● 本报记者 傅苏颖 生物制造是国家战略科技力量重要组成部分，也是推动产业绿色低碳转型的核心引擎之一。作为A股合 成生物学龙头，凯赛生物深耕该领域二十余年，凭借核心技术与产品构筑竞争优势。 凯赛生物总裁杨晨日前在接受中国证券报记者专访时表示，生物制造的核心价值是用绿色高效工艺打破 传统石化路径局限。凯赛生物自成立以来，专注于以生物技术开发化学品，打造低成本、高性能生物基 新材料，赋能下游产业升级，联动构建产业协同生态，推动生物制造产业规模化发展。 助力下游产业实现绿色变革 谈及产品布局，杨晨表示，公司开发的系列生物法长链二元酸、生物基戊二胺产品，是生物制造行业的 典型。依托两大核心单体，公司延伸开发的系列生物基聚酰胺及复合材料承袭了生物制造的综合优势， 既满足高强度、耐腐蚀等性能要求，又能实现低成本、轻量化、可回收，并有效降低下游产品碳足迹， 可替代钢铝金属、环氧树脂类热固材料，为下游产业突破国际碳壁垒、提升市场竞争力提供支撑。 杨晨介绍，公司生物基复合材料目前已在新能源、交运物流、管道、建筑等领域落地应用并取得积极进 展。新能源动力电池领域，公司生物基聚酰胺复合材料电池壳以塑代钢，实现减重降本且满足耐火烧与 ...

微元合成取得的一系列成果，正是昌平区立足"打造合成生物制造创新策源地和产业引领区"目标，推动 合成生物制造产业高质量发展的生动缩影。当前，区域产业生态日趋完善、企业集群加速形成、创新势 能不断释放，合成生物制造已成为昌平培育未来产业、打造产业新高地的重要支撑。 搭平台聚人才 "目前，昌平已集聚合成生物制造企业146家，搭建共性技术服务平台16个，2024年以来新落地企业56 家，累计注册资本金超3亿元。"未来城管委会医药健康产业处副处长郭玉东表示，"北京市昌平区合成 生物制造产业集群"成功获评全国首个合成生物制造领域国家级中小企业特色产业集群，并获授"中关村 (昌平)合成生物制造产业园"称号，产业示范效应与品牌显示度持续提升，同时还获评北京市生物制造 产业创新示范基地，成为区域未来产业增长极。 ● 本报记者傅苏颖 "我们创业之初仅3人，如今已发展到北京总部200多人、秦皇岛基地近200人的规模，离不开昌平全方位 的帮扶。近期公司还宣布完成近3亿元新一轮股权融资，用于加快甲醇生物制造大宗生物基产品管线研 发。"微元合成创始人兼CEO刘波日前在接受中国证券报记者调研时表示，昌平不仅出台了32条针对性 极强、可落地 ...

Price Increase - Tungsten prices have been continuously rising, with ammonium paratungstate (APT) price reaching 1 million yuan per ton, marking a significant increase [1][2] - As of February 9, 2023, the price of 65% black tungsten concentrate was reported at 685,000 yuan per ton, up 48.9% since the beginning of the year [1][2] - The price of tungsten powder increased by 54.6% to 1,670 yuan per kilogram, while tungsten carbide powder rose by 55.8% to 1,620 yuan per kilogram [1][2] Demand Growth - The explosive growth in demand, particularly in the renewable energy and photovoltaic sectors, is driving tungsten powder prices upward [2] - By 2025, the market penetration rate of tungsten wire in silicon wafer cutting is expected to exceed 60%, indicating a phase of large-scale application [2] - The industrialization of heterojunction (HJT) battery technology is projected to add approximately 6,400 tons of new tungsten demand by 2026 [2] Supply Constraints - Global tungsten production is estimated at 82,800 tons in 2024, with only a slight increase to 85,500 tons by 2026, indicating a compound annual growth rate of less than 2% [3] - Factors such as resource constraints, extended development cycles, and insufficient capital investment are reinforcing supply-side rigidity [3] - The domestic tungsten market faces challenges including reduced mining quotas and unstable import volumes, exacerbating supply-demand imbalances [3] Company Performance - A-share listed companies have reported strong performance forecasts for 2025, largely due to rising tungsten-related product prices [4][5][6] - Xiamen Tungsten's 2025 revenue is projected to reach 46.469 billion yuan, a 31.37% increase year-on-year, with net profit expected to rise by 35.08% [4] - Xianglu Tungsten anticipates a net profit increase of 239.66% to 301.11% for 2025, driven by improved market conditions and increased sales orders [5] - Zhangyuan Tungsten expects a net profit growth of 51% to 86% for 2025, benefiting from tight raw material supply and increased market demand [6]

