Investment Rating - The report does not explicitly state an investment rating for the industry [2][19]. Core Views - The pharmaceutical and biotechnology sector saw a weekly increase of 3.29%, outperforming the Wind All A index (-0.47%) and the CSI 300 index (-1.08%) during the week of November 10-14, 2025 [3][8]. - Local governments are actively implementing policies to support innovative drug development, with Chongqing aiming to approve 1-3 new drugs annually by 2027 [3][13]. - Flu activity is on the rise, with the percentage of flu-like illness cases reported in southern provinces reaching 5.5%, higher than the previous week and the same period in 2022 and 2024 [3][13]. Market Weekly Review - The pharmaceutical and biotechnology sector increased by 3.29%, with all sub-sectors recovering. The leading sub-sectors included pharmaceutical distribution (5.92%), in vitro diagnostics (5.91%), and raw materials (5.09%) [3][8]. - Notable stock performances included Jindike (61.6%), Renmin Tongtai (61.1%), and Chengda Pharmaceutical (58.3%) with significant gains, while *ST Changyao (-33.6%) and Zhend Medical (-11.3%) faced substantial declines [3][11]. Industry News and Key Company Announcements - On November 14, Chongqing's government announced comprehensive support measures for innovative drug development, including funding for research and expedited ethical review processes [3][13]. - Merck announced a $9.2 billion acquisition of Cidara Therapeutics, expected to close in Q1 2026 [3][13]. - Adicon acquired Crown Bioscience for $204 million, aiming to enhance its integrated service platform [3][13]. - Laika Pharmaceuticals entered an exclusive licensing agreement with Qilu Pharmaceutical for LAE002, with potential payments totaling RMB 25.75 billion [3][14]. - Lyell Immunopharma announced a global licensing agreement for LYL273, with significant milestone payments and royalties [3][15]. - MeiraGTx Holdings entered a strategic collaboration with Eli Lilly for gene therapy projects, with upfront and milestone payments exceeding $400 million [3][15].

Investment Rating - The industry investment rating is maintained at "Overweight" [2] Core Viewpoints - The report highlights a rising trend in influenza activity, suggesting a structural opportunity in the flu vaccine market. It emphasizes the importance of focusing on innovative vaccines and companies with differentiated pipelines to capture alpha opportunities in a competitive landscape [8][9][27]. Summary by Relevant Sections Industry Performance - Over the past twelve months, the vaccine sector has shown a relative performance of -25% compared to the CSI 300 index, with an absolute return of -5% [3][4]. - The vaccine sector's PE (ttm) is reported at 101.87X, with a PB (lf) of 1.99X, indicating a slight increase in valuation metrics [7][20]. Domestic and International Vaccine Dynamics - Recent approvals for clinical trials include various vaccines from companies like Zhifei Biological Products and CanSino, indicating ongoing innovation in the sector [4][8]. - The National Influenza Center reported an increase in flu cases, with 621 outbreaks reported, suggesting a potential uptick in demand for flu vaccines [4][8]. Market Review - The vaccine sector experienced a 3% increase in the last week, reflecting a moderate performance compared to other pharmaceutical segments [5][6]. - Companies such as Jindike and Hualan Biologicals showed strong performance, while others like Wantai and Zhifei Biologicals lagged behind [6][19]. Investment Recommendations - The report suggests that the vaccine industry is currently under pressure, with a need for companies to focus on innovation and international expansion. It recommends monitoring companies with high technical barriers and differentiated pipelines [8][9][27]. - Specific companies to watch include CanSino for its innovative capabilities and Kanghua Biologicals for its stable demand products [9][27].

