Industry Overview - The chemical sector's overall performance ranked 13th this week (2025/11/24-2025/11/28) with a change of 2.98%, positioned in the upper-middle of the market. The Shanghai Composite Index rose by 1.40%, while the ChiNext Index increased by 4.54%. The Shenwan Chemical sector outperformed the Shanghai Composite by 1.58 percentage points but underperformed the ChiNext by 1.56 percentage points [1]. Key Insights - The chemical industry is expected to continue its trend of divergence in 2025, with recommendations to focus on synthetic biology, pesticides, chromatography media, sweeteners, vitamins, light hydrocarbon chemicals, COC polymers, and MDI [1]. Synthetic Biology - A pivotal moment for synthetic biology is anticipated, driven by energy structure adjustments. Traditional chemical companies will face competition based on energy consumption and carbon tax costs. Companies that adopt green energy alternatives and leverage integrated and scaled advantages are likely to reduce energy costs and expand into larger overseas markets. The demand for bio-based materials is expected to surge, leading to potential profitability and valuation increases. Key companies to watch include Kasei Bio and Huaheng Bio [1]. Refrigerants - The implementation of quota policies is expected to usher in a high-growth cycle for third-generation refrigerants. Starting in 2024, the supply of these refrigerants will enter a "quota + continuous reduction" phase, while second-generation refrigerants will be phased out more rapidly. The demand for refrigerants is projected to grow steadily due to the development of heat pumps, cold chain markets, and the expansion of the air conditioning market in Southeast Asia. Companies with high quota shares, such as Juhua Co., Sanmei Co., Haohua Technology, and Yonghe Co., are expected to benefit significantly [2]. Electronic Specialty Gases - Electronic specialty gases are critical to the electronics industry and represent a core component of domestic industrialization. The domestic market is experiencing rapid upgrades in wafer manufacturing, but there is a mismatch with the fragmented and insufficient capacity of high-end electronic specialty gases. Companies that establish high-end capacity and possess substantial technical reserves are likely to seize opportunities for growth. Demand is driven by integrated circuits, displays, and photovoltaics. Key players include Jinhong Gas, Huate Gas, and China Shipbuilding Gas [3]. Light Hydrocarbon Chemicals - The trend towards light raw materials in the global olefin industry has been significant over the past decade, with a shift from heavy naphtha to lighter low-carbon alkanes like ethane and propane. This transition is characterized by shorter processes, higher yields, and lower costs. Light hydrocarbon chemicals also align with global low-carbon and energy-saving initiatives. Companies in this sector, such as Satellite Chemical, are expected to see their values reassessed [4]. COC Polymers - The industrialization of COC/COP (cyclic olefin copolymer) is accelerating in China, driven by domestic companies achieving breakthroughs after years of R&D. The shift of downstream industries, such as consumer electronics and new energy vehicles, to domestic sources is increasing the demand for these materials. The market is currently constrained by high prices, but domestic companies are expected to break through and expand market space. Key company to watch is Acolyte [5]. Potash Fertilizers - Potash fertilizer prices are expected to rebound as the industry enters a destocking cycle. Canpotex has withdrawn new quotes, and Nutrien has announced production cuts, leading to a short-term decline in supply. The termination of the Black Sea Grain Export Agreement has increased the prices of wheat and corn, boosting the demand for potash fertilizers. Companies like Yara International, Salt Lake Potash, and Zangge Mining are positioned to benefit from this trend [6]. MDI Market - The MDI market is characterized by oligopoly, with demand steadily improving due to the expansion of polyurethane applications. The global MDI production capacity is concentrated among five major chemical giants, which account for 90.85% of total capacity. Despite current price fluctuations, MDI remains a high-margin product. Companies like Wanhua Chemical are expected to benefit from a favorable supply structure as demand recovers [7]. Price Tracking - The top five price increases this week included methanol (East China) at 6.27%, NYMEX natural gas (futures) at 5.90%, and caprolactam (East China CPL) at 5.49%. The top five price decreases included liquid chlorine (East China) at -7.82% and propylene oxide (East China) at -5.85% [8]. Supply Side Tracking - This week, 168 chemical enterprises had their production capacities affected, with 9 new repairs and 3 restarts reported [9].

