银河证券章俊：新“新三样”领衔，构筑中国产业发展新基座

Core Viewpoint - The article discusses the transition of China's economic growth model from "factor expansion" to "innovation-driven" development, highlighting the emergence of new key industries: robotics, artificial intelligence (AI), and innovative pharmaceuticals, referred to as the new "three essentials" [1][4]. Group 1: New "Three Essentials" - The new "three essentials" represent a shift in focus from production quantity to defining technological pathways and standards, emphasizing the importance of algorithm capabilities, computational systems, and clinical data accumulation [4][5]. - Robotics, AI, and innovative pharmaceuticals are seen as critical to enhancing efficiency and driving growth through technological advancements rather than mere factor accumulation [7][10]. Group 2: Industrial Upgrade Logic - The transition to the new "three essentials" is framed within the context of diminishing returns from traditional growth models reliant on labor and capital, necessitating a reevaluation of growth paradigms and competitive logic [4][5]. - The focus on technology definition and intellectual property rights marks a departure from previous models that emphasized cost control and scale [4][5]. Group 3: Overcoming the "Middle-Income Trap" - The "middle-income trap" is characterized by a reliance on capital and labor for productivity gains, which leads to diminishing returns; the new "three essentials" aim to reshape the mechanisms of productivity formation [7][8]. - AI, robotics, and innovative pharmaceuticals are positioned to significantly lower marginal costs in research and development, thereby fostering a culture of continuous innovation [7][8]. Group 4: Strategic Importance - The development of the new "three essentials" is not only an economic issue but also a matter of national security, as it encompasses technology, biological, and data security within a unified framework [5][10]. - The strategic significance of these industries lies in their potential to enhance China's long-term competitiveness and resilience in the face of global technological competition [5][10]. Group 5: Robotics Industry Insights - China is positioned at a critical juncture in the robotics industry, with a comprehensive supply chain and rapid response capabilities, making it a leader in global robot applications [13][14]. - The country has made significant strides in patenting and innovation within the robotics sector, although challenges remain in high-end components and core technologies [13][14]. Group 6: AI Development Challenges - China's AI sector benefits from vast data resources and diverse application scenarios, yet it faces limitations in foundational technologies such as computing power and core algorithms [16][17]. - To transition from a partial leader to a comprehensive leader in AI, China must invest in high-end chips, algorithm development, and international standards [16][17]. Group 7: Innovative Pharmaceuticals - The growth in outbound transactions for innovative pharmaceuticals indicates a shift from passive participation to active engagement in global markets, although the proportion of original drugs remains low [19][20]. - The industry is moving towards a more competitive stance, with improvements in target selection and clinical validation capabilities, but still faces challenges in foundational research and global clinical trial leadership [21][20]. Group 8: Addressing Core Technology Dependencies - China's large market and engineering capabilities can mitigate risks associated with core technology dependencies, but they cannot replace the need for sustained investment in foundational technologies [23][24]. - A dual approach of fostering independent research and building a diverse technological ecosystem is essential for reducing systemic risks and enhancing strategic resilience [26][27].