In-Depth Analysis of the Investment Impact of the 'Personal Medical Insurance Cloud' Pilot Program on the Smart Health Industry Chain

Now let me prepare a detailed and professional investment analysis report for you:

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National Healthcare Security Administration (NHSA) launched the ‘Personal Medical Insurance Cloud’ construction pilot from February to December 2024, which is a major strategic initiative in the field of medical insurance informatization. The pilot is based on the national unified medical insurance information platform to build provincial (municipal) personal medical insurance clouds, aiming to aggregate core data such as diagnosis and treatment, settlement, and pharmaceutical consumables usage from designated medical institutions, and connect with out-of-hospital health data from wearable devices, home intelligent monitoring devices, and physical examination institutions to achieve integration of in-hospital and out-of-hospital data [1].

Data Type	Source	Application Scenario
Diagnosis and Treatment Data	Designated Medical Institutions	Clinical Decision Support, Disease Monitoring
Settlement Data	Medical Insurance Payment System	Cost Analysis, Medical Insurance Cost Control
Pharmaceutical Consumables Data	Medical Institutions	Medication Monitoring, Prescription Circulation
Out-of-Hospital Health Data	Wearable Devices, Physical Examination Institutions	Health Management, Chronic Disease Early Warning

This architecture design marks the transformation of medical insurance data from ‘fragmented’ to ‘panoramic’, bringing unprecedented opportunities for revaluation of data asset value to the smart health industry chain [2].

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The medical informatization market is in a new boom cycle driven by policies. The scale of the digital medical market is expected to reach 580 billion yuan in 2025, and is expected to exceed 1.2 trillion yuan by 2031 [3]. The scale of the medical big data analysis market is expected to exceed 420 billion yuan in 2025, with the main driving forces coming from the construction of the national health information platform promoted by the National Health Commission and the popularization of clinical decision support systems.

According to industry research data, major listed companies in the A-share medical informatization sector show a clear differentiation pattern:

Company	Proportion of Medical Business	Business Characteristics	Investment Elasticity
Weining Health (300253)	100%	Absolute Leader in Medical Informatization	High
Chuangye Huikang (300451)	84%	Dual Drive of Public Health + Hospitals	High
Jiuyin Yinhai (002777)	41%	Core Vendor in Medical Insurance Informatization	Medium-High
Heren Technology (300550)	96%	Professional Vendor in Medical Informatization	Medium
Meditech (603990)	100%	Leader in Anesthesia Informatization	Medium

as the absolute industry leader, its products cover various service scenarios such as medical care, public health, medical insurance, health, and elderly care. In 2022, it upgraded to the “1+X” strategy, based on the unified middle-end WiNEX series, and relying on the open and interconnected Weining Digital Health Platform (WinDHP), it explores application scenarios such as digital products, data service innovation, internet hospitals, and medical-pharmaceutical-insurance linkage [4].

as an industry leader starting from public health, after more than 20 years of development, it launched “Huikang Cloud 2.0” in 2021, enabling the technology and architecture of the company’s core products to basically have the capability of full cloudification. Through the “One Body, Two Wings” development strategy, the company builds a horizontal business development model, with products covering various service scenarios such as medical care, public health, medical insurance, health, and elderly care [5].

1. Policy-driven
   : Mandatory policy requirements such as the hierarchical evaluation of electronic medical record system function application levels, the standardized maturity evaluation of hospital information interconnection, and the hierarchical evaluation of hospital smart services are accelerating the informatization construction of medical institutions [6].

2. Demand recovery
   : After the relaxation of epidemic prevention and control, hospital operations and revenues are gradually returning to normal, and informatization budget expenditures are expected to resume growth.

3. Product upgrade
   : The new generation of cloud-based products (Hi-HIS, “Huikang Cloud 2.0”) brings a product upgrade cycle, and leading manufacturers are expected to benefit from the improvement of industry concentration.

