晨会纪要：对近期重要经济金融新闻、行业事件、公司公告等进行点评-20251031

Vaccine Industry - The vaccine industry is experiencing continuous policy improvements and breakthroughs in research and development, highlighted by the new vaccine circulation quality supervision measures issued by Shandong Province, effective from January 1, 2026, which aims to enhance the quality supervision of vaccine circulation [2][3] - The approval of the clinical trial for the freeze-dried Hib vaccine by Beijing Baihui Biotechnology and Bohui Biological Pharmaceutical reflects the ongoing progress of domestic vaccine companies in terms of innovation and production stability [2][3] - The vaccine sector's performance was moderate, with a 0.78% increase last week, while the cumulative increase for the year is -4.83% [4][5] - The vaccine sector's PE (ttm) was 100.69X, with a PB (lf) of 1.85X, indicating a slight increase in valuation metrics compared to previous periods [6] - The vaccine industry is currently in a challenging phase, with structural differentiation among companies, and a focus on innovation and international expansion is recommended for long-term investment [7][9] - The industry is transitioning from scale expansion to innovation-driven growth, with policy, demand, and technology being the three main driving factors for development [8][9] Real Estate Industry - In the real estate sector, the sales area of commercial housing from January to September 2025 was 658 million square meters, a year-on-year decrease of 5.5%, with the decline in sales amounting to 6.3 trillion yuan, a 7.9% drop [10][11] - The funding sources for real estate companies showed a year-on-year decrease of 8.4% from January to September, with domestic loans turning negative for the first time since June [11][13] - Real estate development investment from January to September decreased by 13.9%, with a significant drop in new construction and completion areas, indicating ongoing challenges in the sector [14] - The supply and transaction of residential land continue to weaken, with a 12% decrease in supply and a 4% increase in transaction area from January to September [15] - The report suggests that the relaxation of purchase restrictions in first-tier cities has provided some support for sales in September, but further policy support is needed for a stable recovery in the market [16]