Group 1 - Eli Lilly's drug Mounjaro has received a "positive" response in the Indian market, with the company emphasizing its commitment to meet the demand in the world's most populous country [1] - Mounjaro was launched in India after Eli Lilly outperformed competitor Novo Nordisk in March, addressing the growing disease burden in a country with a population of 1.4 billion [1] - As of May, Mounjaro has sold 81,570 doses in India, generating approximately 239.4 million rupees (2.76 million USD), with a 60% increase in sales from April to May [1] Group 2 - The global demand for Mounjaro and Novo Nordisk's Wegovy has surged, leading to supply shortages in countries like the United States [1] - Since 2020, Eli Lilly has invested over 50 billion USD to expand production capacity to ensure global supply [1] - The prevalence of obesity and diabetes in India is rising, with a government survey indicating that 24% of women and nearly 23% of men aged 15-49 were overweight or obese from 2019 to 2021, up from 20.6% and 19% in 2015-2016 [1] Group 3 - Indian pharmaceutical companies are competing to develop cheaper generic versions of weight loss drugs, with the market expected to reach 150 billion USD by the early 2030s [2] - The active ingredient in Wegovy, semaglutide, is anticipated to have its patent expire in India in 2026 [2]

Group 1 - Shengnuo Bio expects a net profit attributable to shareholders of 77.03 million to 94.14 million yuan for the first half of 2025, representing a year-on-year increase of 253.54% to 332.10% [1] - The significant growth in Shengnuo Bio's performance is primarily attributed to the strong performance of its peptide raw material business, which is closely related to GLP-1 formulations [1] Group 2 - Shanghai Laishi has completed the acquisition of 100% equity in Nanyue Bio for 4.2 billion yuan, with an additional contingent payment of 50 million yuan if the company processes 305 tons of plasma by 2025 [2] - The completion of the acquisition and registration marks a significant step forward in Shanghai Laishi's "plasma expansion" strategy, although it is expected to add substantial goodwill, raising concerns about future impairment risks [2] Group 3 - Beijing Saisheng Pharmaceutical has signed a new drug technology transfer agreement with its affiliate, transferring technology related to the NeoAB33 new drug project for a total of 20 million yuan [3] - The transfer may optimize the asset structure of Huada Protein, which reported a loss of 8.3 million yuan in 2024, while Saisheng Pharmaceutical reported a net profit of 39.97 million yuan in the first quarter of 2025, indicating its financial capability to advance research and development [3] Group 4 - Eli Lilly's reversible BTK inhibitor, Pirtobrutinib, has had its new indication application accepted for review in China, targeting patients with chronic lymphocytic leukemia/small lymphocytic lymphoma who have previously received BTK inhibitor treatment [4] - If approved, Pirtobrutinib will provide a new treatment option for patients who have failed previous covalent BTK inhibitor therapies, further solidifying its market position in the treatment of B-cell malignancies [4] Group 5 - Innovent Biologics' CLDN-18.2 ADC product, IBI343, is proposed to be included as a breakthrough therapy for locally advanced or metastatic pancreatic cancer expressing CLDN 18.2, after at least two systemic treatments [5] - As the first CLDN18.2 ADC to achieve a breakthrough in pancreatic cancer, IBI343 is expected to fill a gap in second-line and later treatments, providing new options for patients [5]

Core Insights - Eli Lilly (LLY) has signed a definitive agreement to acquire Verve Therapeutics (VERV) for nearly $1.3 billion, enhancing its pipeline with gene therapies targeting heart diseases, including VERVE-102, aimed at reducing cholesterol levels [2][10] - This acquisition marks LLY's third targeted M&A deal in 2025, following a $2.5 billion deal for Scorpion Therapeutics' oncology drug and a $1 billion acquisition of SiteOne Therapeutics to strengthen its neuroscience pipeline [3][10] - LLY aims to diversify beyond GLP-1 drugs by expanding into cardiovascular, oncology, and neuroscience therapeutic areas, which is expected to benefit the company in the long term [3][10] M&A Activity - M&A activity in the pharma/biotech sector has significantly increased in 2025 after a passive 2024, indicating a focus on portfolio expansion and pipeline innovation [5] - Sanofi (SNY) is set to acquire Blueprint Medicines for up to $9.5 billion to enhance its portfolio in rare immunological diseases [6] - Johnson & Johnson acquired Intra-Cellular Therapies for approximately $14.6 billion, adding the antidepressant drug Caplyta to its neuroscience portfolio [7] Stock Performance and Valuation - LLY's shares have risen 1.7% this year, outperforming the industry, which has declined by 1.2%, as well as the S&P 500 index [8] - The stock currently trades at a price/earnings ratio of 30.06, higher than the industry average of 15.05, but below its five-year mean of 34.54 [12] - Earnings estimates for LLY have declined for 2025 from $23.06 to $21.95 per share and for 2026 from $31.15 to $30.91 over the past 60 days [15]

