Market Performance - Benchmark indices Sensex and Nifty ended lower for the second consecutive day, with Sensex dropping 376.28 points (0.445%) to settle at 85,063.34 and Nifty declining 71.60 points (0.275%) to end at 26,178.70 [1][2] - Heavy selling was observed in blue-chip stocks such as Reliance Industries, which fell 4.42%, and HDFC Bank, contributing to the overall market decline [1][2] Sector Performance - The services sector growth in India moderated in December, with the HSBC India Services PMI Business Activity Index falling from 59.8 in November to 58.0 in December, indicating the slowest rate of expansion since January [4][5] - Despite the slowdown, firms remained optimistic about growth prospects, although overall sentiment reached its lowest level in nearly three-and-a-half years [5] Institutional Activity - Foreign institutional investors sold equities worth ₹36.25 crore on January 5, 2026, while domestic institutional investors purchased stocks worth ₹1,764.07 crore [3] Global Context - U.S. President Donald Trump indicated potential tariff increases on India due to dissatisfaction with India's purchases of Russian oil, which may impact market sentiment [3][4] - In contrast, Asian markets showed positive performance, with indices such as South Korea's Kospi and Japan's Nikkei 225 ending significantly higher [6]

Core Viewpoint - Amgen Inc. is set to announce its fiscal fourth-quarter earnings for 2025, with analysts projecting a decline in profit per share compared to the previous year, despite a generally positive outlook for the company's performance and stock growth [1][2]. Financial Performance - Analysts expect Amgen to report a profit of $4.74 per share on a diluted basis for the upcoming quarter, which represents a 10.7% decrease from $5.31 per share in the same quarter last year [2]. - For the full fiscal year, analysts project an EPS of $21.28, reflecting a 7.3% increase from $19.84 in fiscal 2024, with further growth anticipated to $21.69 in fiscal 2026 [3]. Stock Performance - Amgen's stock has outperformed the S&P 500 Index, gaining 22.8% over the past 52 weeks, compared to the S&P 500's 16.2% increase and the Health Care Select Sector SPDR Fund's 11.6% returns [4]. - Following the Q3 results announcement on November 4, 2025, Amgen's shares rose by 7.8% in the subsequent trading session [6]. Growth Drivers - The company's growth is attributed to increasing demand for newer medicines such as Repatha, Tezspire, and Evenity, alongside a diversified product portfolio and successful product launches [5]. - Management anticipates continued growth momentum supported by late-stage pipeline programs and investments in manufacturing and AI technologies, including the AmgenNow platform aimed at improving patient access [5]. Analyst Sentiment - The consensus opinion among analysts is moderately bullish, with a "Moderate Buy" rating overall. Out of 32 analysts, 14 recommend a "Strong Buy," 2 suggest a "Moderate Buy," 13 advise a "Hold," 1 recommends a "Moderate Sell," and 2 advocate a "Strong Sell" [7]. - The average analyst price target for Amgen is $330.74, indicating a potential upside of 3.1% from current levels [7].

