胰岛素板块有哪些核心标的及其出海进展？ 胰岛素板块的核心标的是甘李药业、联邦制药和通化东宝。国内市场经历了两 轮全国集采，整体节奏相对稳定，各公司通过基层医疗机构扩容、新产品推广 非药行业 2026 年度投资策略 20251231 摘要 胰岛素板块中，甘李药业、联邦制药和通化东宝是核心标的。甘李药业 的甘精胰岛素有望于 2026 年获得欧洲行政批件，并积极拓展欧美及亚 非拉市场。通化东宝通过江阳股份推进美国市场，预计 2026 年取得进 展。关注集采后各公司在基层医疗机构扩容和新产品推广的策略。 生物制品领域，血制品公司如劲宝、仁百预计 2026 年下半年迎来业绩 拐点，关注浆站规划和国企改革机会。疫苗方面，欧林生物专注于超级 细菌疫苗，康华生物重点开发 RSV 疫苗并已对外授权，康希诺亦值得关 注。 中药板块投资线索包括转型创新（关注九芝堂、以岭药业、华纳药厂 等），基药目录（关注冀川、贵州三力等潜在标的），以及 OTC 领域。 红利策略、政策落地后的估值炒作以及政策对业绩的带动情况是关键观 察点。 医疗器械板块，出海是关键增长点，蓝威、迈瑞新产业和开立等企业海 外收入占比已达 45%-60%，面临估值切换 ...

Core Viewpoint - The A-share vaccine sector is expected to underperform, with a projected increase of 9% by December 28, 2025, lagging behind the broader market by 10 percentage points, indicating a weak overall performance in the sector [1] Group 1: Industry Overview - The 2026 investment strategy for the vaccine sector focuses on three main lines: pipeline realization, technological breakthroughs, and valuation recovery, while avoiding highly competitive products like bivalent HPV and traditional rabies vaccines [1] - Key areas of focus include vaccines with high technological barriers, multi-valent options, potential for business development collaborations, and favorable competitive landscapes, such as RSV vaccines [1] Group 2: Company Highlights - **CanSino Biologics**: The DTcP-Hib-MCV4 combination vaccine and inhaled tuberculosis vaccine (5-type adenovirus vector) are in Phase I clinical trials. The quadrivalent meningococcal conjugate vaccine was exported to Indonesia in September, marking a significant achievement post-COVID vaccine exports. The PCV13i vaccine has gained access in over half of China's provinces and started vaccinations in October. Several vaccines are advancing towards commercialization, with multiple NDA applications submitted [2] - **Aimee Vaccine**: The PCV13, PPSV23, and rabies vaccines are in the final stages of market entry. Aimee has 20 vaccines in development, with 15 products having received 23 clinical approvals. The PCV13 has submitted for market registration, and the iterative rabies vaccine is also in the registration process. The PPSV23 has completed Phase III clinical serum testing and is moving towards statistical unblinding [3] - **Clover Biopharmaceuticals**: The respiratory combined vaccine (RSV-hMPV-PIV3) has gained global attention, with positive Phase I clinical trial results in older adults. This vaccine is expected to advance to Phase II trials in the first half of 2026, addressing unmet clinical needs related to RSV and enhancing immune protection through repeat vaccinations [4] Group 3: Investment Recommendations - Suggested stocks in the Hong Kong vaccine sector include CanSino, Clover Biopharmaceuticals-B, and Aimee Vaccine, indicating potential investment opportunities in these companies [4]

