该公司表示，这项研究旨在评估Z-1018与Shingrix在50至69岁人群中的效果，该研究还显示，这款在研 疫苗具有良好的耐受性安全特征。 智通财经APP获悉，Dynavax Technologies(DVAX.US)上涨约7%，此前该公司宣布，其在研带状疱疹疫 苗Z-1018在Ⅰ/Ⅱ期试验中引发的免疫应答与葛兰素史克(GSK.US)的Shingrix疫苗相当。 这家总部位于加州埃默里维尔的生物科技公司援引该临床试验第一部分的顶线数据称，在为试验第二部 分选定的配方和给药方案下，Z-1018的综合疫苗应答率为89.7%，而Shingrix为90.3%。 Dynavax补充道，接受Z-1018接种的受试者中，分别有12.5%和27.5%出现2级或3级局部及全身性注射后 反应;而接受Shingrix接种的受试者中，这一比例分别为52.6%和63.2%。 该Ⅰ/Ⅱ期试验的第二部分将纳入70岁及以上成年人，预计于2025年下半年启动。 ...

Group 1 - The World Health Organization (WHO) is set to release new guidelines for GLP-1 therapies for treating adult obesity by September 2025, marking a significant policy shift in addressing the global obesity crisis [1] - The guidelines aim to clarify the clinical indications and applications of GLP-1 receptor agonists (RAs), which are expected to be the first officially recommended medications for adult obesity treatment by WHO [1] - In China, the diabetes prevalence has reached 11.9%, with a treatment rate of only 33%, indicating a substantial unmet medical need, particularly among the over 600 million overweight individuals [1] Group 2 - The GLP-1RA market in China grew from 9.62 billion yuan in 2020 to 10.74 billion yuan in 2023, with a compound annual growth rate (CAGR) of 3.7%. It is projected to reach 71.7 billion yuan by 2029, with a CAGR of 22.2% [2] - On June 26, 2024, a joint initiative by 16 departments in China to implement a "Weight Management Year" led to a significant stock price increase for Aorite, which rose by 9% and continued to rise thereafter [3] Group 3 - Currently listed companies with GLP-1 drugs include major pharmaceutical firms such as Novo Nordisk, Eli Lilly, and AstraZeneca, with various products targeting diabetes and weight management [5][6] - The GLP-1RA industry chain includes a range of companies involved in the development and commercialization of these therapies, highlighting the growing interest and investment in this sector [6]

Group 1 - Pomerantz LLP is investigating claims on behalf of investors of GSK plc regarding potential securities fraud or unlawful business practices by the company and its officers or directors [1] - On July 17, 2025, GSK announced that the FDA Oncologic Drugs Advisory Committee voted against the benefit/risk profile of Blenrep at the proposed dosage, leading to a decline in GSK's ADR price by $1.81, or 4.73%, closing at $36.47 [2] - Pomerantz LLP is recognized as a leading firm in corporate, securities, and antitrust class litigation, having a history of recovering multimillion-dollar damages for victims of securities fraud and corporate misconduct [3]

Core Insights - CureVac NV has reached a settlement with Pfizer and BioNTech regarding long-term patent disputes over mRNA vaccines, resulting in a payment of up to $500 million to its former partner GlaxoSmithKline (GSK) and a 1% royalty on future vaccine sales [1][2] - The settlement comes as BioNTech seeks to acquire CureVac for approximately $1.25 billion, with GSK set to receive an upfront payment of $370 million and an additional $130 million upon completion of the acquisition [1] - GSK, which previously collaborated with CureVac on COVID-19 vaccine development, will continue to pursue legal action against BioNTech and Pfizer for alleged patent infringements despite the settlement [2] Group 1 - The settlement resolves ongoing litigation between CureVac, Pfizer, and BioNTech but does not conclude GSK's legal actions [2] - GSK had previously restructured its partnership with CureVac, agreeing to pay up to $1.4 billion for rights to mRNA flu and COVID-19 vaccines developed by CureVac [1] - GSK will receive a 1% royalty on sales of flu, COVID-19, and related combination mRNA vaccines sold by Pfizer-BioNTech in the U.S. and an additional 1% on sales outside the U.S. after BioNTech's acquisition of CureVac [1]

