每经AI快讯，有投资者在投资者互动平台提问：珠海朗健生物的生产线有没有在正常生产？现阶段产 线的利用率有多少？ 朗坤科技（301305.SZ）11月19日在投资者互动平台表示，珠海朗健生物一期 260 吨项目已进入试生产 阶段，生产车间各项工作正有序推进。相关业务进展请以公司正式公告或后续定期报告披露内容为准。 （文章来源：每日经济新闻） ...

Investment Rating - The report maintains a "Positive" outlook on the public utilities and environmental protection sectors [3] Core Insights - The report highlights a significant increase in electricity production in October, with total generation reaching 800.2 billion kWh, a year-on-year growth of 7.9% [4][11] - Hydropower and thermal power contributed the most to the increase in electricity generation, while wind power saw a decline of 11.9% compared to the previous year [4][10] - Natural gas prices showed mixed trends globally, with stable prices in Asia and fluctuations in Europe and North America [22][40] Summary by Sections 1. Electricity Production - In October, thermal power generation was 513.8 billion kWh, up 7.3% year-on-year, while hydropower generation reached 135.1 billion kWh, up 28.2% [4][11] - The total increase in electricity generation for October was approximately 58.6 billion kWh, with thermal power contributing 35 billion kWh and hydropower contributing 29.7 billion kWh [10][11] - The Three Gorges Reservoir achieved its water storage target of 175 meters, supporting future hydropower generation [10] 2. Natural Gas Market - As of November 14, the Henry Hub spot price in the U.S. was $3.49/mmBtu, a weekly decrease of 7.32% [22] - The TTF spot price in Europe was €30.80/MWh, showing a slight weekly change of 0.81% [22] - Northeast Asia's LNG spot price remained stable at $11.10/mmBtu, with domestic supply being sufficient [22][40] 3. Investment Recommendations - For hydropower, the report recommends companies like Guotou Power, Chuan Investment Energy, and Huaneng Hydropower due to favorable autumn water conditions [20] - In the green energy sector, companies such as Xintian Green Energy and Longyuan Power are suggested for their stable returns and high utilization hours [20] - For nuclear power, the report highlights China Nuclear Power and China General Nuclear Power as key players due to ongoing approvals for new units [20] - In the thermal power sector, companies like Guodian Power and Inner Mongolia Huadian are recommended due to decreasing fuel costs [20] - The report also suggests focusing on integrated natural gas companies like Kunlun Energy and New Hope Energy for their potential recovery in profitability [42][43]

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" [5] Core Insights - The application of Human Milk Oligosaccharides (HMOs) is expected to accelerate, driven by their recognized nutritional benefits and expanding regulatory approvals [3] - The infant formula market is experiencing increased concentration, with the top 10 companies' market share rising from 68% in 2017 to 83% in Q3 2025, indicating a shift towards premium product offerings that include HMOs [2] - The potential market space for HMOs in the Chinese infant formula sector is estimated to be between 5.86 billion to 11.72 billion yuan, based on projected production and pricing [2] Summary by Sections HMO Nutritional Benefits - HMOs are the third largest nutritional component in breast milk, consisting of various structures that contribute positively to infant health, including growth, gut health, immunity, and cognitive development [1] Market Dynamics - The implementation of stringent new standards for infant formula has led to significant market consolidation and a focus on nutritional enhancement, with major brands introducing HMO-enriched products [2] - The expected production of infant formula in China for 2024 is approximately 1.563 million tons, with a significant portion anticipated to be high-end products requiring HMO addition [2] Regulatory Developments - Recent approvals by health authorities to expand the use of HMOs in various food products indicate a growing recognition of their value, which could lead to exponential market growth if HMOs are utilized beyond infant formula [3] - Companies like Ganbaiyou and Qiu Tian Man Man are already responding to these regulatory changes by launching HMO-added products [3] Company Focus - Companies such as Langkun Technology, Baolingbao, and Jiabiyou are actively developing HMO production capabilities, with significant annual production capacities planned [10]

证券代码：301305 证券简称：朗坤科技 公告编号：2025-078 深圳市朗坤科技股份有限公司 关于为子公司提供担保事项的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 深圳市朗坤科技股份有限公司（以下简称"公司"）分别于 2025 年 4 月 23 日、2025 年 5 月 16 日召开第三届董事会第二十二次会议、第三届监事会第十三 次会议以及 2024 年年度股东大会，审议通过了《关于公司 2025 年度对外担保额 度预计的议案》。为满足公司及合并报表范围内子公司业务发展融资需求（包括 但不限于办理人民币流动资金贷款、项目贷款、贸易融资、银行承兑汇票、保函、 信用证等形式），同意公司及子公司在保证规范运营和风险可控的前提下，2025 年度新增不超过人民币 159,244.50 万元的担保额度。其中，为资产负债率高于 70%的子公司提供担保额度合计不超过人民币 2,638.70 万元，为资产负债率低于 70%的子公司提供担保额度合计不超过人民币 156,605.80 万元。公司可以根据实 际情况，在上述担保额度范围内，以不超过资产负债率 70% ...

Core Viewpoint - The company, Langkun Technology (301305.SZ), has stated that it is currently not utilizing synthetic biology technology to produce D-Allulose sugar [1] Group 1 - The company is actively engaging with investors through an interactive platform [1] - There is a focus on synthetic biology technology within the industry, particularly regarding its applications in sugar production [1]

Core Viewpoint - The company has not utilized synthetic biology technology for the production of D-allulose sugar [1] Group 1 - The company is currently not engaged in the production of D-allulose sugar using synthetic biology technology [1]

证券日报网讯朗坤科技（301305）11月12日在互动平台回答投资者提问时表示，公司聚焦生物质资源再 生与合成生物智造两大核心业务，国内竞争对手分布于对应细分领域。公司在两大领域均具备差异化竞 争优势，后续将持续强化技术创新与项目落地，巩固细分领域地位。 ...

