以下文章来源于正解局 ，作者正解局 正解局 . 解读产业，发现价值。产业/城市/企业。 "刚囤的减肥针，才过了一周就降价了。" 2026年刚开年，国内减肥药市场就迎来一场价格大跳水。 今年元旦起，礼来的替尔泊肽被正式纳入医保，单月治疗费用最低已降至三百多元，最高降幅超过80%，囤药党直呼"破防"。 几乎同一时间，诺和诺德将旗下产品司美格鲁肽价格下调47％，就连原本按兵不动的玛仕度肽也被迫跟进降价大潮。 礼来、诺和诺德两大巨头正以"以价换量"的策略抢占市场，培养用户长期用药习惯。 可以预见，随着"药王"们提前抢跑，2026年减肥药市场的竞争将空前激烈。 万亿级市场激战背后，减肥药的配套注射笔也在闷声发大财。 这个看似不起眼的配套市场，正悄悄迎来属于自己的千亿风口。 肥胖症的高发，正在深刻改变全球医药市场格局。 曾经长期被癌症特效药占据的"药王"宝座，如今正让位于以替尔泊肽、司美格鲁肽为代表的GLP-1（胰高糖素样肽-1）类减重代谢新药。 这类药物引发广泛关注，连埃隆·马斯克都曾高调为其站台，称自己服用司美格鲁肽一个月后，体重减轻了18斤。 凭借"超级爆款"，礼来和诺和诺德两大巨头赚得盆满钵满。 专利一失效，抢跑 ...

Group 1 - Novo Nordisk A/S has partnered with Hims & Hers to provide access to its GLP-1 drugs, Ozempic and Wegovy, through Hims & Hers' platform [1] - Hims & Hers will offer FDA-approved Ozempic injections and Wegovy in both tablet and injection forms at competitive self-pay prices, ceasing the sale of compounded GLP-1s [2] - Novo Nordisk is dropping its patent lawsuit against Hims & Hers, which is seen as a positive move for patients by prioritizing FDA-approved medications over unapproved alternatives [3] Group 2 - Novo Nordisk A/S is a global healthcare leader in diabetes care, obesity management, haemophilia care, and rare endocrine disorders [4]

2026 年 3 月 16 日 证券研究报告 行业周报 | 行业评级： | | | --- | --- | | 报告期：2026.3.2-2026.3.15 | | | 投资评级 | 看好 | | 评级变动 | 维持评级 | 分析师： 分析师 胡晨曦 huchenxi@gwgsc.com 执业证书编号：S0200518090001 联系电话：010-68085205 分析师 魏钰琪 weiyuqi@gwgsc.com 执业证书编号：S0200525060001 联系电话：010-68099389 公司地址：北京市丰台区凤凰嘴街 2 号院 1 号楼中国长城资产大厦 16 层 医药生物行业双周报 2026 年第 5 期总第 154 期 年报密集披露期已至，国内政策端持续释放积极信号 行业回顾 本报告期医药生物行业指数跌幅为 2.99%，在申万 31 个一级行业中 位居第 14，跑输沪深 300 指数（-0.88%）。从子行业来看，医疗耗 材、体外诊断涨幅居前，涨幅分别为 1.42%、0.93%；医疗设备、医 疗研发外包跌幅居前，跌幅分别为 6.57%、6.54%。 行业走势： 估值方面，截至 2026 年 3 月 ...

Investment Rating - The investment rating for the pharmaceutical and biotechnology industry is "Positive" and the rating has been maintained [1] Core Insights - The report highlights that the domestic policy environment is continuously releasing positive signals, with the 2026 government work report explicitly listing biomedicine as a "new pillar industry" [6][25] - The report indicates that the pharmaceutical and biotechnology industry index declined by 2.99%, underperforming the CSI 300 index, with medical consumables and in vitro diagnostics showing positive growth [5][15] - The report emphasizes the importance of focusing on "independent innovation" and "policy benefits" as the main investment themes in the pharmaceutical and biotechnology sector [7] Industry Review - The pharmaceutical and biotechnology industry index experienced a decline of 2.99%, ranking 14th among 31 primary industries, and underperformed the CSI 300 index, which declined by 0.88% [5][15] - The valuation of the pharmaceutical and biotechnology industry as of March 13, 2026, is 30.34x (TTM overall method, excluding negative values), down from 31.06x in the previous period, indicating a downward trend [20] - Among the sub-industries, the top three in terms of PE (TTM overall method, excluding negative values) are vaccines (54.84x), hospitals (41.28x), and medical consumables (39.52x), while the lowest is pharmaceutical circulation (14.66x) [20] Important Industry News - The 2026 government work report has been released, emphasizing biomedicine as a "new pillar industry" and proposing to further expand pilot programs in biotechnology and accelerate the development of innovative drugs and medical devices [6][25] - The "14th Five-Year Plan" outlines multiple references to the pharmaceutical industry, reinforcing support for innovative drugs and related sectors [25][26] - Notable approvals include the global first cAMP biased GLP-1 receptor agonist "Elnoglutide Injection" by Hangzhou Xianweida Biotech and a $30 billion investment by Eli Lilly in China [6][33][42] Investment Recommendations - The report suggests focusing on high-quality pharmaceutical assets with differentiated innovation capabilities and sustainable potential, particularly those benefiting from the high-quality development of innovative drugs and supportive policies [7] - It is recommended to pay attention to innovative drug companies with strong clinical advancement capabilities and global cooperation potential, as their valuation systems are expected to upgrade from single product logic to platform logic [7]

