798 lines
38 KiB
HTML
798 lines
38 KiB
HTML
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<!DOCTYPE html>
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<html lang="zh-CN">
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<title>减肥药概念分析报告</title>
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</style>
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</head>
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<body class="bg-gray-50 text-gray-800">
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<div id="vanta-bg" class="vanta-bg"></div>
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<div class="container mx-auto px-4 py-8 max-w-6xl">
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<!-- 主标题区域 -->
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<div class="text-center mb-12">
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<h1 class="text-4xl md:text-5xl font-bold mb-4 gradient-text">减肥药概念分析报告</h1>
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<p class="text-lg text-gray-600">从概念炒作到基本面驱动的投资机遇</p>
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</div>
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<!-- 核心观点摘要 -->
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<div class="content-card rounded-xl shadow-lg p-6 mb-8">
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<h2 class="text-2xl font-bold mb-4 text-blue-600">核心观点摘要</h2>
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<div class="grid md:grid-cols-2 gap-6">
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<div class="bg-blue-50 rounded-lg p-4">
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<h3 class="font-semibold text-blue-800 mb-2">阶段判断</h3>
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<p class="text-gray-700">减肥药已从"概念炒作"进入"业绩验证+政策催化"的<strong class="text-blue-600">基本面驱动阶段</strong>，2024-2025年是国产GLP-1减重药物的<strong class="text-blue-600">商业化元年</strong>。</p>
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</div>
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<div class="bg-green-50 rounded-lg p-4">
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<h3 class="font-semibold text-green-800 mb-2">核心驱动力</h3>
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<p class="text-gray-700"><strong class="text-green-600">全球GLP-1药物销售额超300亿美元（2024H1）</strong>的示范效应 + 中国3.3亿肥胖人口的未满足需求 + 政策首次将肥胖定义为需干预疾病。</p>
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</div>
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</div>
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</div>
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<!-- 概念事件时间轴 -->
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<div class="content-card rounded-xl shadow-lg p-6 mb-8">
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<h2 class="text-2xl font-bold mb-6 text-blue-600">概念事件时间轴</h2>
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<div class="relative pl-8">
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<div class="timeline-item relative mb-8">
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<div class="timeline-dot bg-blue-500"></div>
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<div class="timeline-line"></div>
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<div class="bg-white rounded-lg p-4 shadow">
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<div class="flex justify-between items-start mb-2">
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<h3 class="font-bold text-lg">2023-07</h3>
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<span class="bg-blue-100 text-blue-800 text-xs px-2 py-1 rounded">市场开启</span>
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</div>
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<p class="font-semibold">华东医药利拉鲁肽减重适应症国内首获批</p>
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<p class="text-gray-600 mt-1">打开国产GLP-1减重市场</p>
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</div>
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</div>
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<div class="timeline-item relative mb-8">
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<div class="timeline-dot bg-green-500"></div>
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<div class="timeline-line"></div>
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<div class="bg-white rounded-lg p-4 shadow">
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<div class="flex justify-between items-start mb-2">
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<h3 class="font-bold text-lg">2023-11</h3>
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<span class="bg-green-100 text-green-800 text-xs px-2 py-1 rounded">技术突破</span>
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</div>
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<p class="font-semibold">礼来替尔泊肽（Zepbound）美国获批减重</p>
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<p class="text-gray-600 mt-1">双靶点药物验证临床优势</p>
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</div>
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</div>
