1月29日，挪威央行投资管理（Norges Bank Investment Management）正式发布 2025 年年度投资报告。 数据显示，全球最大主权财富基金之一的挪威政府全球养老基金（Government Pension Fund Global，GPFG）在2025年实现15.1%的整体回报率，基金规模 于2025年12月31日达到21.268万亿挪威克朗（约合15.47万亿人民币）。 从基金规模变动细节来看，2025年基金会计收益达2.362万亿克朗（约1.72万亿人民币），但受挪威克朗对多国主要货币升值影响，汇率因素导致基金价值 缩水。同时，扣除管理费用后的资金净流入为319亿克朗，多重因素共同作用下，基金全年规模净增1.526万亿克朗。 从资产类别表现来看，权益类投资成为基金收益的核心驱动力。2025年，基金股票投资回报率高达19.3%，显著跑赢其他资产类别。其中，科技、金融及 基础材料板块表现尤为突出，贡献了权益投资的主要收益。挪威央行投资管理首席执行官尼古拉・丹根（Nicolai Tangen）在声明中强调："2025年基金交 出了极具说服力的成绩单，科技、金融与基础材料领域的优质股票持续 ...

Core Viewpoint - Roche aims to compete with Eli Lilly and Novo Nordisk in the obesity treatment market, planning to seek approval for four new obesity drugs by 2028 [1] Group 1: Company Strategy - Roche's CEO of the pharma division, Teresa Graham, emphasized the importance of personalized weight-loss journeys for patients [1] - The company is positioning itself to enter a rapidly growing market, indicating a strategic focus on obesity treatments [1] Group 2: Market Context - The obesity treatment market is currently dominated by Eli Lilly and Novo Nordisk, highlighting the competitive landscape Roche is entering [1] - Roche's initiative comes amid significant developments in the biotech sector, with other companies also reporting positive results in related fields [1]

Group 1 - Major reports are expected from Mastercard Incorporated, Caterpillar Inc., and SAP SE before the market opens on Thursday [1] - Tech companies Apple Inc. and Visa Inc. will report their earnings after the market closes on Thursday [1] - Energy companies Exxon Mobil Corporation and Chevron Corporation are set to report before the market opens on Friday [1] Group 2 - A busy day for healthcare reporting is anticipated next Wednesday, with Eli Lilly and Company, AbbVie Inc., Novartis AG, and Novo Nordisk A/S scheduled to release their earnings [1] - Alphabet Inc. will report its earnings after the market closes on the same day [1] - The week will conclude with Amazon.com Inc. reporting after the market closes next Thursday [1]

Group 1: AI Impact on Pharmaceuticals - Artificial intelligence (AI) is set to significantly impact the pharmaceutical industry, with projections indicating that within five years, the FDA will approve the first drug developed using AI, and by 2030, over 50% of new medicines will be AI-assisted [1] - The use of AI in drug discovery is expected to reduce the failure rate and development time by even 5%, which would lower research and development costs, increase profit margins, and lead to more affordable drugs [4] Group 2: Eli Lilly's Position - Eli Lilly is recognized as a leading company in the pharmaceutical sector, actively enhancing its AI capabilities by building a powerful AI supercomputer in collaboration with Nvidia [4][5] - The company possesses extensive data from preclinical and clinical trials, providing a competitive advantage in training and refining its AI models for drug discovery [5] - Eli Lilly has achieved significant breakthroughs in various therapeutic areas, including diabetes, weight management, immunology, and Alzheimer's disease, showcasing its innovative capacity [6]

Drugmaker Eli Lilly is partnering with Repertoire Immune Medicines in a deal worth up to $1.93 billion to develop therapies for multiple autoimmune diseases, the Massachusetts-based biotech said on Th... ...

Investment Rating - The report does not explicitly state an investment rating for the pharmaceutical industry. Core Insights - The advent of the AI infrastructure era is expected to transform the pharmaceutical landscape, shifting research from traditional laboratories to AI platforms, which will significantly alter the industry structure [3][5][8]. - Major pharmaceutical companies are increasingly investing in AI technologies, with significant capital being directed towards AI infrastructure, indicating a fundamental change in the innovation environment [11][12]. - Regulatory developments include China's support for the internationalization of pharmaceutical devices and the FDA's focus on food allergies, highlighting evolving regulatory landscapes [13][14]. Industry Frontiers - AI Infrastructure Era: The emergence of a multi-layer AI system is driving the largest infrastructure buildout in human history, requiring trillions in investment to fully realize its potential [8][11]. - Shift in R&D: Pharmaceutical research is transitioning from laboratory-based methods to AI-driven platforms, with companies like Eli Lilly leading the charge by reallocating R&D budgets towards AI technologies [11][12]. - Changing Industry Dynamics: The integration of AI into pharmaceutical companies is expected to reshape organizational structures, talent allocation, and capital distribution, enhancing efficiency and competitive advantages [11][14]. Capital Trends - Notable Developments: Corvus Pharmaceuticals' ITK inhibitor showed impressive clinical data, leading to a 212% stock price increase, indicating a growing focus on T-cell signaling pathways in atopic dermatitis [20][21]. - Accelerated AI Drug Development: Insilico Medicine has rapidly secured multiple strategic partnerships for drug development, showcasing the increasing effectiveness of AI in biopharmaceuticals [27][28]. Weekly Perspective - The report emphasizes that the AI infrastructure era will bring disruptive changes to the pharmaceutical industry, with the degree of AI integration determining future growth potential [5][36]. - The report highlights the importance of the CXO sector in benefiting from increased R&D demands and identifies untapped disease areas in the autoimmune sector as potential blue ocean opportunities for innovative drug companies [5][36]. Industry Chain Data Updates - The report provides updates on new drug approvals and applications in China, reflecting ongoing developments in the pharmaceutical landscape [38][39][42].

