Shenwan Hongyuan Securities·2026-03-02 09:46Investment Rating - The report maintains an "optimistic" rating for the AI4S industry, highlighting its role as a key multiplier for new productive forces and future industry development, supported by policy backing and technological penetration [6]. Core Insights - AI4S is positioned as the first priority in the "Artificial Intelligence+" action plan, emphasizing its significance in accelerating scientific discovery and enhancing research and development efficiency across various fields [15][17]. - The report outlines a clear investment strategy along the technology chain, focusing on core segments with high potential in AI4S, including upstream dedicated computing power, midstream cross-scale computing, and downstream innovative materials and drugs [6][8]. - The report emphasizes the importance of understanding the technology chain and ROI of AI4S, which can lead to significant cost savings and efficiency improvements in research and development [6][23]. Summary by Sections 1. Overview of AI4S - AI4S is recognized as a foundational technology that permeates various basic scientific research fields and is crucial for international competitive domains [14][19]. - The report categorizes AI4S into narrow and broad definitions, with narrow AI4S focusing on specific applications in pharmaceuticals and materials, while broad AI4S encompasses a wider range of scientific disciplines [19][44]. 2. Technology Chain and ROI - The report details a six-layer breakdown of the technology chain from micro to macro levels, illustrating how AI can achieve a "structure-performance" mapping [23][24]. - It provides analogies to help investors understand the complex technical aspects of AI4S, comparing it to investment decision-making processes and deep learning image recognition [39][43]. 3. Industry Chain Analysis - The AI4S industry chain is segmented into upstream, midstream, and downstream components, focusing on dedicated computing power, cross-scale computing platforms, and applications in materials and pharmaceuticals [8][21]. - The report identifies key players in both secondary and primary markets, highlighting companies with significant potential for growth and innovation in the AI4S space [6][21]. 4. Market Participants - The report lists various companies in the secondary market, such as JingTai Holdings and Ningde Times, which are positioned at the intersection of AI4S and their respective industries [6][21]. - It also mentions primary market representatives like SiLang Technology and DeepForce Technology, indicating their potential for capital market entry [6][21].