Core Viewpoint - Yiling Pharmaceutical (002603.SZ) announced that its wholly-owned subsidiary, Wanyuan Hengshui Pharmaceutical Co., Ltd., has received approval from the National Medical Products Administration for the listing application of Memantine Hydrochloride, a chemical raw material drug [1] Group 1: Company Information - Yiling Pharmaceutical's subsidiary, Hengshui Wanyuan, submitted the listing application for Memantine Hydrochloride, which has now been approved [1] - Memantine Hydrochloride is a voltage-dependent, moderate-affinity, non-competitive NMDA receptor antagonist that can block pathological increases in glutamate concentration, leading to neuronal damage [1] Group 2: Industry Context - Memantine Hydrochloride is used for the treatment of moderate to severe Alzheimer's disease [1]

证券代码：002603 证券简称：以岭药业 公告编号：2025-043 石家庄以岭药业股份有限公司 关于收到化学原料药上市申请批准通知书的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没 有虚假记载、误导性陈述或重大遗漏。 年中国盐酸美金刚市场容量预计达到 3.4 亿元，同比增长 11%；销售量 1.6 亿片， 同比增长 19%，销售呈现持续增长的趋势。盐酸美金刚被我国和 FDA 批准用于 中重度 AD 患者，国内外指南推荐的一线药物，预计随着中国人口老龄化的进程 加快，盐酸美金刚的市场需求将稳步上升。目前国内已有多家盐酸美金刚原料供 应商，衡水万洋将以本次国内获批为契机，提升市场份额。 三、对公司的影响及主要风险提示 申请事项：境内生产化学原料药上市申请 登记号：Y20240000483 生产企业名称：万洋衡水制药有限公司 主要结论：根据《中华人民共和国药品管理法》及有关规定，经审查，本品 符合药品注册的有关要求，批准注册。质量标准、生产工艺及标签照所附执行。 二、药品的基本情况 盐酸美金刚（Memantine Hydrochloride）是一种电压依赖性、中等程度亲和 力的非竞争性 NM ...

Core Viewpoint - Yiling Pharmaceutical (002603.SZ) announced that its wholly-owned subsidiary, Wanyuan Hengshui Pharmaceutical Co., Ltd., has received approval from the National Medical Products Administration for the listing application of Memantine Hydrochloride, a chemical raw material drug [1] Group 1 - The approved drug, Memantine Hydrochloride, is a voltage-dependent, moderate-affinity non-competitive NMDA receptor antagonist [1] - Memantine Hydrochloride can block pathological increases in glutamate concentration that lead to neuronal damage [1] - The drug is indicated for the treatment of moderate to severe Alzheimer's disease [1]

Core Insights - The traditional Chinese medicine sector experienced a rise of 0.84% on November 11, with Weikang Pharmaceutical leading the gains [1] - The Shanghai Composite Index closed at 4002.76, down 0.39%, while the Shenzhen Component Index closed at 13289.0, down 1.03% [1] Company Performance - Weikang Pharmaceutical (300878) closed at 29.30, up 12.69% with a trading volume of 93,800 shares and a transaction value of 260 million [1] - Te Yi Pharmaceutical (002728) closed at 12.76, up 10.00% with a trading volume of 869,700 shares and a transaction value of 1.056 billion [1] - Tai Long Pharmaceutical (600222) closed at 7.51, up 9.96% with a trading volume of 630,600 shares and a transaction value of 461 million [1] - Yi Ling Pharmaceutical (002603) closed at 20.47, up 6.61% with a trading volume of 1,882,100 shares and a transaction value of 1.758 billion [1] - Zhongsheng Pharmaceutical (002317) closed at 21.25, up 4.17% with a trading volume of 893,600 shares and a transaction value of 1.854 billion [1] Market Dynamics - The traditional Chinese medicine sector saw a net inflow of 178 million from institutional investors, while retail investors experienced a net outflow of 1.3583 million [2] - The main capital flow for Te Yi Pharmaceutical showed a net inflow of 225 million, while retail investors had a net outflow of 127 million [3] - Tai Long Pharmaceutical had a net inflow of 83.56 million from main capital, with retail investors seeing a net outflow of 472.73 million [3]

