Q&A 小核酸药物的技术发展和市场前景如何？ 蓝晓科技 20251216 摘要 小核酸递送技术在 2014 年取得突破，解决了降解问题，扩展了其在常 见病和慢性病治疗中的应用，为市场增长奠定基础。 2020 年诺华英斯可兰的成功上市及罗氏 28 亿美元的投入，显著推动了 小核酸药物的研发和市场认可度。 2024 年小核酸市场规模达 57 亿美元，预计 2030 年将增长至 400- 500 亿美元，小核酸固相合成载体市场规模预计达 5 亿美元。 南晓科技在多肽树脂市场占有 70%份额，并与诺华、GSK 等大型药企 合作，预计在小核酸固相合成载体市场占据至少 50%份额，即 17-18 亿人民币。 南晓科技拥有包括诺华、GSK 等顶尖制药公司的强大客户基础，确保了 稳定且高质量的订单来源，是其竞争优势之一。 南晓科技与日本日东共同占据最齐全的小核酸专利组合，在专利布局方 面处于领先地位，增强了其市场竞争力。 南晓科技预计在 2026 年进入第三个成长加速期，小核酸业务将实现从 0 到 1 的突破，同时盐湖提锂业务有望迎来新的增长。 小核酸药物是由诺贝尔奖技术驱动的第三次医药革命，其研发始于罕见病和遗 传病领域。 ...

从现货市场看，涨幅前五名的石化产品分别为锂电池电解液上涨5.50%、维生素VA上涨5.21%、双酚A 上涨4.42%、硫酸上涨4.36%、硫黄上涨4.21%；跌幅前五名的石化产品分别为液氯下跌32.88%、2%生 物素下跌5.45%、维生素D3下跌5.11%、苯胺下跌4.36%、DEG下跌4.15%。 从资本市场看，涨幅前五名的上市化企分别为再升科技上涨61.19%、国瓷材料上涨23.46%、蓝晓科技 上涨18.13%、侨源股份上涨15.18%、永冠新材上涨14.34%；跌幅前五名的上市化企返利科技下跌 22.56%、清水源下跌18.42%、恒通股份下跌16.12%、乐通股份下跌15.53%、亚太实业下跌14.06%。 上周，国际原油价格走低。截至12月12日，纽约商品交易所西得克萨斯轻质原油期货主力合约结算价格 为57.44美元/桶，较12月5日下降4.39%；洲际交易所布伦特原油期货主力合约结算价格为61.12美元/ 桶，较12月5日下降4.13%。 中化新网讯 上周(12月8日至12日)，除化工机械指数上涨外，其余指数全部下跌。 化工板块方面，化工原料指数累计下跌1.75%、化工机械指数累计上涨0.47 ...

