Investment Rating - The industry investment rating is "Overweight" [1] Core Views - The report highlights the ongoing global biotechnology revolution, which is actively integrating into economic and social development, providing innovative solutions to major challenges such as health, climate change, resource security, and food security. The National Development and Reform Commission has issued the "14th Five-Year Plan for Bioeconomic Development," indicating a trillion-yuan market potential in the bioeconomy [3][4]. Summary by Sections 1. Industry Market Performance - The synthetic biology sector saw a decline of 4.83% in the week of March 10-14, 2025, ranking 32nd among various sectors [15]. - The Huazhong Synthetic Biology Index dropped to 1364.84, underperforming compared to the Shanghai Composite Index by 6.22 percentage points [4][15]. 2. Company Business Developments - Sinopec's bio-based polyethylene products have successfully been exported to Japan, marking a breakthrough in international trade [22]. - SF Express signed a bulk purchase agreement for sustainable aviation fuel (SAF) with Sinopec Hong Kong, aiming to reduce costs and improve logistics [22]. - Shanghai Huide Technology established a company focused on bio-based materials, expanding its production scale and integrating resources [24]. - Toray Industries announced that it will use a mass balance method in producing acrylic fibers, achieving ISCC PLUS certification [24]. - SK Energy signed a contract to supply over 20,000 tons of SAF to Cathay Pacific by 2027, furthering its commitment to sustainable fuel production [25]. 3. Industry Financing Tracking - The synthetic biology sector is experiencing accelerated financing, with nearly a hundred companies completing new rounds of financing since the beginning of 2025 [31]. - Xin Hai Bio announced a strategic investment from Sinochem Capital, enhancing its capabilities in enzyme preparations and chiral chemicals [32]. - Epoch Biodesign secured $18.3 million in Series A funding to develop a facility for enzyme-based nylon recycling [32]. 4. Industry Research and Development Directions - Shenzhen Qimei achieved a breakthrough in separating cellulose from straw, which is expected to significantly improve resource utilization and reduce environmental pollution [35].

医药生物 分析师：谭国超 执业证书号：S0010521120002 邮箱：tangc@hazq.com 分析师：陈珈蔚 执业证书号： S0010524030001 邮箱： chenjw@hazq.com 联系人：刘洪飞 执业证书号：S0010123080001 邮箱：liuhongfei@hazq.com 相关报告 1.行业周报：看好具备成长和估值相 得益彰的医药标的 2024-03-04 2.行业周报：医药本周回调较大，需 要关注"中药+创新落地的品类" 2024-03-11 3.行业周报：医药板块处于底部位 置，建议加大对医药的配置 2024- 07-01 行业周报 辅助生殖政策量变引发市场关注，医药板块持续活跃 行业评级：增持 报告日期： 2024-03-16 4.行业周报：AI 破局医药板块 2025- 02-16 5.行业周报：创新板块接力 AI 破局 2025-02-23 主要观点： 本周行情回顾：板块上涨 本周医药生物指数上涨 1.77%，跑赢沪深 300 指数 0.18 个百分 点，跑赢上证综指 0.37 个百分点，行业涨跌幅排名第 15。3 月 14 日 （本周五），医药生物行业 PE（TT ...

Investment Rating - The industry investment rating is "Overweight" [2] Core Viewpoints - The sugar substitute industry is showing a favorable trend, with product prices expected to enter an upward cycle [1] - The market for sucralose is highly concentrated among four main producers, indicating potential for price increases due to collaborative efforts among manufacturers [6] - The demand for sugar substitutes is expected to grow steadily, supported by rising health awareness and the expansion of the no-sugar beverage market [10] Summary by Relevant Sections - **Market Dynamics**: On February 16, major sucralose producers held a summit to strengthen alliances and collaborate on development. As of March 10, these producers collectively stopped reporting prices, leading to a price increase of 0.5-0.8 million yuan per ton, with the latest price at 250,000 yuan per ton, a year-on-year increase of 100% [5][6] - **Production Capacity**: As of March 2025, China's sucralose production capacity is approximately 34,800 tons, a 126% increase from 15,400 tons in 2020. The market is dominated by four companies, with a CR4 of 91.95% [6] - **Price Trends**: The price of sucralose has seen significant fluctuations, dropping from a peak of 480,000 yuan per ton in 2021 to a low of 100,000 yuan per ton in July 2024, before recovering to 250,000 yuan per ton by March 2025 [6] - **Investment Opportunities**: Companies such as Jinhe Industrial and Cuhua Co. are recommended for investment as product prices are expected to rise, leading to improved performance [11] - **Export Growth**: China is the largest producer and exporter of sugar substitutes, with export volumes for sucralose and acesulfame-K increasing by 14.02% and 22.61% year-on-year, respectively, in 2024 [10]

