本周（2025/11/10-2025/11/14）化工板块整体涨跌幅表现排名第9位，涨跌幅为2.61%，走势处于市场整 体中上游。上证综指涨跌幅为-0.18%，创业板指涨跌幅为-3.01%，申万化工板块跑赢上证综指2.79个百 分点，跑赢创业板指5.62个百分点。 华安证券近日发布基础化工行业周报：本周（2025/11/10-2025/11/14）化工板块整体涨跌幅表现排名第9 位，涨跌幅为2.61%，走势处于市场整体中上游。上证综指涨跌幅为-0.18%，创业板指涨跌幅 为-3.01%，申万化工板块跑赢上证综指2.79个百分点，跑赢创业板指5.62个百分点。 以下为研究报告摘要： 主要观点： 行业周观点 2025年化工行业景气度将延续分化趋势，推荐关注合成生物学、农药、层析介质、代糖、维生素、轻烃 化工、COC聚合物、MDI等行业: （1）合成生物学奇点时刻到来。能源结构调整大背景下，化石基材料或在局部面临颠覆性冲击，低耗 能的产品或产业有望获得更长成长窗口。对于传统化工企业而言，未来的竞争在于能耗和碳税的成本， 优秀的传统化工企业会利用绿色能源代替方案、一体化和规模化优势来降低能耗成本，亦或新增产能转 移至 ...

Group 1 - The article emphasizes the strategic importance of biological manufacturing as a key industry for future development, highlighted by its inclusion in the 15th Five-Year Plan alongside quantum technology and 6G [2] - The upcoming "SynBio China Fourth Synthetic Biology and Biomanufacturing Conference" will take place in Shenzhen on January 8-9, 2026, focusing on industrialization technology challenges and providing comprehensive solutions for intelligent manufacturing and green production [3][2] - The conference aims to gather experts from academia and industry to analyze the entire process of "design-build-test-learn" in synthetic biology, addressing the optimization and innovation opportunities in various industrialization stages [2] Group 2 - The conference is expected to host around 1,000 participants, indicating significant interest and engagement in the field of synthetic biology and biomanufacturing [3] - There are opportunities for exhibitors from synthetic biology and modern biotechnology sectors to showcase their products and technologies at the conference [9] - Registration for the conference is currently free but limited, emphasizing the need for early registration to secure participation [12]

Core Insights - The article highlights the upcoming "SynBio China Fourth China Synthetic Biology and Biomanufacturing Conference" scheduled for January 8-9, 2026, in Shenzhen, emphasizing the importance of biomanufacturing in future industries [4][8]. Group 1: Conference Details - The conference will feature Dr. Zhang Dongyuan, Chairman of Zhongke Kangyuan (Tangshan) Biotechnology Co., Ltd., who will present a report on the key technologies for the depolymerization of non-grain biomass [2][4]. - The event aims to gather 1,000 participants from various sectors, including academia and industry, to address challenges in industrialization technology [8]. Group 2: Background and Significance - The conference is positioned within the context of China's strategic focus on biomanufacturing as a critical area for future development, alongside quantum technology and 6G [7]. - The article discusses the challenges of crossing the "valley of death" in biomanufacturing, highlighting opportunities for optimization and innovation in various industrialization processes [7]. Group 3: Technological Innovations - Zhongke Kangyuan has developed a comprehensive technology system for biomass depolymerization over seven years, including key technologies such as a continuous oxidation depolymerization system and a high-solid continuous fermentation system [4]. - The company has successfully established China's first production line capable of processing 200,000 tons of straw protein and digestible sugars [4].

近日，2025年国际基因工程机器大赛(iGEM)在法国巴黎落下帷幕。记者从南京工业大学获悉，该校NJTech-China、NJTECH-CHINA-A两支队伍聚焦友好 环境、绿色发展，在与全球400余支高校代表队的角逐中表现优异，分别斩获全球金奖，在世界竞技舞台彰显了聚力创新的实力和团结协作的风采。 "智能细胞工厂"实现"一菌双产" 聚酰胺54即PA54(俗称"尼龙54")作为聚酰胺家族的新成员，是家族里的"环保优等生"，然而其原料须由"生物基尸胺"和"生物基琥珀酸"两种菌种生物合 成，不仅流程复杂，需使用大量酸碱中和剂，还会产生废盐、二氧化碳等废弃物。南京工业大学生物与制药工程学院陈可泉教授团队指导的NJTech-China 团队，通过合成生物学技术，解决了这一问题，在2025年iGEM竞赛中斩获全球金奖、最佳提升元件奖，并获得最佳生物制造项目提名。 指导老师冯娇副教授介绍，以前制造聚酰胺54得请"两个不同的微生物团队"干活，一个团队专门造尸胺，另一个专门造琥珀酸。"就像做饭，得去A厨房 蒸馒头，再去B厨房炖排骨，流程长且复杂，且两者工作时还会浪费资源，产生没用的废弃物。"指导老师许晟副教授形象地补充道：" ...

