尽管截至发稿该药物尚未获批，但第一财经记者注意到，已经有私立医院通过线上平台接受玛仕度肽注射液的预约。 第一财经记者从多方了解到，由信达生物开发的首个国产GLP-1减重创新药玛仕度肽注射液减重适应症预计最快将于本周获批。 截至6月26日收盘，信达生物（1801.HK）股价下跌约5%。信达生物此前公开表示，玛仕度肽减重和降糖两项适应症都有望于今年年内获批。 玛仕度肽是全球首个GCG/GLP-1双受体激动减重药物，获批后有望打破目前由跨国巨头诺和诺德、礼来主导的全球减重药领域双雄争霸的格局，并有望改 善GLP-1减重药的可及性。 尽管截至发稿该药物尚未获批，但第一财经记者注意到，已经有私立医院通过线上平台接受玛仕度肽注射液的预约。相关平台显示，位于上海某私立诊所挂 出价格500元的"预约金预售2mg 2支初始剂量"的团购券。 记者以消费者身份联系相关私立医院人员询问相关该药品的上市供应情况。对方表示："厂商的给我们的消息是这几天就会有第一批到货。" 针对玛仕度肽上市后的渠道，第一财经记者从厂商方面了解到，公立医院和私立医院将会同步供应。 在价格方面，私立医院方面人员表示："玛仕度肽的具体定价还未出，但我们目前的定 ...

Group 1 - The National Development and Reform Commission (NDRC) will hold a press conference on June 26 to discuss key work in the business sector [4] - The Shanghai Marine Industry Development Plan (2025-2035) draft aims to build a world-class shipbuilding and marine engineering equipment industry cluster, targeting an industry added value exceeding 45 billion by 2030 [4] - Shenzhen's Commerce Bureau has issued measures to promote high-quality service consumption, including expanding foreign investment in biotechnology and healthcare sectors [4] Group 2 - President Trump expressed hope that China would purchase a significant amount of U.S. crude oil, while the White House clarified that sanctions on Iran remain unchanged [5] - Nvidia's stock rose over 4%, reaching a market capitalization of $3.77 trillion, making it the highest-valued company globally [6] - Xiaomi announced the launch of its next-generation personal smart device, the Xiaomi AI glasses, along with the pricing of the Xiaomi YU7 on June 26 [8] Group 3 - Guotai Junan International's wholly-owned subsidiary has been approved to provide virtual asset trading services [9] - Nord shares have seen a seven-day consecutive rise, with revenue from copper foil business in solid-state batteries accounting for less than 1% of total revenue [10] - Jida Zhengyuan reported normal operating conditions with no significant changes in the internal and external business environment [11] Group 4 - Tianji Technology's subsidiary has obtained patents related to lithium sulfide, and the company is advancing its industrialization [12] - Tianli Technology reported no significant changes in its operating conditions or business environment [13] - Xiangtan Electric's subsidiary is collaborating with solid-state battery companies on research and development, but has not yet generated revenue [14] Group 5 - Hailian Jinhui reported normal operating conditions with no undisclosed significant matters [15] - Funi Co., Ltd. plans to increase its shareholding in the company by 100 million to 200 million [16] - Jianghe Group's subsidiary signed a subcontract for a project in Saudi Arabia worth approximately 2.012 billion [16] Group 6 - The brain-computer interface industry is accelerating, with multiple technological breakthroughs and strong policy and capital support [18] - The global weight loss sector is rapidly developing, with several important directions emerging, such as long-acting formulations and multi-target molecules [19]

以下文章来源于体重管理三年行动 ，作者体重管理三年行动 体重管理三年行动 . 响应国家"健康中国2030"战略，落实"体重管理年"三年行动，本账号发布权威资讯 近日，"戒晚饭减肥后再恢复饮食易反弹""国内医院陆续开设体重管理门诊"等话题频频登上热搜榜，"体重管理"迅速成为全社会热议的焦点， 反映出大众对健康生活方式的日益重视。然而，在全民关注体重管理和慢病预防的热潮下，仍有不少有减重需求的人希望一步到位，试图依赖 药物、手术等"快速瘦身"方法，不愿真正改变生活习惯。结果不仅体重难以持久下降，还极易出现反弹，甚至危害身体健康。减肥到底有没有 捷径？科学减重的方法是什么？3月11日，健康报记者专访多位领域权威专家，为大家揭开答案。 ▍减重切忌"求急求快" "许多减重人士都希望速战速决，但'追求快速见效'的做法实际上并不可取。"中国医学科学院北京协和医院临床营养科副主任陈伟明确指出， 抱着"懒人瘦身""躺着变瘦"的想法，盲目追求短期效果，不仅难以实现健康、长期的体重控制，反而可能带来反效果。 浙江大学医学院附属第二医院内分泌科主任郑超也表达了类似观点："以注射类减重药物为例，如果减重者不配合改善生活方式，仅依赖药物 ...