钟南山表示，当前最重要的是预防。 近日，由国家呼吸医学中心牵头，钟南山院士、沈洪兵院士、饶子和院士以及尚红院士四位院士共同担 任总顾问的《呼吸道合胞病毒感染防治医防协同专家共识》在广州正式发布。该《共识》也在《中华医 学杂志》在线发表，旨在弥补既往防控实践中的空白，为RSV的防治提供明确指引，并为其他呼吸道传 染病的防治工作提供可借鉴的模式参考。 该《共识》指出，RSV是引起急性呼吸道感染的主要病原体之一，在婴幼儿和老年人群体中造成的疾病 负担尤为沉重，是一个重要的全球公共卫生问题。我国RSV感染防控亟需建立"预防-诊疗-管理"一体化 的医防协同体系，实现"以治病为中心"向"以健康为中心"的防控模式转变。 当前正处于冬季流感流行期，除了流感病毒外，还有另外一种呼吸道病毒，即呼吸道合胞病毒（RSV） 也在一些地区流行，且带来的危害不可小觑。 根据中国疾控发布的最新全国急性呼吸道传染病哨点监测情况，第49周（2025年12月1日—12月7日）， 全国哨点医院报告的流感样病例数占门急诊就诊总数的比例（流感样病例百分比）为9.9%；哨点医院 门急诊流感样病例呼吸道样本检测阳性率前三位病原体为流感病毒（54.2%）、鼻 ...

此外，新冠病毒活动虽保持稳定在基线水平，检测阳性率微降至2.1%，但住院率仍有小幅上升；诺如 病毒活动处于预期范围内，但儿童病例占比最高，卫生部门提醒患者症状消失后需隔离48小时再返岗返 校，清洁时应使用含氯消毒剂，酒精凝胶无法杀灭诺如病毒，不可单独依赖。 UKHSA表示，随着冬季气温下降和节日期间室内聚集活动增多，呼吸道病毒传播风险将进一步升高， 疫苗接种仍是预防重症和住院的最有效手段，呼吁民众重视防控，确保平安过节。(完) 英卫生部门警告：圣诞前夕流感与RSV病例激增 中新网伦敦12月5日电 (欧阳开宇 刘施岑)据英国卫生安全局(UKHSA)最新发布的冬季疫情监测公报，随 着圣诞假期临近，英国流感和呼吸道合胞病毒(RSV)病例呈显著上升趋势，疫情高峰预计将在节日期间 及新年到来，当局紧急呼吁符合条件的民众尽快完成疫苗接种。 数据显示，在11月24日至30日的监测周期内，英国流感活动已升至中等传播水平，检测阳性率从上周的 11.6%跃升至17.1%，流感住院率更是激增63%，从每10万人4.78人升至7.79人。RSV疫情同样不容乐 观，尽管今年发病季启动较晚，但近期传播强度持续加大，检测阳性率从8.7%升 ...

Investment Rating - The industry investment rating is maintained at "Overweight" [1] Core Views - Vaccine companies are achieving breakthroughs in internationalization and research and development, while the pressure for winter epidemic prevention continues to highlight the need for effective measures [4][9] - The vaccine industry is transitioning from scale expansion to innovation-driven growth, with supply-demand imbalances and homogenized competition causing short-term challenges, but the long-term outlook remains positive due to supportive policies, increasing demand, and technological advancements [9][28] Summary by Sections Recent Developments - Zhifei Biological's subsidiary obtained a U.S. patent for an RSV vaccine, marking a significant step in its international market strategy [3] - Watson Bio's subsidiary received a marketing license for a 13-valent pneumonia vaccine in Egypt, enhancing its international presence [3] - Wuhan Institute of Biological Products achieved important progress in children's vaccine development, with two vaccines approved for clinical use [3] Market Performance - The vaccine sector saw a 1.33% increase last week, underperforming compared to other pharmaceutical sectors [5][6] - Year-to-date, the vaccine sector has experienced a cumulative decline of 5.12% [6] Valuation Metrics - The vaccine sector's PE (ttm) is 95.41X, with a PB (lf) of 1.87X, indicating a slight increase in valuation metrics compared to previous periods [7] Investment Recommendations - The vaccine industry is under pressure, with a focus on innovation and international expansion as key strategies for recovery [8] - Companies with high technical barriers and differentiated pipelines are recommended for investment, particularly those with strong research and development capabilities [9][28]

