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1、Disclosures&Disclaimer:This report must be read with the disclosures and the analyst certifications inthe Disclosure appendix,and with the Disclaimer,which forms part of February 2026DateSPOTLIGHTAsset|SubcategoryTitle of reportDateBy:Linda Shu(S1700522120001),Oliver Wang(S1700523100003)AI and China

2、 HealthcareTurning innovation into income:how AI is powering growthWe see 2026 as an inflection point for healthcare-related AI in China,shifting from concepts and storytelling to making moneyOur forecasts for 2024-28e AI-related revenue CAGR are 41%for drug discovery,32%for hospital services,40%for

3、 medical devicesWe highlight our Buy-rated stocks set to benefit the mostSP OTLIGHTDisruptive TechnologyEquity Research ReportChinaThematic research 1 Disruptive Technology Equities February 2026 Showtime.Driven by Chinas massive real-world health data,policy support and heavy investment,AI is helpi

4、ng to drastically shorten drug development cycles,upgrade clinical care efficiency and boost device precision,reshaping the entire healthcare value chain in a transformative way,which we regard as a major disruptive technology trend.This AI overlay of our stock coverage comes with one core message w

5、e think 2026 marks a pivotal moment for AI in China healthcare,shifting from a concept trade to widespread adoption and monetisation.Structural challenges such as an ageing population,doctor shortages,and rising costs are making AI a policy imperative rather than just a technological option.The sect

6、or is moving beyond experimentation,with AI now actively deployed in hospitals,drug discovery,and consumer health platforms,signalling a transition from storytelling to tangible revenue generation.What matters now is delivering measurable returns on investment,scalable contracts,and recurring cash f