重点疫苗公司分析：智飞生物代理+自研双轮驱动，代理核心产品9 价HPV 疫苗批签同比增长144.3%，推动业绩高增长，自产疫苗以流脑疫苗和Hib 疫苗为主。沃森生物聚焦疫苗，大品种战略初见成效，前三季度，23 价肺炎多糖疫苗批签发995.4 万瓶，批签发市占率21.3%；13 价肺炎结合疫苗批签发331.3 万剂，市占率49.8%，与辉瑞批签发量基本一致。康泰生物管线丰富、梯队合理，主力产品百白破-Hib 四联苗前三季度累计批签466.5 万瓶，同比增长84.9%；在研13 价肺炎结合疫苗和人二倍体细胞狂犬病疫苗两个已在NDA 阶段，EV71 疫苗处于III 期临床。

1 流感病毒疫苗：品种持续丰富，接种意识持续提升 ............................................................................................... 1

1.1 流感病毒疫苗生产具有典型季节性特点 .................................................................................................................... 1

1.2 我国流感病毒疫苗品种逐渐丰富 ............................................................................................................................... 1

1.3 2020 前三季度流感病毒疫苗批签发格局 ............................................................................................................... 2

2 肺炎疫苗：国产版“疫苗之王”获批，国产替代进行时 ............................................................................................... 4

2.1 我国肺炎疫苗上市品种及全球在研情况 ................................................................................................................ 4

2.2 肺炎疫苗批签市场格局 ................................................................................................................................................. 5

3 人用狂犬病疫苗：二代为主，成大独大 ........................................................................................................................... 6

3.1 我国狂犬病疫苗上市品种：二代Vero 细胞为主 .................................................................................................. 6

3.2 人用狂犬病疫苗全口径批签发格局....................................................................................................................... 7

3.3 重点公司人用狂犬病疫苗产品批签发分析 ...................................................................................................... 8

4 流脑疫苗：百花齐放、产品升级代表 .......................................................................................................................... 8

4.1 我国流脑疫苗上市品种：多样化 ............................................................................................................ 9

4.2 流脑疫苗全口径批签发格局 ......................................................................................................................... 10

5 宫颈癌疫苗（HPV 疫苗）：国内销售额最大疫苗品种 ............................................................................. 12

5.1 我国上市及在研HPV 疫苗：进口为主，国产研发追赶 ........................................................................ 12

5.2 我国HPV 疫苗批签发格局 ........................................................................................................................................ 13

6 Hib 疫苗及多联疫苗 ..................................................................................................................................................... 14

7 水痘减毒活疫苗 ..................................................................................................................................................... 16

8 重点公司批签分析 ..................................................................................................................................................... 16

8.1 智飞生物：代理+自研双轮驱动 ...................................................................................................................... 16

8.2 沃森生物：聚焦疫苗主营业务，大品种战略初见成效 ............................................................................ 16

8.3 康泰生物：康泰生物：管线丰富、梯队合理 .................................................................................... 17

8.4 康华生物：立足人用狂犬病疫苗业务 ............................................................................................................ 17

8.5 华兰生物：流感病毒疫苗业务放量.................................................................................................................... 17

9 风险提示 ............................................................................................................................................................. 18