证券研究报告 2026 年 01 月 11 日 湘财证券研究所 行业研究 疫苗行业周报 疫苗研发多管线取得新进展 核心要点： 国内外疫苗动态 相关研究： 1. 《HPV疫苗集采落地，普惠接 种有望快速推进》20251227 2. 《2025年68项预防性疫苗获 批进入临床，呈现稳步增长态势》 20260104 行业评级：增持（维持） 近十二个月行业表现 -10 0 10 20 30 25/01 25/04 25/07 25/10 沪深300_累计 疫苗_累计 | % | 1 个月 | 3 个月 | 12 个月 | | --- | --- | --- | --- | | 相对收益 | 0 | -6 | -26 | | 绝对收益 | 4 | 0 | -1 | 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 （1）康希诺：24 价肺炎球菌多糖结合疫苗（CRM197/破伤风类毒素）获批临 床。康希诺的 PCV24 覆盖当前肺炎球菌主要流行血清型 ...

证券日报网1月6日讯 ，康希诺在接受调研者提问时表示，公司拥有丰富且具有差异化优势的疫苗产品 组合和管线，不仅在国内市场具有竞争优势，面向海外亦拥有可观的市场潜力。目前公司战略性选定的 目标国家和地区包括东南亚、中东、南美和北非等地，公司已发掘疫苗领域尚待补充的临床需求，这也 是未来疫苗出海的重点区域。目前，公司就13价肺炎结合疫苗优佩欣®及百白破等候选产品正在进行出 海相关的商业化部署，也会综合考量产品特性，以产品组合为切入点，进一步拓展海外商业化版图。同 时，公司也将通过多样化的海内外合作模式，推动公司优势品种的出海进程，包括多方联合研发与海外 本地化生产体系建设等形式。未来，公司也将在更多国家和地区，通过适应当地需求的合作模式，开拓 更广泛的海外市场。 （编辑 丛可心） ...

Investment Rating - The industry investment rating is maintained at "Overweight" [1] Core Views - The vaccine industry is experiencing steady growth, with 68 preventive vaccines approved for clinical trials in 2025, an increase of 13 from 2024 [3] - The industry is transitioning from scale expansion to innovation-driven growth, facing short-term challenges due to supply-demand imbalances and homogenized competition, but the long-term outlook remains positive [9][24] - Key drivers for the industry's development include policy support, increasing demand due to aging populations, and technological innovation [9][26] Summary by Sections Industry Dynamics - The approval of new vaccines is on the rise, with significant advancements in innovative vaccines and multi-valent products [3] - The market is characterized by a high proportion of Me-too products, leading to intense competition and price declines [8] Market Performance - The vaccine sector has seen a cumulative decline of 12.35% since the beginning of 2025, with a recent weekly drop of 2.52% [4][14] - Companies such as Olin Bio, Hualan Biological, and CanSino have shown better performance, while companies like Gendik and Wantai Biologics have lagged [5] Valuation Metrics - The vaccine sector's PE (ttm) is 90.01X, down 2.34X from the previous period, while the PB (lf) stands at 1.74X, reflecting a slight decrease [6] Investment Recommendations - The industry is advised to focus on companies with strong R&D capabilities and differentiated product lines, particularly those with high technical barriers [9][26] - Companies like CanSino and Kanghua Biological are recommended due to their innovative strengths and market demand resilience [9][26]

Investment Rating - The industry investment rating is maintained at "Overweight" [3] Core Insights - The vaccine industry is experiencing a transition from scale expansion to innovation-driven growth, with significant advancements in various technical platforms and applications [5][9][10] - Recent developments include the approval of a freeze-dried mRNA vaccine for shingles by Watson Bio and the initiation of clinical trials for a six-valent norovirus vaccine by Yuan Da Life Sciences, indicating a strong focus on innovative vaccine solutions [5][9] - The industry faces challenges such as supply-demand imbalance and intense competition due to a high proportion of Me-too products, leading to price declines for some vaccines [9][10] Summary by Sections Industry Performance - The vaccine sector has seen a relative decline, with a cumulative drop of 9.31% since the beginning of 2025, and a recent weekly decrease of 2.83% [6][7][12] - The sector's PE (ttm) is reported at 93.06X, with a recent decrease of 2.6X, while the PB (lf) stands at 1.8X, reflecting a slight decline [8] Market Dynamics - The vaccine industry is witnessing a collaborative breakthrough in technology, with advancements in mRNA, recombinant proteins, and live attenuated vaccines, enhancing product clinical progress and optimizing antigen design [5][9] - The demand for vaccines is expected to grow due to increased consumer willingness and an aging population, alongside opportunities for international market expansion [10][29] Investment Recommendations - The report suggests focusing on companies with strong technological barriers and differentiated pipeline layouts, particularly those engaged in innovative vaccine development and international expansion [9][10][29] - Specific companies recommended for attention include CanSino and Kanghua Biotech, with a short-term focus on flu vaccine-related enterprises [10][29]

