减肥赛道近期重磅数据解读，勾勒 2026 多条价值主线 20251209 摘要 2026 年减肥赛道预计将呈现多样化发展，大型跨国药企加速布局，新 技术形式快速迭代，旨在解决现有 GLP-1 药物的不足，如依从性、疗效 和安全性问题，口服、多靶点及月度给药成重要趋势。 歌礼制药的口服 GLP-1 药物在美国一期临床试验中，60 毫克剂量组显 示出 7.7%的减重效果，优于礼来同类产品，且安全性良好。硕迪公司 二期临床试验显示，120 毫克剂量组减重 11.3%，但不良反应较高，正 优化滴定方案。 辉瑞与复星医药达成口服 GLP-1 受体激动剂合作协议，首付款 1.5 亿美 元，总金额 20 亿美元，表明中国在该领域研发领先，吸引海外关注。 辉瑞等有望通过更好的分子实现弯道超车，预计未来将有更多重大 BD 交易。 减肥赛道细分领域中，依从性改进（口服产品）、疗效提升（多靶点联 合用药）和安全性优化是重点。歌礼制药和西达制药等公司的新型 GLP- 1 药物值得关注，有望带来投资机会。 Q&A 近期减肥药领域有哪些重要数据和趋势值得关注？ 近期减肥药领域的数据和趋势显示出显著的市场潜力和技术进步。首先，GLP- 1 ...

Investment Rating - The investment rating for the pharmaceutical and biotechnology industry is "Positive" (maintained) [1] Core Insights - Major multinational corporations (MNCs) such as Pfizer, Eli Lilly, and Novo Nordisk are actively expanding their long-acting pipelines and technology platforms, with Pfizer's acquisition of Metsera for approximately $9.2 billion being a significant move [4][14] - The report anticipates that long-acting new therapies will become a key competitive direction in the weight loss and diabetes treatment sectors, with increasing clinical data expected to highlight the value of these long-acting pipelines and technology platforms [14][30] Summary by Sections Long-Acting Revolution in Weight Loss - The long-acting revolution in the weight loss sector is being driven by MNCs, with Pfizer's acquisition of Metsera providing access to core assets like MET-097i and MET-233i, which are long-acting GLP-1 receptor agonists and amylin analogs [4][14] - The HALO platform from Metsera allows for significant extension of drug half-lives, with MET-097i and MET-233i having half-lives of approximately 15.8 days and 19 days, respectively [30][31] Key Technologies for Long-Acting Delivery - The report identifies several key technologies for achieving long-acting drug delivery, including: - **Antibody-Drug Conjugation**: A mature technology exemplified by Amgen's AMG133, which is in Phase III clinical trials [18] - **Fatty Acid End Modification**: Gaining attention following Pfizer's acquisition of Metsera, with platforms like MBX's dual fatty acid chain modification technology also in development [24][33] - **Subcutaneous Reservoir Controlled Release**: Widely applicable technology with strategic partnerships formed by Eli Lilly and Novo Nordisk [5][12] - **Peptide Stapling Technology**: Enhances the stability of short peptides, with companies like Zhongsheng Pharmaceutical and Tonghua Dongbao developing relevant products [6][17] Recommended Companies - The report recommends focusing on innovative drugs and their supply chains, particularly in the context of flu-related investment opportunities. Monthly and weekly recommended stocks include: - Monthly: 3SBio, Innovent Biologics, Baillie Gifford, Frontier Biotechnologies, Haofan Biologics, Aopumai, Shanghai Yizhong, WuXi Biologics, Zai Lab, and Fangsheng Pharmaceutical [7] - Weekly: Yuyuan Pharmaceutical, East China Pharmaceutical, Hotgen Biotech, Yaokang Biotech, Bid Pharmaceutical, Haoyuan Pharmaceutical, and Sunshine Novo [7]