{"id":780307,"date":"2026-05-15T17:26:04","date_gmt":"2026-05-15T09:26:04","guid":{"rendered":"https:\/\/www.alphaseek.cn\/?p=780307"},"modified":"2026-05-15T17:26:04","modified_gmt":"2026-05-15T09:26:04","slug":"1032%e4%ba%bf%ef%bc%81%e4%b8%ad%e5%9b%bd%e5%88%9b%e6%96%b0%e8%8d%af%e5%8f%88%e5%b9%b2%e4%ba%86%e4%b8%80%e7%a5%a8%e5%a4%a7%e7%9a%84","status":"publish","type":"post","link":"https:\/\/www.alphaseek.cn\/?p=780307","title":{"rendered":"1032\u4ebf\uff01\u4e2d\u56fd\u521b\u65b0\u836f\u53c8\u5e72\u4e86\u4e00\u7968\u5927\u7684"},"content":{"rendered":"
\n

\u6587 | \u5e02\u503c\u89c2\u5bdf<\/p>\n<\/blockquote>\n

152\u4ebf\u7f8e\u5143\uff0c<\/span><\/span><\/span>1<\/span><\/span><\/span>032\u4ebf\u4eba\u6c11\u5e01<\/a>\uff01<\/span><\/span><\/span><\/p>\n

\u6052\u745e\u533b\u836f<\/a><\/span><\/span><\/span>\u4e0e\u767e\u65f6\u7f8e\u65bd\u8d35\u5b9d<\/span>\uff08<\/span><\/span><\/span>BMS\uff09\u7684\u8d85\u7ea7<\/span><\/span><\/span>BD\u4ea4\u6613\uff0c\u518d\u6b21\u9707\u98a4\u8d44\u672c\u5e02\u573a\u3002<\/span><\/span><\/span><\/p>\n

01<\/strong>\u8d85\u7ea7\u4ea4\u6613<\/strong><\/h2>\n

5\u670812\u65e5\uff0c\u6052\u745e\u533b\u836f\u5ba3\u5e03\u4e0e\u767e\u65f6\u7f8e\u65bd\u8d35\u5b9d<\/span>\uff08BMS\uff09<\/span>\u8fbe\u6210\u5168\u7403\u6027\u7684BD\u4ea4\u6613\uff0c\u53cc\u65b9\u5c06\u5171\u540c\u63a8\u8fdb\u6db5\u76d6\u80bf\u7624\u5b66\u3001\u8840\u6db2\u5b66\u53ca\u514d\u75ab\u5b66\u517113\u6b3e\u65e9\u671f\u9879\u76ee\u3002<\/span><\/span><\/span><\/p>\n

\"1032\u4ebf\uff01\u4e2d\u56fd\u521b\u65b0\u836f\u53c8\u5e72\u4e86\u4e00\u7968\u5927\u7684\"<\/p>\n

\u25b2<\/span><\/span><\/span><\/strong>\u6765\u6e90\uff1a\u6052\u745e\u533b\u836f\u516c\u544a<\/span><\/span><\/span><\/strong><\/p>\n

\u503c\u5f97\u6ce8\u610f\u7684\u662f\uff0c<\/span><\/span><\/span>\u8fd9\u4e00\u4ea4\u6613<\/span><\/span><\/span>\u7684\u6f5c\u5728\u603b\u4ea4\u6613\u989d<\/span><\/span><\/span>\u9ad8\u8fbe<\/span><\/span><\/span>152\u4ebf\u7f8e\u5143\uff08<\/span><\/span>\u7ea6\u4e3a1032\u4ebf\u5143\uff09<\/span><\/span>\u3002<\/span><\/span>\u521b\u4e0b\u516c\u53f8\u5bf9\u5916\u4ea4\u6613\u7eaa\u5f55\uff0c\u4e5f\u662f\u4e2d\u56fd\u521b\u65b0<\/a>\u836f<\/span><\/span><\/span>License<\/span><\/span><\/span>-<\/span><\/span>Out\u5386\u53f2\u4e0a\u6700\u5927\u7684\u4ea4\u6613\u4e4b\u4e00\uff0c\u4ec5\u6b21\u4e8e\u5e74\u521d<\/span><\/span><\/span>\u77f3\u836f\u96c6\u56e2<\/span><\/span><\/span>\u4e0e<\/span><\/span><\/span>\u963f\u65af\u5229\u5eb7\u7684<\/span><\/span><\/span>185\u4ebf\u7f8e\u5143<\/span><\/span>\uff08\u603b\u6f5c\u5728\u989d\uff09\u3002<\/span><\/span><\/span><\/p>\n

\"1032\u4ebf\uff01\u4e2d\u56fd\u521b\u65b0\u836f\u53c8\u5e72\u4e86\u4e00\u7968\u5927\u7684\"<\/p>\n

\u4ece\u8d22\u52a1\u6761\u6b3e\u6765\u770b\uff0c<\/span><\/span><\/span>BMS\u5c06\u5411\u6052\u745e\u533b\u836f\u652f\u4ed8\u6700\u9ad89.5\u4ebf\u7f8e\u5143\u7684\u9996\u4ed8\u6b3e\u53ca\u5468\u5e74\u4ed8\u6b3e\uff0c\u5176\u4e2d<\/span><\/span><\/span>\u9996\u4ed8\u6b3e<\/span><\/span><\/span>6\u4ebf\u7f8e\u5143\u3001<\/span><\/span><\/span>\u7b2c\u4e00\u7b14\u5468\u5e74\u4ed8\u6b3e<\/span><\/span><\/span>1.75\u4ebf\u7f8e\u5143\u30012028\u5e74\u7b2c\u4e8c\u7b14\u6709\u6761\u4ef6\u5468\u5e74\u4ed8\u6b3e1.75\u4ebf\u7f8e\u5143\u3002<\/p>\n

\u8fd9\u6b21\u4ea4\u6613<\/span><\/span><\/span>\u5237\u65b0<\/span><\/span><\/span>\u4e86\u5176<\/span><\/span><\/span>\u51fa\u6d77<\/span><\/span><\/span>\u7684\u9996\u4ed8\u6b3e<\/span><\/span><\/span>\u7eaa\u5f55<\/span><\/span><\/span>\uff0c\u8fd9\u4e2a\u4f53\u91cf\u5728\u6574\u4e2a\u4e2d\u56fd\u521b\u65b0\u836f\u5bf9\u5916\u6388\u6743\u4ea4\u6613\u4e2d\u4e5f\u4f4d\u4e8e\u524d\u5217\u3002<\/span><\/span><\/span><\/p>\n

