Group 1 - The new materials industry is experiencing growth opportunities driven by policy support and technological breakthroughs, particularly in biobased materials and synthetic biology [1] - The demand for electronic-grade polyphenylene oxide (PPO) is surging due to explosive growth in AI servers, leading domestic manufacturers to achieve technological breakthroughs and enter leading supply chains [1] - The domestic production of OLED materials is accelerating due to policy promotion and technological optimization, with full-size penetration speeding up [1] Group 2 - The New Materials 50 ETF (159761) tracks the New Materials Index (H30597), which reflects the overall performance of listed companies in high-performance composite materials and new metal materials sectors [2] - The index focuses on innovative and high-growth potential sub-sectors within the new materials industry, showcasing the investment value and development trends of the sector [2] - Investors without stock accounts can consider the Guotai Zhongzheng New Materials Theme ETF linked A (014908) and C (014909) for investment opportunities [2]

Core Insights - Astaxanthin is recognized as one of the strongest natural antioxidants, with activity exceeding that of vitamin E by over 500 times. It has significant health benefits including antioxidant, anti-cancer, cardiovascular protection, and immune enhancement, and is widely used in animal feed, health supplements, cosmetics, and medical formulations [1] - The global market for astaxanthin is substantial, with a value of $3.7 billion in 2022 and projected to reach $11 billion by 2032, reflecting a compound annual growth rate (CAGR) of 11.9%. It has received regulatory approvals in multiple countries including the EU, FDA, and China [1] - The primary natural sources of astaxanthin are Haematococcus pluvialis and Xanthophyllomyces dendrorhous, with the latter recognized for its advantages in industrial production [1] Summary by Sections Industrial Production Challenges - The low-temperature fermentation process (20-22°C) of Xanthophyllomyces dendrorhous has been a major bottleneck in the industrial production of astaxanthin, accounting for 30-50% of the total production energy consumption [3] Research Breakthroughs - A research team from Nanjing University of Technology has developed a mutant strain LX6 of Xanthophyllomyces dendrorhous that can efficiently synthesize astaxanthin at room temperature (25°C). This breakthrough lays the foundation for low-cost industrial production [3][5] - The mutant strain LX6 shows a 2.5-fold increase in biomass and a 6.1-fold increase in astaxanthin yield compared to the original strain, with astaxanthin content increasing by 2.5 times [5] Mechanism of Temperature Tolerance - The study provided a comprehensive analysis of the temperature tolerance mechanisms of the mutant strain LX6, revealing that it has a more intact cell structure and increased membrane fluidity due to a 2.8-fold increase in unsaturated fatty acids [7] - Significant changes in intracellular reactive oxygen species (ROS) levels, ATP, and NADPH concentrations were observed, providing sufficient energy supply and a favorable redox state for astaxanthin synthesis [7] Genetic Insights - Four core mutation genes were identified through comparative genomics: IDH2, HMGR, CRTYB, and FAD3, which enhance the astaxanthin synthesis pathway [8] - Molecular docking analysis indicated that mutations in HMGR and CRTYB lead to favorable conformational changes in their substrate binding pockets, significantly strengthening the astaxanthin synthesis pathway [8] Industrial Validation - The LX6 strain achieved a record production of 1120 mg/L of astaxanthin in a 200-L bioreactor using sweet sorghum juice as a substrate, with a production cost reduction of 34.2% [12] - This research not only created a milestone strain for high-yield astaxanthin production but also provides a technical reference for the energy-efficient and low-carbon industrial bio-manufacturing of high-value natural products [12]

Core Insights - The article emphasizes the significant potential of food biosynthesis technology in addressing global food supply issues, meeting health and nutrition demands, and tackling environmental challenges [1][3]. Group 1: Opportunities in Food Biosynthesis - Food biosynthesis, based on synthetic biology and precision fermentation, can alleviate food supply pressures and provide a solid foundation for green and sustainable food production, driving deep transformation in the food industry [1]. - Countries worldwide are prioritizing the development of food biosynthesis, with Japan and the U.S. implementing strategic plans to promote food innovation, and China highlighting biomanufacturing in its national development strategies [3]. Group 2: Typical Applications of Food Biosynthesis - Key application areas include: 1. New protein sources 2. Oils 3. Starch 4. Food ingredients [4]. Group 3: Challenges in Food Biosynthesis - The design and efficient synthesis of new proteins are critical, requiring research in strain design, fermentation optimization, and food processing to create balanced and digestible alternative proteins [5]. - Establishing pathways for the biosynthesis of functional oils and developing efficient extraction and purification technologies are necessary for advancing new functional oil products [6]. - There is a need for innovative metabolic engineering or enzymatic synthesis pathways for new food functional ingredients to meet rising consumer demands for flavor and health attributes [7]. - Addressing the challenges in the biosynthesis of nutrients like vitamins and amino acids involves optimizing metabolic pathways and developing high-performance cell factories [8]. - Food biosynthesis also faces regulatory and safety challenges, necessitating the evolution of global regulatory frameworks to ensure safety while supporting industry growth [8]. Group 4: Summary and Outlook - The field of biomanufacturing, particularly through synthetic biology and precision fermentation, is entering a period of rapid development, providing essential technological support for addressing food manufacturing challenges [9]. - Significant progress has been made in the biosynthesis of new proteins, oils, starch, food ingredients, and nutrients, but challenges remain in various aspects of research and application [10]. - Future research directions include integrating AI with food biosynthesis technologies to create intelligent cell factories, expanding the range of synthetic products, and enhancing synthesis efficiency [10].