Core Insights - Johnson & Johnson has submitted a Type II variation application to the European Medicines Agency (EMA) for an indication extension of TECVAYLI® (teclistamab) in combination with DARZALEX® (daratumumab SC) for treating adult patients with relapsed/refractory multiple myeloma (RRMM) who have received at least one prior therapy [1][2] Group 1: Clinical Study and Results - The application is supported by data from the Phase 3 MajesTEC-3 study, which showed a statistically significant improvement in progression-free survival (PFS) and overall survival (OS) compared to standard treatment [1][2] - The MajesTEC-3 study enrolled 587 patients and demonstrated an 83.4% reduction in the risk of disease progression or death compared to standard regimens at nearly three years follow-up (hazard ratio [HR], 0.17; 95% confidence interval [CI], 0.12-0.23; P<0.0001) [2][4] - More than 90% of patients who remained progression-free at six months continued to be progression-free at three years [2] Group 2: Treatment Efficacy and Safety - Teclistamab and daratumumab SC work in a complementary manner by targeting both BCMA and CD38, enhancing immune-mediated responses earlier in treatment [2] - The combination regimen showed similar rates of Grade 3/4 treatment-emergent adverse events (TEAE) compared to standard care (95.1% vs. 96.6%) [2] - The most common Grade 3/4 events were cytopenia and infection, with infections observed in 96.5% of patients receiving teclistamab and daratumumab SC [2] Group 3: Regulatory and Market Position - The FDA has granted Breakthrough Therapy Designation for the teclistamab and daratumumab SC combination, expediting its development and regulatory review [2] - Johnson & Johnson aims to redefine treatment possibilities in multiple myeloma by using the right medicines early and combining them for optimal outcomes [3] Group 4: Background on Multiple Myeloma - Multiple myeloma is an incurable blood cancer affecting plasma cells, with over 35,000 new diagnoses in the EU in 2022 [8] - Patients experience frequent relapses, and remissions become progressively shorter with each line of therapy [8]

Group 1 - Nvidia has commenced full production of its next major AI chip, indicating a significant advancement in its technology and potential market impact [1] - Gold and silver prices have experienced an increase, reflecting shifts in market dynamics and investor sentiment [1] - Novo Nordisk is expanding its efforts in the weight-loss drug market, suggesting a competitive landscape in the pharmaceutical industry [1]

Core Viewpoint - Pfizer Inc. is set to announce its fiscal fourth-quarter earnings for 2025, with expectations of a decline in profit per share compared to the previous year [1][2]. Financial Performance - Analysts predict Pfizer will report a profit of $0.56 per share on a diluted basis, which is an 11.1% decrease from $0.63 per share in the same quarter last year [2]. - For the full year, the expected EPS is $3.11, remaining unchanged from the previous year, but a decline of 4.8% to $2.96 is anticipated for fiscal 2026 [3]. Stock Performance - Pfizer's stock has underperformed the S&P 500 Index, which gained 16.2% over the past 52 weeks, with Pfizer shares down 5.3% during the same period [4]. - The stock also lagged behind the Health Care Select Sector SPDR Fund, which returned 11.6% [4]. Market Concerns - The underperformance of Pfizer's stock is attributed to concerns over patent expirations for key medications such as Eliquis and Ibrance, as well as declining sales from COVID-19 products [5]. Recent Earnings Report - On November 4, 2025, Pfizer reported its Q3 results, with an adjusted EPS of $0.87, surpassing Wall Street's expectation of $0.66. The company's revenue was $16.7 billion, exceeding forecasts of $16.6 billion [6]. Analyst Ratings - The consensus opinion on Pfizer stock is moderately bullish, with a "Moderate Buy" rating. Among 24 analysts, six recommend a "Strong Buy," one a "Moderate Buy," 16 a "Hold," and one a "Strong Sell." The average price target is $27.95, suggesting an 11% potential upside from current levels [7].

Core Viewpoint - Aktis Oncology is planning an IPO with expected proceeds of approximately $210 million, marking a potential resurgence in the biotech IPO landscape for 2026 [1][7]. Company Overview - Aktis Oncology focuses on cancer treatments, specifically through the development of radiopharmaceuticals that utilize alpha radiation to target and destroy cancer cells while minimizing damage to healthy cells [3][4]. - The company is offering 11,775,000 shares of common stock at a price range of $16 to $18 per share, aiming to trade under the ticker "AKTS" on the Nasdaq Global Market [2]. Financial Projections - If the IPO occurs at the midpoint of the price range, Aktis anticipates raising $181.7 million, which could increase to $209.6 million if underwriters exercise their 30-day option [3]. - The company plans to allocate approximately $140-150 million of the IPO proceeds to fund the Phase Ib trial of its lead program, [225Ac]Ac-AKY-1189, and $70-80 million for a planned study of its second program, [225Ac]Ac-AKY-2519 [5]. Pipeline and Development - Aktis' most advanced program, [225Ac]Ac-AKY-1189, is currently in a Phase Ib trial targeting Nectin-4 expressing solid tumors [4]. - The second program, [225Ac]Ac-AKY-2519, targets B7-H3 expressing solid tumors, including prostate, lung, and breast cancers, both utilizing the alpha-emitting isotope Actinium-225 [4]. Industry Context - The IPO landscape for biotech companies appears to be recovering, with recent successful listings such as LB Pharmaceuticals' $285 million IPO in September 2025 and others following suit [7]. - Aktis has already attracted interest from major pharmaceutical companies, including Bristol Myers Squibb and MSD's venture fund, which participated in a $175 million series B funding round in 2024 [5][6].

