11月28日，万泰生物盘中下跌2.02%，截至13:21，报48.10元/股，成交1.31亿元，换手率0.21%，总市值 608.52亿元。 分红方面，万泰生物A股上市后累计派现15.41亿元。近三年，累计派现13.11亿元。 机构持仓方面，截止2025年9月30日，万泰生物十大流通股东中，香港中央结算有限公司位居第五大流 通股东，持股1289.91万股，相比上期减少985.53万股。华泰柏瑞沪深300ETF（510300）位居第九大流 通股东，持股640.61万股，相比上期减少31.83万股。招商国证生物医药指数A（161726）位居第十大流 通股东，持股496.09万股，为新进股东。易方达沪深300医药ETF（512010）退出十大流通股东之列。 资金流向方面，主力资金净流出1736.87万元，特大单买入0.00元，占比0.00%，卖出1324.05万元，占比 10.12%；大单买入2309.40万元，占比17.66%，卖出2722.22万元，占比20.82%。 责任编辑：小浪快报 资料显示，北京万泰生物药业股份有限公司位于北京市昌平区科学园路31号，成立日期1991年4月24 日，上市日期2020年4月 ...

11月28日，鹭燕医药盘中下跌2.03%，截至09:42，报9.63元/股，成交3512.11万元，换手率0.95%，总市 值37.41亿元。 资金流向方面，主力资金净流出416.11万元，特大单买入273.28万元，占比7.78%，卖出413.94万元，占 比11.79%；大单买入383.44万元，占比10.92%，卖出658.90万元，占比18.76%。 鹭燕医药今年以来股价涨22.52%，近5个交易日涨4.45%，近20日涨12.76%，近60日涨13.29%。 鹭燕医药所属申万行业为：医药生物-医药商业-医药流通。所属概念板块包括：福建自贸区、中药、小 盘、医药电商、冷链物流等。 截至9月30日，鹭燕医药股东户数2.27万，较上期减少3.01%；人均流通股16784股，较上期增加3.10%。 2025年1月-9月，鹭燕医药实现营业收入158.55亿元，同比增长2.87%；归母净利润2.20亿元，同比减少 14.64%。 分红方面，鹭燕医药A股上市后累计派现7.28亿元。近三年，累计派现3.69亿元。 责任编辑：小浪快报 资料显示，鹭燕医药股份有限公司位于福建省厦门市湖里区安岭路1004号，成立日期20 ...

流感季来袭: 问诊量飙升50% 未成年人受流感影响较大。从线上问诊咨询来 看,进入11月以来,儿童气管炎、支气管炎、 呼吸道感染及流行性感冒的线上咨询量持续攀 升。 11月以来,线上问诊量大增 菲 呼吸道感染问诊量 +49% 儿科相关问诊咨询量 +50% 数据来源:央广网,统计区间(2025.11.01-2025.11.20) 机构看好:流感催化行情 流感病毒通常每年呈季节性暴发，在温带国家 主要集中于冬季。近期流感患病者数量上升, 相关药物销量也同样大增,药企有望受益。 机构观点 光大证券 近期流感疫情上升态势明显,或带动 防治和检测流感产品的需求增长。 中泰证券 秋冬季流感高峰到来,有望带动疫苗 、抗病毒药物等相关标的持续上涨。 德邦证券 本轮流感上升趋势快,有望催生就医 和治疗需求。中成药是流感和普通感 冒治疗中的常用药,尤其是在儿童治 疗上。 资料来源:券商中国 借道ETF: 一指覆盖医药行业 港股通创新药指数聚焦创新药方向,同时涵盖 中药、西药、生物科技等方向。相关成分股有 望受益于新增的药物订单。 来源：中信建投证券 来源：券商研报精选 ...

Core Viewpoint - The pharmaceutical sector experienced a strong rally on the 26th, particularly in innovative drugs and vaccine concepts, with several companies seeing significant stock price increases [1] Industry Summary - Recent advancements in the small nucleic acid drug field have garnered significant attention from both the industry and investors, marking a transition from concept validation to the brink of industrial rise [1] - Since 2025, breakthroughs in delivery technology are expected to expand indications from the liver to cardiovascular and CNS areas, coupled with the commercialization of major products and substantial mergers by multinational pharmaceutical giants, indicating a golden development period driven by "technological breakthroughs + commercial realization" [1] - According to Everbright Securities, domestic pharmaceutical companies are accelerating their R&D progress, with many entering clinical research phases since 2025. The focus should be on leading innovative drug companies with advanced technology platforms and differentiated pipelines, as well as innovative industry chain companies likely to benefit from the overall industry upturn [1] - The investment approach in the pharmaceutical sector should increasingly emphasize the clinical value logic, addressing clinical needs of patients and doctors, influenced by domestic medical insurance policies and global expansion strategies, which are assigning higher premiums to clinical value [1] - From the perspective of clinical value, the innovative drug industry chain and innovative medical devices are viewed positively [1]

