医药产业链数据库之：疫苗批签发，2024Q1-3带疱疫苗批签发快速增长，流感疫苗中三价产品占比提升

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" for the pharmaceutical industry [2]. Core Insights - The report highlights significant growth in vaccine batch approvals for 2024, particularly for shingles and flu vaccines, with notable year-on-year increases in various categories [2][23]. - The HPV vaccine segment shows mixed results, with the nine-valent HPV vaccine experiencing slight growth, while the four-valent and two-valent vaccines face substantial declines [33][39]. - The rabies vaccine market remains dominated by Vero cell vaccines, with a steady increase in approvals for the third-generation rabies vaccine [39][41]. Summary by Sections 1. Vaccine Batch Approval Overview - The report notes that the batch approval data is subject to delays in disclosure, affecting the overall statistics [23]. - Shingles vaccines saw a 311% increase in approvals for the first three quarters of 2024 compared to the previous year [2][23]. - The flu vaccine segment experienced a 140% increase in three-valent vaccine approvals, while four-valent vaccines saw a 13% decline [23][39]. 2. Shingles Vaccine - The report indicates that the recombinant shingles vaccine had 37 batch approvals in 2024 Q1-3, a 311% increase year-on-year, while the live attenuated shingles vaccine had 41 approvals, up 128% [2][27]. - The penetration rate of shingles vaccines remains low in China due to awareness and pricing issues [27][31]. 3. HPV Vaccine - For the first three quarters of 2024, the nine-valent HPV vaccine had 100 batch approvals, a 3% increase, while the four-valent and two-valent vaccines saw declines of 94% and 85%, respectively [33][38]. - The report attributes the decline in lower-priced vaccines to the expanded age range for the nine-valent vaccine [33]. 4. Rabies Vaccine - The report states that the rabies vaccine approvals for the first three quarters of 2024 included 58 for the human diploid cell vaccine and 507 for the Vero cell vaccine, reflecting a 12% and 14% increase, respectively [39][41]. - The second-generation rabies vaccine continues to dominate the market, with a significant share of approvals [39]. 5. Influenza Vaccine - The report notes a 13% decline in four-valent influenza vaccine approvals, while three-valent vaccines saw a 140% increase in the same period [23][39]. - The overall batch approvals for influenza vaccines indicate a shift in market dynamics, with three-valent vaccines gaining a larger share [23]. 6. Other Vaccines - The report provides data on various other vaccines, including pneumonia and Hib combination vaccines, with mixed results in batch approvals [2][39]. - The report suggests monitoring specific companies such as Zhifei Biological, Kangtai Biological, and others for potential investment opportunities based on their performance in vaccine approvals [5].