Core Viewpoint - The A-share market showed a positive trend with the Shanghai Composite Index rising by 1.13%, and trading volume increased by 14.77% compared to the previous trading day [1]. Industry Performance Summary - **Communication**: Increased by 3.70%, with a transaction amount of 883.26 billion, up 31.33% from the previous day. Leading stock: Guangku Technology, up 20.00% [1]. - **Non-ferrous Metals**: Rose by 3.01%, with a transaction amount of 617.09 billion, up 10.67%. Leading stock: Placo New Materials, up 13.63% [1]. - **Electronics**: Gained 2.89%, with a transaction amount of 1999.62 billion, up 26.53%. Leading stock: Changguang Huaxin, up 20.00% [1]. - **Media**: Increased by 2.67%, with a transaction amount of 745.22 billion, up 44.19%. Leading stock: Zhidema, up 13.89% [1]. - **Comprehensive**: Rose by 2.43%, with a transaction amount of 30.23 billion, up 4.00%. Leading stock: Dongyangguang, up 5.56% [1]. - **Power Equipment**: Increased by 2.06%, with a transaction amount of 1142.41 billion, up 8.91%. Leading stock: Oulu Tong, up 20.00% [1]. - **Computer**: Gained 2.06%, with a transaction amount of 1093.81 billion, up 26.48%. Leading stock: Tianrun Technology, up 22.32% [1]. - **Social Services**: Increased by 1.96%, with a transaction amount of 117.62 billion, up 33.02%. Leading stock: Kede Education, up 19.99% [1]. - **Building Materials**: Rose by 1.92%, with a transaction amount of 79.59 billion, up 1.07%. Leading stock: Lezhi Group, up 10.07% [1]. - **Machinery Equipment**: Increased by 1.58%, with a transaction amount of 705.10 billion, up 16.99%. Leading stock: Hexin Instruments, up 20.00% [1]. - **Pharmaceuticals and Biology**: Gained 1.52%, with a transaction amount of 586.69 billion, up 19.94%. Leading stock: Jindike, up 19.99% [1]. - **Non-bank Financials**: Increased by 1.44%, with a transaction amount of 202.39 billion, up 8.49%. Leading stock: Sichuan Shuangma, up 6.17% [1]. - **Light Industry Manufacturing**: Rose by 1.40%, with a transaction amount of 136.42 billion, up 7.79%. Leading stock: Shengxing Co., up 10.08% [1]. - **Basic Chemicals**: Increased by 1.34%, with a transaction amount of 559.87 billion, down 9.93%. Leading stock: Keqiang Co., up 11.44% [1]. - **Automotive**: Gained 1.32%, with a transaction amount of 415.35 billion, up 17.88%. Leading stock: N Haian, up 90.52% [1]. - **Retail**: Increased by 1.32%, with a transaction amount of 142.52 billion, up 11.12%. Leading stock: Maoye Commercial, up 10.00% [1]. - **Real Estate**: Rose by 1.22%, with a transaction amount of 171.54 billion, down 3.05%. Leading stock: Yingxin Development, up 10.17% [1]. - **Environmental Protection**: Increased by 1.21%, with a transaction amount of 104.42 billion, down 2.72%. Leading stock: Aibulu, up 15.27% [1]. - **Textiles and Apparel**: Gained 0.99%, with a transaction amount of 100.81 billion, up 17.87%. Leading stock: Xunxing Co., up 10.04% [1]. - **Construction Decoration**: Increased by 0.88%, with a transaction amount of 198.60 billion, up 11.06%. Leading stock: Guosheng Technology, up 10.01% [1]. - **Home Appliances**: Rose by 0.63%, with a transaction amount of 146.32 billion, down 1.17%. Leading stock: Qingshang Co., up 9.75% [1]. - **Steel**: Increased by 0.59%, with a transaction amount of 70.42 billion, up 4.56%. Leading stock: Fangda Carbon, up 6.42% [1]. - **Banking**: Rose by 0.54%, with a transaction amount of 173.67 billion, down 11.11%. Leading stock: Xiamen Bank, up 2.02% [1]. - **Coal**: Increased by 0.53%, with a transaction amount of 51.44 billion, down 17.26%. Leading stock: Dayou Energy, up 2.66% [1]. - **Beauty and Personal Care**: Rose by 0.47%, with a transaction amount of 22.79 billion, down 11.72%. Leading stock: Jiaheng Home Care, up 6.63% [1]. - **Public Utilities**: Increased by 0.44%, with a transaction amount of 155.35 billion, down 15.00%. Leading stock: Dazhong Public Utilities, up 10.06% [1]. - **Agriculture, Forestry, Animal Husbandry, and Fishery**: Rose by 0.43%, with a transaction amount of 205.98 billion, down 10.53%. Leading stock: *ST Green Kang, up 5.00% [1][2].

