Macro Dynamics - China has maintained normal trade relations with Iraq and aims for sustained peace in the Middle East, as stated by the Foreign Ministry [2] - The Ministry of Finance reported a 2.8% year-on-year decline in profits for state-owned enterprises from January to May 2025, with total profits amounting to 1651.45 billion yuan [3][4] - The asset-liability ratio of state-owned enterprises increased by 0.2 percentage points to 65.1% by the end of May 2025 [4] Financial Institutions - CITIC Trust has won the bid for bankruptcy restructuring service trusts for Jinke Property and Chongqing Jinke, with an expected scale exceeding 150 billion yuan, marking a significant case in the domestic real estate sector [7] Market Data - On June 27, the Shanghai Composite Index fell by 0.7%, while the Shenzhen Component Index rose by 0.34% and the ChiNext Index increased by 0.47%. The total trading volume was approximately 1541.12 billion yuan [9] - The Hang Seng Index decreased by 0.17%, and the Hang Seng Tech Index fell by 0.07% on the same day [10] Company Dynamics - Xiaomi responded to rumors regarding a former director, clarifying that the individual had only worked briefly in the company’s cafeteria and never held a director position [11] - Innovent Biologics' injection for long-term weight control has been approved by the National Medical Products Administration, targeting adults with a BMI of 28 or higher [12][13] - Li Auto has revised its delivery forecast for the second quarter of 2025 to approximately 108,000 vehicles, down from a previous estimate of 123,000 to 128,000 vehicles [14] - Lakala is in communication with the Hong Kong Monetary Authority regarding the potential application for a stablecoin license [15] - JD Logistics reported a significant increase in sales of two-wheeled electric vehicles during the "618" shopping festival, with sales rising over 300% [16]

随着更多减重药走向市场，未来将会加剧竞争，但有竞争是好事，这意味着GLP-1药物的价格会降低，从而改善全球药物的可及性。 6月27日，信达生物研发的首款国产减重创新药玛仕度肽注射液（商品名：信尔美）获国家药监局批准上市，用于成人肥胖或超重患者的长期体重控制。该 药物也是全球首个GCG/GLP-1双受体激动减重药物，有望打破目前由跨国巨头诺和诺德、礼来主导的全球减重药领域双雄争霸的格局。 "我国超重和肥胖患病率高，超重和肥胖人群的心血管代谢疾病负担重，亟需减重疗效显著、心血管代谢多重获益明显和安全性良好的减重药物。"玛仕度肽 GLORY-1研究的牵头研究者、北京大学人民医院纪立农教授表示，"生活方式干预是超重/肥胖者的基础且重要手段，但是仍有相当一部分患者由于种种原因 不能达到期望的减重目标，需用药物辅助治疗。" 在GLP-1减重药领域，目前占据主导地位的是诺和诺德与礼来公司。在上周末举行的美国糖尿病协会（ADA）科学年会上，两家跨国巨头公司也都公布了多 项新一代GLP-1减重药的最新研发进展。同时，来自中国制药公司的在研减重药还包括先为达生物研发的GLP-1受体激动剂埃诺格鲁肽（Ecnoglutide）。第 ...

整理 | GLP1减重宝典内容团队 ▍ 全球首个 GLP‑1R/GCGR 双受体激动减重药物，获批上市 信达生物与礼来合作开发的GLP‑1R/GCGR双重激动剂玛仕度肽正在中国迎来上市关键节点。 信尔美® （胰高血糖素[GCG] /胰高血糖素样 肽-1[GLP-1] 双受体激动剂，玛仕度肽注射液） 已于6月27日获得国家药品监督管理局批准，用于成人肥胖或超重患者的长期体重控制。 与传统的单靶点GLP-1受体激动剂不同，玛仕度肽具备双重作用机制，能够高度选择性地同时激活GLP-1和胰高血糖素（GCG）受体。这种"节 流"与"开源"相结合的独特模式，使其在调节能量代谢方面展现出多维度优势。玛仕度肽通过激活GLP-1R，抑制食欲、延缓胃排空，从而实现 体重的有效控制。同时，其对肝脏GCGR的激活，进一步促进脂肪酸氧化和脂肪分解，有助于改善肝脏脂质代谢，展现出其在代谢疾病管理中 的多重潜力。 玛仕度肽拥有双重机制，不仅可通过激动GLP-1R，调节血糖, 抑制食欲并减轻体重,还可通过激动GCGR,增加能量消耗,增 强减重效果，同时改善脂肪肝，降低体脂。 更夸注中国超量/肥胖人群 2025年5月，该药品临床成果发表在被誉 ...