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<div class="timeline-item relative mb-8">
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<div class="timeline-dot bg-purple-500"></div>
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<div class="timeline-line"></div>
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<div class="bg-white rounded-lg p-4 shadow">
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<div class="flex justify-between items-start mb-2">
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<h3 class="font-bold text-lg">2024-02</h3>
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<span class="bg-purple-100 text-purple-800 text-xs px-2 py-1 rounded">国产加速</span>
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</div>
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<p class="font-semibold">信达生物玛仕度肽NDA获NMPA受理</p>
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<p class="text-gray-600 mt-1">国产双靶点进入商业化冲刺</p>
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</div>
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</div>
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<div class="timeline-item relative mb-8">
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<div class="timeline-dot bg-red-500"></div>
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<div class="timeline-line"></div>
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<div class="bg-white rounded-lg p-4 shadow">
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<div class="flex justify-between items-start mb-2">
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<h3 class="font-bold text-lg">2024-05</h3>
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<span class="bg-red-100 text-red-800 text-xs px-2 py-1 rounded">原研入局</span>
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</div>
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<p class="font-semibold">诺和诺德司美格鲁肽中国减重适应症获批</p>
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<p class="text-gray-600 mt-1">原研药正式入局中国减重市场</p>
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</div>
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</div>
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<div class="timeline-item relative mb-8">
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<div class="timeline-dot bg-yellow-500"></div>
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<div class="timeline-line"></div>
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<div class="bg-white rounded-lg p-4 shadow">
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<div class="flex justify-between items-start mb-2">
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<h3 class="font-bold text-lg">2024-06</h3>
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<span class="bg-yellow-100 text-yellow-800 text-xs px-2 py-1 rounded">政策支持</span>
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</div>
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<p class="font-semibold">国家卫健委启动"体重管理年"三年行动</p>
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<p class="text-gray-600 mt-1">政策端首次明确支持减重药物</p>
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</div>
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</div>
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<div class="timeline-item relative">
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<div class="timeline-dot bg-indigo-500"></div>
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<div class="bg-white rounded-lg p-4 shadow">
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<div class="flex justify-between items-start mb-2">
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<h3 class="font-bold text-lg">2024-10</h3>
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<span class="bg-indigo-100 text-indigo-800 text-xs px-2 py-1 rounded">标准确立</span>
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</div>
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<p class="font-semibold">《肥胖症诊疗指南》发布</p>
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<p class="text-gray-600 mt-1">临床路径标准化，处方放量加速</p>
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</div>
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</div>
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</div>
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</div>
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<!-- 概念核心逻辑与市场认知分析 -->
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<div class="content-card rounded-xl shadow-lg p-6 mb-8">
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<h2 class="text-2xl font-bold mb-6 text-blue-600">概念核心逻辑与市场认知分析</h2>
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<div class="mb-8">
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<h3 class="text-xl font-semibold mb-4 text-green-600">核心驱动力三维验证</h3>
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<div class="grid md:grid-cols-3 gap-6 mb-6">
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<div class="bg-gradient-to-br from-blue-50 to-blue-100 rounded-lg p-5">
