当司美格鲁肽、替尔泊肽靠着 "减肥神药" 的光环席卷全球市场，靶点、剂型、疗效升级不断，另一群 糖尿病患者的困境似乎被掩盖在这场"技术狂欢"之下—— 1型糖尿病（T1D）患者，全球约915万人，每天必须与胰岛素注射笔、血糖监测仪为伴，稍有不慎就可 能因严重低血糖或高血糖并发症危及生命。 直到几个月前，Vertex在ADA年会上抛出的一组数据，将这一领域推到聚光灯下：其干细胞疗法 Zimislecel治疗1型糖尿病的1/2期临床中，83%（10/12）患者在注射一年后完全摆脱胰岛素依赖，且未 再发生致命性低血糖。 更关键的是，这款疗法无需依赖稀缺的捐献胰岛，而是通过干细胞体外分化生成胰岛，一旦 2026年顺 利申报上市，有可能彻底改写1型糖尿病的治疗格局。 尽管还有待最终临床数据的确认，以及Zimislecel与免疫抑制剂长期共同使用带来的安全性问题，但其 仍是对一个百年未破的治疗困局的正面冲击，让患者看到"功能性治愈"的曙光。 那么，这款被寄予厚望的疗法，真能掀翻1型糖尿病治疗的旧桌子吗？ 01 915万患者的临床困境 当我们谈及糖尿病，近几年的焦点几乎全被2型糖尿病的 "减肥神药" 占据。司美格鲁肽上市后迅 ...

Investment Strategy - Investing in stocks for a long period, such as 30 years, can lead to significant wealth accumulation through compounding returns [1] - A well-defined strategy and commitment to endure market fluctuations are essential for investors [1][2] - Understanding personal risk tolerance and spreading investments across various asset classes and sectors is crucial for capitalizing on diverse growth opportunities [2] Healthcare Industry Opportunities - The healthcare industry offers substantial opportunities for notable portfolio returns over decades [3] - Vertex Pharmaceuticals and DexCom are highlighted as two companies with strong long-term growth potential in the healthcare sector [3] Vertex Pharmaceuticals - Vertex Pharmaceuticals holds a near monopoly in the cystic fibrosis drug market, generating significant revenue and strong free cash flow [4] - The company’s patents for key cystic fibrosis drugs extend into the late 2030s, providing a stable revenue foundation [4] - Vertex is expanding its portfolio beyond cystic fibrosis into other serious diseases, including a gene-editing therapy for sickle cell disease and a non-opioid pain management solution [5][6] - Vertex reported a total revenue of $3.08 billion for Q3 2025, an 11% year-over-year increase, with a net income of $1.1 billion [10] DexCom - DexCom is the leading manufacturer of continuous glucose monitoring devices, serving a growing global population with diabetes [11] - The company has a significant market share in the U.S. CGM market but has vast untapped opportunities, as less than 1% of Type 1 diabetics currently use CGM technology [12] - DexCom's revenue grew by 22% in Q3, with U.S. revenue increasing by 21% year-over-year and international revenue rising by 22% [16]

Group 1: Market Trends - Current popular themes on Wall Street include artificial intelligence, weight management medicines, and the impact of tariffs on equities and the economy [1] - The market is expected to continue delivering competitive returns over the next decade despite changing trends [1] Group 2: Shopify - Shopify has outperformed the market since its IPO 10 years ago, maintaining a strong position in the fast-growing e-commerce sector with over 12% market share in the U.S. by gross merchandise volume as of the end of 2024 [4][5] - The company's competitive edge is driven by high switching costs and network effects, making it difficult for merchants to leave the platform once they have invested time and resources [6] - Shopify's app store enhances its attractiveness to merchants, as it offers thousands of customization options [7] - The e-commerce market is expected to grow, providing Shopify with a larger consumer base, although over 80% of retail transactions still occur offline in the U.S. [8] - Despite not being profitable currently, Shopify has made significant operational changes that are expected to lead to consistent profitability in the coming years [9] - The stock is considered a buy due to its long-term growth prospects, despite potential short-term volatility [10] Group 3: Vertex Pharmaceuticals - Vertex Pharmaceuticals has faced challenges over the past year, including clinical setbacks and competition from illegal copies of its medicines in Russia, leading to lower-than-expected sales [11] - The company remains a leader in cystic fibrosis treatments, with its products targeting the underlying causes of the disease [13] - Vertex's new product, Journavx, has potential to generate significant revenue, estimated at $2.9 billion by 2030, due to high unmet needs in non-opioid pain treatments [14] - The company plans to expand its product lineup, including a potential type 1 diabetes treatment, and has a strong pipeline of early- and late-stage programs [15] - Vertex is expected to deliver superior returns through 2035, driven by its strong cystic fibrosis franchise and new product launches [15]