【今日头条】 全国进入流感快速上升阶段 流感活动已达到中流行水平 今冬流感，来势汹汹。据中国疾控中心消息，当前，全国流感进入快速上升阶段，多数省份流感活动已 达到中流行水平。最新一期《中国流感监测周报》显示，南北方省份哨点医院报告的流感样病例在门急 诊病例中占比都达到了近四年同期最高水平，且北方高于南方。这一周，全国共报告955起流感样病例 暴发疫情，其中741起由甲型H3N2病原体所引发。 据央视消息，数据显示，奥司他韦近七天销量增长率达237%，玛巴洛沙韦上涨达180%。有临床专家指 出，从流感的增长趋势分析，目前已步入流感季，但尚未到达高峰。据中国疾控中心预测，流感高峰期 预计将在今年12月中下旬至明年1月初出现。 涉及港股电商购药平台：阿里健康(00241)、京东健康(06618)、美团-W(03690)、平安好医生(01833);流 感药企：东阳光药(06887)。 【大势展望】 感恩节美股、美债市场周四将休市一日 隔夜美股道琼斯工业平均指数比前一交易日上涨314.67点，收于47427.12点，涨幅为0.67%；标准普尔 500种股票指数上涨46.73点，收于6812.61点，涨幅为0.69%；纳 ...

深港通医疗(港币)（983036）指数十大成份股详情如下： 证券之星消息，11月25日，深港通医疗(港币)（983036）指数报收于4375.4点，涨0.52%，成交84.59亿 元，换手率0.84%。当日该指数成份股中，上涨的有40家，平安好医生以4.27%的涨幅领涨，下跌的有16 家，瑞迈特以1.98%的跌幅领跌。 近10日内深港通医疗(港币)（983036）指数成份股做了调整，新纳入了1只股票。 | 调整日期 | 股票代码 | 股票简称 | 行业 | 总市值 | 来 | | --- | --- | --- | --- | --- | --- | | 2025-11-24 | 301584 | 建发致新 | 医药生物 | 138.86 7 | 纳入 | | 证券代码 | 股票简称 | 权重 | 最新价 | 涨跌幅 | 总市值(亿元) | 所属行业 | | --- | --- | --- | --- | --- | --- | --- | | sz300760 | 迈瑞医疗 | 14.56% | 193.88 | 0.46% | 2350.68 | 医药生物 | | sz300015 | 爰尔眼科 | 11 ...

证券之星消息，11月25日，深港通医疗（983035）指数报收于4488.12点，涨0.45%，成交77.19亿元，换 手率0.84%。当日该指数成份股中，上涨的有40家，平安好医生以4.27%的涨幅领涨，下跌的有16家，瑞 迈特以1.98%的跌幅领跌。 深港通医疗（983035）指数十大成份股详情如下： | 证券代码 | 股票简称 | 权重 | 最新价 | 涨跌幅 | 总市值(亿元) | 所属行 | | --- | --- | --- | --- | --- | --- | --- | | sz300760 | 迈瑞医疗 | 14.56% | 193.88 | 0.46% | 2350.68 | 医药 | | sz300015 | 爰尔眼科 | 11.62% | 11.59 | 0.35% | 1080.81 | 医药 | | sz300003 | 乐晋医疗 | 4.85% | 15.80 | 0.45% | 291.26 | 医药 | | sz300896 | 爱美客 | 4.80% | 145.54 | -0.31% | 440.39 | 美容 | | sz002223 | 鱼跃医疗 | 4.66% | ...

11月25日，杭州出让5宗地块，合计成交价格为54亿元， 均为底价成交 ，其中3宗宅地成交总价为43.3亿元，2宗商办用地成交总价为10.7亿元。 | 区域 | 板块 | 土地 | 成交总价 | 容积率 | 楼板价 | 拿地企业 | | --- | --- | --- | --- | --- | --- | --- | | | | 属性 | (亿元) | | (元/m2) | | | 余杭区 | 未来科技城 | 纯住宅 | 18. 0 | 1.05 | 35000 | 绿城 | | 批量区 | 作主 | 纯住宅 | 10. 1 | 2 | 14931 | 万科;杭州安居 | | 西湖区 | 转塘 | 纯住宅 | 15. 2 | 1.7 | 15908 | 蓝城;之江城投 | | 拱■区 | 湖墅 | 商办 | 4. 1 | 2.57 | 6945 | 杭州拱墅城建 | | 钱塘区 | 高沙 | 商办 | 6. 6 | 3 | 2804 | 杭州和达;银泰 | 2025年以来，在杭州宅地成交总价超30亿元的成交日中，首次出现全部地块以底价成交的情况 ◎ 文 / 马千里 逐一来看今天杭州成交宅地： 绿城竞得未来科 ...