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<div class="flex items-center mb-3">
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<div class="w-10 h-10 rounded-full bg-blue-500 flex items-center justify-center text-white mr-3">
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<i class="fas fa-flask"></i>
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</div>
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<h4 class="font-bold text-blue-800">技术突破</h4>
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</div>
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<ul class="space-y-2 text-sm">
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<li class="flex items-start">
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<i class="fas fa-check-circle text-blue-500 mt-1 mr-2"></i>
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<span><strong>减重效果代际提升</strong>：从奥利司他5%→司美格鲁肽15%→替尔泊肽22%</span>
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</li>
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<li class="flex items-start">
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<i class="fas fa-check-circle text-blue-500 mt-1 mr-2"></i>
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<span><strong>给药方式革命</strong>：口服小分子突破注射壁垒，生物利用度从<1%提升至15%</span>
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</li>
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</ul>
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</div>
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<div class="bg-gradient-to-br from-green-50 to-green-100 rounded-lg p-5">
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<div class="flex items-center mb-3">
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<div class="w-10 h-10 rounded-full bg-green-500 flex items-center justify-center text-white mr-3">
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<i class="fas fa-landmark"></i>
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</div>
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<h4 class="font-bold text-green-800">政策拐点</h4>
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</div>
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<ul class="space-y-2 text-sm">
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<li class="flex items-start">
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<i class="fas fa-check-circle text-green-500 mt-1 mr-2"></i>
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<span>2024年6月卫健委文件首次将肥胖列为"需干预的慢性疾病"</span>
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</li>
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<li class="flex items-start">
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<i class="fas fa-check-circle text-green-500 mt-1 mr-2"></i>
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<span>药监局绿色通道：玛仕度肽从NDA到获批预计缩短至12个月</span>
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</li>
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</ul>
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</div>
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<div class="bg-gradient-to-br from-purple-50 to-purple-100 rounded-lg p-5">
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<div class="flex items-center mb-3">
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<div class="w-10 h-10 rounded-full bg-purple-500 flex items-center justify-center text-white mr-3">
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<i class="fas fa-chart-line"></i>
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</div>
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<h4 class="font-bold text-purple-800">商业化验证</h4>
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</div>
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<ul class="space-y-2 text-sm">
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<li class="flex items-start">
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<i class="fas fa-check-circle text-purple-500 mt-1 mr-2"></i>
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<span><strong>诺和诺德Wegovy 2024H1销售额46亿美元</strong>（+407%）</span>
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</li>
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<li class="flex items-start">
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<i class="fas fa-check-circle text-purple-500 mt-1 mr-2"></i>
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<span><strong>产业链订单爆发</strong>：翰宇药业2024年累计签订GLP-1原料药订单超<strong>4亿元</strong></span>
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</li>
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</ul>
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</div>
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</div>
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<div class="bg-yellow-50 border-l-4 border-yellow-400 p-4 rounded">
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<h4 class="font-bold text-yellow-800 mb-2">预期差发现</h4>
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<div class="grid md:grid-cols-2 gap-4">
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<div>
