Core Viewpoint - The fourth Synthetic Biology and Green Bio-Manufacturing Conference (SynBioCon 2025) will be held from August 20-22 in Ningbo, Zhejiang, focusing on five key areas: AI + Bio-Manufacturing, Green Chemistry and New Materials, Future Food, and Future Agriculture. The conference aims to explore the development trends of the bio-manufacturing industry during the 14th Five-Year Plan, innovations driven by AI, and the technologies and products that will sustain the vitality of the bio-manufacturing sector [1]. Organizers and Support Units - The conference is organized by Ningbo Detaizhong Research Information Technology Co., Ltd. (DT New Materials) and co-organized by institutions such as Peking University Ningbo Institute of Ocean Medicine and Ningbo Enzyme Science Bioengineering Co., Ltd. It is supported by various associations and alliances in the field of synthetic biology [2]. Expert Guests - Notable experts, including Zhang Xian'en, Dean of the School of Synthetic Biology at Shenzhen University of Technology, will serve as advisory experts for the conference. Zhang has significant credentials, including being a Fellow of the American Institute for Medical and Biological Engineering and the Royal Society of Chemistry [6][7][8]. Conference Agenda - The agenda includes a series of forums and discussions on topics such as green chemistry, AI in bio-manufacturing, and future food and agriculture. The first day features a macro forum on the bio-manufacturing industry, while subsequent days will host specialized forums and networking events [41]. Key Topics of Discussion - The conference will cover various innovative topics, including the construction of efficient cell factories for producing aromatic compounds, the biomanufacturing of polyamide materials, and advancements in enzyme engineering for low-carbon bio-manufacturing [13][15][32][34]. Networking and Collaboration - The event aims to facilitate technology transfer, product scaling, and talent acquisition within the bio-manufacturing industry, promoting collaboration among enterprises, research institutions, and government bodies [1]. Registration and Participation - Interested participants can register for the conference, which promises to be a significant event for stakeholders in the synthetic biology and bio-manufacturing sectors [42][44].

Summary of TDI and MDI Industry Conference Call Industry Overview - The conference call focuses on the TDI (Toluene Diisocyanate) and MDI (Methylene Diphenyl Diisocyanate) industries, highlighting recent price trends and market dynamics. Key Points TDI Price Surge - TDI prices have increased significantly from approximately 9,000 CNY at the beginning of the year to around 12,500 CNY before a recent explosion incident, with current transaction prices exceeding 18,000 CNY, and quotes reaching as high as 20,000 CNY. However, large volume transactions are around 17,000 CNY and continue to rise [1][2][3] - The market tightness is exacerbated by maintenance at Wanhua's facilities in Fujian and Yantai, leading to limited supply [1][2] MDI Price Trends - MDI prices have also seen an increase, with aggregated MDI prices fluctuating between 14,000 CNY and 15,000 CNY earlier this year. Recent price adjustments due to upstream control and recovering demand have pushed prices to about 15,500 CNY for Juhua MDI and around 17,000 CNY for Covestro's pure MDI [1][3][4] - Wanhua announced a reduction in supply before the end of the month, further driving prices up [3] Market Outlook - The TDI market is expected to remain tight in the coming months, with anticipated demand increases in August. If supply does not significantly increase, prices may stay high, although whether mainstream transaction prices can reach 20,000 CNY remains uncertain [1][4] - For MDI, while there is potential for price increases, the extent is expected to be limited due to larger production capacity and sufficient profit margins [4] Inventory and Supply Chain Analysis - Current TDI factory inventory is approximately 12,000 tons, which is considered moderate historically. The lack of stockpiling by downstream channels has led to panic buying, driving prices up rapidly [2][9] - The TDI price increase is viewed as a short-term phenomenon, with current prices around 16,000 CNY being acceptable to downstream buyers. However, prices above 22,000 CNY may be challenging to sustain [2][12] Impact of Maintenance and External Factors - Wanhua's Hungarian facility is undergoing maintenance for 30 days, which will further tighten global supply and impact domestic pricing. This, combined with maintenance at other facilities, is likely to keep the TDI and MDI markets under pressure [5][18] - The explosion at a facility in Germany has delayed recovery efforts, potentially extending the timeline for supply normalization [2][8] Export Dynamics - Domestic demand has been weak, prompting an increase in exports to alleviate pressure on the domestic market. This includes targeting markets in Russia, Central Asia, and Turkey [10] - Wanhua's exports to North America have been significantly affected by trade tensions, with exports largely halted in May but showing signs of recovery [11] Profitability and Cost Analysis - Current TDI market prices allow domestic manufacturers to achieve net profit margins of 50% to 60%, while overseas manufacturers face lower margins due to higher operational costs [15] - MDI production costs are estimated to be around 10,000 CNY, with current transaction prices providing a healthy profit margin [21] Regulatory Environment - The ongoing anti-dumping investigation by the U.S. against Chinese MDI could impact export strategies, with companies likely to reduce shipments to North America to mitigate risks [22] Industry Response to Market Conditions - The industry is responding to "anti-involution" policies by raising prices, driven by supply constraints and increased demand [23] Conclusion - The TDI and MDI markets are experiencing significant price fluctuations due to supply chain disruptions, maintenance activities, and changing demand dynamics. The outlook remains cautious, with potential for continued price increases but also challenges in sustaining high price levels in the long term.