\u800c\u4e14\uff0c\u5728\u4ea4\u6613\u7ed3\u6784\u4e0a\uff0c\u6052\u745e\u533b\u836f\u5e76\u975e\u5355\u7eaf\u53d8\u5356\u8d44\u4ea7\uff0c\u83b7\u53d6\u4e00\u6b21\u6027\u6536\u76ca\uff0c\u800c\u662f<\/span><\/span><\/span>\u91c7\u53d6<\/span><\/span><\/span>“\u77ed\u671f\u73b0\u91d1\u6d41+\u957f\u671f\u5546\u4e1a\u4ef7\u503c\u5206\u4eab”\u7684\u67b6\u6784\u3002<\/span><\/span><\/span><\/p>\n

\u9664\u4e86\u9996\u4ed8\u6b3e\u548c\u5468\u5e74\u4ed8\u6b3e\u5916\uff0c\u6052\u745e\u533b\u836f\u8fd8\u62e5\u6709\u5f00\u53d1\u6ce8\u518c\u548c\u5546\u4e1a\u5316\u91cc\u7a0b\u7891\u4ed8\u6b3e\u6743\u76ca\uff0c\u6700\u9ad8\u53ef\u8fbe<\/span><\/span><\/span>1<\/span><\/span><\/span>43\u4ebf\u7f8e\u5143\uff0c\u540c\u65f6\u5bf9\u4e2d\u56fd\u4ee5\u5916\u533a\u57df\u7684\u51c0\u9500\u552e\u989d\u4eab\u6709\u5206\u68af\u5ea6\u63d0\u6210\uff0c\u6700\u9ad8\u53ef\u8fbe\u5230\u4e24\u4f4d\u6570\u7684\u767e\u5206\u6bd4\u4f8b\u3002<\/span><\/span><\/span><\/p>\n

\"1032\u4ebf\uff01\u4e2d\u56fd\u521b\u65b0\u836f\u53c8\u5e72\u4e86\u4e00\u7968\u5927\u7684\"<\/p>\n

\u25b2<\/span><\/span><\/span><\/strong>\u6765\u6e90\uff1a\u6052\u745e<\/span><\/span><\/span>IR\u8def\u6f14\u8d44\u6599<\/span><\/span><\/span><\/strong><\/p>\n

\u6700\u4e3a\u5173\u952e\u7684\u662f\uff0c<\/span><\/span><\/span>\u6b64\u6b21\u4ea4\u6613\uff0c\u5e76\u975e\u5355\u7ebf\u8f93\u51fa\uff0c\u800c\u662f\u771f\u6b63\u610f\u4e49\u4e0a\u7684<\/span><\/span><\/span>“\u53cc\u5411\u8d4b\u80fd”\u3002<\/span><\/span><\/span><\/p>\n

\u6839\u636e\u4ea4\u6613\u6846\u67b6\uff0c\u6b64\u6b21\u5408\u4f5c\u6d89\u53ca<\/span><\/span><\/span>1<\/span><\/span><\/span>3\u9879\u5177\u6709<\/span><\/span><\/span>First<\/span><\/span><\/span>-in-C<\/span><\/span><\/span>lass\u6216<\/span><\/span><\/span>Best<\/span><\/span><\/span>-in<\/span><\/span><\/span>-Class\u6f5c\u529b\u7684\u521b\u65b0\u9879\u76ee\uff0c\u5305\u62ec<\/span><\/span><\/span>4\u9879\u6052\u745e\u80bf\u7624\u5b66\u53ca\u8840\u6db2\u5b66\u9879\u76ee\u30014\u9879BMS\u514d\u75ab\u5b66\u9879\u76ee\uff0c\u4ee5\u53ca\u53cc\u65b9\u4f9d\u6258\u6052\u745e\u7814\u53d1\u5e73\u53f0\u5171\u540c\u5f00\u53d1\u7684<\/span><\/span><\/span>5\u4e2a<\/span><\/span><\/span>\u9879\u76ee<\/span><\/span><\/span>\u3002<\/span><\/span><\/span><\/p>\n

\u53cc\u65b9\u5c06\u5206\u4eab<\/span><\/span><\/span>\u4e0a\u8ff0<\/span><\/span><\/span>13\u4e2a\u9879\u76ee\u7684\u5168\u7403\u72ec\u5bb6\u6743\u5229\uff0c<\/span><\/span><\/span>\u610f\u5473\u7740\u6052\u745e\u4e0e<\/span><\/span><\/span>BMS\u5b9e\u9645\u4e0a\u662f<\/span><\/span><\/span>“\u53cc\u5411\u6388\u6743”\u3002<\/span><\/span><\/span><\/p>\n

\u800c\u4e14\uff0c<\/span><\/span><\/span>\u6052\u745e\u62e5\u6709<\/span><\/span><\/span>Co-Co\u673a\u4f1a\uff0c\u5373<\/span><\/span><\/span>\u62e5\u6709\u5171\u540c\u5f00\u53d1\u7279\u5b9a\u9879\u76ee\u7684\u9009\u62e9\u6743\uff0c\u5e76\u4e14\u6709\u673a\u4f1a\u4e0e<\/span><\/span><\/span>BMS\u5728\u5168\u7403<\/span><\/span><\/span>\u5171\u540c\u5f00\u5c55\u7279\u5b9a\u5546\u4e1a\u5316\u6d3b\u52a8\u3002<\/span><\/span><\/span><\/p>\n

\u4f5c\u4e3a\u4e16\u754c\u524d\u5341\u7684\u533b\u836f\u5de8\u5934\uff0c<\/span><\/span><\/span>BMS\u6b64\u6b21\u7518\u613f\u8ba9\u6e21<\/span><\/span><\/span>\u90e8\u5206\u5229\u76ca\u4e0e\u5730\u57df\u6743\u5229\uff0c<\/span><\/span><\/span>\u6765<\/span><\/span><\/span>\u6362\u53d6\u4e2d\u56fd\u4f18\u8d28\u521b\u65b0\u836f\u5728\u7f8e\u56fd<\/a><\/span><\/span><\/span>\u7b49<\/span><\/span><\/span>\u5e02\u573a\u7684\u72ec\u5bb6\u6743\u5229\uff0c\u5e76\u5171\u540c\u63a8\u8fdb\u4e2d\u56fd<\/span><\/span><\/span>\u5e02\u573a\u7684<\/span><\/span><\/span>\u5546\u4e1a\u5316\u3002<\/span><\/span><\/span>\u8db3\u89c1\u5176\u5bf9\u6052\u745e\u533b\u836f\u521b\u65b0\u80fd\u529b\u7684\u8ba4\u53ef\u3002<\/span><\/span><\/span><\/p>\n