Investment Rating - Industry investment rating: Overweight [1] Core Views - The chemical sector's overall performance ranked 19th with a fluctuation of 1.59% during the week of March 8-14, 2025, outperforming the Shanghai Composite Index by 0.19 percentage points and the ChiNext Index by 0.61 percentage points [3][26] - The chemical industry is expected to continue its trend of divergence in 2025, with recommendations to focus on synthetic biology, pesticides, chromatography media, sweeteners, vitamins, light hydrocarbon chemicals, COC polymers, and MDI [4] Summary by Sections Industry Review - The chemical sector's overall fluctuation was 1.59%, ranking 19th among sectors [3][26] - The top three performing sub-sectors were nitrogen fertilizers (5.16%), oil and gas refining (4.63%), and synthetic resins (4.55%) [27] Supply-Side Tracking - A total of 136 companies in the chemical industry had their production capacities affected, with 7 new maintenance cases and 3 restarts reported [15] Key Industry Dynamics - The implementation of quota policies for third-generation refrigerants is expected to lead to a high prosperity cycle, with demand remaining stable due to market expansion in Southeast Asia [5] - The electronic specialty gases market is characterized by high technical barriers and high added value, presenting significant domestic substitution opportunities [6] - The light hydrocarbon chemical trend is becoming global, with a shift towards lighter raw materials for olefin production [8] - The COC polymer industry is accelerating its domestic industrialization process, with significant breakthroughs expected [9] - Potash fertilizer prices are anticipated to rebound as major suppliers reduce production and inventory pressures ease [10] - The MDI market is expected to improve due to oligopolistic supply dynamics and stable demand growth [13]

Investment Rating - Industry rating: Overweight [1] Core Views - The offshore wind projects are progressing steadily, and there is a renewed increase in the prices of photovoltaic (PV) modules [1][4] - The report highlights the importance of various segments within the energy sector, including storage, new technologies, hydrogen energy, and electric grid equipment [4][6][39] Summary by Sections Photovoltaics - N-type module prices increased by 0.02 CNY/W, driven by demand from 430 and 531 projects, indicating a potential recovery in the sector [5][12] - The overall PV sector performance showed a 1.67% increase, outperforming the market [12] - The report anticipates a recovery in the PV industry, with expectations of inventory reduction and price stabilization in 2025 [14][20] Wind Power - The domestic wind power installed capacity reached 79 GW in 2024, a year-on-year increase of 5% [5][21] - The report emphasizes the positive sentiment in the market due to the commencement of offshore wind projects, suggesting a focus on tower and foundation segments [21] Energy Storage - The demand for lithium batteries for data centers has exceeded expectations, with a focus on the data center and storage Power Conversion System (PCS) segments [4][24] - The report notes that various provinces are improving their energy storage profitability models, with significant growth in storage demand [24][30] New Technologies - Local governments are increasing subsidies to support the development of general aviation infrastructure, which is expected to enhance the low-altitude economy [4][32] - The report suggests monitoring the construction of general aviation airports and related industries [32][33] Hydrogen Energy - Multiple provinces are actively promoting the hydrogen energy industry, with significant investments and mergers occurring within the sector [6][35] - The report recommends focusing on hydrogen production, storage, and transportation segments as the industry accelerates [35][37] Electric Grid Equipment - The commencement of the Gansu-Zhejiang ±800 kV UHVDC project is highlighted, with expectations of high demand for UHV construction in 2025 [39][40] - The report suggests that the electric grid sector will benefit from stable growth, recommending attention to undervalued companies in this space [39][40] Electric Vehicles - Domestic policies are focusing on consumption upgrades and technological industries, with initiatives to promote the replacement of old vehicles [41][42] - The report indicates a strong push towards electric vehicle adoption, with significant government support for the sector [41][44]

申,千 行业周报 电子行业周报:Meta 引领碳化硅光波导应用,AR 眼镜应用或成为碳化硅领域重要增长曲线 行业评级:增持 报告日期:2025-03-16 行业指数与沪深 300 走势比较 70% 60% 40% 30% 20% 10% 17/24 -20% 电子(申万) 沪深300 分析师:陈耀波 执业证书号: S0010523060001 邮箱：chenyaobo@hazq.com 分析师:李美贤 执业证书号: S0010524020002 邮箱： limeixian@hazq.com 分析师:刘志来 执业证书号:S0010523120005 郎箱：liuzhilai@hazq.com 分析师:李元晨 执业证书号：S0010524070001 邮箱：liyc@hazq.com 主要观点: ● 本周行情回顾 从指数表现来看,本周（2025-03-10 至 2025-03-14）,上证指数周涨跌 +1.39%,深圳成指涨跌幅为+1.24%,创业板指数涨 涨跌幅为-1.76%，申万电子指数涨跌幅-0.62%。板块行业指数来看，表 现最好的是印制电路板,涨幅为+8.63%，光学元件表现较弱,跌幅为 3.35%;板 ...

