美国和中国减肥药的研发进展和商业化进展 20251121 减肥药在美股市场最近三年非常热门。2023 年和 2024 年，如果没有投资减 肥药，医药板块基本上很难盈利。诺和诺德的股价从 2024 年中开始一路下跌， 而礼来则经历了一段时间的震荡后，最近创新高，市值接近 1 万亿美元。在医 药板块中，这一市值已经是非常大的规模。 礼来和诺和诺德与特朗普政府达成了什么协议？ 礼来和诺和诺德与特朗普政府达成了所谓的 MFN（Most Favored Nation） 协定。从 2026 年开始，这两家公司的减肥药将执行 MFN 价格。例如，司美从 每月 1,350 美元下调到 350 美元，替尔博肽从 1,086 美元下调到 346 美元。 如果通过 Medicare 购买，这些药物的价格为每月 245 美元。这意味着这些减 摘要 礼来和诺和诺德与特朗普政府达成 MFN 协定，自 2026 年起，其减肥药 价格大幅下降 55%-70%，如司美格鲁肽降至每月 350 美元，但预计保 险覆盖范围扩大将显著增加使用量，弥补价格下降带来的收入损失。 美国大型制药公司如默克、强生、艾伯维等近期表现良好，被视为防御 性标的，估值 ...

丨 2025年11月24日 星期一 丨 NO.1国家医保局发布医药代表篡改检测报告骗保案例 11月23日，"国家医保局"微信公众号发文，披露医药代表篡改检测报告骗保案例。中国裁判文书网显 示，某医药公司医药代表为追逐个人销售业绩，篡改患者基因检测报告，给不符合用药条件的患者使用 肿瘤靶向药，造成医保基金损失，最终以诈骗罪锒铛入狱。 点评：今年以来，海南自贸港全岛封关运作关注度较高。作为注册地在海南的药企，海南海药的关注度 也水涨船高，但从公司最新发布的公告看，不存在应披露而未披露信息，建议投资者关注公司指定信息 披露网站，理性投资。 NO.3礼来成为首个市值破万亿美元药企 当地时间11月21日，美国礼来公司收盘市值突破1万亿美元，成为全球首个市值突破万亿美元的医药公 司。虽然其减肥药Zepbound在2023年底才上市，但已成功超越诺和诺德的Wegovy，占据新增肥胖症药 物处方的绝大多数份额。 点评：这一成就不仅打破了科技巨头对"万亿美元俱乐部"的长期垄断，更标志着礼来凭借减肥药领域的 强势表现，已经崛起为全球代谢健康赛道的领军者。不过，对于大火的减肥药概念，投资者应理性看 待，避免炒作。 点评：使用肿瘤靶 ...

11月21日，国家药监局发布《药品生产企业出口药品检查和出口证明管理规定》。其中提出，拓宽出口 证明出证范围，对于药品生产企业按照药品GMP生产的出口药品，无论是否在中国批准上市，均可以 申请出具出口证明；统筹出口证明的有效期，《药品出口销售证明》有效期由2年调整为3年，与《出口 欧盟原料药证明文件》一致。限定证明出具时限，《规定》明确要求各省级药品监督管理部门设定的工 作细则中，出口证明的办理时限最长不超过20个工作日，但药品监督管理部门开展技术审查和评定、现 场检查以及企业整改等所需时间不计入时限。 政策动向 药械审批 国家药监局：拓宽药品出口证明出证范围统筹出口证明的有效期 恒瑞医药：获得多款药物临床试验批准通知书 常山药业：控股股东高树华拟协议转让5%股份给元素基金 11月21日，常山药业(300255.SZ)公告称，公司控股股东、实际控制人高树华拟通过协议转让方式将其 持有的4600万股无限售流通股（占公司总股本5.0051%）转让给重庆元素私募证券投资基金管理有限公 11月21日，恒瑞医药(600276.SH)公告称，公司及子公司近期收到国家药监局核准签发关于注射用SHR- 9839(sc)、注射 ...

