ten years. With the development of technology, AI medical-related applications gradually penetrated from the B-side to the C-side, and various technology Internet companies promoted the development of the industry based on technological and data advantages.

The main views of Huajin Securities are as follows:

Incident: On June 26, Ant Group released the AI health application “AQ”. The app provides hundreds of AI functions such as health science popularization, medical consultation, and report interpretation, connecting more than 5,000 hospitals, nearly 1 million doctors, and nearly 200 famous doctors across the country with professional medical services such as AI aliens. Currently, AQ has cooperated with health management devices such as Yuyue and Sannuo to connect with wearable devices such as Vivo, Huawei, and Apple, and can provide exclusive health recommendations based on information such as blood sugar, sleep, and exercise.

Model development and policy guidance help the AI medical industry

According to Frost & Sullivan's forecast, the size of China's “AI+ healthcare” market is expected to surge from 8.8 billion yuan in 2023 to 315.7 billion yuan in 2033, with a compound annual growth rate of 43.1% over ten years. According to Alibaba Cloud data, by the end of 2024, the number of registered models and algorithms providing products and services for AI applications in the medical field had reached 101. Distribution of models and algorithms for this type of filing: 48% of consultation conversations, 24% of health assessments and consultations, 14% of medical records generation and structured medical report generation, and 5% of auxiliary diagnosis.

According to smart drug consulting data, China's AI+ medical policy system was gradually improved in 2017-2024, from early promotion of “Internet+ Healthcare” and standardization of medical imaging (2018 State Council document) to the 2024 “Reference Guidelines for Artificial Intelligence Application Scenarios in the Health Industry”, covering the entire diagnosis and treatment process, and strengthening primary care capacity building and data exchange and sharing. Since 2024, the policy direction for AI medical technology such as DeepSeek has been “scenario-driven and standardized” as the core. It not only empowers the grassroots level through top-level design acceleration technology, but also ensures safety and control through regulations and restrictions. Local governments and medical institutions are generally open.

Domestic and foreign technology internet companies actively deploy the medical industry

Domestic company: JD: In July 2023, JD Health released the self-developed medical model “Beijing Medicine Thousand Questions”. As of the first quarter of 2025, JD Health Instant Retail has established cooperation with more than 150,000 pharmacy stores across the country. ByteDance entered the medical industry in 2020 through the acquisition of the medical science platform “Encyclopedia Medical Network” and the Internet medical company 244, and laid out AI+ upstream life science technology to establish an AIDD (Artificial Intelligence Empowered Drug Research and Development) department. Tencent: Launched the “Tencent Movie Finder” AI imaging platform for early screening of diseases such as pneumonia, lung cancer, and fundus of the eye; developed an “AI-assisted diagnosis system” to improve doctors' diagnosis efficiency. Launched the artificial intelligence drug discovery platform “Yunshen Intelligent Pharmaceutical” to accelerate research and development of new drugs using artificial intelligence technology.

Overseas company: Google: On November 11, 2024, the source code and model weights for AlphaFold3, an open source AI protein structure prediction tool, were announced. Nvidia announced the open source AI pharmaceutical framework Bionemo on November 19, 2024, which has been adopted by over 200 pharmaceutical companies. Microsoft: Microsoft DragonCopilot, the medical industry's first AI assistant for clinical workflows, was released on March 4, 2025.

Aspect of the target

With the development of technology, AI medical-related applications gradually penetrated from the B-side to the C-side, and various technology Internet companies promoted the development of the industry based on technological and data advantages. Recommended attention: Alibaba-W (09988), Tencent Holdings (00700), JD Health (06618), Meituan-W (03690), Shuidi (WDH.US), etc.

Risk Alerts

Policy uncertainty, increased market competition, and the development of AI and other related technologies falling short of expectations, etc.