Group 1 - The flu season is currently at a high epidemic level in China, with a significant increase in the purchase of cold and flu medications across various regions, particularly in East China where orders for antiviral drugs have surged over 80% [1] - In central regions like Wuhan, the order volume for flu medications has increased by over 95%, with the specific antiviral drug, Marbofloxacin, seeing a 120% increase in orders [1] - The Chinese Center for Disease Control and Prevention has reported that the current flu epidemic is at a high level, prompting discussions on the appropriate use of medications to avoid excessive or inappropriate use [1] Group 2 - Common antiviral medications for flu include neuraminidase inhibitors such as Oseltamivir and Peramivir, as well as RNA polymerase inhibitors like Marbofloxacin, with different drugs having varying indications and treatment durations [2] - Oseltamivir is suitable for a wide range of patients, including those over 2 weeks old, with a standard treatment course of 5 days, extendable for severe or immunocompromised patients [2] - Marbofloxacin is indicated for patients aged 5 and above, requiring only a single dose for treatment [2] Group 3 - Specific groups of children may be considered for preventive antiviral treatment during flu outbreaks, including those with compromised immune systems or those who have not developed sufficient immunity after vaccination [3] - It is recommended that preventive medication be administered within 48 hours of exposure and continued for 7 days after the last exposure, although treatment is still advised even if started later [3] - Light symptom patients are advised to stay home and manage symptoms, while severe cases should receive early empirical antiviral treatment [3]

Core Viewpoint - In 2025, three new domestic influenza drugs, including those developed by renowned experts like Zhong Nanshan and Zhang Wenhong, will be launched, marking a significant milestone in China's pharmaceutical industry as it breaks the record of having no original research influenza innovation drugs [2][9]. Summary by Sections New Drug Launches - The new influenza drugs are priced between 180 to 320 yuan, comparable to the existing drug, Marbaviroc (速福达) [3][2]. - These new drugs claim to enhance efficacy, with some promising symptom relief within 18 hours and others offering a single oral dose that reduces fever within approximately 22 hours [2]. Market Challenges - Despite the promising features, the new drugs face significant challenges in replacing established medications like Oseltamivir and Marbaviroc, which have dominated the market [4]. - As of October 2025, the sales of the new domestic influenza drugs totaled less than 10 million yuan, while Oseltamivir and Marbaviroc combined sold nearly 8.5 billion yuan from January to October [5][14]. Industry Insights - Industry experts suggest that the new influenza drugs are largely "fast-follow" products, leading to concerns about market saturation and limited commercial viability [6]. - The new drugs primarily target patients aged 12 and above, while existing drugs like Oseltamivir can be used for younger patients, limiting the new drugs' market reach [12]. Sales Channels - Traditional sales channels, including hospitals and pharmacies, have shown limited contribution to the sales of new drugs, with online sales becoming increasingly important [14][18]. - E-commerce platforms have seen significant sales for the new drugs, with online sales accounting for over 51% of sales for some products [18]. Differentiation Factors - A key differentiating factor for the new drugs is their lower resistance rates compared to older medications, which may provide effective treatment options in cases of resistance to existing drugs [20][22]. - Current data indicates that resistance rates for influenza strains against Oseltamivir remain low, but ongoing monitoring is necessary as the drugs become more widely used [22].

（原标题：广州频繁刷榜背后：科创进入涌现期？） 南方财经见习记者郭莎 广州报道 广州的创新定力，丝毫不亚于深圳。如果把时间拉长到十年的维度，广州在全球创新版图上的进位速 度，绝对令人惊叹。 按照"自然指数—科研城市"全球科研城市榜单排名，广州从2015年的全球第42位逐渐跃升到2024年的全 球第6位。十年超越36城，是全球进步最快的科研城市之一。 按照培育全球独角兽企业数量这个风向标，广州一样名列前茅。2023年，广州一年净增12家全球独角兽 企业，晋级为数量增长最快的中国城市。此后，广州独角兽数量更是连续三年位列全国第4。 广州不仅自身创新能力强，组队能力同样突出。今年9月，世界知识产权组织发布的《2025年全球创新 指数》百强创新集群，"深圳—香港—广州"集群首次超越长期占据榜首的日本"东京—横滨"地区，跃居 全球第一。 广州频繁刷榜背后，实际上是人才、生态、政策等合力编织的创新体系在支撑。凭借充分的人才储备、 丰富的高校资源和完备的产业体系优势，广州的科技创新正在从"量变积累"迈向"质变引领"——一个更 加侧重结构优化、质量内核、动能强劲的科技创新生态加速形成，科技创新成果持续涌现。 全球首个"四证齐 ...