Group 1 - The July Politburo meeting decided to hold the Fourth Plenary Session of the 20th Central Committee in October to discuss the formulation of the "14th Five-Year Plan" [1][16] - The meeting emphasized the need for macro policies to focus on "implementation and detail," removing references to "timely reserve requirement ratio cuts and interest rate reductions," indicating a shift from "quantity" to "quality" [1][16] - The "de-rolling" policy was officially included in the policy framework, with a focus on "key industries" and a shift away from price-related discussions [1][17] Group 2 - The manufacturing PMI for July was reported at 49.3%, a decrease of 0.4 percentage points month-on-month, indicating a contraction [2][18] - Recent supply-demand policies have led to price increases in some commodities, which may boost PPI expectations, but historical data suggests that strong expectations do not always translate into strong realities [2][19] - The PPI's improvement will depend on both supply-side adjustments and demand stabilization [2][19] Group 3 - The recent China-US-Sweden trade talks resulted in a 90-day extension of tariff measures, indicating limited short-term impact from Trump's tariff policies [3][22] - Long-term risks from reciprocal tariffs should not be underestimated, as the outcomes of the trade talks did not exceed expectations and merely postponed risk points [3][24] - Historical experiences from the 2018 trade war suggest that Trump's stance can be unpredictable, which may affect future trade relations [3][24] Group 4 - The A-share market has seen a significant improvement in funding, with financing balances exceeding 2024 levels and creating a new high [4][26] - The relationship between the bond market and the stock market is characterized by a "see-saw" effect, where funds may shift from bonds to stocks, potentially driving A-share market performance [4][26] - However, the risk of diminishing incremental funding remains, and financing balances should be viewed as a synchronous indicator rather than a leading one [4][27] Group 5 - The overall profit expectations for A-shares in 2025 are likely to be weak, with a downward trend expected in the second and third quarters, followed by a potential rebound in the fourth quarter [5][29] - The A-share profit cycle showed improvement in the first quarter of this year, but the recovery may face constraints due to pressure on revenue growth [5][29] - The main driver of profit growth in Q1 2025 is expected to be the year-on-year increase in net profit margins, while revenue growth remains under pressure [5][29] Group 6 - The upcoming mid-year report disclosures in August are expected to increase the importance of performance trading [6][34] - Stocks with characteristics of "high growth in performance + high opening" are likely to yield good returns, especially when combined with relative performance growth screening [6][34] - Key industries for August include motorcycles, optical electronics, traditional Chinese medicine, lighting equipment, and agriculture [6][34]

Group 1 - President Trump issued a stern ultimatum to 17 pharmaceutical companies, demanding they take measures to lower drug prices in the U.S. within 60 days, or face government intervention [1][3] - The ultimatum is part of an executive order signed by Trump in May, aimed at reviving the "most favored nation" pricing policy, which links U.S. drug prices to lower prices in other countries [3] - Current data shows that the average price of prescription drugs in the U.S. is typically 2 to 3 times higher than in other developed countries, with some drug prices being as much as 10 times higher [3] Group 2 - Following the announcement, pharmaceutical stocks experienced significant declines, with Sanofi dropping over 7%, Novo Nordisk falling nearly 6% to a four-year low, and other companies like Bristol-Myers Squibb and Merck seeing declines of over 4% [4] - The pharmaceutical industry reacted strongly, with the American Pharmaceutical Research and Manufacturers Association stating that foreign price control measures would undermine U.S. leadership in the sector [4] - Some companies are adjusting their strategies in response, with Novo Nordisk emphasizing its commitment to improving patient access, Pfizer collaborating with Congress and the White House, and Merck expressing willingness to work with the government to achieve price reduction goals [4]

Market Overview - The MSCI global index has fallen for six consecutive days, marking the longest losing streak since September 2023, amid concerns over economic and inflation impacts from Trump's global tax measures [1] - U.S. stock markets have seen significant declines, with the Nasdaq down over 2.3%, S&P 500 down over 1.7%, and Dow Jones down over 1.5% [1][13] - European stocks also experienced collective declines, with the German DAX down over 2.7%, UK FTSE down over 1%, and French CAC down over 3% [2][14] Employment Data Impact - U.S. non-farm payrolls increased by 73,000 in July, falling short of the expected 110,000, indicating a shift towards slower growth in the labor market [1] - The unemployment rate remained steady at 4.2%, aligning with expectations [1] Federal Reserve and Interest Rate Expectations - The market is pricing in two rate cuts by the Federal Reserve this year, with a 76% probability of a cut in September [1][10] - Analysts suggest that the weak employment report may prompt the Fed to consider restarting rate cuts, with some predicting a potential 50 basis point cut [7][9] Currency and Commodity Movements - The U.S. dollar index fell over 1.3%, while non-U.S. currencies appreciated, with the euro rising approximately 1.5% against the dollar [1][2] - Gold prices surged over 1.8%, reaching above $3,350, while silver also turned positive [5] Sector-Specific Reactions - The semiconductor index dropped by 3.13%, and bank indices fell by 3.68%, reflecting broader market fears [1] - Pharmaceutical stocks led declines in Europe, influenced by Trump's call for lower drug prices from companies like Novo Nordisk and AstraZeneca [2][14] Trade Policy Uncertainty - Trump's new tariff measures, which range from 10% to 41%, have created significant uncertainty in the market, making it difficult for businesses and investors to plan ahead [11][12] - Analysts predict that if these tariffs are implemented, the average tariff rate on U.S. goods could rise to 15.2%, significantly higher than the previous rate of 13.3% [12]