Group 1 - The chemical sector continues to show strong performance, with the Chemical ETF (516020) rising by 2.33% and achieving a four-day consecutive increase [1] - Various sub-sectors such as explosives, fertilizers, petrochemicals, and polyurethane have performed well, with notable stocks like Yipuli and Luxi Chemical seeing gains of over 6% [3] - The basic chemical sector has attracted significant capital inflow, with a net inflow of 4.767 billion yuan on the day and a cumulative inflow of 23.95 billion yuan over the past five trading days, ranking second among 30 major sectors [3][4] Group 2 - The "anti-involution" policy has been emphasized by the Ministry of Industry and Information Technology, aiming to promote the orderly exit of backward production capacity in key industries such as steel, non-ferrous metals, and petrochemicals [4][5] - The current market conditions may present a favorable opportunity for investment in the chemical sector, with the chemical ETF's price-to-book ratio at 2.03, indicating a low valuation compared to the past decade [5] - Recent policies aimed at stabilizing the real estate market and boosting consumer confidence are expected to enhance demand for chemical products, while the current expansion cycle in the chemical industry may be nearing its end [8]

投资咨询业务资格：证监许可【2012】669号 中信期货研究|⾦融衍⽣品策略⽇报 2025-07-22 ⻛险偏好上移 股指期货：温和上攻 股指期权：红利及小盘情绪上方空间更高 国债期货：风险偏好提升压制债市表现 股指期货方面，周一市场温和上攻，沪指稳步站上3550点关口，反内 卷交易延续成为市场主线，其中建材、建筑、钢铁、电新等领涨，反内卷 方向有扩散化的迹象。另外需要注意的是，银行板块近日连续下跌，这一 现象有几种解释路径，其一，沪指破位重要指数关口之后，按照历史经验 外推会呈现成长补涨的格局，其二，景气度交易再起，近年常被提及的哑 铃结构受到挑战，资金集中涌入景气度反转或是景气度快速提升的领域， 使得市值因子的重要度边际下降。当下我们暂时倾向转向后者的可能性， 在政策主线明确之后，资金针对基本面环境纠偏，公募等中长期资金定价 权提升。展望后市，目前仍建议布局IM多单，除了Beta因素之外，不排除 贴水收敛的可能性。 股指期权方面，期权市场成交额53.98亿元，相较前一交易日下降14. 72%，但仍维持近段时间整体的高流动性。情绪指标方面，持仓量PCR多数 品种延续上行，部分品种如沪市300ETF、创业板E ...