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<p class="font-semibold text-yellow-700">市场忽略点</p>
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<p class="text-sm text-gray-700">口服制剂对注射剂并非替代而是<strong>增量市场</strong>（礼来预测口服GLP-1市场规模将达注射剂的2倍）</p>
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</div>
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<div>
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<p class="font-semibold text-yellow-700">认知偏差</p>
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<p class="text-sm text-gray-700">投资者过度关注减重幅度，忽视<strong>停药反弹率</strong>（司美格鲁肽停药1年反弹50%）带来的长期用药需求</p>
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</div>
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</div>
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</div>
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</div>
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</div>
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<!-- 关键催化剂与路径 -->
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<div class="content-card rounded-xl shadow-lg p-6 mb-8">
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<h2 class="text-2xl font-bold mb-6 text-blue-600">关键催化剂与路径</h2>
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<div class="mb-8">
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<h3 class="text-xl font-semibold mb-4 text-green-600">近期催化剂（3-6个月）</h3>
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<div class="overflow-x-auto">
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<table class="min-w-full bg-white rounded-lg overflow-hidden">
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<thead class="bg-gray-100">
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<tr>
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<th class="py-3 px-4 text-left text-xs font-semibold text-gray-600 uppercase">日期</th>
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<th class="py-3 px-4 text-left text-xs font-semibold text-gray-600 uppercase">事件</th>
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<th class="py-3 px-4 text-left text-xs font-semibold text-gray-600 uppercase">影响标的</th>
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</tr>
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</thead>
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<tbody class="divide-y divide-gray-200">
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<tr>
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<td class="py-3 px-4 text-sm font-medium">2024Q4</td>
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<td class="py-3 px-4 text-sm">信达玛仕度肽获批</td>
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<td class="py-3 px-4 text-sm font-semibold text-blue-600">信达生物(01801.HK)</td>
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</tr>
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<tr class="bg-gray-50">
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<td class="py-3 px-4 text-sm font-medium">2024Q4</td>
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<td class="py-3 px-4 text-sm">礼来口服Orforglipron III期数据</td>
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<td class="py-3 px-4 text-sm font-semibold text-blue-600">凯莱英(002821)（CDMO）</td>
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</tr>
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<tr>
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<td class="py-3 px-4 text-sm font-medium">2025Q1</td>
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<td class="py-3 px-4 text-sm">司美格鲁肽中国医保谈判结果</td>
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<td class="py-3 px-4 text-sm font-semibold text-blue-600">翰宇药业(300199)（原料药）</td>
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</tr>
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</tbody>
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</table>
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</div>
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</div>
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<div>
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<h3 class="text-xl font-semibold mb-4 text-green-600">长期路径（2025-2030）</h3>
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<div class="bg-white rounded-lg p-6 shadow">
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<div class="flex flex-col md:flex-row items-center justify-between space-y-4 md:space-y-0">
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<div class="text-center">
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<div class="w-24 h-24 rounded-full bg-blue-100 flex items-center justify-center mx-auto mb-2">
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<span class="text-sm font-bold text-blue-800">2024-2025</span>
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</div>
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<p class="text-sm font-medium">国产GLP-1上市潮</p>
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</div>
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<div class="text-2xl text-gray-400">
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<i class="fas fa-arrow-right"></i>
