CMSC: "AI+ Medical Health" TOC application benefits the general public, leading enterprises are expected to benefit first.

CMSC released a research report stating that the medical and health field is one of the core areas of AI application, bringing a dual improvement in experience and efficiency to people's daily health management and medical treatment behavior. Depending on the different end users, applications can be divided into three major directions: To hospitals, To pharmaceutical companies, and To individuals. AI is seen as empowering health management and medical services at all levels, bringing disruptive changes to people's daily health management and medical treatment behavior. Due to limited data access, the current application of "AI + healthcare" on the patient side is mostly based on text generation, information collection, and other ways of providing services, and is still in the early stages of development. With the application of Wenxin Yiyuan and GPT-4 in the medical field, leading enterprises are expected to benefit first. The main points of CMSC are as follows: There are still a large number of unmet needs in the three major areas of medical consultation, auxiliary treatment, and health management. The contradiction between limited and unevenly distributed medical resources and continuously upgrading multi-level health needs continues to escalate. Internet healthcare has emerged and quickly accumulated traffic during the epidemic period (as of December 2022, the scale of domestic Internet healthcare users reached 363 million, a year-on-year growth of 21.7%), but it has also exposed weaknesses in service experience (limitations, uniformity, quality levels) and difficulties in monetization (weak willingness to pay for C-end services but high medical costs). With the commercial penetration of GPT-4 and "Wenxin Yiyuan" models in the medical field, Internet healthcare is expected to usher in new opportunities. AI + medical consultation: Online medical consultation is seen as an important supplement to offline medical treatment, divided into health consultation and online consultation. 1) AI + health consultation can not only improve professionalism and accuracy but also enhance interactivity and even provide human care, improving the experience of "light consultation." 2) AI + online consultation brings a dual enhancement of "efficiency" and "effectiveness," efficiently generating refined and accurate chief complaints through pre-consultation AI communication and extraction of historical health record data, and accurately recommending doctors through comparison with similar cases. With better service experience, C-end willingness to pay is expected to strengthen, and saving doctors' time is beneficial for cost control. AI + health management: The domestic "Internet + health management" has experienced the transformation from explosive growth in varieties, intensified competition for traffic, and elimination and integration. The main reasons for the development bottleneck include low trust in platforms and related data and the fragmentation and over-standardization of services. The introduction of AI is expected to improve data accuracy and continuity (continuous data collection through intelligent wearable devices, combined with patient hospital medical records), provide professional personalized health services (AI doctors/nurses), and create more possibilities (brain-computer interfaces provide assistance in exercise and neurological rehabilitation, improve the quality of life of disabled patients, etc.). AI + offline auxiliary treatment: 1) AI-assisted outpatient services can improve the patient's treatment experience, shorten the time for medical treatment (through AI-assisted outpatient services, the average waiting time for patients at the Shanghai Children's Medical Center has been reduced from about 2 hours to 0.38 hours), and also reduce the time doctors spend on entering information, allowing them to focus on diagnosis and prescriptions. 2) AI-assisted follow-up visits (batch calling patients with dynamic voice callsreal-time conversion of voice messages into text tablesautomatic generation of reports uploaded to the cloud) improve the depth and effectiveness of doctor-patient communication. 3) Virtual nursing supports virtual admission, virtual rounds, and virtual discharge processes through indoor sensors, artificial intelligence, and automatic document capture. 4) One-stop accompaniment helps patients complete the entire process from appointment, navigation, queue placement, treatment, education, examination, medication pick-up to post-visit follow-up and reminder, all through their phones, providing one-stop service for medical treatment. Investment recommendation: It is recommended to pay attention to Internet healthcare companies that have a certain amount of traffic and data foundation and actively introduce AI models, such as JD HEALTH (06618), ALI HEALTH (00241), PA GOODDOCTOR (01833), CLOUDR (09955), Baidu Lingyi Zhihui, Weiyi, Chunyu Doctor, Haodf Online, Weimai, etc. Risk warning: Weak willingness of individual clients to pay may lead to commercialization not meeting expectations risks, technological iteration, generation of information errors, data security, market competition, weak monetization capabilities, regulatory policies, and other risks.