美国流感季疫情加剧，新毒株出现或导致疫苗防护效果下降，新冠病例则持续处于低位。 ▸ 核心提要 美国流感确诊病例连日走高，疾控部门担忧当前流感疫苗对流行的新毒株防护效果不足。公共卫生专家 表示，本轮流感季虽已进入高发期，但尚未达峰值，病例激增符合往年流感季的流行规律，疫苗仍能有 效降低重症风险。新冠疫情则持续缓和，污水监测数据显示病毒传播水平远低于夏季峰值。 文 / 戴维・奥瓦列 美国流感确诊病例呈上升趋势，主导疫情的是一种新型流感毒株，公共卫生部门担忧现有疫苗无法对其 形成有效防护。 卫生官员与研究人员指出，尽管本轮流感季尚未迎来峰值，此次病例激增并非历史罕见情况，同时强调 疫苗大概率仍能抵御该毒株引发的重症风险。 美国疾控中心数据显示，流感相关的住院、急诊、门诊就诊人次及死亡病例均大幅上升，不过美国流感 疫情峰值预计要到明年初才会到来，大概率在 2 月。 布朗大学公共卫生学院大流行病研究中心主任、流行病学家詹妮弗・努佐表示："本轮流感病例增长虽 略显迅猛，但实属正常。流感季的疫情传播向来来势汹汹。" 冬季的环境条件极易助长流感、新冠、呼吸道合胞病毒等空气传播类病毒的扩散，民众长期聚集在室 内、节假日出行增多 ...

一是积极接种流感疫苗。接种流感疫苗是预防流感最经济、有效的手段，可以显著降低接种者罹患 流感和发生重症的风险。推荐6月龄及以上且没有接种禁忌的人都应该接种流感疫苗。优先推荐60岁及 以上老年人、儿童、慢性病患者、婴儿的家庭成员和看护人员等重点人群，托幼机构、中小学校、医疗 机构、养老机构、监管场所等重点场所的人群及时接种。接种流感疫苗的常见不良反应通常是轻微的， 大家无需过于担心。有些地方已经面向中小学生和老年人提供免费的流感疫苗接种，起到了保护效果。 如果能够达到较高的接种率，则人群的保护效果会更加好。 当前流感疫苗的接种服务便利性越来越可及，许多社区卫生服务中心、乡镇卫生院都提供了周末预 约接种、延时接种等等，希望大家能够尽快接种疫苗，用预防而非患病后再治疗的手段是最合适的，也 是最值得提倡的。 国家卫生健康委19日召开新闻发布会，介绍时令节气与健康(冬至)有关情况。江苏省疾病预防控制 中心主任医师霍翔表示，低温寒潮发生的时间往往与流感等呼吸道传染病流行季节重叠。公众需要从以 下方面做好防护： 二是要养成良好的卫生习惯。咳嗽、打喷嚏的时候要用纸巾或者用臂弯遮住口鼻，注意手卫生，避 免用不洁的手触摸眼、鼻、 ...

Summary of the Conference Call on China's Plasma Industry Industry Overview - The conference call focused on the plasma product industry in China, specifically the performance of seven A-share listed plasma product companies in Q3 2025 [1][2]. Key Points Revenue Growth - The combined revenue growth of the seven listed plasma product companies turned positive, attributed to three M&A transactions since Q4 2024 [1]. - However, on a comparable basis, revenue growth remains negative for these companies [1]. Albumin Market Dynamics - Lot release volumes of albumin increased by 6% in the first nine months of 2025 [9]. - Despite the increase in volume, terminal prices of albumin have continued to decline, indicating an oversupply situation [1][19]. Policy Impact - Demand for plasma products is negatively affected by policy factors such as DRG/DIP reform, tighter medical insurance cost control, and enhanced monitoring of off-label use [1]. Company-Specific Performance - Hualan's Q3 2025 revenue was Rmb1,581 million, down 14% year-over-year, and net profit was Rmb269 million, down 44% year-over-year, missing Goldman Sachs estimates [25]. - The decline in Hualan's performance was attributed to seasonal fluctuations in influenza vaccine sales and lower-than-expected plasma product sales [25]. New Product Launch - Oryzogen's rice-derived recombinant albumin was approved for market launch, with production costs expected to decrease as capacity expands [19][20]. - The seven listed companies noted differences between plasma-derived and recombinant albumin, particularly in immunogenicity and production costs, with plasma-derived products holding advantages [20]. Industry Consolidation - The trend of mergers and acquisitions in the plasma industry is increasing, with no new plasma product companies approved since 2001, leading to higher industry concentration [23]. - Notable M&A transactions include Boya Biopharm selling shares to China Resource and Hualan's acquisition of a subsidiary from CSL [24]. Financial Estimates and Risks - Hualan's target price was revised to Rmb18 from Rmb19, reflecting earnings revisions and industry trends [25]. - Key risks include stricter controls on albumin prescriptions, rising accounts receivable days, and intensified competition in the influenza vaccine market [30]. Additional Insights - Inventory turnover days for most listed companies declined, indicating that inventories are not currently a burden [15]. - However, accounts receivable days peaked in Q3 2025, suggesting that distributors may be taking on more inventory due to sales pressure [16]. This summary encapsulates the critical insights from the conference call regarding the plasma product industry in China, highlighting both opportunities and challenges faced by the companies involved.

Core Viewpoint - Australian biotech CSL has announced that it will not complete the spin-off of its vaccine division in fiscal 2026 due to increased volatility in the U.S. influenza vaccine market [1] Company Summary - CSL's decision to delay the spin-off reflects concerns over market conditions, particularly in the U.S. influenza vaccine sector [1]

Core Insights - Moderna, Inc. is recognized as one of the top AI-powered biotech stocks to consider for investment [1] - The company specializes in mRNA therapeutics and vaccines, with a focus on expanding its pipeline beyond COVID-19 [2] Company Overview - Moderna, Inc. is based in Cambridge and is a leader in mRNA technology, particularly known for its COVID-19 vaccine [2] - The company is diversifying its vaccine offerings to include influenza, RSV, CMV, Zika, and combination vaccines, as well as mRNA therapeutics for oncology, rare diseases, and cardiovascular conditions [2] - Moderna operates globally, with manufacturing facilities in the U.S. and Europe, and utilizes strategic alliances and technology transfers to enhance its operations [2] Market Challenges - In September 2025, Moderna's stock experienced a nearly 7% decline due to reports linking COVID-19 vaccines to approximately 25 child deaths, which raised investor concerns despite the lack of scientific consensus [3] - Policy changes, such as Florida's removal of vaccine mandates, have further complicated near-term demand forecasts for the company [3] Commitment to Safety - The company emphasizes transparency and scientific rigor, citing that over a billion doses of its vaccines have been administered globally, which supports public trust and regulatory engagement [4] Innovation and Technology - Moderna is advancing its mRNA applications beyond COVID-19, integrating AI and machine learning into its R&D pipeline to enhance mRNA design, optimize vaccine formulations, and predict immune responses [5] - This combination of scientific rigor and technological innovation positions Moderna favorably among biotech stocks that are adapting to future healthcare needs [5]