中共二十届四中全会提出加快农业农村现代化，扎实推进乡村全面振兴。"这彰显了中国对农业发展和 科技创新的高度重视，进一步增强了拜耳作物科学深耕中国市场的信心。"胡梦影表示，期待不断加强 与本土企业合作，让更多创新成果扎根中国土壤，结出合作共赢的丰硕果实。 （本报记者姜波参与采写） 《 人民日报 》（ 2025年12月08日 03 版） (责编：赵欣悦、袁勃) "中国市场拥有丰富的应用场景、日益完善的创新环境和强大生产能力与供应链支撑。"拜耳作物科学大 中华区总经理胡梦影日前在接受本报记者采访时表示，"中国是拜耳作物科学全球关键市场之一。" 拜耳作物科学是德国拜耳集团旗下企业，进入中国市场已有60多年。"中国市场激励我们不断创新前 行。"胡梦影表示，中国加快生物育种产业化进程，植保创新持续突破，数字化技术与农业深度融合。 中国农业对高效、绿色的作物保护产品需求与日俱增，消费者对农产品品质、安全、多样性等要求持续 提高。这些都为拜耳作物科学继续深耕中国市场提供广阔空间。 拜耳集团连续参加8届进博会，在今年的进博会上带来了26款亮点创新展品，达成超10项战略签约。其 中，拜耳作物科学发布了7个"中国首展"、8个"进博 ...

天才少年用AI日筛十亿分子！奥特曼恩师支招：不买模型卖授权。 为了吃到蔬菜水果，人类在土地上倾倒了越来越多的农药：三十年间用量翻了一倍，却仍有40%的作物每年死于病虫害。 问题不在农民，而是害虫演化得太快，抗药性越来越强，远超农药研发的速度，导致农药效果越来越差。 但我们不能输给进化这场赛跑。 监管机构也在给农药制造商越来越大的监管压力，但大多数农化公司仍然依赖调整传统化合物。 两位刚成年的创始人给出了一个截然不同的答案——把农药研发，当成「精准靶向治虫」。 通过AI模型先在海量蛋白质中锁定只存在于害虫体内的「独特靶点」，再用类似AlphaFold的结构预测与配体筛选技术，为这些靶点设计专属「药」，让 杀虫剂第一次有机会做到：只杀害虫，不误伤人类与有益生物。 为植物找药，为全球省粮 一个事实令人吃惊，但鲜为人知：为了达到2000年时相同的农作效果，如今全球农药使用量竟然翻了一倍。 具体来说，目前大多数杀虫剂的开发方式并非基于特定的靶点，而是昆虫学家和化学家提出不同的化合物，然后在昆虫上进行测试。为了检查其有效性， 通常需要合成和测试数千种化学物质，成本很高。 而两位创业者坚信「苦涩的教训」——即「利用计算资源 ...

Core Insights - The report emphasizes the gradual recovery of the chemical industry, with profit declines slowing down and demand gradually rebounding, particularly in sub-sectors like agricultural chemicals and fluorochemicals [22][23] - The AI application in various industries is accelerating, with significant advancements in hardware and software, leading to a reshaping of the global landscape [24][25] - The food and beverage industry is experiencing a slowdown in revenue growth, with rising costs impacting profit margins, yet there are emerging opportunities in niche markets like snacks and soft drinks [27][28] Domestic Market Performance - The A-share market is showing signs of stabilization, with the Shanghai Composite Index and the ChiNext Index trading at average P/E ratios above their three-year median, indicating a suitable environment for medium to long-term investments [9][13][15] - The coal and non-ferrous metals sectors are leading the market, while sectors like internet services and software development are underperforming [9][13] Industry Analysis - The electric power and public utilities sector is rated "stronger than the market," with a focus on stable returns and shareholder value, particularly in large hydropower companies and high-dividend coal enterprises [20] - The photovoltaic industry is facing challenges with overcapacity and price stability, but there is potential for recovery as the market undergoes structural adjustments [30][33] Investment Strategies - The report suggests a balanced investment strategy, focusing on high-dividend assets like banks and utilities for defensive positioning, while also considering growth opportunities in technology and AI sectors [12][24] - Specific recommendations include monitoring companies in the chemical sector that are well-positioned to benefit from supply-demand dynamics and regulatory changes [22][23]

分析师：张刚 登记编码：S0730511010001 zhanggang@ccnew.com 021-50586990 晨会聚焦 资料来源：Wind,中原证券 -13% -7% -1% 4% 10% 16% 22% 28% 2024.12 2025.04 2025.08 2025.11 上证指数 深证成指 | 国内市场表现 | | | | | | --- | --- | --- | --- | --- | | 指数名称 | | | 昨日收盘价 | 涨跌幅(%) | | 上证指数 | | 3,897.71 | | -0.42 | | 深证成指 | | | 13,056.70 | -0.68 | | 创业板指 | | 2,022.77 | | -0.47 | | 沪深 | 300 | 4,554.33 | | -0.48 | | 上证 | 50 | 2,443.97 | | -0.52 | | 科创 | 50 | 891.46 | | 0.14 | | 创业板 | 50 | 1,924.26 | | -0.67 | | 中证 | 100 | 4,425.70 | | -0.54 | | 中证 | 500 | 7, ...

