**Top Headlines** China has entered a rapid influenza surge phase, with flu activity reaching moderate epidemic levels this winter. According to the Chinese Center for Disease Control and Prevention (CDC), most provinces have reported flu activity at mid-epidemic levels. The latest *China Influenza Weekly Report* shows that the proportion of flu-like cases in sentinel hospitals in both northern and southern regions has hit a four-year high, with northern areas surpassing the south. This week, 955 flu outbreak incidents were reported nationwide, with 741 caused by the H3N2 virus.

Sales of antiviral drugs like oseltamivir surged 237% over the past seven days, while baloxavir marboxil rose 180%. Clinical experts note that while flu season has begun, the peak is yet to arrive. The CDC predicts the flu peak will likely occur between mid-to-late December 2025 and early January 2026.

**Stocks to Watch**: - E-commerce healthcare platforms: Alibaba Health (00241), JD Health (06618), Meituan-W (03690), Ping An Good Doctor (01833). - Antiviral drugmakers: Dongyang Guang Pharmaceutical (06887).

**Market Outlook** U.S. markets closed higher ahead of Thanksgiving, with the Dow Jones Industrial Average rising 0.67%, the S&P 500 gaining 0.69%, and the Nasdaq Composite up 0.82%. Tech stocks led gains, with Oracle up over 4% and AMD rising nearly 4%. Retail stocks strengthened as Black Friday shopping season kicked off, with Walmart hitting a record high. The Nasdaq Golden Dragon China Index dipped 0.03%, while Bilibili and XPeng fell over 2%.

**Reminder**: U.S. stock and bond markets will be closed on Thursday for Thanksgiving, with early closures for gold, silver, and oil futures.

**Key Updates** - **Hong Kong Property Market**: Centaline Property reports sustained recovery, forecasting a 5% annual price increase. - **ICBC**: Became the first Chinese bank to conduct offshore foreign currency tri-party repo transactions, enhancing global pricing power. - **Meituan**: Launched public testing for its AI-powered IDE, CatPaw, aimed at streamlining coding processes. - **Boan Biotech (06955)**: Secured Chinese approval for its aflibercept ophthalmic solution, BoYouJing®, for treating retinal diseases. - **Oceanwide Holdings (03377)**: Approved restructuring plan for RMB 13.05 billion in onshore bonds. - **QUANTGROUP (02685)**: Shares surged nearly 200% in gray market trading ahead of its IPO debut.

**Earnings Spotlight** - **NIO-SW (09866)**: Q3 deliveries rose 40.8% YoY to 87,071 vehicles, with revenue hitting RMB 21.79 billion (+14.7% QoQ). Q4 revenue guidance of RMB 32.76–34.04 billion tops peers. - **Alibaba Health (00241)**: H1 adjusted net profit grew 38.7% YoY to RMB 1.36 billion, with revenue up 17% to RMB 16.7 billion.