生物制品行业：2024年1-9月生物制品批签发跟踪

Investment Rating - The report maintains a "Buy" rating for the biopharmaceutical industry as of October 15, 2024 [4]. Core Insights - The biopharmaceutical industry has shown varied performance in product approvals, with significant growth in certain segments such as blood products and vaccines, while others have experienced declines [2][3]. Summary by Sections Blood Products - In the blood products sector, from January to September 2024, human albumin approvals totaled 4,356 batches, reflecting a slight increase of 1% year-on-year. Imported human albumin accounted for 2,973 batches (+3%), representing 68% of total approvals, while domestic human albumin saw a decrease of 1% to 1,383 batches [2][13]. - Intravenous immunoglobulin approvals totaled 1,029 batches, down 12% year-on-year, primarily due to a high base in the previous year [2][13]. - Human coagulation factor VIII approvals reached 437 batches (+3%), with notable growth from companies like Palin Bio and Shanghai Raist [2][22]. - Human prothrombin complex approvals fell significantly to 211 batches (-30%) [2][24]. - Human fibrinogen approvals remained stable at 215 batches, with Shanghai Raist and Boya Bio leading [2][28]. - The report highlights a 32% increase in rabies immunoglobulin approvals, totaling 129 batches, while tetanus immunoglobulin approvals decreased by 18% to 106 batches [2][29][30]. Vaccine Sector - In the vaccine sector, there was a notable increase in approvals for shingles vaccines and quadrivalent influenza virus subunit vaccines. The recombinant shingles vaccine saw 37 batches approved (+106%), and the live attenuated shingles vaccine had 40 batches approved (+122%) [2][3]. - HPV vaccine approvals showed mixed results, with the two-valent HPV vaccine down 86% to 47 batches, while the nine-valent HPV vaccine saw a slight increase of 1% to 105 batches [2][3]. - Pneumonia vaccine approvals decreased, with the 13-valent pneumococcal conjugate vaccine down 22% to 60 batches and the 23-valent pneumococcal polysaccharide vaccine down 46% to 36 batches [2][3]. - Overall, the vaccine sector is experiencing growth in specific areas while facing challenges in others [2][3]. Investment Recommendations - The report suggests focusing on companies such as Tian Tan Bio, Boya Bio, Palin Bio, Hualan Bio, and Shanghai Raist in the blood products segment. For vaccines, it recommends companies like Zhifei Bio, Olin Bio, Wantai Bio, Kangtai Bio, CanSino Bio, and Kanghua Bio [2][3].