Northern China Sees Highest Influenza-like Illness Proportion in Nearly Four Years – Pharmaceutical & Biotech Weekly Report

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Hou YananSecurities Analyst

SAC No：S1150524120001

（1) The fourth batch of national TCM procurement in China has been initiated;

（2) Tirzepatide new indication submission for marketing;

（3）SANEGENEBIO announces partnership with Eli Lilly and CompanyRNAiStrategic Cooperation in Drug Development.

Company Announcement

（1）Xinopharm: The listing application for the pertuzumab injection of the holding subsidiary has been accepted;

（2）Hengrui Pharma: Obtain the approval notice for drug clinical trials;

（3）Laekna Therapeutics-B: With Qilu Pharmaceutical Co., Ltd. onLAE002（AFURESERTIB) Sign an exclusive licensing agreement for the China region;

（4）InnoCare: Release2025Third Quarter Report of the Year.

Market Review

This week (2025/11/7-2025/11/13) SSE Composite Index rose0.54%, SZSE Component Index rose0.18%，SWPharmaceuticals and Biotech Rise2.76%, All sub-sectors rose (Pharmaceutical Commerce5.37%> Traditional Chinese MedicineⅡ4.34%> Chemical Pharmaceuticals3.18%> Biologics2.26%> Medical Devices1.91%> Medical Services1.35%）。2025Year11Month13Day,SWPharmaceuticals and Biotechnology Industry P/E Ratio (TTM, the overall method, without excluding negative values) is54.17Times, relative to Shanghai and Shenzhen300The valuation premium rate is281%。

This Week's Strategy

This week, the pharmaceuticals and biotechnology sector rebounded strongly. During the earnings vacuum period, the market pays more attention to thematic catalysts.BeiGeneInnovative drug leaders such as Hengrui Pharma, Qilu Pharmaceutical, InnoCare, Laekna Therapeutics, CSPC Innovation, and SANEGENEBIO reported impressive Q3 earnings, with increasing international recognition and a positive industry outlook. It is recommended to focus on innovative drugs.CXOAnd investment opportunities in related industrial chains upstream of life sciences. Meanwhile, the recent period has entered the peak flu season, with the proportion of flu-like cases in northern China reaching nearly4A New High for the Year, Higher Than2022-2024The same level as the same period last year, it is recommended to pay attention to the phased investment opportunities in in vitro diagnostics, vaccines, pharmacies, and related pharmaceutical enterprises.

In summary, we maintain the industry"Positive" rating, maintaining for Hengrui Pharma (600276)"Buy" rating.

Overseas geopolitical risks; the risk of product development failure; the risk of further expansion of centralized procurement leading to increased price-cutting pressure on drugs and devices; the risk of price reductions due to intense industry competition; the risk of significant increases in raw material costs.

The above content is sourced from the securities research report "Morning Meeting Minutes of Bohai Securities Research Institute" released by Bohai Securities Research Institute on November 18, 2025.

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