2026.01. 13 本文字数：1002，阅读时长大约2分钟 作者 | 第一财经 钱童心 在1月12日正式开幕的摩根大通医疗健康大会上，辉瑞CEO阿尔伯特·布尔拉（Albert Bourla）称，公 司期待减重药消费市场像"伟哥"一样迎来爆发。 去年年底，辉瑞赢得了一场针对减重药厂商Metsera的百亿美元豪赌，击败竞争对手诺和诺德，收购了 该公司并获得下一代减重药管线，跻身减重药领域最有潜力的参与者之一。 在摩根大通医疗健康大会上，辉瑞表示，将加大包括减重药在内的新药研发投入，并称减重药市场仍有 巨大潜力。 布尔拉表示："礼来和诺和诺德都展示了减重药的销售额，并且在医保报销系统之外也产生了显著的销 售额。不过在美国市场之外，我们计算这些销售额非常有限。" 辉瑞正处于业务重整期，随着新冠药物需求的急剧下降以及几款重磅药的专利即将到期，该公司亟需寻 求下一个"现金牛"，减重疗法无疑成为最有希望产生价值且变现最快的资产。 辉瑞已经宣布，计划在今年年底前启动10项针对Metsera公司研发的减重疗法的三期临床研究。但公司 预计，到2029年之前很难重返收入增长期。 与此同时，减重药的竞争仍在加剧。一方面，诺和诺德 ...

在摩根大通医疗健康大会上，辉瑞表示，将加大包括减重药在内的新药研发投入，并称减重药市场仍有巨大潜 力。 在1月12日正式开幕的摩根大通医疗健康大会上，辉瑞CEO阿尔伯特·布尔拉（Albert Bourla）称，公司期待减重药 消费市场像"伟哥"一样迎来爆发。 去年年底，辉瑞赢得了一场针对减重药厂商Metsera的百亿美元豪赌，击败竞争对手诺和诺德，收购了该公司并获 得下一代减重药管线，跻身减重药领域最有潜力的参与者之一。 在摩根大通医疗健康大会上，辉瑞表示，将加大包括减重药在内的新药研发投入，并称减重药市场仍有巨大潜 力。 布尔拉表示："礼来和诺和诺德都展示了减重药的销售额，并且在医保报销系统之外也产生了显著的销售额。不过 在美国市场之外，我们计算这些销售额非常有限。" 他强调消费者自愿为减重药买单的愿望非常强烈。"现在我们看到，减重药几乎像'伟哥'一样在运作，人们愿意付 钱购买，尽管根本没有报销。"布尔拉说道。 "伟哥"是辉瑞公司早在1998年推出的一款治疗男性勃起功能障碍的药物，上市后曾引起巨大轰动，并显著提升了辉 瑞的业绩。该药物已于2020年剥离辉瑞，今天主要以仿制药的形式在销售。 辉瑞正处于业务重整 ...

今年的摩根大通医疗健康大会发生在全球创新药格局转变的重要节点。随着大型制药巨头重磅药物专利到期大限临 近，它们正在越来越多地关注来自中国研发的创新药。 今年的摩根大通医疗健康大会发生在全球创新药格局转变的重要节点。随着大型制药巨头重磅药物专利到期大限临 近，它们正在越来越多地关注来自中国研发的创新药。 一年一度的摩根大通医疗健康大会（JPM Conference）即将于下周开启。这是全球医药界最受关注的年度投资峰 会。投资人、银行家、药企高管及律师是参会的主要人群。 第一财经记者发现，旧金山及周边地区的酒店价格已经飙涨，威斯汀、希尔顿等多家位于旧金山市区会议举办地附 近的酒店已经满房；即便是在远离市区的硅谷，高端酒店也多数爆满。 一位即将飞往旧金山的中国医药公司高管对第一财经记者表示："我将提前一天到达旧金山，准备对投资人的演讲 稿。"他还表示，在旧金山的居住条件将会"非常艰苦"。"这就好像你付了1000美元，只能住进一个'鸽子笼'。"他说 道。 "创新药的收购将比大型制药公司的兼并更受关注，且更有价值。"一位生物医药投资人对第一财经记者表示。 在对优质医药资产竞争趋于激烈的背景下，即便是对创新药的出价也可能 ...

