<p>随着投资者将目光投向 大型科技股 以寻找下一个增长点，制药行业悄然回归关注焦点——而没有两个名字能更好地体现这一转变，<strong>礼来公司</strong> (NYSE: LLY) 和 <strong>诺和诺德公司</strong> (NYSE: NVO)。</p>
<ul>
<li><strong>在此查看 LLY 股票 这里。</strong></li>
</ul>
<h2>GLP-1 需求正在成为结构性</h2>
<p>肥胖和糖尿病药物的繁荣不再是一个周期性的故事。GLP-1 治疗的需求持续超过供应，医生们将其使用范围从糖尿病扩展到体重管理和心血管风险降低。</p>
<p>这一长期需求故事在本周获得了新的动力，因为诺和诺德 获得了美国批准 其口服减肥治疗——这是一个 投资者一直在等待的里程碑，因为市场正在从注射剂主导转向更方便的形式。</p>
<p>对于 2026 年，这一点至关重要，因为它强化了市场在经历多年科技波动后所渴望的东西：可见性。这些不再是管道梦想。它们是规模化的全球特许经营，拥有定价权和长远的发展空间。</p>
<p><strong>另请阅读: 诺和诺德、辉瑞正在争夺减肥未来——但维京已经拥有它</strong></p>
<h2>执行与估值定调</h2>
<p>争论的焦点在于执行与估值的对比。</p>
<p>诺和诺德因其更稳定的制造执行和更一致的国际渗透而赢得了声誉。最近的口服 GLP-1 批准加强了这一叙述，使诺和诺德能够在扩大市场份额的同时捍卫其份额。</p>
<p>与此同时，礼来则积极扩展产能和下一代配方。如果需求持续增长，这种方法提供了更大的上行空间——但也使得在预期上升时，运营失误的余地更小。</p>
<p>随着两只股票的交易倍数上升，市场不再普遍为 “增长” 买单。它在为精准买单。</p>
<h2>对投资者的重要性</h2>
<p>制药行业在 2026 年的吸引力并不在于追逐兴奋，而在于寻找不依赖于资本支出周期、监管波动或不确定的人工智能变现时间表的增长。</p>
<p>礼来和诺和诺德都符合这一标准，但领导地位可能取决于哪家公司能在周期成熟时更一致地将需求转化为利润。在一个向耐久性转变的市场中，这不仅仅是一场股票之战——它是关于投资者希望从哪里获得增长的信号。</p>
<p><strong>接下来阅读：</strong></p>
<ul>
<li><strong>诺和诺德 vs. 礼来 vs. 辉瑞：如果特朗普削减减肥药价格，谁会胜出？</strong></li>
</ul>
<p><em>照片来源: Shutterstock</em></p>

礼来

诺和诺德公司

<p>礼来和诺和诺德公司正在成为制药行业长期增长的首选，主要受到对 GLP-1 治疗需求强劲的推动。诺和诺德公司最近获得的美国口服减肥治疗批准进一步巩固了其市场地位，而礼来则专注于产能扩张。这两家公司提供的增长与科技波动无关，市场对执行和估值的精准度给予了重视。投资者正在寻找可持续的增长，因为制药行业将在 2026 年成为焦点</p>

