2026年3月12日 AI医疗3月月报: 药物研发迈入临床验证关键期，辅助治疗实 现关键跨越 行业评级：增持 中航证券研究所发布 证券研究报告 请务必阅读正文后的免责条款部分 核心观点 Ø 核心观点： 海外方面，本月看点为AI+医疗从技术探索向商业化兑现深度转型，创新与规范并行发展，多赛道关键突破落地，资本与产业布局活跃。AI药物研发迈入临床转化关键期， 行业形成技术、算力、临床转化完整链条。Isomorphic Labs推出AlphaFold 4级IsoDDE引擎，礼来上线自研AI超级计算工厂LillyPod，全球首款全AI设计抗体药GB-0895启 动Ⅲ期临床，多方推动药物研发降本提效，打破行业传统研发魔咒。AI医疗器械与医学影像方面，临床落地加速、标准化推进。美敦力收购CathWorks完善AI心血管诊疗布局， 美国FDA批准两款AI影像系统，行业从硬件主导转向AI+数据融合，向规模化发展。AI临床辅助与健康管理方面，实现全场景渗透，效率提升与合规安全并重。临床端AI助力 病历自动化生成，实现规模化落地；健康管理端Oura推出女性健康专属AI大模型，推动精准健康管理垂直应用。同时，西奈山医学院研究揭示医 ...

当外界还在争论AI究竟只是药物研发的"辅助工具"还是能颠覆整个产业时，全球制药巨头们已经用真金白银做出了选择。 3月16日，罗氏宣布扩展其全球人工智能基础设施，正式部署由英伟达最新一代加速计算技术驱动的"人工智能工厂"。此次在美国和欧洲完成 了2176个高性能GPU的部署，使其本地和云端GPU基础设施总容量超过3500个Blackwell GPU。 罗氏声称，这是目前已公布的制药公司可用的最大GPU规模。 这并非个例。就在一个月前，礼来也正式启用了其医药AI工厂"LillyPod"，内置了1016颗英伟达Blackwell Ultra GPU，整体算力高达9000 Petaflops。更早之前，礼来与英伟达宣布将在五年内投入超10亿美元建立AI联合创新实验室。 当传统的"双十定律"（十年时间、十亿美元）愈发成为难以承受之重，AI被寄予厚望，成为打破僵局的那把钥匙。一场围绕"算力"和"AI基础 设施"的竞赛，正在全球顶尖药企之间悄然打响。 然而，21世纪经济报道记者在深入调研中发现，尽管赛道持续火热，融资额激增，但AI制药行业当下正处于一个充满矛盾的关键时期：巨头 疯狂扩张，资本理性回归，技术验证在即，商业痛点 ...

当外界还在争论AI究竟只是药物研发的"辅助工具"还是能颠覆整个产业时，全球制药巨头们已经用真金 白银做出了选择。 3月16日，罗氏宣布扩展其全球人工智能基础设施，正式部署由英伟达最新一代加速计算技术驱动的"人 工智能工厂"。此次在美国和欧洲完成了2176个高性能GPU的部署，使其本地和云端GPU基础设施总容 量超过3500个Blackwell GPU。 罗氏声称，这是目前已公布的制药公司可用的最大GPU规模。 这并非个例。就在一个月前，礼来也正式启用了其医药AI工厂"LillyPod"，内置了1016颗英伟达 Blackwell Ultra GPU，整体算力高达9000 Petaflops。更早之前，礼来与英伟达宣布将在五年内投入超10 亿美元建立AI联合创新实验室。 当传统的"双十定律"（十年时间、十亿美元）愈发成为难以承受之重，AI被寄予厚望，成为打破僵局的 那把钥匙。一场围绕"算力"和"AI基础设施"的竞赛，正在全球顶尖药企之间悄然打响。 然而，21世纪经济报道记者在深入调研中发现，尽管赛道持续火热，融资额激增，但AI制药行业当下 正处于一个充满矛盾的关键时期：巨头疯狂扩张，资本理性回归，技术验证在即， ...

Core Insights - Eli Lilly's stock has decreased by 2.9% year-to-date, currently priced around $1,044, while institutional investors have been increasing their holdings during this pullback [2]. Financial Performance - In Q4 2025, Eli Lilly reported revenue of $19.29 billion, surpassing the consensus estimate of $18.14 billion, and a non-GAAP EPS of $7.54, exceeding the estimate of $6.74 by nearly 12% [3]. - The previous quarter also saw revenue and EPS beats of 9.5% and over 19%, respectively, with prediction markets indicating a 99.9% probability of beating Q4 earnings [3]. Product Performance - Mounjaro generated $7.4 billion in Q4, reflecting a 110% year-over-year increase, while Zepbound contributed $4.2 billion, up 123% [4]. - Zepbound holds nearly 70% of new prescriptions in the branded obesity market, and Mounjaro commands over 55% of new prescriptions in the type 2 diabetes incretin market [4]. Institutional Ownership - Institutional ownership of Eli Lilly stands at 84.7%, with significant recent accumulation from various investors, including American Century and Andra AP fonden [5]. - The Wall Street consensus is overwhelmingly positive, with 24 buy ratings and only 1 sell, and an average price target of $1,214 [5]. Future Guidance - Management has guided for revenue between $80 billion and $83 billion in 2026, with non-GAAP EPS projected at $33.50 to $35.00 [6]. - The oral GLP-1 drug, orforglipron, is expected to receive FDA approval in Q2 2026, with a launch planned for chronic weight management in the US [6]. Research and Development - Retatrutide, a triple agonist, demonstrated an average weight loss of 29% at 68 weeks in the TRIUMPH-4 trial, along with a 76% reduction in knee pain scores [7]. - Eli Lilly's LillyPod supercomputer, built with Nvidia technology, is designed to enhance drug discovery through AI, making it the most powerful supercomputer owned by a pharmaceutical company [7]. Executive Activity - Eli Lilly's CEO and 12 executives collectively purchased $104 million in shares during February, indicating strong internal confidence in the company's future [8].