Investment Rating - The report maintains a "Buy" rating for key companies in the chemical industry, specifically recommending Minsheng Chemical's "Five Tigers": Shengquan Group, Guocera Materials, Guoguang Co., Anli Co., and Polymeric Co. [1][4] Core Insights - The chemical market is active, with growth stocks presenting a favorable allocation opportunity. The demand for phosphate fertilizers remains stable, and the high price of phosphate rock is expected to continue due to supply-demand balance. [1] - The domestic production capacity of polycarbonate (PC) is projected to grow significantly from 875,000 tons in 2018 to 3,810,000 tons by 2024, with an expected improvement in supply-demand dynamics from 2025 to 2029. [2] - The organic silicon industry is experiencing a recovery in the supply-demand balance, with a compound annual growth rate of 22.4% in production capacity from 2021 to 2024, driven by demand from emerging industries such as new energy vehicles and photovoltaics. [2] Summary by Sections Chemical Market Overview - The basic chemical industry index closed at 3,406.53 points, down 1.23% from the previous week, underperforming the CSI 300 index by 1.05%. [10] - Among 462 stocks in the chemical sector, 31% rose while 67% fell during the week. [18] Key Chemical Sub-Industries - **Polyester Filament**: The market is stable with slight price increases, and the average industry operating rate is approximately 89.96%. [26][27] - **Tires**: The operating rate for all-steel tires is 60.12%, down 2.88 percentage points from the previous week. [40] - **Refrigerants**: Prices for refrigerants like R22 and R134a are stable to strong, with R22 averaging 36,000 CNY/ton and R134a at 48,000 CNY/ton. [45][47] Price Trends - The top price increases for chemical products include cotton short velvet (up 15%), trichloromethane (up 14%), and domestic naphtha (up 13%). [24] - Conversely, the largest price drops were seen in liquid chlorine (down 71%) and TMA (down 9%). [25] Company Profit Forecasts - Guoguang Co. is projected to have an EPS of 0.78 CNY in 2024, with a PE ratio of 19, while Shengquan Group is expected to have an EPS of 1.03 CNY with a PE ratio of 25. Both companies are rated as "Recommended." [4]

转自：合肥在线 文 | 合肥在线 李后祥 5月20日，华恒生物发布对外投资公告，公司拟投资3.2亿元，在合肥市长丰县建设"人工智能精准发酵 及蛋白质工程共享示范项目"。 通过本次投资，华恒生物拟采用先进的微生物发酵技术，结合人工智能精准控制发酵过程，引入自动化 设备和控制系统，实现生产过程的实时监控和优化，提高产品产量和质量，同时，通过精准智能分析、 决策、执行，建立精准调控发酵参数并形成自有数据库，以精准预测蛋白质智能设计的工程化开发。 华恒生物表示，在合成生物学、代谢工程等前沿技术的推动下，生物制造已从传统发酵向精准化、智能 化方向发展。本次投资有助于公司构建智能化生产体系，满足市场对高品质、低成本产品的需求，从而 提升企业核心竞争力，保持公司行业领先地位。 根据公告，此前，华恒生物于2024年5月25日与安徽长丰(双凤)经济开发区管理委员会签订了金额为3.9 亿元的投资协议，建设"人工智能驱动生物制造研发及中试示范基地建设项目"。 加上这次公布的投资项目，公司与安徽长丰(双凤)经济开发区管理委员会过去12个月已累计签订投资协 议总额达7.1亿元。 华恒生物是一家以合成生物技术为核心，通过生物制造方式，主 ...

Core Viewpoint - Company Huaheng Biological has announced a significant investment plan of 320 million yuan to establish an "AI Precision Fermentation and Protein Engineering Shared Demonstration Project" to maintain its industry leadership and meet market demands for high-quality, low-cost products [1] Group 1: Investment and Project Details - The investment will fund the construction of new production facilities, including workshops, finished goods warehouses, and office buildings, with a projected construction period of 36 months [1] - The funding will come from the company's own or self-raised funds, aimed at building an intelligent production system [1] Group 2: Financial Performance - In 2024, the company reported revenue of 2.178 billion yuan, a year-on-year increase of 12.37%, but net profit fell by 57.80% to 190 million yuan [2] - The decline in net profit is primarily attributed to price pressures on valine products, which are at historical lows due to intensified market competition [2] - In Q1 2025, revenue grew by 37.20% to 687 million yuan, but net profit decreased by 40.98% to 51.1 million yuan [2] Group 3: Research and Development - The company has consistently increased its R&D expenditure from 30.12 million yuan in 2020 to 124 million yuan in 2024, totaling 395 million yuan over five years [3] - In 2024, the company achieved significant breakthroughs in major projects, advancing its product diversification strategy with key projects like bio-based succinic acid and 1,3-propanediol [3] - The company added 10 invention patents and 8 utility model patents in 2024, bringing the total to 78 invention patents and 77 utility model patents by the end of 2024 [3]