氯磷硅三元素循环不息，叙写产业融合新传奇 2022年布局浙江启源、湖州金灿、湖北皇恩烨三大基地，聚焦石墨负极、硅基负极、新型负极业务，提供新能源应用场景负极材料综合解决方案。 2021年并购合肥星宇，进入杀虫杀菌系列，打破农化产品系列单一的发展瓶颈，成为全球除草剂品种最齐全的企业，为产业登顶奠定坚实基础。 新安的步伐，始终踏在时代需求的脉搏上 2016年以来，围绕"氯、磷、硅"元素循环利用，集团以资本为引擎，以项目为抓手，持续延链补链强链，从"双轮驱动"逐步走向硅基材料、磷基材料、新 能源材料"三足鼎立"新发展格局，利用白南山园区搬迁契机，打造马目智能园区，草甘膦合成技术成为国内领先。 2018年牵手德国赢创投产白炭黑项目，填补高端领域的空白，巩固了全产业链优势。把握"碳达峰、碳中和"发展机遇，发挥碳基、硅基传统优势，在动力 电池、储能电池、3C消费电池等领域拓展新能源应用场景。 2019年，新安与福建上杭县政府签约磷基阻燃剂项目，聚焦新能源汽车、5G通信、航空材料等战略性新兴产业。 2020年全资控股华洋化工，深化硅基产业一体化发展。同年，建成镇江江南30万吨氯资源综合利用项目，巩固了行业地位；合资建设崇耀 ...

Core Insights - The report highlights a gradual recovery in various industries, with a focus on investment opportunities arising from supply and demand dynamics [6][14][16] - The AI sector is experiencing rapid growth, with significant advancements in technology and applications, particularly in China [16][17] - The chemical industry is expected to see a marginal recovery in profitability due to improved demand and reduced investment pressures [13][14] Domestic Market Performance - The A-share market has shown a slight upward trend, with the Shanghai Composite Index closing at 3,914.01, reflecting a 0.65% increase [3] - The average P/E ratios for the Shanghai Composite and ChiNext indices are 15.95 and 48.16, respectively, indicating a favorable long-term investment environment [8][9] International Market Performance - Major international indices, such as the Dow Jones and S&P 500, experienced slight declines, with the Dow Jones closing at 30,772.79, down 0.67% [4] Industry Strategies - The chemical industry is entering a phase of improved stability, with a focus on supply-side constraints and demand recovery, particularly in agricultural chemicals and fluorochemicals [13][14] - The AI industry is projected to benefit from increased domestic demand and government support, with a focus on integrated circuits and software [16][17] - The food and beverage sector is facing challenges with declining revenue growth, but opportunities exist in the snack and beverage markets, which are expected to grow significantly [20][21] Investment Recommendations - The report suggests focusing on leading companies in the chemical sector, such as Wanhua Chemical and Satellite Chemical, as well as opportunities in the AI and semiconductor industries [15][16] - In the food and beverage sector, companies like Baoli Food and Dongpeng Beverage are recommended due to their growth potential in the snack and soft drink markets [21] Key Data Updates - The semiconductor industry continues to show strong growth, with global sales reaching $69.47 billion, a 25.1% year-on-year increase [36] - The photovoltaic industry is experiencing a supply-demand imbalance, with a focus on capacity reduction and optimization of the competitive landscape [25][23]