Core Viewpoint - Despite market uncertainties, it is a favorable time to invest in growth stocks with a cautious approach, starting with smaller investments and potentially increasing positions if stock prices decline. Group 1: Nvidia - Nvidia is the leader in AI infrastructure, with its GPUs being the primary chips for AI workloads, supported by its proprietary software platform CUDA [3][4] - Nvidia captured over 90% of the GPU market in Q1, with data center revenue growing more than 9 times in two years, and demand for its new Blackwell chips is accelerating [4][5] - Nvidia is positioned as a key investment in AI infrastructure despite potential risks from data center spending slowdowns [5] Group 2: Taiwan Semiconductor Manufacturing (TSMC) - TSMC is crucial in manufacturing advanced AI chips, holding significant capabilities that few companies possess [6][7] - Nearly 60% of TSMC's business comes from high-performance computing chips, with strong demand continuing [7] - TSMC is raising prices to offset near-term margin pressures and is expected to be a long-term winner in the AI sector [8] Group 3: Pinterest - Pinterest has transformed by embracing AI, leading to increased engagement and improved average revenue per user (ARPU) [9][10] - The company’s AI-driven solutions are enhancing user engagement and helping advertisers run more effective campaigns [10] - Despite potential economic slowdowns, Pinterest has strong growth prospects due to its large user base [11] Group 4: Eli Lilly - Eli Lilly is benefiting from the growth of GLP-1 drugs, with Mounjaro and Zepbound generating $6.1 billion in revenue last quarter [12] - Zepbound's revenue surged from $517 million to $2.3 billion year-over-year, indicating strong momentum [12] - The company’s next-generation oral GLP-1 drug, orforglipron, shows promise and has advantages over existing injectable drugs [13][14] Group 5: e.l.f. Beauty - e.l.f. Beauty is entering a growth phase following its $1 billion acquisition of Rhode, which generated $212 million in sales despite limited product offerings [15][16] - The acquisition is timely as e.l.f.'s growth slowed, and Rhode's expansion into Sephora presents a significant opportunity [16][17] - e.l.f. has strong retail relationships that can facilitate Rhode's distribution growth, making it an attractive investment opportunity [17]

Core Insights - Scholar Rock's Phase 2 EMBRAZE trial results indicate that apitegromab combined with tirzepatide can significantly preserve lean mass during weight loss, with a notable reduction in lean mass loss compared to tirzepatide alone [1][2][3] Group 1: Trial Results - The trial showed that 30% of the weight loss from tirzepatide was attributed to lean mass loss, while the addition of apitegromab reduced this to 14.6% [3][4] - Patients receiving the apitegromab-tirzepatide combination lost 12.3% of their body weight, compared to 13.4% for those on tirzepatide with placebo [4] - The combination therapy resulted in a higher quality of weight loss, with patients losing 85% fat and 15% lean mass, compared to 70% fat and 30% lean mass in the placebo group [4] Group 2: Market Reaction - Following the positive trial results, Scholar Rock's stock price increased by 18%, reaching $36.77 [6]

