疫苗行业周报：板块超跌反弹，关注产品力及出海能力强的优质标的

Investment Rating - The report maintains an "Overweight" rating for the vaccine industry, indicating a positive outlook for long-term growth driven by policy, demand, and technology factors [8][22]. Core Insights - The vaccine sector experienced a significant increase of 15.01% last week, outperforming other pharmaceutical sub-sectors, reflecting strong market performance [4][10]. - The current Price-to-Earnings (PE) ratio for the vaccine sector is 31.25X, which is a 4.08X increase from the previous period, indicating a rising valuation trend [5][22]. - The vaccine industry is characterized by a strong emphasis on innovation, with companies that possess technological advantages expected to have superior product capabilities [8][22]. Market Performance - The vaccine index closed at 14,780.21 points, with a year-to-date decline of 28.19% [10]. - The overall pharmaceutical sector index rose to 7,825.19 points, with a year-to-date decline of 7.18% [10]. Valuation Metrics - The vaccine sector's Price-to-Book (PB) ratio is currently at 2.28X, reflecting a 0.3X increase, with a historical maximum of 3.32X and a minimum of 1.62X over the past year [5][22]. - The vaccine sector shows a valuation premium of 135.67% relative to the CSI 300 index [5]. Industry Dynamics and Company Announcements - Merck has entered a $1 billion agreement to acquire two vaccine candidates from Evaxion Biotech, highlighting significant investment activity in the sector [6][18]. - Huanuo Tai has made progress in its recombinant shingles vaccine and quadrivalent influenza vaccine, with clinical trials advancing [6][19]. - Aimee's new serum-free rabies vaccine has shown promising results in Phase III trials, potentially marking a significant innovation in the industry [6][21]. Investment Recommendations - The report suggests focusing on innovative vaccines and companies with strong overseas expansion capabilities, as these factors are expected to drive long-term growth in the vaccine industry [8][22]. - The ongoing approval of multiple RSV vaccines and the push for adult vaccines indicate a strategic shift in the market, with companies actively seeking breakthroughs in both domestic and international markets [8][22].