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Core Viewpoint - The Nasdaq-100 Index is undergoing its annual reconstitution, adding six new companies and removing six others, effective December 22 [1]. Group 1: Companies Added to the Index - The six companies being added to the Nasdaq-100 Index are Alnylam Pharmaceuticals, Ferrovial SE, Insmed Inc., Monolithic Power Systems, Seagate Technology Holdings, and Western Digital Corp [2]. Group 2: Companies Removed from the Index - The six companies being removed from the index include Biogen Inc., CDW Corporation, GlobalFoundries Inc., Lululemon Athletica Inc., ON Semiconductor Corporation, and The Trade Desk, Inc [3]. Group 3: Performance of Newly Added Companies - Seagate Technology Holdings and Western Digital Corp. have seen significant stock price increases due to rising demand for storage products driven by the AI boom, with Seagate's stock up 232.96% and Western Digital's up 277.04% year-to-date [3]. - Alnylam Pharmaceuticals reported an adjusted earnings of $2.90 per share in Q3, a turnaround from a loss of $0.50 a year ago, with quarterly sales increasing by 149% year-over-year to $1.25 billion, surpassing the consensus estimate of $977.79 million; the stock has surged 70.17% year-to-date [4]. Group 4: Performance of Removed Companies - Lululemon Athletica Inc. has experienced a stock decline of 44.95% year-to-date, despite reporting a solid Q3 earnings beat and raising its full-year forecast; the company saw a 2% dip in North American revenue but strong international growth with a 33% increase in revenue and 18% rise in comparable sales [6]. Group 5: Related Market Movements - Walmart missed inclusion in the Nasdaq-100 due to a late switch to Nasdaq, moving from the New York Stock Exchange after the qualification deadline [5]. - The Nasdaq reconstitution follows the S&P 500's quarterly rebalance, with Carvana, CRH Plc, and Comfort Systems USA set to join the S&P 500, while LKQ Corp, Solstice Advanced Materials, and Mohawk Industries are being removed [7].

Core Insights - Eisai's Leqembi has been highlighted for its potential to slow the progression of Alzheimer's disease, despite the CTAD conference yielding no major breakthroughs in treatment [1] Group 1: Alzheimer's Disease Research - The article emphasizes that Alzheimer's disease is primarily caused by oxidation and nitration, with many current treatments only addressing symptoms rather than the root causes [1] - Most Alzheimer's treatments focus on misfolded amyloid and tau proteins and neuroinflammation, but few target oxidative and nitrostative stress directly [1] - Natural products like panax ginseng and essential oils are suggested to have the potential to stabilize Alzheimer's disease by inhibiting oxidation and nitration [1]

Core Viewpoint - Nasdaq announced changes to the Nasdaq-100 index, with six companies being added and six companies being removed, effective December 22 [1] Group 1: Companies Added - The following six companies will be added to the Nasdaq-100 index: - Enliven Therapeutics - Ferrovia Group - Insmed - Monolithic Power Systems - Seagate Technology Holdings - Western Digital [1] Group 2: Companies Removed - The following six companies will be removed from the Nasdaq-100 index: - Biogen - CDW - GlobalFoundries - Lululemon Athletica - ON Semiconductor - The Trade Desk [1]

Core Viewpoint - Wells Fargo raised the target price for Boehringer Ingelheim from $155 to $190 while maintaining a "Hold" rating [1] Group 1 - The target price adjustment reflects a positive outlook on Boehringer Ingelheim's performance [1] - The "Hold" rating indicates a cautious approach towards investment in Boehringer Ingelheim despite the price increase [1]