Core Insights - Eli Lilly (LLY) announced the acquisition of Verve Therapeutics (VERV), focusing on gene therapies for cardiovascular diseases, particularly VERVE-102, which aims to reduce cholesterol levels [1][9] - The acquisition has positively impacted the share prices of other gene-editing companies, including Crispr Therapeutics (CRSP) and Intellia Therapeutics (NTLA), while Editas Medicine (EDIT) saw a decline [2][9] Gene-Editing Companies Overview - The field of gene editing is rapidly evolving, with companies utilizing CRISPR/Cas9 technology to treat genetic diseases by correcting DNA defects [3] - Intellia Therapeutics (NTLA) focuses on CRISPR-based therapies, with its lead candidates targeting ATTR amyloidosis and hereditary angioedema, and saw a 6.9% increase in share price [4] - Crispr Therapeutics (CRSP) is developing therapies for various diseases and achieved a milestone with the approval of its CRISPR/Cas9 therapy, Casgevy, in November 2023, resulting in a 3.9% share price increase [5] - Beam Therapeutics (BEAM) is advancing base editing programs, including BEAM-101 for sickle cell disease, which received orphan drug designation from the FDA [6] - Editas Medicine is developing treatments using its proprietary CRISPR technology, focusing on in vivo pipeline development [7] Mergers and Acquisitions Activity - Mergers and acquisitions (M&A) in the pharma/biotech sector have increased significantly in 2025, indicating a focus on portfolio expansion and innovation [8][12] - Notable acquisitions include Sanofi's planned acquisition of Blueprint Medicines for up to $9.5 billion and Johnson & Johnson's acquisition of Intra-Cellular Therapies for approximately $14.6 billion [10][11]

Core Viewpoint - Eli Lilly announced the acquisition of Verve Therapeutics for up to $1.3 billion, including nearly $1 billion upfront payment, which significantly boosted Verve's stock price by over 80% on the announcement day [1][3]. Group 1: Acquisition Details - Eli Lilly's acquisition of Verve Therapeutics aims to enhance its portfolio in the cardiovascular disease treatment sector, alongside its existing GLP-1 weight loss drug, expected to generate over $30 billion in total sales this year [3]. - Verve Therapeutics is developing a gene-editing therapy, Verve-102, targeting the PCSK9 protein to lower cholesterol levels, potentially transforming chronic cardiovascular disease treatment into a one-time therapy [1][3]. Group 2: Market Potential and Clinical Trials - Verve-102 is currently undergoing a Phase 1b clinical trial and has received Fast Track designation from the FDA, indicating its potential for significant market impact if proven effective [3]. - The gene therapy market for cardiovascular diseases may face skepticism regarding demand, as existing PCSK9-targeting drugs already meet a substantial portion of market needs [4]. Group 3: Competitive Landscape - The PCSK9 monoclonal antibodies have shown to reduce LDL cholesterol levels by over 50% compared to statins, with several products already available in the market, including a long-acting PCSK9 monoclonal antibody recently launched in China [4][5]. - Oral PCSK9 inhibitors from major pharmaceutical companies like Merck and AstraZeneca are expected to drive sales from approximately $4 billion to $12 billion by 2034, indicating a growing competitive landscape [6].

