全国首个疫苗检验中心在建，有望推动创新疫苗加速上市

Investment Rating - The industry investment rating is maintained at "Overweight" [2] Core Views - The report highlights the establishment of the first national vaccine inspection center in Beijing, expected to accelerate the market entry of innovative vaccines [3] - The draft of the Medical Security Law was presented, which may enhance the insurance coverage for vaccines during major infectious disease outbreaks [3] - The vaccine industry is currently facing performance pressure due to supply-demand imbalances, with a high proportion of Me-too products leading to intense competition and price declines [7][26] - Long-term focus on innovation and international expansion is recommended as key strategies for companies in the vaccine sector [7][28] Market Performance - The vaccine sector saw a 1.36% increase last week, with a cumulative decline of 9.84% since the beginning of 2025 [4][10] - The overall pharmaceutical sector experienced a 1.6% increase during the same period [4] Company Performance - Top-performing companies in the vaccine sector include Jindike, Kanghua Biological, and Liaoning Chengda, while underperformers include CanSino and Watson Biologics [5] Valuation Metrics - The vaccine sector's PE (ttm) is 72.25X, with a PB (lf) of 1.76X, indicating a slight increase in valuation metrics compared to previous periods [6] Investment Recommendations - The report suggests focusing on companies with strong R&D capabilities and innovative products, recommending Kanghua Biological and CanSino as potential investment opportunities [8][28]