医药生物行业报告（2025.11.10-2025.11.14）：流感样病例占比快速爬坡，建议关注呼吸道检测、中药等相关个股

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2] Core Views - The report highlights a rapid increase in influenza-like illness (ILI) cases, suggesting that related detection and treatment products are expected to see significant growth. Recent data from the National Influenza Center indicates that the ILI percentage in southern provinces is 5.5%, up from 4.6% the previous week, and higher than the same period in 2022 and 2024 [5][14]. - The report emphasizes the long-term positive trend in the innovative drug sector, supported by China's growing capabilities in global competition and ongoing collaborations with multinational corporations [8][25][26]. - The medical device sector is showing signs of recovery, with leading companies reporting improved performance in Q3, indicating a potential influx of investment into this area [9][32]. Summary by Sections Industry Investment Rating - The industry is rated as "Outperform the Market" [2]. Recent Trends - The A-share pharmaceutical sector rose by 3.29% from November 10 to November 14, 2025, outperforming the CSI 300 index by 4.37 percentage points [7][23]. - The report notes that the medical device sector is expected to benefit from a reduction in the pressure from centralized procurement, which has been ongoing for six years [9][32]. Influenza and Related Products - The report indicates a rising trend in flu positivity rates in both southern and northern hospitals, with the southern region currently higher than the previous two years but lower than 2023 [6][16]. - Beneficiary stocks in the detection sector include companies like Innotec and Saint Shine, while traditional Chinese medicine companies such as Yiling Pharmaceutical are also highlighted [21]. Innovative Drugs - The report expresses optimism about the innovative drug sector, noting that domestic companies are expected to accelerate their growth and profitability, supported by favorable policies [25][26]. - Recommended stocks in this sector include Innovent Biologics and Kintor Pharmaceutical [27]. Medical Devices - The report suggests that the medical device sector is becoming attractive for investment, with leading companies like Mindray showing improved performance [9][32]. - Beneficiary stocks include Huadong Medicine and Aohua Endoscopy [33]. Traditional Chinese Medicine - The report indicates that traditional Chinese medicine is under pressure but may benefit from centralized procurement policies and innovation [36][38]. - Recommended stocks include Zhaoke Pharmaceutical and Kangyuan Pharmaceutical [36]. Retail Pharmacy - The report anticipates that the retail pharmacy sector will see increased concentration, with leading companies like Yifeng Pharmacy expected to benefit from market consolidation [39]. Overall Market Valuation - As of November 14, 2025, the overall valuation of the pharmaceutical sector is 30.83, with a premium of 129.30% over the CSI 300 index, indicating a positive market outlook [47].