Core Insights - The flu season in China is expected to start earlier than usual, with respiratory diseases entering a high incidence period [1][4] - A surge in flu-related stocks has been observed in the A-share market, with significant gains for companies like Weikang Pharmaceutical and Te Yi Pharmaceutical [2][3] Industry Overview - The China CDC has reported an increase in flu activity in southern provinces, indicating a potential early onset of the flu season [4] - Experts predict that the peak of the flu epidemic may occur in late December to early January, with a notable shift in circulating strains from H1N1 to H3N2, leading to lower immunity in the population [5][6] Market Response - Flu concept stocks have shown strong performance, with Weikang Pharmaceutical rising over 12% and several other companies reaching their daily limit [2][3] - The demand for antiviral medications is expected to surge as the flu season approaches, prompting pharmaceutical companies to ramp up production [8] Investment Opportunities - The year 2025 is anticipated to be a pivotal year for domestic flu medications, with several innovative drugs expected to receive approval, presenting both short-term and long-term investment opportunities [8] - The low vaccination rates in China highlight the urgent need for a comprehensive flu management system, which could benefit key sectors such as vaccine development, infection control, and antiviral drug production [8]

Group 1 - The flu season in China is expected to peak earlier this year, potentially in late December to early January, due to rising flu activity in southern provinces and different circulating strains compared to last year [4][5]. - The dominant strain this year is expected to be H3N2, which may lead to lower immunity in the population compared to last year's H1N1 strain [5]. - The demand for antiviral medications is anticipated to surge as the flu peak approaches, with several pharmaceutical companies ramping up production [8]. Group 2 - A-share flu-related stocks have shown strong performance, with notable increases in companies such as Weikang Pharmaceutical (+12.08%), Te Yi Pharmaceutical (+10.00%), and Renmin Tongtai (+9.97%) [2][3]. - The flu vaccine and antiviral drug sectors are expected to benefit from the anticipated increase in flu cases, highlighting a dual opportunity for investors in both short-term pandemic catalysts and long-term innovation [8]. - The overall flu-related industry, including vaccine development, infection control, and antiviral drugs, is likely to see a demand surge and value reassessment during the flu season [8].

Core Viewpoint - The A-share market is experiencing a strong performance in flu-related stocks, driven by expectations of a flu outbreak in the upcoming winter season [1] Group 1: Market Performance - Flu concept stocks in the A-share market have shown significant gains, with Te Yi Pharmaceutical hitting the daily limit, Tai Long Pharmaceutical and Nanxin Pharmaceutical rising over 7%, Weikang Pharmaceutical increasing over 5%, and Peking University Pharmaceutical up nearly 4% [1] - Yiling Pharmaceutical has also seen an increase of almost 4% [1] Group 2: Health Forecast - The China Center for Disease Control and Prevention (CDC) predicts that the peak of the flu epidemic in China this autumn and winter may occur in mid-December to early January [1] - The CDC is actively monitoring and assessing flu activity across the country, indicating that the overall flu activity in China is currently on the rise [1] - The H3N2 subtype of the influenza virus accounts for over 95% of the cases, with a small presence of H1N1 and B-type influenza viruses circulating simultaneously [1]

Group 1 - Yiling Pharmaceutical's stock increased by 5.63%, reaching 20.28 CNY per share, with a trading volume of 620 million CNY and a turnover rate of 2.32%, resulting in a total market capitalization of 33.882 billion CNY [1] - The company, established on August 28, 2001, and listed on July 28, 2011, is located in the High-tech Industrial Development Zone of Shijiazhuang, Hebei Province, focusing on the research, production, and sales of traditional Chinese medicine [1] - The revenue composition of Yiling Pharmaceutical includes cardiovascular products at 48.60%, respiratory system products at 22.80%, other products at 22.52%, and patented products at 6.08% [1] Group 2 - Among the top ten circulating shareholders of Yiling Pharmaceutical, a fund under Southern Fund holds a position, specifically the Southern CSI 500 ETF (510500), which reduced its holdings by 256,900 shares in the third quarter, now holding 12.1396 million shares, accounting for 0.88% of circulating shares [2] - The Southern CSI 500 ETF (510500), established on February 6, 2013, has a latest scale of 140.098 billion CNY, with a year-to-date return of 30.19%, ranking 1786 out of 4216 in its category, and a one-year return of 19.77%, ranking 2117 out of 3922 [2] - The fund manager, Luo Wenjie, has a cumulative tenure of 12 years and 207 days, managing assets totaling 170.445 billion CNY, with the best fund return during his tenure at 151.42% and the worst at -47.6% [2]