Core Insights - The sixth Biomanufacturing Industry Conference was held in Shenzhen, showcasing China's strength in biomanufacturing and innovation density in the region [2][4] - The conference revealed the "Top Ten New Products" for 2025, covering various fields such as pharmaceuticals, materials, and consumer goods, highlighting the market potential of synthetic biology technology [5] Regulatory Developments - Shenzhen's new legislation, "Regulations on Promoting Innovation and Development of the Synthetic Biology Industry," aims to shorten product pre-testing cycles and reduce production costs for enterprises [3] - The legislation is designed to address the actual needs of the synthetic biology industry and improve the business environment [3] Industry Collaboration - The conference emphasized the importance of collaborative innovation within the Guangdong-Hong Kong-Macao Greater Bay Area, leveraging Hong Kong's advantages in international standards and cross-border financial services [3] - The establishment of the National Biomanufacturing Industry Innovation Center marks a significant step in integrating technology and industry innovation [5] Achievements and Statistics - Shenzhen has over 400 biomanufacturing companies, with 160 new firms established in the last three years, 80% of which chose the Guangming Science City as their location [4] - The city leads the nation in patent applications for biomanufacturing, indicating a high density of industry resources [5] New Initiatives - The DIKI Biomanufacturing Industry Intelligent Analysis Platform was launched, providing a comprehensive data set for government and business decision-making [5] - The conference also featured thematic forums exploring diverse technological routes and business models in biomanufacturing [6]

Core Insights - The Shenzhen Innovation and Entrepreneurship Competition concluded its ninth international finals, showcasing 21 top innovative projects from seven major industries, with "Sifeng Photon: Silicon Photonics Innovation for Artificial Intelligence" winning the championship due to its disruptive technology and promising market potential [2][3]. Group 1: Event Overview - The competition was organized by the Shenzhen Municipal Government and aimed to foster international collaboration and innovation opportunities, aligning with Shenzhen's "20+8" industrial cluster strategy [2][4]. - A total of 89 projects have signed intention agreements with various districts in Shenzhen, indicating early success in connecting innovative projects with local industrial needs [2]. Group 2: Judging and Evaluation - The judging panel included top experts from academia, investment, and industry, ensuring a comprehensive evaluation of the projects based on team background, innovation capability, technology products, business models, industry prospects, and compatibility with Shenzhen [4][5]. - The competition format involved an "8+7" model, consisting of 8 minutes for project presentations followed by 7 minutes of Q&A, allowing for rigorous assessment of the projects [5]. Group 3: Project Quality and Participation - Nearly 3,000 projects were registered for this year's competition, with over 3,000 overseas talents participating, of which 49% were PhD holders and 81% held master's or doctoral degrees combined [6]. - The participating projects collectively held 761 patents and 194 software copyrights, covering cutting-edge fields such as artificial intelligence, quantum computing, synthetic biology, and deep-sea technology [6]. Group 4: Market Integration and Future Prospects - An "interactive invitation segment" was introduced to enhance industry coupling efficiency, allowing observers from investment institutions and enterprises to engage directly with promising projects [6]. - The competition has established a prize pool exceeding 8 million yuan, attracting over 50 well-known venture capital institutions to provide comprehensive capital support for the participating projects [6]. Group 5: Successful Project Integration - The competition served as a platform for projects to connect with the Chinese market, with several projects already committing to establish operations in Shenzhen, such as the AI electronic medical record system from the UK and the NeweraBIO project from Australia [7][8]. - Since its inception in 2016, the competition has attracted 23,000 global innovators, becoming a significant brand for gathering international innovation resources and supporting Shenzhen's urban development [9].

