证券日报网讯1月22日，康华生物（300841）在互动平台回答投资者提问时表示，公司高度重视疫苗业 务的国际化布局，持续关注国际疫苗市场准入标准，积极践行出海策略。公司在研项目重组六价诺如病 毒疫苗已通过签署许可协议方式实现技术出海，并取得首付款1500万美元；公司ACYW135群脑膜炎球 菌多糖疫苗已实现产品出口，具体经营成果请关注公司定期报告。 ...

Group 1 - The biopharmaceutical sector increased by 0.19% on January 21, with Nearshore Protein leading the gains [1] - The Shanghai Composite Index closed at 4116.94, up 0.08%, while the Shenzhen Component Index closed at 14255.12, up 0.7% [1] - Key stocks in the biopharmaceutical sector showed significant price increases, with Nearshore Protein rising by 6.37% to a closing price of 48.76 [1] Group 2 - The biopharmaceutical sector experienced a net inflow of 77.04 million yuan from institutional investors, while retail investors saw a net outflow of 284 million yuan [2] - Major stocks like Watson Bio and Ganli Pharmaceutical attracted significant institutional investment, with net inflows of 64.45 million yuan and 55.25 million yuan, respectively [3] - Retail investors showed a negative trend in several stocks, with Watson Bio and Ganli Pharmaceutical experiencing net outflows of 33.30 million yuan and 39.14 million yuan, respectively [3]

Investment Rating - The industry investment rating is maintained at "Overweight" [1] Core Views - The vaccine industry is experiencing performance pressure while pipeline advancements continue, indicating a need to focus on structural opportunities [1][7] - The industry is transitioning from scale expansion to innovation-driven growth, facing short-term challenges due to supply-demand imbalances and intense competition [8][24] - Long-term growth is supported by policy, demand, and technology as key drivers for the vaccine industry [8][24] Summary by Sections Recent Industry Performance - The vaccine sector has seen a cumulative decline of 9.01% since 2025, with a recent weekly drop of 3.43% [4][10] - Relative performance against the CSI 300 index shows a 12-month relative return of -27% [3] Company Developments - Zhifei Biological's CA111 injection has entered Phase I clinical trials, targeting diabetes and weight loss with a dual agonist mechanism [3] - Baihui Biological's human diploid rabies vaccine has received clinical trial approval [3] - Zhifei Biological and Baike Biological both forecast significant losses for 2025, with Zhifei expecting a net loss of 10.698 to 13.726 billion yuan, a decline of 630%-780% year-on-year [3] - Baike Biological anticipates a net loss of 220.64% to 194.79% compared to the previous year [3] Market Dynamics - The vaccine industry is characterized by high levels of Me-too products, leading to intense competition and price declines [7][23] - The approval of 14 new vaccines in 2025, including rabies and HPV vaccines, indicates ongoing innovation, although many face issues of homogeneity [3][7] Investment Recommendations - The report suggests focusing on companies with high technical barriers and differentiated pipelines to find alpha opportunities within the industry [8][24] - Companies like CanSino and Kanghua Biological are highlighted for their potential due to their innovative capabilities and market positioning [8][24]

（原标题：康华生物大宗交易成交429.75万元） 康华生物1月16日大宗交易平台出现一笔成交，成交量5.68万股，成交金额429.75万元，大宗交易成交价 为75.66元。该笔交易的买方营业部为中国中金财富证券有限公司上海黄浦区中山东二路证券营业部， 卖方营业部为联储证券股份有限公司陕西分公司。 进一步统计，近3个月内该股累计发生2笔大宗交易，合计成交金额为820.09万元。 证券时报•数据宝统计显示，康华生物今日收盘价为75.66元，上涨0.21%，日换手率为1.41%，成交额为 1.26亿元，全天主力资金净流出342.64万元，近5日该股累计下跌0.47%，近5日资金合计净流出981.87万 元。 两融数据显示，该股最新融资余额为10.22亿元，近5日增加364.18万元，增幅为0.36%。 | 成交 | 成交 | 成交价 | 相对当 日 | | | | --- | --- | --- | --- | --- | --- | | 量 | 金额 | | | | | | （万 | （万 | 格 | 收盘折 | 买方营业部 | 卖方营业部 | | 股） | 元） | （元） | 溢价 | | | | | | | ...

Group 1 - The core point of the article highlights the trading activity of Kanghua Biological, which saw a slight increase in stock price by 0.21% to close at 75.66 yuan, with a significant block trade occurring [1] - The block trade involved a total volume of 56,800 shares and a transaction amount of 4.2975 million yuan, with a premium rate of 0.00% [1] - Over the past three months, Kanghua Biological has recorded two block trades with a cumulative transaction amount of 8.2009 million yuan [1] Group 2 - In the last five trading days, the stock has experienced a cumulative decline of 0.47%, with a net outflow of main funds totaling 5.6844 million yuan [1]

| 交易日期 | 证券代码 | 证券简称 | 成交价格 | 成交星 | 成交金额 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | (元) | (万股/万份) | (万元) | | | | 2026-01-16 | 300841 | 康华生物 | 75.66 | 5.68 | 429.75 | 中国中金财富证券 | 联储证券股份有限 | | | | | | | | 有限公司上海黄浦 | 公司陕西分公司 | | | | | | | | 区中山东二路证券 | | | | | | | | | 章业部 | | 1月16日，康华生物大宗交易成交5.68万股，成交额429.75万元，占当日总成交额的3.3%，成交价75.66元，较市场收盘价 75.66元持平。 ...