\u800c<\/span><\/span><\/span>Co-Co\u6a21\u5f0f\uff0c\u66f4\u662f\u5c06\u53cc\u65b9\u7684\u7814\u53d1<\/span><\/span><\/span>\u3001\u6e20\u9053\u3001\u4e34\u5e8a\u3001<\/span><\/span><\/span>\u5546\u4e1a\u5316\u7f51\u7edc\u7b49\u5168\u9762\u7ed1\u5b9a\uff0c\u6052\u745e<\/span><\/span><\/span>“\u51fa\u6d77”<\/span><\/span><\/span>\u7684\u98ce\u9669<\/a>\u4e5f\u5c06\u5927\u5e45\u5ea6<\/span><\/span><\/span>\u964d<\/span><\/span><\/span>\u4f4e<\/span><\/span><\/span>\u3002<\/span><\/span><\/span><\/p>\n

\u8981\u77e5\u9053\uff0cCo-Co\u7ed3\u6784\u88ab\u8ba4\u4e3a\u662f“\u5f3a\u8005\u6e38\u620f<\/a>”\uff0cMNC\u4e00\u822c\u4f1a\u8981\u6c42<\/span><\/span><\/span>Biotech\u6216<\/span><\/span><\/span>Biopharma\u6709\u8db3\u591f\u7684\u8d44\u91d1\u8986\u76d6<\/span><\/span><\/span>40%\u751a\u81f3\u66f4\u591a<\/span><\/span><\/span>\u7684\u4e34\u5e8a\u7814\u53d1<\/span><\/span><\/span>\u652f\u51fa<\/span><\/span><\/span>\uff0c\u8fd8\u8981<\/span><\/span><\/span>\u4e3a\u540e\u7eed\u7684\u6ce8\u518c\u4e0a\u5e02<\/a>\uff0c\u79ef\u7d2f\u5177\u5907\u5168\u7403\u5316\u89c6\u91ce\u548c\u7ecf\u9a8c\u7684<\/span><\/span><\/span>\u533b\u5b66<\/span><\/span><\/span>\u3001<\/span><\/span><\/span>\u6ce8\u518c\u56e2\u961f<\/span><\/span><\/span>\u3002<\/span><\/span>
<\/span><\/span><\/p>\n

\u6240\u4ee5\uff0cCo-Co\u4e0d\u662f\u8c01\u90fd\u80fd\u73a9\u7684\uff0c\u6052\u745e\u6b64\u6b21\u76f4\u63a5\u5927\u624b\u7b14\u5305\u63fd\uff0c\u5168\u9762\u8d1f\u8d23\u65e9\u671f\u4e34\u5e8a\u5f00\u53d1\uff0c\u518d\u6b21\u5c55\u73b0\u4e86“A\u80a1\u533b\u836f\u738b\u8005”\u7684\u5e95\u6c14\u3002<\/span><\/span><\/span><\/p>\n

02<\/strong>\u4e0d\u6b62\u662f\u89c4\u6a21<\/strong><\/h2>\n

2025\u5e74\u4ee5\u6765\uff0c\u533b\u836f\u4f01\u4e1a\u91cd\u65b0\u5206\u5316\uff0c<\/span>\u96c6\u4e2d\u8868\u73b0\u4e3a“\u4eff\u5236\u836f\u542b\u91cf\u8fc7\u9ad8\uff0c\u4f30\u503c\u8d8a\u4f4e\uff1b\u521b\u65b0\u6210\u8272\u66f4\u6d53\uff0c\u5219\u4f30\u503c\u8d8a\u9ad8”\u3002<\/span><\/span><\/span><\/p>\n

\u53d7\u4eff\u5236\u836f\u4e1a\u7ee9<\/a>\u4e0b\u6ed1\u5f71\u54cd\uff0c\u5904\u4e8e\u8f6c\u578b\u9636\u6bb5\u7684\u6052\u745e\u533b\u836f\u88ab\u767e\u6d4e\u795e\u5dde\u593a\u53bb<\/span><\/span><\/span>“A\u80a1\u533b\u836f\u5e02\u503c\u4e00\u54e5”\u7684\u4f4d\u7f6e\u3002\u7136\u800c\uff0c2<\/span><\/span><\/span>025\u5e74\uff0c\u6052\u745e\u533b\u836f\u51c0\u5229\u6da6\u6bd4\u767e\u6d4e\u795e\u5dde\u591a\u51fa<\/span><\/span><\/span>6<\/span><\/span><\/span>3\u4ebf\u5143\uff0c\u800c\u540e\u8005\u603b\u5e02\u503c\u5374\u9ad8\u51fa<\/span><\/span><\/span>3<\/span><\/span><\/span>00\u4ebf\u5143\uff0c\u9759\u6001\u5e02\u76c8\u7387\u66f4\u662f\u5dee\u51fa<\/span><\/span><\/span>2<\/span><\/span><\/span>00\u591a\u500d\u3002<\/span><\/span><\/span><\/p>\n

\u8db3\u4ee5\u770b\u51fa\uff0c\u8d44\u672c\u5e02\u573a\u5bf9\u4e0d\u540c\u6027\u8d28\u533b\u836f\u4f01\u4e1a\u7684\u4f30\u503c\u504f\u597d\u7684\u8f6c\u53d8\u3002<\/span><\/span><\/span><\/p>\n

\u7ecf\u8fc7\u591a\u5e74\u594b\u529b\u62bc\u6ce8\u521b\u65b0\u836f\uff0c\u6052\u745e\u7ec8\u4e8e\u8fce\u6765\u6536\u83b7\u671f\u3002<\/span><\/span><\/span>2<\/span><\/span><\/span>025\u5e74\uff0c<\/span><\/span><\/span>\u6052\u745e\u533b\u836f<\/span><\/span><\/span>\u6536\u5165\u4e0e\u51c0\u5229\u6da6\u5747\u521b\u4e0b\u5386\u53f2\u65b0\u9ad8\uff0c<\/span><\/span><\/span>\u8425\u6536<\/span><\/span><\/span>316.29\u4ebf\u5143\uff0c\u540c\u6bd4\u589e\u957f13.02%\uff1b\u51c0\u5229\u6da677.11\u4ebf\u5143\uff0c\u540c\u6bd4\u589e\u957f21.69%\uff0c\u5229\u6da6\u89c4\u6a21\u4f4d\u5c45<\/span><\/span><\/span>A\u80a1\u540c\u884c\u4e1a\u7b2c\u4e00\u3002<\/span><\/span><\/span><\/p>\n