证券研究报告 2025 年 12 月 07 日 湘财证券研究所 行业研究 疫苗行业周报 继续关注流感需求与创新进展 核心要点： 国内外疫苗动态 （1）瑞吉生物：冻干带状疱疹 mRNA 疫苗（RH110）启动 II 期临床。近日， 瑞吉生物自主研发的冻干带状疱疹 mRNA 疫苗 RH110 正式启动 II 期临床试 验。该项试验采用随机、双盲、对照的多中心设计，旨在评价 RH110 在 40 岁 及以上受试者中的免疫原性与安全性，主要终点指标包括：第 2 剂疫苗接种 后第 30 天，抗 gE 抗原特异性血清抗体和抗 VZV 抗原特异性血清抗体几何平 均滴度和阳转率。RH110 疫苗为注射用冻干制剂，针对水痘-带状疱疹病毒引 起的带状疱疹进行预防，在已完成的Ⅰ期临床试验中，RH110 显示出优异的 安全性和耐受性。（来源：瑞吉生物） 相关研究： 1. 《流感活动度继续攀升至近 三年同期高位，继续关注结构性 机会》20251123 2. 《疫苗企业国际化与研发继 续实现突破，冬季防控压力持续 凸显》20251130 国家流感中心发布的中国流感监测周报显示，2025 年 11 月 24 日-11 月 30 日， 南、 ...

来越多的中国疫苗企业加大力度往外走。 在中国疫苗市场竞争愈演愈烈背景下，越来越多的中国疫苗企业加大力度往外走，一些企业借助"一带 一路"沿线国家产业合作机遇，加大海外发展中国家或地区的市场布局力度。包括万泰生物、沃森生 物、康希诺生物等在内的疫苗企业，相继有疫苗产品在海外注册或者上市。 恢复正增长 出口动作频频 根据中国医药保健品进出口商会数据，2024年，我国人用疫苗出口金额为2.12亿美元，同比增长 4.92%，自2022年以来首次恢复正增长，摆脱了过去三年受抗击新冠疫情需求变化而带来的波动影响。 2021年，在新冠疫苗的助推下，中国人用疫苗出口金额一度激增至156.6亿美元，但之后迅速回落。 我国疫苗产品出口主要面向发展中国家。2024年，我国人用疫苗出口前三大市场分别为摩洛哥、巴基斯 坦和埃及，均取得了超过70%的增长，特别是对巴基斯坦出口增幅达到了111.46%，前五大出口市场占 比55.39%，除前三大市场外，对土耳其、巴西、泰国等市场出口金额均在千万美元以上。 长期以来，在全球疫苗市场，疫苗企业头部玩家集中，默沙东、葛兰素史克、赛诺菲、辉瑞这四家跨国 药企占据着主导地位。 近日，在2025中国医 ...

Core Viewpoint - Watson Bio has received a marketing authorization for its 13-valent pneumococcal polysaccharide conjugate vaccine from the Egyptian Drug Authority, marking a significant step in its international expansion efforts [1] Group 1: Company Developments - Watson Bio's vaccine products have been exported to over 24 countries and regions, with a total export volume exceeding 63 million doses [3] - The company has successfully entered new markets including Chile and Jordan for its 13-valent pneumococcal conjugate vaccine, and has also expanded its 23-valent pneumococcal polysaccharide vaccine to Chile, Mexico, and El Salvador [2] - Watson Bio has completed a localization project in Indonesia, beginning to export raw materials to local partners [2] Group 2: Industry Trends - Multiple vaccine companies are accelerating their global strategies, with significant partnerships and contracts being established, such as Beijing Kexing's $700 million deal with Brazil [2] - The overseas sales revenue of several vaccine companies has shown substantial growth, with Chengda Bio achieving a 26.96% increase and Wantai Bio seeing a 77.51% increase in overseas sales [3] - The vaccine industry is transitioning from scale expansion to innovation-driven growth, with supply-demand imbalances and homogenized competition posing short-term challenges, but long-term growth prospects remain positive [3]

