Market Overview - The A-share market showed weakness in early trading on November 12, with the ChiNext index dropping over 1% before recovering, while the Shanghai Composite Index turned positive [2] - Major indices included: Shanghai Composite Index at 4011.45 (+0.22%), Shenzhen Component Index at 13262.15 (-0.20%), and ChiNext Index at 3124.85 (-0.30%) [3] Sector Performance - The energy equipment sector led the gains, while the pharmaceutical sector experienced fluctuations but ultimately rose [3] - Notable sectors with strong performance included energy equipment (+2.36%), pharmaceuticals (+2.31%), and consumer goods [3][4] - Conversely, sectors such as power generation equipment, ultra-hard materials, and storage chips faced declines [3][4] Pharmaceutical Sector Highlights - The pharmaceutical sector saw significant activity, particularly in flu-related stocks, with companies like BoHui Innovation and YaoYiGou hitting the daily limit up [5] - The National Health Commission indicated a potential peak in flu cases in mid-December to early January, which may drive further interest in flu-related stocks [7] Energy Equipment Sector Highlights - The energy equipment sector showed strong performance, with companies like Shandong Molong and Zhun Oil Co. hitting the daily limit up [9] - The Longqing Oilfield, China's largest shale oil production base, reported cumulative production exceeding 20 million tons, marking a significant achievement in the "shale revolution" [13] Policy and Infrastructure Developments - The Ministry of Industry and Information Technology announced plans to accelerate the construction of manufacturing pilot platforms, focusing on key equipment and components to support major technological innovations [14]

Report Summary 1. Investment Rating - No investment rating for the industry is provided in the report. 2. Core View - The stock index futures are in a volatile trend and still have support after a correction [2]. 3. Summary by Relevant Catalogs [期指期现数据跟踪] - On November 11, all the current-month contracts of the four major stock index futures declined. IF dropped 0.88%, IH dropped 0.62%, IC dropped 0.72%, and IM dropped 0.3% [3]. - On this trading day, the total trading volume of stock index futures decreased, indicating a cooling of investors' trading enthusiasm. Specifically, the total trading volume of IF increased by 3,615 lots, IH increased by 4,232 lots, IC decreased by 10,252 lots, and IM decreased by 8,391 lots. In terms of positions, the total positions of IF decreased by 5,129 lots, IH decreased by 1,967 lots, IC decreased by 8,077 lots, and IM decreased by 582 lots [3][4]. [趋势强度] - The trend strength of IF and IH is 1, and the trend strength of IC and IM is 1. The trend strength ranges from -2 to 2, with -2 being the most bearish and 2 being the most bullish [8]. [重要驱动] - NDRC Director Zheng Shanjie chaired a symposium for private enterprises to solicit opinions on accelerating the development of the service industry for the 14th Five-Year Plan. The participating enterprises included those in industrial automation control, software and information services, industrial internet, comprehensive production services, and catering [8]. - Weak ADP employment data suggested a cooling US labor market, boosting expectations of a Fed rate cut. Coupled with the expected end of the US government shutdown, the Dow Jones Industrial Average rose more than 1%, while the Nasdaq closed down due to the drag of technology stocks [8]. - The People's Bank of China's Q3 monetary policy report stated that it is natural for the growth rate of financial aggregates to decline in the future. It aims to maintain a reasonable interest rate ratio, develop the "technology board" of the bond market, use risk - sharing tools for science and technology innovation bonds, and formulate a development plan for financial technology during the 14th Five - Year Plan and promote the application of AI large models in the financial sector in an orderly manner [8]. - The market was in a weak consolidation, with slower sector rotation. The Shanghai Composite Index fell 0.39% to 4,002.76 points, the Shenzhen Component Index fell 1.03%, and the ChiNext Index fell 1.4%. The total A - share trading volume was 2.01 trillion yuan, down from 2.19 trillion yuan the previous day. The computing power hardware industry chain corrected again, with servers and CPO leading the decline. Military, AI applications, and consumer electronics also had significant declines. Photovoltaic and energy storage concepts were active, and the NDRC and NEA issued guidelines on promoting new energy consumption and regulation. The super - hard materials concept continued to be strong, and the Ministry of Commerce and the General Administration of Customs issued an announcement related to super - hard materials. Influenza concept stocks continued to strengthen as China's influenza monitoring system showed that the overall influenza activity is in an upward stage [8].

Market Overview - A-shares showed weakness in the morning session, with the ChiNext Index dropping over 1% before recovering, while the Shanghai Composite Index turned positive [1] - The overall trading volume reached 628.8 billion, with a predicted total of 1.88 trillion, a decrease of 131.2 billion [2] Sector Performance - The energy equipment sector led the gains, while the pharmaceutical sector experienced fluctuations and upward movement. The consumer goods sector was also active [2] - Notable declines were observed in power generation equipment, superhard materials, and storage chips [2] Pharmaceutical Sector Highlights - The pharmaceutical sector saw a rise, particularly in flu-related stocks, with companies like BoHui Innovation and YaoYiGou hitting the daily limit [4] - The National Health Commission indicated that the peak of the flu season in China is expected in mid-December to early January [6] Energy Equipment Sector Highlights - The energy equipment sector showed strength, with companies such as PetroChina Oilfield Services and Shandong Molong reaching their daily limit [6] - Other companies like Tongyuan Petroleum and Keli Co. also experienced significant gains [6] Hong Kong Market Performance - The three major indices in Hong Kong were positive, with JD Health, Xiaomi Group, and Trip.com all rising over 2% [4] Government Initiatives - The Ministry of Industry and Information Technology announced plans to accelerate the construction of manufacturing pilot platforms, focusing on key areas such as power equipment, agricultural machinery, and medical equipment [8]