\"1032\u4ebf\uff01\u4e2d\u56fd\u521b\u65b0\u836f\u53c8\u5e72\u4e86\u4e00\u7968\u5927\u7684\"<\/p>\n

\u25b2<\/span><\/span><\/span><\/strong>\u6052\u745e\u533b\u836f\u5386\u5e74\u51c0\u5229\u6da6\u60c5\u51b5<\/span><\/span><\/span><\/strong><\/p>\n

\u6765\u6e90\uff1a\u516c\u53f8\u8d22\u62a5\uff0c\u540c\u82b1\u987a<\/span><\/span><\/span><\/strong><\/p>\n

\u62c6\u5206\u6765\u770b\uff0c<\/span><\/span><\/span>2025\u5e74\u7684<\/span><\/span><\/span>\u521b\u65b0\u836f\u6536\u5165<\/span><\/span><\/span>163.4\u4ebf\u5143\uff0c\u540c\u6bd4\u589e\u52a0<\/span><\/span><\/span>26.1%\uff0c\u8fdc\u9ad8\u4e8e\u6574\u4f53\u6536\u5165\u589e\u901f\uff0c<\/span><\/span><\/span>\u80bf\u7624\u836f<\/span><\/span><\/span>\u8d21\u732e<\/span><\/span><\/span>132.4\u4ebf\u5143\u3002\u5230\u4eca\u5e74\u4e00\u5b63\u5ea6\uff0c<\/span><\/span><\/span>\u521b\u65b0<\/span><\/span><\/span>\u677f\u5757\u5ef6\u7eed\u9ad8\u589e\u6001\u52bf\uff0c\u6536\u5165\u8fbe\u5230<\/span><\/span><\/span>45.3\u4ebf\u5143\uff0c\u540c\u6bd4\u589e\u957f<\/span><\/span><\/span>25.8%\uff0c\u6052\u745e\u8fd8\u7ed9\u51fa\u4e86\u5168\u5e74<\/span><\/span><\/span>\u521b\u65b0\u836f\u6536\u5165\u589e\u901f\u8d85<\/span><\/span><\/span>30%\u7684\u6307\u5f15<\/span><\/span><\/span>\u3002<\/span><\/span><\/span><\/p>\n

\u66f4\u4e3a\u6b23\u559c\u7684\u662f\uff0c\u6052\u745e\u533b\u836f\u6d77\u5916<\/span><\/span><\/span>BD\u4ea4\u6613\u7b56\u7565<\/a>\u65e5\u81fb\u7eaf\u719f\uff0c\u5168\u7403\u5316\u8fd0\u4f5c\u6e10\u5165\u4f73\u5883\u3002<\/span><\/span><\/span><\/p>\n

\"1032\u4ebf\uff01\u4e2d\u56fd\u521b\u65b0\u836f\u53c8\u5e72\u4e86\u4e00\u7968\u5927\u7684\"<\/p>\n

\u68b3\u7406\u6765\u770b\uff0c<\/span><\/span><\/span>\u81ea<\/span><\/span><\/span>2023\u5e74\u8d77\uff0c\u6052\u745e<\/span><\/span><\/span>\u5df2\u5b8c\u6210<\/span><\/span><\/span>12\u7b14\u6d77\u5916<\/span><\/span><\/span>\u5408\u4f5c<\/span><\/span><\/span>\uff0c<\/span><\/span><\/span>\u5f62\u5f0f\u4e0d\u9650\u4e8e\u5bf9<\/span><\/span><\/span>\u5916\u8bb8\u53ef\u3001<\/span><\/span><\/span>NewCo\u548c\u6218\u7565\u7ed3\u76df<\/span><\/span><\/span>\uff0c<\/span><\/span><\/span>\u6f5c\u5728\u603b\u4ea4\u6613\u4ef7\u503c\u8d85\u8fc7<\/span><\/span><\/span>270\u4ebf\u7f8e\u5143<\/span><\/span>\uff0c\u52a0\u4e0a\u6b64\u6b21\u4e0e<\/span><\/span><\/span>BMS<\/span><\/span>\u7684<\/span><\/span><\/span>152\u4ebf\u7f8e\u5143\u6f5c\u5728\u603b\u989d\u4ea4\u6613\uff0c\u6f5c\u5728\u603b\u4ef7\u503c\u8d85\u8fc7422\u4ebf\u7f8e\u5143<\/span><\/span>\uff0c\u5728\u6574\u4e2a\u4e2d\u56fd\u521b\u65b0\u836f\u8230\u961f\u4e2d\uff0c\u5c5e\u4e8e\u5de8\u65e0\u9738\u7684\u4f53\u91cf\u3002<\/span><\/span><\/span><\/p>\n

\u800c\u4e14\uff0c\u6052\u745e\u5728<\/span><\/span><\/span>1<\/span><\/span><\/span>0\u4e2a\u6708\u65f6\u95f4\u5185\uff0c\u5c31\u8fde\u7eed\u5b8c\u6210<\/span><\/span><\/span>125\u4ebf\u7f8e\u5143<\/span><\/span><\/span>\uff08<\/span><\/span><\/span>GSK\uff09\u548c152\u4ebf\u7f8e\u5143<\/span><\/span><\/span>\uff08<\/span><\/span><\/span>BMS\uff09\u4e24\u7b14\u8d85\u767e\u4ebf\u7f8e\u91d1\u7684\u91cd\u78c5\u4ea4<\/span><\/span><\/span>\u6613<\/span><\/span><\/span>\uff0c\u8fd9\u5728\u4e2d\u56fd\u836f\u4f01\u4e2d\u5c1a\u5c5e\u9996\u4f8b\u3002\u4e0d\u4ec5\u5e26\u9886\u4e2d\u56fd\u521b\u65b0\u836f\u5bf9\u5916\u6388\u6743\u4ea4\u6613\u8fdb\u5165<\/span><\/span><\/span>“\u767e\u4ebf\u7f8e\u5143\u4ff1\u4e50\u90e8”\uff0c\u66f4\u5370\u8bc1\u4e2d\u56fd\u521b\u65b0\u529b\u91cf\u5df2\u88ab\u4e16\u754c\u7ea7MNC\u8ba4\u53ef\u3002<\/span><\/span><\/span><\/p>\n

