丹麦生物制药公司Zealand Pharma正在为其下一阶段的减重创新寻找合作伙伴，其目标直指一个更具颠覆性的方向——将治疗手段"直 接送达大脑"。在公司即将迎来多个肥胖症项目关键临床读数之际，管理层已明确提出，真正决定长期竞争力的核心，可能并不只在外 周代谢系统，而是在中枢神经系统。 Zealand首席科学官Utpal Singh指出，越来越多的研究数据正在表明，人体的代谢调控，甚至免疫系统的部分调控，本质上都通过大脑 完成。包括当前主流的GLP-1类药物，其发挥作用的关键路径，同样与大脑密切相关。正因如此，Zealand已开始主动布局相关合作， 探索通过新技术将药物跨越血脑屏障，直接作用于中枢靶点。 整理 | GLP1减重宝典内容团队 在具体合作模式上，Zealand并不设限。一方面，公司可能在现有在研减重药物基础上，探索联合用药方案；另一方面，也不排除与合 作方共同开发全新的中枢靶向疗法。其中，一个重点方向是"穿梭技术"，即通过特定分子或载体，使药物能够安全、有效地进入大脑。 在这一领域，Zealand现有合作伙伴中已有潜在协同方。此前与Zealand在胰淀素类似物petrelintide项目上合作的罗 ...

智通财经APP获悉，岁末年初，职场人忙于总结业绩、规划未来，却时常忽略一份至关重要的年度报告 ——你身体的"健康资产负债表"。特别是针对糖尿病职场人，值此年终盘点之际，我们不妨以财经视 角，重新评估健康管理的投入与产出，探寻一种更智慧、更具"复利"价值的健康策略，为现代职场人群 解放出珍贵的资源与时间。 隐形成本审计：代谢紊乱如何侵蚀你的"人力资本" 以GLP-1受体激动剂类药物为例，其"葡萄糖浓度依赖性降糖"智能机制意味着"血糖高时起效，血糖低 时不作用"，在控糖的同时低血糖风险更小，患者更安心。与此同时，它通过模拟人体"肠促胰素"，可 以在稳糖基础上，兼具改善心血管结局、减轻体重的明确证据。 心血管并发症是糖尿病等代谢疾病最主要的健康风险。因此，选择具有心血管保护循证医学证据的治疗 方案，无异于为未来投保，避免因重大健康事件导致的巨额健康及财务支出与职业生涯中断，应成为优 先选项。 例如，临床证据显示，全球首个口服GLP-1RA——口服司美格鲁肽可以显著降低主要不良心血管事件 风险，被《成人 2 型糖尿病口服降糖药联合治疗专家共识(2025 版)》明确推荐作为二型糖尿病(T2DM) 合并 动脉粥样硬化(A ...

【金工】市场仍将震荡上行——金融工程市场跟踪周报 20251229 上周 A 股延续震荡上涨，主要宽基指数量能皆有修复。资金面方面，周度融资增加额 环比上期大幅增长，股票型 ETF 资金净流入 363.41 亿元，资金表现积极。从近期市 场表现来看，12 月中央经济工作会议召开之后市场交易情绪有所提振，资金面表现 持续改善，为市场进一步上行奠定基础。风格方面，短线基本面因子表现持续占优， 后续或仍将延续。中长线看好"红利+科技"配置主线。 行业研究 2025 年 12 月 30 日 晨会速递 分析师点评 市场数据 总量研究 【债券】年末再看产业债市场——信用债动态跟踪 在剔除 Wind 和 YY 口径城投债后，产业债累计发行 7440 只，规模合计 8.60 万亿元， 涵盖 29 个申万一级行业，共计 16 个行业全年发行规模突破 1000 亿，其中公用事业、 非银金融、交通运输等行业发行规模居前。 【房地产】【光大地产】核心城市楼市成交高频跟踪 20251229(增持) 截至 2025 年 12 月 28 日， 20 城新房：累计成交 77.4 万套(-16.5%)；北京 3.9 万套 (-21%)、上海 ...

查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 今 日 聚 焦 【金工】市场仍将震荡上行——金融工程市场跟踪周报20251229 上周A股延续震荡上涨，主要宽基指数量能皆有修复。资金面方面，周度融资增加额环比上期大幅增长，股票 型ETF资金净流入363.41亿元，资金表现积极。从近期市场表现来看，12月中央经济工作会议召开之后市场交 易情绪有所提振，资金面表现持续改善，为市场进一步上行奠定基础。风格方面，短线基本面因子表现持续占 优，后续或仍将延续。中长线看好"红利+科技"配置主线。 （祁嫣然/陈颖/张威）2025-12-29 点击注册小程序 2月中央经济工作会议再提深入整治"内卷式"竞争及深入推进重点行业节能降碳改造，12月底发改委强调继续 实施粗钢产量调控，我们认为中长期来看钢铁板块供给或将得到 ...