Group 1: Eli Lilly Overview - Eli Lilly is the most valuable healthcare company globally, with a market cap of approximately $950 billion, and its stock price has increased by 400% over the past five years, largely due to the success of its GLP-1 drugs, Mounjaro and Zepbound [1] Group 2: Amgen's Potential - Amgen is developing a GLP-1 drug called MariTide, which is an injectable treatment that may only need to be administered once a month, offering a more convenient option compared to weekly injectables like Mounjaro and Zepbound [3] - Clinical trials for MariTide indicate it can help individuals lose up to 20% of their body weight over a 52-week period, comparable to existing GLP-1 treatments [4] Group 3: Investment Considerations for Amgen - Amgen's stock has risen by 34% over the past five years and currently trades at a forward P/E multiple of 16, which is significantly lower than Eli Lilly's forward P/E of 32, suggesting Amgen may be undervalued [5][6] - The GLP-1 drug market is projected to exceed $150 billion within the next decade, indicating substantial growth potential for Amgen and other companies in this sector [6]

Core Viewpoint - Eli Lilly (LLY) is positioned to potentially continue its earnings-beat streak in the upcoming report, having a history of exceeding earnings estimates, particularly in the last two quarters with an average surprise of 14.54% [1] Earnings Performance - For the last reported quarter, Eli Lilly achieved earnings of $7.02 per share, surpassing the Zacks Consensus Estimate of $6.02 per share, resulting in a surprise of 16.61% [2] - In the previous quarter, the company was expected to report earnings of $5.61 per share but delivered $6.31 per share, yielding a surprise of 12.48% [2] Earnings Estimates and Predictions - There has been a favorable change in earnings estimates for Eli Lilly, with a positive Zacks Earnings ESP (Expected Surprise Prediction), indicating a strong likelihood of an earnings beat [5] - Stocks with a positive Earnings ESP and a Zacks Rank of 3 (Hold) or better have historically produced a positive surprise nearly 70% of the time, suggesting a high probability of exceeding consensus estimates [6] Earnings ESP Metric - The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate, with the Most Accurate Estimate reflecting the latest analyst revisions, which may be more accurate [7] - Eli Lilly currently has an Earnings ESP of +0.05%, indicating recent bullish sentiment among analysts regarding the company's earnings prospects [8] Upcoming Earnings Report - The next earnings report for Eli Lilly is expected to be released on February 4, 2026, and the combination of a positive Earnings ESP and a Zacks Rank of 3 suggests a potential for another earnings beat [8]

Company Overview - Proactive is a financial news publisher that provides fast, accessible, informative, and actionable business and finance news content to a global investment audience [2] - The company operates with a team of experienced and qualified news journalists, ensuring independent content production [2] Market Focus - Proactive specializes in medium and small-cap markets while also covering blue-chip companies, commodities, and broader investment stories [3] - The news team delivers insights across various sectors, including biotech and pharma, mining and natural resources, battery metals, oil and gas, crypto, and emerging digital and EV technologies [3] Technology Adoption - Proactive is recognized for its forward-looking approach and enthusiastic adoption of technology to enhance workflows [4] - The company utilizes automation and software tools, including generative AI, while ensuring that all content is edited and authored by humans [5]

Group 1: Company Performance - Hardman Johnston Global Equity Strategy reported a return of 2.91% for the fourth quarter of 2025, underperforming the MSCI AC World Net Index which gained 3.29% [1] - Eli Lilly and Company (NYSE:LLY) had a one-month return of -3.27% but saw a significant 29.28% increase in share value over the last 52 weeks, closing at $1,039.51 per share with a market capitalization of $931.876 billion on January 27, 2026 [2] - Eli Lilly's revenue grew by 54% in the third quarter of 2025 compared to the same period last year, indicating strong financial performance [4] Group 2: Key Contributors and Market Position - Eli Lilly was highlighted as a top contributor to relative performance in the fourth quarter, alongside Standard Chartered PLC and Hitachi, Ltd [3] - The company announced a deal with the U.S. administration that includes a three-year exemption from tariffs and the sale of GLP-1 therapies at discounted prices, which is expected to significantly expand its addressable patient population [3] - Eli Lilly continues to gain market share from Novo Nordisk in both diabetes and obesity markets, with strong prescription trends for its products Mounjaro and Zepbound [3] Group 3: Future Outlook - The anticipated approval and commercial launch of Orforglipron (oral GLP-1) in 2026 is expected to be a highly watched event with extremely high expectations [3] - Despite the strong performance of Eli Lilly, there are suggestions that certain AI stocks may offer greater upside potential and carry less downside risk [4]