AI赋能疫苗研发，云顶新耀mRNA个性化肿瘤治疗性疫苗完成首例给药

Investment Rating - The industry rating is maintained at "Overweight" [2] Core Insights - The vaccine industry is under pressure in 2024, with performance still in a bottoming process. The short-term landscape shows a high proportion of Me-too pipelines, leading to intense competition among similar products. Companies are facing a challenging environment and are actively adjusting their pipeline strategies to focus on high-barrier, well-competitive multi-valent products. The continuous integration of AI technology is expected to gradually empower vaccine research and development. Based on three driving factors—policy, demand, and technology—the long-term outlook for the vaccine industry remains positive, maintaining the "Overweight" rating [10][31][32]. Market Performance - Last week, the vaccine sector rose by 0.67%, which is relatively modest compared to other segments. The overall pharmaceutical and biological sector reported a 1.06% increase, while the vaccine sector has seen a cumulative decline of 5.66% since the beginning of 2025 [4][5][10]. Valuation Metrics - The vaccine sector's PE (ttm) was 34.02X, up by 0.23X week-on-week, with a one-year maximum of 41.43X and a minimum of 19.57X. The PB (lf) was 1.88X, also up by 0.01X week-on-week, with a one-year maximum of 2.91X and a minimum of 1.62X. The PE is at the 15.83% percentile and the PB at the 2.08% percentile over the past decade. The valuation premium of the vaccine sector relative to the CSI 300 is 169.54% [6][10][21]. Industry Dynamics and Company Announcements - Key developments include: 1. Kanglaisheng reported a 50.24% decline in revenue for 2024, with a total profit loss of 3.52 billion yuan, primarily due to increased R&D and depreciation costs [7][28]. 2. The company’s nine-valent HPV vaccine has completed the first analysis of its Phase III clinical trial, meeting the statistical criteria for efficacy [28]. 3. Kangtai Biotech received a summary report for its adsorbed tetanus vaccine's Phase I/III clinical trial, indicating good safety and immunogenicity [28]. 4. CloudTop's new mRNA personalized tumor therapeutic vaccine EVM16 has completed its first patient dosing, marking a significant step in AI-driven vaccine development [10][28].