Core Viewpoint - The oral weight loss drug sector is entering a critical commercialization phase, with significant regulatory approvals and partnerships indicating strong market potential and demand for innovative treatments [4][5][6]. Group 1: Recent Developments in Oral Weight Loss Drugs - On December 23, 2025, the FDA approved Novo Nordisk's oral semaglutide for chronic weight management, marking a significant milestone for oral GLP-1 peptides [4]. - Eli Lilly's management anticipates that the oral small molecule weight loss drug orforglipron will likely receive approval by March 2026, potentially becoming the second approved oral weight loss medication [4]. - Recent data releases include Structure's report on aleniglipron, which showed a 11.3% weight loss in the 120mg dose group and 15.3% in the 240mg dose group after 36 weeks [4]. Group 2: Industry Partnerships and Strategic Moves - On December 9, 2025, Pfizer announced an exclusive collaboration with YaoPharma for the oral small molecule GLP-1R agonist YP05002, involving a $150 million upfront payment and up to $1.935 billion in milestones, indicating strong interest from multinational pharmaceutical companies in oral weight loss products [5]. - Shijiazhuang Pharmaceutical Innovation announced the establishment of a joint venture focused on innovative metabolic drug development, highlighting the recognition of the significant value in GLP-1 related metabolic disease medications [6]. Group 3: Market Trends and Valuation Recovery - The pharmaceutical and biotechnology sector has seen a recovery in valuation, with the PE ratio stabilizing and increasing since Q1 2025, driven by macroeconomic conditions and supportive policies for innovative drugs [7]. - The global trend of returning to a rate-cutting environment, alongside increasing healthcare spending due to aging populations, is expected to expand the global demand for pharmaceuticals, particularly benefiting China's pharmaceutical industry [8]. Group 4: Investment Themes in Innovation - The investment focus is categorized into three phases: "0→1" for breakthrough technologies in innovative drugs, "1→10" for clinical validation of high-quality domestic innovative drugs, and "10→100" for leveraging China's efficiency in the pharmaceutical supply chain [9]. - The acceleration of business development (BD) for innovative drugs and the rise of high-end medical devices and consumables are seen as promising investment opportunities [9].

Investment Rating - The report does not explicitly state an investment rating for the industry, but it suggests a positive outlook for the medical device sector, indicating potential for growth and innovation [2][3]. Core Insights - The medical device sector is expected to enter a "great sailing era" with the initiation of centralized procurement for drug-coated balloons and urological intervention consumables, indicating a significant policy shift that could benefit domestic manufacturers [3]. - The report highlights that after extensive centralized procurement, domestic medical device manufacturers have gained substantial market share, leading to a concentration of the industry towards leading enterprises, which are expected to benefit from scale effects and favorable export policies [3]. - The report emphasizes the potential for domestic medical device companies to replicate the path of domestic pharmaceutical companies, using centralized procurement to drive innovation and enhance global competitiveness [3]. Market Weekly Review - The pharmaceutical and biotechnology sector experienced a slight decline of 0.18% from December 22 to December 26, underperforming compared to the Wind All A index (2.78%) and the CSI 300 index (1.95%) [8]. - Among sub-sectors, raw materials (2.05%), blood products (1.28%), and medical research outsourcing (0.77%) showed gains, while hospitals (-2.82%), pharmaceutical distribution (-1.8%), and offline pharmacies (-1.3%) faced declines [8]. - Notable individual stock performances included Hongyuan Pharmaceutical (59.4%), Luyuan Pharmaceutical (37.3%), and Huakang Medical (21.1%) with significant gains, while ST Bailin (-18.5%), Huaren Health (-15.8%), and Haiwang Biological (-14.9%) saw substantial losses [11]. Industry News and Key Company Announcements - The National Medical Products Administration announced new regulations for the management of medical device export sales certificates, effective May 1, 2026, which aims to facilitate the export of Chinese medical devices [13]. - The centralized procurement for high-value medical consumables has officially started, marking a significant policy development in the industry [13]. - Sanofi reached an acquisition agreement with Dynavax for $2.2 billion, highlighting ongoing consolidation in the pharmaceutical sector [13]. - Notable collaborations and agreements were reported, including licensing agreements and partnerships among various pharmaceutical companies, indicating active M&A and collaboration trends in the industry [16][17].

医药生物 2025 年 12 月 29 日 版 行业 《本周申万医药生物指数下跌 0.1%，关注 国内药企出海动态——医药行业周报 (2025/12/15-2025/12/19)》 2025/12/22 《本周申万医药生物指数下跌 1.0%，关注 创新药对外授权动态——医药行业周报 (2025/12/08-2025/12/12) 》 2025/12/14 证券分析师 张静含 A0230522080004 zhangjh@swsresearch.com 陈田甜 A0230524080013 chentt@swsresearch.com 联系人 陈田甜 A0230524080013 chentt@swsresearch.com 申万宏源研究微信服务号 0.2%,关注对外授权及新品上 —— 医药行业周报（2025/12/22-2025/12/26） 本期投资后示 请务必仔细阅读正文之后的各项信息披露与声明 本 周 申 万 医 药 生 物 指 数 下 看好 相关研究 市场表现：本周申万医药生物指数下跌 0.2%，同期上证指数上涨 1.88%，万得全 A ● (除金融石油石化） 上涨 3.1%。本周医药生物指数在 31 ...

