Investment Rating - The industry investment rating is "Overweight" [1] Core Insights - The prospects for biomanufacturing are broad, contributing to industrial upgrades. Biomanufacturing, centered on industrial biotechnology, utilizes enzymes and microbial cells in the processing of target products, including bio-based materials, chemicals, and bioenergy. Synthetic biology plays a crucial role as a platform technology in biomanufacturing. The global synthetic biology market is expected to maintain rapid growth, reaching nearly $50 billion by 2028 [3][4][22]. - Technological breakthroughs combined with policy support are driving the synthetic biology industry forward. Factors such as reduced costs of gene synthesis and sequencing, along with advancements in efficient gene editing technologies, provide a solid technical foundation for the rapid development of synthetic biology. Governments worldwide are increasingly prioritizing the development of synthetic biology, with various supportive policies being introduced [4][28]. - Synthetic biology is reshaping industrial models, offering more efficient and environmentally friendly synthesis solutions. It addresses issues associated with traditional chemical synthesis and natural extraction methods, such as high costs, limited yields, and environmental pollution. With breakthroughs in gene editing, enzyme engineering, and metabolic engineering, synthetic biology not only reduces drug production costs but also enhances capacity, enabling large-scale industrial production [4][5]. Summary by Sections Industry Overview - Biomanufacturing is defined as the processing of target products using industrial biotechnology, involving enzymes and microbial cells. Synthetic biology is a key platform technology in this field, enabling the design and construction of biological systems for various applications [13][14]. Policy Support and Technological Breakthroughs - The development of synthetic biology is supported by various policies and technological advancements. Governments are investing in funding, technology, and talent development to foster innovation and industrialization in this field [28][29]. - Major countries are establishing synthetic biology research centers and networks, with the UK and the US leading in policy initiatives to promote synthetic biology [29][30]. Synthetic Biology's Impact on Industrial Models - Synthetic biology is transforming production methods, achieving tasks that traditional biotechnologies cannot, while providing more efficient and eco-friendly synthesis options. This shift is crucial for addressing environmental challenges and enhancing production efficiency [4][5]. Investment Recommendations - Companies to watch include Chuan Ning Biological, Kingfisher Biotech, Kylin Biotech, and Huaxi Biological, which are positioned to benefit from the growth in synthetic biology [5].

Investment Rating - The industry investment rating is "Overweight" [1] Core Insights - The bio-manufacturing sector has vast potential and is poised to drive a new wave of industrial revolution, leveraging industrial biotechnology to produce bio-based materials, chemicals, and bioenergy [3][4] - The global synthetic biology market is expected to maintain rapid growth, projected to approach $50 billion by 2028, with a compound annual growth rate (CAGR) of approximately 24% from 2023 to 2028 [22][24] - Technological breakthroughs and policy support are driving the synthetic biology industry forward, with significant advancements in gene synthesis, sequencing, and editing technologies [4][37] Summary by Sections Industry Overview - Bio-manufacturing utilizes industrial biotechnology, enzymes, and microbial cells, playing a crucial role in producing bio-based materials and chemicals [13] - Synthetic biology is a design-driven science that re-engineers biological systems for useful purposes, with applications across various sectors including healthcare, agriculture, and chemicals [13][22] Policy Support and Technological Breakthroughs - Governments worldwide are increasingly prioritizing synthetic biology, with strategic plans and funding initiatives to support its development [28][29] - The reduction in costs for gene synthesis and sequencing technologies has laid a solid foundation for the rapid advancement of synthetic biology [37] Synthetic Biology Reshaping Industry Models - Synthetic biology is transforming production models, offering more efficient and environmentally friendly synthesis solutions compared to traditional methods [4][22] - The industry is expected to significantly reduce carbon emissions, with estimates suggesting a reduction of 1 to 2.5 billion tons of CO2 annually by 2030 through industrial biotechnology [4] Related Companies - Companies to watch include Chuan Ning Bio, Kingfisher Biotech, and Kailai Ying, which are positioned to benefit from advancements in synthetic biology [5] Investment Recommendations - The report suggests focusing on companies like Chuan Ning Bio, Kingfisher Biotech, and others that are leveraging synthetic biology for growth [5]