Core Insights - Southbound funds reduced their holdings in Ping An Good Doctor (01833.HK) by 1.4936 million shares on November 21, 2025, marking a decrease of 0.30% [1][2] - Over the past five trading days, southbound funds increased their holdings on three occasions, with a total net increase of 16.5876 million shares [1] - In the last twenty trading days, there were fourteen days of net increases, totaling 37.3394 million shares [1] Company Overview - Ping An Good Doctor operates through mobile platforms and offline resources to provide medical and health services [2] - The company has two main business segments: - The Medical Services segment focuses on online consultations, referrals, appointment scheduling, hospitalization arrangements, disease diagnosis, and sales of related pharmaceuticals and medical devices [2] - The Health Services segment offers standardized health service packages that integrate various medical health institution services, covering areas such as physical examinations, elderly care, dental services, anti-aging, and general health [2]

Core Insights - The top three companies with the highest short positions as of November 14 are Vanke Enterprises (02202), COSCO Shipping Holdings (01919), and ZTE Corporation (00763) with short ratios of 17.68%, 16.49%, and 16.03% respectively [1][2] - The companies with the largest absolute increase in short positions include GCL-Poly Energy (03800), Dongfang Electric (01072), and Hansoh Pharmaceutical (01276), with increases of 1.99%, 1.54%, and 1.35% respectively [1][2] - The companies with the largest absolute decrease in short positions are Ganfeng Lithium (01772), ZTE Corporation (00763), and Samsonite (01910), with decreases of -2.53%, -1.02%, and -0.95% respectively [1][2] Top 10 Short Positions - The top 10 companies with the highest short ratios include Vanke Enterprises (02202) at 17.68%, COSCO Shipping Holdings (01919) at 16.49%, and ZTE Corporation (00763) at 16.03% [2] - Other notable companies in the top 10 include Heng Rui Pharmaceutical (01276) at 15.64% and Ping An Insurance (02318) at 13.66% [2] Changes in Short Positions - The companies with the largest increases in short ratios include GCL-Poly Energy (03800) from 6.87% to 8.86%, Dongfang Electric (01072) from 8.67% to 10.21%, and Heng Rui Pharmaceutical (01276) from 14.30% to 15.64% [2] - Conversely, the companies with the largest decreases in short ratios include Ganfeng Lithium (01772) from 11.32% to 8.79%, ZTE Corporation (00763) from 17.05% to 16.03%, and Samsonite (01910) from 6.67% to 5.72% [2][3]

Market Overview - The Hong Kong stock market experienced a significant decline, with the Hang Seng Index dropping by 2.38%, the Hang Seng China Enterprises Index falling by 2.45%, and the Hang Seng Tech Index decreasing by 3.21% [1][2]. Sector Performance - The pharmaceutical sector faced the largest declines, with notable drops in internet healthcare, AI healthcare, biopharmaceuticals, pharmaceutical outsourcing, and innovative drug concepts. Key stocks included: - 3SBio (01530.HK) down 9.44% - WuXi Biologics (01873.HK) down 6.09% - Kingsoft Cloud (01548.HK) down 6.05% - Innovent Biologics (02696.HK) down 5.62% - CanSino Biologics (09926.HK) down 5.39% - JD Health (06618.HK) down 8.6% - Ping An Good Doctor (01833.HK) down 4.28% - Alibaba Health (00241.HK) down 4.46% - Crystal International (02228.HK) down 4.82% - MicroPort Scientific (02252.HK) down 3.55% [3]. Impact of Economic Data - The recent U.S. non-farm payroll data exceeded expectations, leading to a decrease in the likelihood of a Federal Reserve rate cut in December. This has implications for the valuation and financing of innovative drugs, as the cooling expectations for rate cuts may impact investment sentiment [3]. Commodity and Energy Sector - The weakening expectations for a December rate cut have also affected the U.S. dollar index, which surpassed the 100-point mark, putting pressure on the commodities sector. Key declines included: - Ganfeng Lithium (01772.HK) down 12.47% - Tianqi Lithium (09696.HK) down 11.93% - Jinchuan Group (06680.HK) down 6.63% - Lingbao Gold (03330.HK) down 5.47% - China Aluminum (02600.HK) down 4.85% - Chalco International (02068.HK) down 4.74% [4]. Renewable Energy Sector - The power equipment, photovoltaic, and wind power sectors also performed poorly, with significant declines in: - Northeast Electric (00042.HK) down 7.02% - Xinyi Solar (00968.HK) down 7.51% - GCL-Poly Energy (03800.HK) down 5.83% - Yihua Energy (02402.HK) down 6.27% - Flat Glass Group (06865.HK) down 6.02% [4]. Semiconductor Sector - The semiconductor sector saw notable declines, with: - SMIC (00981.HK) down 6.39% - Hua Hong Semiconductor (01347.HK) down 6.09% - Shanghai Fudan (01385.HK) down 3.78% - Beike Micro (02149.HK) down 5.2% [5]. Technology Sector - Other technology-related sectors, including cloud computing and AI, also faced downward pressure, with significant drops in: - Tencent Music (01698.HK) down 5.98% - Baidu (09888.HK) down 5.79% - Alibaba Group (09988.HK) down 4.65% - NetEase (09999.HK) down 3.76% [5].

