技术路线多元突破，国产创新加速全球覆盖

Investment Rating - The industry investment rating is maintained at "Overweight" [3] Core Insights - The vaccine industry is experiencing a transition from scale expansion to innovation-driven growth, with significant advancements in various technical platforms and applications [5][9][10] - Recent developments include the approval of a freeze-dried mRNA vaccine for shingles by Watson Bio and the initiation of clinical trials for a six-valent norovirus vaccine by Yuan Da Life Sciences, indicating a strong focus on innovative vaccine solutions [5][9] - The industry faces challenges such as supply-demand imbalance and intense competition due to a high proportion of Me-too products, leading to price declines for some vaccines [9][10] Summary by Sections Industry Performance - The vaccine sector has seen a relative decline, with a cumulative drop of 9.31% since the beginning of 2025, and a recent weekly decrease of 2.83% [6][7][12] - The sector's PE (ttm) is reported at 93.06X, with a recent decrease of 2.6X, while the PB (lf) stands at 1.8X, reflecting a slight decline [8] Market Dynamics - The vaccine industry is witnessing a collaborative breakthrough in technology, with advancements in mRNA, recombinant proteins, and live attenuated vaccines, enhancing product clinical progress and optimizing antigen design [5][9] - The demand for vaccines is expected to grow due to increased consumer willingness and an aging population, alongside opportunities for international market expansion [10][29] Investment Recommendations - The report suggests focusing on companies with strong technological barriers and differentiated pipeline layouts, particularly those engaged in innovative vaccine development and international expansion [9][10][29] - Specific companies recommended for attention include CanSino and Kanghua Biotech, with a short-term focus on flu vaccine-related enterprises [10][29]