合成生物学行业深度报告：以生物造万物，跨越多尺度寻求最优解

Investment Rating - The report gives the industry a "Positive" rating, highlighting that synthetic biology is a revolutionary technology that transforms the "black gold economy" into a "green gold economy," aligning with global green, low-carbon, and sustainable development requirements [4][3]. Core Insights - Synthetic biology breaks the limitations of traditional fermentation, serving as a new engine for green manufacturing and sustainable development. It utilizes engineering design principles to modify biological organisms at the genetic level for large-scale production of target compounds, drugs, or functional materials [3][4]. - The successful commercialization of synthetic biology requires optimization across multiple scales, from molecular to societal levels, involving advancements in gene technology, metabolic pathway design, and host cell optimization [3][22]. - The global recognition of the biomanufacturing industry has led to the emergence of many excellent companies, with product-focused companies performing better in the short term [3][4]. Summary by Sections 1. Synthetic Biology Overview - Synthetic biology opens new possibilities in life sciences, marking the third biotechnology revolution. It integrates biology with engineering, physics, chemistry, and computer science to create customized cells for large-scale production [13][14]. 2. Opportunities and Challenges - The rapid development of biomanufacturing is driven by societal needs for green manufacturing and technological advancements in gene and AI technologies [5][6]. - The industry is characterized by a division into upstream (tool-based), midstream (technology service), and downstream (product-focused) segments, with domestic companies primarily focusing on product realization [3][4]. 3. Global and Domestic Trends - Major global chemical companies are increasingly investing in synthetic biology, with traditional chemical giants like BASF, DuPont, and ExxonMobil actively engaging in this field [3][4]. - Domestic policies are also promoting biomanufacturing as a strategic emerging industry, with significant government support and initiatives [21][22]. 4. Multi-Scale Optimization - Successful commercialization of synthetic biology requires addressing challenges at various scales, including molecular, circuit/network, cellular, community, and societal levels [22][23]. - The report emphasizes the importance of optimizing metabolic pathways, selecting suitable host cells, and ensuring economic and social benefits in product commercialization [22][23]. 5. Investment Recommendations - The report suggests focusing on companies like Meihua Biological (stable performance and high dividends) and Huaheng Biological (old products stabilizing and new products ramping up) for potential investment opportunities [4][3].