Market Overview - The average volatility of the A-share market in October over the past 20 years is 12.3%, second only to April [1] - Historical events show significant fluctuations, such as a 24.63% drop in October 2008 and a 10.8% rebound in October 2015 [1] Recent Performance - In September, the Shanghai Composite Index rose by 0.64%, the Shenzhen Component Index by 6.54%, and the ChiNext Index by 12.04% [3] Market Sentiment - The probability of A-shares rising after the National Day holiday exceeds 70%, attributed to the normal return of funds post-holiday [5] - Analysts from various brokerages express optimism for October, with expectations of a new upward trend [5] Earnings Reports - The period from October 15 to 31 is critical for listed companies to report their earnings, which will significantly impact market performance [5] - Companies with strong earnings will be rewarded, while those with disappointing results may face declines [6] Policy Influence - The 20th Central Committee's Fifth Plenary Session is scheduled for October 20-23, which may introduce new policies affecting market sectors [6] - Keywords like new productive forces, AI, and biomanufacturing could ignite interest in specific sectors [6] Global Economic Factors - There is a 98% probability of a Federal Reserve interest rate cut in October, which is seen as a positive for A-shares [7] - The arrival of a global liquidity turning point is expected to benefit the A-share market [8] Sector Performance - Historical data indicates that sectors such as banking, home appliances, machinery, and electronics have over a 60% rise rate in October, while coal and non-ferrous metals are less favorable [8] - The TMT sector is currently favored, with companies like SMIC benefiting from AI chip demand [10][11] Investment Strategies - Investors are advised to maintain a neutral position of 60% in early October, focusing on stocks with expected earnings growth [13] - Adjustments to positions should be made based on policy signals and market performance throughout the month [13] Market Dynamics - The market is expected to experience a bottoming phase in early October, policy themes in mid-October, and performance-driven differentiation towards the end of the month [16] - Historical patterns suggest that the first trading day after the holiday can set the tone for the month [16] Fundamental Focus - The core factors influencing market direction include earnings reports, policy changes, and capital flows [17] - Investors are encouraged to remain calm and focus on long-term value rather than short-term volatility [18]

Core Insights - The Chinese biological manufacturing industry is experiencing robust growth, with a total scale nearing 1 trillion yuan and fermentation capacity accounting for over 70% of the global market [1][2] - Microbial protein represents a disruptive innovation in the food supply system, offering a more efficient and environmentally friendly alternative to traditional agriculture and livestock farming [3][4] Industry Overview - The biological manufacturing sector is characterized by the use of industrial biotechnology, leveraging microorganisms, cells, and enzymes for product production [2] - The industry is currently in a "blue ocean" phase, with less than 1% of microbial species on Earth having been discovered, indicating significant potential for resource exploration and development [2] Technological Advancements - New strains of fungi developed through large-scale industrial fermentation can yield protein content exceeding 50%, comparable to animal-derived meat in terms of nutrition and taste [1] - Synthetic biology techniques are significantly reducing the costs of pharmaceuticals, such as the production of bear bile acid substitutes, which are now much more affordable and environmentally sustainable [4][5] Environmental Impact - Microbial protein production can replace the protein generated from traditional sources like soybeans and livestock, leading to a reduction of over 90% in land, water usage, and carbon emissions [3] - The production facility for fungal protein can replace the protein output of 10,000 cattle or 24 million chickens, showcasing its environmental advantages [3] Policy and Investment - The growth of the biological manufacturing industry is supported by targeted industrial policies and patient capital, which are crucial for scaling production and fostering innovation [5][6] - The Ministry of Industry and Information Technology (MIIT) is actively promoting the application of artificial intelligence in biological manufacturing and facilitating the transition from research to industrial application [7] Collaboration and Innovation - Successful innovation in the biological manufacturing sector requires collaboration between academia and industry, with a focus on integrating research outcomes into practical applications [6][7] - The establishment of innovation centers aims to bridge the gap between basic research and industrial implementation, facilitating the transfer of scientific achievements into market-ready products [7]

智通财经APP获悉，据港交所9月30日披露，安徽华恒生物科技股份有限公司(简称：华恒生物,688639.SH) 向港交所主板提交上市申请书，华泰国际为独家保荐人。 | [编纂]數目 | 扁纂]的[编纂]數目 : [编纂]股H股(視乎[编纂]行使與否而定) ： | [编纂]股H股(可予[编纂]) | | --- | --- | --- | | [编纂]數目 : | | [編纂]股H股(可予[編纂]及視乎[編纂]行使與 | | | | 否而定) | | 最高[编纂] : | | 每股[編纂][編纂]港元,另加1%經紀佣金、 | | | | 0.0027%證監會交易徵費、0.00565%聯交所 | | | | 交易費及0.00015%會財局交易徵費(須於申 | | | | 請時以港元繳足,多繳款項可予退還) | | 面值 : | | 每股H股人民幣1.00元 | 据招股书，作为全球合成生物技术的先行者，华恒生物专注于依托生物制造技术，开展生物基产品的研 发、规模化生产和商业化。该公司拥有前沿的研发实力、强大的技术创新能力、成熟的量产能力，致力于 将实验室技术成果转化为绿色、低碳及高性能的生物基产品及解决方案，满足新 ...