Group 1: Aviation Sector - The aviation industry is expected to continue its recovery trend in ticket prices due to low supply growth, industry self-regulation, and a low base effect [1] - The overall revenue levels in the aviation sector are anticipated to improve [1] Group 2: Oil Transportation Sector - The oil transportation sector is projected to maintain high prosperity driven by multiple factors including OPEC+/U.S. production increases, cross-regional price arbitrage, low oil prices boosting inventory replenishment, and geopolitical disturbances [1] Group 3: Highway Sector - The highway sector is expected to have upward potential as insurance funds begin year-end allocations, and the market's risk appetite experiences fluctuations [1] - The attractive dividend yields of AH highway stocks contribute to the sector's appeal [1] Group 4: Liquor Industry - The liquor industry is experiencing a "volume increase, price drop" phenomenon, with traditional e-commerce platforms seeing prices fall below critical levels due to dealer inventory pressures and platform subsidies [2] - Emerging channels like instant retail and Douyin are showing growth, indicating a shift in consumer purchasing behavior towards "buy now, drink now" [2] - Major liquor companies are initiating anti-counterfeiting actions to stabilize prices and balance online and offline channel interests [2] Group 5: Traditional Chinese Medicine Sector - The traditional Chinese medicine industry is expected to see demand recovery by year-end, with inventory levels clearing up [3] - There are opportunities for fundamental and valuation improvements in the sector [3] - The innovation sector is seen as a potential second growth curve for traditional Chinese medicine companies [3] Group 6: Blood Products and Vaccine Industries - The blood products sector is focused on the "14th Five-Year" plan for plasma station construction and industry consolidation [3] - The vaccine industry is monitoring sales improvements of key products and progress in innovative pipelines, with policies and international expansion expected to drive further development [3]

Group 1 - The short-term pressure on the traditional Chinese medicine industry is expected to ease, with channel inventory clearing accelerating, leading to a positive outlook for year-end demand recovery and subsequent fundamental and valuation improvement opportunities [1] - The innovative sector is expected to help build a second growth curve, with significant brand extension potential for traditional Chinese medicine consumer companies [1] - In the blood products industry, attention is focused on the "14th Five-Year Plan" for plasma station construction and industry merger and acquisition progress, with an optimistic view on the demand for immunoglobulin and factor products, as well as new product development [1] Group 2 - In the vaccine industry, the focus is on the sales improvement of key products and the progress of the innovation pipeline, with policy implementation and international expansion expected to further drive corporate development [1] - The transformation and reform in the pharmaceutical retail industry is steadily advancing, with attention on subsequent multi-faceted catalysts [1] - The pharmaceutical distribution industry shows stable revenue growth, with a focus on receivables and the "14th Five-Year Plan" [1]

Investment Rating - The industry investment rating is maintained at "Overweight" [2][9]. Core Insights - The vaccine industry is currently 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 [8][9][28]. - Recent breakthroughs in vaccine development for specific populations, such as the quadrivalent influenza vaccine for infants and pregnant women, highlight ongoing innovation in the sector [4][8][9]. - The industry is experiencing structural differentiation among companies, with a focus on innovative and multi-valent products to enhance competitiveness [8][9]. Market Performance - The vaccine sector saw a slight increase of 0.04% last week, while the overall pharmaceutical sector declined by 2.4% [5][11]. - Year-to-date, the vaccine sector has experienced a cumulative decline of 1.57% [5][11]. Company Developments - Companies like Kangtai Biological and Zhonghui Biological are making significant progress in vaccine trials for specific demographics, which could fill market gaps [4][8]. - The latest technical guidelines emphasize the importance of vaccination for high-risk groups, which may drive demand for vaccines [4][8]. Valuation Metrics - The vaccine sector's price-to-earnings (PE) ratio is 99.07X, down 4.97X from the previous period, indicating a high valuation relative to historical standards [7][20]. - The price-to-book (PB) ratio stands at 1.94X, remaining stable, with historical maximum and minimum values of 2.29X and 1.69X respectively [7][20]. Investment Recommendations - The report suggests focusing on companies with strong R&D capabilities and differentiated product offerings, recommending Kangxino and Kanghua Biological as key players to watch [9][28].