Economic Growth and Development - Guangzhou aims to elevate its economic scale, targeting a GDP of 3.1 trillion yuan by 2024, with an expected GDP increment of 700 billion yuan during the "14th Five-Year Plan" period [1] - The city has maintained a "double trillion, double growth" trend in social retail sales and foreign trade, becoming the third city in China to achieve this milestone [1] - The average annual disposable income growth for urban and rural residents is 5.13% and 6.95% respectively, both exceeding GDP growth [1] Talent and Employment - Guangzhou is implementing the "Million Talents Gather in South Guangdong" initiative, focusing on attracting high-level foreign talent, ranking among the top three in national talent attraction [1] - The city has added 1.634 million new jobs, emphasizing a strategy prioritizing employment [1] Technological Advancements - Guangzhou has made significant strides in technology, with its global ranking in the "Nature Index - Research Cities" rising to 6th, and the "Shenzhen-Hong Kong-Guangzhou" innovation cluster ranking first globally [1] - The city has developed key technologies, including the first domestically built ocean drilling vessel and a new flu drug, showcasing its commitment to national strategic technology [2] Infrastructure and Connectivity - The Nansha area has seen its GDP surpass 230 billion yuan, with a population nearing 1.3 million, attracting over 3,500 Hong Kong and Macau enterprises [2] - Baiyun Airport has become one of China's three comprehensive international aviation hubs, with passenger throughput increasing from 43.77 million in 2020 to 76.37 million by 2024, a growth of 74% [2]

Economic Performance - Guangzhou's GDP has reached 3.1 trillion yuan, with an economic increment of approximately 700 billion yuan over the past five years [1] - The city has maintained a "double trillion, double growth" trend in social retail sales and foreign trade, becoming the third city in China to achieve this [1] Industrial Transformation - Industrial investment surged by 66%, from 103 billion yuan in 2020 to 171 billion yuan in 2024 [2] - The "12218" modern industrial system aims to rejuvenate traditional industries and promote emerging sectors [2] Emerging Industries - Strategic emerging industries such as new displays, biomedicine, and autonomous driving are leading nationally [3] - The production capacity for new display panels is expected to grow from 30 million square meters to over 43 million square meters, a growth of over 40% [3] Innovation Ecosystem - Guangzhou has over 13,500 high-tech enterprises, with 24 unicorn companies, three times the number from 2020 [6] - The city has established technology transfer centers to facilitate the commercialization of research outcomes [7] Regional Integration - The Greater Bay Area has seen significant connectivity improvements, with six cross-river channels and a new intercity railway network [8] - The city has implemented 99 measures to align with Hong Kong and Macau regulations, enhancing cross-border cooperation [9] Economic Growth in Nansha - Nansha's GDP has surpassed 230 billion yuan, attracting over 3,500 Hong Kong and Macau enterprises [10]

