一、小核酸减重1/2a期数据亮相，打开"高质量减重"新范式 Arrowhead Pharmaceuticals围绕其两款减重siRNA项目——ARO-INHBE与ARO-ALK7的1/2a期临床试验中期数据，召开KOL与投资者交流会，系统 回应了市场高度关注的减重效果、脂肪分布改善及未来治疗路径问题。从已披露的数据看，小核酸减重的价值并不局限于"体重下降"，而是首次在临床中清 晰展示了以内脏脂肪为核心的"高质量减重"潜力。 （数据来源：wind） 【小核酸"高质量减重"数据超预期，重塑减重治疗逻辑】 1月7日，医药板块中创新药方向领涨。在海外小核酸减重领域重磅临床数据催化下，上证科创板创新药指数显著走强，科创创新药ETF（589720）单日 上涨4.06%。 （风险提示：提及海外公司及相关技术仅用于行业趋势分析，不构成任何个股推荐）） 【后市展望】 这意味着，小核酸在减重领域并非单纯"追赶GLP-1"，而是提供了不同于传统路径的生物学解法。（风险提示：海外公司及相关项目仅用于行业趋势分 析，不构成个股推荐） 二、"高质量减重"的核心意义：内脏脂肪才是代谢疾病的关键变量 Arrowhead强调，减重治疗的终极目 ...

创新药板块表现亮眼。科创创新药ETF（589720）大涨4.06%，创新药ETF国泰（517110）涨2.80%。 创新药板块经历回调后性价比显现，伴随着海外龙头已上市小核酸药物展现出较大商业化潜力，海内外 小核酸在研管线数据的密集发布，小核酸技术路径逐渐走向成熟。本周瑞博生物即将登陆港股市场，有 望进一步催化市场情绪。 展望后市，预计GLP-1更多适应症突破、小核酸药物、ADC多点突破值得期待；短期可关注与脑机接 口、小核酸等主题共振机会；产业层面：1月中旬JPM会议、5月ASCO年会等关键会议或密集披露临床 数据，业绩期商业化公司表现值得期待。若持续有高质量数据读出催化，可能驱动资金回流。可以关注 聚焦科创板创新药企业，覆盖生物制药、化学制药等领域，代表创新药产业基本面景气度的科创创新药 ETF（589720）和聚焦于沪港深三地市场中从事化学、生物创新药研发及相关产业链服务的创新药ETF 国泰（517110）。 风险提示： 来源：WIND 消息面上，Arrowhead Pharmaceuticals于2026年1月6日公布了其两款基于RNAi技术的减重药物（ARO- INHBE和ARO-ALK7）的1/2 ...

Core Viewpoint - Novo Nordisk has launched the first-ever GLP-1 oral pill for weight loss in the U.S., marking a significant advancement in obesity treatment [1][2]. Pricing and Accessibility - The cash prices for the Wegovy pill range from $149 to $299 per month, depending on the dosage, which aims to address affordability issues associated with existing weekly injection treatments [2][4]. - The starting dose of 1.5 milligrams is available at over 70,000 U.S. pharmacies and select telehealth providers, with higher doses expected to be available shortly [3]. - Patients with insurance can access the drug for as low as $25 per month, while cash-paying patients can also purchase it through a deal with TrumpRx for $149 per month [4][5]. Market Potential - The GLP-1 market is projected to be worth approximately $100 billion by the 2030s, with oral drugs potentially capturing a 24% market share, equating to around $22 billion [7]. - Novo Nordisk's launch gives it a competitive edge as it awaits FDA approval for a rival pill from Eli Lilly later this year [8]. Clinical Efficacy - In a phase three trial, the highest dose of the oral semaglutide led to an average weight loss of 16.6% after 64 weeks, with a 13.6% weight loss observed across all participants [11]. - The Wegovy pill is reported to be slightly more effective than Eli Lilly's experimental oral drug, which does not impose dietary restrictions [12]. Regulatory Approval - The FDA approved the Wegovy pill for weight loss and for reducing the risk of major cardiovascular events in adults with obesity and established cardiovascular disease [8][9].

