Core Insights - The launch of D-allulose by COFCO Group marks a significant breakthrough in China's high-end functional sugar sector, filling a gap in the domestic market and supporting the health transformation of the food industry [1][2] - D-allulose, a low-calorie sugar alternative, is expected to see substantial market growth, with a projected global market size of $14.77 million in 2024 and a compound annual growth rate exceeding 14% from 2025 to 2034 [1][2] Company Developments - COFCO Group has established a comprehensive patent portfolio in the biosynthesis of D-allulose, with 17 patents covering production strains, enzyme preparations, separation processes, and overall production technology, of which 10 core patents have been authorized [2] - The company has developed a one-stop application solution and differentiated supply capabilities across various sectors, including beverages, baking, dairy, and confectionery, to accelerate the domestic application of D-allulose [2] Industry Impact - The introduction of D-allulose aligns with national public health initiatives, such as the "Weight Management Year," providing significant industrial support for the Healthy China strategy [2] - COFCO Group's commitment to innovation is reflected in its establishment of a dedicated technology innovation department and policies aimed at enhancing R&D investment and sharing benefits with researchers, fostering a collaborative ecosystem for the health food industry [3]

人民财讯9月23日电，中粮科技（000930）9月23日公告，9月23日，中粮集团D-阿洛酮糖科技成果交流 暨产品发布会在北京举行。公司推出面向食品工业客户，涵盖饮料、乳制品、烘焙、现制茶饮及咖啡等 领域的D-阿洛酮糖产品，为其提供包括配方支持在内的综合解决方案。 D-阿洛酮糖产品的成功上市标志着公司在高端功能糖领域自主研发与产业化取得实质性突破。当前公 司产能规划划分为三个阶段推进：近期已与合作伙伴构建供应链体系，依托现有设备实施生产；中期规 划通过设备技术改造实现产能扩充；长期规划以新建生产线建立完整生产体系。 ...

中粮科技公告，公司于2025年9月23日在北京举办了D-阿洛酮糖科技成果交流暨产品发布会，推出面向 食品工业客户的D-阿洛酮糖产品。该产品甜度相当于蔗糖的70%，热量仅为蔗糖的10%，符合低热量糖 类摄入需求趋势。产品应用公司与中粮营养健康研究院联合开发的酶法生产工艺，具有纯正口感且无后 苦味特征，并可广泛用于烘焙、饮料等食品领域。此次产品发布标志着公司在高端功能糖领域的自主研 发与产业化取得实质性突破，为公司开拓新兴市场创造有利条件。 ...

1. Report Industry Investment Ratings No specific industry investment ratings are provided in the report. 2. Core Views - In September, the direction of the second - half monetary policy is crucial for the equity market. A - shares may enter a high - level shock pattern after a large increase, and the risk has been largely released [2]. - The 10 - year Treasury bond interest rate has strong gaming power around 1.8%, and an incremental drive is needed to choose a direction. The bond market shows a differentiated trend with the long - end being weak and the short - end being strong [2]. - The U.S. employment market continues to weaken, the ECB keeps policy unchanged, and gold shows a sideways consolidation. Silver is in the $40 - 42 range for short - term trading [2]. - The shipping index (European line) is in a weak shock, and a 12 - 10 spread arbitrage can be considered [2]. - Steel prices are suppressed by factors such as falling apparent demand and coking coal resumption. Iron ore prices are strong, while coking coal and coke prices are weak [2]. - The U.S. core CPI meets expectations, and the expectation of interest rate cuts heats up again. The prices of base metals such as copper, aluminum, and zinc are affected by different factors [2]. - The oil market is worried about marginal supply increments, dragging oil prices down. The chemical products market has different supply - demand situations and price trends [2]. - The agricultural products market is affected by factors such as production expectations and supply - demand contradictions, with different price trends for different varieties [2]. - Special commodities like soda ash, glass, and rubber have different market performances and trading suggestions [2]. - In the new energy sector, polysilicon has a rising price due to increasing production cut expectations, and lithium carbonate maintains a tight balance [2]. 