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</div>
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<div class="text-center">
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<div class="w-24 h-24 rounded-full bg-green-100 flex items-center justify-center mx-auto mb-2">
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<span class="text-sm font-bold text-green-800">2026-2027</span>
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</div>
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<p class="text-sm font-medium">专利悬崖+仿制药放量</p>
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</div>
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<div class="text-2xl text-gray-400">
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<i class="fas fa-arrow-right"></i>
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</div>
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<div class="text-center">
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<div class="w-24 h-24 rounded-full bg-purple-100 flex items-center justify-center mx-auto mb-2">
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<span class="text-sm font-bold text-purple-800">2028-2030</span>
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</div>
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<p class="text-sm font-medium">多靶点/口服制剂成为主流</p>
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</div>
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<div class="text-2xl text-gray-400">
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<i class="fas fa-arrow-right"></i>
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</div>
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<div class="text-center">
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<div class="w-24 h-24 rounded-full bg-red-100 flex items-center justify-center mx-auto mb-2">
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<span class="text-sm font-bold text-red-800">2030+</span>
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</div>
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<p class="text-sm font-medium">减重+增肌组合疗法</p>
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</div>
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</div>
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</div>
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</div>
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</div>
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<!-- 产业链与核心公司 -->
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<div class="content-card rounded-xl shadow-lg p-6 mb-8">
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<h2 class="text-2xl font-bold mb-6 text-blue-600">产业链与核心公司</h2>
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<div class="mb-8">
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<h3 class="text-xl font-semibold mb-4 text-green-600">产业链图谱</h3>
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<div class="bg-gray-50 rounded-lg p-6">
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<div class="mb-6">
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<div class="flex items-center mb-3">
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<div class="w-8 h-8 rounded-full bg-blue-500 flex items-center justify-center text-white mr-3">
|
||
<i class="fas fa-arrow-up text-sm"></i>
|
||
</div>
|
||
<h4 class="font-bold text-blue-800">上游（试剂耗材）</h4>
|
||
</div>
|
||
<div class="ml-11 grid grid-cols-1 md:grid-cols-2 gap-3">
|
||
<div class="bg-white rounded-lg p-3 shadow-sm">
|
||
<p class="font-medium">昊帆生物</p>
|
||
<p class="text-sm text-gray-600">缩合试剂，进入诺和诺德供应链</p>
|
||
</div>
|
||
<div class="bg-white rounded-lg p-3 shadow-sm">
|
||
<p class="font-medium">蓝晓科技</p>
|
||
<p class="text-sm text-gray-600">固相载体，礼来替尔泊肽供应商</p>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
|
||
<div class="mb-6">
|
||
<div class="flex items-center mb-3">
|
||
<div class="w-8 h-8 rounded-full bg-green-500 flex items-center justify-center text-white mr-3">
|
||
<i class="fas fa-equals text-sm"></i>
|
||
</div>
|
||
<h4 class="font-bold text-green-800">中游（API/CDMO）</h4>
|
||
</div>
|
||
<div class="ml-11 grid grid-cols-1 md:grid-cols-2 gap-3">
|
||
<div class="bg-white rounded-lg p-3 shadow-sm">
|
||
<p class="font-medium">药明康德</p>
|
||
<p class="text-sm text-gray-600">多肽产能3.2万升，服务全球前20药企</p>
|
||
</div>
|
||
<div class="bg-white rounded-lg p-3 shadow-sm">
|
||
<p class="font-medium">凯莱英</p>
|
||
<p class="text-sm text-gray-600">替尔泊肽CDMO，2024年新签1.5亿订单</p>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
|
||
<div>
|
||
<div class="flex items-center mb-3">
|
||
<div class="w-8 h-8 rounded-full bg-purple-500 flex items-center justify-center text-white mr-3">
|
||
<i class="fas fa-arrow-down text-sm"></i>
|
||
</div>
|
||
<h4 class="font-bold text-purple-800">下游（制剂）</h4>
|
||
</div>
|
||
<div class="ml-11 grid grid-cols-1 md:grid-cols-2 gap-3">
|
||
<div class="bg-white rounded-lg p-3 shadow-sm">
|
||
<p class="font-medium">创新药：信达生物</p>
|
||
<p class="text-sm text-gray-600">玛仕度肽，进度第一</p>