整理 | GLP1减重宝典内容团队 GLP-1类药物已成为当前降糖和减重领域的重要治疗方向。然而，目前大多数GLP-1疗法采用肽类结构，需皮下注射，使用不便。目前唯一获 批的口服肽类GLP-1药物仍需在特定饮食和饮水条件下服用，限制较多。 Orforglipron是一款非肽类的小分子GLP-1受体激动剂，具备较高的口服生物利用度。其最大优势在于无需注射，可在不受进食或饮水时间限制 的情况下服用，在早期研究中已显示出良好的疗效。该药物曾被评为2023年"猎药人"年度小分子榜单成员，因其在技术路径、科学价值、临床 前景和创新性等方面表现突出。 近期，Orforglipron治疗2型糖尿病的3期临床试验ACHIEVE-1在美国糖尿病协会（ADA）年会上公布结果，并同步发表于《新英格兰医学杂 志》（NEJM）。试验显示，每日一次口服Orforglipron显著改善糖化血红蛋白（HbA1c）水平，帮助68%至73%的患者达成治疗目标（HbA1c ＜7.0%），其中近四分之一的患者血糖接近正常水平，并伴随体重减轻与代谢指标改善。 试验设计与患者特征 ACHIEVE-1为一项多中心、双盲、随机、安慰剂对照的3期临床试验，在 ...

Core Insights - Eli Lilly (LLY) has seen substantial growth driven by its GLP-1 medications, Mounjaro and Zepbound, for type II diabetes and obesity, respectively, with demand increasing rapidly since their market introduction [1][2] Group 1: Product Development and Clinical Trials - Lilly is heavily investing in obesity treatments, with several new molecules in clinical development, including late-stage candidates orforglipron and retatrutide, as well as mid-stage candidates like bimagrumab, eloralintide, and mazdutide [2] - Recent phase III study data for orforglipron showed an average A1C reduction of 1.3-1.6% and an average weight loss of 16 pounds (7.9%) at the highest dose, with regulatory filings planned for obesity by the end of this year and for T2D in the first half of 2026 [3][8] Group 2: Competitive Landscape - Eli Lilly faces strong competition in the obesity market from Novo Nordisk (NVO), which is advancing its own GLP-1 products, including semaglutide and next-generation candidates like CagriSema and amycretin [4][5] - Other companies, such as Viking Therapeutics (VKTX), are also developing GLP-1-based treatments, with VKTX initiating late-stage programs for its dual GIPR/GLP-1 receptor agonist, VK2735 [5] Group 3: Stock Performance and Valuation - Eli Lilly's stock has increased by 2.6% this year, outperforming the industry decline of 1.9%, although it has underperformed compared to the S&P 500 index [6] - The company's shares are currently trading at a price/earnings ratio of 30.14, which is higher than the industry average of 14.92 but below its five-year mean of 34.54 [10] - Earnings estimates for 2025 and 2026 have seen slight declines, with 2025 estimates dropping from $22.43 to $21.95 and 2026 estimates from $31.15 to $30.91 over the past 60 days [14]

Core Insights - The 2025 Global Pharmaceutical Companies Top 50 list has been released, with Johnson & Johnson's Innovative Medicines leading with $55.7 billion in sales, followed by AbbVie and Merck [1][2] - Novo Nordisk enters the top ten for the first time due to its GLP-1 drug semaglutide, while Merck rises from fourth to third place, driven by the strong performance of its drug Keytruda [1][3] - Six Chinese companies made the list, marking a significant increase, with BeiGene and Huadong Medicine making their debut [1][5] Group 1: Rankings and Sales Performance - The list is based on prescription drug sales, core product revenue, and R&D investment, reflecting significant changes in the pharmaceutical industry [2] - Merck's Keytruda has received FDA approval for 40 indications and is projected to generate $29.482 billion in sales in 2024, accounting for approximately 54.28% of Merck's prescription drug revenue [3] - Novartis dropped from third to seventh place, with a prescription drug sales forecast of $50.191 billion for 2024, facing challenges due to patent expirations [4] Group 2: Chinese Pharmaceutical Companies - Six Chinese companies ranked in the top 50, the highest number in five years, although all ranked below 30 due to smaller market sizes [5][6] - Chinese innovation in pharmaceuticals is gaining recognition, with significant presentations at major conferences like AACR and ASCO [5] - The future outlook for Chinese companies in the global pharmaceutical landscape appears promising, with expectations of increased rankings and numbers by 2030 [5] Group 3: Market Trends and Projections - The GLP-1 class of drugs is expected to dominate prescription drug sales, with projections indicating that Eli Lilly will become the top-selling pharmaceutical company by 2030 [4] - The ADC (antibody-drug conjugate) market is expanding, with significant transactions and research presentations from Chinese companies at international conferences [6] - The overall sentiment in the industry is improving, with a focus on the value of Chinese innovative drugs despite previous financing challenges [6]