| 成交量 | 成交金额 | 成交价 | 相对当日收盘 | | | | --- | --- | --- | --- | --- | --- | | （万 | （万元） | 格 | 折溢价（%） | 买方营业部 | 卖方营业部 | | 股） | | （元） | | | | | 5.17 | 390.34 | 75.50 | 0.00 | 中国中金财富证券有限公司上海 | 联储证券股份有限 | | | | | | 黄浦区中山东二路证券营业部 | 公司陕西分公司 | 康华生物1月15日大宗交易平台出现一笔成交，成交量5.17万股，成交金额390.34万元，大宗交易成交价 为75.50元。该笔交易的买方营业部为中国中金财富证券有限公司上海黄浦区中山东二路证券营业部， 卖方营业部为联储证券股份有限公司陕西分公司。 （文章来源：证券时报网） 证券时报·数据宝统计显示，康华生物今日收盘价为75.50元，下跌0.40%，日换手率为1.52%，成交额为 1.36亿元，全天主力资金净流出437.15万元，近5日该股累计上涨2.03%，近5日资金合计净流入57.64万 元。 两融数据显示，该股最新融资余额为10.35亿元，近5日增 ...

Group 1 - The animal vaccine sector experienced a decline of 0.04%, ranking among the top losers in the concept sector, with notable declines from companies such as Hengtong Co., BioShares, and Kanghua Bio [1] - Among the animal vaccine stocks, 9 companies saw price increases, with Dongfang Bio, KQ Bio, and Haili Bio leading the gains at 2.23%, 0.87%, and 0.77% respectively [1] - The sector faced a net outflow of 212 million yuan from main funds, with 14 stocks experiencing outflows, and 7 stocks seeing outflows exceeding 10 million yuan, led by Roniu Mountain with a net outflow of 82.38 million yuan [2] Group 2 - The top stocks with net outflows included BioShares, Hengtong Co., and Kanghua Bio, with net outflows of 41.91 million yuan, 41.77 million yuan, and 24.74 million yuan respectively [2] - Conversely, the stocks with the highest net inflows were Dabeinong, Haili Bio, and Guoyao Modern, with net inflows of 32.76 million yuan, 6.20 million yuan, and 3.24 million yuan respectively [2] - The trading data indicated that Roniu Mountain had a trading rate of 8.05% and a price drop of 1.05%, while Dongfang Bio had a trading rate of 1.46% and a price increase of 2.23% [3]

Group 1 - The core viewpoint of the news is that Kanghua Biological has experienced fluctuations in stock price and financial performance, with a notable decrease in revenue and net profit year-on-year [1][2][3] Group 2 - As of January 9, Kanghua Biological's stock price increased by 2.03% to 75.50 CNY per share, with a total market capitalization of 9.811 billion CNY [1] - The company has seen a year-to-date stock price increase of 4.48%, but a decline of 4.50% over the past 20 days and 2.84% over the past 60 days [1] - Kanghua Biological's main business involves comprehensive research, development, and operation of vaccines, with 99.99% of its revenue coming from non-immunization planning vaccines [1] Group 3 - As of September 30, the number of shareholders for Kanghua Biological increased by 6.13% to 18,300, while the average number of circulating shares per person decreased by 8.10% to 6,502 shares [2] - For the period from January to September 2025, Kanghua Biological reported a revenue of 840 million CNY, a year-on-year decrease of 20.78%, and a net profit attributable to shareholders of 189 million CNY, down 53.41% year-on-year [2] Group 4 - Since its A-share listing, Kanghua Biological has distributed a total of 686 million CNY in dividends, with 462 million CNY distributed over the past three years [3] - As of September 30, 2025, the fifth largest circulating shareholder is Hong Kong Central Clearing Limited, holding 1.1826 million shares as a new shareholder [3] - The seventh largest circulating shareholder is Southern CSI 1000 ETF, holding 850,600 shares, which is a decrease of 11,100 shares compared to the previous period [3]

Market Performance - The biopharmaceutical sector increased by 0.55% on January 6, with Liaoning Chengda leading the gains [1] - The Shanghai Composite Index closed at 4083.67, up by 1.5%, while the Shenzhen Component Index closed at 14022.55, up by 1.4% [1] Individual Stock Performance - Liaoning Chengda (600739) closed at 12.27, with a rise of 7.16% and a trading volume of 530,500 shares, amounting to a transaction value of 633 million yuan [1] - Dongbao Biological (300239) closed at 6.18, up by 5.64%, with a trading volume of 454,500 shares and a transaction value of 278 million yuan [1] - Olin Biological (616889) closed at 27.66, increasing by 3.83%, with a trading volume of 74,400 shares and a transaction value of 204 million yuan [1] - Kanghong Pharmaceutical (002773) closed at 33.75, up by 2.37%, with a trading volume of 249,700 shares and a transaction value of 838 million yuan [1] Capital Flow Analysis - The biopharmaceutical sector experienced a net outflow of 426 million yuan from institutional investors, while retail investors saw a net inflow of 323 million yuan [2] - The net inflow from speculative funds was 104 million yuan [2] Detailed Capital Flow for Selected Stocks - Liaoning Chengda had a net inflow of 34.37 million yuan from institutional investors, while it faced a net outflow of 18.32 million yuan from retail investors [3] - Dongbao Biological saw a net inflow of 21.29 million yuan from institutional investors, with a net outflow of 13.16 million yuan from retail investors [3] - Tian Tan Biological (600161) had a net inflow of 18.06 million yuan from institutional investors, with a net outflow of 10.02 million yuan from retail investors [3]