Core Viewpoint - The article summarizes the latest analyst ratings from Wall Street, highlighting significant upgrades, downgrades, and new coverage that could impact market sentiment and investment decisions [1][6]. Upgrades - Oppenheimer upgraded General Electric Energy (GEV) from "Hold" to "Outperform," setting a target price of $855, citing improved pricing and sales, along with enhanced factory utilization and operational efficiency [5]. - JPMorgan raised PepsiCo (PEP) from "Neutral" to "Overweight," increasing the target price from $151 to $164, due to the company's accelerated innovation and marketing spending [5]. - HSBC upgraded AbbVie (ABBV) from "Hold" to "Buy," with a target price increase from $225 to $265, noting the company's growth momentum and strong execution capabilities [5]. - Morgan Stanley raised Terex (TEX) from "Equal Weight" to "Overweight," with a target price increase from $47 to $60, as the company's performance has rebounded and its business mix has improved [5]. - Oppenheimer upgraded Dyne Therapeutics (DYN) from "Hold" to "Outperform," significantly raising the target price from $11 to $40, highlighting the stock's undervaluation compared to its competitor Avidity [5]. Downgrades - HSBC downgraded Biogen (BIIB) from "Hold" to "Reduce," with a slight target price decrease from $144 to $143, citing the poor performance of its multiple sclerosis business [5]. - Jefferies lowered Emerson Electric (EMR) from "Buy" to "Hold," maintaining a target price of $145, indicating limited short-term upside due to the company's recent performance outlook [5]. - JPMorgan downgraded Noble Energy (NE) from "Overweight" to "Neutral," raising the target price from $31 to $33, while expressing caution about upstream capital expenditures [5]. - Jefferies downgraded Rexnord (RRX) from "Buy" to "Hold," reducing the target price from $170 to $160, noting that the company's transformation plan is taking longer than expected [5]. - Jefferies lowered Vail Resorts (VLTO) from "Buy" to "Hold," with a target price decrease from $125 to $105, stating that the current stock price reflects the company's stable demand and strong returns [5]. New Coverage - Guggenheim initiated coverage on Amazon (AMZN) with a "Buy" rating and a target price of $300, suggesting that the retail sector is showing signs of improvement despite previous concerns [9]. - B. Riley initiated coverage on Roblox (RBLX) with a "Buy" rating and a target price of $125, highlighting the company's strong long-term fundamentals [13]. - Cowen initiated coverage on Sensata Technologies (IOT) with an "Outperform" rating and a target price of $55, believing the company's platform aligns well with the $45 trillion "physical operations" industry [13]. - B. Riley initiated coverage on Take-Two (TTWO) with a "Buy" rating and a target price of $300, driven by the anticipated release of Grand Theft Auto 6 in November 2026 [13]. - Canadian Imperial Bank of Commerce initiated coverage on Shark Ninja (SN) with a "Buy" rating and a target price of $135, viewing the company as a "category disruptor" [13].

Core Insights - Eisai Co., Ltd. and Biogen Inc. announced that their anti-Aβ protofibril antibody LEQEMBI has been included in China's "Commercial Insurance Innovative Drug List," enhancing access to early Alzheimer's Disease treatment in the country [1][2] Group 1: Product and Market Impact - The inclusion of LEQEMBI in the Commercial Insurance Innovative Drug List is a significant step towards improving access to innovative medicines in China, addressing the coverage gap between basic reimbursement and innovative treatments [2] - Eisai estimates that there were 17 million patients with mild cognitive impairment or mild dementia due to Alzheimer's Disease in China in 2024, a number expected to rise with the aging population [3] - LEQEMBI was launched in China in June 2024 and is currently available in the private market [3] Group 2: Development and Collaboration - Eisai leads the global development and regulatory submissions for LEQEMBI, with both Eisai and Biogen co-commercializing and co-promoting the product [4][9] - The drug is a result of a strategic research alliance between Eisai and BioArctic, targeting aggregated soluble and insoluble forms of amyloid-beta [7][10] - LEQEMBI has been approved in 51 countries and is under regulatory review in 9 additional countries, with various dosing regimens approved [7] Group 3: Clinical Studies and Research - Ongoing clinical studies include the Phase 3 AHEAD 3-45 study for individuals with preclinical Alzheimer's Disease, funded by the National Institute on Aging and conducted in partnership with the Alzheimer's Clinical Trial Consortium [8] - The Tau NexGen clinical study for Dominantly Inherited Alzheimer's Disease is also ongoing, incorporating lecanemab as a key therapy [8]

