中邮证券：医药行业AI制药从降本增效到分子创新 数据生产构筑长期壁垒

Core Insights - The investment value in the AI+pharmaceutical industry lies in understanding the current role of AI, its business models, growth potential, key growth factors, and competitive barriers [1] Group 1: Role of AI in Pharmaceuticals - AI enhances efficiency and innovation in drug development, particularly in preclinical phases by significantly reducing the number of compounds needed for real trials, thus shortening development cycles and lowering costs [2] - Current AI molecular advancements, such as TNIK, are entering clinical phase II, indicating potential for realizing innovative value [2] Group 2: Market Size and Trends - The global market for AI-enabled drug development is projected to grow from $11.9 billion in 2023 to $74.6 billion by 2032, with a CAGR of 22.6% [3] - AI+CRO/AI+Biotech is seen as a major trend for companies to generate revenue quickly while enhancing their algorithm models through collaborative projects [3] Group 3: Core Competitiveness - The integration of algorithms and high-quality data is crucial for technological advancement in the industry, with a focus on producing high-quality data rather than merely accumulating traditional trial data [4] - The scarcity of high-quality data is attributed to stringent requirements for training sets and the existence of "data silos," which are unlikely to change in the long term, making data production capability a core competitive advantage [4] - Companies to watch include leading players such as InSilico Medicine, CrystalVue, Hongbo Pharmaceutical, and Chengdu XianDao, as the industry may exhibit a Matthew effect [4]