Southern Fund's Zhang Yanmin: AI Does Not Yet Offer Mid-Term Cost-Effectiveness, Three Issues Deserve Attention

Zhang Yanmin of Southern Fund stated in the third-quarter report that the momentum consensus on AI has receded, and the current convergence is far from sufficient in both time and magnitude; AI does not yet offer mid-term cost-effectiveness. He also believes that AI has not changed the core constraint that innovative drugs ultimately require clinical validation, and that the market may overestimate its short-term financial contribution while underestimating its long-term impact on the way R&D is organized. On overseas expansion, companies that gain share merely by suppressing costs and expanding capacity face multiplied profit risks under trade barriers.