Macro Strategy - The macro short cycle shows slight signs of turning, but it is still uncertain whether the current cycle has completed its bottoming process. December PPI year-on-year was -1.90%, showing improvement from November's -2.20%, while CPI was 0.80%, remaining in positive territory for the third consecutive month. However, the absolute value is low, keeping the annual CPI growth at 0% [2][3] - The macro short cycle composite index, derived from PMI, PPI, CPI, and 10-year government bond yields, indicates a slight turning point in December, but further observation is needed to confirm the bottoming of the current cycle [2] Stock Market - A-shares achieved a "good start" in the first week of 2026, with major indices showing gains: Shanghai Composite Index up 3.82%, Shenzhen Component Index up 4.40%, and ChiNext Index up 3.89%. The market's positive performance is attributed to early policy support in the "two new" sectors and improving macro indicators [3][4] - The primary industry sectors saw more gains than losses, with aerospace equipment II and wind power equipment leading the way with increases of 24.49% and 20.01%, respectively. The banking sector was the only one to decline, down 1.90% [5] Investment Recommendations - For the long term, 2026 is the starting year of the "14th Five-Year Plan," with a supportive policy environment for industrial upgrades. The market is expected to maintain a "slow bull" trend, with a focus on sectors related to "anti-involution," insurance, securities, and aerospace as guided by the "14th Five-Year Plan" [6] - The new cycle in 2026 is anticipated to benefit upstream cyclical industries, with a positive outlook for sectors such as artificial intelligence and aerospace [6] Vaccine Industry - Recent developments in the vaccine industry include significant progress in multiple pipelines. Notable advancements include the approval of a 24-valent pneumococcal polysaccharide conjugate vaccine by CanSino and the initiation of clinical trials for various vaccines by other companies [9] - The vaccine sector is actively pursuing product iteration and technological advancements, with a focus on filling market gaps and expanding mRNA technology pipelines. This innovation trend supports the long-term construction of product lineups [9] - The vaccine industry is currently facing performance pressures, with a high proportion of Me-too pipelines leading to intense competition and price declines. Companies are adjusting their pipeline strategies to focus on innovative vaccines and multi-valent products [13][14]

格隆汇1月8日丨康泰生物(300601.SZ)公布，全资子公司北京民海生物科技有限公司（简称"民海生物"） 于今日收到国家药品监督管理局签发的受理通知书，同意受理民海生物研发的吸附无细胞百白破（组 分）联合疫苗（成人青少年及儿童用）的临床试验申请。本次申请临床试验获得受理的吸附无细胞百白 破（组分）联合疫苗（成人青少年及儿童用）适用于成人、青少年及儿童，接种本疫苗后，可使机体产 生免疫应答，用于预防百日咳、白喉、破伤风。 ...