Core Viewpoint - The global vaccine industry is undergoing a significant adjustment, with major players experiencing a collective decline in vaccine business due to various macro factors, including a growing public skepticism towards vaccines in the U.S. [2][3][7] Group 1: Financial Performance of Major Vaccine Companies - The latest Q3 financial reports from major vaccine companies, including Sanofi, Merck, Pfizer, and GSK, indicate a downturn in vaccine sales, with a projected 19% decline in total sales for the top ten vaccines in 2024 compared to 2023, amounting to $38.4 billion [4][6]. - Sanofi reported a 17% decline in sales of COVID-19 and flu vaccines, with traditional vaccine revenue dropping 8% to €3.36 billion, primarily due to a slowdown in flu vaccine sales [4]. - Merck's sales of its HPV vaccine Gardasil/GARDASIL 9 fell by 24% to $1.75 billion in Q3, with a staggering 40% drop in revenue for the first three quarters of the year [5]. - Pfizer's COVID-19 vaccine Comirnaty saw a 20% global sales decline, with a 25% drop in the U.S. market, alongside disappointing performances from its pneumonia and RSV vaccines [5][6]. Group 2: Macro Factors Impacting Vaccine Trust - The decline in vaccine trust in the U.S. is attributed to the actions of Robert F. Kennedy Jr., the new Secretary of Health and Human Services, who has promoted anti-vaccine sentiments and policies that undermine public confidence in vaccines [7][8]. - A recent survey indicated that 30% of Americans are skeptical about vaccines, with a significant drop in the belief that childhood vaccines are essential, from 58% in 2019 to 40% in 2024 [8]. - The CDC reported over 1,600 confirmed measles cases in 2025, a stark increase from 285 cases the previous year, highlighting the consequences of declining vaccination rates [9]. Group 3: Historical Context and Future Implications - The current situation in the U.S. vaccine market mirrors Japan's past vaccine industry decline, which was triggered by public trust issues and government policy changes that led to a significant drop in vaccination rates [10][11]. - The ongoing crisis in vaccine trust poses a risk not only to the industry but also to public health, as evidenced by the resurgence of preventable diseases like measles [9][10].

Core Insights - The company announced positive preliminary data from two ongoing clinical trials for its proprietary Trimer-Tag vaccine platform, focusing on the RSV+hMPV±PIV3 candidates [1] Group 1: Clinical Trials Overview - In Australia, a Phase I trial compared SCB-1022 (RSV+hMPV) and SCB-1033 (RSV+hMPV+PIV3) against SCB-1019 (RSV) in elderly participants who had not previously received any RSV vaccine [1][2] - The trial showed that both SCB-1022 and SCB-1033 induced neutralizing antibody responses for RSV-A and RSV-B with a mean fold increase of approximately 6-8 times, comparable to the control group [2] - The hMPV neutralizing antibody responses were also significant, with mean fold increases of about 6-7 times for hMPV-A and 8-9 times for hMPV-B [2] Group 2: Safety and Tolerability - Both SCB-1022 and SCB-1033 demonstrated good overall tolerability, with adverse events being mild and comparable to the control group [4] - No serious adverse events related to the vaccines were reported, indicating a favorable safety profile [4] Group 3: U.S. Clinical Trial Insights - A Phase I trial in the U.S. is assessing the immunogenicity of SCB-1019 in elderly participants who previously received the GSK RSV vaccine (AREXVY) [5] - Preliminary results indicated that SCB-1019 induced RSV-A and RSV-B neutralizing antibody responses with a mean fold increase of approximately 3.0-3.3 times, significantly higher than the 1.8-1.9 times observed with AREXVY [6][7] - The proportion of participants showing at least a 2-fold increase in neutralizing antibodies was about 69-75% for SCB-1019, compared to 33-40% for AREXVY [6][7] Group 4: Future Plans - Based on the positive Phase I results, the company plans to advance SCB-1022 and SCB-1033 to Phase II clinical trials in the first half of 2026 [4][8]