Core Viewpoint - Recent trading activity shows a decrease in southbound capital holdings in Ping An Good Doctor (01833.HK), with a notable reduction of 2.13 million shares on November 20, 2025, despite a net increase over the past weeks [1][2]. Group 1: Trading Activity - On November 20, 2025, southbound capital held 490 million shares of Ping An Good Doctor, reflecting a decrease of 213.36 thousand shares, or 0.43% [2]. - In the previous trading days, there were increases in holdings, with 197.21 thousand shares added on November 19, 694.38 thousand shares on November 18, and 1,129.89 thousand shares on November 17 [2]. - Over the last 20 trading days, there have been 15 days of net increases, totaling 3,908.04 thousand shares [1]. Group 2: Company Overview - Ping An Good Doctor operates through mobile platforms and offline resources to provide medical and health services [2]. - The company has two main business segments: the medical services segment, which includes online consultations, referrals, appointment scheduling, hospitalization arrangements, disease diagnosis, and sales of related pharmaceuticals and medical devices; and the health services segment, which offers standardized health service packages to meet various health-related needs [2].

Core Viewpoint - Ping An Good Doctor (1833.HK) has shown a robust upward trend, with a cumulative increase of over 19% in five consecutive trading days, and a year-to-date increase exceeding 151%, leading the Hong Kong internet healthcare sector [1][5]. Group 1: Stock Performance and Market Sentiment - The recent valuation recovery is supported by technical indicators, with the stock stabilizing after touching the 120-day moving average and experiencing continuous net inflows over five days, indicating a shift in market sentiment from cautious to positive [2]. - Southbound capital has been gradually increasing its holdings in the company, rising from 20.75% to 21.34% since the end of October, reflecting renewed confidence from investors [2]. Group 2: Financial Performance - For the first three quarters of 2025, the company reported total revenue of 3.725 billion yuan, a year-on-year increase of 13.6%, and an adjusted net profit of 216 million yuan, a significant year-on-year growth of 45.7% [5]. - The company has successfully transitioned to a model that generates high-value users through enterprise and financial clients, with F-end and B-end business growth of 21.5% and a 30.6% increase in B-end paying users [5]. Group 3: Strategic Positioning and AI Integration - The company is well-positioned within the national push for "Artificial Intelligence+" and healthcare integration, aligning its strategic layout with government policies aimed at advancing digital and AI technologies [6]. - The company has developed a comprehensive AI product system, leveraging extensive medical databases and online consultation data, which includes various intelligent applications for healthcare management [6]. Group 4: Market Perception and Future Outlook - The market narrative around the company is shifting from viewing it solely as an internet healthcare provider to recognizing it as a health management platform driven by AI [8]. - Analysts predict strong revenue growth for the company, with expectations of double-digit growth from 2025 to 2026, and a compound annual growth rate of 91% for net profit from 2024 to 2027 [8].

Core Viewpoint - Ping An Good Doctor (1833.HK) has shown a robust performance in the first three quarters, with significant revenue growth and a strong focus on AI technology integration in its healthcare services [1] Financial Performance - Total revenue for the first three quarters reached 3.725 billion yuan, representing a year-on-year increase of 13.6% [1] - Adjusted net profit amounted to 216 million yuan, reflecting a year-on-year growth of 45.7% [1] - Revenue from F-end and B-end enterprise health services grew by 21.5%, with the total number of corporate clients exceeding 4,500 [1] Business Strategy and AI Integration - The company is accelerating the integration of AI technology across its healthcare, health, and elderly care services [1] - Utilizing its leading global medical databases and over 1.44 billion online consultation data, Ping An Good Doctor has launched a "7+N+1" AI product system [1] - The AI product system includes various applications such as digital twin doctors, AI family doctors, AI elderly care managers, AI medical rooms, AI health managers, AI chronic disease managers, and AI health welfare officers, providing intelligent decision support across all business processes and scenarios [1] Market Outlook - The potential for AI development in the healthcare and health sectors is viewed positively, with expectations that it will continue to empower the company's business [1]