【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 ...

医药生物 2025 年 11 月 23 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -19% -10% 0% 10% 19% 29% 2024-11 2025-03 2025-07 医药生物 沪深300 相关研究报告 《MNC 全面布局 FGF21 靶点，关注 国内投资机会—行业周报》-2025.11.16 《流感高发，关注相关投资机会—行 业周报》-2025.11.9 《集采+医保谈判稳步推进，关注相关 投资机会—行业周报》-2025.11.2 减肥赛道开启"长效革命" ，MNC 加速布局高价值平台 ——行业周报 | 余汝意（分析师） | 汪晋（分析师） | 石启正（联系人） | | --- | --- | --- | | yuruyi@kysec.cn | wangjin3@kysec.cn | shiqizheng@kysec.cn | | 证书编号：S0790523070002 | 证书编号：S0790525060003 | 证书编号：S0790125020004 | 以辉瑞、礼来、诺和诺德为代表的 MNC 正积极布局超长效管线与技术平台 11 月 13 日，辉瑞宣布已成功完成对 Mets ...

整理 | GLP1减重宝典内容团队 近日，礼来中国免疫业务线正式向内部员工发出通知，宣布将对中国区团队结构进行调整与收缩。 此次调整核心涉及两大方向，一是对部分区域的业务布局进行合并优化，二是推动人员跨业务线流动。据了解，相关人员调配安排已 进入落地阶段，预计下周，免疫线部分员工将陆续收到调岗通知邮件。 本次人员流动的主要方向明确，调岗员工将重点转入糖尿病及阿尔茨海默病相关业务线，后续将围绕新业务板块开展工作。 礼来此次中国区业务线调整，或将对国内免疫领域的市场布局产生一定影响，行业相关动向值得持续关注。 根据同花顺i问财的数据，截至2025年11月20日，A股有8家医药公司的市值超过1000亿元（包括医疗器械、医疗服务、中药公司）， 它们分别是恒瑞医药、百济神州、药明康德、迈瑞医疗、百利天恒、爱尔眼科、联影医疗、片仔癀，合计市值超过1.7万亿元。 这意味着，礼来市值突破10000亿美元（约71116亿元人民币），相当于A股所有千亿级药企总市值的4.18倍，或者说大致相当于17.63 个恒瑞医药、22.76个百济神州、25.37个药明康德、46个百利天恒或67个片仔癀的总和。 *本文仅供医疗卫生专业人士参考 ...

Core Insights - GLP-1 medicines are experiencing significant growth in the pharmaceutical industry, particularly for weight management, with Eli Lilly and Novo Nordisk as the leading companies [1][6] - Eli Lilly's tirzepatide has rapidly become the world's best-selling drug, generating $24.8 billion in revenue in the first nine months of 2025 [2] - Eli Lilly is advancing its position with additional candidates like orforglipron and retatrutide, which could enhance its competitive edge in the GLP-1 market [4][5] Eli Lilly's Position - Eli Lilly's tirzepatide, marketed as Mounjaro and Zepbound, has cannibalized sales of its previous best-seller, Trulicity, and has shown effectiveness in multiple indications [1] - The drug mimics both GLP-1 and GIP hormones, leading to superior performance in weight management compared to competitors [3] - Eli Lilly has completed phase 3 studies for orforglipron, an oral GLP-1 medicine, which could be a first in the weight management category [4] - Retatrutide, currently in phase 3 studies, mimics three hormones and may further improve treatment efficacy [5] Novo Nordisk's Challenges - Novo Nordisk, previously the market leader, has seen its global market share decline from 55.7% to 49.3% as of August [7] - The company markets semaglutide under well-known brands like Ozempic and Wegovy but is struggling to keep pace with Eli Lilly's advancements [6][7]

