2025.08.08 本文字数：1228，阅读时长大约2分钟 作者 |第一财经 胡弋杰 美股周四涨跌互现，道指与标普500指数受礼来大跌拖累收低，纳指则在科技股带动下创收盘纪录新 高。 截至收盘，道琼斯工业指数下跌224.48点，跌幅0.51%，报43968.64点；标普500指数下跌5.06点，跌幅 0.08%，报6340.00点；纳斯达克指数上涨73.27点，涨幅0.35%，报21242.70点，年内第17次创下历史收 盘新高。 医药板块成为拖累大盘的主力。礼来股价重挫14.1%，创多年最大单日跌幅。公司虽上调全年利润和销 售预期，但奥格列龙（Orforglipron）口服减肥药后期临床数据不及预期，引发市场失望。财报显示， 礼来二季度营收增长38%至155.6亿美元，经调整后每股收益达6.31美元，同比增长61%。 券商Spartan Capital Securities首席市场经济学家彼得·卡迪略（Peter Cardillo）称，礼来事件反映出市场 在高估值环境下对业绩与研发进展的敏感性。"盈利季带来的提振依旧存在，但个股利空容易引发板块 快速调整。" 科技股走势分化。AMD涨超5%，苹果涨超3%。 ...

2025.08. 08 本文字数：1228，阅读时长大约2分钟 作者 | 第一财经 胡弋杰 美股周四涨跌互现，道指与标普500指数受礼来大跌拖累收低，纳指则在科技股带动下创收盘纪录新高。 截至收盘，道琼斯工业指数下跌224.48点，跌幅0.51%，报43968.64点；标普500指数下跌5.06点，跌幅0.08%，报6340.00点；纳斯达克指数上涨 73.27点，涨幅0.35%，报21242.70点，年内第17次创下历史收盘新高。 医药板块成为拖累大盘的主力。礼来股价重挫14.1%，创多年最大单日跌幅。 公司虽上调全年利润和销售预期，但奥格列龙（Orforglipron）口服减肥 药后期临床数据不及预期，引发市场失望。财报显示，礼来二季度营收增长38%至155.6亿美元，经调整后每股收益达6.31美元，同比增长61%。 券商Spartan Capital Securities首席市场经济学家彼得·卡迪略（Peter Cardillo）称，礼来事件反映出市场在高估值环境下对业绩与研发进展的敏感 性。"盈利季带来的提振依旧存在，但个股利空容易引发板块快速调整。" 大宗商品方面，国际油价7日下跌。截至当天收盘，纽 ...

美国总统特朗普提名白宫经济顾问委员会主席斯蒂芬·米兰（Stephen Milan）出任临时美联储理事，任 期至2026年1月31日。 *三大指数走势分化 *礼来大跌冲击医疗板块 *米兰获提名出任美联储理事 美股周四涨跌互现，道指与标普500指数受礼来大跌拖累收低，纳指则在科技股带动下创收盘纪录新 高。 截至收盘，道琼斯工业指数下跌224.48点，跌幅0.51%，报43968.64点；标普500指数下跌5.06点，跌幅 0.08%，报6340.00点；纳斯达克指数上涨73.27点，涨幅0.35%，报21242.70点，年内第17次创下历史收 盘新高。 经济数据方面，美国持续申领失业救济人数升至近三年来最高水平，劳动力市场放缓迹象进一步增强， 市场对9月降息预期维持高位。 美国劳工部数据显示，截至7月26日当周，持续申领失业救济人数增加3.8万人，至197万人，创2021年 11月以来新高，显示失业人员再就业难度加大。首次申领失业救济人数升至22.6万人，高于经济学家预 期。 芝加哥商品交易所（CME）的美联储观察工具显示，市场预计美联储9月降息至少25个基点的概率为 93.2%，较前一交易日的94.6%略有下降 ...

Market Performance - The three major US stock indices closed mixed, with the Dow Jones down 0.51%, the Nasdaq up 0.35%, and the S&P 500 down 0.08% [1] - Popular tech stocks showed varied performance, with Apple rising 3.18%, while Microsoft fell 0.78% and Meta Platforms dropped 1.32% [1] Sector Performance - Precious metals, industrial metals, mining, and semiconductor equipment and materials sectors saw significant gains, with Hecla Mining up over 13% and Pan American Silver up over 7% [1] - Weight loss drugs and cybersecurity concepts experienced notable declines, with Eli Lilly down over 14% and Zscaler down over 5% [1] Chinese Stocks - The Nasdaq Golden Dragon China Index rose 0.95%, with most popular Chinese stocks increasing, including Miniso up over 3% and Xpeng Motors and Li Auto up over 1% [1] - Bilibili saw a decline of over 1% [1]

新华财经纽约8月7日电（记者刘亚南）纽约股市三大股指7日高开低走，午后整体弱势盘整，收盘时纽 约股市三大股指涨跌不一。 截至当天收盘，道琼斯工业平均指数比前一交易日下跌224.48点，收于43968.64点，跌幅为0.51%；标 准普尔500种股票指数下跌5.06点，收于6340.0点，跌幅为0.08%；纳斯达克综合指数上涨73.27点，收于 21242.7点，涨幅为0.35%。 板块方面，标普500指数十一大板块六涨五跌。公用事业板块和必需消费品板块分别以1.05%和0.73%涨 幅领涨，医疗板块和金融板块分别以1.15%和1.13%跌幅领跌。 美国投行和资产管理公司派杰公司（Piper Jaffray)首席市场技术官克雷格·约翰逊（Craig Johnson）表 示，就趋势和相对强势而言，今年下半年股市前景依然积极。 个股方面，礼来制药7日发布的二季度业绩好于市场预期并上调全年业绩展望，但由于其减肥药实验结 果令人失望，该公司股价当日下跌14.14%。 （文章来源：新华财经） ...