Core Insights - Biogen Inc. is a leading biotech firm with a market cap of $26.6 billion, focusing on innovative science to develop new medicines and create value for stakeholders [1][2] - The company has shown strong stock performance, with a 28.9% increase over the past three months, significantly outperforming the Dow Jones Industrial Average [3] - Biogen's Q3 results exceeded expectations, with a 2.8% year-over-year revenue growth to $2.5 billion and a 17.9% increase in adjusted EPS to $4.81 [5] Company Performance - Biogen's stock reached a 52-week high of $185.17 and is currently trading 2.1% below that peak [3] - Year-to-date, BIIB stock has gained 18.6%, and over the past 52 weeks, it has increased by 13.8%, outperforming the Dow's 12.7% gains in 2025 [4] - The stock has consistently traded above its 50-day and 200-day moving averages, indicating a bullish trend [4] Competitive Position - Biogen has outperformed its peer, Sarepta Therapeutics, which experienced an 81.7% decline in 2025 and an 82.4% drop over the past 52 weeks [6] - Among 33 analysts covering BIIB stock, the consensus rating is a "Moderate Buy," with the stock trading slightly above the mean price target of $178.26 [6]

Core Insights - Zorevunersen shows potential as a disease-modifying therapy for Dravet syndrome, demonstrating durable seizure reductions and improvements in cognition, behavior, and quality of life in patients [1][3][4] Clinical Data - Long-term Phase 1/2a and open label extension (OLE) studies indicate significant reductions in seizure frequency and increased seizure-free days for patients treated with zorevunersen alongside standard anti-seizure medicines [1][3][4] - A propensity score weighted analysis revealed that patients receiving zorevunersen experienced statistically significant reductions in major motor seizure frequency at six months, consistent with the ongoing Phase 3 EMPEROR study [5][6] - Improvements in cognition and behavior were observed at 18 months, with several assessments reaching statistical significance [5][6] Mechanism of Action - Analysis of electroencephalogram (EEG) data supports a disease-modifying mechanism of action for zorevunersen, showing dose-dependent effects in decreasing abnormal brain activity associated with Dravet syndrome [2][7] Safety Profile - Zorevunersen has been generally well tolerated, with 30% of patients in Phase 1/2a studies and 53% in OLE studies experiencing treatment-emergent adverse events (TEAEs) [8] - The most common TEAE was CSF protein elevations, occurring in 14% of patients in Phase 1/2a and 45% in OLE studies, with no related clinical manifestations observed [8] Future Directions - The ongoing Phase 3 EMPEROR study aims to further evaluate the efficacy and safety of zorevunersen in children with Dravet syndrome, with a focus on seizure frequency and improvements in behavior and cognition [12] - The collaboration between Biogen and Stoke Therapeutics is expected to advance the development and commercialization of zorevunersen for Dravet syndrome [11][16]

Core Insights - Long-term treatment with LEQEMBI may delay the progression of Alzheimer's disease from Mild Cognitive Impairment (MCI) to moderate Alzheimer's by up to 8.3 years in low-amyloid patients who start treatment early [1][5][4] Group 1: Treatment Efficacy - Continued LEQEMBI treatment shows significant time savings in disease progression, with untreated patients progressing from MCI to mild AD in 7.2 years, while those on LEQEMBI take 9.7 years, indicating a time savings of 2.5 years [5] - In the low-amyloid group, the time to progression from MCI to mild AD was 13.2 years with LEQEMBI treatment, suggesting a time savings of 6.0 years [5] - The untreated group took 10.1 years to progress from MCI to moderate AD, while LEQEMBI treatment extended this to 13.6 years, indicating a time savings of 3.5 years [5] - For low-amyloid patients, the time to progression to moderate AD was extended to 18.4 years with LEQEMBI, suggesting a time savings of 8.3 years [5] Group 2: Safety and Administration - The subcutaneous formulation of lecanemab (LEQEMBI) has shown bioequivalence to intravenous dosing, with a 104% exposure ratio [6][7] - Safety evaluations indicated a low incidence of systemic infusion reactions (0% for 500 mg SC) compared to the IV group (26.4%) [8][9] - The incidence of amyloid-related imaging abnormalities (ARIA) was comparable between subcutaneous and intravenous administration, with ARIA-E observed in 13% of LEQEMBI patients [16][7] Group 3: Regulatory and Market Position - LEQEMBI has been approved in 51 countries, including Japan and the U.S., and is under regulatory review in 9 additional countries [34] - The U.S. FDA approved the subcutaneous maintenance dosing of LEQEMBI in August 2025, with a supplemental Biologics License Application for initiation treatment completed in November 2025 [1][34] - Eisai and Biogen are co-commercializing LEQEMBI, with Eisai leading the development and regulatory submissions globally [9][37]