全球最主要的两款GLP-1减重药的竞争正在进入白热化。 中国是继美国之后，减重药厂商争夺的下一个巨大市场。据礼来援引一项发表在《Obisity》杂志的数 据，目前中国已有超5亿成人受到超重和肥胖影响，而肥胖与224余种慢性疾病相关。预计到2030年，肥 胖相关医疗支出将占国家医疗费用总额的22%左右。 美国当地时间5月11日，礼来在《新英格兰医学杂志》（NEJM）上最新发表了GLP/GLP-1双受体激动剂 替尔泊肽与GLP-1单受体激动剂司美格鲁肽的一项"头对头"对照研究的详细结果。数据显示，替尔泊肽 与司美格鲁肽相比实现了1.47倍的相对体重减轻。 这项被命名为SURMOUNT-5的三期大规模临床研究旨在评估在肥胖或伴有至少一种合并症（如高血 压、血脂异常、阻塞性睡眠呼吸暂停、心血管疾病）的超重成人（且不合并糖尿病），使用替尔泊肽与 司美格鲁肽的有效性与安全性。在用药第72周时，替尔泊肽组患者平均减重20.2%，司美格鲁肽组患者 平均减重13.7%。这表明替尔泊肽的减重效果要比司美格鲁肽高出近50%。 数据还显示，在该研究的关键次要终点中，替尔泊肽在所有减重目标中均优于司美格鲁肽。替尔泊肽组 实现体重减轻≥ ...

Investment Rating - The industry investment rating is "Recommended" (maintained) [1] Core Viewpoints - The pharmaceutical industry in China has seen a significant increase in transaction volume and value, with Q1 2025 showing a 34% year-on-year increase in transaction numbers and a 222% increase in total transaction value, establishing China as a key player in global pharmaceutical transactions [3] - There is a substantial market potential for gout and uric acid-lowering treatments, with the number of patients in China expected to rise from 170 million in 2020 to 240 million by 2030, highlighting the need for safer and more effective medications [4] - Antibody-drug conjugates (ADCs) and bispecific antibodies are emerging as significant advancements in drug development, with potential to become first-line treatments in oncology as clinical data continues to support their efficacy [6] - The oral weight-loss drug market is poised for growth, with companies like Novo Nordisk and Eli Lilly making strides in developing oral GLP-1 receptor agonists, presenting opportunities for Chinese biotech firms to enter the market [8] - Recent price increases in raw materials, particularly in the pharmaceutical sector, indicate a shift in supply dynamics, with certain products experiencing significant price hikes due to changes in competitive relationships [10] Summary by Sections 1. Pharmaceutical Market Tracking - The pharmaceutical industry outperformed the CSI 300 index by 0.77 percentage points over the past week, with a weekly increase of 1.16% [24] - Over the past month, the industry also outperformed the CSI 300 index by 1.51 percentage points, with a monthly increase of 5.31% in the chemical pharmaceutical sub-sector [27][34] 2. Pharmaceutical Sector Trends and Valuation - The pharmaceutical sector's recent one-month decline was 2.19%, but it outperformed the CSI 300 index by 1.51 percentage points [43] - The current price-to-earnings ratio (PE) for the pharmaceutical sector is 30.67, which is below the five-year historical average of 32.78 [48] 3. Recent Research Achievements - The research team has published several in-depth reports on various aspects of the pharmaceutical industry, including the growth of blood products and the impact of policy support on inhalation formulations [52] 4. Important Industry Policies and News - Recent policies include a three-year initiative to improve pediatric and mental health services, and a plan for the digital transformation of the pharmaceutical industry from 2025 to 2030 [55] - Notable industry news includes multiple companies receiving approvals for new drug applications and significant clinical trial results being presented at the upcoming ASCO conference [56][57]