疫苗行业周报：多款疫苗获新进展，关注强研发力企业

Investment Rating - The industry rating is "Overweight" [2][9] Core Viewpoints - The vaccine industry is currently experiencing a performance recovery, with a 2.46% increase last week, although it has seen a cumulative decline of 38.94% since the beginning of 2024 [4][9] - Short-term focus should be on annual report performance, while long-term attention should be on innovative vaccines and international expansion [9][10] - The industry is characterized by high competition among Me-too products, leading to pressure on performance due to high bases and price declines of major products [9][30] Market Performance - The vaccine sector reported a closing price of 12,567.97 points, with a weekly increase of 2.46% [4][17] - The overall pharmaceutical and biological sector rose by 2.71%, while the vaccine sector's performance was in the middle range among various sub-sectors [4][17] - The relative performance of the vaccine sector compared to the CSI 300 index showed a decline of 42% over the past 12 months [4][6] Valuation Metrics - The vaccine sector's PE (ttm) is 34.67X, which has increased by 0.82X week-on-week, with a one-year maximum of 41.43X and a minimum of 19.57X [6][21] - The PB (lf) for the vaccine sector is 1.92X, up by 0.05X week-on-week, with a one-year maximum of 2.91X and a minimum of 1.62X [6][21] - The vaccine sector has a valuation premium of 172.07% relative to the CSI 300 index [6][21] Industry Dynamics and Company Announcements - Green Bamboo Biotech's application for a recombinant shingles vaccine has been accepted by the NMPA, marking a significant development in the vaccine landscape [7][27] - The world's first therapeutic HPV vaccine, VGX-3100, has received approval for a new indication for clinical trials [7][29] - GSK's meningitis vaccine has been approved by the FDA, which aims to simplify immunization schedules and increase vaccine coverage [7][29] Investment Recommendations - The report suggests focusing on companies with strong technological and platform advantages, as well as those with a rich pipeline of innovative products [9][30] - The long-term outlook for the vaccine industry remains positive due to supportive policies, increasing demand driven by an aging population, and ongoing technological advancements [9][30]