来源：@华夏时报微博 华夏时报记者 赵文娟 于娜 北京报道 流感疫情持续升级，不仅牵动公共卫生领域神经，更在资本市场掀起概念炒作热潮。中国疾控中心发布的《全国 急性呼吸道传染病哨点监测情况（2025年第48周）》显示，我国已进入呼吸道传染病高发季节，近期流感病毒为 主要检出病原体，疫情总体呈上升趋势，流感疫情处于高流行水平。这一态势迅速传导至二级市场，零售药店、 疫苗、抗流感药物、检测服务等细分赛道多只个股走强，流感概念板块迎来阶段性爆发。 Wind数据显示，截至12月8日，下半年以来流感概念指数（884775.WI）累计上涨14.64%，在各类概念板块中位居 前列，板块内35只个股实现上涨。其中，海王生物（000078.SZ）的表现尤为抢眼，在11月26日至12月5日的8个交 易日内斩获7个涨停板，股价创下五年多来新高，同期累计涨幅超100%，也因此接连发布股票交易异常波动公 告。公司在最新公告中提示，其市净率显著高于行业平均水平，存在市场情绪过热、非理性炒作风险，并明确提 醒投资者注意股价快速下跌的可能。 值得关注的是，尽管市场将其归为抗流感概念股核心标的，但公司在多份公告及互动易平台回复中，始终未披露 ...

12月8日，商务部发布《2024年药品流通行业运行统计分析报告》（以下简称《报告》）。报告称，2024年，中国医药商业协会对 31 个省（自治区、直辖 市）630 家药品批发企业应收账款情况开展典型调查。数据显示，对医疗机构应收账款回款天数平均154天，比2023年又拉长了两天。 专家指出药企应收账款时间长的三大原因 2024年，我国药品流通企业对医疗机构的应收账期回款天数进一步拉长，整个行业的现金流继续承压。 今年初，国家医保局启动了"三结算"，即医保与定点医药机构即时结算，与医药企业直接结算，探索商保、慈善互助等与基本医保同步结算。目前，全国所 有统筹地区已全部实现医保基金即时结算，国家医保局将持续扩大即时结算资金规模和医疗机构覆盖范围，持续加快医保资金拨付，同时结合集采优化措 施，加快推进医保与医药企业直接结算。 "药企应收账款时间延长是多种因素共同作用的结果，国家医保局推行的直接结算政策对改善这一现状有积极作用，也可通过合理调整医保支付政策、建 立'预付金+周转金'双重保障制度等方式解决医院现金流紧张问题。"邓勇说。 从实施效果来看，江西创新推行周转金制度，建立预付货款和医院回款直接结算模式，将企业货 ...

【最新百强医药批发和零售企业发布：国药集团和大参林位居榜首】2025年12月8日，商务部官网发布 了《2024年药品流通行业运行统计分析报告》。2024年前10大医药批发企业分别是：国药集团、上海医 药、华润医药、九州通、重庆医药—中国医药联合体、广州医药、南京医药、华东医药、英特集团、海 王生物。 2024年前10大医药零售企业分别是：大参林、益丰药房、国大药房、老百姓、一心堂、同仁堂、健之 佳、漱玉平民、好药师、河南张仲景大药房。 2024年，全国药品流通市场销售规模略有增长。统计显示，全国七大类医药商品销售总额为29470亿 元，扣除不可比因素同比增长0.6%。其中，药品零售市场销售额为6500亿元，扣除不可比因素同比增 长1.3%；药品批发市场销售额为22970亿元，扣除不可比因素同比增长0.5%。 截至2024年年底，全国共有《药品经营许可证》持证企业70.54万家。其中批发企业1.51万家，同比增加 0.03万家；零售连锁企业6607家，同比减少118家；下辖门店39万家，同比增加0.44万家；零售单体药店 29.37万家，同比增加1.23万家。零售药店总数68.37万家，同比增加1.67万家。 ...

每经头条（nbdtoutiao）——处方药变"瘾品"：国内首次报告普瑞巴林滥用致成瘾病例，网络平台暴 露"无病历可购药"漏洞，列管与否尚需科学考量 （记者 曾健辉） 每经AI快讯，太龙药业（SH 600222，收盘价：8.58元）12月8日晚间发布公告称，公司第十届第五次董 事会会议于2025年12月8日在公司一楼会议室以现场结合通讯的方式召开。会议审议了《关于公司2025 年度向特定对象发行A股股票方案论证分析报告的议案》等文件。 2025年1至6月份，太龙药业的营业收入构成为：医药制造业占比70.59%，医药研发占比14.71%，医药 流通占比14.42%，其他业务占比0.28%。 截至发稿，太龙药业市值为49亿元。 ...