3. Summary by Related Catalogs Financial - **Stock Index**: After a large increase, A - shares may enter a high - level shock. Sell near - month put options at support levels to collect premiums [2]. - **Treasury Bond**: The 10 - year Treasury bond interest rate is at a critical point. Adopt a wait - and - see strategy and focus on changes in the capital market, equity market, and fundamentals in the short term [2]. - **Precious Metals**: For gold, buy cautiously at low prices or sell out - of - the - money options. For silver, conduct short - term band trading in the $40 - 42 range and sell out - of - the - money options at high volatility [2]. Black - **Steel**: Steel prices are suppressed. Adopt a wait - and - see strategy [2]. - **Iron Ore**: Buy iron ore 2601 contracts at low prices in the range of 780 - 830 and consider an iron ore - coking coal long - short strategy [2]. - **Coking Coal**: Sell coking coal 2601 contracts at high prices in the range of 1070 - 1170, and the iron ore - coking coal long - short strategy is favorable [2]. - **Coke**: Sell coke 2601 contracts at high prices in the range of 1550 - 1650, and the iron ore - coke long - short strategy is favorable [2]. Non - ferrous Metals - **Copper**: The futures price is close to the mainstream cost range, and the short - term downward space is limited. The main contract reference range is 79500 - 81500 [2]. - **Aluminum and Related Alloys**: Aluminum prices are affected by macro - factors and cost support, with different reference ranges for different contracts [2]. - **Zinc**: The expectation of interest rate cuts improves, boosting zinc prices. The main contract reference range is 21500 - 23000 [2]. - **Tin**: The fundamentals remain strong, and the tin price is in a high - level shock. The operating range is 285000 - 265000 [2]. Energy and Chemicals - **Crude Oil**: Concerns about marginal supply increments drag oil prices down. Adopt a short - side strategy and pay attention to support levels [2]. - **Urea**: High short - term supply pressure drags down the price. Adopt a wait - and - see strategy and pay attention to the support level of 1630 - 1650 yuan/ton [2]. - **PX and PTA**: The supply - demand expectations in September are different, and the prices are in a shock range. For PTA, consider a TA1 - 5 rolling reverse spread strategy [2]. - **Other Chemical Products**: Each chemical product has different supply - demand situations and trading suggestions, such as short - fiber, bottle - grade polyester, ethylene glycol, etc. [2] Agricultural Products - **Grains and Oils**: Different grains and oils are affected by factors such as production expectations and supply - demand contradictions, with different price trends and trading suggestions [2]. - **Sugar and Cotton**: Sugar prices are affected by overseas supply prospects, and cotton has low old - crop inventories, with different trading suggestions [2]. - **Livestock and Poultry Products**: The livestock and poultry products market is affected by factors such as supply - demand contradictions and sales rhythms, with different price trends [2]. Special Commodities - **Soda Ash**: The market lacks a main trading logic and is in a narrow - range shock. Adopt a short - selling strategy on rebounds [2]. - **Glass**: The market is affected by production lines and spot market sentiment. Adopt a wait - and - see strategy [2]. - **Rubber**: The macro - sentiment fades, and rubber prices are in a shock - down trend. Adopt a wait - and - see strategy [2]. New Energy - **Polysilicon**: Due to increasing production cut expectations, the price is rising. Adopt a wait - and - see strategy [2]. - **Lithium Carbonate**: The market maintains a tight balance. Adopt a wait - and - see strategy, and the main contract reference range is 70000 - 72000 yuan [2].

