Group 1 - The core point of the article is that Eli Lilly's drug Tirzepatide is projected to achieve sales of $36.507 billion in 2025, marking it as the "king of drugs" for that year, with expectations to maintain this position for several years [1] - According to Evaluate, approximately half of the top ten global drugs by sales in 2030 are expected to be GLP-1 class drugs [2] - The weight loss sector has become a strategic focus for major pharmaceutical companies (MNCs), with significant business development (BD) and mergers and acquisitions (M&A) activity anticipated this year [3] Group 2 - Major pharmaceutical companies are heavily investing in the weight loss sector, with Eli Lilly expecting Orforglipron to receive approval in Q2 2026 and ongoing clinical trials for other drugs [3] - Recent transactions in the weight loss sector include a $100 million upfront payment from Roche for a specific oral GLP-1 agonist patent and a strategic collaboration between CSPC and AstraZeneca worth up to $18.5 billion [4] - New directions in the weight loss market, such as oral small molecules and ultra-long-acting GLP-1 drugs, present potential investment opportunities, with companies like Singlomd, Hengrui Medicine, and others identified as relevant targets [4]

Investment Rating - The report maintains a "Positive" investment rating for the pharmaceutical and biotechnology industry in China, indicating an expectation of returns exceeding the market benchmark by more than 5% [5]. Core Insights - Tirzepatide has been crowned the "King of Drugs," with annual sales reaching $36.507 billion in 2025, representing a 122% increase. It is expected to maintain its leading position for several years. Other notable drugs include Pembrolizumab with $31.7 billion in sales (+7%) and Semaglutide with approximately $34.606 billion (+18%) [9]. - The weight loss market is becoming a strategic focus for multinational corporations (MNCs), with significant investments and mergers and acquisitions (M&A) occurring in this sector. Major players are prioritizing weight loss in their strategies, with various drugs expected to enter clinical trials and receive approvals in 2026 [9]. - The demand for weight loss solutions is driving ongoing business development (BD) activities, with recent agreements indicating a robust pipeline for future innovations in this area [9]. - The commercial value of weight loss drugs is anticipated to be rapidly released, with MNCs viewing this sector as a core strategic area, leading to continued BD opportunities in oral small molecules, long-acting GLP-1s, and small nucleic acids [9]. Summary by Sections Investment Recommendations and Targets - Recommended stocks include: - Genscript Biotech Corporation (01672, Buy) - Hengrui Medicine (600276, Buy) - Zhongsheng Pharmaceutical (002317, Buy) - Yuyuan Pharmaceutical (688658, Buy) - Shijiazhuang Pharmaceutical Group (01093, Not Rated) - Sunshine Novo Nordisk (688621, Buy) [9].

公司同时发布了2026年业绩指引，营收预计达800亿至830亿美元，非公认会计准则每股收益33.50至 35.00美元。 （礼来公告） 近日，礼来发布2025年全年财报，公司全球营收达 192.92 亿美元，较 2024 年同期（135.33 亿美元）增 长 43%，核心驱动力为 Mounjaro（替尔泊肽，糖尿病 / 肥胖适应症）和 Zepbound（替尔泊肽，肥胖适 应症）的销量增长。 按 GAAP计算，公司净利润 66.36 亿美元（同比 + 50%），每股收益（EPS）7.39 美元（同比 + 51%），均包含 0.52 美元的收购在研药物（IPR&D）费用。按非 GAAP 计算：净利润 67.71 亿美元 （同比 + 41%），EPS 7.54 美元（同比 + 42%），同样包含 0.52 美元的 IPR&D 费用。 (编辑：杨燕 林辰) ...

Eli Lilly & Co. provided an upbeat sales forecast for the year Wednesday as strong demand for its weight loss drug cemented its position at the top of the obesity market.The guidance was a sharp contrast to rival Novo Nordisk A/S, which warned investors Tuesday that its sales could drop as much as 13 per cent this year on intensifying price competition in the weight loss market. Lilly, on the other hand, expects its sales to grow as much as 27 per cent this year.Lilly’s shares rose 8.3 per cent at 9:32 a.m. ...

来源：滚动播报 摩根大通将礼来目标价从1150美元上调至1300美元。 ...

