礼来市值的急剧膨胀，主要得益于其产品替尔泊肽的卓越销售业绩。这款GIP/GLP-1双重受体激动剂在2023年获得减重适应症的批准后，便踏 上了业绩的飞速增长之路。目前，在美国GLP-1类药物的处方量中，替尔泊肽的占比已经超越了其老对手司美格鲁肽。据公开数据显示，截至 2025年第三季度，替尔泊肽在美国市场的处方量占比达到了57.9%，而司美格鲁肽则为41.7%。 21世纪经济报道记者季媛媛一家制药公司市值突破万亿美元大关，礼来刷新了行业纪录。然而，在专利到期、市场竞争加剧以及价格压力之 下，这家行业巨擘能否再创辉煌，寻找下一个媲美替尔泊肽的药品，成为了无法忽视的潜在隐忧。 11月21日，美国制药巨头礼来股价攀升1.59%，收盘报1059.70美元/股，市值成功突破1万亿美元大关，成为全球首个市值跨越万亿美元里程碑 的医药企业。 礼来市值跃升至万亿美元级别，得益于其旗舰产品替尔泊肽(tirzepatide)的强劲表现。据礼来公布的第三季度财务报告显示，当季营收达到176 亿美元，同比增长54%。在此之中，替尔泊肽的降糖版本Mounjaro在第三季度实现了65.15亿美元的销售额，而前三季度的累计销售额高达 15 ...

Market Overview - The Hang Seng Index closed at 25,220, down 2.38% for the day and 5.09% for the week, but up 25.72% year-to-date[3] - The Hang Seng Technology Index fell 3.21% to 5,395, with a year-to-date increase of 20.76%[3] - The Hang Seng China Enterprises Index decreased by 2.45% to 8,920, with a year-to-date rise of 22.36%[3] - The Shanghai Composite Index dropped 2.45% to 3,835, with a year-to-date increase of 14.41%[3] Sector Performance - The lithium battery sector saw significant declines, with Ganfeng Lithium down over 12% and Tianqi Lithium down over 11%[9] - Semiconductor stocks also performed poorly, with Innolux down over 8% and SMIC and Hua Hong Semiconductor both down over 6%[9] - Xiaomi-related stocks rose against the trend, driven by the launch of Xiaomi's enhanced smart driving system[9] U.S. Market Insights - On November 21, U.S. markets saw all major indices rise, with the Dow Jones gaining approximately 1.1%[9] - The probability of a 25 basis point rate cut by the Federal Reserve in December increased from under 40% to over 70% following dovish comments from New York Fed President Williams[9] - Notable movements in large tech stocks included Google up 3.53% and Nvidia down 0.96%[9] Japanese Market Trends - The Nikkei 225 index fell 2.4%, with a cumulative decline of 3.5% over the past week[13] - Japanese semiconductor stocks faced significant drops, with Tokyo Electron down 7.14% and Advantest down 12.10%[13] - The Japanese government announced a $135 billion economic stimulus plan, adding pressure to the yen and government bonds[13]

【深圳商报讯】（记者 钟国斌）11月21日，美国制药巨头礼来股价上涨1.59%，收报1059.70美元/股， 市值突破1万亿美元，成为全球首家市值破万亿美元的医药公司。 据了解，长期以来市值超过1万亿美元的公司几乎都是科技巨头。2018年，苹果成为美股首家万亿美元 的科技巨头，此后进入万亿美元俱乐部的9家企业中，7家均为科技类公司，只有"股神"巴菲特旗下的伯 克希尔·哈撒韦是个例外。如今，礼来成为第二家市值突破万亿美元的非科技类公司。 礼来股价上涨主要得益于旗下减重药物替尔泊肽（Tirzepatide）的热销。作为礼来目前的主力销售产 品，替尔泊肽可细分为治疗糖尿病的Mounjaro和针对肥胖症的Zepbound。数据显示，2023年，礼来公司 糖尿病版本Mounjaro销售额同比暴增970%，肥胖版本Zepbound上市首月即吸金1.76亿美元。 根据礼来上月公布的最新财报，Mounjaro三季度实现收入65.2亿美元，同比大增109%；Zepbound三季 度实现收入35.9亿美元，同比大增184%。三季度两款药物合计收入突破100亿美元，超越默沙东的K药 成为新晋"药王"。 礼来CEO戴夫·里克斯日前表 ...