Investment Rating - The report rates multiple companies in the healthcare sector as "Outperform," including BeiGene, China Resources Pharmaceutical, JD Health, Innovent Biologics, WuXi Biologics, and many others [1]. Core Insights - The Hong Kong healthcare sector has shown resilience, with the Hang Seng Healthcare Index gaining 72.2% year-to-date, outperforming the Hang Seng Index by 41.1 percentage points [4][28]. - The implementation of the "dual catalogs" for basic medical insurance and commercial insurance is expected to support innovation in the pharmaceutical sector, with 114 new drugs added to the basic medical insurance catalog and a success rate of 88% [5][30]. - The report highlights the strong performance of the pharmaceutical distribution and CXO sectors, with respective gains of 2.0% and 1.7% in the past week [15][29]. Summary by Sections Market Performance - The Hang Seng Healthcare Index fell by 0.7% in the week of December 1-5, 2025, underperforming the Hang Seng Index by 1.6 percentage points [4][28]. - The pharmaceutical distribution sector and CXO services performed well, with increases of 2.0% and 1.7%, respectively [15][29]. Drug Catalog Implementation - The "National Basic Medical Insurance Catalog" and the first edition of the "Commercial Insurance Innovative Drug Catalog" were released, with 114 new drugs added to the basic insurance catalog [5][30]. - The commercial insurance catalog includes 19 innovative drugs, emphasizing support for innovation and addressing the needs of the elderly and children [13][30]. Company Highlights - Notable companies that performed well include Jinxin Fertility (+7.5%), Harbour BioMed-B (+5.3%), and WuXi Biologics (+4.7%) [15][29]. - The report suggests increasing focus on companies with strong performance certainty in the CXO sector and those with stable long-term demand in medical services [15][29].

Core Viewpoint - The company is expected to improve profitability and operational efficiency as it approaches the end of its low-efficiency business adjustments by Q3 2025, with a projected net profit growth of 17% in that quarter [1] Group 1: Financial Performance - In Q3 2025, the company's sales expense ratio and management expense ratio decreased, leading to a net profit margin increase of 0.2 percentage points [1] - The company's dividend payout ratio has steadily increased from 28.1% in 2021 to 30.98% in 2024, with an average annual increase of 0.96 percentage points [1][3] - The company's current price-to-book (PB) ratio is approximately 0.71, which is lower than the five-year average of 0.81 [1][3] Group 2: Industry Trends - The concentration of the pharmaceutical distribution industry has increased from 38.38% in 2019 to 42.69% in 2023, with the company holding a market share of 20.36% in 2023 [2] - The compound annual growth rate (CAGR) for the company's pharmaceutical distribution revenue is projected to be around 7% from 2018 to 2024, with expected revenue of approximately 424.6 billion yuan in 2024 [2] - The company's medical device distribution revenue is expected to grow at a CAGR of about 15.69% from 2018 to 2024, reaching approximately 117.5 billion yuan in 2024 [2] Group 3: Strategic Initiatives - The company is focusing on enhancing quality and efficiency while optimizing its business structure in preparation for the "14th Five-Year Plan" conclusion and the "15th Five-Year Plan" initiation [1][3] - The company is implementing a "wholesale and retail integration" strategy to deepen its dual-brand strategy with professional pharmacies and Guoda pharmacies [2] - The company anticipates improvements in profitability for Guoda pharmacies by optimizing underperforming stores [2] Group 4: Future Projections - The company forecasts revenues of 577.19 billion yuan, 597.83 billion yuan, and 619.32 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 8.08 billion yuan, 8.75 billion yuan, and 9.52 billion yuan [4] - The projected price-to-earnings (PE) ratios for 2025, 2026, and 2027 are 7.27, 6.71, and 6.17, respectively [4]

Group 1: Flu Season Overview - The flu season in China has entered a high incidence period, with flu-like cases in southern and northern provinces reaching 10.3% and 9.1% of total emergency visits, respectively, both higher than the previous week [1] - The demand for flu prevention and control has surged, prompting pharmaceutical companies to increase inventory and supply across all segments, including vaccines, diagnostics, treatments, and drug distribution [1] Group 2: Prevention Efforts - Hualan Biological Engineering Co., Ltd. has reported a significant increase in public awareness regarding flu vaccination, leading to a rise in demand orders from disease control centers compared to the same period last year [1] - The company has efficiently utilized its cold chain logistics to meet the vaccination needs across the country [1] Group 3: Diagnostic Solutions - Shengxiang Biotechnology Co., Ltd. has developed a rapid nucleic acid testing solution for respiratory infections, covering various pathogens and is suitable for outpatient, emergency, and inpatient settings [1] - The company has seen an increase in shipments of respiratory products since October and is well-prepared to meet the testing demand during the flu season [1] Group 4: Treatment Options - The industry is witnessing a collaborative approach in flu treatment, combining Western and traditional Chinese medicine [2] - Beijing Shuanglu Pharmaceutical Co., Ltd. has reported an increase in orders for its flu medications, including Oseltamivir and immune enhancers [2] - Hunan Fangsheng Pharmaceutical Co., Ltd. has noted a significant improvement in sales of respiratory products in the fourth quarter, although overall sales for the year still require monitoring [2] Group 5: Drug Distribution - From November, the sales of flu medications, particularly Oseltamivir and Mabalaoshuai (Sufuda), have seen significant growth at the pharmacy chain, Lao Bai Xing [3] - The company has initiated supply assurance plans ahead of the respiratory disease peak season, ensuring stable market supply through predictive measures and increased inventory [3] - The overall pharmaceutical industry is responding to the flu season by ramping up production and inventory, which not only meets public medication needs but also drives company performance [3]