以下文章来源于MCR嘉世咨询 ，作者行业与企业研究部 产业链中，中游的乳品加工具备最强的议价能力和最高的价值，而上游奶源供应则面临利润挤压。目前，中国约10.5%的原料奶供应依赖进口大包粉补 充。在消费端，城乡人均消费量差距显著，农村居民的消费潜力尚待开发，为市场下沉提供了广阔空间。销售渠道仍以线下为主，占比达83%，但线上 渠道正逐步发力。 MCR嘉世咨询 . 专注于行业研究、企业研究、消费者研究 行业与企业研究部 梳理 & 撰写 & 编辑 中国乳制品行业正面临结构性调整，2024年销售额整体下滑3.1%，与快消品市场的普遍复苏形成对比。市场目前呈现伊利、蒙牛双寡头格局，两者合计 市场份额超过50%。从消费结构看，液体乳和奶粉是两大核心品类，分别占据44.0%和32.5%的消费份额。尽管市场规模预计将持续增长，但行业正努力 应对系统性的原奶产能过剩问题。 展望未来，行业机遇与挑战并存。餐饮、烘焙等B端市场对奶酪、黄油的需求增长，以及冷链物流的数智化升级为低温奶市场扩张提供了新机遇。然 而，行业也面临着饲料成本上涨、深加工技术瓶颈、乳制品"主粮"属性被削弱以及严重的产能过剩等多重挑战。 01. 乳制品行业：从 ...

(经济观察)中国生物制造进入产业化加速关键期 中新社湖南常德9月28日电 (记者 刘育英)作为中国着力培育的未来产业之一，当前生物制造领域正进入 技术突破和产业化加速的关键阶段。 在近日举行的2025中国生物制造科技创新论坛上，中国工程院院士、北京化工大学校长谭天伟介绍，生 物制造是以工业生物技术为核心，利用生物体，包括酶和微生物细胞，结合工程学的原理进行产品的规 模化生产。生物制造和酶、微生物等密切相关，可以横跨很多行业，在医药、农业、食品、化工、材料 中都可以得到应用。 据预测，到2050年全球生物制造有望创造30万亿美元的经济价值，占全球制造业的三分之一。谭天伟表 示，生物制造已经成为大国博弈的制高点，欧洲和美国都制定了相关的中长期发展战略规划。 2025年中国政府工作报告首次将生物制造作为未来产业。中国工业和信息化部消费品工业司司长何亚琼 表示，中国生物制造产业发展正稳健前行，产业总规模已达近万亿元(人民币，下同)，发酵产能占全球 70%以上，一批有竞争力的生物制造产业集聚区逐步成长壮大。 中国地方政府纷纷布局生物制造赛道。以湖南省常德市为例，2024年，该市35家合成生物制造企业实现 产值125亿元 ...

Core Viewpoint - The development of biomanufacturing is crucial for enhancing new productive forces in China, with the potential to account for one-third of global manufacturing output by the end of the century, creating a market worth $30 trillion [4]. Group 1: Biomanufacturing Industry Insights - Biomanufacturing is becoming a focal point in national strategic competition, with the U.S. aiming to replace 90% of traditional plastics with bio-based products within 20 years, and the EU implementing a carbon border adjustment mechanism by 2027 [4]. - The technology demonstrates significant potential in addressing resource and environmental challenges, such as using a 50 cubic meter bioreactor to produce artemisinin, which saves 30,000 acres of arable land [4]. - Each ton of bio-based plastic can reduce carbon dioxide emissions by 0.6 tons compared to traditional plastics, contributing to carbon neutrality goals [4]. Group 2: Applications and Innovations - Revolutionary breakthroughs in biomanufacturing are emerging, including the development of biological pheromones for precise pest control, which can replace high-residue pesticides [5]. - The cost of products like hyaluronic acid has significantly decreased due to biomanufacturing, and carbon dioxide is being explored as a third-generation raw material [5]. - The integration of artificial intelligence accelerates innovation, enabling the industrial production of scarce components like catechin from green tea [5]. Group 3: Challenges and Recommendations - Despite holding 70% of global fermentation capacity, the biomanufacturing industry in China faces challenges such as a lack of proprietary strains and limitations in core software tools [5]. - There is a call for enhanced top-level design to focus on cutting-edge areas like carbon dioxide bioconversion and future food manufacturing, aiming to address both green chemical alternatives and protein supply security [5].