整理 | GLP1减重宝典内容团队 司美格鲁肽（Semaglutide）是由诺和诺德公司开发的一种胰高血糖素样肽-1（GLP-1）受体激动剂，已被批准用于治疗2型糖尿病及肥 胖症。其通过抑制食欲、降低热量摄入来实现减重效果，自上市以来在减肥市场引发强烈反响。今年第一季度，其全球销售额已超过78 亿美元，彻底改变了减肥药物市场格局。 不过，美国制药巨头礼来公司开发的GLP-1/GIP双受体激动剂替尔泊肽（Tirzepatide），正在迅速迎头赶上。根据2024年5月发表于 《新英格兰医学杂志》（NEJM）的一项头对头比较研究（SURMOUNT-5试验），替尔泊肽在减轻体重和缩小腰围方面的效果明显优 于司美格鲁肽。在为期72周的治疗中，接受替尔泊肽的患者平均减重20.2%（约22.8公斤），其中31.6%的人减重幅度达到或超过 25%。与此同时，替尔泊肽今年一季度的销售额已突破61亿美元，逼近司美格鲁肽。 2025年6月22日，《新英格兰医学杂志》同步刊登了两项关键3a期临床试验结果，重点评估卡格列肽（Cagrilintide）与司美格鲁肽的复 方制剂（统称CagriSema）在不同人群中的减重效果。一项试验面向 ...

整理 | GLP1减重宝典内容团队 6 月 24 日，礼来在 ClinicalTrials.gov 登记了一项名为 TRIUMPH-7 的 III 期临床试验（登记号：NCT07035093），旨在评估其三重激动剂瑞 他鲁肽（Retatrutide，代号 LY3437943）在肥胖或超重并患有慢性腰痛患者中的疗效和安全性。据 Insight 数据库，这是全球首次开展 GLP1R/GIPR/GCGR 三激动剂用于疼痛治疗的 III 期研究。 TRIUMPH-7 为一项随机、双盲、安慰剂对照的国际多中心研究，预计将在 2025 年 6 月启动，2027 年 9 月完成。试验计划入组 586 名受试 者，随机分组接受每周一次的 Retatrutide 或安慰剂注射，治疗周期为 80 周。主要研究终点包括疼痛强度较基线的变化幅度，以及体重相对基 线的百分比变化。次要终点则涵盖疼痛缓解人数、体重减轻达标人数等多项指标。 Retatrutide 属于 GLP1R/GIPR/GCGR 三重激动剂，是该领域内全球推进速度最快的候选药物。目前该药正处于多个适应症的 III 期临床阶段， 涵盖肥胖、2 型糖尿病、心血管事件二级预 ...

Group 1 - Eli Lilly stock is highlighted as a compelling investment opportunity in the public market, currently trading just below the 50-week moving average [1] - Invictus Origin, founded by Oliver Rodzianko, aims to be a globally recognized investment management firm with a focus on high-alpha strategies, particularly through its Nasdaq High-Alpha Black Swan Portfolio [1] - The Nasdaq High-Alpha Black Swan Portfolio maintains approximately 20% in strategic cash reserves, which provides downside protection and flexibility during market disruptions [1] Group 2 - Oliver Rodzianko has extensive experience as a macro-focused investment analyst, specializing in public equities and sectors such as technology, semiconductors, artificial intelligence, and energy [1] - The investment process at Invictus Origin integrates U.S. market specialization with a comprehensive understanding of international markets, aiming for durable outperformance [1] - The firm is characterized by resilience, performance, and disciplined capital stewardship, supported by a family office structure focused on lower-volatility capital preservation [1]

政策动向 《采用脑机接口技术的医疗器械非侵入式设备通用技术条件》国家标准立项申请公开征求意见 6月25日，据媒体从国家药品监督管理局医疗器械标准管理中心获悉，全国医用电器标准化技术委员会 医用电子仪器分技术委员会对《采用脑机接口技术的医疗器械非侵入式设备通用技术条件》医疗器械国 家标准立项申请项目公开征求意见。据悉，文件规定了采用脑机接口技术的非侵入式医疗器械采集、解 码、外控设备、接触人体部件的穿戴力学、人机交互可用性的性能指标及测试方法。 本文件适用于采 用脑机接口技术的非侵入式医疗设备。 根据介绍，随着全球化进程的推进，国际间的医疗器械交流和合作日益频繁，制定与国际接轨的标准有 助于促进国际合作；对于监管机构而言，标准化的测试方法可以提高监管效率，减少因标准不统一带来 的监管难度和成本；随着非侵入式神经调控领域的快速发展，会有越来越多的企业投入到相关产品的研 发和生产中。统一的测试方法标准有助于规范产业，促进健康有序的市场竞争。 李利在天津调研支持医药产业研发创新工作 6月25日，国家药监局官微显示，6月23日至25日，国家药监局党组书记、局长李利在天津市走访考察脑 机交互与人机共融海河实验室、天士力医 ...