港股通减肥药龙头！派格生物（02565）入围，能否挑战礼来全球市场地位？

智通财经03-06

智通财经APP获悉，2026年开年港股市场最受关注的名单重磅出炉，3月9日起，派格生物医药（02565）正式进入港股通。当前，美股礼来（LLY）凭借万亿美元市值了形成了难以撼动的全球霸主地位。而凭借产品与赛道的双重红利实现估值大幅提升的 GLP-1 明星派格生物，在迎来内地资金“活水”的关键节点，再度站到市场聚光灯下——纳入港股通后，资金结构与流动性将发生质的突破，它能否复刻前辈的道路，成为全球...

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Paige Bio (02565) was shortlisted, can it challenge Eli Lilly's global market position?","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"ELIS":0.6,"02565":1.96,"LLY":1.87,"LLYZ":0.6,"LLII":0.6,"LLYX":0.6,"ELIL":0.6},"content_text":"智通财经APP获悉，2026年开年港股市场最受关注的名单重磅出炉，3月9日起，派格生物医药（02565）正式进入港股通。当前，美股礼来（LLY）凭借万亿美元市值了形成了难以撼动的全球霸主地位。而凭借产品与赛道的双重红利实现估值大幅提升的 GLP-1 明星派格生物，在迎来内地资金“活水”的关键节点，再度站到市场聚光灯下——纳入港股通后，资金结构与流动性将发生质的突破，它能否复刻前辈的道路，成为全球GLP-1赛道上不可忽视的“中国挑战者”？从历史规律看，优质18A创新药标的进入港股通后，通常会迎来三大变化：1. 资金结构优化：南下资金通常对GLP1、创新药、减肥赛道偏好度高，有望带来持续加仓；2. 流动性显著改善：内地投资者直接参与，成交活跃度、换手率提升，降低窄幅波动风险；3. 估值体系重构：从境外资金主导，转向内外资共同定价，更贴合国内产业与政策逻辑。PB119派达康®是派格生物自主研发的一周一次长效GLP1受体激动剂，为国家1类新药，具备无需滴定、依从性高的临床优势，2025年11月14日，国家药品监督管理局NMPA正式批准派达康®上市，成为公司首款商业化产品，也让市场从“炒预期”转向“看兑现”。与此同时，公司双靶点管线PB718推进至临床阶段，在NASH与肥胖领域展现潜力，进一步打开长期估值空间。派达康®有何魅力，何以成为派格生物的明星产品？1. 耐受性成为慢性病治疗之关键对于糖尿病这类需终身管理的疾病，若患者因药物副作用停药，即便疗效再显著也难以持续。目前市场上的部分GLP-1类药物尽管降糖效果明显，但胃肠道反应（如恶心、呕吐、腹泻）成为影响患者依从性的主要障碍。派格生物的派达康®在这一点上表现较为突出。相关临床数据显示，其药物相关胃肠道不良事件发生率低于7%。换言之，超过93%的患者在用药过程中未出现明显肠胃不适。这有助于提升患者的治疗体验和依从性，进而可能转化为稳定的用药率和长期收入。2. 长期有效性有助于增强治疗信心派达康®在疗效方面同样显示出持续性。据称，它是目前唯一在单药治疗中实现52周持续、稳态降糖的GLP-1RA周制剂。这意味着患者可以在一年内获得相对平稳的血糖控制，为医患双方提供更多确定性，并可能增强患者对药物的信任与依赖性。3. 一举多得，“四高共管”的体验增强用户粘性在传统的糖尿病管理中，患者刚把血糖这个“地鼠”压下去，体重、血压、血脂等问题又接连冒头，迫使患者不断服用新的药物，最终踏上一场漫长的“药物马拉松”。相反，派达康®让患者从“为降糖而吃药”的单一维度，跃升至“一举多得”、“全面健康管理”的更高维度。其临床数据显示，它能显著改善β细胞功能和C肽水平，单药治疗52周平均体重下降4.77kg，此外，它在降压、调脂等方面展现出的改善作用。当一次治疗不仅能保护胰岛功能、实现显著的体重下降、综合管理血糖、体重、血压、血脂，更能换来身体的轻快与内心的释然时，患者便步入了一个正向的“良性循环”：治疗带来的综合改善，本身就成了激励患者坚持下去的最大动力。4. 注射体验优化降低用药门槛对于注射类药物，患者的实际感受直接影响用药意愿。派达康®所配套的注射装置在设计中考虑了以下几点：隐藏式针头设计，缓解患者对注射的恐惧；无需剂量滴定，患者从首剂即可接受有效治疗剂量，简化流程；0.3ml低装量设计，减少推注压力与疼痛感。这些细节有助于提升患者体验，使注射治疗更易于被接受和坚持。市场普遍认为，GLP-1赛道仍处高景气周期，目前国内已获批的GLP-1RA原研药物共9款，竞争虽激烈但仍有差异化发展空间，PB 119商业化刚起步，海外授权与肥胖适应症推进有望持续释放利好；港股通带来的增量资金，足以承接筹码并推动估值再上台阶。这一判断在全球医药巨头的战略布局中得到了充分印证。就在派格生物入围港股通的同时，跨国药企在减重赛道上的军备竞赛已进入白热化阶段。辉瑞(PFE.US)与诺和诺德(Novo Nordisk)围绕GLP-1新兴公司Metsera展开的激烈争夺，最终以辉瑞斥资100亿美元锁定全部股权落下帷幕。这笔交易的背后，折射出即使是拥有强大自研能力的“宇宙大药厂”，在面对可能是医药史上最大市场之一的减肥药市场时，也选择通过“买买买”快速补课的战略焦虑。巨头们如此不惜重金地排兵布阵，无疑为整个GLP-1赛道的高景气度写下了最有力的注脚，也预示着未来全球减重市场的竞争将更趋激烈，这对身处其中的派格生物而言，既是机遇也是挑战。对派格生物而言，港股通不是故事的终点，而是从“资金驱动”转向“业绩驱动”的试金石。既然巨头们愿意为了一张“GLP-1未来的入场券”豪掷百亿，那么已经拿到商业化“门票”的派格生物，在获得南下资金加持后，其估值逻辑理应在与国际巨头的对标中迎来重塑。","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":"corporation","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"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":"4.43.1","shortVersion":"4.43.1","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/2617994508","isCrawlerRequest":true}