Core Viewpoint - The non-ferrous metal industry index has shown strong performance, with significant increases in key stocks, driven by rising precious metal prices and positive demand forecasts for lithium and other materials [1][2]. Group 1: Market Performance - As of November 25, 2025, the non-ferrous metal industry index (399395) rose by 2.81%, with notable stock increases including Placo New Materials (300811) up 11.34%, Dongyang Sunshine (600673) up 6.14%, and Zhongjin Gold (600489) up 5.52% [1]. - The non-ferrous ETF fund (159880) increased by 2.28%, with the latest price at 1.71 yuan [1]. Group 2: Economic Indicators - Federal Reserve Governor Christopher Waller reiterated support for a potential interest rate cut in December, indicating that inflation is not a major concern at this time [1]. - The chairman of Tianqi Lithium, Jiang Anqi, projected that global lithium demand will reach 2 million tons of lithium carbonate equivalent by 2026, suggesting a balance between supply and demand [1]. Group 3: Industry Insights - Dongguan Securities highlighted that the supply side of industrial metals may remain constrained, emphasizing the growth in demand from the new energy sector [1]. - The supply of minor metals and new materials is under rigid constraints, while emerging demand is expected to surge [1]. - The supply side of energy metals is gradually optimizing, with ongoing attention to the recovery of downstream demand [1].

东阳光药表示，目前，公司产品已实现对全国范围内医院、连锁药店及线上平台等核心终端的全面覆 盖，并保持充足的终端库存。流感高发季，公司将与业界伙伴协同发力，共同保障各级市场的用药需 求，为公众的健康提供稳定可靠的药品支持。 此外，东阳光药提到，未来，公司将结合研发平台和抗感染领域的优势，在流感治疗领域进行创新研 发，借助AI制药技术赋能研发全链条，加速新品落地。这些新管线产品将与奥司他韦形成协同效应， 不断丰富抗感染儿科线的产品布局，凭借可威系列产品的品牌力，持续夯实抗感染儿科优势，支撑该板 块未来3-5年迈向100亿规模的战略目标，持续巩固公司在流感治疗领域的核心竞争力。 北京商报讯（记者 丁宁）随着全国整体进入流感流行季，流感药物需求大增。11月25日，奥司他韦主 要供应商东阳光药（06887.HK）方面在接受北京商报记者采访时表示，流感由于需求的突发性，过往 常出现市场供应短缺，终端价格短期大幅波动的现象。作为国内该品类的主要供应商之一，公司已构建 了成熟、完善的供应链体系与应急预案，有能力在疫情高峰期确保药品的稳定供应，为满足市场需求、 维护终端价格稳定提供坚实保障。 ...

Market Overview - On November 24, the comprehensive sector increased by 2.47% compared to the previous trading day, with Dongyangguang leading the gains [1] - The Shanghai Composite Index closed at 3836.77, up 0.05%, while the Shenzhen Component Index closed at 12585.08, up 0.37% [1] Top Gainers - Dongyangguang (600673) closed at 20.70, up 4.92% with a trading volume of 651,600 shares and a turnover of 134.5 million yuan [1] - Nanjing New Hundred (600682) closed at 7.92, up 4.49% with a trading volume of 557,700 shares and a turnover of 44.4 million yuan [1] - Shanghai Sanmao (600689) closed at 14.85, up 3.48% with a trading volume of 53,700 shares and a turnover of 78.61 million yuan [1] Top Losers - Sanmu Group (000632) saw a significant decline of 9.99%, closing at 6.04 with a trading volume of 1,100,200 shares and a turnover of 668 million yuan [2] - Nanjing Public Utilities (000421) decreased by 0.57%, closing at 6.99 with a trading volume of 168,900 shares and a turnover of 11.8 million yuan [2] Capital Flow - The comprehensive sector experienced a net outflow of 161 million yuan from main funds, while retail investors saw a net inflow of 109 million yuan [2] - The net inflow from speculative funds was 52.33 million yuan [2] Individual Stock Capital Flow - Nanjing New Hundred (600682) had a main fund net inflow of 33.14 million yuan, while retail investors had a net outflow of 38.94 million yuan [3] - Dongyangguang (600673) experienced a main fund net inflow of 17.38 million yuan, with both speculative and retail investors showing net outflows [3] - Shanghai Sanmao (600689) had a main fund net inflow of 5.88 million yuan, while retail investors had a net outflow of 6.32 million yuan [3]