Steel Industry - The Ministry of Industry and Information Technology revised the "Steel Industry Normative Conditions (2025 Edition)", which includes a two-tier evaluation for steel enterprises: "Standard Enterprises" and "Leading Standard Enterprises" [3] - Under the broader policy goal of "supply-side better adapting to demand changes", the profitability of the steel sector is expected to recover to historical average levels, and the price-to-book (PB) ratio of steel stocks is likely to improve accordingly [3] Oil and Chemical Industry - On March 3, OPEC+ decided to increase production, raising concerns about the supply side of crude oil, leading to a drop in oil prices [4] - As of March 7, Brent and WTI crude oil futures prices were reported at $70.45 and $67.05 per barrel, reflecting declines of 3.6% and 4.1% respectively from the previous week [4] Agriculture, Forestry, Animal Husbandry, and Fishery - As of March 7, the average price of external three-yuan live pigs was 14.50 yuan/kg, remaining stable week-on-week, while the average price of 15 kg piglets decreased by 0.76% to 32.76 yuan/kg [5] - The average weight of commodity pigs for slaughter was 127.06 kg, showing a week-on-week increase of 0.54 kg, and the cold storage capacity of slaughterhouses rose by 0.50 percentage points to 13.32% [5] Coal Mining Industry - The coal price has stabilized after a decline, supported by strong long-term contract mechanisms [6][7] - The coal industry associations have issued a proposal to control production, indicating their commitment to maintaining the long-term contract system [7] Electric Power and Environmental Protection - The report suggests a balanced allocation among lithium batteries, power grids, and wind power to mitigate volatility in humanoid robots and computing power sectors [8] - The lithium battery sector is entering a peak production season with stable fundamentals, while high-pressure lithium iron phosphate, copper foil, and fast-charging anodes are expected to see price increases [8] Automotive Industry - The focus on automotive intelligence was highlighted during the National People's Congress, with expectations for significant growth in electric vehicle consumption in 2025 [9] - The release of new car models is anticipated to boost consumer demand, and the impact of potential escalations in US-China tariff conflicts on export component companies is under observation [9] Technology Industry - A significant number of computing power leasing orders have been announced, and policies related to robotics are being released [10] - The government work report mentioned key technology areas such as commercial aerospace, low-altitude economy, and quantum technology, indicating a focus on advanced technological development [10]

国家创业投资引导基金。 作者 I 周佳丽 王露 报道 I 投资界PEdaily 振奋一幕来了。 今天（3月6日），国家发展改革委主任郑栅洁在全国两会经济主题记者会上透露，国家 正在推动设立国家创业投资引导基金—— 聚焦人工智能、量子科技、氢能储能等前沿领域，吸引带动地方、社会资本近 1 万亿元， 基金存续期达到 2 0 年。 "航母级"引导基金即将诞生，这无疑给创投行业带来难得的活水。 "创业投资的特殊作用和战略位置得到了前所未有的重视。"一位创投大佬感叹。冬去春 来，中国一级市场是时候向上走一走了。 1万亿元 巨无霸母基金正式宣布 今年《政府工作报告》中提到的生物制造、具身智能、6G等，也均在投资领域之内。 郑栅洁表示，要聚焦硬科技，坚持长周期，提高容错率，通过市场化的方式投向科技型的 企业。同时完善并购重组、份额转让等政策，鼓励发展并购基金等。畅通创业投资的退出 渠道，更大力度吸引社会资本参与创业的投资，实现技术链、产业链、供应链的市场化重 构。 值得注意的是，基金存续期达到20年，这意味着较一般的股权投资基金更长。 要知道，科技创新项目转化周期长，从实验室成果到产品商业化，往往需要历经多年甚至 数十年的 ...