November 23, 2025 11:31 PM GMT Eli Lilly & Co. | North America Obesity Medications: The Broadening – Where do we go from here? | What's Changed | | | | --- | --- | --- | | Eli Lilly & Co. (LLY.N) | From | To | | Price Target | $1,171.00 | $1,290.00 | Earlier this year we outlined our views on "The Broadening" of the GLP-1 market driven by a number of factors, which are playing out. We refresh our LLY model to incorporate these recent developments, in addition to insights from our physician survey; our PT go ...

美国和中国减肥药的研发进展和商业化进展 20251121 减肥药在美股市场最近三年非常热门。2023 年和 2024 年，如果没有投资减 肥药，医药板块基本上很难盈利。诺和诺德的股价从 2024 年中开始一路下跌， 而礼来则经历了一段时间的震荡后，最近创新高，市值接近 1 万亿美元。在医 药板块中，这一市值已经是非常大的规模。 礼来和诺和诺德与特朗普政府达成了什么协议？ 礼来和诺和诺德与特朗普政府达成了所谓的 MFN（Most Favored Nation） 协定。从 2026 年开始，这两家公司的减肥药将执行 MFN 价格。例如，司美从 每月 1,350 美元下调到 350 美元，替尔博肽从 1,086 美元下调到 346 美元。 如果通过 Medicare 购买，这些药物的价格为每月 245 美元。这意味着这些减 摘要 礼来和诺和诺德与特朗普政府达成 MFN 协定，自 2026 年起，其减肥药 价格大幅下降 55%-70%，如司美格鲁肽降至每月 350 美元，但预计保 险覆盖范围扩大将显著增加使用量，弥补价格下降带来的收入损失。 美国大型制药公司如默克、强生、艾伯维等近期表现良好，被视为防御 性标的，估值 ...

11月24日，金融界财经早餐，宏观政策、资本市场、行业板块、公司个股要闻一览： 一、今日财经要闻： 1、美国就结束俄乌冲突提出一项新的包括28点内容的和平计划，要求下周四之前结束战争。美国与乌克兰代表在瑞士日内瓦就计划举行会谈，双方未就关 键要素达成一致意见。 3、科技股迎增量资金，16只硬科技主题基金同日获批，包括首批7只科创创业人工智能ETF、3只科创板芯片ETF、4只科创板芯片设计主题ETF，以及2只科 技主题主动权益类基金。 三、重点行业板块： 1、固态电池：国内首条大容量全固态电池产线建成，目前正在小批量测试生产，报道称2027年装车，电车1000公里续航不是梦。 2、美联储管理降息预期，市场大跌后2位官员发声安抚，表示仍可能降息，12月降息概率升至69%，美股止跌反弹。 3、特朗普政府考虑批准向中国出口英伟达H200人工智能芯片，美国商务部暂未对此作出回应，或缓解AI泡沫危机。 二、资本市场大事： 1、硬科技独角兽、年内第一高价股摩尔线程今日申购，发行价为114.28，中一签需缴款57140元，市场普遍预期一签将赚15万以上。 2、知情人士称，宁德时代计划最快下月初重启位于宜春的一座重要锂矿，近期 ...

Core Insights - Billionaire Stanley Druckenmiller has made significant investment moves, selling shares in Nvidia, Palantir, and Eli Lilly while acquiring positions in Alphabet and Meta, which are considered undervalued within the "Magnificent Seven" tech stocks [2][3][9]. Group 1: Recent Sales - Druckenmiller sold all shares of Nvidia, Palantir, and Eli Lilly, with Nvidia and Palantir experiencing substantial growth over the past three years, with increases of 1,000% and 2,000% respectively, while Eli Lilly grew over 180% [3][6]. - The decision to sell Nvidia was influenced by rising valuations, and similar valuation concerns may have affected the sales of Palantir and Eli Lilly [7]. Group 2: New Acquisitions - Druckenmiller opened positions in Alphabet, purchasing 102,200 shares, and Meta, acquiring 76,100 shares, both of which are seen as benefiting from the AI boom [10][12]. - Alphabet's stock trades at 27 times forward earnings estimates, while Meta trades at 22 times, indicating a potential value opportunity for investors [11]. - Both companies are leveraging AI to enhance advertising effectiveness and drive revenue growth, with Google Cloud reporting a 34% revenue gain in the recent quarter [13].

