Core Insights - The article discusses the emergence of Ecnoglutide, a new GLP-1 receptor agonist developed by a team led by Professor Ji Linong from Peking University People's Hospital, which poses a challenge to the market dominance of Novo Nordisk's Semaglutide in the weight loss drug sector [1][4]. Company Developments - Ecnoglutide has shown impressive results in its Phase III clinical trial (SLIMMER), with over 92.8% of participants achieving effective weight loss and an average weight reduction of 15.1% over 48 weeks [3][4]. - The trial involved 664 participants across 36 centers in China, making it the largest sample size for a weight loss drug trial in the country [3]. - The drug has entered the market application stage, indicating a potential for commercialization soon [4]. Market Landscape - The global GLP-1 weight loss drug market is projected to exceed $150 billion by 2025, with Novo Nordisk's Semaglutide leading the market, generating $8 billion in Q1 2025, a 31% year-on-year increase [5]. - Other companies, including Hengrui Medicine, East China Pharmaceutical, and others, are actively developing weight loss drugs, with some products already in Phase II or III clinical trials [2][6]. Competitive Dynamics - Ecnoglutide's clinical trial results suggest a significant competitive edge over existing products, with a higher effective weight loss rate compared to similar drugs [3][4]. - The article highlights the potential for domestic companies to challenge established players like Novo Nordisk and Eli Lilly, as several innovative drugs are in advanced clinical stages [6]. Future Outlook - The article emphasizes the commercial opportunity for domestic alternatives in the weight loss drug market, especially as imported drugs have already cultivated market demand [7].

Core Viewpoint - Changshan Pharmaceutical has gained significant attention due to the approval of its weight loss indication for Aibennate, with its stock price rising substantially in recent days, reflecting the growing interest in GLP-1 receptor agonists in the market [3][4][7] Company Summary - Changshan Pharmaceutical's stock price closed at 50.69 yuan per share on June 24, 2023, marking a 2.55% increase, and has seen a total increase of 136.71% since the beginning of 2025 [3][4] - The company has faced continuous losses for two consecutive years, with net losses of 1.24 billion yuan in 2023 and 249 million yuan in 2024, primarily due to declining prices in the heparin market [5][8] - The approval for Aibennate's clinical trials is a step towards diversifying the company's revenue sources, which have heavily relied on heparin products [7][8] Industry Summary - The GLP-1 market is rapidly expanding, with a projected global market size of approximately 52.83 billion USD in 2024, reflecting a 46% year-on-year growth [14] - Major players in the GLP-1 market include Novo Nordisk and Eli Lilly, which dominate with significant market shares of 55% and 31%, respectively [14] - There are over 50 candidates in clinical development for GLP-1 receptor agonists in China, indicating a highly competitive landscape [15][17] - The competition is intensifying, with multiple companies racing to develop innovative formulations, including multi-target, ultra-long-acting, and oral dosage forms [17]

常山药业表示，艾本那肽若未来成功上市，将改善公司产品收入高度依赖肝素业务的局面，提高公司的 盈利能力和抗风险能力，加快释放公司创新研发平台的转化潜能，有力推动公司向创新药企转型。 据悉，艾本那肽是一种长效胰高血糖素样肽-1 受体激动剂（GLP-1RA），是利用药物亲和力偶合物 （DACTM）技术，将艾塞那肽进行化学修饰后，与重组人血白蛋白结合形成的一个全新的稳定化合 物。GLP-1RA 通过激活胰高血糖素样肽-1（GLP-1）受体以葡萄糖浓度依赖的方式刺激胰岛素分泌和抑 制胰高糖素分泌，同时增加肌肉和脂肪组织葡萄糖摄取，抑制肝脏葡萄糖的生成而发挥降糖作用，并可 抑制胃排空，抑制食欲，从而实现降糖与减重的双重效果。 天眼查信息显示，常山药业是集研发、生产、销售、进出口贸易为一体的生化制药企业，在肝素领域是 拥有从肝素粗品到低分子肝素注射液产品、具有完整肝素产业链的重点高新技术企业，是国内肝素系列 药品的龙头企业。 根据药品注册相关法律法规，药物还需完成后续临床试验，并经国家药品监督管理局审评、审批通过后 才能上市。 近年来，随着肥胖症及相关代谢性疾病发病率持续攀升，减重药物市场需求迅速扩大。 近日，常山药业（3 ...