|
||
</div>
|
||
<div class="bg-white rounded-lg p-3 shadow-sm">
|
||
<p class="font-medium">仿制药：华东医药</p>
|
||
<p class="text-sm text-gray-600">利拉鲁肽类似药已上市</p>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
|
||
<div>
|
||
<h3 class="text-xl font-semibold mb-4 text-green-600">核心玩家对比</h3>
|
||
<div class="overflow-x-auto">
|
||
<table class="min-w-full bg-white rounded-lg overflow-hidden">
|
||
<thead class="bg-gray-100">
|
||
<tr>
|
||
<th class="py-3 px-4 text-left text-xs font-semibold text-gray-600 uppercase">公司</th>
|
||
<th class="py-3 px-4 text-left text-xs font-semibold text-gray-600 uppercase">定位</th>
|
||
<th class="py-3 px-4 text-left text-xs font-semibold text-gray-600 uppercase">2024催化</th>
|
||
<th class="py-3 px-4 text-left text-xs font-semibold text-gray-600 uppercase">风险点</th>
|
||
</tr>
|
||
</thead>
|
||
<tbody class="divide-y divide-gray-200">
|
||
<tr>
|
||
<td class="py-3 px-4 text-sm font-bold text-blue-600">信达生物</td>
|
||
<td class="py-3 px-4 text-sm">国产双靶点龙头</td>
|
||
<td class="py-3 px-4 text-sm">玛仕度肽2025年上市</td>
|
||
<td class="py-3 px-4 text-sm">需与礼来分成（50%权益）</td>
|
||
</tr>
|
||
<tr class="bg-gray-50">
|
||
<td class="py-3 px-4 text-sm font-bold text-blue-600">华东医药</td>
|
||
<td class="py-3 px-4 text-sm">仿制药先锋</td>
|
||
<td class="py-3 px-4 text-sm">司美格鲁肽类似药2026年上市</td>
|
||
<td class="py-3 px-4 text-sm">专利诉讼风险</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="py-3 px-4 text-sm font-bold text-blue-600">药明康德</td>
|
||
<td class="py-3 px-4 text-sm">CDMO霸主</td>
|
||
<td class="py-3 px-4 text-sm">替尔泊肽订单放量</td>
|
||
<td class="py-3 px-4 text-sm">美国生物安全法案影响</td>
|
||
</tr>
|
||
</tbody>
|
||
</table>
|
||
</div>
|
||
|
||
<div class="mt-6 bg-red-50 border-l-4 border-red-400 p-4 rounded">
|
||
<h4 class="font-bold text-red-800 mb-2">验证与证伪</h4>
|
||
<div class="grid md:grid-cols-2 gap-4">
|
||
<div>
|
||
<p class="font-semibold text-red-700">证伪信号</p>
|
||
<p class="text-sm text-gray-700">博瑞医药BGM0504 II期数据若减重<10%，将证伪"双靶点优于单靶点"逻辑</p>
|
||
</div>
|
||
<div>
|
||
<p class="font-semibold text-red-700">验证信号</p>
|
||
<p class="text-sm text-gray-700">翰宇药业Q3原料药毛利率若>60%，验证"产能稀缺带来定价权"逻辑</p>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
|
||
<!-- 潜在风险与挑战 -->
|
||
<div class="content-card rounded-xl shadow-lg p-6 mb-8">
|
||
<h2 class="text-2xl font-bold mb-6 text-blue-600">潜在风险与挑战</h2>
|
||
|
||
<div class="overflow-x-auto">
|
||
<table class="min-w-full bg-white rounded-lg overflow-hidden">
|
||
<thead class="bg-gray-100">
|
||
<tr>
|
||
<th class="py-3 px-4 text-left text-xs font-semibold text-gray-600 uppercase">风险类型</th>
|
||
<th class="py-3 px-4 text-left text-xs font-semibold text-gray-600 uppercase">具体表现</th>
|
||
<th class="py-3 px-4 text-left text-xs font-semibold text-gray-600 uppercase">概率评估</th>
|
||
</tr>
|
||
</thead>
|
||
<tbody class="divide-y divide-gray-200">
|
||
<tr>
|
||
<td class="py-3 px-4 text-sm font-medium">技术风险</td>
|
||
<td class="py-3 px-4 text-sm">口服制剂生物利用度不稳定（礼来Orforglipron III期若<10%将失败）</td>
|
||
<td class="py-3 px-4 text-sm">
|
||
<span class="bg-yellow-100 text-yellow-800 text-xs px-2 py-1 rounded">中等</span>
|
||
</td>
|
||
</tr>
|
||
<tr class="bg-gray-50">
|
||
<td class="py-3 px-4 text-sm font-medium">商业化风险</td>
|
||
<td class="py-3 px-4 text-sm">司美格鲁肽中国定价若>1500元/月，自费渗透率可能<5%</td>
|
||
<td class="py-3 px-4 text-sm">
|
||
<span class="bg-red-100 text-red-800 text-xs px-2 py-1 rounded">高</span>
|
||
</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="py-3 px-4 text-sm font-medium">政策风险</td>
|
||
<td class="py-3 px-4 text-sm">减重适应症纳入医保可能引发降价70%（参考胰岛素集采）</td>
|
||
<td class="py-3 px-4 text-sm">
|
||
<span class="bg-green-100 text-green-800 text-xs px-2 py-1 rounded">低</span>
|
||
</td>
|
||
</tr>
|
||
<tr class="bg-gray-50">
|
||
<td class="py-3 px-4 text-sm font-medium">信息矛盾</td>
|
||
<td class="py-3 px-4 text-sm">路演显示诺泰生物产能利用率仅40%，与研报"供不应求"矛盾</td>
|
||
<td class="py-3 px-4 text-sm">
|
||
<span class="bg-blue-100 text-blue-800 text-xs px-2 py-1 rounded">需验证订单结构</span>
|
||
</td>
|
||
</tr>
|
||
</tbody>
|
||
</table>
|
||
</div>
|
||
</div>
|
||
|
||
<!-- 综合结论与投资启示 -->
|
||
<div class="content-card rounded-xl shadow-lg p-6 mb-8">
|
||
<h2 class="text-2xl font-bold mb-6 text-blue-600">综合结论与投资启示</h2>
|
||
|
||
<div class="mb-6">
|
||
<h3 class="text-xl font-semibold mb-3 text-green-600">阶段判断</h3>
|
||
<div class="bg-gradient-to-r from-blue-50 to-green-50 rounded-lg p-5">
|
||
<p class="text-lg font-medium text-gray-800">当前处于<strong class="text-blue-600">第二波主升浪</strong>（2024Q4-2025Q2），由"国产GLP-1获批+原料药业绩兑现"驱动，区别于2023年的纯主题炒作。</p>
|
||
</div>
|
||
</div>
|
||
|
||
<div class="mb-6">
|
||
<h3 class="text-xl font-semibold mb-3 text-green-600">投资优先级</h3>
|
||
<div class="space-y-4">
|
||
<div class="bg-white rounded-lg p-4 shadow-sm border-l-4 border-blue-500">
|
||
<div class="flex items-start">
|
||
<div class="w-8 h-8 rounded-full bg-blue-500 flex items-center justify-center text-white font-bold mr-3 flex-shrink-0">1</div>
|
||
<div>
|
||
<h4 class="font-bold text-blue-800">原料药环节（诺泰生物）</h4>
|
||
<p class="text-sm text-gray-700">吨级产能+FDA认证，2025年业绩弹性最大</p>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