Core Viewpoint - The Chinese traditional medicine sector, particularly the Chinese Medicine ETF (560080), is experiencing increased investor interest due to favorable market conditions and relatively low valuations, with a notable inflow of funds and positive performance in recent trading sessions [1][3][10]. Group 1: Market Performance - On November 10, the Shanghai Composite Index rose by 0.53%, with the consumer sector leading gains, particularly the Chinese medicine segment, which saw the Chinese Medicine ETF (560080) increase by 1.55% and a trading volume exceeding 160 million yuan [1]. - The Chinese Medicine ETF (560080) has seen a cumulative net inflow of over 260 million yuan in the past 20 days, bringing its total fund size to over 2.8 billion yuan, leading its peers significantly [1][3]. Group 2: Valuation Insights - As of November 7, the TTM price-to-earnings (PE) ratio of the Chinese Medicine ETF (560080) was 25.31, placing it at the 24.5% percentile over the past decade, indicating that the index is cheaper than 75% of the time historically [3]. - The TTM PE ratio is just 0.57 away from the calculated opportunity value, suggesting a higher cost-performance ratio for potential investors [3]. Group 3: Stock Performance - Most constituent stocks of the Chinese Medicine ETF (560080) showed positive performance, with notable gains from Yunnan Baiyao, Pianzaihuang, and Yiling Pharmaceutical, all rising over 2%, while others like Tongrentang and Dong'e Ejiao also saw increases [5][6]. Group 4: Industry Trends - The Chinese medicine index has shown negative returns year-to-date, with a decline of 0.24% this year and an 8.13% drop in 2024, indicating a challenging market environment [7]. - Despite recent struggles, analysts suggest that the sector may be approaching a turning point, with potential improvements in performance expected due to rising flu incidence and better management of inventory levels among leading OTC Chinese medicine companies [10][11]. Group 5: Institutional Insights - Analysts from Zheshang Securities highlight that the Chinese medicine industry has characteristics similar to the banking sector, with strong cash flow and stable profit growth, suggesting resilience against external shocks [11]. - The industry is expected to see improved revenue growth in the second half of 2025, driven by declining raw material prices and cost-cutting measures by companies [11].

Core Insights - The Chinese medicine market is experiencing rapid growth, driven by favorable policies and increasing market demand, as highlighted by the recent 12th World Traditional Chinese Medicine Conference held in Sydney, Australia [1][2]. Group 1: Market Performance - As of November 10, 2025, the Zhongzheng Traditional Chinese Medicine Index (930641) rose by 1.11%, with notable increases in stocks such as Zhongsheng Pharmaceutical (002317) up 3.69% and Kangyuan Pharmaceutical (600557) up 3.22% [1]. - The Traditional Chinese Medicine ETF (159647) increased by 0.88%, with the latest price reported at 1.03 yuan [1]. Group 2: Industry Growth Drivers - The conference attracted over 800 representatives from 24 countries, emphasizing the global interest in the dissemination and technological innovation of traditional Chinese medicine [1]. - Pacific Securities notes that the industry is supported by comprehensive measures across supply, payment, and demand sides, including registration, review, quality control, and cultural promotion [1]. Group 3: Key Constituents - As of October 31, 2025, the top ten weighted stocks in the Zhongzheng Traditional Chinese Medicine Index accounted for 54.92% of the index, including major players like Yunnan Baiyao (000538) and Tongrentang (600085) [2].