宏观经济>>> 财政部：1—5月证券交易印花税668亿元 同比增长52.4% 财政部数据显示，1—5月，全国一般公共预算收入96623亿元，同比下降0.3%。其中，全国税收收入 79156亿元，同比下降1.6%；非税收入17467亿元，同比增长6.2%。分中央和地方看，中央一般公共预 算收入41486亿元，同比下降3%；地方一般公共预算本级收入55137亿元，同比增长1.9%。1—5月印花 税1787亿元，同比增长18.8%。其中，证券交易印花税668亿元，同比增长52.4%。 中央网信办深入开展"清朗.整治AI技术滥用"专项行动第一阶段工作 "清朗.整治AI技术滥用"专项行动自2025年4月启动以来，中央网信办聚焦AI换脸拟声侵犯公众权益、AI 内容标识缺失误导公众等AI技术滥用乱象，深入推进第一阶段重点整治任务，部署各地网信部门加大 违规AI产品处置力度，切断违规产品营销引流渠道，督促重点网站平台健全技术安全保障措施，推动 生成合成内容标识加速落地。第一阶段累计处置违规小程序、应用程序、智能体等AI产品3500余款， 清理违法违规信息96万余条，处置账号3700余个，各项工作取得积极进展。(网信办) 商务 ...

Geopolitical Developments - Iran and Israel have initiated a new round of military strikes, resulting in casualties and damage to facilities [1] - Iran's Foreign Minister expressed readiness to reconsider diplomatic avenues if aggression ceases, supporting continued talks with E3 and the EU [1] - U.S. President Trump indicated difficulty in asking Israel to stop airstrikes but may support a ceasefire, giving a timeframe of "up to two weeks" for Iran [1] - Israel's military leadership stated the need to prepare for a "prolonged war" against Iran to eliminate the threat [1] - Russia's UN ambassador warned that Israel's actions could draw in third countries and called for an immediate halt to attacks on Iran [1] Market Overview - U.S. stock market performance showed mixed results with Nasdaq down 0.51%, S&P 500 down 0.22%, and Dow Jones up 0.08% [1][3] - Major tech stocks mostly declined, with Google down nearly 4% and Meta, Intel, Amazon, and Nvidia down over 1%, while Apple rose over 2% [1][3] Chinese Market Performance - The Nasdaq Golden Dragon China Index fell 0.92%, with notable declines in stocks like Futu Holdings down over 6% and JD.com down over 3% [2] - Chinese stocks showed mixed performance, with some gaining while others fell, reflecting broader market trends [2] Commodity and Currency Movements - Brent crude oil prices fell over 2.3%, while the dollar index decreased by 0.20% [4] - Offshore RMB strengthened for two consecutive days, indicating a V-shaped recovery this week [3] Economic Indicators - China's tax revenue from January to May decreased by 1.6% year-on-year, while non-tax revenue increased by 6.2% [12] - The OECD predicts that emerging markets like India and China will lead global economic growth in the coming years, with India's GDP growth expected to be the fastest [15] Company-Specific News - GreenTech announced that the U.S. Department of Commerce's final ruling on anti-dumping and countervailing duties will significantly impact its market expansion in the U.S. [9] - Changshan Pharmaceutical received approval for clinical trials of a weight loss injection, indicating potential growth in the healthcare sector [10]

6月20日，国产减重药物研发赛道迎来重要节点，两家百亿市值药企常山药业（300255）(300255.SZ)与 众生药业（002317）(002317.SZ)同步披露其GLP-1创新药最新进展。或折射出减重药物研发竞争加速。 常山药业：讨论商业化太过遥远 常山药业公告显示，公司及控股子公司常山凯捷健近日收到国家药品监督管理局核准签发的《药物临床 试验批准通知书》，艾本那肽注射液用于减重适应症的临床试验申请获得批准。 值得注意的是，该产品此前已提交用于治疗2型糖尿病的上市许可申请，目前已经获得国家药监局受 理，正处于专业审评阶段。此次减重适应症的临床试验申请获批，或许意味着该产品有着更广泛的商业 前景。 当前，GLP-1类药物在糖尿病与减重领域的潜力正被深度挖掘，全球市场正迎来爆发期。据开源证券研 报援引Jefferies等数据统计，2031年预计GLP-1RA类药物全球销售规模有望超过1500亿美元规模。 二级市场已率先反应。同花顺（300033）iFinD显示，年初至今，减肥药指数(886051.TI)涨幅达 24.16%，常山药业、众生药业股价分别飙升146.37%、32.89%，远超同期上证指数涨幅(0 ...

