国内外两大巨头纷纷大动作，行业传统范式正在重塑！机构建议把握商业验证与临床验证两条主线，产业链相关公司梳理

同花顺10-28

聊点事：当地时间10月27日，Anthropic宣布，其在加速药物研发方面取得初步进展。Anthropic生命科学团队已与百时美施贵宝（BMY）、generate biomedicines（GENB）等六家新药研发机构建立深度研究合作，并启动自主药物发现项目，首个方向为罕见儿童肌肉萎缩症，由Claude承担大部分科学和运营工作。Anthropic还收购Mithril Medicine，以开展罕见病...

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Institutions recommend focusing on two main themes: commercial validation and clinical validation, and reviewing related companies in the industry chain.","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"BMY":1.89,"FTXH":0.6,"IHE":0.6},"content_text":"聊点事：当地时间10月27日，Anthropic宣布，其在加速药物研发方面取得初步进展。Anthropic生命科学团队已与百时美施贵宝（BMY）、generate biomedicines（GENB）等六家新药研发机构建立深度研究合作，并启动自主药物发现项目，首个方向为罕见儿童肌肉萎缩症，由Claude承担大部分科学和运营工作。Anthropic还收购Mithril Medicine，以开展罕见病项目。 Anthropic表示，随着药物项目推进，计划继续将Claude的应用范围拓展至临床试验领域。希望与药物研发研究人员共享模型，与尽可能多的研究人员分享，并期待与更多机构合作。国内方面，AI Native生物制药公司百奥几何(BioGeometry)完成A+轮融资。至此，公司A轮系列融资超1亿美元。本轮融资由国寿资本领投，老股东上海生物医药基金再度加码。国开科创、瑞力投资、国方创投（885413）及头部生物医药产业方等多家机构跟投，老股东达晨财智持续加注。据了解，本轮融资将重点用于GeoFlow(分子水平)与GeoCell(细胞水平)两大微观世界模型的持续迭代、高通（QCOM）量自动化实验室扩建和自研药物管线的商业化落地。讲逻辑：中信建投证券（HK6066）指出，AI加速重塑制药传统研发范式。药物作用本质上是分子与体内靶点的相互作用，传统药物研发面临埃鲁姆定律的底层痛点。AI技术已全面渗透至靶点识别、虚拟筛选、全新设计、ADMET预测以及自动化合成等核心环节，有效破解传统制药研发过程中面临的高通（QCOM）量物理盲筛的通量极限，大幅提升制药效率与成功率。中信建投（601066）最新研报指出，AI制药领域正经历着快速的迭代和变革，算法的更新迭代和算力的支持为AI在制药领域的应用打下了良好的技术基础。传统药物开发过程花费时间长、成本高，且成功率较低，随着已有靶点的新药陆续获批，新药开发难度逐渐上升。目前AI在结构预测、靶点筛选、虚拟筛选、分子生成及多参数优化等早期环节已体现效率价值，有望缩小候选分子范围、减少低价值实验并降低单个合格Hit的发现成本。相关干实验投入增加以及湿实验需求的持续增长有望为下游产业链持续带来增量。海通国际证券表示，AI制药的长期能力边界取决于有效数据、算法、算力的共同进步。结构预测、分子设计和部分结合问题具有较强的可计算属性，因此随着模型规模扩大、算法优化及算力提升，蛋白结构预测、结合预测等环节有望持续受益于规模效应而进一步提升效率与准确性，但当研发进一步进入功能验证、疾病表型、动物—人体转化及临床疗效等环节后，问题开始涉及高度复杂、动态且依赖具体生理背景的生物系统。因此，单纯提升算力与优化算法难以弥补数据缺口，实验闭环仍是AI制药能力提升的关键。国内AI制药公司亦开始探索模型训练与部署的商业模式。英硅智能（HK3696）的模型训练业务覆盖专用模型和科学基础模型两方面，一方面，公司可利用客户授权的私有实验数据，通过Pharma.AI训练针对药物活性、成药性或生物大分子性质的项目专用预测模型，另一方面，公司推出科学多模态人工智能（885728）训练框架(MMAI Gym)，面向药企、AI公司及科研机构，提供科学基础模型后训练、能力评测和本地化部署服务。2026年3月，公司与Liquid AI合作，并交付了一款参数规模为26亿的本地化科研模型，并与Human Longevity联合开发长寿科学基础模型。东北证券（000686）指出，AI制药通过人工智能（885728）与计算模拟、实验验证相结合，辅助完成靶点发现、分子设计、性质预测及递送制剂优化，是医药研发数智化的重要方向。目前行业已形成小分子设计、生物药研发、递送与制剂优化等主要技术切入路径，逐步构建“计算设计—实验验证—数据反馈”的研发闭环，正由单点工具应用迈向平台化交付与临床验证阶段。市场空间：研发提效需求明确，AI相关投入加速增长。根据弗若斯特沙利文报告，全球药物研发支出预计由2023年的2,605亿美元增至2030年的3,943亿美元，年复合增长率为6.1%；全球AI赋能药物研发支出由2023年的119亿美元增至2032年的746亿美元，年复合增长率约22.6%。研发投入扩容与效率提升需求共同支撑行业发展，平台实际收入空间则取决于药企外部采购、服务范围及资产权益分配。聚焦成果转化，把握商业验证与临床验证两条主线。当前AI制药处于技术应用向商业兑现深化的阶段，短期看药企合作及平台交付，中长期看临床证据与药物资产价值释放。更值得重视的是具备跨项目复制能力、清晰成果权益和合理资金投入的企业。重点跟踪大型药企合作扩展、关键临床数据、实际里程碑付款及现金流改善，警惕单笔授权收入和个别成功案例带来的过度外推。选标的：中信建投（601066）指出，AI制药行业长期成长空间广阔，产业链相关公司包括：1)湿实验服务商：金斯瑞生物、twist bioscience（TWST）、药明生物（HK2269）、义翘神州（301047）、百普赛斯（301080）、近岸蛋白（688137）等；2)海外巨头：Anthropic、Isomorphic Labs、Chai Discovery；3)AI制药标的：英硅智能（HK3696）、剂泰科技、晶泰科技。","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"isLaohu8Offline":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.53.0","shortVersion":"4.53.0","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2678432656","isCrawlerRequest":true}