基础化工6月周报：阿洛酮糖潜在产能大增为哪般？

Investment Rating - The investment recommendation for the industry is "Outperform the Market" (maintained) [5]. Core Insights - The potential production capacity of allulose is expected to increase significantly, reaching 128,000 tons, compared to the current capacity of 15,000 tons, indicating an increase of over eight times. This is attributed to allulose's advantages such as good sugar reduction functionality, similar taste to sucrose, natural without side effects, and anti-inflammatory properties that regulate blood sugar levels [2][12]. - The domestic market for allulose is anticipated to open quickly once it receives approval from the National Health Commission (NHC). The approval process has accelerated recently, and if granted within the next two years, companies that have positioned themselves early in the allulose market are likely to benefit significantly [3][17]. - Internationally, establishing production facilities overseas presents another strategic opportunity for allulose companies. The U.S. FDA has approved allulose as a food additive, and companies that set up production bases abroad can benefit from tariff advantages and increased orders due to supply chain optimization [4][19]. Summary by Sections 1. Industry Opportunities for Allulose - Allulose is recognized as a healthy natural sugar substitute, with a growing market driven by aging populations. It serves as a better alternative to sucrose and erythritol [9][10]. - The domestic market for allulose is expected to open rapidly due to its favorable properties, with significant replacement potential in the sugar market, which is estimated at 15.5 million tons in 2023 [15][17]. 2. Investment Recommendations - Attention should be paid to the progress of allulose's approval as a new food ingredient, as this will benefit the entire industry [22][23]. - Companies that are establishing overseas production bases for allulose should be prioritized, especially those that are the first to do so, as they are likely to gain significant tariff reductions and order advantages [24].