Financial Data and Key Metrics Changes - The company reported a record revenue of $99 million for Q4, representing a 17% year-over-year increase and marking the 11th consecutive quarter of growth [7] - For the full year, revenue reached $376.6 million, a growth of 20% over fiscal 2024 [7][23] - Gross margin for Q4 was 51.3%, and for the full year, it was 50.7%, an increase from 42.6% in fiscal 2024 [7][23] - Adjusted EBITDA loss improved to approximately $7.8 million for Q4 and $46.9 million for the full year, showing significant improvement compared to fiscal 2024 [27][28] Business Line Data and Key Metrics Changes - SynBio revenue for Q4 was $39.5 million, up 17% year-over-year, and for the full year, it increased to $145 million, also a 17% growth [8][23] - NGS revenue for Q4 grew to approximately $53 million, a 16% increase year-over-year, and for the full year, it reached $208.1 million, a growth of 23% [12][24] - Biopharma revenue was $6.4 million for Q4, a 22% increase year-over-year, with full-year revenue at $23.5 million, a growth of 15% [14][24] Market Data and Key Metrics Changes - Revenue from the Americas increased to approximately $57.3 million in Q4, a 9% year-over-year growth, while EMEA revenue rose to $34.6 million, a 35% increase [25] - APAC revenue increased to $7.2 million in Q4, a 9% year-over-year growth [25] - China accounted for approximately 1% of total revenue for fiscal 2025, indicating a relatively small market share [25] Company Strategy and Development Direction - The company aims to achieve adjusted EBITDA breakeven by the end of fiscal 2026, focusing on setting the stage for future growth acceleration [8] - A new product introduction for NGS aimed at minimal residual disease (MRD) is expected to launch commercially in early 2026, enhancing the company's offerings in cancer diagnostics [18][21] - The company plans to combine SynBio and Biopharma revenue reporting under the term DNA Synthesis and Protein Solutions to better reflect its customer base and operational synergies [16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the growth potential in AI-enabled drug discovery, with significant orders from customers in this area [10][29] - The company anticipates total revenues of $425 million to $435 million for fiscal 2026, reflecting a growth of approximately 13% to 15.5% year-over-year [29] - Management emphasized the importance of staying close to customers to anticipate emerging needs and drive product innovation [32] Other Important Information - The company ended fiscal 2025 with cash, cash equivalents, and short-term investments of approximately $232.4 million [28] - Capital expenditures for fiscal 2025 were $28 million, reflecting investments in growth for the upcoming fiscal year [28] Q&A Session Summary Question: On gross margins and pricing - Management indicated that gross margin expectations are influenced by customer mix and that they expect to maintain a strong margin trajectory moving forward [36][37] Question: NGS growth expectations - Management clarified that NGS growth is expected to rebound to 20% by Q4 2026, with a significant customer ramp anticipated [39][40] Question: Biopharma order sustainability - Management expressed optimism about the sustainability of AI-driven orders and the close ties between Biopharma and SynBio offerings [41][42] Question: Guidance for gross margins - Management expects gross margins to improve throughout fiscal 2026, driven by revenue growth and continuous process improvements [44][45] Question: Market opportunity definition - Management acknowledged the need for clearer market opportunity definitions and metrics to help investors understand growth potential [60][63]