Core Insights - Delta Electronics, Meituan, Qinhuai Data, and Dongyangguang jointly launched the world's first intelligent DC power supply system based on SST technology at the 2025 CDCC SUMMIT, showcasing a significant milestone in the industry [1] - The SST intelligent DC power supply system boasts an industry-leading efficiency of 98.5% and can output up to 1MW of power while occupying only 1 square meter, reducing space requirements by over 50% compared to traditional solutions [2] - Dongyangguang's layered foil capacitor plays a crucial role in stabilizing the DC bus voltage, marking a breakthrough in core components essential for the SST system [3] Industry Context - The rapid expansion of AI applications is creating unprecedented challenges for data center power density, necessitating innovative solutions to manage power loads effectively [2] - The SST technology is viewed as the "holy grail" for next-generation data center power supply, addressing the need for higher current capacity while ensuring safety and environmental sustainability [2] - The integration of energy storage units within the SST system allows for seamless switching between power sources, aligning with grid interaction requirements [2] Company Developments - Dongyangguang's acquisition of 100% of Qinhuai Data's China operations enhances its ability to optimize industry layout and accelerate AI strategic transformation [1][4] - The collaboration between Dongyangguang and Qinhuai Data exemplifies a vertical integration model that strengthens their competitive advantage in the digital economy [4] - The layered foil capacitor technology developed by Dongyangguang not only reduces aluminum consumption by 40% compared to traditional capacitors but also significantly improves performance metrics [3] Market Potential - The global installed capacity of SST in AI data centers is projected to reach 100GW by 2030, with the market for layered foil capacitors expected to reach approximately 2 billion yuan [5] - The demand for aluminum electrolytic capacitors in server power supply units is increasing, with Dongyangguang's high-capacity layered foil capacitors emerging as the preferred solution for AI computing needs [5]

近日，在2025 CDCC SUMMIT中国数据中心标准大会上，台达、美团、秦淮数据、东阳光(600673)共同 揭晓全球首个基于SST（固态变压器）的智能直流供电系统方案。 值得注意的是，上述方案中融合了东阳光在产业链上下游的多项布局：不仅搭载了其自主研发的积层箔 电容组，从物理底层突破能效极限，更将率先落地于秦淮数据产业园，为美团业务提供强力支撑。 在AI大模型参数向万亿级跃升的2025年，算力不仅仅是芯片的竞赛，更是一场关乎电力与空间的极限 博弈。东阳光于今年9月领投收购秦淮数据中国业务公司100%股权后，此次通过秦淮数据搭建起关键落 地场景，表明其在优化产业布局、加速AI战略转型发展中又迈出了重要一步。 AI时代能源难题与SST方案破局 随着AI应用从训练向推理大规模蔓延，数据中心的功率密度正面临前所未有的挑战。传统的交流配电 架构庞大、笨重，且难以应对GPU负载的剧烈波动。如何在有限的空间内通过更高的电流，同时保证极 致的安全与绿色，成为AI算力发展的行业难题。 这一数据的背后，是供电架构的革命性重塑。方案采用了"分布式SST+直流母线"架构，将电源设备直 接部署在IT机柜旁，大幅降低了传输损耗。同 ...

Group 1 - The core viewpoint of the article highlights the significant increase in sales of flu medications, particularly Oseltamivir and Baloxavir, amid rising flu activity across multiple regions in China [1] - Dongyangguang Pharmaceutical (06887) experienced a stock price increase of over 4%, reaching HKD 44.12, with a trading volume of HKD 11.73 million [1] - The sales growth rate for Oseltamivir over the past week was reported at 237%, while Baloxavir saw an increase of 180% [1] Group 2 - Dongyangguang Pharmaceutical is recognized as the "king of flu medications," with its Oseltamivir (brand name: Kewai) holding a significant market share in China, particularly in the pediatric segment [1] - The overall sales revenue for Dongyangguang Pharmaceutical is projected to reach CNY 1.301 billion in the first half of 2025 [1]

Core Viewpoint - Dongyangguang Pharmaceutical (600673) has seen a significant stock price increase of over 4%, attributed to rising flu activity across multiple regions in China, leading to increased sales of flu medications like Oseltamivir and Baloxavir [1] Company Summary - Dongyangguang Pharmaceutical's stock rose by 4.65%, reaching HKD 44.12, with a trading volume of HKD 11.7372 million [1] - The company is recognized as the "King of Flu Medications," with its Oseltamivir (brand name: Kewai) holding a dominant market share in China, particularly in the pediatric segment [1] - Projected sales for the first half of 2025 are expected to reach CNY 1.301 billion [1] Industry Summary - Recent data indicates a notable increase in the sales of flu medications, with Oseltamivir's sales growth rate reaching 237% over the past week, and Baloxavir's sales increasing by 180% [1] - There has been a general uptick in sales for cold, fever-reducing, detoxifying, cough-relieving, and nasal spray medications [1]