Market Performance - The A-share market experienced a decline, with the Shanghai Composite Index closing at 3972.03, down by 0.46% [2] - The Shenzhen Component Index closed at 13202.00, down by 0.11%, while the CSI 300 Index fell by 0.65% to 4598.05 [2] - The ChiNext Index and the STAR 50 Index also saw declines of 0.20% and 0.53%, respectively [2] Sector Performance - The top-performing sectors included Computer (1.67%), Defense and Military Industry (1.59%), Coal (1.32%), Communication (1.10%), and Real Estate (1.00%) [3] - Conversely, the worst-performing sectors were Pharmaceutical Biology (-1.73%), Banking (-1.31%), Non-Bank Financials (-1.11%), Building Materials (-0.93%), and Home Appliances (-0.84%) [3] Concept Index Performance - The leading concept indices were related to Military Equipment Restructuring (4.72%), MLOps (3.42%), Web3.0 (3.10%), Digital Watermarking (2.71%), and Electronic ID (2.68%) [3] - The lagging concept indices included Cell Immunotherapy (-1.87%), Weight Loss Drugs (-1.87%), Innovative Drugs (-1.72%), Recombinant Proteins (-1.71%), and Fentanyl (-1.68%) [3] Future Outlook - The market is expected to experience short-term fluctuations due to profit-taking, but a gradual improvement in the economic fundamentals is anticipated in the fourth quarter, supported by policy measures [5] - The report suggests focusing on sectors such as Banking, Non-Bank Financials, Transportation, Public Utilities, Coal, and TMT for potential investment opportunities [5] Water Conservation Industry - The water conservation industry in China is showing robust growth, with an estimated market size exceeding 760 billion yuan, driven by key regions such as Beijing-Tianjin-Hebei, Yangtze River Delta, and Guangdong-Hong Kong-Macau Greater Bay Area [4][5] - The development of water-saving industrial parks and leading enterprises in agriculture, industry, and urban life is contributing to this growth [5]

| 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 002317 | 众生药业 | 2.00 | 25.33 | -71646.48 | | 600276 | 恒瑞医药 | -1.75 | 0.49 | -23606.61 | | 300199 | 翰宇药业 | -3.29 | 4.93 | -12439.09 | | 600196 | 复星医药 | -2.22 | 0.99 | -10404.04 | | 688602 | 康鹏科技 | -7.76 | 29.90 | -9153.80 | | 300122 | 智飞生物 | -1.30 | 1.64 | -5783.22 | | 300003 | 乐普医疗 | -2.74 | 1.75 | -5451.61 | | 300896 | 爱美客 | -1.05 | 1.29 | -4942.55 | | 603087 | 甘李药业 | -2.38 | 1.43 | -4503.90 | | 002821 | 凯莱英 | -2.74 | 1.51 | - ...

来源：新浪证券-红岸工作室 11月14日，ST诺泰涨0.32%，成交额1.15亿元，换手率0.91%，总市值127.12亿元。 异动分析 CRO概念+肝炎概念+减肥药+流感+人民币贬值受益 1、公司的定制类产品业务主要是CDMO业务,CDMO(合同研发与生产组织)更强调生产工艺的研发和技 术创新能力,是高技术壁垒的工艺研发能力与规模生产能力的深度结合。 2、公司旗下产品注射用胸腺法新用于治疗慢性乙型肝炎。 3、2023年6月9日公司互动：公司自主研发的GLP-1受体激动剂抗糖尿病和减肥一类新药SPN0103-009注 射液已取得药物临床试验批准通知书。 4、公司磷酸奥司他韦胶囊获批 药品批准文号：国药准字H20223349 药品批准文号有效期：至2027年05 月30日 磷酸奥司他韦胶囊为一款抗流感病毒药物，主要用于成人和1岁及1岁以上儿童的甲型和乙型流 感治疗，以及用于成人和13岁及13岁以上青少年的甲型和乙型流感的预防。 5、根据2024年年报，公司海外营收占比为63.12%，受益于人民币贬值。 今日主力净流入728.27万，占比0.06%，行业排名41/159，连续3日被主力资金增仓；所属行业主力净流 ...

