疫苗行业周报：节后医药行业迎来普涨，疫苗涨幅居中

Investment Rating - The industry rating is "Overweight" [2] Core Views - The vaccine industry experienced a 3.89% increase last week, amidst a general rise in the pharmaceutical sector [1] - The industry is currently in a bottoming phase, with a high proportion of Me-too products leading to intense competition and performance pressure [29] - Long-term growth is expected due to stable driving factors such as policy support, increasing demand, and technological innovation [29] Market Performance - The vaccine sector reported a closing index of 12,266.16 points, with a 3.89% increase last week, but a cumulative decline of 40.40% since the beginning of 2024 [4][18] - The overall pharmaceutical sector index rose by 3.21% last week, with various sub-sectors showing different performance levels [4][18] Valuation - The vaccine sector's PE (ttm) is 33.85X, up by 1.26X week-on-week, with a one-year maximum of 41.43X and a minimum of 19.57X [6] - The PB (lf) for the vaccine sector is 1.87X, reflecting a 0.06X increase week-on-week, with a one-year maximum of 2.91X and a minimum of 1.62X [6] - The vaccine sector has a valuation premium of 169.71% compared to the CSI 300 index [6] Industry Dynamics and Company Announcements - Companies like CanSino and Kangtai Biologics have received approvals for new vaccine products, indicating ongoing innovation in the sector [7][28] - The introduction of new regulatory guidelines aims to streamline the approval process for biological products, which may enhance the industry's operational efficiency [28] Investment Recommendations - Short-term focus should be on annual report performances, while long-term attention should be directed towards innovative vaccines and international market expansion [29] - Companies with strong technological advantages and a rich pipeline of products are recommended for investment consideration [11][30]