Core Insights - The new National Medical Insurance Directory has added 114 new drugs, surpassing last year's addition of 91, with 50 being first-class innovative drugs, achieving an overall success rate of 88%, an improvement from 76% in 2024 [1][2] Group 1: New Drug Additions - The total number of drugs in the directory has increased to 3,253, significantly enhancing coverage for key areas such as oncology and chronic diseases [2] - The directory includes 38 global innovative drugs and 50 first-class innovative drugs, marking a historical high for new additions [2] - Notable inclusions are the first globally approved red blood cell maturation agent, Rotecip, for treating lower-risk myelodysplastic syndromes, and the first domestically developed IL-4Rα antibody drug, Kangyueda, for multiple indications [3][4] Group 2: Oncology Innovations - Several innovative oncology drugs have been added, including Tagolizumab, the first PD-L1 monoclonal antibody approved for nasopharyngeal carcinoma, and non-covalent BTK inhibitor, Jebatib, for relapsed mantle cell lymphoma [4][5][6] - ADCs (antibody-drug conjugates) have gained attention, with new entries like Lukanasatuzumab and Ruikangquzuzumab, targeting advanced breast cancer and non-small cell lung cancer [7][8] Group 3: Chronic Disease Treatments - The directory has included innovative drugs for chronic diseases, such as Novartis' PCSK9 mRNA interference drug for cholesterol management, addressing patients who cannot reach LDL-C targets [14] - AstraZeneca's biologic drug Benralizumab for severe eosinophilic asthma has also been added, providing targeted treatment options for patients [15][16] Group 4: Influenza Treatments - The new directory has incorporated two domestic antiviral drugs for influenza, Masurashave and Angladiv, which have shown promising clinical results in reducing symptoms and viral load [17]

Investment Rating - The report maintains a "Recommended" investment rating for the pharmaceutical industry [1] Core Insights - The 2025 National Medical Insurance and Commercial Health Insurance Innovation Drug Catalogs were released, adding 114 new drugs to the national insurance list, with a success rate of 88%, significantly higher than the previous year's 76% [2] - The first three quarters of 2025 saw a notable recovery in domestic innovative drug financing, with 324 financing events totaling $5.51 billion, a 67.6% increase year-on-year [3] - The flu positivity rate has not peaked yet, with a significant increase in flu cases, indicating a growing market for flu medications [4] - The report highlights breakthroughs in dual-target and new-target opportunities in the autoimmune field, with several companies making significant advancements [5] - There is a focus on inhalation formulations in respiratory diseases, with new drugs showing promising results [6] - Progress in liver-targeted small nucleic acids is noted, with companies like Arrowhead Pharmaceuticals making strides in this area [7] Summary by Sections 1. National Medical Insurance and Commercial Insurance Innovation Drug Catalogs - The 2025 catalog added 114 new drugs, including 50 innovative drugs, with a success rate of 88% [2] 2. Financing Trends and CXO Order Changes - Innovative drug financing events increased by 5.2% year-on-year, with total financing amounting to $5.51 billion [3] 3. Flu Positivity Rates - The flu positivity rate reached 51.1%, indicating a rising demand for flu medications [4] 4. Autoimmune Field Developments - Significant partnerships and advancements in dual-target drugs for autoimmune diseases were reported [5] 5. Inhalation Formulations in Respiratory Diseases - New inhalation drugs are showing positive clinical results, indicating a shift in treatment approaches [6] 6. Progress in Liver-Targeted Small Nucleic Acids - Arrowhead Pharmaceuticals achieved a milestone payment for its innovative RNA therapy, expanding its research pipeline [7] 7. Stock Recommendations - The report recommends stocks in various sectors, including inhalation formulations, small nucleic acids, and innovative drugs, highlighting specific companies for investment [8]

