生物制品行业跟踪分析：2024年1-10月生物制品批签发跟踪

Investment Rating - The report maintains a "Buy" rating for the biopharmaceutical industry [4]. Core Insights - The biopharmaceutical industry is experiencing steady growth, with significant increases in the issuance of blood products and vaccines in the first ten months of 2024 [2][52]. - The report highlights specific growth in human coagulation factor IX, rabies immunoglobulin, and histamine human immunoglobulin, while noting slight increases in albumin, factor VIII, and fibrinogen. However, there are declines in intravenous immunoglobulin (IVIG) and prothrombin complex concentrate (PCC) [2][52]. Summary by Sections Blood Products - In the blood products sector, the total issuance of human albumin reached 4,727 batches (up 1% year-on-year), with imports accounting for 3,245 batches (up 5%), representing 69% of total issuances. Domestic albumin issuance was 1,482 batches (down 6%) [2][52][55]. - The issuance of IVIG totaled 1,124 batches (down 12%), primarily due to a high base in the previous year [2][60]. - Human coagulation factor VIII saw an issuance of 492 batches (up 7%), with notable growth from companies like Palin Bio and Shanghai Raist [2][61]. - The issuance of prothrombin complex concentrate dropped to 225 batches (down 28%), with significant increases from companies like Bohui Innovation and Tiantan Bio [2][64]. - Human fibrinogen issuance totaled 249 batches (up 5%), with Shanghai Raist and Boya Bio leading the market [2][67]. - The issuance of rabies immunoglobulin reached 132 batches (up 14%), with significant contributions from Hualan Bio and Yuanda Shuyang [2][70]. Vaccines - In the vaccine sector, there was rapid growth in the issuance of shingles vaccines, influenza virus split vaccines, and quadrivalent influenza virus subunit vaccines [2]. - The issuance of HPV vaccines showed a decline, with the two-valent HPV vaccine at 53 batches (down 85%) and the quadrivalent at 4 batches (down 89%). However, the nine-valent HPV vaccine issuance was 111 batches (down 5%) [2]. - The issuance of the 13-valent pneumonia conjugate vaccine was 66 batches (down 27%), while the 23-valent pneumonia polysaccharide vaccine saw 38 batches (down 43%) [2]. - The total issuance of influenza vaccines was 382 batches (down 2%), with the quadrivalent split vaccine at 204 batches (down 33%) and the quadrivalent subunit vaccine at 15 batches (up 200%) [2][72]. Investment Recommendations - The report suggests focusing on companies such as Tiantan Bio, Boya Bio, Palin Bio, Hualan Bio, and Shanghai Raist in the blood products sector. For vaccines, it recommends companies like CanSino Biologics, Kangtai Biological, and Zhifei Biological [2].