2026 阿尔茨海默（AD）投资日历 评级： 增持（维持） 分析师：祝嘉琦 执业证书编号：S0740519040001 Email：zhujq@zts.com.cn 联系人：韩乐 Email：hanle@zts.com.cn 基本状况 | 上市公司数 | 504 | | --- | --- | | 行业总市值(亿元) | 69,490.56 | | 行业流通市值(亿元) | 63,754.13 | 行业-市场走势对比 相关报告 1、《重点关注 Q1 业绩预期、积极把握 主题机会；手术机器人专题：政策打通 商业化瓶颈、千亿市场驶向发展快车道》 2026-03-02 2、《In vivo CAR 行业更新；持续把握 医药结构性行情》2026-02-23 请务必阅读正文之后的重要声明部分 3、《1-8 批国采续标结果出炉，具有规 模效应的存量龙头相对受益》2026-02- 11 医药生物 证券研究报告/行业专题报告 2026 年 03 月 08 日 | 重点公司基本状况 | | | | --- | --- | --- | | 简称 | 股价 | EPS PE 评级 | | （元） | | 2023A 2024A 2 ...

3月5日，礼来旗下新型长效胰淀素受体激动剂Eloralintide获得中国CDE批准，并同步启动了3项全球关键Ⅲ期临床研究。 作为礼来在代谢健康领域的重要成果，Eloralintide具有独特的差异化作用机制。它是一款强效、选择性的胰淀素受体激动剂，能够高 亲和力结合人胰淀素1受体（AMY1R），同时避开降钙素受体（hCTR）的潜在风险，既保证减重效果，又显著改善胃肠道不良反应， 实现疗效与耐受性的完美平衡。 临床研究成果与优势： 简便用药：Eloralintide的血浆半衰期约为14天，仅需每周一次皮下注射，大幅提升了患者的用药便捷性。 整理 | GLP1减重宝典内容团队 显著减重效果：在II期临床试验中，Eloralintide展现了显著的剂量依赖性减重效果，最高剂量组体重降幅达20.1%，平均腰围最大减少 17.1cm，远超安慰剂组。 多重健康改善：该药物不仅改善体重，还有效改善血压、血脂、血糖等多项心血管风险指标，对炎症标志物的调节也有积极作用，并且 全剂量组均表现出良好的安全性。 良好耐受性：剂量递增方案能够进一步降低胃肠道不适，确保患者能够持续接受治疗。 全球同步III期临床研究 此次在中国启动的 ...

证券研究报告 | 2026年03月08日 美股市场速览 弱于大市 市场震荡回撤，但盈利预测稳步向好 价格走势：多数行业回撤，软件显著反弹 本周，标普 500 指数-2.0%（上周-0.4%），纳斯达克综指-1.2%（上周-1.0%）。 风格：大盘成长（罗素 1000 成长-0.7%）＞大盘价值（罗素 1000 价值-3.5%） ＞小盘价值（罗素 2000 价值-3.6%）＞小盘成长（罗素 2000 成长-4.5%）。 4 个行业上涨，20 个行业下跌。上涨的主要有：软件与服务（+6.3%）、商 业和专业服务（+2.3%）、电信业务（+2.3%）、能源（+1.1%）；下跌的主 要有：家庭与个人用品（-7.5%）、耐用消费品与服装（-7.5%）、材料（-6.8%）、 食品饮料与烟草（-6.1%）、运输（-5.5%）。 资金流向：整体加速流出，软硬件显著分化 本周，标普 500 成分股估算资金流（涨跌额 x 成交量）为-99.4（亿美元， 下同），上周为-31.9，近 4 周为-154.3，近 13 周为-283.8。 6 个行业资金流入，18 个行业资金流出。资金流入的主要有：软件与服务 （+49.1）、能源（+ ...

Core Insights - Eli Lilly is currently leading the GLP-1 drug market with its products Mounjaro and Zepbound, which have shown significant sales growth [1][2][3] - The company's stock is highly valued with a price-to-earnings ratio of 44, significantly higher than the S&P 500 average of 28 and the average pharmaceutical stock's P/E of just under 23 [2] - Mounjaro and Zepbound account for 56% of Eli Lilly's revenue, indicating that the company's growth is heavily reliant on the continued success of these drugs [3] Competitive Landscape - Eli Lilly's current leadership in the GLP-1 space is challenged by competitors like Novo Nordisk and Pfizer, who are also innovating in this area [4] - The pharmaceutical sector has a history of rapid changes in market leadership, suggesting that Eli Lilly could face significant competition in the future [4] Future Outlook - The limited patent protection for Eli Lilly's drugs poses a risk, as generic competition could emerge in the next decade, potentially reducing revenue from its branded products [5] - Eli Lilly is actively investing in its drug pipeline to mitigate future risks, but the current high valuation may not reflect potential downturns in the company's fortunes [6]