Core Viewpoint - Clover Biopharmaceuticals-B (02197) announced positive preliminary data from two ongoing clinical trials based on its proprietary and fully validated Trimer-Tag vaccine development platform, evaluating the company's PreF respiratory combination vaccine candidates (RSV+hMPV±PIV3) [1] Group 1: Clinical Trials - An ongoing Phase I clinical trial in Australia is assessing the combination vaccine candidates SCB-1022 (RSV+hMPV) and SCB-1033 (RSV+hMPV+PIV3) against SCB-1019 (Clover's RSV candidate vaccine) in a head-to-head comparison, targeting elderly individuals who have not previously received any RSV vaccine [1] - A Phase I clinical trial in the United States is conducting a head-to-head evaluation of SCB-1019 (Clover's RSV candidate vaccine) against AREXVY (GSK's RSV vaccine) in elderly individuals who have received at least two seasonal doses of AREXVY prior to enrollment [1]

本公告由三葉草生物製藥有限公司（「本公司」或「三葉草生物」，連同其附屬公司統稱「本集團」）董事 （「董事」）會（「董事會」）自願作出，以知會本公司股東及潛在投資者本集團最新的業務發展狀況。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不 發表任何聲明，並明確表示，概不就因本公告全部或任何部份內容所產生或因依賴該等內容而引致的任何損 失承擔任何責任。 自願公告 三葉草生物公佈其呼吸道聯合疫苗(RSV-hMPV-PIV3) 及 RSV 疫苗重複接種在老年人群的 I 期臨床試驗均獲得積極數據 本公司欣然宣佈兩項正在進行的臨床試驗的積極初步數據，基於公司自研獨有已获全面驗證的 Trimer-Tag （ 白質三聚體化）疫苗研發平台 ，於於估公公司的 PreF 呼吸道聯合疫苗候選產品（RSV+hMPV±PIV3），包括： 呼吸道聯合疫苗候選產品 RSV+hMPV±PIV3 I 期臨床試驗(澳大利亞)：完整初步數據 在澳大利亞進行的一項 I 期臨床試驗中，老年人群受試者（60-85 歲）入組後被隨機分配接種 SCB-1022 （RSV+hMPV）、SCB-1033 （RSV+ ...

Group 1: Company Overview - Zhonghui Biotech officially listed on the Hong Kong Stock Exchange at an issue price of HKD 12.9 per share, closing at HKD 33.28, a 157.98% increase, with a market capitalization exceeding HKD 13 billion [2] - The company plans to use the funds raised from the IPO for domestic and international registration of core products, clinical advancement of vaccines in development, upgrading production capabilities, and technology platform iteration [2][4] Group 2: Financial Performance - Zhonghui Biotech reported revenues of CNY 52.168 million in 2023 and CNY 260 million in 2024, with a net loss narrowing from CNY 4.25 billion in 2023 to CNY 2.59 billion in 2024 [4][5] - The company's first commercialized product, a quadrivalent influenza vaccine, contributed significantly to revenue, generating CNY 52.2 million in 2023 and CNY 260 million in 2024 [5] Group 3: Market Environment - The domestic influenza vaccine market is highly competitive, with 26 types of vaccines already on the market and 19 in clinical development [5][6] - The average bidding price for influenza vaccines in China has decreased from CNY 126 per dose in 2022 to CNY 93 in 2024, indicating a price war that could stimulate market demand [6][7] Group 4: Industry Trends - The Chinese vaccine market is projected to grow from CNY 535 billion in 2019 to CNY 1,205 billion in 2023, with expectations to reach CNY 3,431 billion by 2032 [8] - The industry faces challenges such as product homogeneity and insufficient vaccination willingness, leading to significant performance declines for many vaccine companies in 2024 [8][9] Group 5: Strategic Initiatives - Zhonghui Biotech is focusing on expanding its pipeline, which includes rabies vaccines, pneumococcal vaccines, shingles vaccines, RSV vaccines, and monkeypox vaccines [9][10] - The company is also pursuing international expansion, with plans to submit product registration applications in various countries, including Indonesia, Thailand, and Canada [11]