● 本报记者 宋维东 东北制药相关负责人日前在接受中国证券报记者采访时表示，面对行业调整、市场竞争加剧等多重挑 战，公司将锚定"一体两翼"发展战略，坚持稳健经营与创新突破并举，深耕医药核心主业，拓展多元赛 道，打造更多盈利增长点，持续增强发展韧性。 运营质效持续提升 "在药品集采常态化、医保改革持续深化、行业竞争日趋激烈的背景下，东北制药紧扣'变、干、实'工 作总要求，主动适应行业变革，在经营提质、市场拓展、生产增效、研发创新等方面协同发力，发展质 效稳步提升，核心业务根基持续夯实。"该负责人说。 2025年，公司市场布局多点突破，营销效能持续释放。其中，制剂板块聚焦核心产品，深耕终端市场， 渠道覆盖与市场渗透力不断增强，多款主导产品销量创历史新高，新开发终端与主要品种覆盖率均同比 增长，品牌影响力稳步提升。此外，原料药板块积极应对国内外市场波动，通过优化产品销售结构、拓 展新兴领域等举措，核心产品市场地位不断稳固，海外市场持续拓展。该负责人表示，公司各子公司协 同发力，部分子公司成功扭亏为盈，构筑起多元协同、稳健向好的发展格局。 在生产运营方面，东北制药实现降本增效与质量管控双线提升。公司构建了"产销协同、 ...

Core Viewpoint - The rapid growth of Weiyuan Synthesis, supported by comprehensive policies and funding from Changping District, highlights the district's commitment to becoming a hub for synthetic biology manufacturing and innovation [1][2]. Group 1: Company Development - Weiyuan Synthesis has expanded from 3 to over 400 employees, with a recent completion of nearly 300 million yuan in equity financing to accelerate the development of methanol-based bio-manufacturing products [1]. - The company has received 80 million yuan in investment from a municipal health fund, showcasing strong governmental support for its growth [1]. Group 2: Industry Ecosystem - Changping District has established 146 synthetic biology manufacturing companies and 16 common technology service platforms, with 56 new enterprises registered since 2024 and a total registered capital exceeding 300 million yuan [2]. - The district has been recognized as the first national-level characteristic industrial cluster in synthetic biology manufacturing, enhancing its brand visibility and demonstrating its role as a future industrial growth pole [1][2]. Group 3: Innovation and Technology - Significant original achievements have emerged from Changping, including the selection of a biological synthesis technology for 2-hydroxyhexanedioic acid as a major scientific achievement for the 2025 Zhongguancun Forum [3]. - Weiyuan Synthesis has received approval for the production of several products, including alulose and new yeast proteins, with multiple products accelerating through the approval process [3]. Group 4: Future Plans - Future City Group aims to enhance the innovation center's influence, attract quality teams, and promote technology transfer, with a goal of landing 10 landmark projects by 2026 [4]. - The establishment of a pilot base for synthetic biology manufacturing is planned to address challenges in technology transfer and further solidify the region's position in the industry [4].