\u4e0d\u4ec5\u89c4\u6a21\u5927\uff0c\u6052\u745e\u5bf9\u5916\u4ea4\u6613\u7684\u521b\u65b0\u6a21\u5f0f\u4e5f\u6210\u4e3a\u4e1a\u754c\u6807\u6746\u3002<\/span><\/span><\/span>4\u67081<\/span><\/span><\/span>7\u65e5\uff0c<\/span><\/span><\/span>\u6052\u745e<\/span><\/span><\/span>NewCo\u6a21\u5f0f<\/span><\/span><\/span>\u4e0b<\/span><\/span><\/span>\u5b75\u5316\u7684<\/span><\/span><\/span>Kailera Therapeutics\u6b63\u5f0f<\/span><\/span><\/span>\u5728<\/span><\/span><\/span>\u7eb3\u65af\u8fbe\u514b<\/span><\/span><\/span>\u4e0a\u5e02<\/span><\/span><\/span>\uff0c<\/span><\/span><\/span>\u9996\u65e5<\/span><\/span><\/span>\u6700\u9ad8\u6da8\u5e45\u8fbe<\/span><\/span><\/span>67.5%\uff0c\u52df\u96c6\u8d44\u91d16.25\u4ebf\u7f8e\u5143\uff0c\u521b\u4e0b<\/span><\/span><\/span>2021\u5e74\u4ee5\u6765\u7f8e\u56fd\u751f\u7269<\/span><\/span>\u6280\u672f<\/span><\/span><\/span>\u9886\u57df\u6700\u5927\u89c4\u6a21<\/span><\/span><\/span>IPO<\/a><\/span><\/span>\u3002<\/span><\/span><\/span><\/p>\n

2024\u5e745\u6708\uff0c<\/span><\/span><\/span>Kailera\u4ece<\/span><\/span><\/span>\u6052\u745e\u533b\u836f<\/span><\/span><\/span>\u624b\u4e2d\u83b7\u5f97<\/span><\/span><\/span>\u4e09\u6b3e<\/span><\/span><\/span>GLP-1\u4ea7\u54c1\u72ec\u5bb6\u6388\u6743\u3002\u6b64\u6b21\u4ea4\u6613\u91c7\u7528\u4e86<\/span><\/span><\/span>NewCo\u67b6\u6784\uff0c<\/span><\/span><\/span>\u6052\u745e\u533b\u836f<\/span><\/span><\/span>\u9664\u4e86\u83b7\u5f97<\/span><\/span><\/span>1<\/span><\/span><\/span>.1\u4ebf\u7f8e\u5143\u7684<\/span><\/span><\/span>\u9996\u4ed8\u6b3e\u548c\u8fd1\u671f\u91cc\u7a0b\u7891\u6b3e\uff0c\u7d2f\u8ba1\u4e0d\u8d85\u8fc7<\/span><\/span><\/span>59.25\u4ebf\u7f8e\u5143\u7684\u4e34\u5e8a\u5f00\u53d1\u3001\u76d1\u7ba1\u548c\u9500\u552e\u91cc\u7a0b\u7891\u6b3e\uff0c\u4ee5\u53ca<\/span><\/span><\/span>\u9500\u552e\u63d0\u6210<\/span><\/span><\/span>\u5916\uff0c\u8fd8\u5c06\u62ff\u5230<\/span><\/span><\/span>Kailera\u516c\u53f8<\/span><\/span><\/span>19.9%\u7684\u80a1\u6743\u3002<\/p>\n

\u4e5f\u5c31\u662f\u8bf4\uff0c\u6052\u745e\u4e0d\u4ec5\u4eab\u6709\u8fd1\u4e2d\u671f\u7684\u6536\u76ca\uff0c\u8fd8\u6709\u9500\u552e\u5206\u6210\uff0c\u66f4\u83b7\u5f97\u4e86\u672a\u6765\u7684\u8d44\u672c\u589e\u503c\u3002<\/span><\/span><\/span><\/p>\n

\u5982\u4eca\u8fd9\u4e9b\u64cd\u4f5c\u90fd\u5df2\u8fdb\u5165\u5151\u73b0\u73af\u8282\uff0c<\/span><\/span><\/span>Kailera\u8fd8\u662f\u9996\u5bb6\u8d74\u7f8e<\/span><\/span><\/span>\u4e0a\u5e02\u7684<\/span><\/span><\/span>Newco\uff0c\u8fd9\u4e00\u8def\u5f84\u7684\u6210\u884c\uff0c\u8bc1\u660e\u4e86<\/span><\/span><\/span>“\u4e2d\u56fd<\/span><\/span><\/span>\u521b\u65b0\u836f\u51fa\u6d77<\/span><\/span><\/span>+\u7f8e\u56fd\u4f01\u4e1a<\/span><\/span><\/span>\u64cd\u76d8<\/span><\/span><\/span>+\u7f8e\u56fd\u8d44\u672c\u5e02\u573a\u4e0a\u5e02\u5151\u73b0<\/span><\/span><\/span>”\u7684\u53ef\u884c\u6027\u3002<\/span><\/span><\/span><\/p>\n

\u968f\u7740\u521b\u65b0\u6210\u679c\u7684\u9010\u6b65\u91ca\u653e\uff0c\u6052\u745e\u533b\u836f\u4e5f<\/span><\/span>\u8fce\u6765\u6536\u83b7\u7684\u5b63\u8282\u3002<\/span><\/span><\/span><\/p>\n

03<\/strong>\u8fdb\u9636\u4e16\u754c\u7ea7MNC<\/strong><\/h2>\n

\u4ee5\u4eff\u5236\u836f\u8d77\u5bb6\uff0c\u671f\u95f4\u7ecf\u5386\u4eff\u5236\u836f\u6536\u5165\u4e0b\u6ed1\u3001\u5e02\u503c\u7f29\u6c34\u7684\u9635\u75db\uff0c\u5982\u4eca\uff0c\u4ece<\/span><\/span><\/span>“\u521b\u4eff\u7ed3\u5408”\u5230“\u521b\u65b0\u9a71\u52a8”\uff0c\u6052\u745e\u533b\u836f\u534a\u4e2a\u4e16\u7eaa\u7684\u53d1\u5c55\u5386\u53f2\uff0c\u89c1\u8bc1\u4e86\u4e2d\u56fd\u533b\u836f\u4ea7\u4e1a\u7684\u5386\u53f2\u6027\u8f6c\u8eab\u3002<\/span><\/span><\/span><\/p>\n