杠杆资金净流入创2月下旬以来新高，IPO大幅回暖 流动性&交易拥挤度&投资者温度计周报 2025年7月22日 证券分析师:姚佩 联系人:朱冬墨 执业编号: S0360522120004 邮箱:zhudongmo@hcyjs.com 本报告由华创证券有限责任公司编制 该告仅样够加及养南喷责任公司的客户使用。本公司不会因傻切人收到体报告而视真为客户、华创证券对这些信息的唯职单和完整也不作任何例证。报告中的内容和周见仅供参考，并不知成本公司对所述汇券买 卖的出价或询价。本报告所载信息均为个人观点，并不构成对所涉及证券的个人投资建议。 请仔细阅读PPT后部分的分析师声明及免责声明。 部箱: yaopei@hcyjs.com 1 Felit > 证券研究报告 核心结论 资金流动性: . 证监会审核华创证券投资咨询业务资格批文号:证监许可（2009）1210 号 2）资金需求端IPO大幅回暖处近三年96%分位，南向资金连续九周维持周均规模百亿以上净流入，累计净流入近 交易拥挤度：以过去四周成交额占比/市值占比（较全A）作为衡量主题行业交易热度的表征指标来看，本周热度 分位（下同）上行行业主要为：光伏+32pct至71%、 ...

Investment Rating - The industry investment rating is "Overweight" [1] Core Views - The chemical sector's overall performance ranked 11th this week, with a change of +1.77%, outperforming the Shanghai Composite Index by 1.08 percentage points and underperforming the ChiNext Index by 1.40 percentage points [4] - The chemical industry is expected to continue its trend of differentiated performance in 2025, with recommendations to focus on synthetic biology, pesticides, chromatography media, sugar substitutes, vitamins, light hydrocarbon chemicals, COC polymers, and MDI [4] - The supply of third-generation refrigerants is entering a high prosperity cycle due to quota policies, with demand remaining stable amid market expansion [5] - The electronic specialty gases market presents significant domestic substitution opportunities due to high technical barriers and increasing demand from semiconductor, display, and photovoltaic sectors [6][8] - The trend of light hydrocarbon chemicals is becoming global, with a shift towards lighter raw materials for olefin production, which is expected to lead to a revaluation of leading companies in this sector [8] - The MDI market is characterized by oligopoly, with a favorable supply structure expected as demand gradually recovers [12] Summary by Sections Industry Review - The chemical sector's performance for the week of July 14-18, 2025, showed a rise of 1.77%, ranking 11th among sectors [22] - The top three performing sub-sectors were synthetic resins, membrane materials, and polyurethanes, while the bottom three were oil product trading, compound fertilizers, and organic silicon [24] Supply Side Tracking - A total of 155 companies in the chemical industry had their production capacities affected this week, with 1 new shutdown and 7 restarts reported [14] Key Industry Dynamics - A fire at Covestro's plant in Germany led to supply disruptions for key products, including TDI, due to a chlorine supply interruption [35] - The Ministry of Industry and Information Technology announced upcoming growth stabilization plans for ten key industries, including petrochemicals [35]

富时中国A50指数连续 -0.06(-1.06%) -0.09(-1.06%) -0.23(-1.97%) 光大银行 2505.23亿市值 8.02亿成交额 4.24 -0.03(-0.70%) 保险 中国太保 中国平安 中国人保 48 3705.97亿市值 3481.60亿市值 10325.20亿市值 17.65亿成交额 39.30亿成交额 7.77亿成交额 56.70 8.38 36.19 -0.47(-1.28%) -0.04(-0.48%) -0.49(-0.86%) 酿酒行业 贵州茅台 山西汾酒 五粮液 18403.05亿市值 2327.45亿市值 4872.58亿市值 61.28亿成交额 34.17亿成交额 37.85亿成交额 125.53 1464.98 190.78 +2.97(+2.42%) +21.98(+1.52%) +10.49(+5.82%) 半导体 北方华创 寒武纪-U 海光信息 HYGON 2324.57亿市值 2484.71亿市值 3145.76亿市值 22.65亿成交额 38.95亿成交额 29.95亿成交额 135.34 322.14 593.93 +2.09(+0.65% ...