Core Insights - The Chinese biomanufacturing industry is projected to reach a scale of 1.01 trillion yuan in 2024, with a year-on-year growth of 15.4%. By 2030, the industry is expected to exceed 2.5 trillion yuan, with a compound annual growth rate of 16.8% [1]. Group 1: Industry Overview - The DT New Materials Research Institute has been actively monitoring and supporting the progress and innovation in the synthetic biology sector since the release of the "China Synthetic Biology Industry Map (2023)" which includes over 300 listed companies [1]. - The upcoming "4th Synthetic Biology and Green Biomanufacturing Conference (SynbioCon 2025)" will take place from August 20-22 in Ningbo, Zhejiang, where the "China Synthetic Biology Industry Distribution Map (2025 Edition)" will be announced, featuring over 500 representative biomanufacturing companies and their product information [1][9]. Group 2: Event Details - The conference will focus on five key areas: AI + Biomanufacturing, Green Chemistry and New Materials, Future Food, Future Agriculture, and Beauty Raw Materials, inviting industry leaders, experts, and various stakeholders to explore trends in biomanufacturing development during the 14th Five-Year Plan [9]. - Participants at the conference can receive a free copy of the industry map valued at 499 yuan, and eligible biomanufacturing companies can register to be included in the map [6][10].

Investment Rating - The report does not explicitly state an investment rating for the synthetic biology industry Core Insights - The synthetic biology sector is experiencing a global biotechnology revolution, providing innovative solutions to major challenges such as health, climate change, resource security, and food security. The National Development and Reform Commission has issued the "14th Five-Year Plan for the Development of the Bioeconomy," indicating a trillion-yuan market potential in the bioeconomy [4][5] Market Performance - The Huazhong Synthetic Biology Index rose by 14.49% to 1709.48 during the week of July 14-18, 2025, outperforming the Shanghai Composite Index by 13.8 percentage points and the ChiNext Index by 11.32 percentage points [5][18] - The overall performance of synthetic biology stocks was strong, with the top six performing companies being all from the pharmaceutical sector, including Kanghong Pharmaceutical (+22%) and Zhejiang Zhenyuan (+19%) [20][23] Company Developments - China National Pharmaceutical invested approximately 6.8 billion yuan to acquire 95.09% of Lixin Pharmaceutical, enhancing its R&D capabilities in oncology [26] - New Fengming invested 100 million yuan in Hefei Lifeng Biotechnology to promote the industrialization of bio-based polyester PEF [26] - Sichuan Huanlong Ecological Technology received approval for a 1.5 billion yuan bamboo fiber project, expected to produce 250,000 tons of bleached bamboo pulp annually [27] - Cargill and HELM AG launched the world's largest bio-based BDO project in Iowa, with an investment of 300 million USD, showcasing the potential of bio-based materials in the chemical industry [29] Industry Financing - The synthetic biology sector has seen accelerated financing, with nearly 100 companies completing new funding rounds in 2025. Notable examples include Tuoxin Tiancheng, which raised nearly 40 million USD for T-cell immunotherapy product development [35] - Illimis Therapeutics completed a 58 billion KRW (approximately 42 million USD) B round financing to advance its Alzheimer's disease candidate [35] Research and Development - Fuhong Hanlin announced the completion of the first patient dosing of its innovative HER2 antibody HLX22 in the US, marking a significant milestone in cancer treatment [39] - He Yuan Biotechnology's plant-derived recombinant human serum albumin received approval, representing a breakthrough in the field of plant-based recombinant protein drugs [39]