Report Summary 1. Report Industry Investment Ratings No specific industry investment ratings are provided in the report. 2. Core Views - In September, the direction of the second - half monetary policy is crucial for the equity market. After A - shares have accumulated significant gains, they may enter a high - level shock pattern, and the risk has been largely released [2]. - The 10 - year Treasury bond interest rate has strong gaming power around 1.8%, and an incremental driver is needed to choose a direction. The long - end of Treasury bonds is weak while the short - end is strong [2]. - The U.S. employment market continues to weaken, the ECB keeps policy unchanged, and gold shows a sideways consolidation [2]. - The container shipping index (European line) main contract is weakly volatile [2]. - Steel prices are suppressed by factors such as declining apparent demand and coking coal复产 [2]. - The U.S. core CPI meets expectations, and the expectation of interest rate cuts has heated up again [2]. - There is a high supply pressure in the short - term for some energy and chemical products, and the market needs to pay attention to industrial demand rhythm [2]. - For agricultural products, there are different supply - demand situations, such as the abundant supply expectation for sugar and the low inventory of old - crop cotton [2]. 3. Summary by Categories Financial - **Stock Index**: The stock index has a volume - increasing rise with the resonance of technology and finance. It is recommended to sell near - month put options at the support level to collect premiums [2]. - **Treasury Bond**: Uncertain about the direction, investors are advised to wait and see in the short - term, and pay attention to the capital market, equity market, and fundamentals [2]. - **Precious Metals**: Gold should be bought cautiously at low prices or sell out - of - the - money gold options. Silver should be traded in the range of 40 - 42 dollars and sell out - of - the money options at high volatility [2]. - **Container Shipping Index (European Line)**: Consider the 12 - 10 spread arbitrage as the main contract is weakly volatile [2]. Black - **Steel**: It is recommended to wait and see due to factors suppressing steel prices [2]. - **Iron Ore**: Buy the iron ore 2601 contract at low prices in the range of 780 - 830 and go long on iron ore and short on coking coal [2]. - **Coking Coal**: Short the coking coal 2601 contract at high prices in the range of 1070 - 1170 [2]. - **Coke**: Short the coke 2601 contract at high prices in the range of 1550 - 1650 [2]. Energy and Chemical - **Crude Oil**: Adopt a short - side thinking, with support levels for WTI at [61, 62], Brent at [64, 65], and SC at [465, 475] [2]. - **Urea**: Wait and see as the short - term high - supply pressure drags down the market [2]. - **PX**: Treat the short - term oscillation in the range of 6600 - 6900 [2]. - **PTA**: Oscillate in the range of 4600 - 4800 in the short - term and conduct TA1 - 5 rolling reverse arbitrage [2]. - **Short - fiber**: Follow the raw materials, with the processing fee oscillating in the range of 800 - 1100 [2]. - **Bottle Chip**: The supply and demand may both decline in September, and the processing fee fluctuates in the range of 350 - 500 yuan/ton [2]. - **Ethylene Glycol**: Look for EG1 - 5 reverse arbitrage opportunities [2]. - **Caustic Soda**: Wait and see [2]. - **PVC**: Hold short positions [2]. - **Pure Benzene**: Follow styrene and oil prices in the short - term [2]. - **Styrene**: Do low - buying operations on EB10 and expand the EB11 - BZ11 spread at a low level [2]. - **Synthetic Rubber**: The price fluctuates in the range of 11400 - 12500 [2]. - **LLDPE**: Oscillate in the short - term [2]. - **PP**: Stop profit on short positions at 6950 - 7000 [2]. - **Methanol**: Conduct range operations in the range of 2350 - 2550 [2]. Agricultural - **Soybean Meal**: Operate in the range of 3050 - 3150 for the 01 contract [2]. - **Hog**: The market has limited supply - demand contradictions, and pay attention to the subsequent slaughter rhythm [2]. - **Corn**: Short at high prices [2]. - **Oil**: The short - term P main contract may test the 9000 support [2]. - **Sugar**: Pay attention to the support at around 5500 [2]. - **Cotton**: Wait and see on a single - side basis [2]. - **Egg**: Control the position of previous short positions as the market rebounds [2]. - **Apple**: The main contract runs around 8100 [2]. - **Jujube**: The main contract fluctuates around 11000 [2]. Special Commodities - **Soda Ash**: Short on rebounds [2]. - **Glass**: Wait and see and pay attention to the spot market sentiment during the peak season [2]. - **Rubber**: Wait and see [2]. - **Industrial Silicon**: The price may fluctuate in the range of 8000 - 9500 yuan/ton, and pay attention to the silicon industry conference [2]. New Energy - **Polysilicon**: Wait and see as the production cut expectation rises and the price increases [2]. - **Lithium Carbonate**: Wait and see mainly, with the main contract running around 7 - 7.2 million [2].