近日，东方红资产管理、中泰资管等券商资管披露旗下公募权益类基金二季报。 今年上半年，A股市场交投活跃，包括人工智能（AI）、机器人、创新药、港股消费都有不错的阶段表现，一 些券商资管的权益基金经理净值也创下新高。 例如，东方红资产管理医药基金经理江琦管理的东方红医疗升级股票发起A在今年上半年净值增长44.55%，创 下成立三年多以来新高；中泰资管副总经理姜诚旗下产品净值也创出新高，截至6月末，其代表作中泰星元灵 活配置混合在过去五年净值增长超108%。 从持仓来看，截至今年6月末，东方红医疗升级股票发起基金的股票仓位为90.37%，维持高仓位运作。最新前 十大重仓股分别是百利天恒、康弘药业、科伦博泰生物-B、诺诚健华、迪哲医药、百济神州、华东医药、恒瑞 医药、智翔金泰、泽璟制药。 对于创新药，江琦表示，创新药是产业发展的明确趋势和方向，目前进入了收获期。作为一个十年磨一剑投入 期的行业，进入收获期时，可以期待这个收获期比较长。可以在比较长的一段时间，以一年以上、几年为维度 看待这个收获期。如果从中国创新药走向全球的角度，她定义第一个投入期是2015—2024年这十年，该收获期 的第一阶段在2025—2029年 ...

全市场规模最大的化工ETF（(159870)）紧密跟踪中证细分化工产业主题指数，截至2025年7月21日 14:12，中证细分化工产业主题指数(000813)强势上涨2.39%，成分股博源化工(000683)上涨10.06%，易 普力(002096)上涨9.98%，金发科技(600143)上涨9.98%，鲁西化工(000830)，华峰化学(002064)等个股跟 涨。化工ETF(159870)上涨2.53%， 冲击3连涨。最新价报0.61元。 数据显示，截至2025年6月30日，中证细分化工产业主题指数(000813)前十大权重股分别为万华化学 (600309)、盐湖股份(000792)、巨化股份(600160)、宝丰能源(600989)、藏格矿业(000408)、华鲁恒升 (600426)、恒力石化(600346)、卫星化学(002648)、云天化(600096)、龙佰集团(002601)，前十大权重股 合计占比43.37%。 化工ETF(159870)，场外联接A：014942；联接C：014943；联接I：022792。 截至2025年7月22日 13:45，中证细分化工产业主题指数(000813)强势 ...

事件：近日，科思创德国工厂发生电气火灾，导致起氯气生产设施遭遇不可抗 力，其下游 TDI 生产原料受到影响。随后科思创宣布其 TDI 装置遭遇不可抗力， 短期内氯气无法从其他地方完全弥补，该工厂 30 万吨/年 TDI 装置停车，具体 复产时间待定。7 月 21 日，万华化学发布匈牙利工厂检修计划，工厂产能 40 万吨/年 MDI 装置以及 25 万吨/年 TDI 装置按计划停产检修，预计检修时间 30 天左右。 推荐（维持） 全球 TDI 开工受到影响，预计 TDI 价格上涨超预期 TDI 行业点评报告 周期/化工 证券研究报告 | 行业点评报告 2025 年 07 月 22 日 1、《招商化工行业周报 2025 年 7 月 第 3 周—TDI、维生素 D3 价格涨幅居 前，建议关注 TDI 和有机硅板块》 2025-07-21 2、《基础化工行业 2025 年中期投资 策略—反内卷政策下，高集中度化工 品更具弹性》2025-07-21 3、《化工行业事件点评—有机硅大 厂发生火灾事故，行业或将迎来景气 上行周期》2025-07-21 周铮 S1090515120001 zhouzheng3@cmschin ...