Group 1 - The central financial committee emphasizes the need to effectively manage financial risks in local small and medium financial institutions, real estate companies, and local government financing platforms, with a focus on controlling new risks and addressing existing ones [2] - The China Securities Regulatory Commission (CSRC) is set to introduce strict regulations on public fund sales, targeting long-standing issues in the industry such as prioritizing sales over service [2] - China's financial data for November shows a significant increase in RMB loans and social financing, with RMB loans increasing by 15.36 trillion yuan and social financing growing by 33.39 trillion yuan, surpassing last year's total [3] Group 2 - The People's Bank of China emphasizes maintaining stable financial markets and managing moral hazards, particularly in real estate finance [5] - The CSRC has issued a record fine to Yuce Investment for misappropriating fund assets and providing false information, highlighting the regulatory crackdown in the private equity sector [5] - The A-share market sees significant gains, particularly in nuclear power and commercial aerospace sectors, with the Shanghai Composite Index closing up 0.41% [5] Group 3 - The Hong Kong Hang Seng Index rises by 1.75%, driven by gains in technology and non-bank financial sectors, despite net selling by southbound funds [6] - The Shanghai Stock Exchange is monitoring stocks with significant volatility, indicating increased scrutiny on market activities [7] - Several companies are planning IPOs or stock issuances, including Galaxy General, which aims for a valuation of 3 to 4 billion USD [7] Group 4 - The Financial Regulatory Bureau has released a new management method for commercial bank custody businesses, emphasizing the need for banks to meet specific capabilities and prohibiting certain financial practices [9] - The market regulator is seeking opinions on compliance guidelines for the automotive industry, aiming to address pricing and promotional issues [9] - The State Administration for Market Regulation is pushing for improvements in online product sales, particularly in live commerce, to combat false advertising [9] Group 5 - The State Council has initiated measures to stabilize the real estate market, with Shandong province launching a housing "old-for-new" program to encourage home purchases [11] - The global gold ETF inflows reached 5.2 billion USD in November, marking a six-month streak of inflows and setting a record for total assets under management [20] - The domestic bond market shows signs of cooling, with yields on major bonds rising and the central bank conducting reverse repos to manage liquidity [19]

Monetary Policy - As of the end of November, the broad money supply (M2) in China reached 336.99 trillion yuan, reflecting a year-on-year growth of 8% [1] - The narrow money supply (M1) stood at 112.89 trillion yuan, with a year-on-year increase of 4.9% [1] - The currency in circulation (M0) amounted to 13.74 trillion yuan, showing a year-on-year growth of 10.6% [1] - A net cash injection of 917.5 billion yuan occurred in the first eleven months of the year [1] Banking and Financial Services - The total scale of bank wealth management products has reached a historic high of approximately 33.8 trillion yuan, nearing 34 trillion yuan [2] - In the first eleven months, 14 wealth management companies collectively grew by about 3.43 trillion yuan, with "fixed income plus" products contributing an additional 1.32 trillion yuan [2] - The market saw a significant increase of 1.67 trillion yuan in the fourth quarter alone, accounting for nearly half of the annual growth [2] Regulatory Developments - The China Securities Investment Fund Industry Association has drafted a consultation document to standardize fund sales behavior, aiming to prevent misleading practices and protect investor rights [2] - The document outlines clear requirements for fund promotion, sales information disclosure, and performance assessment [2] Corporate Actions - Taihao Technology plans to use 13.67 billion yuan from its capital reserves to cover significant losses, a move that reflects a broader trend among A-share companies to address accumulated losses amid new regulatory changes [4] - Over 30 listed companies have announced similar plans to utilize capital reserves to offset losses, with total amounts exceeding 30 billion yuan [4] Market Trends - The top ten wafer foundries reported a quarter-on-quarter revenue increase of 8.1% in Q3 2025, driven by demand for AI and consumer electronics [4] - The global wafer foundry industry is expected to face challenges in 2026 due to international market conditions and conservative demand forecasts [4] Industry Developments - A new company, Beijing Guanghe Qiancheng Technology, has been established by leading silicon material firms, marking a significant step towards reducing overcapacity in the photovoltaic industry [5] - Future silicon material production capacity is planned to be capped at 1.5 million tons [5] Legal and Compliance Issues - The China Securities Regulatory Commission has penalized three individuals for manipulating the stock of Shandong Jincheng Pharmaceutical Group, resulting in fines and market bans [3] - Huayi Brothers' founder has received a consumption restriction order due to an advertising contract dispute, with the company facing a financial penalty of over 11.4 million yuan [8] IPO and Market Activity - Youyan Composite Materials has received approval for its IPO on the Sci-Tech Innovation Board [9] - Shouyao Holdings is planning to issue H-shares and list on the Hong Kong Stock Exchange [10] Corporate Changes - The chairman of Jinling Hotel has resigned due to work changes, leaving the company without any executive positions held by him [11] - *ST Chang Pharmaceutical's subsidiary has recently ceased operations due to financial difficulties and competitive pressures in the photovoltaic sector [12] Project Announcements - Jiangsu Guoxin's subsidiary has successfully completed the trial operation of a new 1000MW coal-fired power generation unit [13] - *ST Zhisheng has won a 1.04 billion yuan contract for a smart city governance project, significantly impacting its projected annual revenue [17]