华泰证券表示，联邦制药公告其UBT251(GLP-1/GIP/GCGR)国内II期减重数据，整体表现惊艳：24周更 低剂量下减重速率优于礼来retatrutide，安全性方面多轻中度(主为胃肠道反应)。该行看好基于靓丽的中 国II期数据，近期诺和诺德启动的全球II期的数据确定性或提升，看好UBT251海外销售空间。 联邦制药(03933)涨超3%，截至发稿，涨2.93%，报13港元，成交额5077.73万港元。 消息面上，近日，联邦制药发布公告，公司全资附属公司联邦生物科技(珠海横琴)有限公司(联邦生物科 技)自主研发的1类创新药UBT251注射液已完成在中国超重/肥胖患者中的II期临床研究。 来源：智通财经网 ...

华泰证券表示，联邦制药公告其UBT251(GLP-1/GIP/GCGR)国内II期减重数据，整体表现惊艳：24周更 低剂量下减重速率优于礼来retatrutide，安全性方面多轻中度(主为胃肠道反应)。该行看好基于靓丽的中 国II期数据，近期诺和诺德启动的全球II期的数据确定性或提升，看好UBT251海外销售空间。 联邦制药(03933)涨超3%，截至发稿，涨2.93%，报13港元，成交额5077.73万港元。 消息面上，近日，联邦制药发布公告，公司全资附属公司联邦生物科技(珠海横琴)有限公司(联邦生物科 技)自主研发的1类创新药UBT251注射液已完成在中国超重/肥胖患者中的II期临床研究。 ...

消息面上，近日，联邦制药发布公告，公司全资附属公司联邦生物科技(珠海横琴)有限公司(联邦生物科 技)自主研发的1类创新药UBT251注射液已完成在中国超重/肥胖患者中的II期临床研究。 华泰证券表示，联邦制药公告其UBT251(GLP-1/GIP/GCGR)国内II期减重数据，整体表现惊艳：24周更 低剂量下减重速率优于礼来retatrutide，安全性方面多轻中度(主为胃肠道反应)。该行看好基于靓丽的中 国II期数据，近期诺和诺德启动的全球II期的数据确定性或提升，看好UBT251海外销售空间。 智通财经APP获悉，联邦制药(03933)涨超3%，截至发稿，涨2.93%，报13港元，成交额5077.73万港 元。 ...

2026 年 2 月 26 日│中国香港 证券研究报告 联邦制药 (3933 HK) 港股通 UBT251 II 期数据惊艳，催化全球潜力 联邦公告其 UBT251（GLP-1/GIP/GCGR）国内 II 期减重数据，整体表现惊 艳：24 周更低剂量下减重速率优于礼来 retatrutide，安全性方面多轻中度（主 为胃肠道反应）。我们看好基于靓丽的中国 II 期数据，近期诺和诺德启动的 全球 II 期的数据确定性或提升，看好 UBT251 海外销售空间。维持"买入" 评级。 UBT251 疗效：同一给药频次下，更低剂量减重速率优于 retatrutide。 本次 II 期入组 205 例肥胖患者（基线平均 BMI 33.1kg/m2），患者 1:1:1:1 分配至 2/4/6mg 及安慰剂组，每周一次给药 24 周后，受试组体重较基线最 高下降 19.7%（安慰剂-2%），腰围/血糖/血压/血脂改善显著优于安慰剂。 这一减重速率数据优于礼来 retatrutide，基于 retatrutide：1）23 年 6 月公 布的全球 II 期（每周给药一次 24 周，基线平均 BMI 37.3kg/m2），1/ ...

Core Insights - The clinical trial results for UBT251, a triple receptor agonist, show significant weight loss and improvements in various health metrics among overweight or obese patients in China [1][2] Group 1: Clinical Trial Results - UBT251 demonstrated a maximum average weight reduction of 19.7% (-17.5 kg) after 24 weeks compared to a 2.0% (-1.6 kg) reduction in the placebo group [1] - Statistically significant improvements were observed in key secondary endpoints, including waist circumference, blood glucose, blood pressure, and blood lipids, across all dosage groups of UBT251 compared to placebo [1] Group 2: Company Statements - The chairman of the company, Mr. Tsoi Hoi Shan, highlighted the success of the Phase II clinical trial as a significant milestone driven by innovation, emphasizing a focus on chronic diseases in the endocrine and metabolic fields [2] - Martin Holst Lange, the Chief Scientific Officer of Novo Nordisk, expressed encouragement from the trial data, noting the potential and differentiated clinical characteristics, safety, and tolerability of UBT251, with anticipation for global trial data to be released next year [2]

Core Viewpoint - Novo Nordisk's stock has dropped over 20% this week due to the underperformance of its new weight loss drug CagriSema compared to Eli Lilly's tirzepatide [1] Group 1: Drug Development and Collaborations - Novo Nordisk announced a collaboration with Vivtex to develop next-generation oral medications for obesity and diabetes, with potential payments totaling up to $2.1 billion [1] - The partnership aims to combine Novo Nordisk's expertise in peptide and protein drugs with Vivtex's proprietary gastrointestinal screening and formulation platform to create oral delivery options for biologics [1] - Novo Nordisk also reported successful Phase II clinical trial results for UBT251, a GLP-1/GIP/GCG triple-target drug, in overweight/obese patients in China [1] Group 2: Pricing Strategy and Market Competition - Starting January 1, 2027, Novo Nordisk will significantly reduce the official wholesale prices of its semaglutide drugs in the U.S., with a 50% reduction for the weight loss version Wegovy and approximately 35% for the diabetes version Ozempic [2] - The price reduction aims to improve drug accessibility for more patients, particularly those with high out-of-pocket costs and high-deductible insurance plans [3] - Novo Nordisk faces competition from Eli Lilly's tirzepatide, which generated $36.507 billion in sales in 2025, surpassing Novo Nordisk's semaglutide sales of $36.1 billion [3] Group 3: Patent Expiry and Future Strategies - Novo Nordisk is preparing for the patent expiry of semaglutide in March 2026 in several markets, which will expose it to generic competition [3] - The company is responding by launching oral GLP-1 weight loss medication Wegovy tablets, which were approved in December 2022, and continuing to develop new therapies like CagriSema and UBT251 [3] - Analysts predict that investor focus may shift towards the company's acquisition strategy, with expectations that Novo Nordisk could spend up to $35 billion on acquisitions this year [4]