Tariff Policy and Market Reactions - President Trump proposed a $2,000 "tariff dividend" for low-income Americans, funded by tariffs, aimed at providing financial relief and reducing national debt, though details remain unclear [2][3] - The proposal could potentially increase U.S. debt by $600 billion, which is double the projected tariff revenue for 2025, raising concerns about inflation [3] - The administration announced a rollback of 40% tariffs on Brazilian agricultural products to combat rising U.S. food prices, creating a contradiction in tariff policy [4] China Trade Relations - A looming 155% tariff on Chinese imports previously caused significant declines in major U.S. indices, but a deal was reached to lower tariffs on certain imports related to fentanyl by 10 percentage points [5] - The market reacted swiftly to these tariff changes, reflecting the volatility and unpredictability of trade relations under the current administration [5] Pharmaceutical Industry Developments - President Trump announced deals with Eli Lilly and Novo Nordisk to reduce prices of weight loss drugs from $500-$1,000 to $149-$350 per month for government programs and cash payers [6] - Eli Lilly's stock rose after reaching a $1 trillion market value, while Novo Nordisk experienced initial stock declines but later showed recovery due to FDA approval news [7][9] - Analysts predict a low single-digit negative impact on Novo Nordisk's global sales growth due to price cuts, but potential volume increases in the mid- to long-term [9] Offshore Drilling Initiatives - The Trump administration announced plans for new offshore oil drilling off Florida's Gulf Coast and California, reversing previous policies to enhance U.S. energy security [10] - This initiative has drawn bipartisan criticism from environmental groups and local politicians, indicating potential political and regulatory challenges ahead [11] Market Indices Performance - Major U.S. stock indices have shown significant volatility in response to tariff announcements and other policy changes, with notable sell-offs following threats of high tariffs on China [12] - The market's reaction to policy changes is characterized by rapid movements, often leading to a "buy the rumor, sell the news" phenomenon [12] Conclusion on Market Dynamics - The impact of President Trump's policies on the stock market remains dynamic and unpredictable, with swift market reactions to announcements across various sectors [13] - Investors are navigating a landscape marked by constant change, where a single statement can lead to significant sector movements [13]

Core Insights - Eli Lilly's stock has increased by 36% this year, achieving a market capitalization of $1 trillion, marking it as the first healthcare company to reach this milestone [2][3] - The stock's rise is attributed to strong growth expectations, particularly from its diabetes and weight loss drugs, and a deal to lower drug prices [3][14] - Analysts suggest it may not be too late for investors to consider Eli Lilly [3] Financial Performance - Eli Lilly's Q3 revenue grew by 54% to $17.6 billion, exceeding estimates by approximately $1.5 billion [14] - Adjusted earnings per share reached $7.02, surpassing consensus estimates by over $1 [14] - The company raised its revenue and EPS guidance for 2025 to $63.25 billion and about $22 per share, respectively [14] Market Position - Eli Lilly holds a dominant position in the diabetes and weight loss drug market, controlling about 57% of the U.S. market for incretins [6] - The market for diabetes and weight loss drugs is projected to reach $150 billion by the early 2030s [6] - Mounjaro and Zepbound, two of Lilly's key products, have seen significant sales growth, with Mounjaro's revenue increasing by 68% to $5.2 billion and Zepbound's sales rising by 172% to nearly $3.4 billion [7][15] Innovation and Future Growth - Eli Lilly's innovation pipeline includes potential new treatments, such as retatrutide for obesity, expected to report positive trial results in late 2025 [8] - The company has also received FDA approval for an Alzheimer's therapy named Kisunla, which could contribute to future revenue [8] - The success of Eli Lilly's products is attributed to their clinical effectiveness and faster scaling of manufacturing compared to competitors [10][12] Competitive Landscape - Eli Lilly's Mounjaro has outperformed Novo Nordisk's Ozempic in treating both diabetes and weight loss, contributing to its market leadership [10][11] - The competitive advantage stems from Mounjaro's ability to target multiple gut hormones, unlike Novo Nordisk's treatments [10][11] Future Projections - Analysts predict a 30% chance that Eli Lilly's market capitalization could double by 2028 if its innovation pipeline is successful [4] - However, there is a 20% chance that the stock could lose 30% of its value due to price competition and regulatory challenges [4] - Wall Street consensus views the stock as slightly overvalued, with an average price target indicating a 2% overvaluation [18]