Core Viewpoint - The healthcare sector in the S&P 500 has been underperforming since 2025, but it may be on the verge of a rebound as negative factors are being digested [1] Group 1: Sector Performance - The Health Care Select Sector SPDR Fund (XLV.US) has declined by 3.7% year-to-date, significantly underperforming the S&P 500's 7.1% gain during the same period [1] - Major healthcare companies, including UnitedHealth (UNH.US), Cigna (CI.US), and Humana (HUM.US), are facing stock price pressure due to soaring reimbursement costs [1] - Pharmaceutical companies are also under pressure from policy changes and cost increases, including ongoing drug price reforms and potential tariffs [1] Group 2: Positive Signals - The XLV ETF is stabilizing around $132.50, close to the technical support level of $130 that has attracted buying interest since April [2] - The healthcare sector has maintained a long-term upward trend since 2009, suggesting that current adjustments may provide a buying opportunity for long-term investors [2] - Pfizer (PFE.US) saw a 4% increase in stock price after reporting earnings that exceeded market expectations, while Merck (MRK.US) managed to hold its stock price above the $77 support level despite sales adjustments [2] Group 3: Valuation and Growth Potential - The forward P/E ratio for the healthcare ETF is currently at 16 times, significantly lower than the S&P 500's 22 times, representing a 27% discount, which is nearly double the average discount over the past decade [2] - The healthcare sector is expected to achieve an average annual earnings growth rate of 11% over the next two years, driven by rapid expansion in the obesity drug market and strong performance from medical device companies [2] Group 4: Analyst Insights - Adam Parker, Chief Analyst at Trivariate Research, expressed optimism about the sector, stating that the earnings expectations for the healthcare industry are more achievable than average [3]

Market Dynamics & Competition - Novo Nordisk's oral wegovy shows promising 16.6% weight loss with good tolerability, potentially shifting the oral market split [3][4] - The oral wegovy faces a "food effect" issue, requiring specific consumption conditions (fasting, water, waiting 30 minutes), potentially limiting its use to maintenance after initial weight loss with injectables [4][7] - Manufacturing costs for oral wegovy are higher due to the larger peptide dosage (25mg) compared to the weekly injectable (2.4mg) [7] - The weight loss drug space is experiencing pricing headwinds and some pricing concessions, potentially influenced by the CVS exclusive deal [8][9] Company Performance & Expectations - Lilly's stock experienced a significant drop (down 14%) due to data expectations being set too high (above 15% efficacy), raising questions about the long-term strength of their franchise [1][2] - There was a disconnect between Novo Nordisk's positive presentation of their data (27 pounds average weight loss) and the market's expectations [9] - Companies need to learn from competitors' successes and failures in managing expectations and messaging around drug data [13]

周四，美国科技股七巨头指数涨0.56%，报186.41点，继续创收盘历史新高。苹果收涨3.18%，英伟达、 特斯拉、亚马逊、谷歌A至多涨0.75%，微软则收跌0.78%，Meta Platforms跌1.32%。此外，AMD收涨 5.69%，台积电ADR涨4.86%，巴菲特旗下伯克希尔哈撒韦B类股则收跌1.59%，礼来制药跌14.14%。 本文源自：金融界AI电报 ...

Clinical Trial Results & Market Reaction - Eli Lilly's experimental pill Orphon showed an 11% weight loss in patients during a late-stage clinical study [1] - Despite the positive results, Eli Lilly's shares fell, as Wall Street anticipated better performance in line with injectable weight loss drugs [1] - Novo Nordisk's Wegovy showed up to 15% weight loss in trials [2] - Eli Lilly's Zepbound had even better weight loss results than Wegovy [2] Market Potential & Challenges - Analysts forecast the weight loss market to grow to $95 billion by 2030 [3] - Pills are considered key to reaching a broader patient base in the weight loss market [3] - Developing effective weight loss pills has been challenging, with Pfizer and AstraZeneca facing setbacks [3] Future Plans - Eli Lilly plans to submit Orphon's findings for approval by the end of the year [4] - If approved, Orphon could be available in pharmacies as early as 2026 [4]

Analyst Actions & Forecasts - Link Partners downgraded Eli Lilly (LLY) to market perform from outperform [1] - Link Partners lowered the price target for Eli Lilly from $944 to $715 [1] - Link Partners reduced 2030 orforglipron sales estimate from approximately $22 billion to $14 billion [3] - The analyst still expects orforglipron to be a mega-blockbuster drug [3] Competitive Landscape - Novo Nordisk is a wounded competitor in the obesity drug market duopoly and may resort to price competition [4][5] - Emerging competitors with novel therapies will increase market competition by the end of the decade [5] - Several companies are developing obesity assets in late-stage clinical development, including Amgen, AstraZeneca, Roche, Structure Therapeutics (GPCR), Viking Therapeutics, and Metacrine (META) [9] Market Access & Coverage - Employer coverage of anti-obesity medicines has not expanded significantly in the past 18 months and may not do so in the next 6 months [6] - Approximately 50 to 55 million commercial lives have coverage for anti-obesity medicines [7] - High-margin employers are more likely to offer coverage for these medications, while middle and low-margin employers may not have the financial resources due to the high prevalence of obesity [7]