Core Viewpoint - The article highlights the significant increase in influenza cases and the potential investment opportunities in related products such as vaccines, diagnostic tests, and medications due to the rising demand driven by the flu season [4][5][6]. Group 1: Influenza Situation - The incidence of influenza-like illness (ILI) has risen, with southern provinces reporting an ILI percentage of 4.6% in week 44 of 2025, up from 4.1% the previous week and higher than the same period in 2022 and 2024 [4]. - Northern provinces reported an ILI percentage of 5.1%, also showing an increase from 3.7% the previous week and higher than the same period in previous years [4]. - The flu season in 2025 is expected to be more severe than in previous years, with a notable change in circulating strains, particularly A(H3N2), which may increase the risk of breaking through herd immunity [4]. Group 2: Investment Opportunities - **Influenza Vaccines**: The low penetration rate of flu vaccines in China presents a significant growth opportunity as demand is expected to rise with the flu season approaching [5]. - **Virus Testing**: The demand for rapid and accurate diagnostic tests for respiratory viruses is anticipated to grow, benefiting companies that offer such testing products [6]. - **Cold and Specialty Medications**: The demand for cold medications is expected to increase in Q4 2025, with potential sales exceeding market expectations due to the rising flu cases and the clearing of social inventory formed during the COVID-19 pandemic [6].

Macro Analysis - The 2025 Q3 monetary policy execution report affirms the resilience of the domestic economy and alleviates concerns about domestic inflation and global economic recession. The report suggests that monetary policy should focus on "counter-cyclical and cross-cyclical adjustments," indicating a potential increase in easing measures [1] - The report highlights the need to monitor the implementation of policies supporting personal credit repair, as credit policy remains a key focus area [1] - The central bank's concerns regarding the RMB exchange rate have lessened, with a greater emphasis on the positive impact of exchange rate stability on the economy and markets [1] Industry Research - The gradual improvement of the capacity electricity price mechanism is a continuous benefit for the energy storage industry. Inner Mongolia maintains a high level of energy storage subsidies, ensuring considerable energy storage installation growth in the coming year [2] - The market has high expectations for domestic energy storage installations next year, with a focus on monitoring the production of energy storage cells in December and January, as well as upcoming bidding and installation situations [2] - The overall industry remains in a state of sustained prosperity, with investment opportunities particularly in energy storage system integrators, PCS companies, and tight supply-demand segments within the energy storage cell supply chain [2] Company Research - The company reported a revenue of $1.324 billion in Q3 2025, representing a year-on-year increase of 13%, and a net profit of $74 million, up 9% year-on-year. The net profit forecast for 2025 is maintained at $171 million [4] - The company has made substantial progress in the high-speed interconnect field, gaining customer recognition, which is expected to drive accelerated growth in its data center business. The net profit forecasts for 2026 and 2027 have been raised by 23% and 29% to $297 million and $400 million, respectively [4] - The company is anticipated to continue benefiting from the growth in AI data centers and automotive cable demand, maintaining a "buy" rating [4] Health Sector Insights - There is a noticeable increase in flu-like cases, which may heighten public and market interest, potentially driving demand for flu vaccines, virus testing, and related medications [3]

Core Viewpoint - The peak of influenza cases in China is expected to occur in mid to late December this year and early January next year, with the H3N2 subtype dominating the current flu activity [2]. Group 1: Industry Overview - The overall influenza activity in China is currently on the rise, with the H3N2 subtype accounting for over 95% of cases, alongside a small presence of H1N1 and B-type influenza viruses [2]. - The China Disease Control and Prevention Center has indicated a significant increase in public awareness regarding flu vaccinations since October, particularly in November, leading to a notable rise in demand orders from local disease control centers compared to the same period last year [2]. Group 2: Company Insights - Hualan Biological Engineering, through its subsidiary Hualan Vaccine Co., is the largest producer of influenza vaccines in China, with an annual production capacity of 100 million doses [2]. - The company has maintained a leading position in both production and sales of influenza vaccines since the introduction of the first quadrivalent influenza vaccine in 2018, emphasizing high-quality products [2]. - Hualan Biological has committed to high standards of vaccine quality control and stability monitoring, ensuring the provision of high-quality and competitively priced vaccine products [3].

