朴实无华且枯燥，有钱没处花才叫苦恼。 作者 | 螳螂虾 编辑 | 小白 国药现代的2024年曾上演过"业绩奇迹"：在营收同比下滑的背景下，凭借销售费用的极致压缩，实现 了扣非净利润的历史新高。 股价也随之一字涨停过。 然而，周期只会迟到，从未缺席。进入2025年，随着集采规则的进一步深化以及上游原料药价格的波 动，公司再次站在了业绩调整的十字路口。 作为国药集团旗下的化药工业核心平台，这家坐拥数十亿现金储备的制药巨头，正在经历从"规模扩 张"向"质量提升"转型的阵痛与蜕变。 国药系"工业长子" ，抗生素龙头 国药现代并非一家普通的制药企业，其身后站着中国最大的医药集团——国药集团。翻开公司的股权 结构图，其实际控制人为国务院国资委，直接控股股东为上海医药工业研究院。 作为国药集团旗下统一的化学制药工业平台，国药现代在集团"1+4+X"的战略版图中占据着举足轻重 的地位。 回顾历史，2016年是一道分水岭。彼时，国药集团通过资产重组，将旗下的化学制药资产打包注入上 市公司。这次重组并非简单的资产堆砌，而是确立了国药现代作为集团"化药产业平台"和"资本运作 平台"的双重定位。 为了解决同业竞争，集团甚至将国药一致 ...

来源：环球时报 美国国会下属的美中经济与安全审查委员会成员利兰·米勒说，政府希望建立一个有印度和其他盟友参 与的供应链，在特定领域实现对中国的"脱钩"。考虑到生产用于制造药物的起始化合物利润微薄且收益 低下，这将是一项几乎不可能完成的事业。 新加坡亚洲新闻台11月27日文章，原题：中国掌握着全球制药市场的所有牌中国在医药供应链中扮演着 重要角色，美国和其他国家在很大程度上依赖中国生产其药品的基础原料。由于自20世纪50年代开始发 展的庞大且商品化的产业，中国在全球药品供应链中发挥着举足轻重的作用。中国是被称为关键起始物 料（KSM）的化合物的重要生产国，这些化合物用于生产被称为活性药物成分（API）的原料。 中国在20世纪80年代开始放开生产，同时也对其他经济领域进行改革，重点是降低成本。一篇媒体报道 援引一名美企高管的话说，如果美国公司试图复制原材料供应链，其成本将上涨50%。制药行业的情况 很可能类似。事实上，中国在许多关键领域都占据着主导地位。（作者Juliana Liu，宋波译） 关于美国对中国依赖的确切程度，目前尚缺乏确凿数据。大型制药商没有太多动力详细说明这种依赖的 深度。较可靠的估计数据来自美国 ...

Investment Chain - Prices of tin, silver, and gold have risen since November 2025. [1] - Fixed asset investment growth rate has decreased to -1.70% as of October 2025, with real estate development investment down by -14.70%. [1] - Manufacturing fixed asset investment growth rate is at 2.7%, while infrastructure investment growth rate is at 1.51%. [1] - Prices of copper, aluminum, lead, zinc, and nickel have decreased, while power coal prices slightly increased to 698 RMB/ton. [1] Consumption Chain - Consumer confidence index rose to 89.60 in September 2025. [2] - Nominal growth rate for October 2025 fell to 2.90%, with cumulative nominal growth rate down by 4.30%. [2] - Sales area of commercial housing saw a cumulative year-on-year decline of -7.63% in October 2025. [2] - Automobile sales growth rate decreased to 8.82% in October 2025, and home appliance retail sales fell by -10.25%. [2] Export Chain - Export growth rate to the US increased in October 2025, while exports to the EU, Japan, and ASEAN saw a decline. [3] - Cumulative export growth rates for products like agricultural goods, toys, furniture, and steel have decreased. [3] - The overall export growth rate fell to 20.21% in October 2025, with textile exports down by -9.10%. [3] Price Chain - Pork prices increased to 12.24 RMB/kg as of November 19, 2025, while oil prices decreased to 57.95 USD/barrel. [4] - Prices for cotton and white sugar have declined, while MDI prices showed mixed trends. [4] - New credit increased to 220 billion RMB in October 2025, with life insurance premium income growth rate down to 12.68%. [4]