Group 1 - The outbreak of respiratory syncytial virus (RSV) in Tianjin has peaked earlier than expected, with flu activity rising in southern provinces and most northern provinces during the 44th week of 2025 [1] - The latest flu monitoring report from the National Disease Control indicates an increase in flu cases, highlighting the need for vigilance against RSV alongside influenza [4] Group 2 - In the A-share market, flu-related stocks are experiencing significant activity, with Aipeng Medical rising over 10%, and other companies like Panlong Pharmaceutical hitting the daily limit, indicating strong investor interest [2] - The detection rates for severe acute respiratory infections show that rhinovirus (10.6%), RSV (8.5%), and influenza virus (4.2%) are the top three pathogens, emphasizing the impact of RSV on public health [4]

Core Viewpoint - The A-share market is seeing active trading in flu-related stocks, driven by an early peak in respiratory syncytial virus (RSV) and flu activity in China, as reported by the National Disease Control [1][2]. Group 1: Market Activity - Aipeng Medical has risen over 10%, while Panlong Pharmaceutical has reached a 10% limit up, with other companies like Rejing Bio and Dongfang Bio also seeing significant gains [1]. - The latest flu monitoring report indicates an increase in flu activity in southern provinces and a rise in northern provinces during the 44th week of 2025 [1]. Group 2: Key Data on Stocks - Aipeng Medical (300753) has a market cap of 3.969 billion and a year-to-date increase of 79.09% [2]. - Panlong Pharmaceutical (002864) has a market cap of 3.788 billion and a year-to-date increase of 18.84% [2]. - Rejing Bio (688068) has a market cap of 14 billion and a year-to-date increase of 144.44% [2]. - Dongfang Bio (688298) has a market cap of 5.836 billion with a slight year-to-date decrease of 1.30% [2]. - Other notable stocks include Te Yi Pharmaceutical (002728) with a market cap of 6.961 billion and a year-to-date increase of 52.45% [2].

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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]

Core Viewpoint - The A-share market has seen a significant rise in flu-related stocks due to a noticeable increase in flu activity across China, with most provinces entering the flu epidemic period [1] Group 1: Stock Performance - Hendi Pharmaceutical has increased by over 14%, while Hualan Biological has risen by 11% [1] - Other notable performers include Peking University Pharmaceutical with a 10% increase, and Jinshi Yao with a rise of over 7% [1] - Several companies, including Teva Pharmaceutical, Erkang Pharmaceutical, and others, have also shown gains of over 5% [1] Group 2: Market Context - Recent data from the China CDC indicates that flu virus cases have surpassed other respiratory viruses, marking a significant shift in the current flu season [1] - Since mid-October, sales of related medications, such as Oseltamivir, have increased, with production running continuously [1]

Core Viewpoint - The three major indices experienced a collective decline in early trading, with the Shanghai Composite Index down 0.44%, the Shenzhen Component down 0.81%, and the ChiNext Index down 0.89%, while the North Exchange 50 rose by 1.19% [1] Market Performance - The total trading volume in the Shanghai and Shenzhen markets reached 1,114.1 billion yuan, a decrease of 49.1 billion yuan compared to the previous day [1] - Over 2,800 stocks in the market saw declines [1] Sector Performance - The leading sectors with gains included engineering machinery, wind power equipment, plant-based meat, shale gas, real estate, controllable nuclear fusion, and influenza [1] - The sectors with the largest declines included gold concepts, Hainan Free Trade Zone, gas, batteries, coal, and rare earth permanent magnets [1] Notable Stock Movements - Gold concept stocks collectively fell due to a significant drop in international gold prices, with companies like Hunan Silver, Xiaocheng Technology, Western Gold, and others experiencing declines exceeding 5% [1] - The Hainan Free Trade Zone sector also adjusted, with Haima Automobile, Hainan Airlines, and Haixia Shares leading the decline [1] - CPO concept stocks saw a surge, with Zhongji Xuchuang hitting a historical high [1] - The shale gas sector maintained its strong performance, with Shenke Co. and Petrochemical Machinery achieving three consecutive trading limits, while Shandong Molong and Petrochemical Oil Service achieved two consecutive limits [1] - The real estate sector was also active, with Yingxin Development achieving three consecutive limits and Guangming Real Estate achieving two consecutive limits [1] - Multiple sectors, including wind power equipment, plant-based meat, and engineering machinery, experienced rotation during trading [1]

Core Viewpoint - The pharmaceutical sector has experienced significant stock price increases, with Hendi Pharmaceutical reaching a 20% limit-up, and several other companies also showing substantial gains [1] Group 1: Company Performance - Hendi Pharmaceutical's stock surged by 20%, hitting the daily limit [1] - Duori Pharmaceutical's stock rose by over 13% [1] - Other companies such as Guangji Pharmaceutical, Te Yi Pharmaceutical, Hasan Lian, and Chenxin Pharmaceutical also reached their daily limit [1]