□ 本报记者 许愿 蒋明睿 付奇 本报实习生 李轶嘉 "挂了医院的减重门诊，过两天去看看怎么减肥！"前不久，32岁的南京市民刘华在手机上挂号，他告诉 记者，这两年由于工作和生活压力较大，体重上升太快，身体陆陆续续出现了些毛病。 "人们开始越来越注重健康管理了。目前门诊量正以每个月30%—50%速度增长，和几年前相比有明显 变化。"南京医科大学第二附属医院内分泌科主任、主任医师鲁一兵说，不少人体检发现血脂高、脂肪 肝等问题后，都会来减重门诊寻求帮助。 数据显示，我国18岁及以上居民超重及肥胖率已突破50%。今年3月，国家卫生健康委员会宣布，正式 启动"体重管理年"三年行动计划。 在国家政策引导与民众健康意识觉醒的双重驱动下，减重经济在健身、医疗、食品、智能科技等领域全 面爆发，成为拉动内需、推动消费升级的新引擎。但记者在调查采访中发现，减重经济蓬勃发展的同 时，也存在"暗礁"与"泡沫"：代餐产品、网红减肥药、部分健身机构夸大效果等，扰乱市场甚至造成消 费者新的焦虑，减重产业还需建立起产业创新与规范引导并行的"健康监管体系"。 在"颜值经济"审美风潮与国家"大健康战略"的双重引擎驱动下，减重经济早已不是简单的"减 ...

证券研究报告 晨会 hyzqdatemark 2025 年 06 月 23 日 传媒 腾讯上线新短剧小程序，关注 AI 生视频产业进度——传媒互联网行业周报：本 周观点：腾讯微信端近期上线新短剧小程序【短剧】，产品形态简洁，且采用免费 模式。我们认为腾讯推出【短剧】小程序，聚合优质短剧内容，是增强教育用户在 微信端观看免费短剧的行为习惯，同时免费短剧形态有望在视频号、公众号、小游 戏之外，增加广告点位承载，进一步消化广告库存，提高广告效率。我们建议重视 平台流量扩充下，短剧生态的活跃，关注短剧制作和买量投放公司。此外，MiniMax 发布新视频生成模型 Hailuo02，建议重视多模态模型迭代中，短剧、动画等内容形 态产品的生产工业化技术的突破。同时，我们建议调整中继续重视优质新品的强势 表现带来的弹性交易机会。 投资要点： 资料来源：聚源，华源证券研究所，截至2025年06月23日 华源晨会精粹 20250623 固定收益 继续看多收益率 2%以上的信用债——信用分析周报：本周大部分行业信 用利差小幅波动，AA+休闲服务行业的信用利差大幅走扩。城投债方面，本周城投 债信用利差 1Y 以内小幅走扩，>1Y 的 ...

整理 | GLP1减重宝典内容团队 REDEFINE 1和REDEFINE 2的研究数据显示，卡格利肽（cagrilintide）2.4 mg与司美格鲁肽（semaglutide）2.4 mg联合使用（即 CagriSema）所带来的减重效果，已处于当前肥胖治疗手段中的最高水平之一。 这项研究成果在近日举办的第85届美国糖尿病协会（ADA 2025）科学年会上公布，并同步发表在《新英格兰医学杂志》 。此次研究是 由诺和诺德资助进行的，目前为止是对CagriSema这一疗法最深入的评估。该疗法结合了双重作用的卡格利肽（一种兼具胰淀素和降钙 素受体激动剂功能）与GLP-1受体激动剂司美格鲁肽。 "在REDEFINE 1试验中，参与者在个体化剂量调整的前提下仍实现了显著且临床意义明确的体重下降，"诺和诺德研发执行副总裁 Martin Holst Lange表示，"在REDEFINE 1和2中，不良事件导致的停药率也维持在低水平。这些数据增强了我们对CagriSema的信心， 我们也将继续通过REDEFINE系列研究探索其潜力。" ▍ REDEFINE 1 REDEFINE 1是一项为期68周的3a期双盲临床试验，共 ...

常山药业表示，艾本那肽若未来成功上市，将改善公司产品收入高度依赖肝素业务的局面，提高公司的 盈利能力和抗风险能力，加快释放公司创新研发平台的转化潜能，有力推动公司向创新药企转型。 据悉，艾本那肽是一种长效胰高血糖素样肽-1 受体激动剂（GLP-1RA），是利用药物亲和力偶合物 （DACTM）技术，将艾塞那肽进行化学修饰后，与重组人血白蛋白结合形成的一个全新的稳定化合 物。GLP-1RA 通过激活胰高血糖素样肽-1（GLP-1）受体以葡萄糖浓度依赖的方式刺激胰岛素分泌和抑 制胰高糖素分泌，同时增加肌肉和脂肪组织葡萄糖摄取，抑制肝脏葡萄糖的生成而发挥降糖作用，并可 抑制胃排空，抑制食欲，从而实现降糖与减重的双重效果。 天眼查信息显示，常山药业是集研发、生产、销售、进出口贸易为一体的生化制药企业，在肝素领域是 拥有从肝素粗品到低分子肝素注射液产品、具有完整肝素产业链的重点高新技术企业，是国内肝素系列 药品的龙头企业。 根据药品注册相关法律法规，药物还需完成后续临床试验，并经国家药品监督管理局审评、审批通过后 才能上市。 近年来，随着肥胖症及相关代谢性疾病发病率持续攀升，减重药物市场需求迅速扩大。 近日，常山药业（3 ...