Financial Performance - In the first half of 2025, the company achieved total revenue of 139,923.89 million yuan, a year-on-year increase of 18.02% [3] - The net profit attributable to shareholders, after deducting share-based payment expenses, was 9,532.72 million yuan, with a year-on-year growth of 32.15% [3] - The second quarter of 2025 saw revenue of 71,444.25 million yuan, a year-on-year increase of 12.63% and a quarter-on-quarter growth of 4.33% [3] Product Performance - The three core products (prebiotics, dietary fiber, and sugar-reducing sweeteners) generated revenue of 66,354.78 million yuan, a year-on-year increase of 32.15% [3] - Sugar-reducing sweeteners achieved revenue of 37,152.41 million yuan, growing by 61.22% [3] - Prebiotics generated revenue of 18,867.03 million yuan, with a year-on-year growth of 20.23% [3] - The revenue share of the three core products accounted for 47.42% of total revenue, an increase of 5.07% compared to the previous year [3] Cost Management - The overall gross margin for the first half of 2025 improved to 13.17%, up by 1.36% from the previous year [3] - The gross margin for the three core products was 17.94%, an increase of 1.93% year-on-year [3] - The company implemented cost control measures, including optimizing production processes and enhancing supply chain management to mitigate rising raw material costs [4] Business Development - In 2024, the company established projects for the annual production of 2,000 tons of DHA algae oil and 2,500 tons of HMOs (human milk oligosaccharides), which are expected to commence production in the second half of 2025 [5] - The company received approval for its HMO application as a new food nutrition fortifier in July 2025 [5] - The company is actively pursuing new product development in the field of synthetic biology, with several patents and trademarks registered in the first half of 2025 [6] Market Trends - The company noted that corn prices have been fluctuating, impacting production costs and gross margins [8] - The company’s products are primarily used in beverages, dairy products, functional foods, and health products, which typically do not exhibit significant seasonality [8] Strategic Initiatives - The establishment of a subsidiary in the United States is part of the company's strategy to enhance international business operations [9] - The company is focusing on expanding its market presence and product offerings in the field of synthetic biology and prebiotics [7]

Core Insights - The crystallized fructose industry in China has experienced rapid growth, with the market size projected to increase from 103 million yuan in 2019 to 196 million yuan in 2024, driven by its low glycemic index and suitability for sugar-sensitive populations [1][14]. Industry Overview - Crystallized fructose is a monosaccharide, an isomer of glucose, with a sweetness level 1.2 to 1.8 times that of sucrose. It is naturally found in fruits, honey, and the juices of grains, and is characterized by low caloric value and quick metabolism in the body [3]. - The main product types in the market include crystallized fructose powder and liquid crystallized fructose, with the powder being the primary form [4]. Industry Chain - The upstream raw materials for crystallized fructose production include corn and sugarcane, with corn being a significant source through starch sugar pathways. The industry chain encompasses production, processing, and application in sectors such as food, beverages, pharmaceuticals, and health products [6]. Market Demand - The food and beverage industry is the primary application area for crystallized fructose, used in various products like carbonated drinks, fruit juices, and energy drinks. The market for the food and beverage industry in China is expected to reach 12.14 trillion yuan in 2024, reflecting a 3.61% year-on-year increase [10]. Competitive Landscape - The crystallized fructose market is competitive, with leading companies leveraging brand influence and production scale. Emerging firms are expanding their market share through technological innovation and differentiated products. Key players include Baolingbao Biological, Shandong Bailong Chuangyuan, and Anhui Hongchang Sugar Industry Technology [16][19]. Industry Trends - The precision control of particle size in crystallized fructose production is expected to improve, enhancing product diversity and market adaptability [21]. - The application of crystallized fructose is anticipated to expand beyond traditional food and beverage sectors into pharmaceuticals and health products, with potential uses in specialized foods and pet nutrition [22]. - Continuous technological advancements are necessary to improve production efficiency and product quality, addressing the industry's growing demand [23].