Investment Rating - The report provides a positive investment outlook for various sectors within the energy industry, particularly highlighting opportunities in hydropower, green energy, nuclear power, thermal power, and gas sectors [10][30]. Core Insights - The electricity market in the State Grid operating area has achieved near-complete coverage of the electricity spot market, with significant developments in provinces such as Shanxi, which has seen a 128.75% increase in new energy and clean energy installed capacity since the 14th Five-Year Plan [4][9]. - Natural gas prices have shown a divergent trend globally, with increases in Europe and the US, while prices in Asia remain stable due to ample supply [11][30]. Summary by Sections 1. Electricity - The State Grid has implemented a continuous settlement trial for the electricity spot market in Sichuan and Chongqing, marking a significant step towards full coverage [4][7]. - Shanxi's electricity spot market has recorded a total clearing volume of 156.23 billion kWh in the first half of 2025, with real-time average prices reflecting a "two peaks and one valley" pattern [9][10]. 2. Natural Gas - As of November 7, 2025, the Henry Hub spot price in the US reached $3.76/mmBtu, reflecting a weekly increase of 5.52%, while European prices also saw upward trends [11][12]. - The report notes that the LNG national ex-factory price in China is 4382 yuan/ton, with a slight weekly decrease of 0.57% [28][30]. 3. Investment Recommendations - Hydropower: Favorable conditions for winter and spring generation, recommending companies like Guotou Power and Chuan Investment Energy [10]. - Green Energy: Increased stability in returns for existing projects, suggesting attention to companies like New Energy and Longyuan Power [10]. - Nuclear Power: Long-term growth potential remains strong, with recommendations for China Nuclear Power and China General Nuclear Power [10]. - Thermal Power: Improved profitability due to lower fuel costs, recommending companies like Guodian Power and Huaneng International [10]. - Gas Sector: Favorable conditions for city gas companies, recommending Kunlun Energy and New Energy [30]. 4. Company and Industry Dynamics - As of September 2025, China's new energy storage capacity exceeded 100 million kW, accounting for over 40% of the global total [39]. - The report highlights the steady growth in electricity market transactions, with a total of 4.92 trillion kWh traded by September 2025, marking a 7.2% year-on-year increase [39].

Investment Rating - The report maintains a "Positive" outlook on the power and gas sectors, highlighting the full coverage of the electricity spot market in the State Grid operating area and the seasonal rise in gas prices in Europe and the US [1]. Core Insights - The electricity spot market in the State Grid operating area has achieved near-complete coverage, with 18 provincial-level markets in continuous settlement trial operation as of November 1, 2025. This includes the formal operation of inter-provincial markets and five provincial-level markets [4][8]. - In the gas sector, US Henry Hub spot prices rose to $3.76/mmBtu, reflecting a weekly increase of 5.52%, while European gas prices also saw increases due to seasonal demand [13][19]. Summary by Sections 1. Electricity - The State Grid operating area has nearly achieved full coverage of the electricity spot market, with significant developments in various provinces. As of November 1, 2025, the market has transitioned to continuous settlement trials in Sichuan and Chongqing [4][8]. - In Shanxi, the first province to fully implement the electricity spot market, the average spot price for electricity was recorded at 0.283 yuan/kWh, with a total of 156.23 billion kWh cleared in the first half of 2025 [10]. - The growth of renewable energy capacity in Shanxi has been substantial, with an increase of 128.75% since the 14th Five-Year Plan, leading to a significant impact on electricity pricing and market dynamics [10]. 2. Gas - The report notes a divergence in global gas prices, with US prices rising while Asian LNG prices remain stable due to ample supply. As of November 7, 2025, the Northeast Asia LNG spot price was $11.10/mmBtu, unchanged from the previous week [13][27]. - The report highlights the increase in US natural gas production and demand, with the Henry Hub futures price reaching $4.32/mmBtu, marking a 4.63% increase [14][19]. - Recommendations for investment in gas-related companies include those with integrated natural gas trading capabilities, such as Kunlun Energy and New Hope Energy, as well as city gas companies benefiting from cost reductions [31]. 3. Weekly Market Review - The report indicates that the electricity equipment, public utilities, environmental protection, and gas sectors outperformed the Shanghai and Shenzhen 300 index during the week of November 2 to November 9, 2025 [35]. 4. Company and Industry Dynamics - As of September 2025, China's new energy storage capacity exceeded 100 million kW, representing over 40% of the global total, with significant contributions from various regions [41]. - The report also notes that the National Energy Administration is actively promoting the construction of a unified national electricity market, with trading volumes and participants steadily increasing [41].

Core Viewpoint - The significant increase in SAF and UCO prices this year has provided a favorable operational flexibility for the company's bioenergy business [1] Group 1: Price Trends - SAF and UCO prices have risen noticeably this year, contributing to improved profitability for the company [1] - The company has adjusted the sales ratio of biodiesel and UCO based on market demand dynamics [1] Group 2: Business Strategy - In response to rising prices, the company has reduced external raw material processing for biodiesel production while increasing direct sales of UCO raw materials [1] - This strategic shift has resulted in positive profit returns for the company [1]