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The medical big data market presents a development pattern of coordinated development across multiple segmented fields:

Segmented Field	2024 Scale	2025 Forecast	Growth Rate	Policy Sensitivity
Medical Data Analysis Platform	Approximately 120 billion yuan	Approximately 160 billion yuan	33%	High
Medical Insurance Big Data	Approximately 80 billion yuan	Approximately 110 billion yuan	38%	Very High
Clinical Decision Support	Approximately 60 billion yuan	Approximately 85 billion yuan	42%	High
Health Management Big Data	Approximately 40 billion yuan	Approximately 55 billion yuan	38%	Medium

As the core data asset of the ‘Personal Medical Insurance Cloud’ construction, medical insurance big data has a growth rate of up to 38% and “very high” policy sensitivity, making it an investment direction worthy of key attention [7].

The medical big data industry chain includes:

• Upstream
  : Data collection and processing (medical informatization vendors, data middle-end construction)
• Midstream
  : Data analysis and mining (AI algorithms, machine learning platforms)
• Downstream
  : Application scenarios (clinical decision-making, medical insurance cost control, health management)

The construction of the ‘Personal Medical Insurance Cloud’ will drive the release of data value across the entire industry chain, particularly benefiting enterprises with the following capabilities:

• Multi-source heterogeneous data integration capability
• AI application capability in medical scenarios
• Privacy computing and data security capability

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The market size of China’s smart wearable health device industry reached 61.5 billion yuan in 2024, with a compound annual growth rate (CAGR) of 14.7% from 2019 to 2024 [8]. The market size is expected to reach 120 billion yuan in 2025, and the shipment volume of wrist-worn devices reached 61.16 million units in 2024, a year-on-year increase of 19.3%.

Segmented Field	2024 Scale	2025 Forecast	Year-on-Year Growth	Policy Sensitivity
Smart Watch	Approximately 28 billion yuan	Approximately 35 billion yuan	25%	Medium
Smart Bracelet	Approximately 12 billion yuan	Approximately 15 billion yuan	25%	Medium
Medical-Grade Monitoring Devices	Approximately 15 billion yuan	Approximately 20 billion yuan	33%	High
Rehabilitation Monitoring Devices	Approximately 6.5 billion yuan	Approximately 8.5 billion yuan	31%	High

The global smart wearable health device market presents a pattern of “international giants leading + domestic brands rising”:

Competitive Echelon	Representative Enterprises	Market Positioning	Competitive Advantages
International High-End	Apple, Garmin	Medical-grade Functions, Ecological Synergy	Technology, Brand, Ecology
Domestic Leading	Huawei, Xiaomi	Mass Market, Cost-Effectiveness	Channels, Localized Services
Professional Segmentation	Lifesense Medical	Medical-Grade Monitoring	Product Innovation, Professional Segmentation

Huawei continues to lead industry growth, has ranked first in China’s market shipment volume for five consecutive years, with a year-on-year shipment growth rate of 34.6%, ranking first globally [9].

1. Value of out-of-hospital data entry
   : The ‘Personal Medical Insurance Cloud’ clearly includes wearable device data in the out-of-hospital health data system, making device manufacturers an important entry point in the medical insurance data ecosystem.

2. Medical-grade product upgrade
   : Driven by policies, medical-grade devices with disease screening, early warning, monitoring, and treatment capabilities have better market prospects.

3. Eco-integration trend
   : Wearable devices are breaking industry boundaries, forming a cross-border integrated ecosystem of ‘device + data + service’, and innovating business models through linkage with insurance and telemedicine platforms.

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Investment Theme	Core Logic	Benefiting Segments	Key Targets
Medical Insurance Data Infrastructure	Expansion of unified medical insurance platform	Medical IT, Data Middle-End	Weining Health, Chuangye Huikang
Out-of-Hospital Data Integration	Wearable Device Access	Wearable Devices, Data Platforms	Huawei, Xiaomi, Lifesense Medical
Intelligent Clinical Decision-Making	Popularization of AI-Assisted Diagnosis	AI Medical, Medical Big Data	Medical IT Enterprises + AI Enterprises
Health Management Closed Loop	Connection of In-Hospital and Out-of-Hospital Data	Health Management Platforms, Insurance Companies	Wantai Information, Ping An Good Doctor

: Demand for medical IT infrastructure construction and renovation is released, mainly benefiting medical informatization vendors.