\u6052\u745e\u533b\u836f\u7684<\/span><\/span><\/span>\u524d\u8eab\u662f<\/span><\/span><\/span>1<\/span><\/span><\/span>970\u5e74\u6210\u7acb\u7684<\/span><\/span><\/span>‌<\/span><\/span><\/span>\u8fde\u4e91\u6e2f\u5236\u836f\u5382<\/a><\/span><\/span><\/span>‌<\/span><\/span><\/span>\uff0c<\/span><\/span><\/span>\u65e9\u671f<\/span><\/span><\/span>\u751f\u4ea7<\/span><\/span><\/span>\u7c7b\u4f3c<\/span><\/span><\/span>\u7ea2\u836f\u6c34\u3001\u7d2b\u836f\u6c34\u7b49\u6280\u672f\u542b\u91cf\u4f4e\u7684\u4eff\u5236\u836f\uff0c\u5229\u6da6\u5fae\u8584<\/span><\/span><\/span>\uff0c\u7ade\u4e89\u529b\u5b71\u5f31<\/span><\/span><\/span>\uff0c<\/span><\/span><\/span>\u540e\u671f<\/span><\/span><\/span>\u9677\u5165<\/span><\/span><\/span>\u751f\u6b7b\u5371\u5c40\uff1b<\/span><\/span><\/span>1990\u5e74\uff0c\u6280\u672f\u51fa\u8eab\u7684\u5b59\u98d8\u626c\u62c5\u4efb<\/span><\/span><\/span>\u5382\u957f\uff0c<\/span><\/span><\/span>\u4e00\u4e0a\u4efb\uff0c\u4ed6\u5c31<\/span><\/span><\/span>\u51b3\u5b9a\u8fdb\u519b\u9ad8\u6280\u672f\u4eff\u5236\u836f<\/span><\/span><\/span>\u8d5b\u9053<\/span><\/span><\/span>\u3002<\/span><\/span><\/span><\/p>\n

\u968f\u7740\u4e2d\u56fd\u5236\u836f\u4ea7\u4e1a\u7684\u5d1b\u8d77\uff0c\u6052\u745e\u8fce\u6765\u53d1\u5c55\u7684\u9ec4\u91d1<\/a>\u65f6\u4ee3<\/span><\/span><\/span>\uff0c\u501f\u52a9\u591a\u6b3e\u836f\u54c1\u83b7\u6279\uff0c\u516c\u53f8\u4eff\u5236\u836f\u677f\u5757\u5728<\/span><\/span><\/span>2<\/span><\/span><\/span>019\u5e74\u8d21\u732e\u8fd1<\/span><\/span><\/span>1<\/span><\/span><\/span>90\u4ebf\u5143\u7684\u6536\u5165\uff0c\u6210\u4e3a\u4e2d\u56fd\u533b\u836f\u9886\u57df\u7684\u7edd\u5bf9\u9886\u5934\u7f8a\u3002<\/span><\/span><\/span><\/p>\n

\u7136\u800c\uff0c<\/span><\/span><\/span>\u968f\u7740\u96c6\u91c7\u6df1\u5165\uff0c\u516c\u53f8\u4eff\u5236\u836f\u677f\u5757\u6301\u7eed\u840e\u7f29\uff0c\u800c\u4e14<\/span><\/span><\/span>\u4eff\u5236\u836f\u4ef7\u683c<\/span><\/span><\/span>\u906d\u53d7\u91cd\u632b<\/span><\/span><\/span>\uff0c\u884c\u4e1a<\/span><\/span><\/span>\u6b65\u5165<\/span><\/span><\/span>“\u8584\u5229\u65f6\u4ee3”\uff0c<\/span><\/span><\/span>\u4f53\u91cf\u8f83\u5927\u7684<\/span><\/span><\/span>\u6052\u745e\u533b\u836f\u4e5f\u968f\u4e4b\u76f4\u7ebf<\/span><\/span><\/span>\u4e0b\u5760\u3002<\/span><\/span><\/span><\/p>\n

\"1032\u4ebf\uff01\u4e2d\u56fd\u521b\u65b0\u836f\u53c8\u5e72\u4e86\u4e00\u7968\u5927\u7684\"<\/p>\n

\u516c\u53f8\u603b\u5e02\u503c\u5728<\/span><\/span><\/span>2<\/span><\/span><\/span>021\u5e74\u8fbe\u5230\u9876\u5cf0\u540e\uff0c\u6025\u901f\u4e0b\u6ed1\uff0c\u6700\u9ad8<\/span><\/span><\/span>7<\/span><\/span><\/span>0%\u7684\u5e02\u503c\u7070\u98de\u70df\u706d\u3002<\/span><\/span><\/span>2024\u5e74\uff0c\u6052\u745e\u533b\u836f\u4eff\u5236\u836f\u6536\u5165\u5df2\u964d\u81f3116\u4ebf\u5143\uff0c\u906d\u9047\u9635\u75db\u540e\uff0c\u57fa\u4e8e\u8fc7\u5f80\u4eff\u5236\u836f\u4e1a\u52a1\u79ef\u7d2f\u7684\u8d44\u672c\u5f39\u836f\uff0c\u516c\u53f8\u5168\u9762\u8f6c\u5411\u521b\u65b0\u836f\u7814\u53d1\u3002<\/span><\/span><\/span><\/p>\n

\u8d22\u62a5\u663e\u793a\uff0c<\/span><\/span><\/span>2022\u5e74\u81f32025\u5e74\uff0c\u6052\u745e\u6bcf\u5e74\u7838\u5411\u521b\u65b0<\/span><\/span><\/span>\u7814\u53d1<\/span><\/span><\/span>\u7684\u652f\u51fa\u90fd\u9ad8\u8fbe<\/span><\/span><\/span>2<\/span><\/span><\/span>0%\u4ee5\u4e0a\u3002<\/span><\/span><\/span>2025\u5e74\u5168\u5e74\u7814\u53d1\u6295\u5165\u66f4\u662f\u4e0a\u5347\u5230<\/span><\/span><\/span>8<\/span><\/span><\/span>7.24\u4ebf\u5143\uff0c\u5360\u8425\u4e1a\u6536\u5165\u7684\u6bd4\u4f8b\u4e3a<\/span><\/span><\/span>27.58%\u3002<\/p>\n