Investment Rating - The report assigns a "Buy" investment rating to the company [2] Core Views - The report highlights that the company is undergoing a significant improvement in profitability, with a notable 17% year-on-year growth in net profit for Q3 2025, driven by a reduction in sales and management expense ratios [5][27] - The company is expected to benefit from the ongoing consolidation in the pharmaceutical distribution industry, with its market share increasing to 20.36% in 2023 [5][44] - The report emphasizes the company's commitment to enhancing operational quality and optimizing its business structure, which is anticipated to lead to sustained profit growth in 2026 [5][15] Summary by Sections Company Overview - The company, China National Pharmaceutical Group Corporation (Sinopharm), is a leading player in the pharmaceutical distribution industry, with a comprehensive business layout that includes pharmaceutical distribution, medical device distribution, and retail [17][18] - The company has achieved a compound annual growth rate (CAGR) of approximately 9% in revenue over the past seven years, with a significant 17% growth in net profit for Q3 2025 [22][27] Industry Dynamics - The pharmaceutical distribution industry has seen an increase in concentration, with the market share of the top four companies rising from 38.38% in 2019 to 42.69% in 2023 [13][43] - The report notes that the company's pharmaceutical distribution revenue is projected to grow at a CAGR of about 7% from 2018 to 2024, with a focus on high-demand and high-value products [5][36] Financial Performance - The company reported total revenue of approximately 584.5 billion yuan in 2024, with a projected revenue of 577.2 billion yuan for 2025, reflecting a slight decline of 1% [6][27] - The net profit attributable to the parent company is expected to reach 80.77 billion yuan in 2025, representing a 15% increase year-on-year [6][27] Dividend Policy - The company has steadily increased its dividend payout ratio from 28.1% in 2021 to 30.98% in 2024, with an average dividend yield of 4.45% over the past five years [5][16] - The report indicates that the company's price-to-book (PB) ratio is currently around 0.71, which is below the five-year average of 0.81, suggesting potential for valuation improvement [5][16]

三、涨跌家数 | 日前 | 涨停 | 39 | | --- | --- | --- | | 污水幅 | > 7% | 67 | | 涨幅 | 5-7% | 60 | | 将喝 | 3-5% | 133 | | 沿线 | 0-3% | 1195 | | 跌幅 | 0-3% | 3289 | | 跌幅 | 3-5% | 437 | | 跌幅 | 5-7% | 102 | | 跌幅 | > 7% | 50 | | 其中 跌停 | | 26 | | 上涨家数 下跌家数 | | 1455 3878 | | 平盘停牌 总品种数 | | 123 | | | | 5456 | | 总成交额 | | 15616.71亿 | | 总成交量 | | 108472.67 | | 张家增减 | | -1273 | | 涨家增幅 | | -46.66% | | 指数量比 | | 0.95 | 截至收盘，沪指跌0.06%，报3875.79点，深成指涨0.4%，报13006.72点，创业板指涨1.01%，报3067.48点，科创50指数涨1.36%，报1326.16点。沪深两市合 计成交额15489.6亿元，市场超3800股下跌。 机器人概 ...

青岛海发健康投资控股公司负责人表示，海发健康控股重点布局生命健康产业赛道，将发挥自身优势资 源与京东健康在更多领域展开全面合作，实现优势互补、互利共赢。 近日，京东健康与青岛海发健康投资控股公司达成战略合作，正式获得安宫牛黄丸双天然全渠道代理 权。此次合作标志着京东健康在医药供应链领域的进一步深耕，双方将共同推动该产品在线上线下全渠 道市场的拓展，打开新的增长空间。 目前，京东健康已构建起覆盖线上线下的整合营销与服务体系。基于自身的用户洞察与精准营销能力， 京东健康能够实现药品与潜在需求人群的高效匹配，提升营销效率。此外，依托京东互联网医院的医疗 资源，还可为用户提供在线问诊、续方购药及送药上门等一站式健康服务，进一步延伸药品服务的价值 链。 合作达成后，京东健康将为其旗下安宫牛黄丸提供全渠道代理销售解决方案，依托自身线上线下一体化 的医药供应链服务体系，助力该产品覆盖更广泛的市场与用户群体。通过此次合作，京东健康不仅提升 了自身的一体化运营与精益化管理水平，也进一步强化了定制化供应链服务能力，为合作伙伴带来更多 元、高效的选择。 京东健康医药业务负责人表示，京东健康将持续发挥"超级医药供应链"能力优势，整合 ...