Core Insights - The peak of influenza epidemic in China is expected to occur in mid to late December and early January this year [1] - Current influenza activity in China is in an ascending phase, with the H3N2 subtype accounting for over 95% of cases, alongside a small number of H1N1 and B type influenza viruses [1] Summary by Sections - **Influenza Epidemic Forecast** - The influenza epidemic typically begins in October to November, with peaks generally in mid to late December and early January [1] - **Current Influenza Activity** - Nationwide, influenza is at a moderate epidemic level, with 23 provinces experiencing moderate levels of activity and others at low levels [1] - Southern provinces show higher influenza activity compared to northern provinces [1] - **Dominant Strains** - The current flu season is primarily driven by the H3N2 subtype, with H1N1 and B type influenza viruses also circulating [1] - The proportion of different strains may vary across regions, but the overall activity remains at seasonal epidemic levels, with intensity expected to rise further [1]

Core Viewpoint - The peak of influenza epidemic in China is expected to occur in late December and early January, with current monitoring indicating an upward trend in flu activity [1] Summary by Relevant Sections Influenza Activity Monitoring - The influenza epidemic season typically begins in October to November, with peaks generally in late December and early January [1] - Current data shows that the overall flu activity in China is at a rising stage, with the H3N2 subtype accounting for over 95% of cases, alongside some H1N1 and B-type influenza viruses [1] Regional Flu Activity - Nationwide, flu activity is at a moderate epidemic level, with 23 provinces experiencing moderate levels of flu activity, while others are at low levels [1] - Southern provinces are reporting higher flu activity compared to northern regions [1] Predicted Trends - The early stage of this flu season will predominantly feature the H3N2 subtype, with H1N1 and B-type viruses circulating concurrently [1] - The intensity of flu activity is expected to rise further in the near future [1]

Core Viewpoint - Japan is experiencing a significant increase in flu cases, with over 57,000 reported cases in the last week, marking a doubling of new cases compared to the previous week [3][4]. Group 1: Flu Cases Data - As of the week ending November 2, Japan reported a total of 57,424 flu cases across thousands of designated medical institutions, averaging 14.9 cases per institution [3]. - The weekly increase in flu cases has been consistent for 11 consecutive weeks, indicating a rising trend in flu infections [3]. - According to Japan's standards, 25 out of 47 prefectures have reached the "caution" level for flu cases, with some regions like Miyagi, Kanagawa, and Saitama nearing the "alert" level with averages close to 30 cases per institution [3]. Group 2: Impact on Educational Institutions - The flu outbreak has led to the closure of 2,307 kindergartens, elementary schools, and middle schools across Japan, either fully or partially [3]. Group 3: Seasonal Context - The flu season in Japan was declared on October 3, which is approximately one month earlier than the previous year, marking the second earliest start since the current statistical methods were implemented in 1999 [4].

3 0 0 9 5 0，终 资 产 重 组！ 从地域来看，宫城县、神奈川县和埼玉县流感疫情较为严重，平均每家定点医疗机构一周报 告病例数均接近30，即"警报"级别。 受流感扩散影响，截至11月2日，日本全国共有2307所保育园、幼儿园、中小学全校停课或 部分年级、班级停课。 日本厚生劳动省于10月3日宣布全国进入流感季，较去年提早约一个月。今年该国流感季开始 时间为1999年启用现行统计方法以来的"第二早"。 止 重 大 来源：新华社 日本厚生劳动省7日发布的数据显示，截至11月2日的一周内，日本全国数千家定点医疗机构 共报告流感病例逾5.7万例，新确诊病例数较前一周翻番。 最新数据显示，10月27日至11月2日，日本全国数千家定点医疗机构总计报告流感病例 57424例，平均每家报告14.9例，每周新增病例数已连续11周增加。 根据日本的标准，平均每家定点医疗机构一周报告流感病例数超过1，就标志着进入流感流行 季，如果这个数值超过10，就达到"注意"级别，比"警报"低一级。照此标准，日本全国47个 都道府县中已有25个达到"注意"级别。 ...