|
||
<div class="bg-white rounded-lg p-4 shadow-sm border-l-4 border-green-500">
|
||
<div class="flex items-start">
|
||
<div class="w-8 h-8 rounded-full bg-green-500 flex items-center justify-center text-white font-bold mr-3 flex-shrink-0">2</div>
|
||
<div>
|
||
<h4 class="font-bold text-green-800">CDMO环节（凯莱英）</h4>
|
||
<p class="text-sm text-gray-700">绑定礼来替尔泊肽，订单可见度至2026年</p>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
|
||
<div class="bg-white rounded-lg p-4 shadow-sm border-l-4 border-purple-500">
|
||
<div class="flex items-start">
|
||
<div class="w-8 h-8 rounded-full bg-purple-500 flex items-center justify-center text-white font-bold mr-3 flex-shrink-0">3</div>
|
||
<div>
|
||
<h4 class="font-bold text-purple-800">创新药环节（信达生物）</h4>
|
||
<p class="text-sm text-gray-700">玛仕度肽获批后有望获得<strong>30%市场份额</strong>（对应50亿峰值销售额）</p>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
|
||
<div>
|
||
<h3 class="text-xl font-semibold mb-3 text-green-600">关键跟踪指标</h3>
|
||
<div class="grid md:grid-cols-3 gap-4">
|
||
<div class="bg-blue-50 rounded-lg p-4">
|
||
<h4 class="font-bold text-blue-800 mb-2">月度跟踪</h4>
|
||
<p class="text-sm text-gray-700">司美格鲁肽中国终端销量（米内网数据）</p>
|
||
</div>
|
||
<div class="bg-green-50 rounded-lg p-4">
|
||
<h4 class="font-bold text-green-800 mb-2">季度验证</h4>
|
||
<p class="text-sm text-gray-700">原料药企业GLP-1相关收入占比（需>30%确认业绩驱动）</p>
|
||
</div>
|
||
<div class="bg-purple-50 rounded-lg p-4">
|
||
<h4 class="font-bold text-purple-800 mb-2">事件催化</h4>
|
||
<p class="text-sm text-gray-700">2025年医保谈判目录调整（决定长期天花板）</p>
|
||
</div>
|
||
</div>
|
||
|
||
<div class="mt-6 bg-red-50 border-l-4 border-red-400 p-4 rounded">
|
||
<p class="font-bold text-red-800">风险提示</p>
|
||
<p class="text-sm text-gray-700">若2024Q4出现"替尔泊肽中国定价低于800元/月"的极端情况，将系统性压缩全链条利润空间。</p>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
|
||
<!-- 关联股票数据表格 -->
|
||
<div class="content-card rounded-xl shadow-lg p-6 mb-8">
|
||
<h2 class="text-2xl font-bold mb-6 text-blue-600">关联股票数据</h2>
|
||
|
||
<div class="table-container">
|
||
<table class="min-w-full bg-white rounded-lg overflow-hidden">
|
||
<thead class="bg-gray-100">
|
||
<tr>
|
||
<th class="py-3 px-4 text-left text-xs font-semibold text-gray-600 uppercase">股票名称</th>
|
||
<th class="py-3 px-4 text-left text-xs font-semibold text-gray-600 uppercase">行业</th>
|
||
<th class="py-3 px-4 text-left text-xs font-semibold text-gray-600 uppercase">项目</th>
|
||
<th class="py-3 px-4 text-left text-xs font-semibold text-gray-600 uppercase">原因</th>
|
||
</tr>
|
||
</thead>
|
||
<tbody class="divide-y divide-gray-200">
|
||
<tr>
|
||
<td class="py-3 px-4 text-sm font-medium">常山药业</td>
|
||
<td class="py-3 px-4 text-sm">减肥药</td>
|
||
<td class="py-3 px-4 text-sm">创新药</td>
|
||
<td class="py-3 px-4 text-sm">属于减肥药行业的创新药项目</td>
|
||
</tr>
|
||
<tr class="bg-gray-50">
|
||
<td class="py-3 px-4 text-sm font-medium">华森制药</td>
|
||
<td class="py-3 px-4 text-sm">减肥药</td>
|
||
<td class="py-3 px-4 text-sm">创新药</td>
|
||
<td class="py-3 px-4 text-sm">属于减肥药行业的创新药项目</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="py-3 px-4 text-sm font-medium">科源制药</td>
|
||
<td class="py-3 px-4 text-sm">减肥药</td>
|
||
<td class="py-3 px-4 text-sm">创新药</td>
|
||
<td class="py-3 px-4 text-sm">属于减肥药行业的创新药项目</td>
|
||
</tr>
|
||
<tr class="bg-gray-50">
|
||
<td class="py-3 px-4 text-sm font-medium">恒瑞医药</td>
|
||
<td class="py-3 px-4 text-sm">减肥药</td>
|
||
<td class="py-3 px-4 text-sm">创新药</td>
|
||
<td class="py-3 px-4 text-sm">属于减肥药行业的创新药项目</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="py-3 px-4 text-sm font-medium">众生药业</td>
|
||
<td class="py-3 px-4 text-sm">减肥药</td>
|
||
<td class="py-3 px-4 text-sm">创新药</td>
|
||
<td class="py-3 px-4 text-sm">属于减肥药行业的创新药项目</td>
|
||
</tr>
|
||
<tr class="bg-gray-50">
|
||
<td class="py-3 px-4 text-sm font-medium">博瑞医药</td>
|
||
<td class="py-3 px-4 text-sm">减肥药</td>
|
||
<td class="py-3 px-4 text-sm">创新药</td>
|
||
<td class="py-3 px-4 text-sm">属于减肥药行业的创新药项目</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="py-3 px-4 text-sm font-medium">信立泰</td>
|
||
<td class="py-3 px-4 text-sm">减肥药</td>
|
||
<td class="py-3 px-4 text-sm">创新药</td>
|
||
<td class="py-3 px-4 text-sm">属于减肥药行业的创新药项目</td>
|
||
</tr>
|
||
<tr class="bg-gray-50">
|
||
<td class="py-3 px-4 text-sm font-medium">乐普医疗</td>
|
||
<td class="py-3 px-4 text-sm">减肥药</td>
|
||
<td class="py-3 px-4 text-sm">创新药</td>
|
||
<td class="py-3 px-4 text-sm">属于减肥药行业的创新药项目</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="py-3 px-4 text-sm font-medium">甘李药业</td>
|
||
<td class="py-3 px-4 text-sm">减肥药</td>
|
||
<td class="py-3 px-4 text-sm">创新药</td>
|
||
<td class="py-3 px-4 text-sm">属于减肥药行业的创新药项目</td>
|
||
</tr>
|
||
<tr class="bg-gray-50">
|
||
<td class="py-3 px-4 text-sm font-medium">翰宇药业</td>
|
||
<td class="py-3 px-4 text-sm">减肥药, 减肥药原料</td>
|
||
<td class="py-3 px-4 text-sm">利拉鲁肽, 司美格鲁肽, 替尔泊肽, 多肽原料药</td>
|
||
<td class="py-3 px-4 text-sm">在减肥药及原料药多个项目中涉及</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="py-3 px-4 text-sm font-medium">华东医药</td>
|
||
<td class="py-3 px-4 text-sm">减肥药</td>
|
||
<td class="py-3 px-4 text-sm">利拉鲁肽, 司美格鲁肽</td>