Group 1: Alphabet Overview - Alphabet has recently initiated a dividend program, increasing its payout by 5% since last year, indicating potential for a consistent dividend due to its strong business fundamentals [3][6] - The company is a leader in the digital advertising market and has seen its quarterly revenue grow by 16% year over year to $102.3 billion, marking its first time crossing the $100 billion threshold [4] - Over the past five years, Alphabet's sales have more than doubled, achieving a compound annual growth rate of approximately 15% [4] Group 2: Growth Drivers - The cloud computing segment is a significant growth driver for Alphabet, with revenue increasing by 34% year over year to $15.2 billion, although it currently represents a small portion of total sales [5] - The cloud backlog reached $155 billion, reflecting a 46% increase from the previous quarter, showcasing strong momentum in cloud and AI offerings [6] - Alphabet's ability to generate consistent free cash flow supports its dividend program, making it an attractive growth stock despite its $3.4 trillion market cap [6]

Economic Impact of Tariffs - Trump's tariff policies are central to his economic strategy, with claims of strengthening the U.S. economy and curbing inflation, while the stock market has reportedly hit an "ALL-TIME HIGH for the 48th time in 9 months" [2][3] - A proposed $2,000 "tariff stimulus check" for middle-income Americans, funded by tariff revenues, raises skepticism among economists who argue that tariffs are typically paid by U.S. importers, leading to higher consumer prices [3][4] - Historical data shows that a significant increase in tariffs can negatively impact S&P 500 earnings, with Goldman Sachs estimating a 1-2% reduction in earnings per share for every five-percentage-point increase in tariff rates [4][6] Market Reactions and Volatility - Trump's announcements have led to significant market volatility, with major indices experiencing fluctuations despite achieving record highs, as seen on November 21, 2025, when the S&P 500 was down 2% despite a 0.92% rise in the US500 [5][12] - The VIX, a measure of market volatility, reached the mid-40s in April 2025, indicating extreme investor anxiety following tariff announcements [6][12] - The market's relationship with Trump's economic statements is characterized by unpredictability, with analysts noting that his pronouncements can trigger significant intraday market swings [11] Sector-Specific Impacts - Trump's directive for the Department of Justice to investigate the meatpacking industry over alleged price manipulation caused immediate stock price drops for major companies like JBS and Tyson Foods [8] - The pharmaceutical sector reacted sharply to Trump's price reduction promises for GLP-1 weight loss drugs, with stocks of companies like Novo Nordisk and Eli Lilly experiencing declines following his announcements [9][10] - Subsequent agreements to set drug prices at around $350 per month for Medicare and Medicaid recipients indicate a significant shift in the market landscape, although initial reactions were negative [10] Overall Market Sentiment - As of late November 2025, major indices showed a mix of gains and losses, reflecting the ongoing volatility and uncertainty in the market, with the S&P 500 down 2% despite a 1% increase on the same day [12] - The market continues to grapple with the implications of Trump's policies, oscillating between moments of optimism and underlying concerns about potential policy shifts [12]

【导读】周末，两个利好！一是 国内已建成首条大容量全固态电池产线，目前正在小批量测试生 产；二是 美联储官员认为近期可能需要再次降息 中国基金报记者 泰勒 大家好，马上就要开盘了，一起回顾下周末大事，以及看看券商分析师们的最新研判。 周末大事 重大利好！国内首条大容量全固态电池产线建成 据报道，国内已建成首条大容量全固态电池产线，目前正在小批量测试生产。 全固态电池和传统锂离子电池相比，最大的优势在于里面没有任何液体，而是全固态物质， 全固态电池让未来的新能源汽车跑得更远，更加安全。 专家表示，除了生产工艺的优化，另一个核心突破就是电解质的改变。在这里，他们已经摒 弃传统的液态电解液，改用自主研发的固态电解质材料，帮助产品的耐热性和安全性大幅提 升。 生产线有了技术突破，下一步就是产业化承接落地。在广汽集团，国内首条大容量全固态电 池产线建成，这在行业内率先具备了60安时以上车规级全固态电池的批量量产条件。 相关单位研发负责人表示，现在开发的全固态电池的能量密度比现有的电池能量密度高了接 近一倍。500公里以上续航的车使用之后达到1000公里以上的续航。计划是2026年可以进行 小批量的装车实验，2027年到 ...