Group 1: Hong Kong Stocks - Lehua Entertainment (02306) surged over 24% due to strong market performance of its toy IP "WUKUKU," with multiple new products setting sales records and the theme song exceeding 1 billion views [1] - United Energy Group (00467) rose over 7% after signing a 15-year production increase contract with Uzbekistan's UNG, involving 57.8 billion cubic meters of oil and gas production, with an initial investment of $100 million to expand into Central Asia [1] - Smoore International (06969) fell over 3% as shareholder Yiwei Lithium Energy plans to reduce its stake by 3.5% (216 million shares), resulting in a decrease of its holding to 27.23%, no longer being the controlling shareholder [1] - New World Development (00200) dropped over 5% after completing a "2 for 1" rights issue, issuing 758 million shares and raising HKD 771 million, with oversubscription of 13 times [1] - Fourth Paradigm (06682) increased over 7% after launching AI solutions for the manufacturing industry, covering production optimization to supply chain intelligence upgrades [1] - Shandong High-Tech Holdings (00412) rose over 4% as Zhongtai Securities highlighted significant synergy between its new energy and digital infrastructure, with a data center PUE value of 1.15, enhancing financial integration [1] - KANAT Optical (02276) increased over 4% due to an explosion in the smart glasses market (e-commerce transactions up 8 times), with Meta collaborating with Oakley to launch AI glasses, positioning the company with leading 3C enterprises [1] Group 2: Other Notable Stocks - Sipai Health (00314) rose over 7% after partnering with Anruijiaer to develop customized insurance, planning to sell 6 pharmacies for 5.89 million to focus on core medical insurance business [2] - SF Express (09699) increased over 5% after raising its delivery service revenue cap for 2025/26 to HKD 12.8 billion / HKD 20.5 billion, with demand growth exceeding expectations [2] - Liufu Group (00590) fell over 3% as it projected a 40% decline in profits for the 2025 fiscal year, primarily due to gold hedging losses and high base effects from acquisition gains [2] - Zhenjiu Lidu (06979) rose over 4% after announcing Yao Annan as the "Cultural Heritage Ambassador" for liquor, leveraging Huawei-related topics to boost brand visibility [2] - Ideal Auto-W (02015) dropped over 4% as Meituan's Wang Xing sold 5.73 million shares for HKD 600 million, reducing his stake to 20.61% [2] - Health Road (02587) surged over 7% as its liver disease AI management platform was selected for Beijing's digital medical verification program, supporting WHO's "2030 Hepatitis Elimination" goal [2] - Gilead Sciences-B (01672) rose over 5% after its psoriasis oral drug ASC50 completed the first dosing in Phase I clinical trials in the U.S., targeting the IL-17 pathway [2] - China Silver Group (00815) increased over 10% after partnering with Zefeng Gold to acquire a 55% stake in a lead-zinc exploration company, gaining exploration rights over 50.8 square kilometers in Tibet [2] Group 3: U.S. Stocks - Verve Therapeutics (VERV.US) skyrocketed over 80% as Eli Lilly prepares to acquire the gene-editing company for up to $1.3 billion, with $1 billion as an upfront payment and $300 million contingent on specific clinical milestones [4] - Solar energy stocks plummeted, with Sunrun (RUN.US) down over 40%, Solaredge Technologies (SEDG.US) down over 41%, and First Solar (FSLR.US) down over 22%, following a Republican proposal in the U.S. Senate to terminate wind and solar tax credits by 2028, raising concerns about the industry's outlook [4] - Reddit (RDDT.US) rose over 6% after launching the AI advertising tool Reddit Insights, enhancing ad targeting through real-time user trend analysis [4] - Bitcoin-related stocks fell, with CleanSpark (CLSK.US) down over 7% and Riot Platforms (RIOT.US) down over 5%, as Bitcoin prices dropped nearly 2% to $105,580 amid escalating tensions in the Middle East and high leverage positions in the derivatives market [4] - AMD (AMD.US) continued to rise 0.56% after officially launching the Zen5 architecture Ryzen Threadripper processors, covering the workstation and desktop markets, with a market share close to 50% in China for Q1, although there are concerns about its cost-performance ratio [5] - Brain Regen Technologies (RGC.US) surged over 30% after announcing a 38-for-1 stock split, coupled with FDA clinical trial approval news, although its actual business has no revenue and a very small float, indicating significant retail speculation [6] - Jabil (JBL.US) rose over 8%, reaching a new all-time high of $202.5, with Q3 revenue increasing 15% year-on-year to $7.83 billion, raising its full-year revenue forecast to $29 billion and planning a $500 million investment to support AI data center infrastructure [6] - Niu Technologies (NIU.US) increased over 11% after launching its new NX Play electric motorcycle on Douyin, integrating a smart riding system to enhance user experience [6] - T-Mobile US (TMUS.US) fell nearly 4% as SoftBank sold 21.5 million shares at $224 each, a 3% discount, triggering market sell-off [6] - The pharmaceutical sector saw widespread declines, with Eli Lilly (LLY.US) down over 2% and Novo Nordisk (NVO.US) down over 3%, as concerns grew over the potential impact of the U.S. Senate tax bill on the industry, coupled with profit-taking ahead of some companies' earnings reports [6] - The gold sector declined, with Gold Fields (GFI.US) down over 2.1%, and spot gold fell 0.27% to $3,375.53, as easing tensions in the Middle East reduced safe-haven demand, alongside Citigroup's bearish long-term gold price forecast [7]