Group 1: Approval and Safety Standards - The approved daily intake of allulose by the FDA is 33 grams, while the National Health Commission (NHC) of China has set it at 20 grams, reflecting stricter domestic standards [2][3] - The approval process for allulose took approximately two years for the company, involving safety evaluations by both the Ministry of Agriculture and the NHC [1][2] Group 2: Market Potential and Product Development - The future market potential for allulose is estimated to be between 150,000 to 200,000 tons over the next 3 to 5 years, particularly in beverages, baking, dairy products, and sauces [4] - The company is focusing on optimizing enzyme costs and production processes, as well as conducting extensive research on the application of allulose in various food products [2][3] Group 3: Competitive Advantages - The company holds a first-mover advantage in market access, which is crucial for future development [3] - The core competencies include a strong R&D platform for synthetic biology and a comprehensive industrial layout, particularly in the sugar raw materials sector [3] Group 4: Customer Interaction and Market Readiness - There is significant interest from downstream customers, including tea and dairy companies, indicating a readiness to purchase allulose products once approved for domestic use [2][3] - The company is prepared to offer allulose in both liquid and solid forms based on customer needs and cost assessments [4]

1. Operation Suggestions - Entering a new round of US trade policy negotiation window, the index has broken through the upper limit of the short - term oscillation range and the central value continues to rise. Consider buying low - strike put options and selling high - strike put options to implement a bullish spread strategy. The short - term fluctuation range of T2509 may be between 108.8 - 109.2. For the unilateral strategy, it is recommended to increase positions on dips, take profit near the previous high, and pay attention to the trend of capital interest rates. For the curve strategy, continue to recommend steepening [2]. 2. Financial Sector 2.1 Treasury Bonds - With the bottoming out of capital interest rates and the stock - bond seesaw effect, Treasury bond futures may show a narrow - range oscillation in the short term. It is recommended to increase positions on dips, take profit near the previous high, and pay attention to the trend of capital interest rates. The curve strategy still recommends steepening [3]. 2.2 Precious Metals - The market has digested part of the impact of US tariffs. As the US dollar strengthens, gold prices have declined. Gold prices are expected to fluctuate around $3300 (765 yuan). Sell out - of - the - money gold call options above 790. Silver prices are affected by gold and non - ferrous industrial products and fluctuate repeatedly, oscillating in the range of $36 - 37 in the short term [3]. 2.3 Shipping Index (European Line) - The EC contract has moved up on the disk. Be cautiously bullish on the EC08 main contract [3]. 3. Black Sector 3.1 Steel - The demand and inventory of industrial steel products have deteriorated. Pay attention to the decline in apparent demand. For unilateral operations, it is advisable to wait and see for the time being. For arbitrage, consider the strategy of going long on steel products and short on raw materials [3]. 3.2 Iron Ore - The sentiment in the black sector has improved, and anti - involution is beneficial to the valuation increase. Go long on dips, with the fluctuation range referring to 700 - 750 [3]. 3.3 Coking Coal - The auction non - transaction rate in the market has decreased, the expectation of coal mine resumption has strengthened, the spot market is running strongly, trading has warmed up, and coal mine shipments have improved. Go long on dips [3]. 3.4 Coke - The fourth round of price cuts by mainstream steel mills on June 23 has been implemented, and the coking profit has declined, with the price approaching the阶段性 bottom. Go long on dips [3]. 4. Non - Ferrous Sector 4.1 Copper - The logic of LME soft squeeze has weakened. Pay attention to the rhythm of US tariff policies. The main contract reference range is 78500 - 80000 [3]. 4.2 Alumina - The spot market has tightened temporarily, and the disk has strongly broken through the 3100 pressure level. The main contract reference range is 2850 - 3150 [3]. 