Investment Rating - The report indicates a cautious outlook on the pharmaceutical industry, with the overall investment rating reflecting a mixed performance in the sector [2][3]. Core Insights - The Shenwan Pharmaceutical and Biological Index decreased by 0.2% this week, while the Shanghai Composite Index rose by 1.88%, ranking the pharmaceutical index 25th among 31 Shenwan sub-industries [2][3]. - The current valuation of the pharmaceutical sector stands at 29.2 times earnings, placing it 10th among 31 Shenwan primary industries [5]. - Recent collaborations in the industry include significant licensing agreements, such as the partnership between JAKOS and AstraZeneca for the Pan-KRAS inhibitor, which could yield up to $20.15 billion in potential payments [11]. - The report highlights the ongoing challenges in the industry, including a decline in the number of retail pharmacies, which has seen a net reduction of over 8,800 stores in the last quarter alone [16]. Market Performance - The pharmaceutical sector's performance this week showed a decline of 0.2%, with various sub-sectors experiencing mixed results, such as raw materials (+2.0%) and hospitals (-2.8%) [2][5]. - The report notes that the pharmaceutical index's performance is lagging compared to other sectors, indicating a need for strategic adjustments [3][5]. Recent Developments - The sixth batch of national procurement for medical consumables has been officially launched, which may impact pricing and availability in the market [14]. - Several innovative drugs and medical devices have received approval for market entry, including Novo Nordisk's oral semaglutide, marking a significant advancement in obesity treatment [19][21]. - The report also mentions the IPO applications of several companies, including Xinnowei and Frontera, indicating a trend of new entrants seeking capital in the pharmaceutical sector [26][29].

Core Viewpoint - Novo Nordisk's oral semaglutide for weight loss has received FDA approval, marking it as the first GLP-1 oral weight loss medication globally, although it is not yet approved in China [1][2]. Group 1: Product Details - The oral semaglutide for weight loss requires higher doses due to low bioavailability, with the approved dosage being 25mg, which is significantly higher than the previously available doses for diabetes treatment [1][3]. - The initial treatment dose is 1.5mg, increasing to 4mg after one month, then to 9mg in the third month, and finally maintaining at 25mg [3]. - Clinical data indicates that the 25mg oral semaglutide can lead to an average weight loss of 16.6% over 64 weeks, with over 34.4% of patients achieving a weight loss of 20% or more [3]. Group 2: Market and Usage Insights - Many users of oral semaglutide for weight loss are from the medical field, with most products sourced from Hong Kong and Japan, often through unofficial channels [2]. - Some users report dissatisfaction with the weight loss effects of oral semaglutide, leading them to switch to injectable forms for better results [2]. - Experts emphasize that prior to FDA approval, all oral semaglutide was intended for diabetes treatment, and using it for weight loss without diabetes may yield poor results [2]. Group 3: Safety and Administration - Experts warn against taking multiple pills at once to increase dosage, as this could lead to serious side effects without enhancing efficacy [4][5]. - The oral semaglutide must be taken on an empty stomach with strict dietary restrictions, which may limit its convenience compared to competitors like Orforglipron, which has higher bioavailability and fewer restrictions [5][6]. - Novo Nordisk is also advancing research on next-generation oral weight loss therapies, such as amycretin, which combines GLP-1 and insulin receptor agonism [6].

中国基金报记者 储是 隔夜美股市场，标普500指数创新高。英伟达领涨科技股，市值重回4.6万亿美元。继黄金、 白银后，铜价也创下新高 。 标普500指数创新高 美东时间12月23日（周二），美股盘中持续走强，三大指数均收涨，其中标普500指数收于 新高。 截至收盘，标普500指数上涨0.46%，报6909.79点；道琼斯指数上涨0.16%，报48442.41 点；纳斯达克综合指数上涨0.57%，报23561.84点。 | 美股指数 它 | | | | --- | --- | --- | | 道琼斯 | 纳斯达克 | 标普500 | | 48442.41 | 23561.84 | 6909.79 | | +79.73 +0.16% | +133.01 +0.57% | +31.30 +0.46% | | 中国金龙指数 | 纳指100期货 | 标普500期货 | | 7638.99 | 25811.50 | 6958.00 | | -44.27 -0.58% | +119.25 +0.46% | +27.75 +0.40% | 日内，美国总统特朗普表示，不同意他观点的人永远不会成为美联储主席。他希望新任美联 储主 ...