疫苗行业周报：医药板块普涨，关注疫苗估值修复

Investment Rating - The industry rating is maintained at "Overweight" [7] Core Views - The vaccine industry has faced significant pressure in Q3 2024, with a notable decline in prices and performance, but long-term drivers such as policy, demand, and technology remain intact, suggesting a positive outlook for the industry [8][18] - The vaccine sector has shown a relative performance decline of 30.36% year-to-date, indicating a challenging market environment [3][11] Market Performance - The vaccine sector experienced a 7.01% increase last week, outperforming other segments within the pharmaceutical sector, which saw an overall increase of 6.43% [3][11] - Year-to-date, the pharmaceutical sector has declined by 6.07%, with the vaccine segment being the hardest hit [3][11] Valuation Metrics - The vaccine sector's PE (ttm) is reported at 39.64X, reflecting a 2.58X increase week-on-week, while the PB (lf) stands at 2.19X, up by 0.14X [5] - The vaccine sector's valuation premium relative to the CSI 300 index is 205.49% [5] Industry Dynamics and Company Announcements - Companies like 瑞科生物 (ReiKe Bio) and 康泰生物 (Kangtai Bio) are actively pursuing clinical trials and funding initiatives to enhance their product pipelines [6][17] - 康泰生物 has received approval for clinical trials of new vaccines, indicating ongoing innovation within the sector [6][17] Investment Recommendations - The report suggests focusing on innovative vaccines and companies with strong overseas expansion capabilities, as these factors are expected to drive future growth [8][19] - Companies with technological advantages and robust product pipelines are highlighted as potential investment opportunities [8][18]