2026.01. 29 本文字数：1466，阅读时长大约3分钟 作者 | 第一财经 林志吟 中国人用疫苗（下称疫苗）出口金额在2024年恢复正增长后，2025年再度出现增长，且增速进一步 提高。 中国医药保健品进出口商会1月29日在公众号上发布的数据显示，2025年，中国疫苗出口金额为 3.24亿美元，同比增长52.63%。 回顾2024年，中国疫苗出口金额为2.12亿美元，同比增长4.92%，彼时是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。 2025年，中国人用疫苗出口到了全球85个市场，前十大市场出口金额占比为70.04%。其中，对巴 基斯坦出口同比增长130.53%，对巴西出口同比增长为119.50%，对缅甸出口增幅甚至高达近30 倍。 长期以来，国内许多疫苗企业聚焦成熟度高且市场风险较小的传统技术路线产品，Me-too（同类仿 创）类管线占比高，且大多集中在宫颈癌疫苗、肺炎球菌疫苗和脑膜炎球菌疫苗等热门疫苗品种，重 磅产品上市时间显著晚于欧美头部企业，进而导致国内疫苗存量市场竞争持续加剧、产品同质化竞争 日益明显。 面对国内疫苗市场竞争愈演愈烈背景下，越来越 ...

联合接种 糖尿病患者感染流感病毒后，容易诱发肺炎。因此，糖尿病患者既应接种流感疫苗，也应接 种肺炎球菌疫苗。 减少感染暴露 做好日常防护 除接种疫苗外，以下防护措施也能降低感染流感病毒的风险。 避免去高风险场所 在流感流行期间，糖尿病患者应尽量避免去人群密集、通风不良的场所，若必须前 往，应规范佩戴医用外科口罩或N95口罩。需要注意的是，大家每4小时应更换一次口罩，避免重复使 用。 注意个人卫生状况 外出回家后，需用肥皂、洗手液配合流动水洗手，或选择免洗洗手液进行消毒，避 免用手触摸口、鼻、眼睛等部位。 保持室内环境清洁 每天开窗通风2~3次，每次30分钟以上，定期对门把手、电灯开关等进行消毒。 据健康中国微信公众号消息，糖尿病患者免疫力较弱，不仅易感染流感病毒，而且容易发展为重症流 感。因此，糖尿病患者应对流感，要做到预防优先、早发现、早治疗。 主动接种疫苗 构筑第一道防线 接种流感疫苗是预防流感最有效的方式。研究表明，糖尿病患者接种流感疫苗后，感染流感病毒的风险 可降低50%~60%，发展为重症的风险可降低50%~70%。但是，大家需要注意以下几点。 接种时间 人体在接种流感疫苗后，需2~4周才能产生有效 ...

Core Viewpoint - The article emphasizes the challenges faced by chronic obstructive pulmonary disease (COPD) patients during winter, particularly the "Nine Cold Days" period, and outlines strategies for effective self-management to navigate this season safely [2][3]. Group 1: Winter Challenges for COPD Patients - COPD patients account for over 30% of hospitalizations due to acute exacerbations of respiratory diseases in winter [2] - Cold air can trigger bronchospasm and increase respiratory resistance, while viruses and air pollution are more prevalent during this season [2] Group 2: Treatment Strategies - The latest treatment approach recommends early use of dual bronchodilators (LAMA+LABA) and triple therapy with inhaled steroids for patients with a history of exacerbations [3] - Patients should carry rescue medications but should seek medical advice if they need to use them more than twice a week, indicating insufficient maintenance therapy [3] Group 3: Immunization and Oxygen Therapy - Vaccination is crucial for preventing infections that can lead to acute exacerbations, with recommendations for flu, pneumococcal, shingles, and Tdap vaccines [4] - Long-term home oxygen therapy is essential for patients with chronic respiratory failure, and it should be used during daily activities to improve overall function [4] Group 4: Recognizing Early Signs of Exacerbation - Patients should learn to identify early signs of exacerbation, such as increased cough, sputum changes, and difficulty breathing, and monitor objective indicators like oxygen saturation [5][6] - Immediate action is advised if any signs of exacerbation occur, as timely intervention is critical for preserving lung function [6] Group 5: Lifestyle and Emotional Well-being - Keeping warm and wearing masks outdoors are essential for respiratory protection, along with maintaining a suitable indoor environment [7] - Emotional health is also important; social interactions and seeking professional help for persistent anxiety or depression can enhance treatment adherence and overall well-being [8]

Group 1 - The core viewpoint of the article highlights the recent advancements in the domestic vaccine industry, supported by favorable policies, indicating a significant demand for flu and related vaccines due to a notable increase in flu activity, reaching the highest level in three years [1] - The focus is on structural opportunities in flu vaccines, pneumococcal vaccines, and shingles vaccines, with innovation and internationalization being identified as core competitive advantages for vaccine companies in the long term [1] - The vaccine ETF (159643) tracks the vaccine biotechnology index (980015), which selects listed companies involved in bioproducts, life science tools, and services, emphasizing firms engaged in vaccine research, production, and related services [1] Group 2 - The constituent stocks of the index exhibit significant innovation and growth characteristics, reflecting the overall performance and technological development dynamics of the vaccine and biotechnology industry [1]

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].