|
||
<td class="py-3 px-4 text-sm">属于减肥药行业的多个项目</td>
|
||
</tr>
|
||
<tr class="bg-gray-50">
|
||
<td class="py-3 px-4 text-sm font-medium">通化东宝</td>
|
||
<td class="py-3 px-4 text-sm">减肥药</td>
|
||
<td class="py-3 px-4 text-sm">利拉鲁肽</td>
|
||
<td class="py-3 px-4 text-sm">属于减肥药行业的利拉鲁肽项目</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="py-3 px-4 text-sm font-medium">双鹭药业</td>
|
||
<td class="py-3 px-4 text-sm">减肥药</td>
|
||
<td class="py-3 px-4 text-sm">利拉鲁肽</td>
|
||
<td class="py-3 px-4 text-sm">属于减肥药行业的利拉鲁肽项目</td>
|
||
</tr>
|
||
<tr class="bg-gray-50">
|
||
<td class="py-3 px-4 text-sm font-medium">凯因科技</td>
|
||
<td class="py-3 px-4 text-sm">减肥药</td>
|
||
<td class="py-3 px-4 text-sm">利拉鲁肽</td>
|
||
<td class="py-3 px-4 text-sm">属于减肥药行业的利拉鲁肽项目</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="py-3 px-4 text-sm font-medium">丽珠集团</td>
|
||
<td class="py-3 px-4 text-sm">减肥药</td>
|
||
<td class="py-3 px-4 text-sm">司美格鲁肽</td>
|
||
<td class="py-3 px-4 text-sm">属于减肥药行业的司美格鲁肽项目</td>
|
||
</tr>
|
||
<tr class="bg-gray-50">
|
||
<td class="py-3 px-4 text-sm font-medium">诺泰生物</td>
|
||
<td class="py-3 px-4 text-sm">减肥药</td>
|
||
<td class="py-3 px-4 text-sm">替尔泊肽</td>
|
||
<td class="py-3 px-4 text-sm">属于减肥药行业的替尔泊肽项目</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="py-3 px-4 text-sm font-medium">普利制药</td>
|
||
<td class="py-3 px-4 text-sm">减肥药, 减肥药原料</td>
|
||
<td class="py-3 px-4 text-sm">替尔泊肽, 多肽原料药</td>
|
||
<td class="py-3 px-4 text-sm">在减肥药及原料药项目中涉及</td>
|
||
</tr>
|
||
<tr class="bg-gray-50">
|
||
<td class="py-3 px-4 text-sm font-medium">康惠制药</td>
|
||
<td class="py-3 px-4 text-sm">减肥药原料</td>
|
||
<td class="py-3 px-4 text-sm">中间体</td>
|
||
<td class="py-3 px-4 text-sm">属于减肥药原料行业的中间体项目</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="py-3 px-4 text-sm font-medium">新天地</td>
|
||
<td class="py-3 px-4 text-sm">减肥药原料</td>
|
||
<td class="py-3 px-4 text-sm">中间体</td>
|
||
<td class="py-3 px-4 text-sm">属于减肥药原料行业的中间体项目</td>
|
||
</tr>
|
||
<tr class="bg-gray-50">
|
||
<td class="py-3 px-4 text-sm font-medium">金凯生科</td>
|
||
<td class="py-3 px-4 text-sm">减肥药原料</td>
|
||
<td class="py-3 px-4 text-sm">中间体</td>
|
||
<td class="py-3 px-4 text-sm">属于减肥药原料行业的中间体项目</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="py-3 px-4 text-sm font-medium">圣诺生物</td>
|
||
<td class="py-3 px-4 text-sm">减肥药原料, CRO/CDMO</td>
|
||
<td class="py-3 px-4 text-sm">多肽原料药</td>
|
||
<td class="py-3 px-4 text-sm">在减肥药原料及CRO/CDMO领域涉及</td>
|
||
</tr>
|
||
<tr class="bg-gray-50">
|
||
<td class="py-3 px-4 text-sm font-medium">奥锐特</td>
|
||
<td class="py-3 px-4 text-sm">减肥药原料</td>
|
||
<td class="py-3 px-4 text-sm">多肽原料药</td>
|
||
<td class="py-3 px-4 text-sm">属于减肥药原料行业的多肽原料药项目</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="py-3 px-4 text-sm font-medium">吴帆生物</td>
|
||
<td class="py-3 px-4 text-sm">减肥药原料</td>
|
||
<td class="py-3 px-4 text-sm">试剂</td>
|
||
<td class="py-3 px-4 text-sm">属于减肥药原料行业的试剂项目</td>
|
||
</tr>
|
||
<tr class="bg-gray-50">
|
||
<td class="py-3 px-4 text-sm font-medium">金城医药</td>
|
||
<td class="py-3 px-4 text-sm">减肥药原料</td>
|
||
<td class="py-3 px-4 text-sm">试剂</td>
|
||
<td class="py-3 px-4 text-sm">属于减肥药原料行业的试剂项目</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="py-3 px-4 text-sm font-medium">键凯科技</td>
|
||
<td class="py-3 px-4 text-sm">减肥药原料</td>
|
||
<td class="py-3 px-4 text-sm">试剂</td>
|
||
<td class="py-3 px-4 text-sm">属于减肥药原料行业的试剂项目</td>
|
||
</tr>
|
||
<tr class="bg-gray-50">
|
||
<td class="py-3 px-4 text-sm font-medium">博济医药</td>
|
||
<td class="py-3 px-4 text-sm">CRO/CDMO</td>
|
||
<td class="py-3 px-4 text-sm">-</td>
|
||
<td class="py-3 px-4 text-sm">属于CRO/CDMO行业</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="py-3 px-4 text-sm font-medium">药明康德</td>
|
||
<td class="py-3 px-4 text-sm">CRO/CDMO</td>
|
||
<td class="py-3 px-4 text-sm">-</td>
|
||
<td class="py-3 px-4 text-sm">属于CRO/CDMO行业</td>
|
||
</tr>
|
||
<tr class="bg-gray-50">
|
||
<td class="py-3 px-4 text-sm font-medium">海翔药业</td>
|
||
<td class="py-3 px-4 text-sm">CRO/CDMO</td>
|
||
<td class="py-3 px-4 text-sm">-</td>
|
||
<td class="py-3 px-4 text-sm">属于CRO/CDMO行业</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="py-3 px-4 text-sm font-medium">九洲药业</td>
|
||
<td class="py-3 px-4 text-sm">CRO/CDMO</td>
|
||
<td class="py-3 px-4 text-sm">-</td>
|
||
<td class="py-3 px-4 text-sm">属于CRO/CDMO行业</td>
|
||
</tr>
|
||
<tr class="bg-gray-50">
|
||
<td class="py-3 px-4 text-sm font-medium">凯莱英</td>
|
||
<td class="py-3 px-4 text-sm">CRO/CDMO</td>
|
||
<td class="py-3 px-4 text-sm">-</td>
|
||
<td class="py-3 px-4 text-sm">属于CRO/CDMO行业</td>
|
||
</tr>
|
||
</tbody>
|
||
</table>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
|
||
<script>
|
||
// 初始化Vanta.js波浪背景效果
|
||
VANTA.WAVES({
|
||
el: "#vanta-bg",
|
||
mouseControls: true,
|
||
touchControls: true,
|
||
gyroControls: false,
|
||
minHeight: 200.00,
|
||
minWidth: 200.00,
|
||
scale: 1.00,
|
||
scaleMobile: 1.00,
|
||
color: 0xe3f2fd,
|
||
shininess: 100.00,
|
||
waveHeight: 15.00,
|
||
waveSpeed: 0.75,
|
||
zoom: 0.75
|
||
});
|
||
</script>
|
||
</body>
|
||
</html>
|
||
``` |