作为山东财金集团的股权直投平台，财金资本公司坚持"做市场中的价值发现者和培育者"，积极围绕战略性新兴产业和未来产业方向布局落子，于今年初联 合中化资本公司完成对馨海生物战略投资。此轮投资后，公司不仅于今年8月份收获第2轮重大融资，还与全球最大化妆品ODM企业科丝美诗签署合作备忘 录，正式推出国内首款完全生物基视黄醇产品，实现了全生物视黄醇"中国智造"首发，为其在视黄醇成分创新赛道抢占全球先机打下良好基础。 下一步，财金资本公司将全面贯彻落实集团"1145"发展战略，持续聚焦战略性新兴产业，充分发挥投资的引导带动作用，支持更多科技型企业接茬生长，为 加快培育发展新质生产力注入生长的力量。(李青) 近日，山东财金集团旗下财金资本公司投资的合成生物领域明星企业——馨海生物成功完成B融资，这也是馨海生物在半年内拿下的第2轮重大融资，为企 业心无旁骛进行技术研发及市场拓展注入了强心剂。 馨海生物成立于2015年，是一家具备完整创新研发能力的合成生物学平台公司。创始人于洪巍教授为中国生物视黄醇创新研发第一人、全生物基生物视黄醇 合成技术的国内最初开发者，其创办的馨海生物核心技术团队在合成生物学领域深耕多年，目前已打造成熟 ...

Core Insights - The report maintains a neutral rating for the pharmaceutical and biotechnology industry, indicating that while there are pressures on performance, there are also opportunities in specific segments that are experiencing growth [5][30]. Market Performance Review - In the first ten months of 2025, the SW pharmaceutical and biotechnology index increased by 21.10%, outperforming the CSI 300 index by approximately 2.26 percentage points, ranking 12th among all Shenwan primary industries [14][19]. - Most sub-sectors within the industry recorded positive returns, with the medical research outsourcing and chemical preparation sectors leading with increases of 60.54% and 40.80%, respectively. Conversely, the blood products and vaccine sectors saw declines of 7.89% and 1.60% [15][19]. - As of October 31, 2025, the overall price-to-earnings (PE) ratio for the SW pharmaceutical and biotechnology industry was approximately 53.97 times, which is 4.06 times higher than the CSI 300 index, indicating an increase in industry valuation [19][20]. Policy Outlook for H1 2026 - The 11th batch of national drug centralized procurement is expected to be fully implemented in the first half of 2026, involving 55 varieties and 272 companies, with a selection rate of 57% [30][31]. - The procurement results show a high match between selected brands and clinical needs, with strong supply capabilities from mainstream companies [30]. Sub-sector Highlights Innovative Drugs - Continuous policy optimization supports the development of innovative drugs, with a comprehensive approach to enhance pricing management, insurance coverage, and investment [38]. - The industry is gradually moving away from homogeneous competition, with a significant increase in the proportion of First-in-Class new drug development, which rose by 23 percentage points to 35% since 2020 [38][39]. - Domestic innovative drugs are gaining international recognition, with outbound licensing transactions reaching $66 billion in the first half of 2025, reflecting a growing global presence [41][44]. Medical Devices - The aging population in China is projected to exceed 400 million by 2035, driving demand for medical services and supporting stable growth in the medical device market [50]. - The global medical device market is expected to grow at a compound annual growth rate (CAGR) of 5.7%, reaching $869.7 billion by 2030 [52]. - China's medical device market is rapidly expanding, with projected revenues of 187.5 billion yuan by 2025, indicating significant growth potential [53]. Aesthetic Medicine - The domestic aesthetic medicine market is expected to steadily increase, supported by various policies aimed at promoting healthy industry development and improving market concentration [39]. Synthetic Biology - The market size for synthetic biology is anticipated to approach $40 billion by 2027, driven by multiple factors including technological advancements and increased investment [39].

Group 1 - The article emphasizes the strategic significance of synthetic biology and biomanufacturing as emerging industries that can reduce reliance on fossil resources, enhance agricultural productivity, and contribute to carbon neutrality goals [2] - The Chinese government has prioritized biomanufacturing in its 2025 work report, highlighting its immense development potential and strategic value [2] - Recent technological breakthroughs in China's biomanufacturing sector are accelerating its penetration into various fields, including biomedicine, bio-based materials, agriculture, and food ingredients [2] Group 2 - The "SynBio China Fourth Synthetic Biology and Biomanufacturing Conference" is scheduled for January 8-9, 2026, in Shenzhen, focusing on key topics such as industry trends, green medicine, and AI in biomanufacturing [3][4] - The conference aims to provide an efficient platform for learning, communication, and collaboration among participating companies [2] - The event is expected to attract around 1,000 attendees, including industry professionals and researchers [4] Group 3 - The main forum will address opportunities and challenges in the industrialization of synthetic biology, innovations in synthetic biology technology, and the transformative applications of synthetic biology in next-generation biomedicine [9] - Specialized sessions will cover topics such as precision fermentation, AI-driven biomanufacturing, and key technologies for industrialization [10][11][12] - The conference will also explore the integration of traditional Chinese medicine with synthetic biology and the development of functional food regulations [20][23]