21日国际金价小幅上涨 全周累计下跌 贵金属市场方面，美联储降息预期升温推动国际金价反弹。截至周五收盘，纽商所12月黄金期价上涨 0.48%。全周来看，美元指数维持在近半年来高位，推高了黄金的持有成本，国际金价累计下跌0.36%。 当地时间周五，美联储货币政策前景依然牵动着市场神经。在多位美联储官员一系列鹰派表态引发市场恐 慌之后，被称为美联储"三号人物"的纽约联储银行行长威廉姆斯当天表示，当前劳动力市场疲软对经济构 成的威胁已经超过了通胀压力，他认为，美联储仍有进一步降息的空间。威廉姆斯的鸽派言论令市场对于 美联储的降息预期出现反转，交易员预计12月议息会议宣布降息25个基点的概率超过70%，投资者担忧情 绪得到安抚。 此外标普全球当天公布的数据显示，11月美国商业活动扩张速度创四个月最快，服务业增长加快，同时对 经济前景的乐观情绪显著改善。以上因素推动美国三大股指集体收涨。其中，道指上涨1.08%，标普500指 数上涨0.98%，纳指上涨0.88%。 公司方面，美国制药公司礼来股价周五上涨1.57%，成为全球首家市值突破万亿美元的药企。据外媒报 道，受产能扩大以及减肥药表现突出等因素提振，礼来公司逐步获得 ...

Core Insights - Eli Lilly's stock price surged by 47% following a previous article, significantly outperforming the benchmark [1] - The analyst had a Strong Buy rating with a price target of $800, which has now been exceeded [1] Company Overview - Eli Lilly is currently experiencing a strong performance in the stock market, indicating positive investor sentiment and market confidence [1] Analyst Background - The analyst has over 10 years of experience in asset management, specializing in equity analysis, macroeconomics, and risk-managed portfolio construction [1] - The analyst's educational background includes a BA in Financial Economics and an MA in Financial Markets [1] Investment Philosophy - The goal of the analysis is to share insights and empower investors to build confidence in long-term investing [1]

Core Insights - James Foord is an economist with a decade of experience analyzing global markets, leading the investing group The Pragmatic Investor focused on building diversified portfolios to preserve and increase wealth [1] Group 1: Company Overview - The Pragmatic Investor covers various sectors including global macro, international equities, commodities, technology, and cryptocurrencies [1] - The platform is designed to assist investors of all levels in their investment journey [1] Group 2: Features and Offerings - The Pragmatic Investor offers a portfolio, weekly market update newsletter, actionable trades, technical analysis, and a chat room for discussions [1]

当地时间周五，美联储货币政策前景依然牵动着市场神经。在多位美联储官员一系列鹰派表态引发市场恐 慌之后，被称为美联储"三号人物"的纽约联储银行行长威廉姆斯当天表示，当前劳动力市场疲软对经济构 成的威胁已经超过了通胀压力，他认为，美联储仍有进一步降息的空间。威廉姆斯的鸽派言论令市场对于 美联储的降息预期出现反转，交易员预计12月议息会议宣布降息25个基点的概率超过70%，投资者担忧情 绪得到安抚。 此外标普全球当天公布的数据显示，11月美国商业活动扩张速度创四个月最快，服务业增长加快，同时对 经济前景的乐观情绪显著改善。以上因素推动美国三大股指集体收涨。其中，道指上涨1.08%，标普500指 数上涨0.98%，纳指上涨0.88%。 21日国际金价小幅上涨 全周累计下跌 贵金属市场方面，美联储降息预期升温推动国际金价反弹。截至周五收盘，纽商所12月黄金期价上涨 0.48%。全周来看，美元指数维持在近半年来高位，推高了黄金的持有成本，国际金价累计下跌0.36%。 美国三大股指全周累计下跌 本周，市场对于AI估值过高的担忧仍挥之不去，加之美联储降息预期回落，拖累美国三大股指表现。道指 累计下跌1.91%，标普500指数 ...