长城基金龙宇飞：2026年AI医疗有望将迎来两大催化

Core Viewpoint - The pharmaceutical industry is entering a critical period of innovation and technological integration, with investment logic being reshaped [1][4]. Group 1: Industry Trends - The core competitiveness standards in the pharmaceutical industry are evolving, shifting from commercialization capabilities over a decade ago, to product strength 5-10 years ago, and now requiring excellence in both R&D and commercialization [1][4]. - The global industry is entering a new wave of technological upgrades, where the ability to embrace new productivity tools and integrate them into business models and R&D will be key to future competition [1][4]. Group 2: Investment Outlook for 2026 - For 2026, the focus is on two main investment directions: innovative drugs and AI healthcare, which are expected to align with both industry trends and stock price trends [1][4]. Group 3: AI Healthcare Catalysts - AI healthcare is anticipated to experience two major catalysts in the coming year: 1. Policy support, with recent guidelines from the National Health Commission and other ministries aiming to establish specialized clinical models and intelligent applications by 2027, creating a two-year window for explosive growth in 2026 [5]. 2. Technological drivers, where foundational industries will benefit first, leading to a ripple effect across various sectors. The initial integration of AI in healthcare has been completed, and advancements in computational model capabilities are expected to drive significant growth in demand from both hospitals and patients [6].