Founder: AI reconstructs the pharmaceutical industry chain ecology, focusing on the long-term incremental value direction.

Founder released a research report suggesting the direction of "technological breakthrough certainty (AI pharmaceuticals) + rigid demand for infrastructure (equipment/data) + service supply to fee payment forming a complete commercial chain (health management)". 1) AI + Pharmaceuticals: The world's first AI-dominant designed idiopathic pulmonary fibrosis drug INS018_055 has entered phase II clinical trials, with its preclinical period compressed to 30 months, and domestic companies are deeply involved in the global innovation chain; 2) AI + basic research: multi-omics (genomics/proteomics, etc.) data-driven disease mechanism breakthroughs, domestic research equipment substitution accelerated; 3) AI + diagnosis and treatment: revolutionizing diagnostic efficiency + increasing surgical precision; 4) AI + health management: digital restructuring of the chronic disease management market, enhancing clarity for payers (medical insurance/commercial insurance). The main viewpoints of Founder are as follows: AI technology is empowering the pharmaceutical industry through multiple dimensions, significantly accelerating basic research and drug development processes. In the field of biomedical basic research, AI integrates genomics, transcriptomics, proteomics, and metabolomics data (i.e. "multi-omics research") to rapidly establish logical relationships between disease mechanisms and drug targets. AI pharmaceuticals are expected to achieve breakthroughs from 0 to 1, with AI-assisted drug screening entering a breakthrough point in drug development. AI is driving the medical industry to generate new growth poles, with continued optimism for the revolutionary potential of AI + healthcare in pharmaceuticals, basic research, diagnosis and treatment, and health management. 1) Focusing on the two major rigid demand tracks of data and equipment, with medical data elements (especially ToC health management data) being the core resources for AI model training, and gene sequencers as underlying core equipment benefiting from accelerated domestic substitution; 2) AI pharmaceuticals are reaching a critical catalytic node, with the world's first AI-designed drug INS018_055 (idiopathic pulmonary fibrosis) entering phase II clinical trials, compressing the preclinical period by 60%, and leading domestic CROs like WuXi AppTec deeply integrating into the global pharmaceutical innovation chain; 3) AI health management is accelerating its landing on the terminal side, with the chronic disease management market implementing a "data collection - AI diagnosis - medical insurance/commercial insurance payment" closed loop through home medical IoT devices (such as Sinocare Inc. CGM, Jiangsu Yuyue Medical Equipment & Supply blood pressure monitors), with the policy end of the National Big Data Bureau promoting the opening of medical data elements, further unlocking commercial potential. Risks include: increased industry competition risks, new product updates falling short of expectations risks, changes in macroeconomic conditions risks, data security risks, downstream demand falling short of expectations risks, and other systemic risks.