Core Viewpoint - The Chinese weight loss drug market is rapidly evolving from a two-player competition between foreign companies to a multi-player landscape that includes local innovations and subsequent entrants [2] Group 1: Market Dynamics - The approval and market entry of multiple GLP-1 drugs in China, including Wegovy and Mounjaro, indicate a shift towards a competitive environment with various players [2][3] - The first tier of products includes established players like Novo Nordisk and Eli Lilly, which have proven market capabilities and are targeting self-paying consumers in China [3] - The second tier consists of local innovative drugs like Innovent's Ma Shidu and Senwa's Enoglutide, which aim to differentiate themselves through efficacy and commercialization speed [5] Group 2: Competitive Landscape - The influx of new drugs leads to increased competition for doctors, patients, and distribution channels, creating a challenging environment for new entrants [9] - Upcoming oral GLP-1 drugs, such as Eli Lilly's orforglipron, could change the competitive dynamics by lowering barriers to use and shifting focus to convenience and cost [7] - Multi-target products are raising the efficacy standards, with candidates like UBT251 showing significant weight loss results, indicating a push for better performance in the market [7] Group 3: Future Outlook - The market is expected to favor products that demonstrate clear efficacy, convenient administration methods, competitive pricing, and additional metabolic benefits [11] - Many projects may struggle to reach the market due to the crowded landscape, with only a few types of products likely to survive [11][12] - The window for new entrants is narrowing as the market becomes increasingly saturated with established and upcoming competitors [12]

Core Viewpoint - Hims & Hers (HIMS) has transitioned from a risky player in the healthcare sector to a legitimate distributor of Novo Nordisk's products following a significant settlement, which has led to a dramatic increase in its stock price and a re-evaluation of its market position [6][7][8]. Group 1: Historical Context - The conflict between HIMS and Novo Nordisk was characterized by strategic confrontations and legal battles, with HIMS leveraging regulatory loopholes to introduce its own version of semaglutide injections at a significantly lower price [10][11]. - HIMS experienced a stock price surge of up to 400% from September 2024 to February 2025, driven by strong demand for GLP-1 drugs despite ongoing legal challenges [13]. - A brief collaboration in April 2025, where HIMS began distributing Novo Nordisk's official products, ended in June 2025 when Novo Nordisk accused HIMS of unethical practices, leading to a sharp decline in HIMS's stock price [15][16]. Group 2: Settlement and Market Reaction - The settlement on March 9, 2026, marked a turning point, with Novo Nordisk withdrawing all lawsuits against HIMS and allowing it to become an official online distributor, resulting in a 51% stock price increase shortly after the announcement [7][20]. - The resolution of legal risks has led to a significant shift in market perception, with institutional investors showing renewed interest in HIMS, as evidenced by large block trades following the settlement [25]. Group 3: Future Ambitions - HIMS aims to transform from a mere online pharmacy to a leading health brand, as indicated by the appointment of Casey Pfeiffer, a former Eli Lilly executive, as Chief Communications Officer [33][35]. - The company's strategy focuses on leveraging brand equity and a subscription model to dominate the direct-to-consumer healthcare market, moving away from its previous reliance on gray market products [35]. Group 4: Market Dynamics - Major investment banks have revised their target prices for HIMS, with Bank of America doubling its target to $23 and Citigroup raising its target to $24, reflecting a shift in sentiment as the risk premium decreases [28][29][31]. - The competitive landscape in the D2C healthcare sector is intensifying, with potential challenges from larger internet companies and macroeconomic uncertainties that could impact HIMS's profitability and market valuation [44].