<p>As investors look beyond mega-cap tech for the next leg of growth, pharma is quietly moving back into focus — and no two names capture that shift better than <strong>Eli Lilly And Co</strong> (NYSE: LLY) and <strong>Novo Nordisk A/S</strong> (NYSE: NVO).</p>
<div class="lb-trans"><p>随着投资者将目光投向 大型科技股 以寻找下一个增长点，制药行业悄然回归关注焦点——而没有两个名字能更好地体现这一转变，<strong>礼来公司</strong> (NYSE: LLY) 和 <strong>诺和诺德公司</strong> (NYSE: NVO)。</p>
</div><ul>
<li><strong>Track LLY stock here.</strong></li>
</ul>
<div class="lb-trans"><ul>
<li><strong>在此查看 LLY 股票 这里。</strong></li>
</ul>
</div><h2>GLP-1 Demand Is Becoming Structural</h2>
<div class="lb-trans"><h2>GLP-1 需求正在成为结构性</h2>
</div><p>The obesity and diabetes drug boom is no longer a one-cycle story. Demand for GLP-1 treatments continues to exceed supply, with physicians expanding use beyond diabetes into weight management and cardiovascular risk reduction.</p>
<div class="lb-trans"><p>肥胖和糖尿病药物的繁荣不再是一个周期性的故事。GLP-1 治疗的需求持续超过供应，医生们将其使用范围从糖尿病扩展到体重管理和心血管风险降低。</p>
</div><p>That long-term demand story gained fresh momentum this week after Novo Nordisk secured U.S. approval for its oral weight-loss treatment — a milestone investors have been waiting for as the market shifts from injectable dominance toward more convenient formats.</p>
<div class="lb-trans"><p>这一长期需求故事在本周获得了新的动力，因为诺和诺德 获得了美国批准 其口服减肥治疗——这是一个 投资者一直在等待的里程碑，因为市场正在从注射剂主导转向更方便的形式。</p>
</div><p>For 2026, that matters because it reinforces something markets crave after years of tech volatility: visibility. These aren't pipeline dreams anymore. They are scaled, global franchises with pricing power and long runways.</p>
<div class="lb-trans"><p>对于 2026 年，这一点至关重要，因为它强化了市场在经历多年科技波动后所渴望的东西：可见性。这些不再是管道梦想。它们是规模化的全球特许经营，拥有定价权和长远的发展空间。</p>
</div><p><strong>Read Also: Novo, Pfizer Are Battling To Buy The Future Of Weight-Loss — But Viking Already Owns It</strong></p>
<div class="lb-trans"><p><strong>另请阅读: 诺和诺德、辉瑞正在争夺减肥未来——但维京已经拥有它</strong></p>
</div><h2>Execution And Valuation Set The Tone</h2>
<div class="lb-trans"><h2>执行与估值定调</h2>
</div><p>Where the debate sharpens is execution versus valuation.</p>
<div class="lb-trans"><p>争论的焦点在于执行与估值的对比。</p>
</div><p>Novo Nordisk has earned a reputation for steadier manufacturing execution and more consistent international penetration. The recent oral GLP-1 approval strengthens that narrative, positioning Novo to defend its share while broadening access over time.</p>
<div class="lb-trans"><p>诺和诺德因其更稳定的制造执行和更一致的国际渗透而赢得了声誉。最近的口服 GLP-1 批准加强了这一叙述，使诺和诺德能够在扩大市场份额的同时捍卫其份额。</p>
</div><p>Eli Lilly, meanwhile, is leaning aggressively into capacity expansion and next-generation formulations. That approach offers greater upside if demand continues to compound —but it also leaves less room for operational stumbles as expectations rise.</p>
<div class="lb-trans"><p>与此同时，礼来则积极扩展产能和下一代配方。如果需求持续增长，这种方法提供了更大的上行空间——但也使得在预期上升时，运营失误的余地更小。</p>
</div><p>With both stocks trading at elevated multiples, the market is no longer paying for &#34;growth&#34; in general. It's paying for precision.</p>
<div class="lb-trans"><p>随着两只股票的交易倍数上升，市场不再普遍为 “增长” 买单。它在为精准买单。</p>
</div><h2>Why It Matters For Investors</h2>
<div class="lb-trans"><h2>对投资者的重要性</h2>
</div><p>Pharma's 2026 appeal isn't about chasing excitement. It's about finding growth that doesn't depend on capex cycles, regulatory whiplash, or uncertain AI monetization timelines.</p>
<div class="lb-trans"><p>制药行业在 2026 年的吸引力并不在于追逐兴奋，而在于寻找不依赖于资本支出周期、监管波动或不确定的人工智能变现时间表的增长。</p>
</div><p>Lilly and Novo both fit that bill, but leadership may hinge on which company converts demand into margins more consistently as the cycle matures. In a market rotating toward durability, this isn't just a stock battle — it's a signal about where investors want their growth to come from next.</p>
<div class="lb-trans"><p>礼来和诺和诺德都符合这一标准，但领导地位可能取决于哪家公司能在周期成熟时更一致地将需求转化为利润。在一个向耐久性转变的市场中，这不仅仅是一场股票之战——它是关于投资者希望从哪里获得增长的信号。</p>
</div><p><strong>Read Next:</strong></p>
<div class="lb-trans"><p><strong>接下来阅读：</strong></p>
</div><ul>
<li><strong>Novo Vs. Lilly Vs. Pfizer: Who Wins If Trump Slashes The Price Of Weight Loss Drugs?</strong></li>
</ul>
<div class="lb-trans"><ul>
<li><strong>诺和诺德 vs. 礼来 vs. 辉瑞：如果特朗普削减减肥药价格，谁会胜出？</strong></li>
</ul>
</div><p><em>Photo: Shutterstock</em></p>
<div class="lb-trans"><p><em>照片来源: Shutterstock</em></p>
</div>

礼来与诺和诺德公司：哪只股票可能在 2026 年引领制药行业的复苏