平安证券：GLP-1RA未来市场前景广阔建议关注减脂增肌赛道等投资机遇

智通财经2025-06-24

智通财经APP获悉，平安证券发布研报称，GLP-1RA在降糖和减重领域表现强劲，随着新适应症的不断获批和临床数据的积累，GLP-1类药物在糖尿病、肥胖症以及可能的其他治疗领域中的应用前景将更加广阔，市场规模也将进一步扩大。该行建议关注“减脂增肌赛道”、“超长效制剂”以及“口服制剂”国内药企相关投资机遇。减脂增肌赛道建议关注来凯医药等;口服制剂建议关注恒瑞医药、华东医药、歌礼制药等;超长效制剂建议...

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It is recommended to pay attention to investment opportunities such as fat loss and muscle gain tracks","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"161027":1,"GLP":1},"content_text":"智通财经APP获悉，平安证券发布研报称，GLP-1RA在降糖和减重领域表现强劲，随着新适应症的不断获批和临床数据的积累，GLP-1类药物在糖尿病、肥胖症以及可能的其他治疗领域中的应用前景将更加广阔，市场规模也将进一步扩大。该行建议关注“减脂增肌赛道”、“超长效制剂”以及“口服制剂”国内药企相关投资机遇。减脂增肌赛道建议关注来凯医药等;口服制剂建议关注恒瑞医药、华东医药、歌礼制药等;超长效制剂建议关注众生药业、甘李药业、通化东宝等。平安证券主要观点如下：GLP-1RA在降糖和减重领域表现强劲，随着适应症拓展未来市场前景广阔胰高血糖素样肽-1受体激动剂(GLP-1 RA)在降糖和减重适应症表现优异，该靶点代表药物司美格鲁肽2024年实现销售额293亿美元，司美格鲁肽与K药之间仅剩微弱的销售差距(2024年K药的销售额为295亿美元)，这意味着司美格鲁肽有望成为下一届药王。根据辉瑞发布的《Near-Term Launches High-Value PipelineDay》预测，2030年全球GLP-1RA市场规模有望达到千亿美元市场。作为糖尿病和肥胖症的基础疗法，GLP-1R由于其在全身的广泛分布，药物适应症也在不断扩展。随着新适应症的不断获批和临床数据的积累，GLP-1类药物在糖尿病、肥胖症以及可能的其他治疗领域中的应用前景将更加广阔，市场规模也将进一步扩大。行业观点：随着GLP-1赛道竞争日益白热化，未来潜力赛道的布局至关重要。减脂增肌赛道、超长效制剂以及口服制剂有望成为新的增长点，值得重点关注。减脂增肌赛道：GLP-1RA在减脂方面表现出色，但肌肉流失的问题亟待解决。为解决GLP-1药物导致的肌肉流失问题，国内外药企纷纷布局减脂增肌赛道。未来，减脂增肌药物有望成为GLP-1药物的“黄金搭档”，不仅能够巩固GLP-1药物的市场地位和生命周期，还能通过组合药物带来新的市场增长点。ActRII通路是目前减脂增肌赛道火热的研发方向，国内外药企纷纷布局。口服制剂：口服制剂相比注射剂具有显著的便利性，减少了患者的注射痛苦和心理负担，提升了患者依从性。当前竞争格局由诺和诺德和礼来主导，诺和诺德在口服GLP-1RA领域占据领先地位，其口服司美格鲁肽已获批上市;礼来研发的Orforglipron是目前全球临床进展最快的小分子口服GLP-1RA，已进入临床III期。国内药企也在加速布局。超长效制剂：超长效GLP-1RA制剂通过延长药物作用时间，减少给药频率，极大提升了患者依从性。司美格鲁肽每周给药一次，而一些在研的超长效制剂如安进的产品有望每四周给药一次，国内部分药企有望实现双周给药一次，这种长效化趋势已成为GLP-1RA药物发展的重要方向。风险提示：1)产品研发不及预期风险。2)市场竞争加剧风险。3)产品产能不及预期风险。4)政策变化风险。5)仿制药风险。6)集采风险。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.42.0","shortVersion":"4.42.0","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2545445405","isCrawlerRequest":true}

平安证券：GLP-1RA未来市场前景广阔 建议关注减脂增肌赛道等投资机遇

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平安证券：GLP-1RA未来市场前景广阔建议关注减脂增肌赛道等投资机遇