Group 1: Insurance Sector - Insurance stocks are experiencing significant declines, with China Life (02628) down 3.75%, New China Life (01336) down 3.28%, and China Pacific Insurance (02601) down 2.74%. The government plans to issue approximately 200 billion yuan in special bonds to inject capital into major insurance companies, marking the first time this method will be used for insurance firms in China [1] Group 2: Logistics and Delivery - ZTO Express (02057) has seen an increase of over 2.3%. The company estimates that its total revenue for 2025 will be between 48.5 billion yuan and 50 billion yuan, representing a growth of approximately 9.5% to 12.9% compared to 44.2807 billion yuan in 2024 [1] Group 3: Biotechnology - Innovent Biologics (09969) has risen over 4%, with a current increase of 3.25%. The company anticipates achieving revenue of 2.37 billion yuan in 2025, a year-on-year growth of approximately 134%, and expects to turn a profit with a net profit of around 630 million yuan [1] Group 4: Coal Sector - Coal stocks are generally declining, with Yancoal Australia (03668) down 6.63%, Shougang Resources (00639) down 7.83%, and China Shenhua (01088) down 2.47%. This decline follows reports that the Indonesian government has proposed a production cut plan, leading to a 40% to 70% reduction in production quotas for major miners [2] Group 5: Medical Devices - GigaGen (02367) has increased over 8%, currently up 4.11%. The company recently announced that its "recombinant type I α1 collagen and sodium hyaluronate composite solution" has been approved as a medical device, marking a significant milestone as the first product of its kind for improving facial smoothness [2] Group 6: Semiconductor Sector - Semiconductor stocks are all declining, with Hua Hong Semiconductor (01347) down 5.91% and SMIC (00981) down 3.49%. This follows a significant drop in AMD's stock price by 17.31% after its fourth-quarter report indicated that while revenue exceeded expectations, the guidance for the first quarter was below market expectations [3] Group 7: Restaurant Sector - Restaurant stocks are performing well, with Yum China (09987) up 8.41% and Haidilao (06862) up 2.69%. The restaurant industry has shown signs of recovery, with retail sales in the sector growing by 3.8%, 3.2%, and 2.2% year-on-year in the last quarter of 2025, significantly outpacing overall retail growth [3] Group 8: Consumer Goods - Miniso (09896) has risen over 5.1% after announcing its partnership with the Central Radio and Television Station for the 2026 Spring Festival Gala. This collaboration is seen as a significant marketing move to elevate the brand's visibility in the mainstream market [4] Group 9: Gold Sector - Gold stocks are declining, with China Gold International (02099) down 6.8% and Zijin Mining (02899) down 6.29%. Recent volatility in the international gold market has been noted, with expectations that geopolitical tensions and liquidity easing by the Federal Reserve may drive gold prices higher [4] Group 10: Cryptocurrency - Cryptocurrency ETFs and related stocks are continuing to decline, with significant drops in prices, including Bitcoin falling below $72,000 for the first time in 15 months. The price has decreased by over 42% from its peak last October [5] Group 11: US Market Highlights - Boston Scientific (BSX.US) fell 17.59% after providing lower-than-expected guidance for fiscal year 2026. The company expects adjusted earnings per share to be between $3.43 and $3.49, slightly below analyst expectations [6] - Solar stocks surged, with Enphase Energy (ENPH.US) rising 38.6% following reports of interest from Elon Musk's teams in the Chinese solar supply chain [6]

这两个适应证合计起来，替尔泊肽2025年全年销售额365.07亿美元（折合人民币2534.24亿元），超过诺 和诺德司美格鲁肽2025年销售额（361亿美元），成为2025年全球销售额最大的药品。 在2024年，全球的药王还是默沙东的肿瘤药物K药物，后者目前暂居全球药品销售额第三位置。 在替尔泊肽的带动之下，礼来全年总营收达到651.79亿美元，按固定汇率CER计算同比增长44%，净利 润206.4亿美元，同比增长95%。礼来预计2026年度总营收将达到800亿至830亿美元。 回顾GLP-1赛道，诺和诺德司美格鲁肽在减肥药适应证上的开发成功，带火了整个GLP-1赛道开发火 热。作为GLP-1/GIP双靶点药物的替尔泊肽，虽然后来居上，但相比司美格鲁肽是GLP-1单靶点药物， 展现出更优的减重效果。 2026.02.05 本文字数：915，阅读时长大约1.5分钟 作者 |第一财经 林志吟 全球年度药王尘埃落定。 2月4日，礼来发布的2025年财报显示，公司的"明星单品"替尔泊肽降糖适应证产品Mounjaro全年销售额 达229.65亿美元，同比增长99%，持续抢占全球糖尿病用药市场份额；减重适应证产品Zepb ...

