关注研发迭代与出海进展，人口结构转变促行业增长逻辑重构

Investment Rating - The industry investment rating is maintained at "Overweight" [2][8]. Core Insights - The vaccine industry is undergoing a transformation from scale expansion to innovation-driven growth, facing short-term pain due to supply-demand imbalance and homogenized competition, but the long-term growth logic remains intact, driven by policy, demand, and technology [8][25]. - Recent developments in vaccine research and international expansion signal positive trends, with a shift in focus from child vaccination to a broader lifecycle approach due to demographic changes [3][7]. Summary by Sections Industry Performance - The vaccine sector has seen a relative performance decline of 25% over the past 12 months compared to the CSI 300 index, with absolute returns down by 2% [3]. - The vaccine index rose by 0.49% in the last week, while the overall pharmaceutical sector declined by 0.39% [4][5]. Company Developments - Huashan Vaccine received approval for clinical trials of its recombinant shingles vaccine [3]. - Kanghua Bio announced a projected net profit decline of 41.55%-52.09% for 2025, primarily due to decreased vaccine sales and market competition [3]. - Kexing Bio secured a two-year exclusive order for hepatitis A vaccine in Oman, marking a significant breakthrough in the Middle East market [3]. - Aimee Vaccine's 20-valent pneumococcal polysaccharide conjugate vaccine has been approved for clinical trials [3]. Market Dynamics - The industry is experiencing a shift in demand dynamics, with a notable decrease in newborn population affecting vaccine demand negatively, necessitating a re-evaluation of growth strategies [3][7]. - The vaccine sector's price competition is intensifying due to a high proportion of Me-too products, leading to significant price drops for some vaccines [7][22]. Valuation Metrics - The vaccine sector's PE (ttm) stands at 93.89X, with a PB (lf) of 1.82X, indicating a slight increase in valuation metrics compared to previous periods [6][18]. Investment Recommendations - The report suggests focusing on companies with strong innovation capabilities and differentiated product lines, particularly those with high technical barriers and international market strategies [8][25]. - Long-term investment opportunities are seen in companies that can leverage innovation and international expansion to navigate current market challenges [7][8].