Core Viewpoint - The current flu season in China is experiencing a significant rise in cases, with 17 provinces reporting high levels of flu activity and a positive rate of 51% among flu-like cases in emergency departments [1][11]. Group 1: Flu Activity and Trends - Since late October, flu activity in Beijing has been on the rise, entering an epidemic phase by mid-November, approximately four weeks earlier than the previous year [2]. - Nationwide, there have been 1,541 reported outbreaks of flu-like cases, nearly 50 times higher than the same period last year, with 80% occurring in primary and secondary schools [11]. Group 2: Severity and Risk of Cases - Approximately 10% of flu cases may require hospitalization, with a small percentage classified as critical cases needing intensive care [6]. - The overall mortality rate for flu is less than 0.1%, but high-risk groups, particularly those requiring hospitalization, need close monitoring [6]. Group 3: Virus Types and Characteristics - The dominant strain this winter is the H3N2 subtype of the influenza A virus, accounting for over 95% of cases, with some circulation of H1N1 and influenza B viruses [8]. - Flu is characterized by strong transmissibility and severe symptoms, primarily affecting the winter and spring seasons [8]. Group 4: Vaccination and Prevention - Vaccination is recommended before the flu season peaks, ideally in September or October, to reduce infection risk and severity [22]. - The effectiveness of the flu vaccine can vary based on the accuracy of predictions regarding circulating strains, with protection rates potentially exceeding 60% if predictions are accurate [25][27]. Group 5: Treatment and Management - The optimal time for antiviral treatment is within 48 hours of symptom onset, as antiviral medications are most effective when administered early [29]. - The flu season is expected to continue for several weeks, with northern regions nearing a peak and southern regions still on the rise [34][35].

Core Insights - The flu virus activity in China is on the rise, with a positivity rate of 51.1% among flu-like cases in sentinel hospitals, indicating a high level of flu epidemic across the country [1][2] - The peak of the flu season is expected to occur in mid-December, with a significant increase in reported cluster outbreaks in schools compared to the previous season [2] Group 1: Flu Activity and Monitoring - 17 provinces in China are experiencing high levels of flu activity, while the remaining provinces are at moderate levels [2] - The positivity rate for flu virus detection among patients visiting emergency departments has reached 51%, which is below the highest levels recorded in the past three years [2] - The flu positivity rate among children aged 5 to 14 is notably higher than in other age groups, indicating a specific vulnerability in this demographic [1] Group 2: Health Recommendations and Vaccination - High-risk groups, including the elderly, chronic disease patients, children, and pregnant women, are advised to minimize time spent in crowded and enclosed spaces and to enhance personal health protection [2] - There is a call for organizations to facilitate flu vaccination for high-risk populations through centralized arrangements and funding, with healthcare institutions offering on-site vaccination services [2] - Schools and childcare institutions are urged to strengthen health monitoring and environmental sanitation, particularly in light of temporary school closures in areas like Hangzhou due to flu outbreaks [2] Group 3: Treatment and Medication - Current flu strains, particularly the H3N2 subtype, remain sensitive to antiviral medications such as oseltamivir, and patients are encouraged to use these treatments under medical guidance [2] - New antiviral drugs, including domestic options, are becoming available, providing patients with more choices for flu treatment [2]

Group 1 - The core viewpoint of the report indicates a rising trend in flu activity in China since November, suggesting a short-term focus on the flu market [1] - The report highlights a significant structural recovery trend in the pharmaceutical sector after a prolonged valuation adjustment, with continued optimism for pharmaceutical innovation and investment recovery [1] - The report notes that the positive trend in the secondary market is expected to drive a rebound in primary market financing, with ongoing favorable conditions for CXO and upstream sectors [1] Group 2 - The report states that the positive rate of flu virus among outpatient and emergency cases is approximately 45%, predominantly driven by the H3N2 strain [1] - It mentions that the ILI% reported by sentinel hospitals in southern provinces is 7.8%, higher than the previous week and above the levels of 2022 and 2024, but lower than 2023 [1] - The report provides data on the main pathogens detected in flu-like cases, with influenza virus accounting for 44.8% of the samples tested [1] Group 3 - The report discusses various antiviral drugs for flu treatment, with significant sales growth for Oseltamivir and Baloxavir during the week of November 15-21, with increases of 237% and 180% year-on-year, respectively [2] - It highlights the importance of flu vaccination as a preventive measure, with a total of 373 batches of flu vaccines approved for release since January 2025, including 230 batches of quadrivalent vaccines, a 3% increase year-on-year [2] - The report notes a decline in the approval of trivalent vaccines, with 143 batches approved, representing an 18% year-on-year decrease [2]