Quantitative Factors and Construction Methods - **Factor Name**: Large Order Transaction Amount Ratio **Construction Idea**: This factor captures the buying behavior of large funds by analyzing the proportion of large order transaction amounts relative to the total daily transaction amount[7] **Construction Process**: 1. Use tick-by-tick transaction data to identify buy and sell orders based on the sequence numbers of bids and asks 2. Filter transactions by order size to identify large orders 3. Calculate the proportion of large buy order transaction amounts to the total daily transaction amount **Formula**: $ \text{Large Order Transaction Amount Ratio} = \frac{\text{Large Buy Order Transaction Amount}}{\text{Total Daily Transaction Amount}} $ **Evaluation**: This factor effectively reflects the buying behavior of large funds and provides insights into market dynamics[7] - **Factor Name**: Net Active Buy Amount Ratio **Construction Idea**: This factor measures the active buying behavior of investors by analyzing the net active buy amount as a proportion of the total daily transaction amount[7] **Construction Process**: 1. Use tick-by-tick transaction data to classify each transaction as either active buy or active sell based on the buy/sell indicator 2. Calculate the net active buy amount by subtracting the active sell amount from the active buy amount 3. Compute the proportion of the net active buy amount to the total daily transaction amount **Formula**: $ \text{Net Active Buy Amount Ratio} = \frac{\text{Active Buy Amount} - \text{Active Sell Amount}}{\text{Total Daily Transaction Amount}} $ **Evaluation**: This factor provides a clear representation of investors' active buying behavior and is useful for tracking market sentiment[7] --- Factor Backtesting Results - **Large Order Transaction Amount Ratio**: - Top 5 stocks with the highest 5-day average values: 1. *Zaisen Technology (603601.SH)*: 91.4%, time-series percentile: 99.6%[9] 2. *Annie Shares (002235.SZ)*: 91.2%, time-series percentile: 98.4%[9] 3. *Kangxin New Materials (600076.SH)*: 87.9%, time-series percentile: 99.6%[9] 4. *Guangtian Group (002482.SZ)*: 87.6%, time-series percentile: 100.0%[9] 5. *Zhongtai Chemical (002092.SZ)*: 87.5%, time-series percentile: 100.0%[9] - **Net Active Buy Amount Ratio**: - Top 5 stocks with the highest 5-day average values: 1. *Hot Scene Biology (688068.SH)*: 15.9%, time-series percentile: 100.0%[10] 2. *Lanxiao Technology (300487.SZ)*: 14.5%, time-series percentile: 100.0%[10] 3. *Yilian Technology (301631.SZ)*: 14.0%, time-series percentile: 100.0%[10] 4. *Xiamen Bank (601187.SH)*: 14.0%, time-series percentile: 99.2%[10] 5. *Huamao Technology (603306.SH)*: 13.1%, time-series percentile: 99.6%[10] --- Additional Factor Testing Results - **Large Order Transaction Amount Ratio for Broad-Based Indices**: - *Shanghai Composite Index*: 5-day average: 73.0%, percentile: 59.0%[12] - *CSI 300*: 5-day average: 72.0%, percentile: 33.6%[12] - *ChiNext Index*: 5-day average: 71.4%, percentile: 14.8%[12] - **Net Active Buy Amount Ratio for Broad-Based Indices**: - *Shanghai Composite Index*: 5-day average: 0.8%, percentile: 7.8%[12] - *CSI 300*: 5-day average: 2.6%, percentile: 4.9%[12] - *ChiNext Index*: 5-day average: 3.5%, percentile: 2.5%[12] - **Large Order Transaction Amount Ratio for Industries**: - *Non-Bank Financials*: 5-day average: 78.5%, percentile: 95.9%[13] - *Steel*: 5-day average: 78.2%, percentile: 43.9%[13] - *Electric Power and Utilities*: 5-day average: 77.6%, percentile: 13.9%[13] - **Net Active Buy Amount Ratio for Industries**: - *Non-Bank Financials*: 5-day average: 6.3%, percentile: 0.8%[13] - *Electric Power and Utilities*: 5-day average: 1.8%, percentile: 1.6%[13] - *Steel*: 5-day average: 1.4%, percentile: 9.4%[13] - **Large Order Transaction Amount Ratio for ETFs**: - Top ETF: *Guotai Zhongzheng A500 ETF (159338.SZ)*: 91.5%, percentile: 20.1%[15] - **Net Active Buy Amount Ratio for ETFs**: - Top ETF: *Guotai SSE 10-Year Treasury Bond ETF (511260.SH)*: 25.9%, percentile: 87.7%[16]

行业动态 本周（12.08-12.14）均价跟踪的100个化工品种中，共有42个品种价格上涨，37个品种价格下跌，21个 品种价格稳定。跟踪的产品中47%的产品月均价环比上涨，44%的产品月均价环比下跌，9%的产品月均 价环比持平。周均价涨幅居前的品种分别是硝酸（华东地区）硫酸（浙江巨化98%）、原盐（山东海 盐）、双酚A（华东）、TDI（华东）；周均价跌幅居前的品种分别是PVA、LLDPE（余姚7042/吉 化）、三氯乙烯（华东）、NYMEX天然气乙二醇。 中银证券近日发布化工行业周报：本周（12.08-12.14）均价跟踪的100个化工品种中，共有42个品种价 格上涨，37个品种价格下跌，21个品种价格稳定。跟踪的产品中47%的产品月均价环比上涨，44%的产 品月均价环比下跌，9%的产品月均价环比持平。 本周（12.08-12.14）国际油价下跌，WTI原油期货价格收于57.44美元/桶，收盘价周跌幅2.45%；布伦特 原油期货价格收于61.12美元/桶，收盘价周跌幅2.19%。宏观方面，美联储宣布将联邦基金利率目标区 间下调25个基点到3.5%至3.75%之间，这是今年以来美联储连续第三次降息。供应方面 ...

