记者丨崔文静 编辑丨包芳鸣 21世纪经济报道记者专访中国银河证券首席经济学家、研究院院长、中国银河国际副行政总裁章俊，深度解析新"新三样"如何成为未来产业 的"技术底座"。 中国银河证券首席经济学家、研究院院长、中国银河国际副行政总裁章俊 受访者供图 产业升级逻辑之变，从"做多少"转向"谁定义" 21世纪：机器人、人工智能、创新药为何能成为中国的新"新三样"？ 章俊：这三者能成为新 "新三样"，并非产业偏好的简单切换，而是基于"两个变局、一个飞跃"的背景，对增长范式和竞争逻辑的系统性重 估。随着人口、土地、全球三大红利边际递减，传统依靠要素投入扩张和规模复制的发展路径，回报已明显下降。与此同时，以技术突破和原 始创新为核心的新一轮增长红利正加速孕育。在此形势下，如果继续在旧产业路径上加码，不仅难以支撑中长期发展目标，反而可能陷入"中 等技术陷阱"。 从产业维度看，"新三样"更多聚焦于成熟技术的工程化放大，竞争优势集中体现在成本控制、产能规模和产业链完整度上，本质上仍属于追赶 型、规模经济驱动的升级模式。而机器人、人工智能和创新药所代表的新"新三样"，核心约束并非资本和劳动力，而是算法能力、算力体系、 基础模型 ...

Core Viewpoint - The emergence of new "new three samples" (robots, artificial intelligence, and innovative drugs) signifies a deeper industrial transformation in China, moving towards high-quality economic development and technological leadership [1][2][6]. Group 1: Industry Transformation - The new "new three samples" represent a shift from traditional factor-driven growth to new quality productivity-driven growth, highlighting the need for strategic industries to support this transition [2][7]. - Robots, AI, and innovative drugs are seen as the pillars of a technology-intensive, high-value-added new economy, marking a transition from scale advantage to technology leadership [2][8]. Group 2: Market Performance - The robot sector has gained significant market recognition, with companies like Huichuan Technology (300124.SZ) exceeding a market value of 200 billion yuan, and several stocks in this sector doubling in price this year [4]. - In the AI sector, companies like "Ji Lian Hai" and "Yi Zhong Tian" have shown remarkable performance, achieving explosive growth in both earnings and stock prices [4]. - The innovative drug sector is represented by companies like Hengrui Medicine (600276.SH), nearing a market value of 500 billion yuan, and BeiGene (06160.HK), which has achieved profitability for the first time [4][19]. Group 3: Policy Support - The Chinese government has issued the "Artificial Intelligence+" action plan, emphasizing the strategic importance of AI in industrial development [3][17]. - Recent policies have been introduced to support the innovative drug sector, including measures to enhance the approval process for clinical trials and promote international market development [20][21]. Group 4: Global Positioning - China's new "new three samples" are transitioning from "catching up" to "leading," with robots entering the first tier globally, AI making strides in application, and innovative drugs rapidly advancing through international collaboration [4][22][23]. - The robot industry has maintained its position as the largest industrial robot market globally, with sales reaching 302,000 units in 2024 [22]. - The AI sector is projected to exceed 700 billion yuan in scale by 2024, driven by extensive application scenarios and data resources [22]. Group 5: Challenges and Bottlenecks - Despite progress, challenges remain in critical areas such as high-end servo motors, AI computing chips, and innovative drug target discovery, which require ongoing policy support and investment in foundational technologies [5][25]. - The robot sector still relies on imports for key components, while the AI sector faces risks related to computing power and infrastructure [25]. Group 6: Future Directions - To enhance competitiveness in the new "new three samples," policies should focus on data openness, regulatory reforms, and infrastructure development to support AI and innovative drug sectors [26][27][28]. - The establishment of a dynamic regulatory framework and international collaboration is essential for fostering innovation and ensuring long-term competitiveness [28].