: Data platform construction is improved, AI application scenarios are implemented, benefiting medical big data and AI medical enterprises.

: Data asset value is released, the health management ecosystem matures, benefiting wearable device and health management platform enterprises.

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• Medical informatization policy advancement falls short of expectations
• Uncertain progress of medical insurance payment policy reform
• Changes in data security and privacy protection policies

• Fluctuations in hospital informatization budget expenditures
• Decline in gross profit margin due to intensified industry competition
• Long payment collection cycle for medical IT enterprises

• Accuracy and security of AI diagnosis
• Progress of unifying medical data interconnection standards
• Technical barriers to connecting wearable device data with medical systems

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Based on the above analysis, it is recommended to focus on the following investment targets:

Target	Ticker	Core Logic	Risk Level	Investment Rating
Weining Health	300253.SZ	Absolute leader in medical informatization, leading in cloud transformation	Medium	Buy
Chuangye Huikang	300451.SZ	Public health leader, “Huikang Cloud 2.0” product cycle	Medium	Buy
Jiuyin Yinhai	002777.SZ	Core vendor in medical insurance informatization	Medium	Overweight
Huawei Ecosystem	-	Leading position in wearable device market	Low	Watch
Lifesense Medical	300562.SZ	Professional vendor of medical-grade wearable devices	Medium-High	Watch

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The ‘Personal Medical Insurance Cloud’ pilot program is a milestone event in the field of medical insurance informatization, which will profoundly reshape the competitive landscape and value distribution of the smart health industry chain. Three key segments: medical informatization, medical big data, and wearable devices will usher in historic development opportunities.

:

1. Medical Informatization
   : Prioritize industry leaders such as Weining Health and Chuangye Huikang, and pay attention to incremental opportunities brought by product upgrades and cloud transformation [10]
2. Medical Big Data
   : Focus on the sub-tracks of medical insurance big data and clinical decision support, which have high policy sensitivity
3. Wearable Devices
   : Focus on the medical-grade monitoring device segment, and the ecological advantages of leading manufacturers such as Huawei and Xiaomi

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[1] National Healthcare Security Administration (NHSA). Policy Interpretation of the ‘Personal Medical Insurance Cloud’ Construction Pilot. https://www.nhsa.gov.cn/art/2025/7/24/art_14_17369.html

[2] China Business Industry Research Institute. 2025 China Internet Medical Industry Chain Map and Investment Layout Analysis. http://gpos.cn/News/IndustryNewsArticle/b5d49101-3771-4ca6-9b3a-a831caed4f77

[3] CSDN. 2025 Panoramic Analysis of China’s Digital Medical Industry Chain. https://blog.csdn.net/garyond/article/details/150419347

[4] Tianfeng Securities. In-Depth Report on Chuangye Huikang (300451). https://pdf.dfcfw.com/pdf/H3_AP202302101582992140_1.pdf

[5] Zheshang Securities. Medical IT Industry Recovery, Hi-HIS and CTasy Create Incremental Value. https://pdf.dfcfw.com/pdf/H3_AP202311041608512949_1.pdf

[6] Great Wall Guorui Securities. Medical Informatization Industry Research Report. https://pdf.dfcfw.com/pdf/H3_AP202304221585716394_1.pdf

[7] LeadLeo Research Institute. 2023 Overview of China’s Wearable Medical Device Industry. https://pdf.dfcfw.com/pdf/H3_AP202308021593156935_1.pdf

[8] Huaon Industry Research Institute. 2025 Status and Trend Analysis of Global and China’s Smart Wearable Health Device Industry. https://www.huaon.com/channel/trend/1134446.html

[9] IDC. 2024 Global and China Wrist-Worn Device Market Data. https://www.idc.com/

[10] CITIC Securities. Policy Guides Digital and Intelligent Innovation Across the Entire Pharmaceutical Industry Chain. https://stcn.com/article/detail/1712420.html