\u8f6c\u578b\u8fc7\u7a0b\u4e2d\uff0c<\/span><\/span><\/span>\u6052\u745e<\/span><\/span><\/span>\u91cd\u70b9<\/span><\/span><\/span>\u805a\u7126\u80bf\u7624\u3001\u4ee3\u8c22\u548c\u5fc3\u8840\u7ba1\u3001\u514d\u75ab\u548c\u547c\u5438\u7cfb\u7edf<\/span><\/span><\/span>\u4ee5\u53ca<\/span><\/span><\/span>\u795e\u7ecf\u79d1\u5b66\u56db\u5927\u9886\u57df\u3002<\/span><\/span><\/span>\u4f9d\u6258\u9ad8\u8fbe<\/span><\/span><\/span>4<\/span><\/span><\/span>00\u4ebf\u5143\u7684\u73b0\u91d1\u50a8\u5907\uff0c\u6052\u745e\u533b\u836f\u4e0d\u4ec5\u7ba1\u7ebf\u4e30\u5bcc\u4e14\u521b\u65b0\u7a0b\u5ea6\u9ad8\uff0c<\/span><\/span><\/span>2025\u5e74\u4ee5\u6765\u63a8\u8fdb\u4e8631\u6761\u7ba1\u7ebf\u8fdb\u5165\u4e34\u5e8a\uff0c<\/span><\/span><\/span>\u6570\u91cf<\/span><\/span><\/span>\u4e3a<\/span><\/span><\/span>\u4e2d\u56fd\u7b2c\u4e00<\/span><\/span><\/span>\u3002<\/span><\/span><\/span><\/p>\n

\"1032\u4ebf\uff01\u4e2d\u56fd\u521b\u65b0\u836f\u53c8\u5e72\u4e86\u4e00\u7968\u5927\u7684\"<\/p>\n

\u25b2<\/span><\/span><\/span><\/strong>\u6052\u745e\u533b\u836f\u7ba1\u7ebf\u60c5\u51b5\uff0c\u6765\u6e90\uff1a<\/span><\/span><\/span>2<\/span><\/span><\/span><\/strong>025<\/span><\/span><\/strong>\u5e74\u5e74\u62a5<\/span><\/span><\/span><\/strong><\/p>\n

\u800c\u4e14\uff0c\u8fd9\u4e9b\u7814<\/span><\/span><\/span>\u53d1\u7ba1\u7ebf<\/span><\/span><\/span>\u8fdb\u5ea6\u9760\u524d\uff0c\u5e76\u80fd\u9ad8<\/span><\/span><\/span>\u6548\u5151\u73b0\uff0c<\/span><\/span><\/span>\u6bd4\u5982<\/span><\/span><\/span>\u51cf\u91cd\u9886\u57df<\/span><\/span><\/span>\u7684<\/span><\/span><\/span>GLP-1\/GIP\u53cc\u9776\u70b9\u3001GLP-1\u53e3\u670d\u836f\uff1b<\/span><\/span><\/span>\u5fc3\u8840\u7ba1\u9886\u57df<\/span><\/span><\/span>\u7684<\/span><\/span><\/span>PCSK9\u5355\u6297\u3001ANGPTL3\u5355\u6297\u7b49\u5dee\u5f02\u5316\u4ea7\u54c1\u5c06\u63a5\u8fde\u4e0a\u5e02\u3002\u80bf\u7624\u8d5b\u9053\u6301\u7eed<\/span><\/span><\/span>\u4fdd\u6301\u9886\u5148\u5730\u4f4d\uff0c\u9884\u8ba1<\/span><\/span><\/span>\u4eca\u5e74\u5c31\u6709<\/span><\/span><\/span>\u5341\u4f59\u9879\u9002\u5e94\u75c7<\/span><\/span><\/span>\/\u4ea7\u54c1\u83b7\u6279\uff0c\u592f\u5b9e\u672a\u6765<\/span><\/span><\/span>\u4e1a\u7ee9<\/span><\/span><\/span>\u3002<\/span><\/span><\/span><\/p>\n

\u4e0e\u6b64\u540c\u65f6\uff0c<\/span><\/span><\/span>\u57fa\u4e8e\u81ea\u7814\u7684<\/span><\/span><\/span>AI\u836f\u7269\u7814\u53d1\u3001PROTAC\u3001\u591a\u80bd\u3001siRNA\u7b49\u7814\u53d1<\/span><\/span><\/span>\u5e73\u53f0\uff0c<\/span><\/span><\/span>\u6052\u745e<\/span><\/span><\/span>\u6709\u671b\u6301\u7eed\u4ea7\u51fa<\/span><\/span><\/span>BIC\/FIC\u836f\u7269\uff0c\u5e76<\/span><\/span><\/span>\u4e0d\u65ad<\/span><\/span><\/span>\u8fed\u4ee3\u8fdb\u5316\uff0c\u8fdb\u4e00\u6b65<\/span><\/span><\/span>\u5f3a\u5316\u516c\u53f8\u7684\u521b\u65b0\u80fd\u529b\u3002<\/span><\/span><\/span><\/p>\n

\u5230<\/span><\/span><\/span>2<\/span><\/span><\/span>026<\/span><\/span>\u5e74\u7b2c\u4e00\u5b63\u5ea6\uff0c\u6052\u745e\u521b\u65b0\u836f\u53ca\u5bf9\u5916\u8bb8\u53ef\u4e1a\u52a1\u6536\u5165\u5360\u6bd4\u5df2\u7ecf\u8d85\u8fc7<\/span><\/span><\/span>6<\/span><\/span><\/span>5%<\/span><\/span>\uff0c\u521b\u65b0\u836f\u4f01\u7684\u6210\u8272\u6108\u53d1\u6d53\u539a\u3002<\/span><\/span><\/span><\/p>\n

\"1032\u4ebf\uff01\u4e2d\u56fd\u521b\u65b0\u836f\u53c8\u5e72\u4e86\u4e00\u7968\u5927\u7684\"<\/p>\n

\u25b2<\/span><\/span>\u6052\u745e\u533b\u836f<\/span><\/span><\/span>2<\/span><\/span><\/span><\/strong>026<\/span><\/span><\/strong>Q1\u4e1a\u52a1\u7ed3\u6784<\/span><\/span><\/span><\/strong><\/p>\n

\u6765\u6e90\uff1a\u516c\u53f8\u516c\u544a\uff0c\u540c\u82b1\u987a<\/span><\/span><\/span><\/strong><\/p>\n

\u6052\u745e\u533b\u836f\u662f\u4e2d\u56fd\u521b\u65b0\u836f\u5d1b\u8d77\u7684\u4e00\u4e2a\u7f29\u5f71\u3002<\/span><\/span><\/span><\/p>\n

