东吴证券：重视AKK菌板块效应 推荐产业链优质龙头

Core Viewpoint - The report from Dongwu Securities highlights the potential of AKK bacteria in regulating appetite, systemic inflammation, and glucose-lipid metabolism, with applications in obesity, diabetes, and other health conditions. The report emphasizes the importance of sector effects and recommends focusing on quality leading companies in the industry [1]. Group 1: AKK Bacteria - AKK bacteria (Akker-mansia muciniphila) is a beneficial symbiotic bacterium found in the intestinal mucosal layer, constituting 1%-5% of gut flora. It protects the gut from pathogens and is used to improve obesity, diabetes, and other health issues. AKK has gained entry in the U.S. and has been approved in the EU and Japan, with applications pending in mainland China [1]. - AKK can significantly enhance metabolic effects by degrading mucin to produce acetate, leading to better insulin sensitivity and healthier fat distribution. High AKK populations show better weight loss results during dietary interventions [2]. Group 2: Probiotic Market Dynamics - The probiotic supplement market in China is projected to reach approximately 13.7 billion yuan in 2023, with a CAGR of 23% from 2010 to 2023, significantly outpacing the 9% CAGR of the broader health supplement market. Functional categories like anti-allergy and weight loss are showing high growth potential [3]. - The global market for AKK bacteria is expected to reach $325 million in 2024, indicating a strong growth outlook for this key metabolic strain [3]. Group 3: Investment Recommendations - The AKK sector shows significant beta effects, with recommendations for leading companies in the industry. Notable brands include H&H International Holdings and Ruoyu Chen, while raw material leaders like Beijia Clean are also highlighted. Xianle Health is noted for its AKK one strain and flexible order capacity [4].