Tianfeng Securities says AI4S has entered a 3.0 phase, with research agents and unmanned labs accelerating a shift in the research paradigm. AI drug discovery is moving from model innovation toward a closed-loop dry–wet cycle, prompting early demand growth for upstream R&D service providers. Improved innovative-drug financing and rising outsourcing rates are creating a new cyclical upswing for Chinese CXO (CRO/CDMO) firms; scale concentration, new molecular classes and globalization should suppo

Tianfeng Securities says AI4S has entered a 3.0 phase, with research agents and unmanned labs accelerating a shift in the research paradigm. AI drug discovery is moving from model innovation toward a closed-loop dry–wet cycle, prompting early demand growth for upstream R&D service providers. Improved innovative-drug financing and rising outsourcing rates are creating a new cyclical upswing for Chinese CXO (CRO/CDMO) firms; scale concentration, new molecular classes and globalization should support earnings and valuation re-rating.