2024年，涨幅TOP10的创新药企中位数为57.9%，最高涨幅132.6%； 而2025年这一赛道彻底"卷"了起来，涨幅前十药企的中位数大幅攀升至495.41%，最高涨幅更是飙至1824%，入围门槛 则是315.29%——换句话说，股价不翻3倍，难以跻身前十大牛股行列。 | 2025年生物医药公司股价年涨幅TOP10 | | | | 2 2 百 1 元 | | --- | --- | --- | --- | --- | | 代理 | 名称 | 起始价/港元 | 收盘价(12/31)/港元 | 年初至今涨幅% | | 01228.HK | 北海康成-B | 0.13 | 2.56 | 1824.81 | | 02197.HK | 三叶草生物-B | 0.24 | 2.34 | 870.95 | | 02617.HK | 药捷安康-B | 13.2 | 114.9 | 773.76 | | 02142.HK | 和铂医药-B | 1.86 | 12.16 | 553.76 | | 02575.HK | 轩竹生物-B | 11.6 | 70.5 | 507.76 | | 06996.HK | 德琪医药-B | 0 ...

使用方法 ： 口服司美格鲁肽的推荐服用方式是 每天早餐前 以不超过4盎司（ 约120毫升 ）水送服，服药后 至少间隔30分钟 再吃早餐、 饮料或其他口服药物。此外，患者在服用时应整片吞服药物，不要切割、压碎或咀嚼药片。 司美格鲁肽注射液通过皮下注射给药，推荐的注射部位是腹部、大腿外侧和上臂。注射时应使用新的一次性无菌针头，并在每次注射后 和储存时取下针头。 ▍ 司美格鲁肽等GLP-1类药物的首次使用注意事项 起始剂量和逐步增加 ：通常建议从小剂量0.25 mg开始，每周一次，并根据医嘱逐渐增加剂量。不建议单次注射剂量超过1 mg。 储存条件 ： 口服剂型在贮藏 方 面 更为灵活，不需要冷藏 条件。 而 未开封的司美格鲁肽注射液应储存于冰箱中（2℃-8℃），首次使用后可在30℃以下环境或冷藏于冰箱中保存，最多可保存6周。切勿 冷冻本品。 监测血糖 ：使用司美格鲁肽期间，应定期监测血糖水平，并在医生的指导下进行必要的剂量调整。 胃肠道反应 ：使用GLP-1受体激动剂可能会引起胃肠道不良反应，如恶心、呕吐和腹泻。这些症状通常在治疗初期出现，并可能随着时 间推移而减轻。 禁忌症 ：司美格鲁肽不适用于1型糖尿病患者或用 ...

Group 1 - The article discusses the details of a military operation by the U.S. to capture Venezuelan President Maduro and his wife, with Trump stating that the U.S. will "manage" Venezuela until a "safe" transition occurs [2][5][3] - The operation involved over 150 aircraft and lasted approximately 2 hours and 20 minutes, with one aircraft being hit but still operational [5][6] - Trump indicated that if necessary, the U.S. would conduct a "larger" second wave of strikes against Venezuela, although he suggested that this may not be needed at the moment [6] Group 2 - BMW China announced price adjustments for 31 models, with reductions exceeding 10% for 24 models and over 20% for 5 models, with the highest drop being 301,000 yuan for the i7 M70L [6] - Xiaomi refuted claims regarding the alleged "fake" zoom ring on the 17 Ultra Leica version, stating that the accusations were misleading and based on misinterpretations of a teardown video [4][8] - NIO's CEO Li Bin announced that the company plans to launch three new models in 2026, aiming to increase its market share in the high-end vehicle segment [8] Group 3 - The price of 25-year-old Flying Moutai has dropped to 1,495 yuan per bottle, reflecting a decrease of 15 yuan from the previous day [9] - Tesla's global vehicle deliveries for 2025 were reported at 1.636 million, marking an 8.6% decline year-over-year, and for the first time, being surpassed by BYD in annual electric vehicle sales [9] - China's National Medical Products Administration reported that 76 innovative drugs were approved in 2025, significantly surpassing the 48 approved in 2024, with a total authorization value exceeding 130 billion USD [11]

Core Insights - Alpha Wealth Insiders Fund reported a return of 4.96% in September 2025, with year-to-date returns reaching 21.37%, outperforming the S&P 500's September return of 3.65% and year-to-date return of 14.83% [1] Group 1: Company Performance - Eli Lilly and Company (NYSE: LLY) achieved a one-month return of 5.93% and a 52-week gain of 38.12%, closing at $1,074.68 per share with a market capitalization of $963.404 billion on December 31, 2025 [2] - Eli Lilly's revenue grew by 54% in Q3 2025 compared to the same period last year, indicating strong business performance [4] Group 2: Business Overview - Eli Lilly is recognized as a pharmaceutical powerhouse, known for its products like Mounjaro and Zepbound in weight-loss and diabetes treatment, as well as its cancer and immunology drugs, and a promising Alzheimer's pipeline [3] - The company's stock is benefiting from the GLP-1 wave, contributing to significant growth and market-cap dominance [3] Group 3: Market Position - Eli Lilly ranks 21st among the 30 most popular stocks among hedge funds, with 114 hedge fund portfolios holding its stock at the end of Q3 2025, a slight decrease from 119 in the previous quarter [4]