智通财经6月20日晚间新闻精选 1、国家药监局审议通过《关于优化全生命周期监管支持高端医疗器械创新发展的举措》，支持高端医 疗器械创新发展，将出台新措施。 2、央行与香港金融管理局联合举办跨境支付通启动仪式，跨境支付通将于2025年6月22日上线运行。 3、本周召开会议讨论"限产保价"？中国光伏行业协会相关负责人表示，完全不知道此事。 4、财政部数据显示，1—5月铁路船舶航空航天设备制造业税收收入增长28.8%；信息传输软件和信息 技术服务业税收收入增长10%。 5、澜起科技：拟发行H股股票并在香港联合交易所上市。4连板诺德股份：铜箔业务应用于固态电池领 域的收入占公司总营业收入不足1%。3连板长城军工：目前生产经营活动正常。常山药业：艾本那肽注 射液用于减重适应症的临床试验申请获得批准。 ...

重要的消息有哪些 中国证监会就《证券公司分类评价规定（修订草案征求意见稿）》公开征求意见 中国证监会消息，为贯彻落实中央金融工作会议精神和《国务院关于加强监管防范风险推动资本市场高 质量发展的若干意见》（国发〔2024〕10号）要求，优化证券公司分类评价制度，突出促进证券公司功 能发挥导向，支持中小机构差异化发展、特色化经营，我会修订形成了《证券公司分类评价规定（修订 草案征求意见稿）》，现向社会公开征求意见。 外交部：中国经济顶压前行稳中有进向优向新 6月20日上午，中国人民银行与香港金融管理局联合举办内地与香港快速支付系统互联互通（以下简 称"跨境支付通"）启动仪式，中国人民银行行长潘功胜，中央港澳工作办公室副主任、国务院港澳事务 办公室副主任王灵桂，香港金融管理局总裁余伟文出席并致辞，中国人民银行副行长陆磊主持。 跨境支付通是中央政府支持香港发展和便利民生、推动内地与香港合作的又一项重要举措，通过内地网 上支付跨行清算系统与香港快速支付系统"转数快"直接连接，在遵守两地法律法规的前提下，支持参与 机构为两地居民提供高效、便捷、安全的跨境支付服务。跨境支付通将于2025年6月22日上线运行。跨 境支付通的 ...

常山药业（300255）公告，公司及控股子公司常山凯捷健生物药物研发(河北)有限公司近日收到国家药 品监督管理局核准签发的《药物临床试验批准通知书》，双方联合申报的艾本那肽注射液用于减重适应 症的临床试验申请获得批准。艾本那肽是一种长效胰高血糖素样肽-1受体激动剂(GLP-1RA)，是利用药 物亲和力偶合物(DACTM)技术，将艾塞那肽进行化学修饰后，与重组人血白蛋白结合形成的一个全新 的稳定化合物。GLP-1RA通过激活胰高血糖素样肽-1受体以葡萄糖浓度依赖的方式刺激胰岛素分泌和抑 制胰高糖素分泌，同时增加肌肉和脂肪组织葡萄糖摄取，抑制肝脏葡萄糖的生成而发挥降糖作用，并可 抑制胃排空，抑制食欲。 ...

常山药业：艾本那肽注射液用于减重适应症的临床试验申请获得批准 智通财经6月20日电，常山药业(300255.SZ)公告称，常山药业及控股子公司常山凯捷健近日收到国家药 品监督管理局核准签发的《药物临床试验批准通知书》，艾本那肽注射液用于减重适应症的临床试验申 请获得批准。艾本那肽是一种长效胰高血糖素样肽-1受体激动剂，通过激活GLP-1受体以葡萄糖浓度依 赖的方式刺激胰岛素分泌和抑制胰高糖素分泌，同时增加肌肉和脂肪组织葡萄糖摄取，抑制肝脏葡萄糖 的生成而发挥降糖作用。根据药品注册相关的法律法规要求，药物在获得临床试验批准通知书后，尚需 完成后续临床试验并经国家药品监督管理局审评、审批通过后方可上市。本次获取临床试验批准通知书 不会对公司近期业绩产生重大影响。药品在取得临床试验许可后，尚需开展临床试验，临床研究受到多 种不确定因素影响，存在结果不及预期甚至临床研究失败的风险。药品研发存在投入大、周期长、风险 高等特点，药物从临床试验到投产上市会受到技术、审批、政策等多方面因素的影响，临床试验进度及 结果、未来产品市场竞争形势均存在诸多不确定性。 ...