12月30日，英矽智能在港交所敲钟，成了港股「AI制药第一股」。我刷到这条新闻时，第一反应是：又有朋友要问「这股票能不能买」了吧？果然下 午就有同事发来消息：「AI制药这么火，英矽智能是不是要涨？我赶紧加个仓？」 我没直接回他，反而问：「去年你跟着某AI公司融资消息买股，亏了20%的事，忘了？」他顿了顿，回我：「那不一样，这次是上市啊！」 还有一次，我买了只医药股，看着一路跌，可每次跌两天就反弹，我想着「要反弹了」，结果越套越深。后来查「机构库存」，才发现反弹的时候根 本没有机构参与——都是小资金在自救，能不继续跌吗？ 其实我懂他的心情——总觉得「大消息」肯定能带动股价，可现实是，很多利好出来后，股票要么涨一下就跌，要么根本不涨。问题到底出在哪？我 用自己踩过的坑，给大家说清楚。 一、 利好消息没用？因为你没看真实交易 我之前有个同事，去年听说某AI公司要拿大额融资，连夜加了仓。结果消息出来当天，股票涨了3%，可第二天就开始跌，半个月跌了15%。他来找我 吐槽：「利好都是骗人的！」 我打开手机里的大数据工具给他看：「不是利好骗人，是你没看背后的交易。」那只股票当时的「机构库存」数据——就是反映机构大资金交易活 ...

智通财经APP获悉，申万宏源发布研报称，晶泰控股(02228)依托"物理计算+AI+机器人"核心技术，构 建了从算法、引擎到自动化实验室的早期药物研发完整闭环。公司业务已实现从AI制药向更广阔 的"AI4S"平台延伸，其底层技术不仅能加速创新药研发各环节，也具备向新材料等领域迁移的潜力，展 现出强大的技术广度与平台化价值。首次覆盖给予"买入"评级。 1）加速创新药发展，通过切入靶点发现-苗头化合物筛选-先导化合物优化-临床前研究关键环节提效， 多项案例证实AI实际提效作用，新药空间从小分子到大分子到多肽逐步扩展。2）技术端从辅助设计到 生成创造，主流AI制药公司各有所长，以数据壁垒、技术广度评估，晶泰具备优势。3）底层技术逻辑 能够迁移至新材料等领域，仅考虑AI4S在药研和材料研发两大领域，远期AI服务空间可达近500亿美 元。 申万宏源主要观点如下： 晶泰同时拥有干湿实验室能力，从医药到AI4S全面布局 25H1，公司拿单加速，业务突破进展：与DoveTree开展合作，多管线均达到重要里程碑，合作孵化的 两条管线取得重要进展。公司基于模型与数据驱动向化学领域突破：1）成功建立覆盖常见反应类型的 可合成型预测 ...

Core Viewpoint - Via Biotechnology (01873) experienced a significant stock price increase of over 20% following the release of its interim results, indicating positive market sentiment despite a decline in revenue [1] Financial Performance - For the six months ending June 30, 2025, the company reported revenue of 832 million RMB, a year-on-year decrease of 15.27% [1] - Shareholder profit attributable to the company was 122 million RMB, reflecting a year-on-year increase of 4.28% [1] - Basic earnings per share were reported at 0.06 RMB [1] - The gross profit margin improved to 40.8%, an increase of 6.3 percentage points compared to the same period last year, attributed to optimization in business structure and operational efficiency [1] AI Pharmaceutical Development - Via Biotechnology has been investing in AI pharmaceutical development for the past five years, with AI-related orders now accounting for 12% of new signed orders, showing a growth trend [1] - According to Guojun International, significant transactions in AI drug development have occurred in the last five years, totaling over 50 billion USD [1] - The development of generative AI in pharmaceuticals emphasizes the importance of building leading model barriers over time, with efficiency in model development and training experience being crucial [1] - Collaborations with large pharmaceutical companies in AI research and development create a positive feedback loop in data and model construction, enhancing the competitive moat of leading firms [1]

Core Viewpoint - The article emphasizes that AI is not just a trend but a transformative technology that can revolutionize various industries, particularly in the pharmaceutical sector, where it can significantly enhance drug development processes [2][3]. Market Demand - A sustainable AI business model requires a real market demand with tangible application scenarios, addressing customer pain points and ensuring strong payment capabilities from customers [4]. - The pharmaceutical industry is identified as an ideal sector due to its urgent need for AI in drug development, which is costly and time-consuming, with global top ten pharmaceutical companies expected to invest over $120 billion in R&D in 2024 [5]. Technological Maturity - AI must possess the capability to solve customer pain points, and the industry should have a data-rich environment to facilitate AI training and improvement [4][5]. - The drug development process generates vast amounts of data, making it a data-intensive and capital-heavy industry, particularly in the stages of drug molecule screening and design [5]. Human Element - The third critical factor for establishing a sustainable AI company is the human element, exemplified by the founding team of CrystalTech, which was established by three MIT postdoctoral researchers in quantum physics [7]. - CrystalTech has expanded its AI-driven capabilities beyond pharmaceuticals into materials science, petrochemicals, renewable energy, and agriculture, and is recognized as the first AI pharmaceutical company listed on the Hong Kong Stock Exchange with a market value exceeding HKD 20 billion [8]. AI in Drug Development - AI's role in drug development includes predicting protein structures, which is crucial for identifying drug targets and designing effective drug molecules [12][13]. - The integration of AI allows for a significant reduction in the time and cost associated with drug development by enabling virtual experiments and high-throughput synthesis of candidate molecules [16][21]. Collaboration of AI and Experiments - AI serves as an enabler rather than a complete replacement in drug development, necessitating a combination of computational simulations and real-world experiments to optimize the drug discovery process [22]. - The collaboration between AI-driven simulations and laboratory experiments provides timely feedback for model training and algorithm optimization, highlighting the interdependence of both approaches [22]. Investment and Growth - CrystalTech's early investments were influenced by the growing interest in biomedicine and the application of AI technologies, with significant backing from notable investors like Tencent [28][31]. - The company has focused on its core mission rather than chasing trends, which has positioned it well for success as the AI wave continues to evolve [32]. Future of AI in Industries - The article suggests that industries with easier and cheaper data acquisition will experience faster and deeper changes due to AI, with the pharmaceutical sector being a prime example [34]. - The early stages of drug discovery are highlighted as particularly advantageous for AI applications due to lower experimental costs and the ability to generate large datasets [34][35].