Core Insights - The chemical industry is entering a favorable phase driven by demand, value, and supply dynamics [5][6][7] - Global supply constraints and the exit of European capacities are expected to enhance the market environment for the chemical sector [7] Demand Drivers - Key opportunities identified in various sectors include: - Gas turbine upstream: companies like Zhenhua Co., Yingliu Co., Longda Co., and Wanze Co. [5] - Refrigerants and fluorinated liquids: companies such as Juhua Co., New Zhoubang, and Runhe Materials [5] - Energy storage supply chain: including Chuanheng Co., Xingfa Group, Yuntianhua, Batian Co., and others [5] - Semiconductor materials: companies like Yanggu Huatai, Wanrun Co., Dinglong Co., and others [5] Value Drivers - Potential for increased dividend yields in sectors such as: - Coal chemical: Hualu Hengsheng, Luxi Chemical, and Baofeng Energy [6] - Oil refining: Hengli Petrochemical, Satellite Chemical, and Sinopec [6] - Phosphate fertilizers: Yuntianhua, Yuntu Holdings, and others [6] Supply Drivers - Domestic anti-involution policies and the exit of European production capacities are expected to support the chemical industry: - PTA and polyester filament: companies like Xin Fengming and Tongkun Co. [7] - Tire manufacturing: including Sailun Tire, Zhongce Rubber, and others [7] Key Companies and Profit Forecasts - Selected companies with profit forecasts include: - Zhenhua Co. (Net profit forecast for 2025: 6.04 billion, PE: 21.8) [8] - Yingliu Co. (Net profit forecast for 2025: 4.08 billion, PE: 42.7) [8] - Longda Co. (Net profit forecast for 2025: 1.06 billion, PE: 34.9) [8] - Wanze Co. (Net profit forecast for 2025: 2.37 billion, PE: 32.9) [8] - Juhua Co. (Net profit forecast for 2025: 48.14 billion, PE: 24.4) [8] Industry Cycle Insights - The chemical industry is expected to enter a new cycle, with demand recovery and supply-side reforms driving growth [14][21] - The chemical price index has shown signs of recovery, indicating a potential upturn in the market [20][21]

有消息称特朗普预计将指示政府推进将大麻重新归类为危害较低的药物，这一举措可能成为数十年来美 国大麻政策最重大的转变之一。知情人士称，特朗普已经与大麻行业高管、卫生与公众服务部部长小罗 伯特·F·肯尼迪，以及医疗保险与医疗补助服务中心(CMS)负责人Mehmet Oz讨论了这一想法。一位白宫官 员表示，关于重新分类的最终决定尚未作出。重新分类将使购买和销售大麻变得更加容易，大麻企业一 直在游说政府推动改革，而重新分类的决定可能会减轻税负和银行服务方面的障碍。 格隆汇12月12日｜A股市场工业大麻概念股走强，其中，顺灏股份涨停，福安药业、蓝晓科技、金鹰股份 涨超4%，诚益通、永吉股份、晨光生物涨超3%。 | | | | | 工业大麻板块个股 | | | | --- | --- | --- | --- | --- | --- | --- | | 序号 | 代码 | 名称 | 8 | 涨幅%↓ | 总市值 | 年初至今涨幅% | | 1 | 002565 | 顺灏股份 | 中 | 10.00 | 169亿 | 428.79 | | 2 | 300194 | 福安药业 | | 4.91 | 55.92亿 | 7.16 ...

伴随着我国先进制造业高速发展，这一产业正迎来历史性机遇。一方面，下游制造业的精细化、绿色化 转型催生了巨大需求；另一方面，国际巨头频繁整合，供给格局生变，为国内龙头企业的技术追赶与市 场替代打开了窗口。 在此背景下，以西安蓝晓科技新材料股份有限公司为代表的国内企业，正从追赶者向并行者乃至引领者 转变。 吸附分离技术，正成为推动高端制造与战略性新兴产业升级的关键一环。 近年来，我国在新材料政策方面持续发力。吸附分离技术不仅是实现物质高效提取、纯化的核心手段， 更是新能源、生命科学、半导体、环保等领域突破"卡脖子"环节、实现自主可控的基石。 吸附分离技术如何支撑中国制造的高端化跃进？国产材料企业如何在生命科学、半导体等高端领域打破 海外垄断？面对全球市场，中国技术又该如何布局与竞争？带着这些问题，我们专访了蓝晓科技董秘于 洋。 《21世纪》：蓝晓科技的业务覆盖较为广泛，如果用一句话向资本市场介绍，你会如何概括公司的核心 商业模式与独特竞争壁垒，从而超越"盐湖提锂"或"GLP-1"等阶段性热点标签，传递更本质的公司价 值？ 于洋：蓝晓科技所专注的高精度分离技术，是现代加工制造业向精细化、高端化升级的核心基础工艺之 ...

