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 ...

Core Viewpoint - The competition in the weight loss drug market is intensifying, prompting multinational pharmaceutical companies to focus on weight loss drug assets in China [1][5]. Group 1: UBT251 Clinical Trial Results - Federal Pharmaceuticals' stock surged over 7% following the announcement of mid-term clinical trial data for its new generation triple-target weight loss drug UBT251, which showed an average weight loss of 19.7% in the treatment group after 24 weeks, compared to only 2% in the placebo group [1][4]. - An endocrinology expert commented that the trial results are "very good," highlighting the potential of new generation weight loss drugs developed in China [4]. Group 2: Strategic Partnerships and Market Potential - In March of last year, Novo Nordisk entered into a licensing agreement with Federal Pharmaceuticals for UBT251, with an upfront payment of $200 million and a potential total deal value of up to $2 billion [4]. - The global market for GLP-1 drugs is projected to reach $95 billion by 2030 and could expand to $120 billion by 2035, according to a report from Goldman Sachs [5]. Group 3: Other Collaborations in the Market - On February 24, Chinese weight loss drug developer Xianweida Biotech announced a strategic partnership with Pfizer China, granting Pfizer exclusive commercialization rights for its core GLP-1 product, with a total deal value potentially reaching nearly $500 million [2][5]. - In December, Pfizer also secured a licensing agreement with a subsidiary of Fosun Pharma for a global exclusive right to an oral small molecule GLP-1 receptor agonist, with a deal value exceeding $2 billion [5].

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。 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%。 值得关注的是，去年3月，诺和诺德与联邦制药就UBT251达成了授权协议，首付款2亿美元，潜在交易 总额高达20亿美元。 UBT251是一款在研的针对GLP-1/GIP/GCG三重靶点的新一代减重药，有望较目前礼来的双靶点GLP-1 减重药获得更好的减重效果。 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 实现出海。 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%。 一位未参与临床试验的内分泌专家对第一财经记者表示，这一试验结果"非常不错"，展示了中国研发的 新一代减重药的潜力。 这一积极的临床数据也为急需利好消 ...

Group 1 - The Hong Kong stock market's innovative drug sector is performing well, with the Hong Kong Stock Connect Innovative Drug ETF (159570) rising by 0.56% and achieving a trading volume exceeding 700 million CNY [1] - Over the past 10 days, the ETF has attracted over 360 million CNY in capital, with its latest scale surpassing 25 billion CNY, leading its peers significantly [1] - Key stocks within the ETF, such as Federated Pharmaceutical and Rongchang Biopharmaceutical, have shown notable gains, with Federated Pharmaceutical increasing by over 6% [1][2] Group 2 - The innovative drug business development (BD) is focused on unmet clinical needs, technological differentiation, and global value, with significant transactions in oncology and metabolic disease sectors [3][4] - In oncology, notable advancements include Rongchang Biopharmaceutical's PD-1/VEGF dual antibody RC148, which received a substantial upfront payment of 650 million USD from a partnership with Aibowei [3] - The metabolic disease sector is highlighted by Shiyao Group's GLP-1 receptor agonist SYH2082, which secured a 1.2 billion USD upfront payment from AstraZeneca [3] Group 3 - The mRNA vaccine sector is experiencing rapid approvals, with several domestic products receiving IND approvals, indicating a swift advancement in local innovation [5] - The FDA has relaxed its drug review policies, allowing for a single key clinical trial to suffice for new drug approvals, which is expected to significantly reduce development timelines and costs [6] - New drug approvals include Hansoh Pharmaceutical's lung cancer drug "Amatinib," which has been granted marketing authorization in the EU for specific NSCLC patient populations [6]