新华社长沙9月26日电 题：产业规模近万亿元 中国生物制造如何竞逐"新蓝海"？ 新华社记者唐诗凝 大豆经生物酶转化，成为保健品市场的新宠；玉米变身燃料乙醇，助力减少航空业碳排放；利用基 因工程菌株生产的胰岛素，成为治疗糖尿病的有效手段……在我国，生物制造正成为产业创新发展 的"新赛道"。 "中国的生物制造产业总规模已接近1万亿元。"工业和信息化部消费品工业司司长何亚琼在2025中 国生物制造科技创新论坛上说，科技创新和产业创新融合发展，正带动一批有竞争力的生物制造产业集 聚区逐步成长壮大。 9月25日至26日，2025中国生物制造科技创新论坛在湖南常德举行。来自全国的知名专家、创新企 业家和投融资机构代表等齐聚一堂，共话生物制造领域新技术、新机遇。 生物制造是一种新兴的生产技术，通过生物过程来合成或加工产品，与传统的化学或物理制造方法 相比，具有绿色、高效、可再生等特点。 "生物制造是科技创新和产业创新融合发展的重要领域""生物制造具有引领'第四次工业革命'的潜 力"……论坛上，与会嘉宾们纷纷表示，伴随生物制造快速发展，不断迭代的技术创新对新产业、新模 式、新动能的催生带动作用显著增强。 慕恩广州（生物）科技 ...

Core Viewpoint - The biomanufacturing sector is recognized as a key engine for the new technological revolution and industrial transformation, with Changde aiming to establish itself as a national-level industrial cluster by 2025 [1][4]. Group 1: Industry Development - Changde has nurtured several biopharmaceutical companies, including YunGang Bio and LiEr Bio, with 35 core enterprises in synthetic biomanufacturing expected to achieve a production value exceeding 7.5 billion yuan by mid-2025 [1][4]. - YunGang Bio has developed a GMP-standard automated production line for extracting and synthesizing ursodeoxycholic acid from animal bile, achieving a conversion rate of over 99% and capturing more than one-third of the domestic market for its core product [2][3]. - Changde's synthetic biomanufacturing industry has shown significant growth, with a production value of 7.689 billion yuan as of July 2025, reflecting a year-on-year increase of 23.52% [3]. Group 2: Technological Innovation - The foundation of synthetic biology and biomanufacturing is held by companies like MuEn Bio, which has identified over 320,000 proprietary microbial strains, enabling high-throughput screening for bioactive microorganisms and their metabolites [2][3]. - MuEn Bio has established a comprehensive DREAM technology platform that covers the entire process from resource discovery to product development, enhancing its competitive edge in biomanufacturing [3]. Group 3: Ecosystem and Support - Changde is building a comprehensive industrial ecosystem with support from policies, talent acquisition, and financial backing, aiming to accelerate the transition from technological breakthroughs to large-scale implementation [4][5]. - The establishment of a 5 billion yuan biomanufacturing mother fund and a 1 billion yuan innovation guidance fund is part of Changde's strategy to inject "patient capital" into the biomanufacturing sector [4]. Group 4: Future Prospects - By 2028, Changde aims to achieve a production value of over 30 billion yuan in synthetic biomanufacturing and to cultivate more than 100 enterprises in the sector, including over 50 high-tech companies [6]. - The biomanufacturing industry in China has reached a total scale of nearly 1 trillion yuan, with fermentation capacity accounting for over 70% of the global market, indicating significant growth potential [5][6].

最新统计数据显示，目前我国的生物制造产业总规模已接近1万亿元，发酵产能占全世界70%以上，一批有竞争力的生物制造产业集聚区已经成长起来。 工业和信息化部消费品司司长 何亚琼：未来，新成果在应用场景方面的先行先试成果转化，是最需要突破的。各地要因地制宜发展生物制造，做好生物制 造顶层设计，做好生物制造政策的供给主要工作。 记者9月25日从工业和信息化部获悉，我国生物制造产业发展势头强劲，在全球产业格局中的竞争力持续领跑。 产业规模与产能优势的背后，是技术创新的持续驱动。近五年，我国主要生物制造企业专利申请量、授权量累计分别达13680项、9447项，占历史申请总量 的52.2%和63.8%，技术创新步伐显著加快。目前，我国生物制造产业在部分新兴领域已实现全球领先。 (责任编辑：王擎宇) ...

长丰县委副书记、县长李卫表示，下一步将加快建设概念验证、技术熟化、成果转化等平台，为先导区 持续导入创新企业、人才和前沿技术，全力打造生物技术创新策源地和产业新高地，加快推动生物制造 产业高质量发展。 （文章来源：人民日报） 为培育新质生产力、抢占未来产业竞争核心赛道，安徽以建设省级未来产业先导区作为破题关键。今年 2月揭牌成立的合肥生物制造省级未来产业先导区，其核心承载地长丰县，成为安徽探索生物制造发展 的"试验田"。 "先导区正着力构建'政策+平台+资本'三位一体保障体系，为项目快速落地与产业集群加速发展筑牢坚 实支撑。"长丰县发展改革委副主任杨斌表示，先导区通过成立省市县发展工作专班、建设一批创新平 台及组建安徽省首支生物制造产业基金，全力构建从基础研究到产业转化的完整链条。 在先导区政策红利与配套服务的赋能下，企业创新活力持续迸发。"我们在先导区内牵头建设人工智能 驱动生物制造研发及中试示范基地，重点解决从实验室小试到产业化的关键衔接问题。"安徽华恒生物 科技股份有限公司负责人刘忠诚介绍，依托先导区的良好环境，公司今年上半年研发投入达6867万元， 新增6项发明专利与3项实用新型专利，创新成果转化成效 ...