Core Insights - The WHO Foundation has announced a collaboration with Eli Lilly and Company to strengthen health systems for obesity prevention and care, addressing a critical global health challenge [1] - Lilly has committed $1.68 million to the WHO Foundation until 2029 to support these health system strengthening efforts [1] - The initiative aims to improve access to early diagnosis, counseling, and care, reduce the global economic impact of obesity, and mitigate health risks associated with it [1] Health Statistics - In 2022, over 2.5 billion adults and more than 390 million children and adolescents worldwide were overweight, with 1 in 8 people living with obesity [1] - The prevalence of obesity among adults has more than doubled since 1990, while obesity among adolescents has quadrupled [1] - In 2022, 43% of adults aged 18 and older were overweight, and 16% were classified as obese [1] Economic Impact - The economic impact of overweight and obesity is projected to exceed $4 trillion by 2035 [1] - The collaboration aims to help countries assess deficiencies in care and strengthen primary health care systems, particularly in resource-limited settings [1]

Key Takeaways LLY loses about 5% in a month as pricing concerns and rising obesity-drug competition weigh on sentiment.LLY's Mounjaro and Zepbound generated $36.5B in 2025, about 56% of revenues.LLY is advancing an oral obesity pill orforglipron, targeting a U.S. launch in Q2 2026.Shares of Eli Lilly and Company (LLY) have declined 5.2% in the past month despite the company reporting robust fourth-quarter 2025 results on Feb. 4. Industry pricing concerns, rising competitive pressure in the diabetes and obes ...

产业深度 [table_Header]2026.03.05 延续心血管优势，核酸药物递送加速破局 产业研究中心 摘要： | [Table_Authors] | 张拓(分析师) | | --- | --- | | | 0755-23976170 | | | zhangtuo@gtht.com | | 登记编号 | S0880523090003 | | | 丁丹(分析师) | | | 0755-23976735 | | | dingdan@gtht.com | | 登记编号 | S0880514030001 | [Table_Report] 往期回顾 四大增长极经济与产业洞察报告（2025）——川 渝篇 2026.02.10 四大增长极经济与产业洞察报告（2025）——粤 港澳篇 2026.02.08 四大增长极经济与产业洞察报告（2025）——京 津冀篇 2026.02.05 AI 时代的热管理革命：从液冷系统看冷却液的发 展趋势 2026.01.27 通航动力产业深度：国产替代，道阻且长——低 空经济系列（九） 2026.01.19 请务必阅读正文之后的免责条款部分 1of26 [Table_Summary] ...

Core Insights - Eli Lilly has launched a new program called "Employer Connect" aimed at increasing employer coverage for obesity drugs in the U.S., addressing a significant barrier to patient access [1][5] - The program allows employers to pay a net discounted price of $449 per month for a multi-dose form of Zepbound, providing clearer visibility on costs without involving rebates [6][10] - Approximately 20% of firms with over 200 employees currently cover GLP-1 drugs for weight loss, with 43% of larger firms (5,000+ employees) offering such coverage as of October [3][2] Employer Coverage and Program Details - The new platform offers flexibility for employers in designing benefits for obesity treatments, aiming to reduce out-of-pocket costs for employees while managing company expenses [5][7] - Employers can select from over a dozen third-party program administrators to tailor benefits according to their specific workforce needs, including functions like enrollment and claims management [7][8] - Lilly plans to expand the number of program administrators available on the platform, which currently includes various health service providers [9] Market Context and Future Outlook - The uneven coverage of obesity drugs by employers is highlighted, with Lilly noting that high costs prevent nearly half of commercially insured individuals from accessing treatment [2] - There is potential for more employers to opt into obesity coverage in the coming months, with some possibly waiting until 2027 to make decisions [4] - Government insurance beneficiaries may also gain easier access to obesity drugs due to recent agreements that allow Medicare to cover these medications for the first time later this year [10]

treating obesity and curtailing its most devastating long-term effects; advancing the fight against Alzheimer's disease; providing solutions to some of the most debilitating immune system disorders; and transforming the most difficult-to-treat cancers into manageable diseases. With each step toward a healthier world, we're motivated by one thing: making life better for millions more people. That includes delivering innovative clinical trials that reflect the diversity of our world and working to ensure our ...

月度创新药前沿跟踪 2026 年 2 月 [Table_Industry] 医药 股票研究 /[Table_Date] 2026.03.05 医药《持续推荐创新药械产业链》2026.03.02 医药《从靶点到管线，FXI 引领抗凝产业新变 革》2026.02.25 医药《医疗设备招采规模高基数影响部分回落， 关注手术机器人市场机遇》2026.02.09 医药《高景气延续，持续推荐创新药械产业链》 2026.02.08 医药《国内创新药景气度强复苏，看好内需 CRO 业绩持续改善》2026.02.06 股 票 研 究 行 业 跟 踪 报 告 证 券 研 究 报 告 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 余文心(分析师) | 021-38676666 | yuwenxin@gtht.com | S0880525040111 | | 余克清(分析师) | 010-56760093 | yukeqing@gtht.com | S0880525120002 | | 陈铭(分析师) | 021-23219164 | chenm ...