证券研究报告 2025 年 12 月 14 日 湘财证券研究所 行业研究 疫苗行业周报 技术路线多元突破，国产创新加速全球覆盖 相关研究： 1. 《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 2. 《继续关注流感需求与创新 进展》20251207 行业评级：增持（维持） 近十二个月行业表现 -30 -20 -10 0 10 20 30 24/12 25/03 25/06 25/09 沪深300_累计 疫苗_累计 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）沃森生物：冻干带状疱疹 mRNA 疫苗获批临床。由沃森生物子公司北京 沃森创新生物技术有限公司、云南疫苗实验室有限公司、玉溪沃森与复旦大 学、蓝鹊生物联合研发并共同申请临床试验的冻干带状疱疹 mRNA 疫苗近日 获得国药监局签发的药物临床试验批准通知书。该产品基于自主研发建立的 "mRNA 疫苗技术平台"开发，进行了自主创新抗原序列设计与结构改造， 保留了可诱导高水平抗体和细胞免疫应答的抗原表位，在抗原序列设计上该 疫苗与目前国际上已公布的主要带状疱疹疫苗专利相比具有多个创新。 ...

Investment Rating - The report provides an investment rating of "G" for the pharmaceutical and biotechnology industry [1]. Core Viewpoints - The report highlights that MRD (Minimal Residual Disease) is expected to become a new paradigm in immune companion diagnostics, with significant advancements in tumor treatment and the development of new tumor markers [2][3]. - The pharmaceutical and biotechnology sector saw a weekly increase of 1.05%, underperforming compared to the Wind All A index (3.87%) and the CSI 300 index (4.18%) [3][8]. - Key sectors within the industry that performed well include medical devices (4.49%), vaccines (4.41%), and traditional Chinese medicine (2.86%), while medical research outsourcing (-3%), raw materials (-1.44%), and medical consumables (-0.01%) lagged [3][9]. Summary by Sections Market Weekly Review - The pharmaceutical and biotechnology sector increased by 1.05% from August 18 to August 22, 2025, underperforming against the Wind All A index and CSI 300 index [3][8]. - Notable stock performances included Xiangxue Pharmaceutical (40.4%), Olin Bio (38.3%), and Tuo Jing Life (29.5%) with significant declines seen in Linuo Pharmaceutical (-22.1%), Nanmo Bio (-17.9%), and Fuyuan Pharmaceutical (-17.9%) [3][11]. Industry News and Key Company Announcements - On August 22, Daiichi Sankyo's targeted TROP2 ADC Datopotamab deruxtecan was approved for treating HR-positive, HER2-negative breast cancer [12]. - Natera announced positive results from its IMvigor011 trial for muscle-invasive bladder cancer, leading to a submission for FDA approval of Signatera as a companion diagnostic [13]. - The report emphasizes the importance of MRD in tumor treatment, with advancements in both US and China regarding MRD products [3][12].