疫苗行业周报：多款疫苗获新进展，关注竞争格局较好品种

Investment Rating - The industry rating is maintained at "Overweight" [11] Core Insights - The vaccine industry has faced significant pressure in Q3, with a notable decline in prices that has not yet resulted in volume recovery [3][39] - The overall performance of the vaccine sector has been poor, with a cumulative decline of 32.29% since the beginning of 2024, while the broader pharmaceutical sector has decreased by 9.76% [7][20] - Despite the challenges, there are long-term driving factors such as policy support, increasing demand, and technological advancements that are expected to promote growth in the vaccine industry [39][40] Market Performance - Last week, the vaccine sector reported a decline of 2.78%, which is relatively smaller compared to other pharmaceutical sub-sectors [7][20] - The current PE (ttm) for the vaccine sector is 38.55X, down by 1.09X from the previous period, while the PB (lf) stands at 2.13X, a decrease of 0.06X [9][27] Company Performance - Notable companies with strong performance last week include Wantai Biological Pharmacy, Watson Bio, and Hualan Biological Engineering, while companies like CanSino Biologics and KANGHUA Biotech lagged behind [8][26] - Recent developments include CanSino's initiation of Phase I clinical trials for a new vaccine, and Wantai's approval for clinical trials of a nine-valent HPV vaccine for males [10][35][38] Industry Dynamics - The vaccine industry is characterized by a high proportion of Me-too products, leading to intense competition, but there is also a continuous improvement in vaccine R&D capabilities [39] - The report emphasizes the importance of innovation and product differentiation, suggesting that companies with strong technological advantages will have better market positioning [39][40]