Core Viewpoint - The company aims to maximize the utilization of sugarcane resources through technological innovation and sustainable practices in the sugar industry [1][2][3][4][5]. Group 1: Company Overview - Kunming Kelin Light Industry Machinery Co., Ltd. is a leading manufacturer in the sugar equipment sector, providing complete factory equipment and exporting to over 20 countries including Vietnam, Myanmar, Thailand, Mali, and Ethiopia [1]. - The company has developed a comprehensive set of equipment for the entire sugar production process, ensuring self-sufficiency in technology without any critical bottlenecks [1]. Group 2: Technological Innovations - The company has introduced a high-efficiency juicer using multi-stage pressing technology, significantly improving raw material utilization rates in sugar factories [2]. - Three high-value utilization pathways for sugarcane bagasse have been developed: for paper production, biodegradable food containers, and reducing the amount of bagasse burned by utilizing boiler flue gas [2]. - The company’s biological fermentation technology converts filter mud into high-quality organic fertilizer, addressing waste disposal issues while providing fertilizer for sugarcane cultivation [2]. Group 3: Environmental Sustainability - The sugar industry has a natural carbon balance due to sugarcane's ability to absorb CO2 during growth, which helps maintain a relative balance in carbon emissions throughout the production chain [3]. - Key measures for promoting green and low-carbon development in sugar factories include establishing waste recycling systems, developing electric harvesting equipment, and improving energy efficiency of sugar equipment [3]. Group 4: Market Demand and Pricing Trends - The annual sugar consumption in China is approximately 15.4 million tons, with domestic production around 11 million tons, necessitating imports to meet demand [4]. - The domestic sugar production is expected to grow steadily by the 2025/26 sugar season, improving supply structure, while consumption growth is anticipated to be limited [4]. - International sugar prices have experienced fluctuations due to export restrictions from producing countries, but are expected to stabilize with a moderate correction in the future [4]. Group 5: Future Growth Areas - The company is focusing on three key areas for growth: automatic sugar cooking technology, continuous cooking tank applications, and sugarcane impurity removal systems, which have received positive market feedback [5]. - A unique "process-first" R&D model has been established, allowing the company to provide tailored solutions that meet the actual needs of sugar factories [5]. - The company is addressing challenges in production efficiency and labor shortages by developing automated production equipment and mechanized harvesting systems [5].

证券研究报告 | 公司深度 | 农产品加工 保龄宝(002286) 报告日期：2025 年 05 月 08 日 产品结构优化驱动盈利改善，功能糖龙头再谱新篇章 ——保龄宝深度报告 投资要点 ❑ 要点一 引入职业经理人助力公司改革，产品结构优化驱动盈利改善。公司成立于 1997 年，是国内功能糖和营养补充剂产品矩阵最为丰富的企业之一，公司现已构成由 淀粉糖—减糖甜味剂—益生元—膳食纤维—特种功能性食品原料的五层产品矩 阵。在经历了 2019 年赤藓糖醇爆火后的冲高回落，公司在管理层中引入职业经 理人，在行业下行期积极调整经营策略和产品结构，在优化成本的同时推出高附 加值及差异化产品，助力公司去年实现利润的触底反弹，毛利率得到显著改善。 ❑ 要点二 赤藓糖醇反倾销受益标的，关注阿洛酮糖国内增量市场。赤藓糖醇在经历 21 年 元气森林爆火后，随着新增产能投产，价格冲高回落至景气度底部，当前行业格 局趋于稳定，全球仅中国、欧洲和美国拥有产能，公司目前拥有 3 万吨/年的产 能，受益于公司是欧盟反倾销税率最低的国内企业，预计公司赤藓糖醇在欧洲市 场有望迎来量价齐升，根据我们的测算，公司在欧洲的边际最优定价为 1.58 ...

1、国家发改委：正在完善民企参与国家重大项目建设长效机制，今年还将推出总投资规模约 3 万亿元 优质项目。 2、金融监管总局副局长丛林：已设立 74 只私募股权投资基金，支持投资科技创新企业。 3、英国和美国已经就关税贸易协议条款达成一致。英国政府同意进口美国食品和农业产品方面作出让 步，以换取美方降低对英国汽车出口的关税。 资金面：融资额+72.20 亿；隔夜 Shibor 利率-11.80bp 至 1.5390%，流动性较为宽松；3 年期企业债 AA- 级别利率-2.67bp 至 3.0673%，十年期国债利率-1.28bp 至 1.6330%，信用利差-1.39bp 至 143bp；美国 10 年期利率-4.00bp 至 4.26%，中美利差+2.72bp 至-263bp。 文字早评 2025/05/09 星期五 宏观金融类 股指 前一交易日沪指+0.28%，创指+1.65%，科创 50-0.36%，北证 50+0.98%，上证 50+0.33%，沪深 300+0.56%， 中证 500+0.41%，中证 1000+0.76%，中证 2000+1.09%，万得微盘+1.75%。两市合计成交 12934 ...

