智通财经APP获悉，招商证券国际发布研报称，石药集团(01093)与阿斯利康(AZN.US)达成历史性交易公告，表示看好交易，但需等待石药或阿斯利康披露更多长效GLP-1全球开发细节。重申“中性”评级，认为短期基本面仍存隐忧。
该行表示，根据石药最新公告，与阿斯利康合作的关键临床候选药物为SYH2082，长效GLP-1R/GIPR双激动剂，现已进入I期临床。该行对此长效GLP-1平台了解甚少。SYH2082刚在中国启动I期研究。需等待管理阶层揭露其设计细节及潜在临床开发路径，方能进行价值量化评估。该行维持“中国创新药进入全球管线”的长期正面判断，但建议投资者仔细审视BD公告前已被市场计入预期的资产估值因素，并对双方合作进展进行深度量化评估。
该行认为siRNA进入肥胖维持市场，将对所有胜肽类方案构成真正威胁。siRNA药物切入减重及肌保市场，或最终挤压肽基肥胖疗法。该行密切追踪Arrowhead和Wave siRNA资产进展后，认为肥胖维持领域正日益拥挤。建议投资人关注未来siINHBE和siALK7靶点对减重维持市场的影响。
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