来源：新浪证券-红岸工作室 11月13日，ST诺泰涨0.23%，成交额2.23亿元，换手率1.74%，总市值126.71亿元。 4、公司磷酸奥司他韦胶囊获批 药品批准文号：国药准字H20223349 药品批准文号有效期：至2027年05 月30日 磷酸奥司他韦胶囊为一款抗流感病毒药物，主要用于成人和1岁及1岁以上儿童的甲型和乙型流 感治疗，以及用于成人和13岁及13岁以上青少年的甲型和乙型流感的预防。 5、根据2024年年报，公司海外营收占比为63.12%，受益于人民币贬值。 (免责声明：分析内容来源于互联网，不构成投资建议，请投资者根据不同行情独立判断) 资金分析 今日主力净流入2169.99万，占比0.1%，行业排名24/159，连续3日被主力资金增仓；所属行业主力净流 入5.01亿，连续2日被主力资金增仓。 区间今日近3日近5日近10日近20日主力净流入2169.99万7366.05万4830.09万1669.74万-5594.47万 异动分析 CRO概念+减肥药+肝炎概念+流感+人民币贬值受益 1、公司的定制类产品业务主要是CDMO业务,CDMO(合同研发与生产组织)更强调生产工艺的研发和技 术创新能 ...

Market Overview - The A-share market saw a majority of indices decline today, with the Shanghai Composite Index down 0.07% closing at 4000.14 points, the Shenzhen Component down 0.36% at 13240.62 points, the Sci-Tech 50 down 0.58% at 1379.45 points, and the ChiNext Index down 0.39% at 3122.03 points [1][10] - Overall, there were 1756 stocks that rose and 3561 that fell, with a total market turnover of 19450 billion yuan, a decrease of 485 billion yuan compared to the previous trading day [1] Industry Performance - Among the Shenwan first-level industries, the top gainers included household appliances (up 1.22%), comprehensive (up 1.05%), textile and apparel (up 0.87%), petroleum and petrochemicals (up 0.84%), and pharmaceutical and biological (up 0.61%) [1] - The leading decliners were in the sectors of electric equipment (down 2.10%), machinery equipment (down 1.23%), computers (down 1.04%), national defense and military industry (down 0.87%), and automobiles (down 0.81%) [1] Concept Sector Performance - The concept sectors with the highest gains included insurance selection, lithium battery electrolyte, blood products, stem cells, SPD, in vitro diagnostics, genetic testing, white household appliances selection, aluminum industry, three-child policy, industrial metals selection, synthetic biology, satellite internet, weight loss drugs, and central enterprise banks [2]

Core Insights - The surge in BD transactions has catalyzed the domestic innovative drug market, driven by multinational corporations (MNCs) eager to replenish their pipelines amid declining market performance post-2025 [1][2] - Major MNCs like Pfizer, Novo Nordisk, and Merck have experienced significant stock price declines, with Novo Nordisk's stock dropping over 65% in the past year [1] - Pfizer's acquisition of Metsera for $10 billion highlights the competitive landscape for blockbuster products, particularly in the weight loss drug sector [1][3] Group 1: MNC Market Dynamics - MNCs are facing a fundamental shift in pricing logic as single blockbuster products lose their competitive edge, leading to intensified competition for global best-selling products [1][2] - The U.S. price reductions for weight loss drugs, such as a drop from $1,350 to an average of $350 for Novo Nordisk's semaglutide, indicate a strategic "price for volume" trade-off [2] - The total value of BD transactions involving Chinese innovative drugs reached $75 billion by August 2023, accounting for 36% of global transactions, with projections of 18% for 2024 [2] Group 2: Pfizer's Strategic Moves - Pfizer's Q3 2025 earnings report showed a revenue of $16.65 billion, a 6% decline year-on-year, but better than analyst expectations, with adjusted net profit at $4.949 billion, down 18% [3] - The company has terminated 11 research projects across various therapeutic areas, indicating a strategic refocus [4] - Pfizer's successful acquisition of Metsera may position it favorably in the weight loss market, potentially revitalizing the global pharmaceutical industry and presenting opportunities for domestic innovative drug companies [5]

Core Insights - Eli Lilly's obesity drug Mounjaro has become the best-selling drug in India for October, generating sales of 1 billion rupees (approximately 11.38 million USD) [1] - The demand for Mounjaro, which has both glucose control and digestion delay effects, continues to rise in India, the world's most populous country [1] - Mounjaro's cumulative revenue reached 3.33 billion rupees by the end of October, significantly outperforming its competitor Wegovy, which had sales ten times lower in the same market [1] Financial Performance - Eli Lilly reported third-quarter sales of 17.6 billion USD, exceeding Wall Street's average expectation of 16.1 billion USD [1] - The non-GAAP earnings per share were 7.02 USD, surpassing expectations by 1.13 USD [1] - Due to the strong performance of its obesity and diabetes drugs, the company has raised its full-year guidance, indicating positive progress amid intense competition in the pharmaceutical sector [1]