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, and innovative pharmaceuticals, referred to as the new "three new things" [1][4]. Industry Transition - The shift in industrial logic is moving from "how much to produce" to "who defines the technology path" and "who holds the core intellectual property" [2][4]. - The new "three new things" focus on technological breakthroughs rather than merely scaling existing technologies, emphasizing efficiency gains through innovation [4][7]. National Strategy - The development direction reflects a significant upgrade in the concept of industrial security, incorporating technology, biological, and data security into a unified framework [5]. - The new "three new things" are seen as critical for enhancing national competitiveness and addressing long-term challenges related to population structure and health security [5][10]. 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 [7]. - The new "three new things" aim to reshape the mechanism of productivity formation, focusing on efficiency leaps rather than factor accumulation [7][8]. Structural Opportunities - The new "three new things" represent strategic points for China to extend upward and outward in the global industrial chain, avoiding passive "follower" paths [10][11]. - Robotics, AI, and innovative pharmaceuticals are positioned as foundational technologies that can drive overall industrial upgrades and enhance productivity [10][11]. Robotics Industry Insights - China has a comprehensive and responsive robotics industry chain, with significant advantages in production scale and application diversity [12][13]. - The country is approaching the global forefront in robotics applications, but still faces challenges in high-end components and core technologies [13]. AI Development - China possesses unique advantages in AI due to its vast data resources and diverse application scenarios, but still needs breakthroughs in foundational technologies [15]. - The development of AI is seen as a dual challenge, requiring both data utilization and advancements in core algorithms and hardware [15]. Innovative Pharmaceuticals - The growth in outbound transactions indicates that Chinese pharmaceutical companies are gaining recognition in global markets, but the proportion of original drugs remains low [17][18]. - Achieving leadership in global pharmaceutical markets requires breakthroughs in original drug development and clinical trial capabilities [18]. Addressing Core Technology Dependencies - China must focus on self-research and building a diverse technological ecosystem to mitigate risks associated with reliance on foreign core components [22][23]. - South-South cooperation is highlighted as a potential strategy to enhance technological resilience and expand market opportunities [23]. Future Technological Foundation - The new "three new things" are positioned as a sustainable technological foundation for future industrial development, with robotics, AI, and innovative pharmaceuticals serving as key modules [25][26]. - This framework aims to support long-term growth and adaptability in various industries, addressing critical societal needs and enhancing national research capabilities [26][28].