● 本报记者 傅苏颖 生物制造是国家战略科技力量重要组成部分，也是推动产业绿色低碳转型的核心引擎之一。作为A股合 成生物学龙头，凯赛生物深耕该领域二十余年，凭借核心技术与产品构筑竞争优势。 凯赛生物总裁杨晨日前在接受中国证券报记者专访时表示，生物制造的核心价值是用绿色高效工艺打破 传统石化路径局限。凯赛生物自成立以来，专注于以生物技术开发化学品，打造低成本、高性能生物基 新材料，赋能下游产业升级，联动构建产业协同生态，推动生物制造产业规模化发展。 助力下游产业实现绿色变革 凯赛生物始终以生物技术和工艺开发化学品，其商业价值核心是通过生物制造工艺路线打造低成本的同 类化学产品。 "与传统石化工业及产品不同，生物制造以生物转化为核心生产过程，不仅反应温和、处于常温常压条 件，且无需使用重金属催化剂，同时可采用可再生植物或生物质废弃物作为原料，这不仅极大降低了对 石油、煤炭等不可再生化石资源的消耗，生产过程也更具低能耗、绿色环保、可持续的优势。"杨晨表 示。 数字化、智能化是凯赛生物研发、生产、管理的重要发展方向，公司愿景为"以生物智造重塑人类低碳 生活"。杨晨介绍，早在上市前，公司建设乌苏生产基地时便着手数字化工 ...

Core Viewpoint - Changan Automobile and CATL have launched the world's first mass-produced sodium battery passenger vehicle, marking the beginning of large-scale application of sodium batteries in the passenger car sector [1][2]. Industry Development - Sodium batteries have entered a new stage of maturity and technological iteration after five years of industrial exploration, with costs stabilizing and a significant acceleration in industry layout [1]. - CATL's sodium battery has achieved a maximum energy density of 175Wh/kg and over 90% capacity retention at -40°C, with future electric range potentially reaching 500-600 km [2]. - The sodium battery's advantages include abundant resources, wide distribution, and reduced reliance on scarce minerals like lithium and cobalt, enhancing supply chain security [2]. Market Dynamics - The sodium battery is currently in the initial stage of commercialization, with lower cost and energy density compared to lithium batteries [3]. - It is expected that within 2-3 years, sodium battery energy density will reach levels comparable to lithium iron phosphate batteries, with significant cost advantages emerging when lithium prices exceed 120,000 yuan/ton [3]. - By the second half of 2026, sodium batteries are projected to achieve comprehensive competitiveness in terms of cost, even if lithium prices remain stable [3]. Technological Coexistence - The sodium battery industry is still in its early development phase, but its direction is clear, with expectations for it to play a significant role in energy transformation [4]. - The sodium battery is anticipated to enter a year of large-scale application in 2026, with promising prospects for industry scale expansion [4]. Industry Collaboration - Companies across the sodium battery supply chain are actively pursuing technological research, capacity construction, and strategic partnerships to accelerate their presence in this field [4][5]. - Notable developments include the establishment of a production base for sodium battery materials and ongoing collaborations with major players like CATL [5]. - Companies like Electric Science Blue Sky and Puli Te are advancing their sodium battery initiatives, with plans for mass production and increased output expected in the coming years [5].

Core Insights - The trust industry is transitioning from a period of rapid growth to a more pragmatic approach, emphasizing differentiated strategic positioning and compliance risk management [1][2] Group 1: Industry Overview - Trust companies like Kunlun Trust and Industrial Trust are focusing on unique survival and development spaces, indicating a shift from broad growth to specialized strategies [1] - In 2025, several trust companies reported impressive operational results, with Industrial Trust's trust business management scale exceeding 800 billion yuan and Zhejiang Jin Trust's wealth management service trust scale surpassing 60 billion yuan [1] - The overall profitability of the trust industry is facing challenges, with significant income structure differentiation among companies, particularly benefiting those with capital market exposure [2] Group 2: Strategic Focus - Trust companies are adopting clear and determined strategic deployments for 2026, focusing on differentiation rather than mere transformation [2][3] - Kunlun Trust aims to pursue a differentiated development path in energy trust, providing financial solutions for the energy and chemical industries [2] - Industrial Trust emphasizes leveraging the synergy between bank and trust licenses to enhance service capabilities [3] Group 3: Risk Management - Risk prevention and compliance are prioritized by trust companies, with many outlining specific measures to mitigate existing risks and ensure sustainable development [4] - Companies like Foreign Trade Trust and Kunlun Trust have made risk resolution a key focus for 2026, aiming to clear obstacles for growth [4] - The establishment of a robust risk control system is highlighted as essential for high-quality development, with companies like Shaanxi Guotou emphasizing comprehensive risk management [4]