11月21日，智飞生物跌3.58%，成交额5.71亿元。两融数据显示，当日智飞生物获融资买入额6306.08万 元，融资偿还7955.32万元，融资净买入-1649.23万元。截至11月21日，智飞生物融资融券余额合计 13.87亿元。 截至11月10日，智飞生物股东户数13.31万，较上期增加1.19%；人均流通股10624股，较上期减少 1.17%。2025年1月-9月，智飞生物实现营业收入76.27亿元，同比减少66.53%；归母净利润-12.06亿元， 同比减少156.10%。 分红方面，智飞生物A股上市后累计派现73.18亿元。近三年，累计派现31.94亿元。 机构持仓方面，截止2025年9月30日，智飞生物十大流通股东中，香港中央结算有限公司位居第三大流 通股东，持股3356.08万股，相比上期减少278.88万股。易方达创业板ETF（159915）位居第五大流通股 东，持股2415.90万股，相比上期减少405.65万股。华泰柏瑞沪深300ETF（510300）位居第六大流通股 东，持股2042.08万股，相比上期减少96.46万股。招商国证生物医药指数A（161726）位居第九大流通 股东，持 ...

Core Viewpoint - Southbound funds reduced their holdings in Fosun Pharma (02196.HK) by 118,000 shares on November 21, 2025, while showing a net increase in holdings over the past trading days [1][2]. Group 1: Southbound Fund Activity - Over the last five trading days, southbound funds increased their holdings on four occasions, with a total net increase of 1,302,500 shares [1]. - In the last twenty trading days, there were fifteen days of net increases, totaling 9,318,500 shares [1]. - As of now, southbound funds hold 316 million shares of Fosun Pharma, representing 57.28% of the company's total issued ordinary shares [1][2]. Group 2: Shareholding Changes - On November 21, 2025, the total number of shares held was 316 million, with a decrease of 118,000 shares, reflecting a change of -0.04% [2]. - On November 20, 2025, there was an increase of 194,500 shares, showing a change of 0.06% [2]. - The highest increase in the last five trading days occurred on November 19, 2025, with an addition of 885,500 shares, representing a change of 0.28% [2]. Group 3: Company Overview - Fosun Pharma is primarily engaged in the research, manufacturing, and sales of pharmaceutical products, operating through five segments [2]. - The pharmaceutical segment focuses on innovative drugs, mature pharmaceutical products, and vaccines [2]. - The medical devices and diagnostics segment is involved in the manufacturing and sales of molecular diagnostics, immunodiagnostics, and microbiological diagnostic devices [2].

据悉，科兴生物回应媒体称，已聘请优信会计师事务所(UHY LLP)担任独立审计机构，正全力配合推进 年报审计及编制工作，力争尽快完成提交并满足纳斯达克的合规要求。同时公司一直与纳斯达克保持积 极沟通，将会依照规定对申请延长年报提交期限并就退市事宜要求举行听证申辩会。 科兴生物表示，公司的美股上市地位相关事项不会对公司核心业务运营产生实质性影响。目前，科兴旗 下疫苗研发、生产、供应及市场推广等各项经营活动均正常开展，将持续保障全球范围内的产品供应与 公共卫生服务支持。 科兴生物，成立于2001年，于2003年借壳在美国纳斯达克OTCBB挂牌，2004年，转板至美国证券交易 所(AMEX)上市，2009年11月成功转板至纳斯达克上市。截至停牌时间，其总市值约3.89亿美元。 来源：瑞恩资本RyanbenCapital 据中国证券报，11月19日，科兴生物(SVA.NASDAQ)宣告于2025年11月12日收到纳斯达克股票市场上市 资格部门发出的退市决定函。原因是未能在延期截止日(2025年11月11日)前提交2024年年度报告。函件 显示，若科兴未及时向纳斯达克听证委员会申请听证，该证券将于2025年11月21日 ...