Investment Rating - Industry investment rating: Overweight [1] Core Views - The chemical sector showed a weekly performance ranking of 4th with a gain of 2.50%, outperforming the Shanghai Composite Index by 2.38 percentage points [3][22] - The chemical industry is expected to maintain a differentiated trend in 2025, with recommendations to focus on synthetic biology, pesticides, chromatography media, sweeteners, vitamins, light hydrocarbon chemicals, COC polymers, and MDI [4] Summary by Sections Industry Performance - The chemical sector's overall performance ranked 4th for the week of October 27 to October 31, 2025, with a gain of 2.50% [22] - The top three performing sub-sectors were fluorochemicals (8.40%), inorganic salts (7.68%), and phosphate fertilizers (5.84%) [23] Key Industry Dynamics - A new 510 billion yuan state-owned enterprise fund for emerging industries has been launched, focusing on strategic emerging industries such as new-generation information technology, artificial intelligence, and new materials [34] - The price of lithium hexafluorophosphate continued to rise, with a 15% increase to 103,500 yuan/ton, driven by high demand in the energy storage market [34] Recommendations for Specific Sectors - Synthetic biology is highlighted as a key area for growth, with companies like Kasei Biotech and Huaheng Biotech recommended for investment [4] - The third-generation refrigerants are expected to enter a high prosperity cycle due to quota policies, benefiting companies with high quota shares such as Juhua Co., Sanmei Co., and Haohua Technology [5] - The electronic specialty gases market presents significant domestic substitution opportunities, with companies like Jinhong Gas and Huate Gas positioned for growth [6][8] - Light hydrocarbon chemicals are identified as a global trend, with companies like Satellite Chemical recommended for investment [8] - The COC polymer industry is accelerating its domestic industrialization process, with companies like AkzoNobel expected to benefit [9] - Potash fertilizer prices are anticipated to rebound as supply tightens, with companies like Yara International and Salt Lake Potash recommended [10] - The MDI market is expected to improve due to oligopolistic supply dynamics, with Wanhu Chemical highlighted as a key player [12]

Core Viewpoint - The article discusses the establishment of significant investment funds by China Resources Double Crane and China Resources Pharmaceutical, focusing on synthetic biology and innovative pharmaceuticals, indicating a strategic shift towards high-growth sectors in the biomanufacturing industry [2][3]. Investment Fund Establishment - China Resources Double Crane and China Resources Pharmaceutical announced the formation of a 500 million RMB fund, with a commitment of 123 million RMB from the group, representing 24.6% of the total fund [2]. - China Resources Double Crane also established the "China Resources Double Crane Industry Fund," committing up to 83 million RMB, approximately 16.6% of the total fund, aimed at optimizing strategic layout in synthetic biology [3]. Collaboration and Partnerships - The funds involve collaboration with local governments and multiple investors, including 11 limited partners (LPs) such as various China Resources entities and Chengdu local government funds, collectively forming a 1 billion RMB investment fund [3][4]. - The partnership includes significant contributions from local government funds and private enterprises, showcasing a collaborative approach to investment in the biomanufacturing sector [4]. Strategic Focus on Synthetic Biology - China Resources Double Crane has previously invested 502 million RMB to acquire a 50.11% stake in Shenzhou Biology, enhancing its capabilities in the biomanufacturing field [5]. - The establishment of a synthetic biology research institute in 2023 indicates a commitment to developing a comprehensive R&D, pilot testing, and industrialization system, focusing on industrial enzymes and microorganisms [5]. Research and Development Initiatives - The company has developed seven technology platforms in synthetic biology, with over ten ongoing projects, leveraging expertise from seasoned scientists with experience in major corporations [5].