Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The flu virus is a highly pathogenic pathogen, emphasizing the importance of flu prevention and treatment [14] - The flu activity is on the rise, with northern regions reporting the highest number of cases in nearly four years [16] - The strategic significance of flu prevention and treatment is highlighted, with opportunities expected in the vaccine, diagnostic, and antiviral drug sectors [19] Summary by Sections Flu Virus and Its Impact - Influenza is a common respiratory infectious disease with a high transmission rate and seasonal patterns, affecting approximately 1 billion people globally each year, with 300,000 to 500,000 severe cases and 290,000 to 650,000 deaths related to respiratory diseases caused by influenza [15] - The flu activity has shown an upward trend, with the ILI% reported at 5.1% in northern provinces, exceeding levels from previous years [16] Market Performance - In the first week of November 2025, the pharmaceutical and biological sector declined by 2.4%, underperforming the CSI 300 index by 3.22 percentage points, ranking 29th among 31 sub-industries [6][26] - The pharmaceutical circulation sector saw the highest increase, up by 1.59%, while the medical research outsourcing sector experienced the largest decline, down by 4.93% [26] Investment Opportunities - The flu prevention and treatment strategy is gaining importance, with structural opportunities expected in the vaccine, diagnostic, and antiviral drug industries due to low vaccination rates and ongoing virus mutations [19] - Specific companies benefiting from the flu season include Innotest and Ansun Biologics in the in vitro diagnostics sector, Huazhong Biological in the biological products sector, and Zhongsheng Pharmaceutical in the traditional Chinese medicine sector [5] Recommended Stocks - Monthly stock recommendations include: Sanofi, Innovent Biologics, Baillie Gifford, Frontier Biologics, Haofan Biologics, Aopumai, Shanghai Yizhong, WuXi Biologics, Zai Lab, and Fangsheng Pharmaceutical [7] - Weekly stock recommendations include: Yaokang Biologics, Bidu Pharmaceuticals, Haoyuan Pharmaceuticals, China Resources Sanjiu, Huadong Medicine, Sunshine Nuohuo, Yuekang Pharmaceuticals, Zhongsheng Pharmaceuticals, and Jichuan Pharmaceuticals [7]

Group 1 - Tian Tan Biological Products Co., Ltd. executed a block trade on November 7, with a transaction volume of 1.2 million shares and a transaction amount of 22.104 million yuan, at a price of 18.42 yuan per share [2][3] - The buyer of the block trade was Guotai Junan Securities Co., Ltd. headquarters, while the seller was China International Capital Corporation Shanghai branch [2][3] - The closing price of Tian Tan Biological on the same day was 18.42 yuan, reflecting a slight increase of 0.11%, with a trading volume of 124 million yuan and a net outflow of main funds amounting to 14.058 million yuan [2][3] Group 2 - The latest margin financing balance for Tian Tan Biological is 1.484 billion yuan, showing a decrease of 11.2132 million yuan over the past five days, which is a decline of 0.75% [3] - Tian Tan Biological was established on June 8, 1998, with a registered capital of 1.977371446 billion yuan [3]

Core Viewpoint - The company has developed a lyophilized nasal spray influenza vaccine suitable for individuals aged 3 to 17, which simulates natural infection and induces both systemic and local mucosal immunity with a validity period of 10 months [1] Group 1: Product Details - The lyophilized nasal spray influenza vaccine is the only nasal spray live attenuated influenza vaccine in China, significantly improving vaccination compliance among recipients [1] - The liquid nasal spray influenza vaccine received production approval in August 2025, representing an upgrade from the lyophilized form, eliminating the need for reconstitution during use [1] Group 2: Regulatory and Global Context - The lyophilized nasal spray influenza vaccine is part of the World Health Organization's (WHO) Global Action Plan for Influenza Vaccines (GAP) [1]

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [5] Core Insights - The company reported a revenue of 613 million yuan for the first three quarters of 2025, representing a year-on-year growth of 32.26%, and a net profit attributable to the parent company of 132 million yuan, up 58.61% year-on-year [1] - The company plans to issue H shares and list on the Hong Kong Stock Exchange to enhance its international strategy and expand its global financing and acquisition channels [3] - The core business focuses on recombinant protein products, which are crucial for the development and production of innovative drugs in cell and gene therapy [4] Financial Performance - For Q3 2025, the company achieved a revenue of 226 million yuan, a year-on-year increase of 37.50%, and a net profit of 48.62 million yuan, up 81.46% year-on-year [1] - The sales expense ratio decreased to 27.54% in Q3 2025, down 2.57 percentage points year-on-year, indicating improved cost management [2] - The company expects revenues for 2025 and 2026 to be adjusted to 845 million yuan and 1.041 billion yuan, respectively, with net profits projected at 208 million yuan and 233 million yuan [5] Strategic Initiatives - The company is enhancing its overseas presence by establishing new subsidiaries and logistics centers to cover global markets comprehensively [3] - It aims to increase R&D investments and strengthen its international team to drive technological innovation [3] - The company has successfully developed nearly 60 high-quality GMP-grade products, which are essential for large-scale production and clinical research in CGT drugs [4]

