AI and robots are still in the “hype expectation” phase of strategic investment, with a chaotic commercialization path and application scenarios lagging behind technological hype. The demand for shovels (AI computing power and chips) has surged, but AI companies and humanoid robots have yet to see signs of profitability. There are breakthroughs in the B2B market, but the B2C consumer market still requires dual breakthroughs in technology and cost, with the profitability cycle far exceeding investors’ tolerance. The “G-point” for investors and stock prices lies in imagination.
Similarly, the Chinese innovative pharmaceutical industry is driven by policy dividends and technological breakthroughs, entering a golden harvest period. From the beginning of 2025 to now, the total amount of domestic innovative pharmaceutical BD overseas transactions has reached $45.5 billion, with an upfront payment of $2.2 billion. During this period, there were 18 License-out transactions where the “upfront payment + milestone payment” exceeded $500 million. Since 2025, 42% of MNC License-in projects with upfront payments exceeding $50 million have come from China. The industry can move away from conceptual hype, and the “G-point” for investors and stock prices lies in performance and revenue verification.
From the current investment perspective, innovative pharmaceuticals have reached a harvest period, with new drugs continuously being launched and pipeline BD providing MNCs with returns in dollars domestically. Additionally, there is no industry in China that is not competitive; innovative pharmaceuticals still have patent protection and market exclusivity. Even if AI accelerates the emergence of new targets, it will still require an extremely long time for clinical validation of efficacy and safety. In contrast, the competition in AI humanoid robots is more brutal, with everyone rushing in.
Embrace innovative pharmaceuticals! Stay away from speculation and embrace industry trends.