Investment Rating - The industry rating is maintained at "Overweight" [2][10] Core Insights - The vaccine industry is transitioning 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 [10][30] - The "14th Five-Year Plan" emphasizes high-quality development and full lifecycle immunization opportunities for the vaccine industry, indicating a shift towards a comprehensive immunization service system covering all age groups [4][10] - The industry is experiencing performance differentiation among companies, with a focus on innovative vaccines and multi-valent products to enhance competitiveness [9][10] Market Performance - The vaccine sector saw a 1.29% increase last week, while the overall pharmaceutical sector declined by 0.22% [5][12] - Year-to-date, the vaccine sector has experienced a cumulative decline of 13.18% [5][12] Valuation Metrics - The vaccine sector's PE (ttm) is 65.37X, down 1.47X week-on-week, with a one-year range of 31.95X to 111.89X [8][23] - The PB (lf) stands at 1.21X, a decrease of 0.03X from the previous week, with a one-year range of 1.66X to 2.15X [8][23] Investment Recommendations - The vaccine industry is under pressure, with performance still in a bottoming phase; however, companies are adjusting their pipeline strategies to focus on technological innovation and new vaccine development [9][27] - Long-term focus should be on companies with strong R&D capabilities and differentiated product offerings, with a recommendation to pay attention to companies like CanSino [10][30]

证券研究报告 2026 年 03 月 08 日 湘财证券研究所 行业研究 疫苗行业周报 两会看疫苗：聚焦"十五五"动态调整，向全生命周期转变 相关研究： 1. 《研发端获新进展，经营端 挑战犹存》20260214 2. 《重磅品种迎技术突破，企 业业绩分化加剧》20260227 行业评级：增持（维持） 近十二个月行业表现 -20 -10 0 10 20 30 25/03 25/06 25/09 25/12 沪深300_累计 疫苗_累计 % 1 个月 3 个月 12 个月 相对收益 -4 -10 -30 绝对收益 -5 -8 -12 注：相对收益与沪深 300 相比 分析师：许雯 证书编号：S0500517110001 Tel：021-50293534 Email：xw3315@xcsc.com 地址：上海市浦东新区银城路88号 中国人寿金融中心10楼 核心要点： 国内外疫苗动态 （1）康希诺：公司 MCV4、13 价肺炎球菌多糖结合疫苗生产基地通过马来西 亚药监局（NPRA）PIC/S GMP 符合性检查，并获得 NPRA 颁发的 GMP 证 书。本次通过 PIC/S GMP 认证，标志着公司的生产和质量管理 ...