2026.02. 05 本文字数：915，阅读时长大约1.5分钟 作者 | 第一财经 林志吟 在替尔泊肽的带动之下，礼来全年总营收达到651.79亿美元，按固定汇率CER计算同比增长44%，净利润206.4亿美元，同比增长95%。礼来预计2026年 度总营收将达到800亿至830亿美元。 回顾GLP-1赛道，诺和诺德司美格鲁肽在减肥药适应证上的开发成功，带火了整个GLP-1赛道开发火热。作为GLP-1/GIP双靶点药物的替尔泊肽，虽然 后来居上，但相比司美格鲁肽是GLP-1单靶点药物，展现出更优的减重效果。 司美格鲁肽减肥适应证在全球上市后，曾一度受制于产能供应紧张挑战。而礼来的替尔泊肽的开发到生产，背后有中国企业赋能身影。 有分析指出，礼来在应对GLP-1类药物（如替尔泊肽）巨大的市场需求时，采取了"内部扩产+外部合作"的策略。作为医药外包公司，中国企业药明康德 在全球多肽和寡核苷酸（TIDES）领域产能占据优势，该公司也是礼来的重要合作伙伴。 而药明康德在TIDES业务上的增长，与全球GLP-1市场需求高度相关。从药明康德的财报看，2025年前三季度，公司的TIDES业务收入达到78.4亿元， 同比增长1 ...

全球年度药王尘埃落定。 2月4日，礼来发布的2025年财报显示，公司的"明星单品"替尔泊肽降糖适应证产品Mounjaro全年销售额 达229.65亿美元，同比增长99%，持续抢占全球糖尿病用药市场份额；减重适应证产品Zepbound全年销 售额135.42亿美元，同比增长175%。 这两个适应证合计起来，替尔泊肽2025年全年销售额365.07亿美元（折合人民币2534.24亿元），超过诺 和诺德司美格鲁肽2025年销售额（361亿美元），成为2025年全球销售额最大的药品。 回顾GLP-1赛道，诺和诺德司美格鲁肽在减肥药适应证上的开发成功，带火了整个GLP-1赛道开发火 热。作为GLP-1/GIP双靶点药物的替尔泊肽，虽然后来居上，但相比司美格鲁肽是GLP-1单靶点药物， 展现出更优的减重效果。 司美格鲁肽减肥适应证在全球上市后，曾一度受制于产能供应紧张挑战。而礼来的替尔泊肽的开发到生 产，背后有中国企业赋能身影。 有分析指出，礼来在应对GLP-1类药物（如替尔泊肽）巨大的市场需求时，采取了"内部扩产+外部合 作"的策略。作为医药外包公司，中国企业药明康德在全球多肽和寡核苷酸（TIDES）领域产能占据优 势 ...

Core Viewpoint - The innovative drug ETF Tianhong (517380) has shown strong performance, with significant inflows and positive market reactions to earnings reports from key companies in the sector, particularly Eli Lilly's impressive revenue growth driven by weight loss drugs [2][3]. Group 1: ETF Performance - As of February 5, 2026, the innovative drug ETF Tianhong (517380) recorded a transaction volume of 4.9451 million yuan, with the tracked index HSSSHID rising by 0.11% [1]. - Over the past 20 trading days, the innovative drug ETF Tianhong (517380) attracted a total of 395 million yuan [2]. Group 2: Company Highlights - Eli Lilly reported a 43% year-over-year increase in Q4 revenue, reaching 19.29 billion dollars, with adjusted earnings per share of 7.54 dollars, both exceeding market expectations [2]. - Eli Lilly's weight loss drugs, Mounjaro and Zepbound, generated over 11.6 billion dollars in sales, accounting for more than 60% of total revenue [2]. - The company projects full-year revenue for 2026 to be between 80 billion and 83 billion dollars, with adjusted earnings per share expected to be between 33.50 and 35 dollars, also surpassing market forecasts [2]. Group 3: Industry Insights - Donghai Securities anticipates that the innovative drug sector will enter a phase of accelerated profit realization by 2025, with companies like Nocare and Rongchang Biopharma turning profitable [3]. - The core drivers of this growth are rapid commercialization of products and business development (BD) collaborations, with companies leveraging both to enhance profitability [3]. - The strong performance of the innovative drug sector validates the effectiveness of the domestic innovative drug business model, with core product commercialization supported by healthcare insurance being a fundamental growth driver [3].