Group 1 - China Biopharmaceutical announced a successful collaboration progress with Merck on LM-299, expecting to receive a $300 million technology transfer milestone payment soon [1] - The technology transfer for LM-299 was completed in July 2025, with Merck confirming the milestone payment in the third quarter [1] - CSPC Pharmaceutical reached an exclusive licensing agreement with Madrigal for the GLP-1 receptor agonist SYH2086, with a total deal value of up to $20.75 billion [2] Group 2 - Eli Lilly's drug Mounjaro (tirzepatide injection) received approval from China's National Medical Products Administration for a new indication to improve blood sugar control in adults with type 2 diabetes [3] - Hualan Pharmaceutical expects a profit of approximately RMB 1.184 billion for the first half of the year, following the successful transfer of commercialization tasks for Huataning [4] - WuXi AppTec reported a 101.92% increase in net profit to RMB 8.561 billion for the first half of the year, with revenue growth of 20.64% to RMB 20.799 billion [5] Group 3 - Heng Rui Medicine signed a collaboration agreement with GSK to advance innovative therapies in respiratory, autoimmune, inflammation, and oncology fields, with a potential total value of approximately $12 billion [6][7] - GSK will pay Heng Rui a $500 million upfront payment, with potential future milestone payments based on successful development and sales [7]

格隆汇8月1日｜美国总统特朗普周四致函欧洲制药公司，要求其将美国消费者的药品价格降至其他发达 国家的最低水平，导致欧洲制药公司股价早盘下跌。葛兰素史克、阿斯利康、诺和诺德和赛诺菲的股价 分别下跌1.7%、2.8%、4.2%和1.2%，诺和诺德股价跌至四年低点。斯托克欧洲600医疗保健指数下跌 1.8%。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com (责任编辑：宋政 HN002) ...

Investment Rating - The report indicates a positive outlook for the autoimmune therapy market, suggesting significant growth potential and investment opportunities in the sector [8]. Core Insights - The autoimmune market is the second largest after oncology, with a global market size of $132.3 billion in 2022, projected to reach $176.7 billion by 2030, reflecting a compound annual growth rate (CAGR) of 3.68% from 2022 to 2030 [8]. - The report highlights the potential for multi-target interventions to enhance treatment efficacy in autoimmune diseases, transitioning from monoclonal antibodies to bispecific and multispecific antibodies [19]. - The report emphasizes the significant market space for autoimmune therapies in China, where the autoimmune market size was only $2.9 billion in 2022, representing just 8% of the oncology market size of $34.7 billion, indicating substantial room for growth [8]. Market Overview - The global autoimmune drug market is expected to grow significantly, with the market size projected to increase from $1,323 million in 2022 to $1,767 million by 2030 [8]. - The report provides a detailed analysis of various autoimmune diseases, their prevalence, and the corresponding patient populations globally, including conditions like atopic dermatitis, chronic obstructive pulmonary disease, and rheumatoid arthritis [6][11]. Clinical Research Progress - The report outlines advancements in clinical research for dual-target and multi-target therapies, indicating a shift towards more effective treatment options for complex autoimmune diseases [19][22]. - It discusses the development of several blockbuster monoclonal antibody drugs in the autoimmune sector, with projected sales for top drugs in 2024, including Dupilumab at $14.15 billion and Risankizumab at $11.72 billion [9]. Key Companies to Watch - The report identifies key companies involved in the development of autoimmune therapies, including Sanofi, AbbVie, and Johnson & Johnson, highlighting their leading products and market positions [9][25].