Core Viewpoint - Vaccination is the most economical and effective measure to prevent respiratory infectious diseases, and individuals should choose vaccines based on their health status and contraindications [3][4] Group 1: Vaccination Recommendations - Various vaccines are available to prevent respiratory infectious diseases, including influenza, varicella, and pneumococcal vaccines, and should be selected based on health status, age, and exposure risk [3] - For children and adolescents, it is recommended to complete the national immunization program vaccines and receive the influenza vaccine annually starting from 6 months of age, along with other vaccines like pneumococcal and Hib vaccines [3] - Adults, especially healthcare workers, teachers, and those with underlying health conditions, are advised to receive the influenza vaccine annually and pneumococcal vaccine based on their health status [3] Group 2: High-Risk Groups - Chronic disease patients, such as those with diabetes, COPD, and cardiovascular diseases, should prioritize vaccination due to a higher risk of severe illness from respiratory infections [4] - The elderly population, who often have weakened immune systems and underlying conditions, are at high risk for severe illness and death from influenza and pneumonia, and it is recommended they receive both the influenza and pneumococcal vaccines annually [4]

Core Viewpoint - The National Health Commission emphasizes the importance of vaccination against respiratory infectious diseases, providing tailored recommendations for different age groups to enhance public health and prevent severe illness [1][2]. Group 1: Vaccination Recommendations for Children and Adolescents - Children and adolescents are at high risk for respiratory diseases due to their underdeveloped immune systems. It is recommended that children over 6 months of age receive the flu vaccine annually, along with completing vaccinations for pneumonia, Hib, and varicella [1]. Group 2: Vaccination Recommendations for Adults - Adults, especially healthcare workers, teachers, and those with underlying health conditions, should receive the flu vaccine annually and consider the pneumonia vaccine based on their health status. Chronic disease patients are prioritized for vaccination due to their higher risk of severe illness from respiratory infections [2]. Group 3: Vaccination Recommendations for the Elderly - The elderly population, who often have weakened immune systems and underlying health conditions, are at high risk for severe respiratory diseases. It is advised that they receive the flu vaccine annually and also consider the pneumonia vaccine to reduce the risk of pneumonia and hospitalization [2]. Group 4: Overall Vaccination Strategy - Vaccination is highlighted as the most economical and effective measure for preventing respiratory infectious diseases. The public is encouraged to consider their health status and any contraindications when deciding on vaccinations [2].

Core Viewpoint - The article emphasizes the importance of scientifically selecting vaccines for respiratory infectious diseases based on individual health status, age characteristics, and exposure risks, advocating for a targeted vaccination strategy [1][2]. Group 1: Vaccination Recommendations for Different Age Groups - For children and adolescents, it is crucial to complete the national immunization program vaccines and receive annual flu vaccinations starting from 6 months of age, along with other recommended vaccines like pneumococcal and varicella vaccines [1]. - Adults, especially healthcare workers, teachers, and those with underlying health conditions, are advised to receive annual flu vaccinations and pneumococcal vaccines based on their health status [1]. - The elderly, due to decreased immunity and the presence of chronic diseases, are at high risk for severe infections and should receive annual flu and pneumococcal vaccinations to reduce the risk of pneumonia and hospitalization [2]. Group 2: Economic and Effective Prevention - Vaccines are highlighted as the most economical and effective measure for preventing respiratory infectious diseases, and the public is encouraged to get vaccinated based on personal health conditions and contraindications [2].

Group 1 - The core viewpoint emphasizes the importance of vaccination in preventing respiratory infectious diseases, with various vaccines available such as influenza, varicella, and pneumococcal vaccines [1][2] - It is recommended that children and adolescents, who are at high risk for respiratory infections, receive annual influenza vaccinations and complete other vaccinations according to the national immunization program [1] - For adults, especially healthcare workers, teachers, and those with underlying health conditions, annual influenza vaccination is advised, along with pneumococcal vaccination based on health status [1] Group 2 - The elderly population is identified as a high-risk group for severe illness and death from respiratory diseases due to decreased immunity and underlying conditions, with annual influenza and pneumococcal vaccinations recommended [2] - Overall, vaccines are highlighted as the most economical and effective measure for preventing respiratory infectious diseases, with the public encouraged to consider personal health status and vaccination contraindications [2]

Investment Rating - The industry investment rating is maintained at "Overweight" [1] Core Insights - In H1 2025, rabies vaccines and HPV vaccines showed positive growth in batch approvals, with rabies vaccines leading with a 37.13% year-on-year increase [3][5] - The HPV vaccine approvals totaled 103 batches, reflecting a slight increase of 8.42% year-on-year, primarily driven by the two-valent HPV vaccine [3][4] - The pneumococcal vaccine approvals saw a significant decline, with a total of 44 batches, down 44.3% year-on-year [4] - The report highlights that the vaccine industry is currently under pressure, but long-term prospects remain positive due to innovation and international expansion [9][10] Summary by Sections Rabies Vaccine - Total approvals reached 421 batches in H1 2025, marking a 37.13% increase year-on-year, with Vero cell rabies vaccines accounting for 90% of the total [5] - Major contributors include companies like Fosun Yalifeng and Huashan Biological, with Liaoning Chengda leading with 189 batches [5] HPV Vaccine - The two-valent HPV vaccine saw a remarkable increase of 252% in approvals, while the nine-valent HPV vaccine faced a 75.81% decline [3][12] Pneumococcal Vaccine - The total approvals for pneumococcal vaccines were 44 batches, down 44.3% year-on-year, with the 13-valent vaccine decreasing by 15.91% [4][12] Influenza Vaccine - Total approvals for influenza vaccines were 140 batches, reflecting a 24.73% decline, with the four-valent split vaccine being the most significant contributor [6][12] Meningococcal Vaccine - The total approvals for meningococcal vaccines were 172 batches, down 20.37% year-on-year, with the four-valent polysaccharide vaccine showing strong growth [7][8] Investment Recommendations - The report suggests that while short-term performance is under pressure, long-term focus on innovation and international market expansion is crucial for growth [9][10]