Xiangcai Securities·2025-11-30 12:40Investment Rating - The industry investment rating is maintained at "Overweight" [1] Core Views - Vaccine companies are achieving breakthroughs in internationalization and research and development, while the pressure for winter epidemic prevention continues to highlight the need for effective measures [4][9] - The vaccine industry is transitioning from scale expansion to innovation-driven growth, with supply-demand imbalances and homogenized competition causing short-term challenges, but the long-term outlook remains positive due to supportive policies, increasing demand, and technological advancements [9][28] Summary by Sections Recent Developments - Zhifei Biological's subsidiary obtained a U.S. patent for an RSV vaccine, marking a significant step in its international market strategy [3] - Watson Bio's subsidiary received a marketing license for a 13-valent pneumonia vaccine in Egypt, enhancing its international presence [3] - Wuhan Institute of Biological Products achieved important progress in children's vaccine development, with two vaccines approved for clinical use [3] Market Performance - The vaccine sector saw a 1.33% increase last week, underperforming compared to other pharmaceutical sectors [5][6] - Year-to-date, the vaccine sector has experienced a cumulative decline of 5.12% [6] Valuation Metrics - The vaccine sector's PE (ttm) is 95.41X, with a PB (lf) of 1.87X, indicating a slight increase in valuation metrics compared to previous periods [7] Investment Recommendations - The vaccine industry is under pressure, with a focus on innovation and international expansion as key strategies for recovery [8] - Companies with high technical barriers and differentiated pipelines are recommended for investment, particularly those with strong research and development capabilities [9][28]