国联民生证券：小核酸重构减肥逻辑 INHBE与ALK7靶点初步验证

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智通财经APP获悉，国联民生证券发布研报称，小核酸和GLP-1类药物具备协同效应，减肥巨头已在布局小核酸药物。GLP-1控制摄入，小核酸调节代谢，有望成为减肥领域的“黄金搭档”。未来GLP-1RA可能成为减肥领域的流量入口，MNC再布局小核酸药物，提供全流程的减重方案。小核酸减肥靶点主要有INHBE靶点、ARO-ALK7靶点以及靶向肌肉的GeneD靶点三个，中国药企在小核酸减肥适应症的布局速度几乎...

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targets","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"161027":1.5,"601456":1.5,"01177":0.9,"00867":0.9,"01276":0.9,"01456":1.5},"content_text":"智通财经APP获悉，国联民生证券发布研报称，小核酸和GLP-1类药物具备协同效应，减肥巨头已在布局小核酸药物。GLP-1控制摄入，小核酸调节代谢，有望成为减肥领域的“黄金搭档”。未来GLP-1RA可能成为减肥领域的流量入口，MNC再布局小核酸药物，提供全流程的减重方案。小核酸减肥靶点主要有INHBE靶点、ARO-ALK7靶点以及靶向肌肉的GeneD靶点三个，中国药企在小核酸减肥适应症的布局速度几乎与海外药企同步。国联民生证券主要观点如下：Arrowhead公布两款小核酸药物的初步减肥疗效良好Arrowhead公司公布了两个靶点INHBE和ALK7的小核酸药物的减肥效果，展现出良好的初步疗效：ARO-INHBE精准减脂：脂肪平均减少9.9%，肝脏脂肪减少幅度高达38.6%。并且ARO-INHBE具备增肌潜力，单药治疗显示瘦体重(Lean tissue)增加3.6%。ARO-ALK7显示出剂量依赖性的ALK7 mRNA平均降幅高达 88%，这证实了 TRiM 平台能够抑制脂肪细胞的基因表达。单次注射ARO-ALK7后，内脏脂肪量迅速减少，降幅高达14.1%(以安慰剂作为对照调整后的数据)。Wave life公布的INHBE靶点小核酸药物WVE-007同样具备良好的减肥效果Wave life公司在2025年12月8日公布WVE-007一期小样本数据表明：靶向肝脏INHBE，单剂量240mg给药3个月后，内脏脂肪下降9.4%(p=0.02)，总体脂肪降4.5%，瘦体重反而增加3.2%(p=0.01)。小核酸和GLP-1类药物具备协同效应，减肥巨头已在布局小核酸药物。GLP-1控制摄入，小核酸调节代谢，有望成为减肥领域的“黄金搭档”。如果用在GLP-1后面，则可以维持减肥效果，防止体重反弹。2025年11月，礼来12亿美金和圣因生物合作，利用半年一针的LEAD平台，共同推进代谢性疾病RNAi候选药物开发；2024年9月，礼来10亿美金投资HAYA的lncRNA平台，开发用于治疗肥胖和相关代谢疾病的药物。2025年8月28日，诺和诺德与Replicate Bioscience达成5.5亿美元的合作协议，共同开发针对肥胖症、2型糖尿病及其他心脏代谢疾病的新型疗法。国联民生证券认为：未来GLP-1RA可能成为减肥领域的流量入口，MNC再布局小核酸药物，提供全流程的减重方案。同时，小核酸减肥效果得到验证也给了错过GLP-1RA药物的MNC重新布局减肥赛道一个机会。中国药企在小核酸减肥适应症的布局速度几乎与海外药企同步小核酸减肥靶点主要有三个：INHBE靶点；ARO-ALK7靶点；以及靶向肌肉的GeneD靶点。中国速度几乎和国际同步。恒瑞医药靶向INHBE的HRS-5817处于一期临床；手握GLP-1重磅产品的创新药企，如信达生物递交了INHBE靶点的小核酸药物专利，未来也可能和玛氏度肽做Combo或者序贯，从而发挥产品协同的优势。中国生物制药收购的赫吉亚公司，拥有INHBE靶点的长效小核酸药物HJY-10，每半年或者每年一针，有望在2026年进入临床阶段。投资建议建议重点关注布局减肥靶点的小核酸公司，如恒瑞医药(01276)、成都先导(688222.SH)、中国生物制药(01177)、华东医药(000963.SZ)、信立泰(002294.SZ)、康哲药业(00867)、信达生物(01801)和东阳光药(06887)等。风险提示1)医保、集采政策导致价格不及预期；2)临床进度或上市时间不及预期；3)行业竞争格局的不确定性。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","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 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