2月25日，受隔夜美股科技股反弹提振，港股三大指数追随亚太市场情绪集体高开，随后进入震荡整理 阶段。截至午间收盘，恒生指数涨0.75%报26790.23点，恒生科技指数涨0.34%报5288.47点，国企指数 涨0.9%报9089.04点，红筹指数涨1.18%报4498.18点；市场多空博弈加剧，个股呈现显著分化态势：业 绩预增股受到资金追捧，而部分消费及地产股则面临调整压力。 盘面上，市场多空博弈加剧，个股呈现显著分化态势，业绩预增股受到资金追捧；科技股中，阿里巴巴 涨0.88%，腾讯控股涨1.25%，京东集团涨0.94%，小米集团跌0.11%，网易跌0.67%，美团涨2.33%，快 手涨0.38%，哔哩哔哩跌0.95%。内房股、建材水泥股、钢铁股等建筑类股均大幅上涨，重庆钢铁盘中 一度飙涨27%，碧桂园涨超6%；有色金属板块走强，力勤资源涨超8%，灵宝黄金再创历史新高；航运 股多数走强，中远海发涨超7%；昨日领衔板块上涨的半导体存储概念股走低。 个股及板块新闻 业绩披露潮现"冰火两重天" 猫眼娱乐(01896.HK)早盘走高，公司预计2025财年收入达46亿至47亿元，同比增长12.7%至15.1%；净 ...

Summary of Conference Call Notes Company and Industry Involved - **Company**: 联邦制药 (Federation Pharmaceuticals) - **Industry**: Pharmaceutical Industry, specifically focusing on obesity treatment and antibiotic pricing Core Points and Arguments - **Clinical Trial Results for UBT251**: - On February 24, 2026, 联邦制药 announced the Phase 2 clinical data for UBT251 in China, which involved a randomized, double-blind, parallel, placebo-controlled trial with 205 participants suffering from obesity or overweight with related comorbidities [1] - The baseline average weight of participants was 92.2 kg, with an average BMI of 33.1 kg/m² [1] - Participants were randomly assigned to receive UBT251 injections (2 mg, 4 mg, 6 mg) or a placebo, administered weekly for 24 weeks [1] - **Weight Loss Efficacy**: - UBT251 showed an average weight loss of up to 19.7% across all dosage groups, compared to a 2.0% weight loss in the placebo group [2] - The adjusted weight loss for UBT251 after 24 weeks was 17.7%, which outperformed礼来的Retatrutide, which had an adjusted weight loss of 15.9% in its 8 mg dosage group [2] - **Safety Profile**: - The overall safety and tolerability of UBT251 were reported to be good, with no withdrawals due to adverse events [2] - Adverse events were similar to those of comparable drugs, primarily gastrointestinal reactions, mostly mild to moderate, with no unexpected safety issues reported [3] Other Important but Possibly Overlooked Content - **Antibiotic Pricing Trends**: - In early 2025, the price of 6-APA (an antibiotic precursor) stabilized, with market prices rising to 220 RMB/kg from 150 RMB/kg at the end of the previous year [3] - It is anticipated that the company's main business will see a certain recovery in 2026, although this is contingent on downstream acceptance [3]

2026年2月25日星期三 ➢ 特朗普国情咨文；中国春节旅游创新高。 A股春节后首个交易日早盘急跌后反弹， 午后弱势。上证指数收涨0.87%报4117.41 点，深证成指涨1.36%，创业板指涨0.99%。 油服掀涨停潮、油气股全面领涨。港股 下挫。恒生指数收跌1.82%，报26590.32 点；恒生科技指数跌2.13%，恒生中国企 业指数下挫2.06%。石油板块涨幅居前， 贵金属涨幅居前。大市成交额2509.921亿 港元。外盘方面，欧洲三大股指收盘涨 跌不一，美国三大股指全线收涨，道指 涨0.76%报49174.5点，标普500指数涨 0.77%报6890.07点，纳指涨1.04%。特朗普 即将发表国情咨文，料针对国内经济宣 布若干新政策。中国春节假期国内出游 总花费和出游人次均创纪录。 资料来源：彭博 | 26590.32 | -1.82 | 3.74 | | --- | --- | --- | | 9007.86 | -2.06 | 1.06 | | 5270.70 | -2.13 | -4.45 | | 116.99 | 2.91 | -5.24 | | 4117.41 | 0.87 | 3.74 ...