Core Viewpoint - Muyuan Foods Co., Ltd. is redefining the global competitiveness of China's livestock industry through a series of technological innovations, including independent breeding systems and synthetic biology to alleviate "soybean meal anxiety" [1][2] Group 1: Independent Breeding - China is the world's largest pork consumer, making pig breeding crucial for stabilizing meat supply [3] - Muyuan has focused on pig breeding since 1998, achieving significant breakthroughs in growth speed and litter size, with pig output increasing from 1.859 million in 2014 to approximately 71 million in 2024 [4] - The company has adopted a revolutionary two-way breeding system that eliminates the need for expensive grandparent pigs, significantly improving breeding efficiency and reducing costs [4] Group 2: Cost Reduction - The feed cost constitutes about 60% of total costs in pig farming, with soybean meal accounting for approximately 13% of feed [6] - To reduce reliance on imported soybeans, Muyuan has partnered with West Lake University and Element Driven (Hangzhou) Biotechnology to create a platform for producing amino acids through synthetic biology, with an annual production capacity of 30,000 tons [6][7] - The company has reduced the proportion of soybean meal in its feed to 7.3% in 2024, well below the industry average, and aims to achieve "soybean-free" farming [7] Group 3: Smart Technology Application - Muyuan has reduced its total pig farming costs from 13.1 yuan/kg at the beginning of the year to 12.1 yuan/kg by June, with future targets aiming for costs as low as 10 yuan/kg [9] - The company employs smart technologies such as IoT, AI, big data, and cloud computing for environmental control, precise feeding, and health monitoring in pig farming [10][11] - In 2024, Muyuan signed a strategic cooperation agreement with BAF Vietnam Agricultural Joint Stock Company, marking its first step into overseas markets [11][12]

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].

Core Insights - The third-generation biorefining technology aims to utilize one-carbon molecules and renewable energy for "negative carbon" production of fuels and chemicals, addressing climate change and food shortages [1] - Acetic acid, derived from syngas fermentation, is increasingly recognized as a viable non-food carbon source in the biosynthesis of bulk chemicals [1] - 3-Hydroxypropionic acid (3-HP) is a renewable bulk chemical with a projected market size exceeding 3.6 million tons per year and a value surpassing $10 billion annually [1] Summary by Sections - **Engineering Achievements**: A research team from East China University of Science and Technology successfully constructed an engineered E. coli strain (ZWR18(MDA)) that synthesizes 3-HP from acetic acid via the propanoyl-CoA pathway, achieving a yield of 5.53 g/L and a conversion rate of 0.732 g/g, which is 97.60% of the theoretical yield [2][6] - **Cell-Catalyzed Production**: Under whole-cell catalysis conditions, the engineered strain can produce 23.89 g/L of 3-HP with a yield of 0.734 g/g, reaching 97.87% of the theoretical yield. When using acetic acid sourced from syngas, the strain still achieves 18.87 g/L of 3-HP with a yield of 0.58 g/g [2][6] - **Metabolic Pathway Insights**: The study outlines the metabolic pathway for converting acetic acid to 3-HP, highlighting the competition between fatty acid synthesis and 3-HP synthesis for propanoyl-CoA. The transcription factor FadR plays a crucial role in fatty acid metabolism, and the use of the antifungal antibiotic can further direct carbon flow towards 3-HP production [5][6] - **Publication Reference**: The research findings were published in "ACS Synthetic Biology" under the title "High-Yield Biosynthesis of 3‑Hydroxypropionic Acid from Acetate in Metabolically Engineered Escherichia coli" [3]

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]

Core Viewpoint - The company, Jia Bi You, is expected to achieve significant revenue and profit growth in the first half of 2025, driven by increased sales of its core products and the recent approval of its product, N-acetylneuraminic acid, for use in cosmetics and food [1][4][5]. Financial Performance - Jia Bi You anticipates a revenue of approximately 307 million yuan for the first half of 2025, representing a year-on-year increase of about 17.59% [1][2]. - The company expects a net profit attributable to shareholders of around 107 million yuan, reflecting a growth of 57.61% compared to the same period in 2024 [1][2]. - In the first quarter of 2025, Jia Bi You reported a revenue of 156 million yuan, a year-on-year increase of 33.28%, and a net profit of approximately 44.99 million yuan, up 85.07% year-on-year [2][3]. Product Development and Market Position - The increase in revenue is primarily attributed to higher sales of core products ARA and DHA, along with improved production efficiency and optimized product and customer structures [3]. - Jia Bi You's gross margin for 2024 was 43.61%, an increase of 1.22 percentage points year-on-year, while the net profit margin was 21.62%, up 2.16 percentage points from the previous year [2]. Regulatory Approval and Market Expansion - N-acetylneuraminic acid, a product of Jia Bi You's subsidiary, Zhongke Guanggu, has been officially included in the cosmetics raw material directory, marking a significant regulatory milestone [4][5]. - This approval allows Jia Bi You to leverage its technological advantages in synthetic biology to innovate within the health and beauty sectors, potentially leading to new trends in the industry [5]. - The company is also advancing its capabilities through the acquisition of Ouyi Biotechnology, aiming to enhance its technical service offerings and create an integrated service platform [5].