Core Viewpoint - The government work report emphasizes a stable yet progressive economic approach, maintaining a GDP growth target of around 5% and a budget deficit target of approximately 4%, indicating a proactive fiscal policy and a moderately loose monetary policy aimed at promoting the healthy development of the real estate and stock markets [2][3]. Group 1: Economic Policy - The fiscal policy is set to be more aggressive, with a total new government debt scale of 11.86 trillion yuan, an increase of 2.9 trillion yuan from the previous year [2]. - The monetary policy will focus on optimizing tools to support the real estate and stock markets [2]. - The budget deficit target of around 4% is a record high, with specific allocations for long-term special bonds and local special bonds being raised [2]. Group 2: Domestic Demand Expansion - The primary task for 2025 is to expand domestic demand, particularly addressing the consumption shortfall [2]. - Key measures include issuing 300 billion yuan in ultra-long special bonds for "old-for-new" exchanges and promoting new types of consumption in digital, green, and intelligent sectors [2]. Group 3: Technological Development - The focus on new productive forces emphasizes the digital economy and advanced manufacturing, with new industry priorities including biomanufacturing, quantum technology, embodied intelligence, and 6G [3]. - The report highlights the importance of digital transformation and the cultivation of digital service providers [3]. Group 4: Capital Market Reform - The report outlines reforms aimed at increasing medium- and long-term capital inflows into the market, along with optimizing IPO and merger and acquisition processes [3]. Group 5: Real Estate Policy - New measures in real estate include reducing restrictive policies and granting local authorities greater autonomy in managing existing housing stock [3]. Group 6: Population and Social Policies - The report addresses community-based elderly care and mentions the introduction of childcare subsidies [4]. Group 7: State-Owned Enterprise Reform - The establishment of a strategic mission evaluation system for state-owned enterprises is highlighted [5].

华康股份 2024 年度董事会工作报告 浙江华康药业股份有限公司 2024 年度董事会工作报告 2024 年，公司董事会严格按照《公司法》《公司章程》《上市公司治理准则》 《上海证券交易所股票上市规则》等法律法规以及公司制度的规定，恪尽职守， 切实履行股东大会赋予的各项职责，严格执行股东大会各项决议，勤勉尽责开展 各项工作；积极推进董事会各项决议实施，不断规范公司法人治理结构，保证董 事会科学决策和规范运作。现将公司董事会 2024 年度工作情况汇报如下： 一、2024 年度经营讨论分析 公司以"做世界领先的糖醇专家"为企业愿景，坚持执行"深耕主业、规模 倍增、卓越运营、管理变革"的战略目标和规划，持续筑牢主营业务根基，提升 核心竞争力，稳健发展主营业务。同时积极探索并开拓新产品领域，开拓新的增 长空间，为企业的长远发展注入源源不断的活力。 "200 万吨玉米精深加工健康食品配料项目"分两期建设，其中一期项目 1 华康股份 2024 年度董事会工作报告 "100 万吨玉米精深加工健康食品配料项目"于 2022 年 8 月启动，一期项目建 设期为 5 年，分两个阶段，第一阶段建设期 2 年，主要以液体糖浆类及部 ...

下 深圳人才集团 7 泽平宏观 2 34 MECK 800 再出友 2025|中美经济 g and the see with the 任游 年 终 务 個 坛 日本 INVITATION 邀请函 亲爱的朋友们： 我们这个时代，不仅是变化，堪称巨变。 悲观者正确，乐观者前行，世界终将属于长期乐观主义者。 逆全球化潮涌，地缘动荡加剧，特朗普重返白宫，以人工智能和新能源为代表的第四次科技革命如火如荼，企业千帆竞发出海全球，中 国拉开大规模经济刺激计划的序幕，公共政策全力拼经济，促进房地产止跌回稳，股市"信心牛"一波三折，新质生产力被寄予厚望 ...... 在这个巨变的时代，光有勤奋还不够，比勤奋更重要的是顺势而为。不要用战术上的勤奋，掩盖战略上的懒惰。 像马斯克、 黄仁勋 、张一鸣、 雷军、王传福 这些新一代 企业家的领军人物 ，我认为除了勤奋，更重要的是 抓住了时代的机遇。 打个比方，大家都是跑步，你在正确的方向上跑步，就好像在高铁上跑步一样，自带 200公里时速。200公里时速是什么？就是时代给你 的机会。 中国拉开了大规模经济刺激的序幕，全力拼经济，震动全球，经济会复苏吗？股市会长牛慢牛吗？房地产能止跌回稳吗 ...