Core Insights - The "Ten Thousand Enterprises Revitalize Ten Thousand Villages" initiative in Guangxi is significantly enhancing rural income and development through partnerships between private enterprises and local communities [3][4][5] Group 1: Economic Impact - Farmers in Guangxi are experiencing increased income, with some reporting annual profits exceeding 60,000 yuan from poultry farming, which is more lucrative than working outside [1][2] - The initiative has led to an investment of 645.69 billion yuan, benefiting nearly 4 million rural residents [3][4] - In poverty-stricken areas, the average annual income of farmers has surpassed 18,000 yuan, with 15,000 villages reporting collective economic income exceeding 50,000 yuan annually for five consecutive years [4] Group 2: Business Models - The "Five Gold Model" implemented by companies like Jinfu Agriculture allows villagers to earn income through multiple streams: rent, wages, bonuses, and shares, enhancing financial security [3][4] - The initiative has fostered the development of six key agricultural industries, creating nine national advantageous characteristic industrial clusters and three modern agricultural demonstration zones [5][6] Group 3: Collaborative Framework - The initiative emphasizes a collaborative approach involving government, enterprises, and local communities, creating a robust support system for rural development [5][6] - Future plans include focusing on quality improvement and establishing 500 deep integration development models between villages and enterprises by 2027 [6]

疫苗：经营持续承压，期待销售环比改善及新品贡献 1)看好创新品种未来格局，建议关注创新疫苗管线研发进展。2)政策方面：近期商业保险、医防融合及 行业并购相关政策陆续出台，为疫苗行业未来发展奠定了政策基础，期待后续进展。3)疫苗行业出海： 随着疫苗企业出海事业持续推进，出海动作也在价值链上下游加速延展深化，期待各企业海外市场开拓 进展。4)国资入主持续赋能，关注后续进展。 医药零售：转型变革稳步推进，关注多元催化 智通财经APP获悉，中信建投发布研报称，中药行业短期基数压力有望缓解，渠道库存加速出清，看好 年底需求回暖，及后续基本面和估值改善机会;创新领域有助构建第二增长曲线，中药消费品公司品牌 延展空间广阔。血制品行业关注"十五五"浆站建设规划及行业并购整合进展，需求端看好静丙、因子类 产品需求端提升及新品研发。疫苗行业关注重磅产品销售改善情况及创新管线研发进展，政策出台及疫 苗出海有望推动企业进一步发展。医药零售行业转型变革稳步推进，关注后续多元催化。医药流通行业 收入端稳健向好，关注回款及"十五五"规划。 中信建投主要观点如下： 中药：着眼长期，静待改善 1)短期行业基数压力有望逐步缓解，渠道调整加速出清 ...