Investment Chain - Since November, prices of tin, silver, and gold have increased. In October 2025, the cumulative year-on-year growth rate of fixed asset investment decreased to -1.70%, with real estate development investment declining by 14.70%. Manufacturing fixed asset investment growth rate fell to 2.7%, and infrastructure investment growth rate decreased to 1.51% [7][8] - In November 2025, prices of copper, aluminum, lead, zinc, and nickel have decreased, while the price of thermal coal slightly increased to 698 RMB/ton. The average price of ordinary cement has risen, and steel prices have decreased [7][8] Consumer Chain - The consumer confidence index rose to 89.60 in September 2025. In October 2025, the nominal year-on-year growth rate fell to 2.90%, with a cumulative nominal year-on-year growth rate decline of 4.30%. The sales area of commercial housing in October saw a year-on-year growth rate drop to -7.63% [8][9] - In October 2025, automobile sales decreased by 8.82% year-on-year, and home appliance retail sales fell by 10.25% year-on-year. In December 2024, tourism revenue in Beijing increased by 11.40% year-on-year, while in March 2024, tourism revenue in Hainan decreased by 20.03% [8][9] Export Chain - In October 2025, the year-on-year growth rate of exports to the United States increased, while exports to the EU, Japan, and ASEAN saw a decline. Cumulative year-on-year growth rates for refined oil, coke, and shipbuilding increased, while exports of agricultural products, toys, furniture, lighting, coal, steel, plastics, auto parts, and aluminum decreased [9][10] - The export amount year-on-year growth rate fell to 20.21% in October 2025, with textile exports decreasing by 9.10% and machinery exports declining by 1.10% [9][10] Price Chain - In November, pork prices decreased, and oil prices also saw a decline. As of November 25, 2025, WTI crude oil price fell to 57.95 USD/barrel. The price of PVC dropped to 4400 RMB/ton, while the price of pure MDI rose to 19350 RMB/ton and the price of polymer MDI decreased to 14550 RMB/ton [10][11]

Core Viewpoint - The demand for respiratory disease-related medications and protective supplies has significantly increased as respiratory diseases like influenza and mycoplasma pneumonia enter a high incidence season in China [2][3]. Group 1: Market Demand and Supply - The China Disease Prevention and Control Center has reported an upward trend in influenza cases, with sentinel hospitals in southern provinces reporting a percentage of influenza-like cases at 6.7% and northern provinces at 7.0% during the 46th week of 2025, indicating an earlier onset of the flu season compared to previous years [2]. - The company, Lao Bai Xi Da Yao Fang, has leveraged its nationwide supply chain and store network to ensure stable supply and price stability for four categories of medications, including antiviral drugs, antipyretics, cough suppressants, and antibiotics, as well as protective supplies like masks [2][3]. Group 2: Sales Performance - Sales of antiviral medications such as Oseltamivir and Mabalaoshuai (Sufuda), as well as antibiotics like Amoxicillin and Azithromycin, have seen significant growth recently, particularly in November, with a notable increase in sales of flu medications [3]. - The company has implemented a supply guarantee plan in anticipation of seasonal demand fluctuations, which includes early forecasting, centralized procurement, and increased stock levels to ensure market supply stability [3]. Group 3: Health Recommendations - The China Disease Prevention and Control Center has noted an increase in reported influenza outbreaks, particularly among children aged 5 to 14, and has recommended health monitoring in key institutions such as schools and nursing homes [4]. - The company emphasizes the importance of following medical advice for flu prevention and treatment, including vaccination, medication adherence, mask-wearing, hand hygiene, and environmental disinfection [4].

美国与中国之间的贸易战，如今又多了一项新景象：药品供应链的"暗战"。这条看似不为人知的供应链，不仅是关乎国民健康的生命线，更是两国战略角力 中的一个重要筹码。 根据最新的数据，中国在药物成分备案中占据了45%的市场份额，远超印度的19%。这一趋势并非偶然，而是经过数十年的发展，中国的制药工业已经完成 了从"跟随式创新"到"首创式创新"的华丽转身。这意味着，中国不仅在制造上占据优势，甚至在新药研发及临床试验方面都具备了强大的话语权。 美方智库已然意识到，试图与中国"脱钩"的想法显得不切实际。在追求供应链安全的同时，美国却需要特别警惕"恶人先告状"的现实。所谓的替代方案，比 如与印度合作，严重依赖中国资源的现状并没有得到根本改善。这样的供应链布局，注定不会容易破解。 面对这一复杂的局势，中国并没有简单地将药品视为一枚可利用的棋子，反而表现出了高度的责任感。官方多次强调，药品关乎人类健康，绝不应成为地缘 政治的工具。而在稀土出口时，中国还特别设立了人道主义豁免条款。这一系列做法，无疑显示出中国在全球医疗和制药领域的建设性作用，以及希望维护 供应链稳定的决心。 值得注意的是，中国作为近700种关键药物核心化学成分的唯 ...