\u4eca\u5e74\u4ee5\u6765\uff0c\u6211\u56fd\u521b\u65b0\u836f\u51fa\u6d77\u98ce\u5934\u65e5\u76db\u3002<\/span><\/span><\/span>\u56fd\u5bb6\u836f\u76d1\u5c40\u6570\u636e\u663e\u793a\uff0c<\/span><\/span><\/span>\u4ec5<\/span><\/span><\/span>\u4e00\u5b63\u5ea6\uff0c<\/span><\/span><\/span>\u4e2d\u56fd<\/span><\/span><\/span>\u521b\u65b0\u836f<\/span><\/span><\/span>BD\u4ea4\u6613\u603b\u989d\u5c31\u5df2\u7ecf<\/span><\/span><\/span>\u7a81\u7834<\/span><\/span><\/span>600\u4ebf\u7f8e\u5143\u5927\u5173<\/span><\/span><\/span>\uff0c\u63a5\u8fd1<\/span><\/span><\/span>2025\u5e74\u5168\u5e74\u603b\u989d\u7684\u4e00\u534a\uff0c<\/span><\/span><\/span>\u9996\u4ed8\u6b3e<\/span><\/span><\/span>\u66f4\u662f<\/span><\/span><\/span>\u8d85<\/span><\/span><\/span>\u8fc7<\/span><\/span><\/span>33\u4ebf\u7f8e\u5143\uff0c\u89c4\u6a21\u4e0e\u589e\u901f\u5747\u521b\u5386\u53f2\u540c\u671f\u65b0\u9ad8\u3002<\/p>\n

\u5176\u4e2d\u4e0d\u4e4f\u8363\u660c\u751f\u7269\u4e0e\u827e\u4f2f\u7ef4\u3001\u77f3\u836f\u96c6\u56e2\u643a\u624b<\/span><\/span><\/span>\u963f\u65af\u5229\u5eb7<\/span><\/span><\/span>\u3001\u6052\u745e\u8054\u5408<\/span><\/span><\/span>BMS\u7b49\u8d85\u7ea7\u5927\u5355\u3002\u4e0e\u6b64\u540c\u65f6\uff0c\u968f\u7740<\/span><\/span><\/span>\u4f17\u591a\u521b\u65b0\u836f<\/span><\/span><\/span>\u4e0a\u5e02\u83b7\u6279\uff0c<\/span><\/span><\/span>BD\u4ea4\u6613\u6301\u7eed\u83b7\u5f97\u6536\u76ca\uff0c\u4e2d\u56fd\u521b\u65b0\u836f\u4e5f\u8fdb\u5165\u6536\u83b7\u671f\uff0c\u884c\u4e1a\u6807\u6746\u767e\u6d4e\u795e\u5dde2<\/span><\/span><\/span>025\u5e74\u6210\u529f\u626d\u4e8f\u4e3a\u76c8\uff0c\u5b9e\u73b0\u51c0\u5229\u6da6<\/span><\/span><\/span>14.61\u4ebf\u5143\uff0c\u5c31\u662f\u6807\u5fd7\u6027\u4e8b\u4ef6\u3002<\/span><\/span><\/span><\/p>\n

\u4e0d\u8fc7\uff0c\u4e16\u754c\u7ea7<\/span><\/span><\/span>MNC\u57fa\u672c\u90fd<\/span><\/span><\/span>\u5df2\u5b8c\u6210\u589e\u957f<\/span><\/span><\/span>\u5f15\u64ce<\/span><\/span><\/span>\u7684\u5207\u6362\uff0c<\/span><\/span><\/span>\u4e00\u4e9b<\/span><\/span><\/span>MNC\u5df2\u7ecf\u5265\u79bb<\/span><\/span><\/span>\u4eff\u5236\u836f<\/span><\/span><\/span>\u8d44\u4ea7\uff0c\u6bd4\u5982<\/span><\/span><\/span>\u8f89\u745e<\/a>\u5206\u62c6\u6656\u81f4<\/span><\/span><\/span>\uff0c<\/span><\/span><\/span>\u8bfa\u534e<\/span><\/span><\/span>\u5265\u79bb<\/span><\/span><\/span>\u5c71\u5fb7\u58eb\uff0c<\/span><\/span><\/span>\u8fd9\u4e9b<\/span><\/span><\/span>MNC\u7684\u521b\u65b0\u836f\u8d21\u732e\u90fd\u5728<\/span><\/span><\/span>9<\/span><\/span><\/span>0%\u4ee5\u4e0a\uff0c\u5f3a\u751f\u3001\u8f89\u745e\u751a\u81f3\u9ad8\u8fbe<\/span><\/span><\/span>9<\/span><\/span><\/span>8%\u3002<\/span><\/span><\/span><\/p>\n

\u4f46\u968f\u7740<\/span><\/span><\/span>\u6211\u56fd\u521b\u65b0\u836f\u4f01\u626c\u5e06\u51fa\u6d77\uff0c<\/span><\/span><\/span>\u5b9e\u73b0\u4ece\u8ddf\u8dd1\u5230\u5e76\u8dd1\u3001\u90e8\u5206\u9886\u8dd1\u7684\u8de8\u8d8a\uff0c<\/span><\/span><\/span>\u4e2d\u56fd\u521b\u65b0\u836f\u6d8c\u73b0\u51fa\u4e16\u754c\u7ea7\u7684<\/span><\/span><\/span>MNC<\/span><\/span><\/span>\uff0c\u6216\u8bb8\u5df2\u7ecf\u4e0d\u8fdc\u3002<\/span><\/span><\/span><\/p>\n

(\u6765\u6e90\uff1a\u949b\u5a92\u4f53)<\/p>\n","protected":false},"excerpt":{"rendered":"

\u6587 | \u5e02\u503c\u89c2\u5bdf 152\u4ebf\u7f8e\u5143\uff0c1032\u4ebf\u4eba\u6c11\u5e01\uff01 \u6052\u745e\u533b\u836f\u4e0e\u767e\u65f6\u7f8e\u65bd\u8d35\u5b9d\uff08BMS\uff09\u7684\u8d85\u7ea7BD\u4ea4\u6613\uff0c\u518d\u6b21\u9707\u98a4\u8d44 […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[6],"tags":[57,195,266,14,252,275,93,321,88,367,365,363,192,51],"views":6,"_links":{"self":[{"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=\/wp\/v2\/posts\/780307"}],"collection":[{"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=780307"}],"version-history":[{"count":0,"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=\/wp\/v2\/posts\/780307\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=780307"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=780307"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.alphaseek.cn\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=780307"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}