Group 1 - The Shenzhen Innovation and Entrepreneurship Competition concluded its ninth international finals, showcasing 21 top innovative projects from seven major industries, with "Sifai Photon: Silicon Photonics Innovation for Artificial Intelligence" winning the championship due to its disruptive technology and mature business model [2] - The competition aimed to align with Shenzhen's "20+8" industrial cluster layout, focusing on new-generation electronic information, digital and fashion, high-end equipment manufacturing, green and low-carbon, new materials, biomedicine and health, and marine economy [2][6] - A total of 89 projects have signed intention agreements with various districts in Shenzhen, indicating early success in connecting innovative projects with local industrial needs [2][7] Group 2 - The competition is organized by the Shenzhen Municipal Government and aims to attract global innovative talents, with a significant presence of international participants, including over 60% foreign competitors [6] - The event featured a high-caliber judging panel, including experts from top universities and investment institutions, ensuring the authority and fairness of the evaluation process [4][5] - The competition attracted nearly 3,000 projects and over 3,000 overseas talents, with 49% holding doctoral degrees, showcasing the high quality of participants [6] Group 3 - The final competition adopted an "8+7" format, allowing 8 minutes for project presentations followed by 7 minutes of Q&A, rigorously assessing technical innovation, business models, and team capabilities [5] - An "interactive invitation segment" was introduced to facilitate direct connections between investors and promising projects, enhancing the efficiency of industry coupling [5] - The competition has a prize pool exceeding 8 million yuan, attracting over 50 well-known venture capital institutions to support participating projects [6] Group 4 - The competition serves as a platform for projects to connect with the Chinese market, with several projects already establishing partnerships in Shenzhen, such as the "KenBridge AI" project and the "New Generation Smart Electric Surfboard" project [8] - Since its inception in 2016, the competition has attracted 23,000 global innovators, becoming a significant brand for gathering international innovation resources and serving Shenzhen's development [9] - Many projects from the competition have evolved into "National High-tech Enterprises" and "Specialized and New Enterprises," illustrating the deep integration of innovation and global wisdom in Shenzhen [9]

Group 1: Production Capacity and Operations - The company's isooctanol production capacity is currently operating at full load [2] - The design capacity for propylene is approximately 480,000 tons per year [2] - The company has completed full payment of the consumption tax and expects minimal impact on future performance [2] Group 2: Strategic Acquisitions and Market Position - The acquisition of DIC patents by the subsidiary Chengzhi Yonghua enhances the company's patent layout in the liquid crystal business, strengthening its industry position [2] - The company holds a leading market share in the mixed liquid crystal sector domestically [2] Group 3: IPO and Development Initiatives - Chengzhi Yonghua is actively preparing for its IPO, focusing on legal, business, and financial compliance while maintaining communication with regulatory bodies [3] - The company is advancing its synthetic biology projects in collaboration with a research team, expanding its capabilities in the biomanufacturing sector [3] Group 4: Shareholder Structure and Future Plans - The recent transfer of 100% equity of Qingdao Haikong Investment Holdings by the indirect controlling shareholder will not affect the company's control structure or operations [3] - There are currently no plans for major shareholder increases or employee stock ownership plans, but the company will disclose any significant developments as required [3]

济宁高新区党工委书记、管委会主任王亚栋告诉记者，该区已高标准规划建设合成生物产业园，设立产 业发展基金，重点支持菌种创制、发酵工艺等核心环节攻关，通过构建"技术研发—场景应用—产业落 地"的闭环生态，聚力打造合成生物产业核心承载区与技术应用高地。 布局新赛道，济宁高新区的产业基础早已为合成生物的生根发芽备好了肥沃的土壤。作为国家级生物技 术产业基地，这里集聚了鲁抗医药、核芯医药、辰欣药业等一批龙头企业，逐步构建起从研发创新到规 模化制造的完整产业链。同时，先天的交通物流优势让产业发展如虎添翼。济宁高新保税物流中心 以"一站式通关、一体化监管"高效服务，进口环节支持企业将货物暂存中心、延缓缴纳关税等相关税费 并按需分批提货，出口环节允许企业在高新区完成报关、查验等流程，货物存入即视同出口，便捷享受 退税政策，大幅降低企业物流与时间成本。 11月25日，"智汇合成 驱动未来"合成生物产业发展交流会在济宁高新区举办，行业目光聚焦这片合成 生物产业的新兴之地。作为参会嘉宾，中国工程院院士、南京师范大学副校长黄和现场带来专题报告， 结合自身研究领域指出，合成生物学以微生物资源开发利用为核心，通过代谢工程调控与微生物改造 ...

新华财经长沙12月2日电（记者常竣斐）"十五五"规划建议提出，推动量子科技、生物制造、氢能和核 聚变能、脑机接口、具身智能、第六代移动通信等成为新的经济增长点。记者在12月1日举办的津市市 院士专家咨询委员会第三次会议暨生物制造产业创新大会上观察到，湖南津市已聚集27家生物制造核心 企业，可生产200多种高端合成生物产品，科创企业涌入，生物制造产业正加速转型升级。 慕恩（广州）生物科技有限公司2018年入选了津市市政府与广州越秀基金以"政府+基金"联合投资方式 开展的企业"育苗计划"，2020年签约落户津市后成立湖南慕恩生物科技有限公司。目前已搭建起从发现 微生物、筛选微生物、改造微生物到应用微生物的完整微生物组产业化技术体系，并成长为国际领先的 微生物组平台型技术公司，建成超32万株微生物菌种资源库。 据介绍，津市坚持"飞地研发+津市制造"，构建"科创平台—中试基地—加速工厂—产业园区"生物制造 全链条孵化体系。2023年，湖南生物制造中试基地有限公司成立，可协助企业完成氨基酸类产品、维生 素类产品和化妆类产品的中试试验，最多可同时为5个科研团队完成产品验证，今年11月入围了工信部 公示的首批生物制造中试能 ...