Group 1 - The Hong Kong innovative drug sector experienced a downward trend, with the Hong Kong Stock Connect Innovative Drug ETF (520880) dropping over 1% in early trading on February 26 [1] - Among the constituent stocks, Jiage Ankang-B led with a gain of over 5%, while Baiji Shenzhou fell sharply by 3% [1] - The industry is seeing active external licensing transactions, with Innovent Biologics and Eli Lilly forming a global strategic partnership focused on oncology and immunology [3] Group 2 - Key pipelines are making progress overseas, with two innovative drugs from CSPC Pharmaceutical Group starting Phase III clinical trials and receiving FDA IND approval [3] - Jianghai Securities predicts that by 2026, pharmaceutical business development (BD) transactions will focus on unmet clinical needs, technological differentiation, and globalization [3] - Huachuang Securities emphasizes the transition in the innovative drug industry from quantity to quality, suggesting a focus on differentiated domestic and international pipelines by 2025 [3] Group 3 - The Hong Kong Stock Connect Innovative Drug ETF (520880) passively tracks the Hang Seng Hong Kong Stock Connect Innovative Drug Select Index, with top ten weighted stocks including CSPC Pharmaceutical Group and Baiji Shenzhou [3]

2026 年 2 月 26 日 星期四 ➢ 每日大市点评 2026 年 2 月 26 日 星期四 不承担责任声明 2 月 25 日，周三港股因美股反弹及外围股市早好，港股大盘先升后回落。恒生指数上午走高后午后升幅收窄，最终收盘 升 175 点（0.7%），收报 26,765 点；恒生科技指数微跌 10（0.2%）收盘报 5,260 点；全天大市成交额 2,368 亿元。南 下资金净流出 40.6 亿元。上海发布楼市"沪七条"，进一步放松住房限购政策，内房股拉升。碧桂园（2007 HK）、旭 辉控股（884 HK）、龙湖集团（960 HK）涨 5%-6.5%。市场期待消费市场复苏，体育服饰板块拉升，安踏（2020 HK）、 滔博（6110 HK）、361 度（1361 HK）分别涨 1.6%-6.5%。汇丰集团（5 HK）公布业绩，去年第四季度收入和税前利润均 高于市场预期。管理层更指引未来三年股东权益回报将达 17%或以上，也高于原先市场预期。市场认为亮眼业绩将带动 股价短期向上。周三汇丰上扬 5.5%，创一年新高。 美股方面，美国时间周二晚上，特朗普发表国情咨文，指出美国正迎来"黄金时代"，当中提出"AI ...

【导读】2月25日，港股大模型股集体大跌 2月25日，港股三大指数涨跌不一。截至收盘，恒生指数涨0.66%，报26765.72点；恒生科技指数跌0.19%，报5260.50点；恒生国企指数涨0.30%，报 9034.75点。全日大市成交额为2368亿港元，南向资金净卖出40.57亿港元。 | 序号 | 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 | 成交额 | 年初至今 | | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | HSI | 恒生指数 | 26765.72c | 175.40 | 0.66% | 2368亿 | 4.43% | | 2 | HSTECH | 恒生科技 | 5260.50c | -10.20 | -0.19% | 519亿 | -4.63% | | 3 | HSBIO | 恒生生物科技 | 15650.45c | -3.74 | -0.02% | 72亿 | 10.38% | | 4 | HSCEI | 恒生中国企业指数 | 9034.75c | 26.89 | 0.30% | 715亿 | 1.36% | | 5 | ...

作者 |第一财经 钱童心 2月25日亚太股市开盘后，联邦制药（3933.HK）股价一路上涨，下午股价一度飙涨超过7%。 前一日，联邦制药公布了新一代三重靶点减重药UBT251中国的一项中期临床试验数据，该注射液每周 给药一次，在连续给药24周后，试验药组平均减重达19.7%，安慰剂组仅为2%。 2026.02.25 本文字数：1021，阅读时长大约2分钟 在减重药竞争日益加剧的背景下，跨国制药巨头纷纷聚焦中国的减重药资产。就在2月24日，中国减重 药开发商先为达生物宣布与辉瑞中国达成战略合作，辉瑞将获得其核心GLP-1类产品埃诺格鲁肽注射液 在中国大陆的独家商业化权益。这项合作总交易额最高可达近5亿美元。 去年12月，辉瑞还与复星医药控股子公司药友制药达成许可协议，获得一款口服小分子GLP-1受体激动 剂的全球独家权益，交易总额超过20亿美元。 去年7月，石药集团以20.75亿美元将口服小分子GLP-1受体激动剂授权给Madrigal公司；今年年初，石 药集团又将另一款双靶点的新一代减重注射药授权给阿斯利康。 目前，包括恒瑞医药、翰森制药、诚益生物在内的本土药企的GLP-1类药物都已经通过对外授权的方式 实现 ...