证券研究报告 2026 年 01 月 25 日 湘财证券研究所 行业研究 疫苗行业周报 关注研发迭代与出海进展，人口结构转变促行业增长逻辑重构 相关研究： 1. 《疫苗研发多管线取得新进 展》20260111 2. 《业绩承压与管线推进并行， 关注结构性机会》20260118 行业评级：增持（维持） 近十二个月行业表现 -10 0 10 20 30 25/01 25/04 25/07 25/10 沪深300_累计 疫苗_累计 | % | 1 个月 | 3 个月 | 12 个月 | | --- | --- | --- | --- | | 相对收益 | 1 | -8 | -25 | | 绝对收益 | 2 | -7 | -2 | 注：相对收益与沪深 300 相比 分析师：许雯 证书编号：S0500517110001 Tel：021-50293534 Email：xw3315@xcsc.com 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）华兰疫苗：重组带状疱疹疫苗（CHO 细胞）获得药物临床试验批准通 知书。华兰疫苗近日收到国家药品监督管理局核准签发的关于重组带状疱疹 ...

格隆汇1月21日丨华兰生物(002007.SZ)公布，近日，公司控股子公司华兰生物疫苗股份有限公司收到国 家药品监督管理局下发的《药物临床试验批准通知书》（通知书编号：2026LP00175）。 华兰疫苗研发的重组带状疱疹疫苗（CHO 细胞）利用成熟的CHO 细胞平台表达水痘-带状疱疹病毒关 键蛋白，通过诱导免疫应答预防带状疱疹及其并发症。该产品是华兰疫苗在带状疱疹预防领域的重要布 局，有望为易感人群提供新的预防选择。 带状疱疹由水痘-带状疱疹病毒再激活引起，主要表现为沿神经分布的成簇疱疹与明显疼痛，中老年人 群发病率高且症状常随年龄加重。目前接种疫苗是预防该疾病最经济有效的手段。 截至本公告披露日，经查询国家药品监督管理局官网，国内已上市的带状疱疹疫苗产品有两款，分别是 智飞生物代理的葛兰素史克（GSK）重组带状疱疹疫苗和百克生物减毒活带状疱疹疫苗。随着国内老龄 化进程加快以及公众健康意识提升，带状疱疹疫苗接种需求仍有较大的增长空间，未来国产带状疱疹疫 苗的市场发展前景较为广阔。 ...

Investment Rating - The industry is rated as "Positive" for the next 12 months, indicating an expected increase in performance relative to the CSI 300 index [7][71][82]. Core Insights - The report highlights a concentrated period of semi-annual performance forecasts, suggesting a focus on pipeline realization, performance growth, and business collaborations in innovative drugs and related industry chains [7][70]. - Recent policy adjustments by the National Medical Insurance Administration are expected to catalyze innovation and development within the industry [14]. - Notable acquisitions and drug approvals, such as Merck's $10 billion acquisition of Verona and the approval of new drugs like the Bcl-2 inhibitor by Ascentage Pharma, are significant developments [2][27][14]. Industry Data - As of July 10, 2025, the SW pharmaceutical industry has a TTM price-to-earnings ratio of 28.55, with a valuation premium of 144% compared to the CSI 300 index [5][61]. - The report notes a general upward trend in various sub-sectors, with the medical services sector leading at a 1.56% increase [5][54]. - The report also provides insights into the pricing trends of raw materials, such as vitamins and traditional Chinese medicine, indicating fluctuations and year-on-year changes [15][17]. Company Announcements - Ascentage Pharma's Bcl-2 inhibitor has received conditional approval from the NMPA for treating chronic lymphocytic leukemia [27]. - WuXi AppTec anticipates a revenue increase of approximately 20.64% for the first half of 2025, with a significant net profit growth of about 44.43% [28]. - Gan & Lee Pharmaceuticals expects a net profit increase of 100.73% to 114.12% for the same period [29].