4.3 Aluminum - The spot discount has widened, and the inventory has slightly accumulated. The main contract reference range is 19800 - 20800 [3]. 4.4 Aluminum Alloy - The disk fluctuates with aluminum prices, and the fundamentals remain weak in the off - season. The main contract reference range is 19200 - 20000 [3]. 4.5 Zinc - Concerns about tariffs have resurfaced, and the demand outlook remains weak. The main contract reference range is 21500 - 23000 [3]. 4.6 Tin - There are significant short - term macro disturbances. Pay attention to changes in US tariff policies. Hold short positions at high levels [3]. 4.7 Stainless Steel - There are still macro risks, and the disk has slightly declined. The industrial overcapacity still restricts the market. The main contract reference range is 118000 - 126000 [3]. 4.8 Nickel - The disk has been slightly boosted, but the fundamentals have not changed significantly. The main contract reference range is 12500 - 13000 [3]. 5. Energy and Chemical Sector 5.1 Crude Oil - The tariff issue has eased, and positive factors have driven the disk up. It is recommended to take a short - term bullish view. The resistance levels for WTI are [68, 69], for Brent are [70, 71], and for SC are [510, 520] [3]. 5.2 Urea - There is still some order support on the demand side. Pay attention to the progress of export - related news in the future. Enter the market cautiously on dips in the short term. If the actual demand fails to meet expectations, exit the market. The support level for the main contract is adjusted to 1690 - 1700 [3]. 5.3 PX - Oil prices are strong, but the supply - demand margin has weakened. The short - term driving force for PX is limited. PX09 will operate in the range of 6500 - 6900 in the short term. Pay attention to the support at the lower end of the range [3]. 5.4 PTA - The supply - demand outlook has weakened, but the cost side is strong. PTA will maintain an oscillation. In the short term, it will oscillate in the range of 4600 - 4900. Short at the upper end of the range. Implement a rolling reverse spread strategy for TA9 - 1 [3]. 5.5 Short - Fiber - With the expectation of factory production cuts, the processing margin has improved. The unilateral strategy for PF is the same as that for PTA. Expand the processing margin at the low level of the PF disk. Pay attention to the pressure around 1100 for the disk processing margin and the implementation of future production cuts [3]. 5.6 Bottle Chip - It is the peak demand season, production cuts of bottle chips have increased, the processing margin has recovered, and PR fluctuates with costs. The processing margin of the PR main disk is expected to fluctuate in the range of 350 - 600 yuan/ton. Look for opportunities to expand at the lower end of the range [3]. 5.7 Ethanol - The supply - demand situation is gradually turning to be loose, and the short - term demand is weak. It is expected that MEG will face pressure above. Pay attention to the pressure around 4400 for EG09 in the short term. Sell call options at high levels. Implement a reverse spread strategy for EG9 - 1 at high levels [3]. 5.8 Caustic Soda - There has been a macro - stimulated rebound. Pay attention to whether the alumina purchase price will follow. With the strong short - term macro sentiment, it is expected to rebound at low levels, but the momentum depends on the follow - up of the spot market [3]. 5.9 PVC - Driven by the expectation of "supply - side optimization", still pay attention to the anti - dumping duty ruling in July. Be cautiously optimistic about the rebound space of near - month contracts [3]. 5.10 Pure Benzene - The supply - demand margin has improved, but the driving force for near - month contracts is limited due to high inventory. Be cautiously bearish on far - month contracts. Since the first - line contract BZ2603 of pure benzene is far away in time, the driving force is limited under the supply - demand game. Be cautiously bearish or wait and see for unilateral operations. Implement a reverse spread strategy for the monthly spread [3]. 5.11 Styrene - The supply - demand outlook is weak, and the cost support is limited. Styrene may gradually face pressure. It is recommended to sell call options with a strike price above 7500 for EB08 [3]. 