疫苗行业周报：疫苗研发多管线取得新进展-20260111

Investment Rating - The industry investment rating is maintained at "Overweight" [2][9] Core Insights - Recent advancements in vaccine research pipelines indicate that leading domestic companies are actively pursuing product iteration, technological platforms, and market gaps. This includes upgrades in pneumococcal conjugate vaccines and the development of combination vaccines to fill domestic product shortages [4][9] - The vaccine industry is transitioning from scale expansion to innovation-driven growth, facing short-term challenges due to supply-demand imbalances and homogenized competition. However, the long-term outlook remains positive, driven by policy, demand, and technology [9][29] Summary by Sections Industry Performance - The vaccine sector has shown a cumulative decline of 5.78% since 2025, with a recent weekly increase of 7.49% [5][11] - The relative performance compared to the CSI 300 index shows a decline of 26% over the past 12 months [4] Company Developments - Companies like CanSino and Kangtai Biotech have made significant progress with new vaccine approvals and clinical trials, including a 24-valent pneumococcal polysaccharide conjugate vaccine and a combined acellular pertussis vaccine [4][9] - The recent clinical trial for a freeze-dried herpes zoster mRNA vaccine by Sinovac has commenced, targeting individuals aged 40 and above [4] Market Review - The vaccine sector's price-to-earnings (PE) ratio is reported at 96.78X, with a price-to-book (PB) ratio of 1.88X, indicating a recent increase in valuation metrics [7][22] - The vaccine industry is characterized by a high proportion of Me-too pipelines, leading to intense competition and price reductions for certain products [8][9] Investment Recommendations - The report suggests focusing on companies with strong innovation capabilities and differentiated product lines, recommending CanSino and highlighting the potential for demand in rabies vaccines due to increased incidence [9][29]