目前，卡介苗是全球唯一可用于预防结核病的疫苗，在全球范围内被广泛接种，其对预防婴幼儿结核病 发挥重要作用，但卡介苗保护力会随时间减弱，无法通过加强免疫接种增强疫苗的保护效果。针对此不 足，公司研发了第一代全球创新的结核病加强疫苗用于卡介苗接种人群，该款疫苗于加拿大完成了Ia及 Ib期临床试验，临床数据证明了该候选疫苗的安全性和作为卡介苗加强疫苗的有效性，以及黏膜免疫的 优越性。 该I期临床试验于印度尼西亚开展，目的是在18-49岁的成年人中探究接种一剂吸入用肺结核疫苗（5型 腺病毒载体）的安全性和免疫原性。 格隆汇11月13日丨康希诺(688185.SH)公布，公司开发的吸入用肺结核疫苗（5型腺病毒载体）（以下简 称"吸入用结核病加强疫苗"）近日于印度尼西亚启动I期临床试验，并完成I期临床首例受试者入组。 ...

Group 1 - Duopule plans to reduce its shareholding by no more than 1%, amounting to a maximum of 619,000 shares [1] - Lideman intends to acquire 70% of Xiansheng Xiangrui for 1.733 billion yuan, focusing on tuberculosis screening and diagnosis [2] - Huahuan Group is planning a change in control, leading to a temporary suspension of its stock [3] Group 2 - Dongbai Group clarifies it does not engage in duty-free business, maintaining normal operations [4][5] - Changsheng Bearing's actual controller plans to reduce holdings by up to 1.99%, equating to 5.94 million shares [6][7] - Jidian plans to invest 5.698 billion yuan in the Baicheng Phase II coal power project, a key initiative under the national "14th Five-Year Plan" [9][10] Group 3 - Baoneng New Energy reports completion of land-based works for the expansion of the Lufeng Qiaohai Bay Power Plant [11][12] - Changshu Bank proposes to appoint Lu Dingchang as the new president and chief compliance officer [13][14] - Kangqiang Electronics plans to reduce its shareholding by no more than 1%, totaling up to 3.7526 million shares [14] Group 4 - Jilin Chemical Fiber intends to reduce its holdings by up to 2%, equating to 49.1774 million shares [15][16] - CanSino's inhaled tuberculosis vaccine has commenced Phase I clinical trials in Indonesia [17][18] - ST Dongyi's stock has been suspended for review due to significant price fluctuations [19] Group 5 - ST Yatai plans to reduce its holdings by up to 1.98%, totaling 6.4 million shares [20] - Huaren Pharmaceutical intends to reduce its holdings by up to 3%, equating to 35.4663 million shares [21] - Jianglong Shipbuilding's controlling shareholder plans to reduce holdings by up to 2%, amounting to 7.5534 million shares [22] Group 6 - Borui Pharmaceutical's BGM1812 injection has received approval for clinical trials targeting overweight or obesity [23][24] - ST Zhongzhu announces the transfer of 10.38% of its shares, totaling approximately 403 million yuan [25][26] - Shenzhou Digital plans to establish an employee stock ownership plan with a maximum fundraising of 360 million yuan [27][28] Group 7 - Kaichuang Electric plans to establish a joint research center with Tsinghua University, focusing on embodied intelligence [29] - Daming City intends to acquire 19.43% of Baicaibang for 694 million yuan, specializing in communication solutions [29]

证券日报网讯 11月13日晚间，康希诺发布公告称，康希诺生物股份公司开发的吸入用肺结核疫苗（5型 腺病毒载体）（以下简称"吸入用结核病加强疫苗"）近日于印度尼西亚启动Ⅰ期临床试验，并完成Ⅰ期 临床首例受试者入组。 （文章来源：证券日报） ...

康希诺11月13日公告，公司开发的吸入用肺结核疫苗（5型腺病毒载体）近日于印度尼西亚启动I期临床 试验，并完成首例受试者入组。该疫苗为第一代全球创新的结核病加强疫苗，通过雾化吸入的方式递 送，有望激发肺部免疫应答，控制潜伏感染，并可实现预防感染的效果。 ...