医药行业|行业研究报告 证券研究报告 2026/03 小核酸行业系列报告（一）：小核酸成药之路 —— Listening to the Sound of Silence: The Road to RNA Therapeutics 戎晓婕 S1190525070001 证券分析师： 分析师登记编号： 周豫 S1190523060002 证券分析师： 分析师登记编号： 核心观点 请务必阅读正文之后的免责条款部分 守正 出奇 宁静 致远 ◼ 小核酸药物通过RNA层面调控打开传统药物难以触达的靶点空间，已完成从技术验证到商业兑现的 跨越。2025年主要ASO、siRNA上市药物销售额分别约31亿美元、42亿美元。 ◼ 机制差异塑造了两条发展路径。ASO为单链结构，可通过鞘内给药/Gymnosis机制实现裸ASO进入目 标组织细胞，率先突破CNS、肌肉等领域，疗效提升依赖于化学修饰对分子稳定性与亲和力的优化； siRNA为双链形式，结构相对稳定但分子量较大且带强负电荷，需要依托载体实现有效递送；RISC 介导的催化切割赋予更强沉默效率，GalNAc技术成熟后，siRNA在肝靶向实现弯道超越。 ◼ 化学修饰历经四代迭代， ...

药渡每周渡选 26年3月2日-3月8日 药渡团队 药渡经纬信息科技（北京）有限公司 https://data.pharmacodia.com/ 目录 全 球生 物 医药 行业 动 态 全 球生 物 医药 行业 重大事件 全 球创 新 药 重 要 临 床 进 展/ 结果 全 球 创 新 药重要 投融资与交易 事 件 全球 医药 监 管动 态 （批 准上市 / I N D / 特 殊 审 评 ） 01全球生物医药行业动态 资本市场方面：产业合作与融资并购密集落地：德琪医药将 CD3/CD19 双抗全球权益授权优时比，最高获 11.8 亿美元；中国生 物制药与赛诺菲就罗伐昔替尼达成独家授权，最高可获 15.3 亿美元；齐鲁制药与爱科百发达成多动症新药合作，后者最高获 4.7 亿元里程碑付款。Candid 通过合并上市完成 5.05 亿美元融资，五和博澳递交港交所招股书拟上市。质肽生物、新码生物分别完 成超 5 亿、6.29 亿人民币融资，莱芒生物、易慕峰各获近 2 亿融资，深度智耀三月累计融资 1.5 亿美元，多家生物企业完成不同 轮次融资，黑石 4 亿美元押注梯瓦制药单抗研发。 临床进展方面：代谢、肿瘤、免疫等领 ...

Company Performance - Novo Nordisk's stock price decreased by 2.09% to $38.02, underperforming the S&P 500's daily loss of 1.52% [1] - Over the past month, shares have depreciated by 20.33%, significantly worse than the Medical sector's loss of 3.1% and the S&P 500's loss of 2.25% [1] Financial Projections - The upcoming earnings per share (EPS) for Novo Nordisk is projected at $0.86, indicating a 6.52% decrease from the same quarter last year [2] - The Zacks Consensus Estimate for revenue is $11.23 billion, reflecting a 1.99% increase from the previous year [2] - For the full year, projected earnings are $3.33 per share and revenue is $43.91 billion, representing declines of 15.91% and 6.13% respectively from the prior year [3] Analyst Estimates and Rankings - Recent changes to analyst estimates for Novo Nordisk are crucial for investors, as positive revisions can indicate a favorable business outlook [3] - The Zacks Rank system, which evaluates estimate changes, currently ranks Novo Nordisk at 4 (Sell), with the EPS estimate moving 0.36% lower over the past month [5] Valuation Metrics - Novo Nordisk's Forward P/E ratio is 11.68, which is lower than the industry average Forward P/E of 15.66 [6] - The Large Cap Pharmaceuticals industry, part of the Medical sector, has a Zacks Industry Rank of 205, placing it in the bottom 17% of over 250 industries [6]

Core Viewpoint - Hims & Hers has transitioned from compounded GLP-1 drugs to selling branded Wegovy and Ozempic directly, resolving legal issues and restoring investor confidence, leading to a significant stock price rebound of 64% since the announcement [1][2] Group 1: Company Developments - Hims & Hers agreed to sell branded Wegovy and Ozempic while discontinuing most compounded GLP-1 advertising, resolving a patent lawsuit with Novo Nordisk [1] - The company had seen its shares drop over 75% due to regulatory scrutiny and legal challenges but has now regained legitimacy with the new distribution rights [1] - The pivot to branded products enhances Hims' credibility as a healthcare partner and removes concerns about counterfeit safety and patent violations [1] Group 2: Market Response - Following the announcement, Hims' stock surged by 64%, including a remarkable 40% gain in a single day [1] - Analysts have responded positively, with Needham upgrading its rating to Buy with a target price of $30, while other firms have raised their price targets [1] - Revenue projections for Hims are robust, with expectations of $2.35 billion in 2025, reflecting a 59% year-over-year increase [1] Group 3: Risks and Challenges - Despite the positive developments, Hims is now heavily reliant on Novo Nordisk as a single supplier for its growth, which poses risks if production issues arise or if Novo changes its strategy [1][2] - The stock's current valuation is high, and analysts caution that any issues with patient retention or slower adoption of branded products could negatively impact share prices [1] - Historical context shows that previous collaborations with Novo have faced challenges, raising concerns about the sustainability of the current partnership [1]