日本厚生劳动省7日发布的数据显示，截至11月2日的一周内，日本全国数千家定点医疗机构共报告流感 病例逾5.7万例，新确诊病例数较前一周翻番。 （文章来源：新华社） 从地域来看，宫城县、神奈川县和埼玉县流感疫情较为严重，平均每家定点医疗机构一周报告病例数均 接近30，即"警报"级别。 受流感扩散影响，截至11月2日，日本全国共有2307所保育园、幼儿园、中小学全校停课或部分年级、 班级停课。 日本厚生劳动省于10月3日宣布全国进入流感季，较去年提早约一个月。今年该国流感季开始时间为 1999年启用现行统计方法以来的"第二早"。 最新数据显示，10月27日至11月2日，日本全国数千家定点医疗机构总计报告流感病例57424例，平均每 家报告14.9例，每周新增病例数已连续11周增加。 根据日本的标准，平均每家定点医疗机构一周报告流感病例数超过1，就标志着进入流感流行季，如果 这个数值超过10，就达到"注意"级别，比"警报"低一级。照此标准，日本全国47个都道府县中已有25个 达到"注意"级别。 ...

Core Insights - Japan is experiencing a significant increase in flu cases, with over 9,000 reported cases from October 6 to 12, marking a 1.5 times increase from the previous week and 2.65 times from the same period last year [1] Group 1: Flu Cases and Trends - A total of 9,073 flu cases were reported across more than 3,800 designated medical institutions in Japan during the week of October 6 to 12 [1] - The average number of cases reported per institution was 2.36, indicating a rising trend in flu cases for eight consecutive weeks [1] - Approximately two-thirds of Japan's 47 prefectures have entered the flu season, as defined by the standard of reporting more than one case per institution [1] Group 2: Impact on Education - The flu outbreak has led to the closure of 998 educational institutions, including nurseries, kindergartens, and schools, either fully or partially [1] - In the week of October 6 to 12 alone, 328 educational institutions reported closures or partial closures due to the flu [1] - The Ministry of Health, Labour and Welfare announced the start of the flu season on October 3, which is five weeks earlier than in 2024 [1]

Core Insights - Japan has reported over 6,000 cases of influenza virus infections, leading to the closure of more than 100 schools, marking the country’s entry into a pandemic phase [1][3] - The current influenza outbreak in Japan is unusual in scale and may trigger similar outbreaks in other Asian and European countries as winter approaches [1][3] Group 1: Current Situation - As of October 10, Japan has reported over 6,000 influenza virus infections, resulting in the closure of over 100 schools [1] - The influenza pandemic has been recognized when the number of infections in a specific area exceeds expected levels [1] Group 2: Factors Contributing to the Outbreak - The influenza season has started approximately five weeks earlier than usual, likely due to increased international travel, climate change, and a lack of exposure to circulating viruses, particularly among the elderly and children [3] - Malaysia has also reported a large-scale influenza outbreak, with nearly 6,000 students confirmed infected, prompting emergency school closures [3] Group 3: Virus Strain and Transmission - The current influenza outbreak may be driven by the H3N2 strain, which has surged in Australia and New Zealand over the past two months [3] - Increased travel between Australia and Japan has heightened the risk of virus transmission between the hemispheres [3] Group 4: Public Health Recommendations - The Chinese CDC has established a nationwide influenza virus monitoring network and recommends the public to get vaccinated as the weather cools [4] - Vaccination is considered the most effective and economical method to prevent influenza, especially for vulnerable populations such as the elderly and children [4]