SDIC Securities International: 2026 layout logic focuses on pipeline implementation, technological breakthroughs and valuation repairs, focusing on innovative varieties such as the RSV vaccine
The Zhitong Finance App learned that SDIC Securities International released a research report saying that in the A-share vaccine sector, as of December 28, 2025, the vaccine index had risen 9%, outperforming the market by 10 percentage points, and the overall performance of the sector was weak. The layout logic of the 2026 vaccine sector focuses on the three lines of “pipeline realization+technical breakthrough+valuation repair” to avoid varieties with significant intrusion, such as bivalent HPV and traditional rabies vaccines; the core focus is on vaccine varieties with high technical barriers, multiple prices, expectations for BD cooperation, and a high-quality competitive pattern, such as the RSV vaccine.
SDIC Securities International's main views are as follows:
Cansino: DTCP-HiB-MCv4 combination vaccine and inhaled tuberculosis vaccine (adenovirus type 5 vector) are in phase I clinical
The quadrivalent influenza conjugate vaccine was sent to Indonesia in September of this year, becoming a vaccine product that was once again exported after the COVID-19 vaccine. PCV13i has now been approved in more than half of China's provinces and cities, and vaccination work officially began in October. Various types of Cansino vaccines have entered the commercialization stage. Among them, the adsorbed tetanus vaccine TT, dTCP for infants and young children, and the 4-6-year age extension application for the quadrivalent influenza conjugate vaccine MCv4 have all been declared NDAs; TdCP for adolescents and adults is preparing to declare NDAs. In addition, the company is steadily advancing the R&D process with a number of major products with core competitiveness and broad market prospects. For example, the DTCP-HIB-Mcv4 combination vaccine and the inhaled tuberculosis vaccine (adenovirus type 5 vector) are in phase I clinical trials and completed the enrollment of the first test subjects.
Le Méridien vaccines: PCV13, PPSV23, iterative serum-free rabies vaccine, and human diploid rabies vaccine are in the final stages of marketing
There are 20 vaccines currently under development for the Le Méridien vaccine, and 15 varieties have obtained 23 clinical approvals. Among them, PCV13 has submitted a marketing registration application to the State Drug Administration and has completed on-site inspection; the iterative serum-free rabies vaccine has submitted a marketing registration application to the State Drug Administration; PPSV23 has completed phase III clinical serum testing and is about to enter statistical decontamination work; the iterative process of the high-cost human diploid rabies vaccine is undergoing phase III clinical trials; MCV4 has completed the full vaccination process; the globally innovative V71-CA16 bivalent hand foot and mouth vaccine (human diploid cells) has now been approved for trial phase I Bed; four-price MDCK The cellular influenza virus vaccine, adsorbed tetanus vaccine, and Haemophilus influenzae type b conjugate vaccine have been approved for clinical trials by the National Drug Administration; the RSV vaccine and mRNA shingles vaccine have all been approved for clinical trials in China and the United States; and PCV20 has submitted clinical trial applications to the State Drug Administration.
Clover Biotech: Respiratory Combined Vaccine (RSV-HMPV-PIV3) Receives Global Attention
Clover Biotech's major product respiratory combination vaccine (RSV-HMPV-pIV3) and repeated doses of the RSV vaccine received positive data in phase I clinical trials in the elderly. The vaccine is expected to advance to phase II clinical trials in the first half of 2026. The vaccine is expected to achieve effective repeated vaccination for people who have completed the first dose of RSV vaccination, restore immune protection and expand the scope of protection, while addressing the two core global unmet clinical needs: one is that it cannot effectively prevent respiratory diseases caused by RSV structural viruses, and the second is that after the protective efficacy of the RSV vaccine weakens, the immune-strengthening effect of repeated vaccination is poor.
Recommended attention: Vaccine targets in Hong Kong stocks include: Cansino, Clover Bio-B, and the Emmy vaccine.
Risk warning: Product clinical progress falls short of expectations; product sales fall short of expectations; industry competition intensifies; policy risks, etc.