疫苗行业周报：两款多联多价苗获批临床，企业积极聚焦差异化竞争

Investment Rating - The industry rating is "Overweight" [5] Core Views - The vaccine market showed a 1.38% increase last week, with the pharmaceutical sector experiencing mixed performance, while the vaccine sector's cumulative decline since the beginning of 2025 is 2.44% [1][6] - The vaccine sector's PE (ttm) is 35.17X, up 0.5X week-on-week, and the PB (lf) is 1.95X, also up 0.03X week-on-week, indicating a valuation premium of 174.70% relative to the CSI 300 index [3][6] Market Performance - Last week, the pharmaceutical sector index closed at 7506.32 points, up 1.88%, while the vaccine index closed at 12741.38 points, up 1.38% [1][14] - The medical research outsourcing sector saw the highest increase at 11.3%, while the vaccine sector's performance was in the middle range [1][6] Company Performance - Leading companies in the vaccine sector last week included Zhifei Biological, Chengda Biological, and CanSino, while companies like Liaoning Chengda and Hualan Biological performed poorly [2][6] - The vaccine sector's performance is characterized by a high proportion of Me-too products, leading to intense competition [31] Valuation Metrics - The vaccine sector's PE (ttm) is at the 16.63% percentile over the past decade, while the PB (lf) is at the 2.64% percentile [3][6] - The maximum and minimum PE over the past year were 41.43X and 19.57X, respectively, while the PB ranged from 2.91X to 1.62X [3][6] Industry Dynamics and Company Announcements - Zhifei Biological's new vaccine for multiple diseases has received clinical trial approval, aiming to enhance vaccination compliance [4][28] - CanSino's new combined vaccine has also received approval, indicating ongoing innovation in the sector [4][30] - The overall industry is under pressure, with a notable decline in demand for certain vaccines, leading to a focus on high-barrier, differentiated products [31][32] Investment Recommendations - The report suggests focusing on companies with strong R&D capabilities and those that are exploring international markets, as the domestic market faces challenges [31][32] - Long-term prospects for the vaccine industry remain positive due to supportive policies, increasing demand, and technological advancements [31][32]