Industry Overview - The vaccine industry is experiencing a structural opportunity due to the rising trend of influenza, with a focus on flu vaccine developments [2][4] - Recent approvals for clinical trials include various vaccines from companies like Zhifei Biological, including a pertussis-diphtheria-tetanus vaccine and an mRNA shingles vaccine [2][4] - The National Influenza Center reported an increase in flu activity, with a total of 621 reported influenza-like illness outbreaks across the country [4] Market Performance - The vaccine sector saw a 3% increase, with the overall pharmaceutical and biological sector rising by 3.29% during the week of November 9-15, 2025 [5] - Notable companies in the vaccine sector that performed well include Jindike, Hualan Biological, and Baike Biological, while companies like Wantai Biological and Zhifei Biological lagged [6] Valuation Metrics - The vaccine sector's price-to-earnings (PE) ratio (ttm) was 101.87X, reflecting a 2.8X increase week-over-week, while the price-to-book (PB) ratio was 1.99X, up by 0.05X [7][8] Investment Insights - The vaccine industry is under pressure, with a notable structural differentiation among companies. The focus is on innovation and international expansion as key strategies for long-term growth [9] - The industry is transitioning from scale expansion to innovation-driven growth, with supply-demand imbalances and homogenized competition causing short-term challenges [9] - Key drivers for the industry's long-term growth include policy support, demand increase due to an aging population, and technological advancements [10] Recommendations - Companies with strong research and development capabilities and differentiated product offerings, such as CanSino and Kanghua Biological, are recommended for investment [10] - Short-term focus should be on companies involved in flu vaccines due to the seasonal increase in demand [10]

Investment Rating - The industry investment rating is maintained at "Overweight" [2] Core Viewpoints - The report highlights a rising trend in influenza activity, suggesting a structural opportunity in the flu vaccine market. It emphasizes the importance of focusing on innovative vaccines and companies with differentiated pipelines to capture alpha opportunities in a competitive landscape [8][9][27]. Summary by Relevant Sections Industry Performance - Over the past twelve months, the vaccine sector has shown a relative performance of -25% compared to the CSI 300 index, with an absolute return of -5% [3][4]. - The vaccine sector's PE (ttm) is reported at 101.87X, with a PB (lf) of 1.99X, indicating a slight increase in valuation metrics [7][20]. Domestic and International Vaccine Dynamics - Recent approvals for clinical trials include various vaccines from companies like Zhifei Biological Products and CanSino, indicating ongoing innovation in the sector [4][8]. - The National Influenza Center reported an increase in flu cases, with 621 outbreaks reported, suggesting a potential uptick in demand for flu vaccines [4][8]. Market Review - The vaccine sector experienced a 3% increase in the last week, reflecting a moderate performance compared to other pharmaceutical segments [5][6]. - Companies such as Jindike and Hualan Biologicals showed strong performance, while others like Wantai and Zhifei Biologicals lagged behind [6][19]. Investment Recommendations - The report suggests that the vaccine industry is currently under pressure, with a need for companies to focus on innovation and international expansion. It recommends monitoring companies with high technical barriers and differentiated pipelines [8][9][27]. - Specific companies to watch include CanSino for its innovative capabilities and Kanghua Biologicals for its stable demand products [9][27].

