疫苗行业周报：研发端保持活跃，市场表现偏弱-20260327

Investment Rating - The industry rating is maintained at "Overweight" [5][10] Core Insights - The vaccine industry is experiencing a transition from scale expansion to innovation-driven growth, facing short-term pain due to supply-demand imbalance and homogenized competition, but the long-term outlook remains positive driven by policy, demand, and technology [9][10][30] - Domestic companies like Zhifei Biological and Wantai Biological are making progress in multi-valent vaccines and genetically engineered recombinant vaccines, indicating differentiated technological paths and process upgrades [3] - GSK's hepatitis B vaccine is re-entering the Chinese market through a strategic partnership, highlighting multinational companies' flexible approaches to strengthen their vaccine business in China [3] Summary by Sections Domestic and International Vaccine Dynamics - Zhifei Biological's acellular pertussis-diphtheria-tetanus combined vaccine has entered Phase I clinical trials [3] - Wantai Biological's trivalent rotavirus subunit vaccine has received clinical trial approval [3] - GSK announced a strategic cooperation to reintroduce its hepatitis B vaccine in China [3] Market Performance - The vaccine sector saw a decline of 4.93% last week, with a cumulative drop of 18.64% since 2025 [4][12] - The overall pharmaceutical sector showed mixed performance, with the pharmaceutical index rising by 1.56% [4] Company Performance - Companies like Jindike, Olin Biological, and Wantai Biological performed well, while companies like CanSino and Liaoning Chengda lagged behind [5] Valuation - The vaccine sector's PE (ttm) was 65.37X, down 1.47X week-on-week, with a PB (lf) of 1.21X, also showing a slight decrease [8] Investment Recommendations - The vaccine industry is under pressure, with a focus on innovation and international expansion as key strategies for long-term growth [9][10][30] - Companies with strong R&D capabilities and differentiated product offerings are recommended for investment, particularly focusing on those with high technical barriers [10][30]