Core Viewpoint - The company, Huaheng Biotechnology, is investing 3.9 billion RMB to advance AI-driven biomanufacturing, establishing a research and pilot demonstration base for artificial intelligence in biomanufacturing [1][2]. Investment Purpose - The investment aims to transition biomanufacturing from traditional fermentation to precision and intelligence, ensuring the company maintains its industry leadership and meets market demands for high-quality, low-cost products [5]. - By integrating advanced microbial fermentation technology with AI, the company seeks to achieve real-time monitoring and optimization of production processes, enhancing both yield and quality [5]. - The investment will help establish an intelligent production system, improving the company's core competitiveness through precise control of fermentation parameters and the creation of a proprietary database for protein design [5]. Project Overview - Project Name: AI Precision Fermentation and Protein Engineering Shared Demonstration Project [9]. - Investment Amount: 3.2 billion RMB [9]. - Location: Changfeng County, Shuangfeng Economic Development Zone [9]. - Project Area: 64 acres [9]. - Expected Construction Period: 36 months [9]. - Construction will include new production workshops, finished goods warehouses, tank areas, office buildings, R&D buildings, and comprehensive buildings [9].

Core Viewpoint - Chinese enterprises are undergoing a critical transformation from a "manufacturing power" to an "innovation powerhouse" amid global supply chain restructuring and intensified technological competition [1] Group 1: Patent as a Strategic Armor - Chinese companies face dual pressures: the trend of "decentralization" in global supply chains and the shift from cost competition to value competition in the domestic market [2] - The "14th Five-Year Plan" emphasizes the need to build a strong intellectual property (IP) nation, highlighting the importance of IP protection for innovation-driven development [2] - According to the World Intellectual Property Organization (WIPO), China has maintained the highest number of invention patent applications globally for 12 consecutive years, but the number of patent infringement cases is also increasing [2] Group 2: Systemic Harm from Weak Patent Protection - Weak patent protection leads to systemic harm for enterprises and industries, resulting in market imitation that can significantly reduce sales and dampen R&D enthusiasm [3] - The phenomenon of "bad money driving out good" has previously caused several domestic sectors, such as solar energy and lithium batteries, to fall into "low-end involution" due to price wars stemming from inadequate patent protection [3] Group 3: The Case of Huaheng Biological - The ongoing patent infringement case involving Huaheng Biological and Huairui Biological is a significant example of IP protection in the biomanufacturing industry [4] - Huaheng Biological is the first global company to produce β-alanine using fermentation and enzyme engineering technology, with a core patent that enhances production efficiency and product competitiveness [4] - The patent in question is valid until 2037 and is crucial for the industry's innovation ecosystem; if infringement continues, it may lead to widespread imitation and damage the sector [5] Group 4: Strategic Upgrades in IP Protection - Huaheng Biological's proactive approach to IP protection includes independent R&D, patent portfolio development, and regular IP audits to identify infringement [6] - The transition from "passive defense" to "active shaping of the competitive environment" reflects a strategic upgrade in IP management [6] - In the era where "patents are king," the ability to build a "patent firewall" is essential for Chinese enterprises to navigate high-quality development and overcome bottlenecks in the global value chain [6]

Key Points - The article highlights various significant announcements from companies, including revenue growth, investment projects, and share buybacks [1][2] Company Announcements - Baili Electric's revenue from related businesses in 2024 will account for less than 1% of the company's total revenue [1] - Taihe Co., Ltd. plans to invest up to $150 million in a pesticide and functional chemicals project in Egypt [1] - Huakang Clean is expected to win a bid for the renovation of the second inpatient building at West China Hospital of Sichuan University [1] - YTO Express reported a revenue of 5.755 billion yuan from express products in April, a year-on-year increase of 16.32% [1] - Shentong Express reported a revenue of 4.118 billion yuan from express services in April, a year-on-year increase of 16.39% [1] - Kangping Technology plans to acquire 100% equity of Souluke Electronics for 198 million yuan [1] - Hexing Packaging intends to repurchase shares worth between 50 million to 100 million yuan [1] - Guangxi Media's controlling shareholder and its concerted parties plan to reduce their holdings by no more than 1% [1] - Huading Co., Ltd. plans to reduce its holdings by no more than 3% [1] - Jingu Co., Ltd. received a notification from a leading global new energy vehicle company [1] - Wanrun New Energy signed a business cooperation agreement with CATL, expecting a total supply volume of approximately 1.3231 million tons [1][2] Investment Projects - Huaheng Biological plans to invest 320 million yuan in an "AI Precision Fermentation and Protein Engineering Shared Demonstration Project" [1] Share Buybacks - Kesi Technology plans to repurchase shares worth between 30 million to 50 million yuan [1] - Zhaoxun Media intends to repurchase 1.66% to 3.33% of its shares [2]