Core Viewpoint - The acquisition of Verve Therapeutics by Eli Lilly for up to $1.3 billion has positively impacted the biotechnology sector focused on gene therapy, which has faced significant challenges recently [1] Group 1: Acquisition Details - Eli Lilly agreed to acquire Verve Therapeutics for a total price not exceeding $1.3 billion, providing a boost to the struggling gene therapy industry [1] - The acquisition led to a 74% increase in Verve Therapeutics' stock price, reflecting positive market sentiment [1] - The deal includes a contingent value right (CVR) that exceeds Verve's 30-day average stock price by over 100% [1] Group 2: Market Reactions - Companies such as Editas Medicine, Prime Medicine, Intellia Therapeutics, CRISPR Therapeutics, and Beam Therapeutics have shown improved performance following the acquisition news, despite experiencing significant declines over the past 12 months [1] - Wall Street reacted positively to Eli Lilly's acquisition proposal, indicating a favorable outlook for the gene editing sector [1] Group 3: Analyst Opinions - BMO Capital Markets expressed skepticism regarding the market demand for additional gene therapies, suggesting that Eli Lilly might have better uses for its capital [2] - Conversely, William Blair viewed the transaction as beneficial for Verve Therapeutics' shareholders, who will receive payments related to the CVR in the coming years [2] - Analyst Myles Minter stated that the acquisition is reasonable for Verve Therapeutics' shareholders and aligns well with Eli Lilly's product line [2]

Investment Rating - The report indicates a favorable outlook for both Zepbound and Wegovy, with physicians rating Zepbound higher in efficacy, tolerability, and patient satisfaction compared to Wegovy [7][36]. Core Insights - Zepbound is expected to continue gaining market share from Wegovy, with a projected 60:40 split in favor of Zepbound within a year [7]. - The removal of compounded GLP-1s is anticipated to benefit both Novo and Lilly, with nearly 75% of patients expected to switch to branded products [7]. - Physicians expect Zepbound and Wegovy to retain approximately 50% of the market share in five years, with oral GLP-1s and next-gen high-efficacy products capturing the remaining share [7]. - Reimbursement remains a significant hurdle, with around 40% of patients denied coverage for GLP-1s, primarily due to lack of insurance coverage and insufficient comorbidities [9][40]. Summary by Sections Key Obesity Survey Takeaways - Zepbound has overtaken Wegovy in prescriptions, with current shares at 42% for Zepbound and 40% for Wegovy [28]. - Physicians expect a 60:40 split in favor of Zepbound in the next year as compounded GLP-1s exit the market [28]. - Cost is the primary reason for treatment discontinuation, affecting both Zepbound and Wegovy similarly [62]. Key Novo Takeaways - Novo is expected to benefit from the reduced availability of compounded products, with Wegovy gaining around 50% of patients switching from compounded drugs [11]. - The launch of oral Wegovy and other high-efficacy products is crucial for Novo to maintain market share [11]. - Efforts to improve reimbursement processes are expected to unlock significant market growth for both Novo and Lilly [11]. Key Eli Lilly Takeaways - Zepbound's market share is projected to grow from approximately $12.5 billion in 2025 to nearly $20 billion by 2027 [13]. - The pipeline for Lilly's incretin franchise is expected to expand significantly, with oral GLP-1s anticipated to capture around 20% market share in five years [13]. - LillyDirect and other direct-to-consumer channels are becoming increasingly important for Zepbound's market penetration [13]. Reimbursement Insights - The survey indicates that 40% of patients prescribed GLP-1s are denied reimbursement, with the most common reasons being lack of insurance coverage and insufficient comorbidities [40]. - Approximately 60% of patients denied coverage opt for out-of-pocket treatments [41]. - As insurance coverage improves, the fill rate for GLP-1 prescriptions is expected to increase, benefiting both Novo and Lilly [44]. Market Share Expectations - In five years, Zepbound is expected to maintain a leading share of around 30%, with Wegovy and oral GLP-1s each capturing approximately 20% [48]. - Physicians anticipate that the use of weight loss medications among heavier patients (BMI ≥40) will increase significantly if higher efficacy options become available [51].