11月多数疫苗产品批签发同比继续下滑，兽药原料药价格指数持续弱势：动保行业11月跟踪报告

Investment Rating - The report maintains a "Recommendation" rating for the animal health industry, indicating an expectation of the industry index outperforming the benchmark index by more than 5% in the next 3-6 months [3][80]. Core Insights - In November, the majority of vaccine products saw a year-on-year decline in batch approvals, with only the diarrhea vaccine showing a positive growth of +25.8%. Other vaccines, such as foot-and-mouth disease and pseudorabies vaccines, experienced declines ranging from -4.3% to -66.7% [8][9]. - The Veterinary Product Index (VPI) for raw materials has shown a continuous decline for two consecutive months, with a current index of 67.23, down 1.1% from the end of November. However, it is still up 2.1% year-on-year [51][55]. - The report highlights a significant differentiation in company performance within the industry, with successful companies demonstrating innovation in products, marketing, and capital operations [69][71]. Summary by Sections Vaccine Batch Approvals - In November, most vaccine products saw a decline in batch approvals compared to the previous year, with notable decreases in various pig vaccines. The only exception was the diarrhea vaccine, which increased by +25.8% [8][9]. - Cumulatively from January to November, several vaccine types, including the circular virus vaccine and the diarrhea vaccine, showed positive growth, with the circular virus vaccine increasing by +14.8% [9][10]. Veterinary Raw Material Prices - The VPI index has decreased for two consecutive months, with a current value of 67.23, reflecting a 1.1% drop from November's end. The prices of various raw materials, such as tylosin and florfenicol, have also seen declines [51][55]. - The report notes that the market sentiment for veterinary raw materials is cooling due to low demand and a lack of strong market support, leading to a weak operational state expected in the short term [55][69]. Investment Recommendations - The report suggests focusing on undervalued companies with improvement logic, highlighting that companies with innovative capabilities are likely to perform better in the current market environment [69][71]. - Specific companies recommended for attention include Zhongmu Co., Ltd., Reap Bio, Kexin Bio, and others, which are expected to benefit from the ongoing market dynamics [71].