体外诊断行业周报：华为病理大模型发布，为临床诊断精准导航

Investment Rating - The report maintains an "Overweight" rating for the in vitro diagnostics (IVD) industry [9][57]. Core Insights - The IVD sector continues to show high momentum, particularly benefiting from opportunities brought by AI innovations in diagnostics, such as AI-assisted pathology [6][57]. - The report highlights the significant growth potential in the global IVD market, with a recommendation to focus on immunodiagnostics, particularly chemiluminescence and PCR in molecular diagnostics [6][57]. - The report notes that domestic biochemical diagnostics in China have largely overcome foreign dependencies, indicating a completed localization process [6][57]. Summary by Sections Industry Performance - Last week, the IVD sector rose by 2.70%, closing at 8199.84 points, outperforming the broader medical and biological sector which increased by 1.88% [3][22]. - The performance of individual companies within the IVD sector showed significant variances, with Anbiping leading at +48.9% and Rejing Bio lagging at -4.9% [4][29]. Valuation Metrics - The current price-to-earnings (PE) ratio for the IVD sector is 24.28X, with a price-to-book (PB) ratio of 1.78X. The PE has increased by 0.64X week-over-week, while the PB has risen by 0.05X [5][32]. - Historical valuation data indicates that the IVD sector's PE is at the 52.28th percentile of its historical range, suggesting a relatively high valuation compared to its past [5][32]. Market Trends - The report emphasizes the growing interest in AI applications within the pathology field, particularly the collaboration between Ruijin Hospital and Huawei to enhance diagnostic efficiency through AI models [6][57]. - The report suggests that the industry should focus on high-growth areas such as respiratory disease antigen testing and continuous glucose monitoring (CGM) [6][57].