Report Investment Rating - No investment rating information provided in the report Core View - The market expects the stock index to continue its long - term and steady upward trend. The 14th Five - Year Plan focuses on technology, and the technology sector is a long - term direction. The domestic liquidity environment is expected to remain loose, with residents likely to increase their allocation of equity assets, and external funds may flow in as the Fed cuts interest rates and the RMB appreciates. Near the end of the year, funds are relatively cautious, and the market style is more balanced compared to the third quarter [2] Summary by Directory 1. Stock Index Futures Market - **IF Contracts**: The previous day's closing prices of IF contracts (current month, next month, next quarter, and the quarter after next) were 4583.40, 4565.20, 4532.20, and 4489.00 respectively, with increases of 23.40, 22.20, 20.00, and 21.20, and increases of 0.51%, 0.49%, 0.44%, and 0.47% respectively. The trading volumes were 25910.00, 76820.00, 14405.00, and 5478.00, and the open interests were 29702.00, 156324.00, 67558.00, and 18583.00, with changes of - 3947.00, - 2502.00, - 388.00, and 316.00 respectively [1] - **IH Contracts**: The previous day's closing prices of IH contracts were 3018.00, 3011.00, 3006.40, and 2996.20 respectively, with increases of 17.40, 16.60, 15.60, and 13.60, and increases of 0.58%, 0.55%, 0.52%, and 0.46% respectively. The trading volumes were 8705.00, 36365.00, 6657.00, and 1812.00, and the open interests were 9339.00, 61909.00, 18559.00, and 5430.00, with changes of - 1795.00, - 1076.00, 283.00, and 134.00 respectively [1] - **IC Contracts**: The previous day's closing prices of IC contracts were 7116.60, 7054.80, 6875.40, and 6664.00 respectively, with changes of - 15.60, - 1.60, 0.40, and - 9.60, and changes of - 0.22%, - 0.02%, 0.01%, and - 0.14% respectively. The trading volumes were 24997.00, 83682.00, 17690.00, and 6223.00, and the open interests were 21873.00, 141911.00, 61676.00, and 23052.00, with changes of - 9350.00, 2214.00, 1590.00, and 39.00 respectively [1] - **IM Contracts**: The previous day's closing prices of IM contracts were 7390.40, 7298.20, 7068.80, and 6838.60 respectively, with changes of - 38.60, - 31.00, - 26.60, and - 28.20, and changes of - 0.52%, - 0.42%, - 0.37%, and - 0.41% respectively. The trading volumes were 37059.00, 149890.00, 27892.00, and 12626.00, and the open interests were 34672.00, 201080.00, 85839.00, and 42548.00, with changes of - 10135.00, 11495.00, - 716.00, and 1475.00 respectively [1] - **Inter - month Spreads**: The current inter - month spreads of IF, IH, IC, and IM were - 18.20, - 7.00, - 61.80, and - 92.20 respectively, compared to previous values of - 14.60, - 6.00, - 73.00, and - 93.80 [1] 2. Stock Index Spot Market - **Major Indexes**: The previous day's values of the CSI 300, SSE 50, CSI 500, and CSI 1000 indexes were 4588.29, 3020.35, 7122.75, and 7387.21 respectively, with changes of 0.44%, 0.58%, - 0.40%, and - 0.82% respectively. The trading volumes (in billions of shares) were 172.92, 48.20, 162.79, and 238.39, and the total trading amounts (in billions of yuan) were 3852.30, 995.51, 2567.55, and 3671.73 [1] - **CSI 300 Industry Indexes**: The previous day's values of different CSI 300 industry indexes showed various changes. For example, the energy, raw materials, and telecommunications sectors had increases of 2.48%, 2.54%, and 1.08% respectively, while the main consumption, pharmaceutical, and IT sectors had decreases of - 0.33%, - 0.65%, and - 0.60% respectively [1] 3. Futures - Spot Basis - **CSI 300 Basis**: The previous day's basis values of IF contracts (current month, next month, next quarter, and the quarter after next) relative to the CSI 300 were - 4.89, - 23.09, - 56.09, and - 99.29 respectively [1] - **SSE 50 Basis**: The previous day's basis values of IH contracts relative to the SSE 50 were - 2.35, - 9.35, - 13.95, and - 24.15 respectively [1] - **CSI 500 Basis**: The previous day's basis values of IC contracts relative to the CSI 500 were - 6.15, - 67.95, - 247.35, and - 458.75 respectively [1] - **CSI 1000 Basis**: The previous day's basis values of IM contracts relative to the CSI 1000 were 3.19, - 89.01, - 318.41, and - 548.61 respectively [1] 4. Other Domestic and Overseas Indexes - **Domestic Indexes**: The previous day's values of the SSE Composite Index, Shenzhen Component Index, SME Board Index, and ChiNext Index were 3946.74, 13080.09, 7943.55, and 3076.85 respectively, with changes of 0.18%, 0.00%, - 0.18%, and 0.25% respectively [1] - **Overseas Indexes**: The previous day's values of the Hang Seng Index, Nikkei 225, S&P 500, and DAX Index were 25830.65, 48702.98, 6642.16, and 23204.14 respectively, with changes of - 0.38%, - 3.22%, 0.38%, and 0.13% respectively [1] 5. Macroeconomic Information - **China - Japan Relations**: China has notified Japan of the suspension of Japanese aquatic product imports. Japan's wrong remarks on Taiwan have damaged the political foundation of China - Japan relations, and China will take counter - measures if necessary [2] - **Domestic Policies**: Deputy Premier Zhang Guoqing emphasized the digital and intelligent transformation of the manufacturing industry and the innovation and development of state - owned enterprises. The National Immigration Administration has expanded the number of ports issuing one - time Taiwan Resident Permits to 100. Russia will implement a visa - free policy for Chinese citizens soon. The Beijing - Tianjin - Hebei region has signed a cooperation plan for the entire industrial chain of free trade zones [2] 6. Industry Information - **Real Estate**: The cumulative sales volume of second - hand homes in key cities increased slightly in the first 10 months of this year, with market activity declining in October. The sales volume in November is expected to recover month - on - month but face pressure year - on - year, and prices may continue to adjust [2] - **Organic Silicon**: The organic silicon industry is discussing production cuts, which are expected to be implemented gradually in early December [2] - **Vaccine Industry**: The China Vaccine Industry Association has issued an initiative against "involution - style" competition to maintain market price stability [2] - **Photovoltaic and Energy Storage**: The 8th China International Photovoltaic and Energy Storage Industry Conference issued the "Chengdu Declaration" to promote capacity structure optimization and industry self - regulation [2] - **Memory Market**: Due to a shortage of key chips, memory prices are expected to rise by about 50% by the second quarter of 2026, with traditional LPDDR4 at the highest risk of price increases [2] 7. Stock Index Views - **Market Performance**: The three major US indexes rose. The previous trading day saw a divergence in the stock index, with the non - ferrous metals and petrochemical sectors leading the gains and the comprehensive and real estate sectors leading the losses. The market trading volume was 1.74 trillion yuan. On November 18, the margin trading balance increased by 2.581 billion yuan to 2.484901 trillion yuan [2]