点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 事件： 2025年进入秋季以来，随着气温逐渐下降，各地流感病例呈现明显上升态势，今年流感疫情可能呈现比以 往年份更加严峻的态势。流感病原学监测结果也与往年有明显区别，2025年第44周，共检测流感样病例检 测标本20321份，其中阳性标本以A(H3N2)为主。流行毒株相较往年有所变化，这可能增加突破群体免疫 屏障的风险。虽因毒株变迁、群体免疫等因素，无法提前预测呼吸道病毒感染会否流行，但流感流行趋势 形成后往往会延续数周，我们提示2025年流感大年风险。 近期流感疫情上升态势明显，可能引发社会公众和市场关注度的提升，从而带动防治和检测流感产品的需 求增长。建议关注流感疫苗、病毒检测、感冒药与特效药等方面的投资机会，此外也建议关 ...

根据国家流感中心发布的流感周报，2025年第44周(2025年10月27日-2025年11月2日)，南方省份哨点医 院报告的ILI%("Influenza-LikeIllness"的缩写，指"流感样病例"，下同)为4.6%，高于前一周水平(4.1%)， 高于2022年和2024年同期水平(3.1%和3.3%)，低于2023年同期水平(5.9%)。2025年第44周，北方省份哨 点医院报告的ILI%为5.1%，高于前一周水平(3.7%)，高于2022年，2023年和2024年同期水平(2.5%， 4.4%和3.5%)。 流感样病例占比显著高于历史同期，毒株变迁提示流感大年风险 智通财经APP获悉，光大证券发布研报称，2025年进入秋季以来，随着气温逐渐下降，各地流感病例呈 现明显上升态势。同时，流感病原学监测结果也与往年有明显区别，2025年第44周，共检测流感样病例 检测标本20321份，其中阳性标本以A(H3N2)为主。近期流感疫情上升态势明显，可能引发社会公众和 市场关注度的提升，从而带动防治和检测流感产品的需求增长。建议关注流感疫苗、病毒检测、感冒药 与特效药等方面的投资机会，此外也建议关注血制品等应对 ...

Macro Analysis - The 2025 Q3 monetary policy execution report affirms the resilience of the domestic economy and alleviates concerns about domestic inflation and global economic recession. The report suggests that monetary policy should focus on "counter-cyclical and cross-cyclical adjustments," indicating a potential increase in easing measures [1] - The report highlights the need to monitor the implementation of policies supporting personal credit repair, as credit policy remains a key focus area [1] - The central bank's concerns regarding the RMB exchange rate have lessened, with a greater emphasis on the positive impact of exchange rate stability on the economy and markets [1] Industry Research - The gradual improvement of the capacity electricity price mechanism is a continuous benefit for the energy storage industry. Inner Mongolia maintains a high level of energy storage subsidies, ensuring considerable energy storage installation growth in the coming year [2] - The market has high expectations for domestic energy storage installations next year, with a focus on monitoring the production of energy storage cells in December and January, as well as upcoming bidding and installation situations [2] - The overall industry remains in a state of sustained prosperity, with investment opportunities particularly in energy storage system integrators, PCS companies, and tight supply-demand segments within the energy storage cell supply chain [2] Company Research - The company reported a revenue of $1.324 billion in Q3 2025, representing a year-on-year increase of 13%, and a net profit of $74 million, up 9% year-on-year. The net profit forecast for 2025 is maintained at $171 million [4] - The company has made substantial progress in the high-speed interconnect field, gaining customer recognition, which is expected to drive accelerated growth in its data center business. The net profit forecasts for 2026 and 2027 have been raised by 23% and 29% to $297 million and $400 million, respectively [4] - The company is anticipated to continue benefiting from the growth in AI data centers and automotive cable demand, maintaining a "buy" rating [4] Health Sector Insights - There is a noticeable increase in flu-like cases, which may heighten public and market interest, potentially driving demand for flu vaccines, virus testing, and related medications [3]

2025 年 11 月 12 日 行业研究 流感样病例占比高于历史同期，提示关注流感疫苗、病毒检测、药品等板块 ——流感疫情跟踪点评（20251112） 医药生物 增持（维持） 作者 分析师：王明瑞 执业证书编号：S0930520080004 021-52523867 wangmingrui@ebscn.com 分析师：吴佳青 执业证书编号：S0930519120001 021-52523697 wujiaqing@ebscn.com 分析师：黄素青 执业证书编号：S0930521080001 021-52523570 huangsuqing@ebscn.com 分析师：黎一江 执业证书编号：S0930522110001 010-57378028 liyijiang@ebscn.com 分析师：叶思奥 执业证书编号：S0930523050003 021-52523837 yesa@ebscn.com 行业与沪深 300 指数对比图 -14% -7% 1% 9% 17% 11/24 01/25 04/25 07/25 医药生物 沪深300 资料来源：Wind 要点 事件： 近期流感疫情的发病率有所上升，根据国家 ...