Merck & Co., Inc. (MRK), based in Rahway, New Jersey, is a healthcare company. Valued at $264.2 billion by market cap, the company delivers health solutions through its prescription medicines, vaccines, biologic therapies, animal health, and consumer care products, which it markets directly and through its joint ventures. The pharmaceutical giant is expected to announce its fiscal fourth-quarter earnings for 2025 before the market opens on Tuesday, Feb. 3. Ahead of the event, analysts expect MRK to repor ...

记者丨 韩利明 编辑丨季媛媛 1月4日晚间，兴齐眼药（300573.SZ）公告称，0.02%（0.4ml：0.08mg）及0.04%（0.4ml： 0.16mg）硫酸阿托品滴眼液的补充申请获得国家药品监督管理局批准，用于延缓球镜度数 为-1.00D至-4.00D(散光≤1.50D、屈光参差≤1.50D)的6至12岁儿童的近视进展。 当前我国儿童青少年近视问题形势严峻，不仅呈现"低龄、高发、重度"的发展态势，中度、高 度近视增长趋势亦持续显现。兴齐眼药方面指出，此次两款阶梯浓度产品的获批，成为兴齐眼 利好消息迅速传导至资本市场。1月5日兴齐眼药股价直线冲高，最终收涨近5%，报73.68元/ 股；1月6日股价延续上行态势，报74.2元/股收盘，上涨0.71%，总市值达182.85亿元。 药继2024年0.01%浓度硫酸阿托品滴眼液获批后的重要突破，进一步丰富了临床治疗选择。 在业内看来，目前国内外尚无0.02%和0.04%硫酸阿托品滴眼液近视相关适应症产品获批上 市，且兴齐眼药0.01%硫酸阿托品滴眼液（美欧品®）作为国内首款获批用于延缓儿童近视进 展的产品，已积累了稳定的市场份额和临床认可度，这将为两款新品打开 ...

Core Viewpoint - The recent U.S. military action in Venezuela, which holds the world's largest proven oil reserves, has created significant geopolitical implications for global equity markets, particularly affecting sectors like defense, technology, and healthcare [2][3]. Energy Sector Impact - Venezuela possesses approximately 303 billion barrels of proven oil reserves, accounting for 17-18% of global oil reserves, but its crude production has fallen to below 2 million barrels per day from about 3.5 million barrels per day due to infrastructure issues and sanctions [4]. - The U.S. military intervention has renewed interest in Venezuelan crude flows, but analysts caution that any significant increase in production will require years of investment and political stabilization [5][6]. - Major U.S. energy companies like Chevron, which operates in Venezuela under a special license, have seen limited immediate impact from the situation, as Venezuelan operations contribute only a small portion to overall revenues [7]. Defense Sector Benefits - Defense stocks are expected to be the primary beneficiaries of heightened geopolitical tensions, as historical patterns show increased military spending during such periods [9]. - Companies like Lockheed Martin and Northrop Grumman are likely to benefit from long-term contracts and increased order backlogs due to the current geopolitical climate [10][11]. Technology Sector Dynamics - Technology stocks typically respond to geopolitical shocks through risk sentiment rather than direct revenue exposure, with initial pressure on high-value stocks [12]. - Over the medium term, companies like CrowdStrike Holdings and Palo Alto Networks may benefit from increased demand for cybersecurity solutions as security-driven spending rises [12]. Healthcare Sector Resilience - Healthcare equities tend to remain stable during geopolitical uncertainty due to the inelastic nature of demand, with pharmaceutical and medical device companies being less affected by conflicts [13]. - Large healthcare firms and those involved in medical readiness are expected to benefit as governments focus on biosecurity and supply-chain resilience during global instability [13]. Conclusion on Market Dynamics - The evolving geopolitical landscape suggests that defense stocks will benefit most directly, while select technology firms will gain over time through security-related demand, and healthcare will act as a stabilizing force in the market [14][15].