Healthcare Policy - National Healthcare Security Administration held a series of discussions on the adjustment of the disease-based payment grouping scheme 3.0, involving over 70 representatives from medical institutions and industry associations [1] Drug and Medical Device Approvals - Shijiazhuang Pharmaceutical Group's application for the listing of Pertuzumab injection has been accepted by the National Medical Products Administration, targeting HER2-positive breast cancer [1] - Huason Pharmaceutical received a registration certificate for its special medical purpose formula food, Ganyimei®, designed for patients over 10 years old with strict fat restrictions and digestive absorption disorders [2] - United Imaging Healthcare's subsidiary obtained a medical device registration certificate for its color Doppler ultrasound diagnostic system, enhancing its product range across various market segments [3] - Yiling Pharmaceutical's application for the listing of Memantine Hydrochloride, a drug for treating moderate to severe Alzheimer's disease, has been approved [4] - Zhifei Biological's clinical trial application for a freeze-dried varicella inactivated vaccine has been accepted by the National Medical Products Administration [10] - Changchun High-tech's subsidiary received approval for a clinical trial of an acellular pertussis-diphtheria-tetanus combined vaccine for adolescents and adults [11] Capital Market Activities - Peking University Pharmaceutical announced the release of 34,615,386 shares from pledge, representing 51.52% of the pledged shares and 5.81% of the total share capital [5] - Kelun Pharmaceutical received approval for a registration of 4 billion yuan in ultra-short-term financing bonds, with a validity period of 2 years [6][7] - Baili Tianheng decided to delay its global offering and listing of H-shares due to current market conditions [8] - Aipeng Medical announced a plan for a shareholder to reduce holdings by up to 1% of total shares, citing personal funding needs [12] - Hendi Pharmaceutical's shareholders plan to collectively reduce their holdings by up to 2.33% of total shares for personal financial planning [13] Financial Adjustments - Baihua Pharmaceutical plans to use 1.91 billion yuan from its capital reserve to cover losses, primarily due to goodwill impairment from a previous major asset restructuring [14]

Core Points - The company, Zhifei Biological Products Co., Ltd., announced that its subsidiary, Anhui Zhifei Longkema Biological Pharmaceutical Co., Ltd., has received the clinical trial application acceptance notice from the National Medical Products Administration for its lyophilized varicella inactivated vaccine [2] Group 1 - The clinical trial can commence within 60 days if no negative or questioning opinions are received from the drug review center after the acceptance [2]

Core Viewpoint - Zhifei Biological (300122) announced that its subsidiary, Anhui Zhifei Longkema Biological Pharmaceutical Co., Ltd., has received the clinical trial application acceptance notice from the National Medical Products Administration for its shingles mRNA vaccine and lyophilized varicella inactivated vaccine [1] Group 1 - The shingles mRNA vaccine and lyophilized varicella inactivated vaccine are developed by Zhifei Longkema [1] - The acceptance notice allows Zhifei Longkema to conduct clinical trials if no negative or questioning opinions are received from the drug review center within 60 days from the date of acceptance [1]

Core Viewpoint - Zhifei Biological has received a clinical trial application acceptance notice for its lyophilized varicella inactivated vaccine from the National Medical Products Administration, allowing it to proceed with clinical trials if no objections are raised within 60 days [1] Company Summary - The vaccine is developed by Anhui Zhifei Longkema Biological Pharmaceutical Co., Ltd., a wholly-owned subsidiary of Zhifei Biological [1] - The acceptance number for the clinical trial application is CXSL2500962 [1]

Core Viewpoint - Zhifei Biological (300122.SZ) announced that its wholly-owned subsidiary, Anhui Zhifei Longkema Biological Pharmaceutical Co., Ltd., has received the clinical trial application acceptance notice for its lyophilized varicella inactivated vaccine from the National Medical Products Administration [1] Group 1 - The clinical trial application acceptance number is CXSL2500962 [1] - The company can commence clinical trials within 60 days if no negative or questioning opinions are received from the drug review center after acceptance [1]

Core Viewpoint - Zhifei Biological (300122.SZ) has received a clinical trial application acceptance notice from the National Medical Products Administration for its lyophilized varicella inactivated vaccine developed by its wholly-owned subsidiary, Anhui Zhifei Longkema Biological Pharmaceutical Co., Ltd [1] Group 1 - The clinical trial acceptance number is CXSL2500962, and the company can commence clinical trials within 60 days if no negative or questioning opinions are received from the drug review center [1] - The lyophilized varicella inactivated vaccine utilizes an innovative inactivation technology route, with both the production cell strains and virus strains being independently developed by the company [1] - This product demonstrates significant safety advantages and is suitable for individuals aged 12 months and older to prevent varicella, providing safer vaccination options for healthy individuals as well as those with immune deficiencies or contraindications [1]