Core Viewpoint - The current flu season in China is experiencing a rapid increase in activity, with the H3N2 virus remaining dominant, and experts clarify that there are no new pathogens causing emerging infectious diseases [1][2][3]. Group 1: Flu Virus Characteristics - The H3N2 subtype is not new and is a common variant, with seasonal fluctuations between H1N1, H3N2, and B-type flu viruses [3]. - Influenza viruses undergo "antigenic drift," leading to seasonal outbreaks, but this does not imply that the virus is becoming increasingly virulent [4][5]. Group 2: Vaccination Insights - With the flu season in full swing, vaccination remains beneficial, even for those who have experienced flu-like symptoms but have not been diagnosed [6][8]. - It is advised not to vaccinate during the acute phase of infection, but individuals can receive the vaccine after recovery from flu-like symptoms [7]. Group 3: Treatment and Symptoms in Children - Antibiotics are ineffective against viral infections like the flu, and treatment should focus on rest, hydration, and symptomatic relief [9]. - Symptoms in children can vary significantly, with older children showing symptoms similar to adults, while younger children may exhibit different signs such as digestive issues [9].

央视网消息：冬季是呼吸道传染病的高发期。当前，全国的流感活动进入较快上升阶段。流感病毒出现变异了吗？H3N2是新病 毒吗？针对这些疑问，来听听中国疾控中心专家的解读。 现在接种疫苗仍有保护作用 现阶段检出的病原体均为已知常见病原体 目前，全国报告的托幼机构、学校流感聚集性疫情显著增多，5—14岁病例组的流感检测阳性率明显高于其他年龄组。专家预 测，在未来一段时间内，流感活动还将进一步上升。专家介绍，虽然流感病毒传播已进入高发季，但现在接种疫苗也是有意义的，不 过不建议正处在急性发作期的患者接种。北京儿童医院呼吸中心主任医师秦强称，此次流感的病人特别多，流行期就会很长。流行期 间再接种也是有意义的。接种疫苗也有保护作用。 中国疾控中心流感监测周报数据显示，当前，甲型H3N2病毒在中国依然占有流行优势，现阶段检出的病原体均为已知常见病原 体，没有发现未知病原体及其导致的新发传染病。中国疾病预防控制中心病毒病所研究员王大燕表示，H3N2亚型不是一个新的亚 型，比较常见。专家介绍，流感病毒容易发生"抗原漂移"现象，产生季节性的流行，但这样的变化不代表病毒会越变越强。 一感冒就吃消炎药的做法并不科学 还有很多人想知道吃 ...

Core Viewpoint - The current flu season in China is experiencing a rapid increase in activity, with the H3N2 virus remaining dominant, and experts clarify that there are no new pathogens detected [1][3]. Group 1: Flu Virus Characteristics - The H3N2 subtype is not new and is a common variant, with known pathogens circulating rather than unknown ones [3]. - Influenza viruses undergo "antigenic drift," leading to seasonal outbreaks, but this does not imply that the virus is becoming stronger over time [5]. Group 2: Vaccination Insights - Despite the flu season being in full swing, it is still beneficial to receive the flu vaccine, especially for those who have recovered from flu-like symptoms [7][9]. - Vaccination is recommended after symptoms have subsided, and it is not advisable to vaccinate during the acute phase of infection [7]. Group 3: Prevention Strategies - A dual prevention strategy of vaccination and maintaining good hygiene practices is advised to mitigate flu transmission [11]. - Antibiotics are ineffective against viral infections like the flu, and symptomatic treatment is recommended instead [12][14]. Group 4: Pediatric Considerations - Symptoms of flu in children can differ from adults, with younger children potentially showing less typical signs [15]. - Parents should monitor for severe symptoms in children and seek medical attention if necessary [17].

Group 1 - The emergence of a new variant K sub-branch of the H3N2 influenza virus is leading to a more severe flu season in some countries [1] - In China, H3N2 is the dominant strain, with 3362 out of 3439 positive samples in southern provinces and 3535 out of 3563 in northern provinces being H3N2 [1] - Current flu activity is at a seasonal level, and there are no new infectious diseases caused by unknown pathogens detected [1] Group 2 - The national flu center's antigenic analysis shows that 43.6% of H3N2 strains are similar to the WHO-recommended vaccine component, indicating high vaccine match [2] - The flu vaccine covers multiple subtypes, and it is recommended to get vaccinated early to reduce the risk of infection and severe illness [2] - The flu activity in China is rising rapidly, with many provinces reaching moderate to high epidemic levels, particularly among children aged 5-14 [3] Group 3 - Misconceptions about treating flu symptoms, such as the rush to reduce fever, can hinder proper diagnosis and treatment [3] - Antibiotics like amoxicillin and cephalosporins are ineffective against viral infections, highlighting the need for targeted treatment [3]