Investment Rating - The industry investment rating is "Overweight" [1] Core Views - The report highlights that silicon carbide (SiC) may become a significant growth curve in the AR glasses application, driven by Meta's innovative use of SiC in optical-grade applications [4][5] - The report indicates that the demand for SiC substrates is expected to grow significantly, with a projected market size of 1.08 billion yuan, driven by the maturation of AR glasses and display applications [7] Market Performance Review - During the week of March 10 to March 14, 2025, the Shanghai Composite Index rose by 1.39%, while the Shenzhen Component Index increased by 1.24%. The ChiNext Index saw a decline of 1.76%, and the Shenwan Electronics Index decreased by 0.62% [3][58] - The best-performing sector was printed circuit boards, which rose by 8.63%, while optical components experienced a decline of 3.35% [3][58] Industry Developments - Meta has demonstrated the potential of SiC in wearable devices, enhancing its application in clean energy systems, aerospace, electric vehicles, telecommunications, and quantum computing [5][6][55] - A joint venture between Sanan Optoelectronics and STMicroelectronics has officially launched a silicon carbide wafer factory, expected to achieve mass production by Q4 2025, marking a significant milestone in domestic SiC power chip production [6][50] - The report notes that the refractive index of SiC is approximately 2.7, superior to traditional glass, and highlights its advantages in high-temperature resistance and heat dissipation [6][7]

Investment Rating - The industry investment rating is "Overweight" [2] Core Views - The pharmaceutical and biotechnology sector has shown resilience, with the industry index outperforming the CSI 300 index by 0.18 percentage points and the Shanghai Composite Index by 0.37 percentage points this week [5][14] - The increase in assisted reproductive policies has sparked market interest, leading to significant gains in related stocks [5][32] - The overall market sentiment remains cautious, with many stocks trading at low price-to-earnings ratios, making them susceptible to upward movements upon positive catalysts [5][32] Market Performance - The pharmaceutical biotechnology index rose by 1.77% this week, with all 13 sub-industries experiencing gains, the offline pharmacy sector leading with a 10.38% increase [5][18] - Among 477 A-share pharmaceutical stocks, 355 stocks rose, representing 74.42% of the total [4][21] - The highest P/E ratio among sub-industries was 44X for hospitals, while the overall industry P/E (TTM) was 26X, which is below the historical average of 33X [15][18] Assisted Reproductive Policies - Recent policies in cities like Hohhot and Shenzhen aimed at encouraging childbirth have led to increased stock prices in the assisted reproductive sector [5][7] - The implementation of substantial child-rearing subsidies is expected to spread across more regions, enhancing the growth potential of the assisted reproductive industry [7][35] Investment Recommendations - Focus on the assisted reproductive industry, particularly companies like Jinxin Reproductive and International Medical, as well as related pharmaceuticals such as Livzon Pharmaceutical and Changchun High-tech [38] - Continued attention on innovative sectors within pharmaceuticals, including hard technology, medical consumption, and international expansion [6][34]

Investment Rating - Industry Rating: Overweight [2] Core Viewpoints - The organic silicon capacity expansion cycle is nearing its end, and supply-demand is expected to rebalance. The domestic demand for organic silicon is anticipated to rise as the real estate sector stabilizes, with construction accounting for 25.21% of the demand. The demand is also expected to grow in the medical, photovoltaic, and automotive sectors due to the superior performance of organic silicon [5][6][41]. - Profitability is at a low point, but the industry is expected to recover. The organic silicon DMC industry is currently experiencing overall losses, but with a decrease in capital expenditure and an increase in operating rates, profitability is projected to improve [7][54]. - The industry has a high concentration, with leading companies expanding their market share. As of the end of 2024, the domestic DMC CR5 capacity accounted for 62%, with Hoshine Silicon holding a 26% share, indicating a competitive landscape dominated by a few key players [8][57]. Summary by Sections 1. Organic Silicon Capacity Expansion Cycle - The organic silicon industry is entering a phase where capacity expansion is minimal, with a total capacity of 344 million tons in China and 159.5 million tons overseas by 2024 [6][24]. - The construction sector is the largest application area for organic silicon, with a significant share in various industries including electronics and renewable energy [21][32]. 2. Profitability and Market Recovery - The organic silicon industry is currently in a loss phase, with operating rates improving to 80.69% as of January 2025, indicating a potential recovery in profitability [7][51]. - The price of organic silicon intermediates has reached historical lows, suggesting that the market may be at a turning point [51][54]. 3. Industry Concentration and Key Players - The organic silicon market is characterized by high concentration, with major players like Hoshine Silicon, Dongyue Silicon, and Xingsheng Group leading the market [8][57]. - Investment recommendations include focusing on companies such as Hoshine Silicon, Xingsheng Group, and Dongyue Silicon, which are expected to benefit from the industry's recovery [9][59].