疫苗行业周报：行业虽短期承压，但不减新型疫苗研发及出海热情

Investment Rating - The industry rating is maintained at "Overweight" [6][17]. Core Insights - The vaccine industry is currently under short-term pressure due to concerns over declining birth rates and intense competition among certain vaccine products, leading to price reductions and excess capacity. However, the long-term outlook remains positive driven by policy support, increasing demand, and technological innovation [6][17]. - The vaccine sector has seen a significant decline in performance, with a year-to-date drop of 48.74%. The overall pharmaceutical sector has also faced challenges, with a cumulative decline of 26.99% [2][8]. - Recent developments include multiple RSV vaccines receiving clinical approval and domestic companies actively pursuing adult vaccines and essential vaccines, indicating a strategic shift towards new market opportunities [6][17]. Market Performance - The vaccine sector index closed at 10,549.97 points, down 2.61% last week. Other related sectors also experienced declines, with the blood products sector down 8.42% and offline pharmacies down 13.07% [2][8]. - The price-to-earnings (PE) ratio for the vaccine sector is 22.31X, reflecting a decrease of 0.58X week-on-week, while the price-to-book (PB) ratio stands at 1.63X, also down by 0.04X [3][6]. Industry Dynamics and Company Announcements - Notable announcements include a strategic cooperation agreement signed by Kanghua Biological with Sichuan Biopharmaceutical Group and Leading Capital, aimed at resource sharing and capital cooperation [4][12]. - Merck announced positive results from a Phase III study of its nine-valent HPV vaccine Gardasil9, which showed efficacy in reducing the incidence of HPV-related infections [4][12]. - A new mRNA RSV vaccine developed by Deep Trust Bio has initiated clinical trials, targeting respiratory diseases in older adults [4][15]. - The China National Pharmaceutical Group's Shanghai Biological Products Research Institute has received approval for clinical trials of a monkeypox vaccine, demonstrating a commitment to expanding vaccine offerings [4][16].