作为未来产业之一，生物制造赛道近期多点开花、动能充沛。政策层面持续加码，上海市近期印发行动 方案，将生物制造纳入积极引导的新兴产业领域，确立其战略优先级；企业端积极发力，富祥药业通过 成立跨国合资公司推进微生物蛋白全球化布局；科研前沿同步突破，"合成高等生物"先导项目启动，AI 驱动下的生命科学创新持续深化，多方协同发力激活万亿产业新潜力。 ● 本报记者 傅苏颖 万亿赛道根基渐牢 近年来，政策高度聚焦产业化落地与技术突破，形成多层次支撑体系，促进我国生物制造产业蓬勃发 展。 工信部此前披露，"十四五"期间，我国生物制造产业规模稳步扩大，总规模达1.1万亿元，生物发酵产 品产量占全球70%以上。其中食品及添加剂、生物制药等细分领域年产值超4000亿元，推动生物制造成 为新的经济增长点。易凯资本预测，到2030年，中国生物制造市场规模将会接近1.8万亿元。 长城证券化工新材料首席分析师肖亚平在接受中国证券报记者采访时表示，合成生物学技术作为生物制 造的核心支撑，可推动产业实现低碳生产、提升劳动生产率，其成果广泛应用于医疗健康、能源开发、 环境保护、工业制造等多个领域，为解决人类面临的各类发展挑战提供创新解决方案， ...

Core Viewpoint - The price surge in the component supply chain, particularly for Multi-Layer Ceramic Capacitors (MLCC), is driven by the explosive growth in AI server demand, with expectations for continued price increases in the short term [1][2]. Group 1: Price Trends and Market Response - MLCC prices in South Korea have risen nearly 20%, with expectations for further increases [1]. - Capital markets have reacted positively, with significant stock price increases for leading MLCC companies such as Samsung Electro-Mechanics, which has risen over 11% this year, and other A-share companies like Fenghua Advanced Technology and Sanhua Group [1][2]. - The MLCC industry is expected to experience a bifurcation by 2026, with high-end product demand likely to surge due to the AI boom, while mid-to-low-end products face challenges from weak demand and rising costs [1][4]. Group 2: Demand Drivers and Production Capacity - The demand for high-end MLCCs is driven by AI servers, which require three times more MLCCs than standard servers, leading to supply constraints [2]. - Major manufacturers like Murata Manufacturing, Samsung Electro-Mechanics, and Taiyo Yuden are operating at over 80% capacity, with Murata expected to see a 20% to 25% increase in high-end MLCC orders in the first quarter [2][3]. - Samsung Electro-Mechanics reported record revenue in Q4 2025, with a 22% year-on-year increase in revenue from high-voltage and high-capacity MLCCs [2]. Group 3: Competitive Landscape and Domestic Market Position - The global MLCC market is dominated by major players, with the top five manufacturers, including Murata, Samsung, and Taiyo Yuden, holding over 80% market share [3]. - Chinese manufacturers have established a relative advantage in the mid-to-low-end MLCC market but are accelerating efforts to penetrate the high-end market [3]. - Companies like Sanhua Group and Fenghua Advanced Technology are focusing on high-end applications such as 5G communication, AI servers, and automotive electronics, with successful integration into supply chains of major manufacturers like BYD [3]. Group 4: Industry Outlook and Cyclical Trends - The MLCC industry is currently in an upward cycle, with a typical cycle lasting about 4 to 5 years, supported by demand from automotive electronics and AI servers [3][4]. - The industry is expected to experience significant differentiation, with high-end MLCC demand surging due to AI applications, while traditional consumer electronics face declining demand [4]. - The market for AI servers is projected to grow at an annual rate of 30%, with the MLCC market for AI servers expected to reach 3.3 times its 2025 size by 2030 [4][5].