过去一年，对诺和诺德来说并不轻松。股价大幅回撤、百年历史上最大规模的管理层调整、资本市场情绪急转直下，这家丹麦制药巨头 正站在聚光灯下，被反复拷问一个问题：它是否还能把 GLP-1 的科学领先，转化为可持续的商业回报？ 在投资者眼中，答案似乎越来越悲观。随着礼来等强劲对手入场、仿制药和复合制剂扩散，减重药这一曾经的"黄金赛道"开始显露出竞 争红海的轮廓。但在科研界，情绪却几乎完全相反——科学家们普遍认为，GLP-1 的潜力远未被完全释放。 最初，人们关注的是这类药物在控制体重、改善血糖以及降低心血管风险方面的价值。而如今，研究的边界正在被不断推远，新的焦点 逐渐转向一个更复杂、也更具想象空间的领域：大脑。 整理 | GLP1减重宝典内容团队 从降糖药到"系统性调节器" 司美格鲁肽，也就是人们熟知的 Ozempic 和 Wegovy，最早被开发用于治疗 2 型糖尿病。随着其显著的抑制食欲和减重效果被发现， 大规模"超适应症使用"迅速蔓延，并最终推动其正式获批用于肥胖治疗，成为诺和诺德每年贡献数十亿美元收入的核心产品。 但故事并未止步于此。监管机构和学术界正陆续确认，这类药物在多个系统性疾病中展现出额外获益。司美 ...

Core Insights - The GLP-1 sector is experiencing significant growth potential, and the company is leveraging its upstream raw material supply advantages to explore the GLP-1 peptide raw material market [2] - The company has successfully provided hundreds of kilograms of supply to multiple domestic clients during the 2024 reporting period, complying with GMP standards [2] - The company is focused on enhancing its product and service advantages across the GLP-1 fermentation recombinant method value chain, addressing client needs for product quality, cost, and capacity [2] Business Operations - The company has engaged in compliance submissions and audits with several clients, ensuring adherence to regulatory standards [2] - Ongoing efforts include advancing the DMF filing for core enzyme raw materials and intermediates to support clients' compliance submissions [2] - The business faces uncertainties in future performance due to market competition, supply-demand changes, technological iterations, and geopolitical factors [2]

Core Viewpoint - GLP-1 class weight loss drugs are reshaping global perceptions of weight management, demonstrating weight loss of 10% or more in clinical and real-world studies, while natural GLP-1 supplements are gaining popularity as milder alternatives [4][10] Mechanism of Action - GLP-1 is a hormone secreted by the intestines after eating, which stimulates insulin release, delays gastric emptying, and acts on the brain's appetite center to reduce hunger [4][10] - True GLP-1 receptor agonists are structurally modified to provide sustained, stable, and high-intensity activation of GLP-1 receptors, which is crucial for their significant weight loss effects [4][10] Natural GLP-1 Supplements - Natural GLP-1 supplements are not true GLP-1 or receptor agonists; they attempt to influence metabolic environments through indirect pathways, such as stimulating small amounts of GLP-1 release and improving gut microbiota [6][9] - Common ingredients in these supplements include psyllium husk, green tea extract, saffron extract, polyphenols from lemon or blood orange, various probiotics or prebiotics, and amino acids [7][9] Efficacy and Evidence - There is currently no convincing evidence that natural GLP-1 supplements can achieve weight loss effects comparable to pharmaceutical-grade GLP-1 receptor agonists; their impact is often limited to mild appetite reduction or improved eating control [9][10] - Increasing protein intake is emphasized as a more reliable strategy for stimulating endogenous GLP-1, with recommendations of 1.2 to 1.5 grams of protein per kilogram of body weight per day [9][10] Safety and Regulation - The supplement industry is loosely regulated, leading to issues such as inconsistent ingredient labeling, potential liver function abnormalities from plant extracts, and interactions with existing medications [9][10] - Some products may contain stimulants like caffeine, which could increase cardiovascular or neurological burdens, especially for individuals with chronic diseases or metabolic disorders [9][10] Conclusion - Natural GLP-1 supplements are not entirely ineffective but are better positioned as auxiliary tools in health management rather than core weight loss treatments; the most effective and evidence-backed option remains the regulated use of GLP-1 class drugs [10]