Core Insights - The medical sector is increasingly adopting artificial intelligence (AI), enhancing drug synthesis, device creation, and diagnostic accuracy [2][3] Group 1: Eli Lilly and Co. (LLY) - Eli Lilly focuses on cardiometabolic health, neuroscience, oncology, and immunology, which are high-growth areas with significant commercial potential [5] - Demand for LLY's GLP-1 drugs, Mounjaro and Zepbound, remains strong, contributing to robust sales in 2025 [6] - LLY is advancing its pipeline with an oral GLP-1 obesity pill, orforglipron, expected to launch next year [7] - Eli Lilly is collaborating with OpenAI for novel medicine discovery and invested $409 million in Genetic Leap for AI-driven drug discovery [7] - The company is building a supercomputer with NVIDIA to enhance its AI capabilities, with expected revenue and earnings growth rates of 22.3% and 41.3% respectively for the current year [8] - LLY has a return on equity (ROE) of 109.5%, significantly higher than the industry average of 37% [9] Group 2: Medtronic plc (MDT) - Medtronic is integrating AI into its solutions to improve patient care and operational efficiency, including an AI-powered surgical video management platform [10] - The GI Genius project enhances colorectal cancer detection, increasing survival rates by identifying polyps that may be missed [11] - Medtronic's partnerships leverage AI to optimize cardiac procedures and improve diagnostic precision, driving growth in the medtech sector [12] - The company has an expected revenue and earnings growth rate of 7.5% and 2.7% respectively for the current year [14] - MDT has a ROE of 14.9%, outperforming the industry average of -2.5% [14] Group 3: Intuitive Surgical Inc. (ISRG) - Intuitive Surgical is embedding AI into its robotic systems, providing objective performance indicators for surgeons [15] - The company is piloting telecollaboration for remote surgical support, enhancing training and decision-making [16] - ISRG's revenue and earnings growth rates are expected to be 14.3% and 11.1% respectively for the current year [19] - ISRG has a ROE of 15.1%, compared to the industry's ROE of -18.7% [19] Group 4: Regeneron Pharmaceuticals Inc. (REGN) - Regeneron utilizes AI and machine learning for drug target identification, clinical trial optimization, and precision medicine [20] - The company has seen revenue growth driven by strong performance from Dupixent and Libtayo, despite declining sales of Eylea [21] - REGN's expected revenue and earnings growth rates are 4.9% and -0.4% respectively for the current year [23] - REGN has a ROE of 13.8%, significantly higher than the industry's ROE of -65.41% [23] Group 5: Johnson & Johnson (JNJ) - Johnson & Johnson's MedTech division is focused on AI technologies for surgical robotics and digital surgery analytics [24] - The company has developed the Ottava robotic surgery platform and the Caresurgical/VELYS digital surgery systems, enhancing procedure planning [25] - JNJ has an expected revenue and earnings growth rate of 5% and 5.7% respectively for the current year [26] - JNJ has a ROE of 32.7%, compared to the industry's ROE of 37% [26]