5.12 Synthetic Rubber - Due to an unexpected device incident, butadiene has rebounded, boosting the rise of BR. Pay attention to the pressure around 11500 for BR2508 in the short term [3]. 5.13 LLDPE - Trading has weakened, and prices have slightly declined. It will oscillate in the short term [3]. 5.14 PP - Both supply and demand are weak, and the cost - side support has weakened. Be cautiously bearish. Enter short positions at 7250 - 7300 [3]. 5.15 Methanol - The basis has rapidly weakened. Pay attention to Iranian shipments. Conduct range - bound operations between 2200 - 2500 [3]. 6. Agricultural Sector 6.1 Sugar - The overseas supply outlook is relatively loose. Trade with a short - bias on rebounds [3]. 6.2 Cotton - The downstream market remains weak. Hold short positions on rallies in the short term [3]. 6.3 Eggs - The spot market remains weak. Be bearish in the long - term [3]. 6.4 Apples - Trading is light, and prices have weakened. The main contract will operate around 7700 [3]. 6.5 Jujubes - Market prices have fluctuated slightly. The main contract will operate around 10500 [3]. 6.6 Peanuts - Market prices have oscillated steadily. The main contract will operate around 8100 [3]. 6.7 Soda Ash - Inventory accumulation continues, and the oversupply pattern is prominent. Adopt a short - on - rebound strategy [3]. 7. Special Commodity Sector 7.1 Glass - The macro atmosphere has warmed up, and the disk has generally performed strongly. Wait and see in the short term [3]. 7.2 Rubber - There is an expectation of weakening fundamentals. Hold short positions above 14000 [3]. 7.3 Industrial Silicon - The industrial silicon futures price has rebounded with polysilicon. Wait and see [3]. 8. New Energy Sector 8.1 Polysilicon - The spot quotation of polysilicon has been raised, and multiple futures contracts have reached the daily limit. Wait and see [3]. 8.2 Lithium Carbonate - The disk is running strongly, but there are increasing macro risks and fundamental pressure. The main contract reference range is 60,000 - 65,000 [3]. 9. Stock Index - The market trading sentiment is becoming more optimistic, and the broader market is approaching a new high [4].

Group 1: Approval and Development of Allulose - Allulose has been officially approved as a new food ingredient in China, making the company the first and only one to produce allulose through enzymatic methods [1][3] - The development of allulose began in August 2017, with regulatory submissions starting in 2021, leading to various approvals from the Ministry of Agriculture and the National Health Commission [3][4] - The company has applied for 17 patents related to allulose technology, with 10 already granted, establishing a strong competitive advantage [2] Group 2: Technical Aspects and Production - The enzymatic production process utilizes D-allulose 3-epimerase, derived from the bacterium CAG55, which is registered with the National Microbial Culture Collection [5][6] - The enzymatic method allows for higher substrate concentrations (up to 50%), resulting in a more efficient production process compared to fermentation methods [9] - The company plans to leverage its experience in fructose production to optimize the allulose production line, with a projected capacity of around 10,000 tons [12] Group 3: Market Potential and Applications - Allulose is expected to have a broader application range compared to erythritol, due to its superior metabolic and health benefits, such as lowering postprandial blood glucose levels [7] - The market for allulose is anticipated to grow significantly, driven by increasing consumer demand for low-calorie and natural sweeteners [11] - The company has conducted application experiments in beverages, baking, and dairy products, preparing for future collaborations with large food and beverage enterprises [11] Group 4: Future Outlook and Cost Considerations - The cost of allulose production is expected to decrease as technology and production processes improve, with potential for competitive pricing in various applications [8] - The company is focused on accelerating the construction of production lines following regulatory approval, aiming to capitalize on its technological advancements [10] - The approval of allulose as a food ingredient allows downstream food and beverage companies to use it without additional regulatory hurdles, provided they adhere to recommended usage levels [11]