证券研究报告 医药生物 行业定期报告 hyzqdatemark 2025 年 06 月 23 日 刘闯 SAC：S1350524030002 liuchuang@huayuanstock.com 陶宸冉 taochenran@huayuanstock.com 板块表现： ADA 大会在即，GLP-1 减重赛道有哪些新进展？ 投资评级： 看好（维持） ——医药行业周报（25/6/16-25/6/20） 投资要点： 请务必仔细阅读正文之后的评级说明和重要声明 证券分析师 联系人 本周医药市场表现分析：6 月 16 日至 6 月 20 日，医药指数下跌 4.35%，相对沪深 300 指数 超额收益为-3.90%。本周，医药板块有所回调，尤其创新药板块调整较为明显、但有强基本 面支撑的核心创新药标的如信达生物、泽璟制药、三生制药等回调较小，展望后市，继续看 好创新药产业趋势，持续看好有 BD 出海或重磅创新药进展的相关标的。建议关注：1）创新 药作为较为确定的产业趋势，继续重点推荐 A 股热景生物、华纳药厂、信立泰、一品红、科 兴制药、泽璟制药、科伦药业、恒瑞医药；港股三生制药、科伦博泰、康方生物、中国生物 制药、信 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report highlights recent positive developments in the high-quality weight loss sector, particularly focusing on myostatin pathway clinical trial results from Regeneron and Scholar Rock, which demonstrate significant reductions in lean body mass loss when combined with GLP-1 medications [4][12] - The pharmaceutical and biotechnology sector experienced a decline of 4.35% in the third week of June 2025, underperforming the CSI 300 index by 3.9 percentage points, ranking 29th among 31 sub-industries [5][16] - The report emphasizes the potential of Activin receptor drugs, such as Eli Lilly's Bimagrumab and Lai Kai's LAE-102, to retain lean body mass and even promote muscle gain, with promising safety and pharmacokinetic data [4][12] Summary by Sections 1. Recent Developments in Weight Loss Sector - Regeneron's myostatin antibody Trevogrumab combined with semaglutide showed a 50.8% reduction in lean body mass loss over 24 weeks, compared to a 7.9 lbs loss with semaglutide alone [4][12] - Scholar Rock's myostatin antibody Apitegromab combined with Tirzepatide demonstrated a 54.9% reduction in lean body mass loss [4][12] 2. Market Performance - The pharmaceutical and biotechnology sector's decline of 4.35% in June's third week was the largest among all sectors, with the vaccine sector experiencing the smallest drop of 0.4% [5][21] - Other sub-sectors, such as blood products and medical consumables, also faced declines, with the largest drop seen in other biological products at 6.7% [5][21] 3. Recommended Stocks - Recommended stocks include major pharmaceutical and biotechnology companies such as Heng Rui Medicine, East China Medicine, and Innovent Biologics, among others [6]

Core Insights - The competition in the GLP-1 weight loss drug market is expected to increase as more products enter the market, leading to lower prices and improved accessibility globally [1][3] - Recent clinical data presented at the ADA conference shows that Ecnoglutide, developed by a domestic company, has demonstrated weight loss efficacy comparable to that of Novo Nordisk's Semaglutide [1][3] Group 1: Clinical Data and Efficacy - Ecnoglutide treatment resulted in over 90% of obese and overweight patients losing more than 5% of their body weight, with maximum weight loss reaching 15.4% for the highest dosage [3] - Novo Nordisk's Semaglutide at a higher dosage (7.2mg) showed an average weight reduction of 21%, with one-third of participants losing 25% or more [3][4] - Eli Lilly's oral GLP-1RA, orforglipron, achieved nearly 8% average weight loss at the highest dosage after 40 weeks, alongside a reduction in blood sugar levels [4] Group 2: Market Dynamics and Future Developments - The introduction of more weight loss drugs is anticipated to enhance competition, which is beneficial for market pricing and accessibility [1][3] - Novo Nordisk plans to submit a label update for higher dosage Semaglutide in the EU by late 2025, with subsequent submissions in other markets [4] - Eli Lilly is also advancing the development of an oral version of Semaglutide, which could become the first oral GLP-1 drug to achieve double-digit percentage weight loss if approved by the FDA [4] Group 3: Broader Health Benefits - GLP-1 drugs are being explored for health benefits beyond weight loss, including cardiovascular risk reduction for overweight patients with heart disease [5] - Recent guidelines from the American College of Cardiology recommend prioritizing GLP-1 weight loss drugs for obese patients to lower heart disease risk, contrasting previous recommendations that emphasized lifestyle changes first [5]