Core Insights - The Chinese pharmaceutical industry is transitioning from "generic following" to "innovation leading," with 704 original innovative drugs expected from Chinese companies in 2024, ranking first globally [2] - The chairman of Dongyang Sunshine Pharmaceutical, Zhang Yingjun, emphasizes that the industry is entering a "golden decade" driven by innovation and internationalization, supported by favorable policies [2][3] - Dongyang Sunshine is focusing on source innovation, with a diverse R&D pipeline that includes small molecules, antibodies, small nucleic acids, ADCs, and cell therapies [2][3] Industry Trends - The Chinese pharmaceutical sector is experiencing a strategic opportunity period centered on innovation and internationalization, as highlighted by Zhang Yingjun at the 2025 Greater Bay Area Technology and Financial Innovation Development Conference [2] - The industry is benefiting from a supportive policy environment, including integration into ICH and continuous inclusion of innovative drugs in government work reports [2] Company Strategy - Dongyang Sunshine has shifted its R&D strategy from "Me-too" and "Fast-follow" to pursuing "BIC" (Best-in-Class) and "FIC" (First-in-Class) drugs [2] - The company currently has nearly 50 projects in the pipeline, with over 10 in registration or key clinical stages, showcasing differentiated advantages and international competitiveness [2] Technological Innovation - The company is leveraging AI technology, having developed six AI models for drug discovery, with its first AI-driven small molecule drug, HEC169584, entering clinical trials [3] - Dongyang Sunshine has established multiple core technology platforms to address significant unmet clinical needs, such as solid tumor treatment and hepatitis B cure [3] Internationalization Efforts - The internationalization strategy of Dongyang Sunshine is multifaceted, involving "License-out" agreements and plans for self-marketing products in Europe and the U.S. [3] - The company aims to have its insulin product approved in the U.S. by Q1 2026, potentially becoming the first domestically produced insulin to enter the U.S. market [3] Future Goals - Dongyang Sunshine aims to become a leading comprehensive pharmaceutical company focused on "innovation + internationalization + sustainability," targeting over 20 billion yuan in revenue and 5 billion yuan in profit within five years [4] - The company plans to launch over 10 new products and achieve more than five global collaborations in the same timeframe [4] Industry Perspective - Zhang Yingjun states that the advancement of Chinese pharmaceutical companies is fundamentally about the global recognition and validation of innovative value [5] - The company is actively participating in and leading this historic process through its dual focus on innovation and internationalization [5]

Industry Overview - The Chinese pharmaceutical industry is transitioning from "generic following" to "innovation leading," with 704 original innovative drugs expected from Chinese companies in 2024, ranking first globally [1] - The industry is entering a "golden decade" following the new clinical data verification policy implemented on July 22, with continuous policy support fostering a comprehensive support system for the pharmaceutical sector [1] Company Strategy - Dongyangguang Pharmaceutical is focusing on source innovation, with a research pipeline that includes small molecules, antibodies, small nucleic acids, ADCs, and cell therapies [1] - The company's R&D strategy has shifted from "Me-too" and "Fast-follow" to pursuing "BIC" (Best-in-Class) and "FIC" (First-in-Class) [1] - Dongyangguang currently has nearly 50 research pipelines, with over 10 in registration or key clinical stages, showcasing differentiated advantages and international competitiveness in products like the hepatitis B functional cure drug and new IPF drug [1] Technological Innovation - The company is leveraging the AI revolution by developing six AI models that enable a full-chain drug discovery capability, with the first AI-driven small molecule drug entering clinical trials [2] - Dongyangguang has established multiple core technology platforms, focusing on addressing significant unmet clinical needs such as solid tumor treatment and hepatitis B cure [2] Internationalization Strategy - The internationalization strategy of Dongyangguang is diversified, involving "License-out" agreements for overseas rights and promoting self-developed products in Europe and the U.S. [2] - The company anticipates that its insulin product will be approved in the U.S. by Q1 2026, potentially becoming the first domestically produced insulin to enter the U.S. market [2] - Dongyangguang has built a global sales network, with over 60 approved overseas formulations and a leading market share for azithromycin tablets in Germany [2] Future Outlook - The company aims to become a leading comprehensive pharmaceutical company through innovation, internationalization, and sustainability, targeting over 20 billion yuan in revenue and 5 billion yuan in profit within five years [3] - Dongyangguang plans to launch over 10 new products and achieve more than five global collaborations in the same timeframe [3] - The progression of Chinese pharmaceutical companies is fundamentally about the global recognition and validation of innovation value [3]