12 / 20 7 泽平宏观 1 9 : 0 0 中国·深圳 士泽亚 a 始 再出友 2025 | 来预测 好 > 花 * 下 下 战略合作伙伴 INVITATION 邀请函 亲爱的朋友们： 我们这个时代，不仅是变化，堪称巨变。 逆全球化潮涌，地缘动荡加剧，特朗普重返白宫，以人工智能和新能源为代表的第四 次科技革命如火如荼，企业千帆竞发出海全球，中国拉开大规模经济刺激计划的序幕，公 共政策全力拼经济，促进房地产止跌回稳，股市"信心牛"一波三折，新质生产力被寄予厚 望 ...... 在这个巨变的时代，光有勤奋还不够，比勤奋更重要的是顺势而为。不要用战术上的 勤奋，掩盖战略上的懒惰。 像马斯克、 黄仁勋 、张一鸣、 雷军、王传福 这些新一代 企业家的领军人物 ，我认为 除了勤奋，更重要的是 抓住了时代的机遇。 打个比方，大家都是跑步，你在正确的方向上跑步，就好像在高铁上跑步一样，自带 200公里时速。200公里时速是什么？就是时代给你的机会。 毫无疑问，这是一个大变革、大动荡、大转型、大有可为 的大时代，百年未有之大变 局，也是百年未有之大机遇。 我们唯一所需要做的就是，看到变化，拥抱趋势，顺势而 为，勇敢再出发 ...

12 / 20 7 泽平宏观 1 9 : 0 0 中国·深圳 士泽亚 a 始 再出友 2025 | 来预测 好 > 花 * 下 下 战略合作伙伴 INVITATION 邀请函 亲爱的朋友们： 我们这个时代，不仅是变化，堪称巨变。 逆全球化潮涌，地缘动荡加剧，特朗普重返白宫，以人工智能和新能源为代表的第四 次科技革命如火如荼，企业千帆竞发出海全球，中国拉开大规模经济刺激计划的序幕，公 共政策全力拼经济，促进房地产止跌回稳，股市"信心牛"一波三折，新质生产力被寄予厚 望 ...... 在这个巨变的时代，光有勤奋还不够，比勤奋更重要的是顺势而为。不要用战术上的 勤奋，掩盖战略上的懒惰。 像马斯克、 黄仁勋 、张一鸣、 雷军、王传福 这些新一代 企业家的领军人物 ，我认为 除了勤奋，更重要的是 抓住了时代的机遇。 打个比方，大家都是跑步，你在正确的方向上跑步，就好像在高铁上跑步一样，自带 200公里时速。200公里时速是什么？就是时代给你的机会。 毫无疑问，这是一个大变革、大动荡、大转型、大有可为 的大时代，百年未有之大变 局，也是百年未有之大机遇。 我们唯一所需要做的就是，看到变化，拥抱趋势，顺势而 为，勇敢再出发 ...

12 / 20 7 泽平宏观 1 9 : 0 0 中国·深圳 士泽亚 a 始 再出友 2025 | 来预测 好 > 花 * 下 下 战略合作伙伴 INVITATION 邀请函 亲爱的朋友们： 我们这个时代，不仅是变化，堪称巨变。 逆全球化潮涌，地缘动荡加剧，特朗普重返白宫，以人工智能和新能源为代表的第四 次科技革命如火如荼，企业千帆竞发出海全球，中国拉开大规模经济刺激计划的序幕，公 共政策全力拼经济，促进房地产止跌回稳，股市"信心牛"一波三折，新质生产力被寄予厚 望 ...... 在这个巨变的时代，光有勤奋还不够，比勤奋更重要的是顺势而为。不要用战术上的 勤奋，掩盖战略上的懒惰。 像马斯克、 黄仁勋 、张一鸣、 雷军、王传福 这些新一代 企业家的领军人物 ，我认为 除了勤奋，更重要的是 抓住了时代的机遇。 打个比方，大家都是跑步，你在正确的方向上跑步，就好像在高铁上跑步一样，自带 200公里时速。200公里时速是什么？就是时代给你的机会。 毫无疑问，这是一个大变革、大动荡、大转型、大有可为 的大时代，百年未有之大变 局，也是百年未有之大机遇。 我们唯一所需要做的就是，看到变化，拥抱趋势，顺势而 为，勇敢再出发 ...