2026年2月25日星期三 ➢ 特朗普国情咨文；中国春节旅游创新高。 A股春节后首个交易日早盘急跌后反弹， 午后弱势。上证指数收涨0.87%报4117.41 点，深证成指涨1.36%，创业板指涨0.99%。 油服掀涨停潮、油气股全面领涨。港股 下挫。恒生指数收跌1.82%，报26590.32 点；恒生科技指数跌2.13%，恒生中国企 业指数下挫2.06%。石油板块涨幅居前， 贵金属涨幅居前。大市成交额2509.921亿 港元。外盘方面，欧洲三大股指收盘涨 跌不一，美国三大股指全线收涨，道指 涨0.76%报49174.5点，标普500指数涨 0.77%报6890.07点，纳指涨1.04%。特朗普 即将发表国情咨文，料针对国内经济宣 布若干新政策。中国春节假期国内出游 总花费和出游人次均创纪录。 资料来源：彭博 頁1 ➢ 特朗普将于美东时间周二晚9点在国会发 表国情咨文演讲，预计内容将以国内事 务为主。白宫发言人称他将提出一项雄 心勃勃的议程，并宣布若干新政策。 ➢ 中国春节假期旅游热潮涌现，官方数据 显示9天假期国内出游总花费和出游人次 均创纪录。得益于免签政策，入境外国 人较去年假期日均增长22%。 ➢ 香港 ...

港股晨报 港股回顾 点，跌幅随即扩大至 247 点，低见 23730 点，其后跌幅 一度收窄至仅 20 点，午后大盘走势偏软，尾盘沽压再 度扩大。截至收盘，恒指收报 23831 点，下跌 145 点或 0.61%；国指收报 9656 点，下跌 47 点或 0.49%，大市 成交进一步减至 827.99 亿。港股通录得净流入资金 4.84 亿，其中港股通(沪)净流入 2.83 亿，港股通(深)净 流入 2.01 亿。板块方面，本地地产、软件、5G 概念板 块跌幅靠前；黄金股逆市走强。 周二港股市场单边下挫，恒生指数收跌 1.82%， 报 26590.32 点；恒生科技指数跌 2.13%，报 5270.7 点；恒生中国企业指数下挫 2.06%，报 9007.86 点。市场成交额 2509.92 亿港元，较前 一交易日 1729.63 亿港元显著放量。恒生指数成 分股中，中国生物制药跌 6.6%，翰森制药跌 6.4%，中国人寿跌 6.1%，万洲国际涨 4.4%。恒生 科技指数成分股中，金蝶国际跌 7.8%，商汤-W 跌 5.8%，华虹半导体涨 3.1%。港股通成分股中，中 国中免跌 10.5%。 美股市场 1. 周 ...

Core Viewpoint - Federal Pharmaceutical's innovative drug UBT251 has shown significant weight loss results in its Phase II clinical trial for overweight/obese patients in China, supporting its advancement to Phase III trials [2][5]. Group 1: Clinical Trial Results - UBT251 injection demonstrated a maximum average weight loss of -19.7% (-17.5 kg) after 24 weeks in the treatment group, compared to -2.0% (-1.6 kg) in the placebo group [2][5]. - Improvements in key secondary endpoints such as waist circumference, blood sugar, blood pressure, and blood lipids were significantly better in the UBT251 groups compared to the placebo [2][5]. Group 2: Safety and Tolerability - The overall safety and tolerability of UBT251 were good, with no withdrawals due to adverse events reported [2][5]. - Adverse events were similar to those of comparable drugs, primarily gastrointestinal reactions, with the majority being mild to moderate, and no unexpected safety issues were observed [2][5]. Group 3: Future Developments - The successful completion of the Phase II trial supports the initiation of the Phase III clinical study for UBT251 in overweight/obese patients in China [2][5].