Group 1 - Tian Tan Biological's stock closed at 18.42 yuan on November 7, with a slight increase of 0.11% [1] - A block trade occurred involving 1.2 million shares, totaling a transaction value of 22.104 million yuan, with a premium rate of 0.00% [1] - The buyer was Guotai Junan Securities Co., Ltd. headquarters, and the seller was China International Capital Corporation Shanghai branch [1] Group 2 - In the last three months, there has been one block trade for this stock, with a total transaction value of 22.104 million yuan [1] - Over the past five trading days, the stock has seen a cumulative decline of 0.05%, with a net outflow of 29.2361 million yuan in principal funds [1]

Core Viewpoint - The biopharmaceutical sector experienced a decline of 0.37% on November 7, with He Yuan Bio leading the drop. The Shanghai Composite Index closed at 3997.56, down 0.25%, while the Shenzhen Component Index closed at 13404.06, down 0.36% [1]. Group 1: Stock Performance - Wan Ze Co. (000534) saw a significant increase in stock price, closing at 22.51 with an 8.80% rise and a trading volume of 754,200 shares, amounting to 1.681 billion yuan [1]. - Tibet Pharmaceutical (600211) closed at 46.05, up 2.74%, with a trading volume of 80,600 shares, totaling 371 million yuan [1]. - Anke Bio (300009) increased by 2.25%, closing at 10.93 with a trading volume of 442,300 shares, amounting to 482 million yuan [1]. - The overall biopharmaceutical sector saw a net outflow of 678 million yuan from institutional investors, while retail investors had a net inflow of 304 million yuan [2][3]. Group 2: Capital Flow - The main capital inflow was observed in Tibet Pharmaceutical, with a net inflow of 26.13 million yuan from institutional investors, while retail investors had a net outflow of 36.64 million yuan [3]. - Anke Bio also experienced a net inflow of 23.91 million yuan from institutional investors, with retail investors seeing a net outflow of 13.09 million yuan [3]. - The overall trend indicates a mixed sentiment in the biopharmaceutical sector, with institutional investors pulling back while retail investors showed some interest [2][3].

Group 1 - The core point of the article is that Dongfang Biological (688298) has completed the main construction of its project in Hainan Free Trade Zone, which is focused on the research and development of biological products [1] - The subsidiary, Hainan Wanzijian Testing Laboratory Co., Ltd., aims to engage in technology research and development, technical consulting, and the introduction, transformation, and transfer of foreign technological achievements [1]

Core Viewpoint - Kanghua Biotech has completed the transfer of shares to Shanghai Wankexin Biotechnology Partnership, resulting in a change of controlling shareholder to Wankexin Biotech, with no actual controller remaining in the company [1] Group 1 - Wang Zhentao and his concerted parties, including Aokang Group and Jinan Kangyue Qiming Investment Partnership, have successfully transferred shares of Chengdu Kanghua Biotech Co., Ltd. to Wankexin Biotech [1] - The share transfer has been officially registered with China Securities Depository and Clearing Corporation Limited [1] - Following the completion of the share transfer, the controlling shareholder of the company has changed to Wankexin Biotech, indicating a shift in ownership structure [1]

Core Viewpoint - Kanghua Biotech (300841.SZ) has announced a change in its controlling shareholder to Wanke Xin Biological Technology Partnership, with no actual controller remaining in the company [1] Summary by Relevant Sections - **Shareholder Change** - Wang Zhentao and his concerted parties, including Aokang Group and Jinan Kangyue Qiming Investment Partnership, have completed the transfer of shares to Shanghai Wanke Xin Biological Technology Partnership [1] - **Completion of Transfer** - The share transfer has been officially registered with the China Securities Depository and Clearing Corporation Limited, marking the completion of the ownership change [1] - **Corporate Control** - Following the transfer, Wanke Xin Biological becomes the controlling shareholder, and the company will operate without an actual controller [1]

Core Viewpoint - Dongfang Biological (688298.SH) has established a subsidiary in Hainan Free Trade Zone, focusing on the research and development of biological products and related technology services [1] Group 1 - The subsidiary, Hainan Wanzijian Inspection Laboratory Co., Ltd., aims to engage in technology research and consulting, as well as the introduction, transformation, and transfer of foreign technological achievements [1] - The main construction work for the Hainan project has been completed [1]