事实上，将时间拉长，在今年1-11月中，获得投融资的美妆企业/品牌也不足2成，大量的热钱均流向了美妆原料上游企业。这背后折射出怎样的行业变 化？ 美妆投融资，品牌商受冷 据青眼不完全统计，今年1-11月，国内化妆品相关领域共发生了71起投融资、收并购事件。而从被投资的品牌/企业的类型来看，数量最多的即是原料企 业，共有43起，占比超过60.6%。这充分说明，化妆品上游原料成为了资本市场争相加码的赛道。 美妆品牌不"香"了。 近日，欧莱雅集团对中国纯净护肤品牌LAN兰进行少数股权投资一事，在业内引发了广泛的关注。然而，这也是上月唯一一家已公开的美妆品牌融资案 例，其余获投企业均为上游原料公司，上周刚刚官宣获得A+轮投资的巨微生物，也是一家合成生物原料制造商。 与美妆上游企业备受资本青睐有所不同的是，今年以来，国内美妆品牌商获投的现象则稍显冷清。在上述梳理的71起投融资、收并购事件中，仅有14个美 妆品牌商，占比不足两成。 | 品牌/食物 | 轻次 | | Hose T | | --- | --- | --- | --- | | 2023年 롭溢 个护品牌 | 种子轮 | 100万元 | 未披露 | | 香夏 南 ...

上海寶濟藥業股份有限公司 Shanghai Bao Pharmaceuticals Co., Ltd. 股份代號 : 2659 （於中華人民共和國成立的股份有限公司） 全球發售 聯席保薦人、整體協調人、聯席全球協調人、 聯席賬簿管理人及聯席牽頭經辦人 重要提示 重要提示：倘 閣下對本招股章程的任何內容有任何疑問，應尋求專業獨立意見。 Shanghai Bao Pharmaceuticals Co., Ltd. 上海寶濟藥業股份有限公司 （於中華人民共和國成立的股份有限公司） 全球發售 香港交易及結算所有限公司、香港聯合交易所有限公司及香港中央結算有限公司對本招股章程的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明 確表示，概不就因本招股章程全部或任何部分內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 本招股章程副本連同附錄八「送呈香港公司註冊處處長及展示文件」所列的文件已遵照香港法例第32章公司（清盤及雜項條文）條例第342C條的規定送呈香港公 司註冊處處長登記。證券及期貨事務監察委員會及香港公司註冊處處長對本招股章程或上述任何其他文件的內容概不負責。 發售價將為每股發售股份26.38港元。 ...

当前，全球生物医药产业正处于一个深刻的结构性转型期。一方面，以PD-1、ADC和CAR-T为代表的 创新浪潮已迈入红海竞争，市场对新靶点、未被满足临床需求的期待空前高涨；另一方面，资本市场对 创新药企的估值逻辑正在从过去的"唯研发投入论"转向"唯临床价值与商业场景论"。 当全球生物医药行业面临结构性调整，市场对尚未盈利的18A企业提出了更高的要求，即证明其结构性 价值和穿越周期的能力。在此背景下，宝济药业凭借其独特的、多层次的差异化的战略定位——全球领 先的"先进生物制造规模产业化+创新研发"双轮驱动的18A生物科技公司——加速冲刺香港联交所聆 讯。 目前，公司的创新体系基于"药物设计、临床转化、生物制造"的一体化全产业链布局。其中，"药物设 计"和"临床转化"带来具有真实临床需求的创新性蛋白药物，"生物制造"提供了质量保证、成本可控的 工业化底盘能力。而公司的核心价值，则集中体现在两大革命性平台：一是代表在器官移植和急性自身 免疫疾病领域带来临床突破的全球首款低预存抗体IgG降解酶（KJ103）；二是代表药物递送和商业模 式变革的大容量皮下给药平台透明质酸酶（KJ017），后者通过"全方位开放合作"模式，实 ...