Group 1 - The company has introduced professional managers to assist in reform and optimize product structure, leading to improved profitability. The company, established in 1997, has a diverse product matrix in functional sugars and nutritional supplements, consisting of five layers: starch sugars, reduced-sugar sweeteners, prebiotics, dietary fibers, and special functional food ingredients. After the peak and subsequent decline of erythritol in 2019, the company adjusted its operational strategies and product structure during the industry downturn, resulting in a significant rebound in profits and gross margin improvement last year [1] - Erythritol is benefiting from anti-dumping measures, and there is a focus on the domestic market potential for allulose. Following the surge in popularity of erythritol in 2021, prices have stabilized at a low point due to new production capacities. The company has an annual capacity of 30,000 tons and is the domestic enterprise with the lowest anti-dumping tax rate in the EU, which is expected to lead to a rise in both volume and price in the European market. The optimal marginal pricing for the company in Europe is estimated at 15,800 yuan per ton, higher than the domestic price of 6,500 yuan per ton. Additionally, the U.S. has initiated a "double anti" investigation against Chinese erythritol, with preliminary anti-dumping tax rates set at 260%-450%. The company is not a mandatory respondent, and attention should be paid to the market changes in the U.S. following the May tax rate announcement. Allulose, as a new star in the sugar substitute market, has significant growth potential, with domestic approval expected in March [1][2] Group 2 - In 2024, all major segments of the company achieved growth in both sales and gross margin, with stock incentives reflecting confidence in future development. The company reported a net profit attributable to shareholders of 111 million yuan in 2024, a year-on-year increase of 106%. The growth was driven by increased sales and gross margins across key revenue segments, with sales volumes for prebiotics, dietary fibers, reduced-sugar sweeteners, starch sugars, and others reaching 357,000 tons, 214,000 tons, 500,000 tons, and 2,426,000 tons, respectively, representing year-on-year growth of 23.74%, 14.39%, 41.66%, and 2.29%. Gross margins for these segments were 24.60%, 18.12%, 9.09%, and 12.22%, with year-on-year increases of 5.26 percentage points, 5.48 percentage points, 7.83 percentage points, and 2.17 percentage points. The company announced stock incentives for 2024, with performance targets for 2025-2027 set at 170 million yuan, 212 million yuan, and 265 million yuan, corresponding to growth rates of 53%, 25%, and 25%, demonstrating confidence in future development [2] Group 3 - Profit forecasts and valuations indicate that the company is expected to achieve net profits attributable to shareholders of 181 million yuan, 216 million yuan, and 260 million yuan from 2025 to 2027, with corresponding PE valuations of 20.07, 16.82, and 13.99 times. The initial coverage has been initiated with a "buy" rating [3]

山东三元生物科技股份有限公司 证券简称：三元生物 年度业绩说明会投资者关系活动记录表 编号：2025-001 | | □ □媒体采访 √业绩说明会 特 | | --- | --- | | 投资者关系活动 | | | | 定 □ | | 类别 | 对 新 | | | □ 象 闻 | | | 现 调 | | | 发 □ 场 | | | 研 布 其 | | | 参 □ | | 参 | 会 他 | | | 观 采用网络远程方式进行，面向全体投资者 分 | | 及人员姓名 与 | □路演活动 ： | | | □电话会议 析 （请文字说明其他活动内容） | | 单 | 师 | | 时间 | 2 会 | | 位 | 议 | | 地点 | 0 深 | | 名 | | | | 2 圳 | | 称 | 主持人：三元生物 | | | 5 证 | | | 董事长：聂在建 | | | 年 券 | | | 总经理：程保华 | | 公司接待人员 | 月 交 | | | 董秘：高亮 | | 姓名 | 日 易 | | | 财务总监：于俊玲 | | | 所 | | | 独立董事：谭海宁 | | | " | | | 保荐代表人：陆丹君 | | | ...

金十数据整理：每日全球大宗商品市场要闻速递（5月8日） 7. 美国至5月2日当周国内原油产量为2025年1月24日当周以来最低；EIA战略石油储备库存为2022年10 月28日当周以来最高。 1. 央行连续六个月增持黄金，仲量联行：未来还有继续增持空间。 2. 花旗将布伦特原油0-3个月点价从每桶60美元下调至每桶55美元。 3. 欧盟考虑制裁俄罗斯卢克石油迪拜分公司。 4. 消息人士：几内亚启动了取消EGA公司采矿许可证的程序。 5. 埃及供应部长：埃及糖的战略储备足够维持14.1个月。 6. 高盛：将第二季度和第三季度铜价预测上调至每吨9330美元和9150美元，之前的预测分别为8620美元 和8370美元。 ...