21世纪经济报道记者 凌晨 西安报道 吸附分离技术，正成为推动高端制造与战略性新兴产业升级的关键一环。 近年来，我国在新材料政策方面持续发力。吸附分离技术不仅是实现物质高效提取、纯化的核心手段， 更是新能源、生命科学、半导体、环保等领域突破"卡脖子"环节、实现自主可控的基石。 伴随着我国先进制造业高速发展，这一产业正迎来历史性机遇。一方面，下游制造业的精细化、绿色化 转型催生了巨大需求；另一方面，国际巨头频繁整合，供给格局生变，为国内龙头企业的技术追赶与市 场替代打开了窗口。 在此背景下，以西安蓝晓科技新材料股份有限公司为代表的国内企业，正从追赶者向并行者乃至引领者 转变。 吸附分离技术如何支撑中国制造的高端化跃进？国产材料企业如何在生命科学、半导体等高端领域打破 海外垄断？面对全球市场，中国技术又该如何布局与竞争？带着这些问题，我们专访了蓝晓科技董秘于 洋。 21财经：蓝晓科技的业务覆盖较为广泛，如果用一句话向资本市场，你会如何概括公司的核心商业模式 与独特竞争壁垒，从而超越"盐湖提锂"或"GLP-1"等阶段性热点标签，传递更本质的公司价值？ 于洋：蓝晓科技所专注的高精度分离技术，是现代加工制造业向精细化、 ...

吸附分离技术，正成为推动高端制造与战略性新兴产业升级的关键一环。 近年来，我国在新材料政策方面持续发力。吸附分离技术不仅是实现物质高效提取、纯化的核心手段， 更是新能源、生命科学、半导体、环保等领域突破"卡脖子"环节、实现自主可控的基石。 伴随着我国先进制造业高速发展，这一产业正迎来历史性机遇。一方面，下游制造业的精细化、绿色化 转型催生了巨大需求；另一方面，国际巨头频繁整合，供给格局生变，为国内龙头企业的技术追赶与市 场替代打开了窗口。 在此背景下，以西安蓝晓科技（300487）新材料股份有限公司为代表的国内企业，正从追赶者向并行者 乃至引领者转变。 于洋：从业务层面来看，蓝晓科技覆盖金属资源、生命科学、水处理与超纯化、节能环保、食品加工、 化工与催化六大领域的多元化布局，这是构成稳健基本盘的前提。 具体到今年来看，生命科学和水处理及超纯化是近年来增速显著、收入占比持续提升的两大板块。尤其 是生命科学领域的快速发展，有效带动了公司综合毛利率的优化与提升，促进了公司的营收稳定。 这是个非常鲜活的案例。一方面，公司下游布局足够分散，六大领域协同发展，此消彼长，显著平滑了 单一行业波动带来的冲击；另一方面，高增长 ...

Group 1 - The chemical sector continues to rise, with the chemical ETF (516020) experiencing a maximum intraday increase of 1.89% and closing up 1.01%, marking three consecutive days of gains [1][2] - Key stocks in the sector include HEBANG Biological, which hit the daily limit, and others like Tongcheng New Materials, Sankeshu, and Cangge Mining, all showing significant gains [1][3] - The basic chemical sector has seen a net inflow of 19.525 billion yuan in the last five trading days, ranking fourth among 30 sectors, and a total net inflow of 194.6 billion yuan over the past 60 days, ranking second [1][3] Group 2 - The chemical ETF (516020) has outperformed major indices, with a year-to-date increase of 28.99%, compared to 16.77% for the Shanghai Composite Index and 16.3% for the CSI 300 Index [3][4] - The current valuation of the chemical sector is relatively low, with a price-to-book ratio of 2.32, indicating potential for long-term investment [5][6] - The chemical industry is expected to experience a turning point due to a combination of factors, including a potential recovery in demand and a decrease in supply, driven by policies aimed at reducing competition [6][7] Group 3 - The recent establishment of a large-capacity all-solid-state battery production line in China is expected to significantly boost upstream demand in the chemical sector [5][6] - The chemical ETF (516020) provides a diversified investment opportunity across various sub-sectors, with nearly 50% of its holdings in large-cap stocks and the other half in leading stocks from various chemical segments [7]