Investment Rating - The industry investment rating is maintained at "Overweight" [2][9]. Core Insights - The vaccine industry is experiencing a transition from scale expansion to innovation-driven growth, with short-term pain due to supply-demand imbalance and homogenized competition, but the long-term positive outlook remains unchanged [9][27]. - Recent advancements in vaccine technology and policy changes are expected to drive demand, particularly with the expansion of the immunization program for Japanese encephalitis vaccines in certain regions [4][9]. - Companies like Zhifei Biological are making significant progress with new vaccine candidates, including an mRNA vaccine for shingles and a lyophilized inactivated vaccine for chickenpox, which could enhance their competitive edge [4][9]. Summary by Sections Industry Performance - The vaccine sector has seen a cumulative decline of 11.36% since 2025, with a recent weekly drop of 1.42% [5][11]. - Relative performance against the CSI 300 index shows a decline of 29% over the past 12 months [4]. Company Developments - Zhifei Biological has received clinical trial approval for two new vaccines, indicating progress in both mRNA and inactivated vaccine technologies [4]. - The company is focusing on innovative vaccine development to enhance its product pipeline and market competitiveness [9]. Market Dynamics - The vaccine industry is currently facing challenges such as high competition among Me-too products and a decline in demand due to consumer hesitancy [8][24]. - The industry is expected to adjust its pipeline strategies, emphasizing innovation and multi-valent products to improve market positioning [8][24]. Valuation Metrics - The vaccine sector's price-to-earnings (PE) ratio is reported at 65.37X, with a recent decrease of 1.47X, while the price-to-book (PB) ratio stands at 1.21X [7][19]. - The PE ratio is at the 55.06% percentile since 2013, indicating a relatively high valuation compared to historical data [7]. Investment Recommendations - The report suggests focusing on companies with strong research and innovation capabilities, particularly those with differentiated product offerings, such as CanSino [9][27]. - Long-term investment opportunities are anticipated in the context of innovation and international market expansion [8][9].

中国是全球最大的狂犬疫苗市场，根据灼识咨询统计，在产品更新迭代、狂犬疫苗普及度提高的推动 下，预计于2030年达148亿元。根据国家疾控局和国家卫健委制定的《狂犬病暴露预防处置工作规范 (2023年版)》，要求狂犬疫苗接种门诊需配备至少两种不同种类的狂犬病疫苗，而集团产品凭借其迭代 的技术优势，有望成为疫苗接种机构的首选。 艾美疫苗(06660)公布，集团全资子公司艾美荣誉(宁波)生物制药有限公司(以下简称"艾美荣誉")全球自 主首研的无血清迭代狂犬疫苗，根据国家药品监督管理局药品审评中心出具的《药审中心关于无血清迭 代狂犬疫苗注册现场检查的通知》，基于技术审评需要，已对艾美荣誉注册申报的无血清迭代狂犬疫苗 (受理号：CXSS2500044)组织开展注册现场检查。截至目前，艾美荣誉已顺利通过药物临床试验现场检 查及药品注册生产现场检查。 该集团作为全球第二大狂犬疫苗供货商，致力于引领全球狂犬疫苗的深度技术迭代升级，已建设完成满 足国际化标准的无血清迭代狂犬疫苗车间，并已完成商业化规模验证生产，具备该产品规模化生产能 力，产品获批后能快速投放市场。未来该疫苗获批上市销售，有望带来集团业绩的大幅提升。 根据已完成 ...