KAIYUAN SECURITIES·2025-11-23 06:42Investment Rating - The investment rating for the pharmaceutical and biotechnology industry is "Positive" (maintained) [1] Core Insights - Major multinational corporations (MNCs) such as Pfizer, Eli Lilly, and Novo Nordisk are actively expanding their long-acting pipelines and technology platforms, with Pfizer's acquisition of Metsera for approximately $9.2 billion being a significant move [4][14] - The report anticipates that long-acting new therapies will become a key competitive direction in the weight loss and diabetes treatment sectors, with increasing clinical data expected to highlight the value of these long-acting pipelines and technology platforms [14][30] Summary by Sections Long-Acting Revolution in Weight Loss - The long-acting revolution in the weight loss sector is being driven by MNCs, with Pfizer's acquisition of Metsera providing access to core assets like MET-097i and MET-233i, which are long-acting GLP-1 receptor agonists and amylin analogs [4][14] - The HALO platform from Metsera allows for significant extension of drug half-lives, with MET-097i and MET-233i having half-lives of approximately 15.8 days and 19 days, respectively [30][31] Key Technologies for Long-Acting Delivery - The report identifies several key technologies for achieving long-acting drug delivery, including: - Antibody-Drug Conjugation: A mature technology exemplified by Amgen's AMG133, which is in Phase III clinical trials [18] - Fatty Acid End Modification: Gaining attention following Pfizer's acquisition of Metsera, with platforms like MBX's dual fatty acid chain modification technology also in development [24][33] - Subcutaneous Reservoir Controlled Release: Widely applicable technology with strategic partnerships formed by Eli Lilly and Novo Nordisk [5][12] - Peptide Stapling Technology: Enhances the stability of short peptides, with companies like Zhongsheng Pharmaceutical and Tonghua Dongbao developing relevant products [6][17] Recommended Companies - The report recommends focusing on innovative drugs and their supply chains, particularly in the context of flu-related investment opportunities. Monthly and weekly recommended stocks include: - Monthly: 3SBio, Innovent Biologics, Baillie Gifford, Frontier Biotechnologies, Haofan Biologics, Aopumai, Shanghai Yizhong, WuXi Biologics, Zai Lab, and Fangsheng Pharmaceutical [7] - Weekly: Yuyuan Pharmaceutical, East China Pharmaceutical, Hotgen Biotech, Yaokang Biotech, Bid Pharmaceutical, Haoyuan Pharmaceutical, and Sunshine Novo [7]