Core Viewpoint - The company plans to invest 320 million yuan in an "AI-driven precision fermentation and protein engineering shared demonstration project" to maintain its industry leadership and meet market demand for high-quality, low-cost products [1][2]. Investment Details - The company signed an investment agreement worth 390 million yuan with the Anhui Changfeng (Shuangfeng) Economic Development Zone Management Committee for the construction of an AI-driven bio-manufacturing R&D and pilot demonstration base [1]. - The total investment agreements signed with the Anhui Changfeng (Shuangfeng) Economic Development Zone in the past 12 months amount to 710 million yuan, meeting the disclosure standards of the Sci-Tech Innovation Board [1]. Project Specifications - The project will include the construction of new production workshops, finished product warehouses, tank areas, office buildings, R&D buildings, and comprehensive buildings, with an estimated construction period of 36 months [2]. - Funding for the project will come from the company's own or self-raised funds [2]. Company Overview - The company focuses on synthetic biology technology and is engaged in the R&D, production, and sales of bio-based products, including amino acids, vitamins, and bio-based new material monomers [2]. - In 2024, the company achieved a revenue of 2.178 billion yuan, a year-on-year increase of 12.37%, and a net profit of 190 million yuan [2]. Technological Advancements - The company utilizes gene synthesis, gene editing, pathway assembly and optimization, and global cell optimization technologies to create new cell factories, accelerating the industrialization of scientific achievements [3]. - The development of AI technology is expected to enhance gene editing efficiency, metabolic pathway optimization, production process optimization, and protein design, further empowering breakthroughs in biosynthesis technology [3][4]. Production Innovation - The company aims to adopt advanced microbial fermentation technology combined with AI for precise control of the fermentation process, introducing automation equipment and control systems for real-time monitoring and optimization of production [4]. - The investment will help the company build an intelligent production system, enhancing its core competitiveness [4].

证券代码：688639 证券简称：华恒生物 公告编号：2025-024 http://roadshow.sseinfo.com/） ? 会议召开方式：上证路演中心网络互动 ??投资者可于 2025 年 05 月 20 日（星期二）至 05 月 26 日（星期一） 司邮箱 ahb@ehuaheng.com 进行提问。公司将在说明会上对投资者普遍关 注的问题进行回答。 安徽华恒生物科技股份有限公司（以下简称"公司"）已于 2025 年 4 月 23 日发布公司 2024 年年度报告及 2025 年第一季度报告。为便于广大投资者更全面 深入地了解公司 2024 年度及 2025 年第一季度经营成果、财务状况，公司计划于 绩说明会，就投资者关心的问题进行交流。 安徽华恒生物科技股份有限公司 关于召开 2024 年度暨 2025 年第一季度业绩说明会的 公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： ??会议召开时间：2025 年 05 月 27 日（星期二）14:00-15:00 ? 会议召开地点：上海证券交 ...

证券代码：688639 证券简称：华恒生物 公告编号：2025-023 安徽华恒生物科技股份有限公司 （三）本次投资事项不构成关联交易，亦不构成《上市公司重大资产重组管理 办法》规定的重大资产重组情形。 二、投资协议主体的基本情况 投资协议对方：安徽长丰(双凤)经济开发区管理委员会 对外投资公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 安徽华恒生物科技股份有限公司（以下简称"公司"）为保持公司行业领先地 位，实现公司的可持续发展，满足市场对高品质、低成本产品的需求，提高公司产 品的市场竞争力，拟投资人民币3.2亿元，建设"人工智能精准发酵及蛋白质工程共 享示范项目"（以下简称"项目"）。本次投资项目资金来源主要为自有或自筹资 金。预计建设期为36个月，项目建设地点位于长丰县双凤经济开发区双凤路与颍州 路交口东北角。 （二）对外投资的决策和审批程序 公司于2024年5月25日与安徽长丰(双凤)经济开发区管理委员会签订了金额为 此项目在公司管理层审批权限内，已经公司总经理办公会批准通过，无需提交董事 会 ...

重要内容提示： 会议召开时间：2025 年 05 月 27 日（星期二）14:00-15:00 证券代码：688639 证券简称：华恒生物 公告编号：2025-024 安徽华恒生物科技股份有限公司 关于召开2024 年度暨 2025年第一季度业绩说明会的 公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 05 月 20 日（星期二）至 05 月 26 日（星期一） 16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公 司邮箱 ahb@ehuaheng.com 进行提问。公司将在说明会上对投资者普遍关 注的问题进行回答。 安徽华恒生物科技股份有限公司（以下简称"公司"）已于 2025 年 4 月 23 日发布公司 2024 年年度报告及 2025 年第一季度报告。为便于广大投资者更全面 深入 ...