【海南白糖产销数据及国内外棉花市场动态】海南截至 2025 年 4 月 30 日止，累计销糖 1.52 万吨，本 月销售 0.54 万吨，比上榨季同期减少 2.48 万吨。产销率为 27.59%，下降 26.17 个百分点。本月销售含 税出厂价 5431 - 6547 元/吨，库存食糖 3.99 万吨，比上榨季同期多 0.55 万吨。现货方面，广西制糖集 团报价 6130 - 6260 元/吨，少数下调 10 元/吨；云南制糖集团报价 5940 - 5980 元/吨，下调 10 元/吨。原 糖因需求疲弱价格走弱，国内现货成交一般，报价下调，未来关注 4 月销售数据，远期糖价仍将承压。 周三，ICE 美棉下跌 0.63%，报收 67.4 美分/磅，CF509 上涨 0.9%，报收 12900 元/吨，主力合约持仓环 比下降 10843 手至 57.66 万手。新疆地区棉花到厂价为 13839 元/吨，较前一日下降 7 元/吨，中国棉花 价格指数 3128B 级为 14113 元/吨，较前一日下降 70 元/吨。国际市场方面，美联储5 月议息会议按兵不 动，鲍威尔讲话后，市场小幅下调 6 月美联储降息预期，美元指 ...

早盘提示 Morning session notice 更多精彩内容请关注格林大华期货官方微信 格林大华期货研究院 证监许可【2011】1288 号 2025 年 5 月 8 日星期四 研究员：李方磊 从业资格：F03104461 交易咨询资格：Z0021311 联系方式：19339940612 | 板块 | 品种 | 多（空） | 推荐理由 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 【行情复盘】 | 昨日 | SR509 | 合约收盘价 | 5868 | 元/吨，日跌幅 | 0.37%，夜盘收 | 5825 | 元/吨。SR601 | 合约 | | | | | | | 收盘价 | 5730 | 元/吨，日跌幅 | 0.21%，夜盘收 | 5695 | 元/吨。 | 【重要资讯】 | | | | | | | | | | 1.昨日 | ICE | 原糖 | 7 | 月合约收报 | 17.14 | 美分/磅，日跌幅 | 1 ...

守护"甜蜜事业" 中央纪委国家监委网站 贝为超 通讯员 蓝英纳 陶春 广西壮族自治区纪检监察机关紧密关注糖业技术升级的关键环节，通过深入企业生产一线，主动掌握糖 企技术改革的堵点与难点，有效破解糖企发展瓶颈。图为近日，来宾市兴宾区纪检监察干部在某公司新 升级的蔗糖生产线上了解有关情况。刘维 摄 图为近日，广西壮族自治区来宾市兴宾区纪委监委督导组深入迁江镇兴仁村，就糖料蔗水肥一体化项目 建设进行调研。陶春 摄 眼下，正值夏日好时光。广西壮族自治区南宁、柳州、来宾、崇左等蔗糖主产区，成片的甘蔗在田野里 摇曳，处处生机勃勃。 广西紧盯蔗糖产业发展堵点淤点强化监督 "守好全国人民的'糖罐子'。"习近平总书记考察来宾市国家现代农业产业园黄安优质"双高"糖料蔗基地 时提出殷殷嘱托。今年以来，自治区纪委监委持续深化政治监督，开展产业园区改革发展护航行动、深 化重大发展项目专项监督、深化领导干部插手基建工程和招投标腐败问题专项整治，保障蔗农糖企生产 经营一年比一年有奔头，让幸福的变化看得见、摸得着。 日前，记者随自治区、来宾市及兴宾区三级纪委监委联合督导组深入来宾市国家现代农业产业园，了解 蔗糖产业发展堵点淤点难点，以及纪检 ...

研究员：王海峰 021-60635728 wanghaifeng@ccb.ccbfutures.com 期货从业资格号：F0230741 021-60635740 linzhenlei@ccb.ccbfutures.com 期货从业资格号：F3055047 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 021-60635732 hongchenliang@ccb.ccbfutures .com 期货从业资格号：F3076808 研究员：刘悠然 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 农产品研究团队 研究员：林贞磊 研究员：余兰兰 研究员：洪辰亮 行业 白糖日报 日期 2025 年 5 月 8 日 请阅读正文后的声明 ＃summary＃ 每日报告 一、行情回顾与操作建议 | 表1：期货行情 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 合约 | 收盘价（元/吨 | 美分/磅） | 涨跌 | ...