智通财经APP获悉，中原证券发布研报称，未来随着我国宏观经济持续向好与消费刺激政策的推动，化 工行业下游需求有望继续复苏。随着化工行业整体固定资产投资力度的放缓以及需求复苏的推动，未来 行业整体景气有望边际复苏，盈利有望底部回升。其中部分子行业由于成本端优势、供给端约束和需求 端复苏等积极因素，行业景气度表现相对较好，从而带来结构性的投资机会。维持行业"同步大市"的投 资评级。 中原证券主要观点如下： 下游需求的逐步回升以及行业新增产能投放的放缓 2024年底以来化工行业利润下滑态势逐步放缓，景气逐渐寻底。从板块经营情况来看，受益于行业供需 格局优化、需求复苏等因素带来的景气提升，农化、氟化工以及新能源相关等子行业收入利润实现较快 增长。此外有机硅、粘胶、纯碱、锦纶等产业受行业产能快速扩张，行业竞争加剧等因素影响，利润下 滑幅度较大。 随着反内卷政策的持续推进，在行政监管与行业自律等多项举措作用下，未来化工行业的供给端约束有 望明显加强。同时随着行业固定资产投资力度的下降，行业产能过剩的格局有望逐步扭转，推动景气的 逐步复苏。叠加环保、安监、减排等方面的监管要求的提升，对化工行业供给侧迎来新的约束，推动行 业 ...

Core Viewpoint - Syngenta, a Swiss agrochemical giant under China National Chemical Corporation, is in preliminary discussions with financial advisors for a potential IPO in Hong Kong in 2026, with plans to divest non-core and loss-making assets prior to the IPO [1] Company Background - Syngenta was formed in 2000 through the merger of the agricultural businesses of Novartis and AstraZeneca [1] - In June 2017, China National Chemical Corporation acquired Syngenta for $43 billion, marking the largest overseas acquisition by a Chinese company [1] - Syngenta Group Co., Ltd. was established in Shanghai in June 2019 to integrate agricultural assets from China National Chemical and China National Chemical Corporation [1] - The group became a core platform for the agricultural sector of China National Chemical after the restructuring in May 2021, with the actual controller being the State-owned Assets Supervision and Administration Commission of the State Council [1] IPO History - Syngenta Group submitted a listing application to the Shanghai Stock Exchange's Sci-Tech Innovation Board in 2021, later shifting to the main board in 2023 with plans to raise 65 billion yuan (approximately $9 billion) [1] - The IPO was expected to be one of the largest in the Chinese market at that time [1] - The group withdrew its listing application in March 2024 due to significant market volatility, indicating a potential restart of the listing process when market conditions are favorable [1] Financial Performance - For the first three quarters of this year, Syngenta reported revenue of $20.9 billion, a year-on-year decline of 2%, while EBITDA was $3.4 billion, reflecting a year-on-year increase of 25% [1] - The revenue decline in the third quarter and the first three quarters was primarily attributed to the orderly contraction of China's grain and oil trade business [1]

Group 1 - The current A-share bull market is part of a six-year global liquidity expansion driven by post-2020 monetary easing, with systemic revaluation of key assets such as gold, US tech stocks, and European/Japanese manufacturing [1][11] - The return of cross-border capital to China is expected to systematically reassess the competitive advantages of Chinese manufacturing, particularly in sectors like new energy, chemicals, and medical devices [2][12] - The A-share market is likely to experience volatility in 2026, with either a stagnation of the bull market or a "Davis Double Play" in consumer sectors, as external exports may not drive profits due to high base effects [3][13] Group 2 - The industrialization maturity phase in China has led to a bull market for core assets, driven by improved domestic consumption and the ability of manufacturing to generate national wealth through exports [4][14] - The recommendation for industry allocation focuses on a combination of "existing," "new," and "high" sectors, emphasizing non-ferrous metals, new consumption trends, and high-end manufacturing [5][14] Group 3 - The investment logic for China Hongqiao includes short-term price increases in electrolytic aluminum and long-term growth driven by integrated operations and high dividends [17][19] - For Luoyang Molybdenum, the investment rationale is based on the rising copper cycle and diversified product offerings, with a focus on sustainable growth [20][22] - Huafeng Aluminum is positioned for growth through high-end aluminum processing and international expansion, capitalizing on trends in the automotive sector [25][28] Group 4 - Nanjing Steel's strategy involves creating a fully integrated supply chain and exploring new growth points to stabilize returns on equity [29][32] - Dongfang Tower's investment logic is driven by rising prices of potassium chloride and phosphate rock, with ongoing capacity expansion [33][36] - Luxshare Precision is transitioning to an AI hardware manufacturer, benefiting from increased demand for computing power and AI models [37][40] Group 5 - Great Wall Motors is focusing on high-end SUVs and global expansion, with new model launches expected to drive sales [41][44] - Leap Motor is leveraging competitive pricing and differentiation in the domestic and overseas markets, with new models and subsidies supporting growth [45][48] - Heng Rui Pharmaceutical is advancing its clinical pipeline with over 100 innovative products, aiming for significant growth through international collaborations and new product approvals [49][51] Group 6 - Yifeng Pharmacy is expected to improve its market share through enhanced operational efficiency and strategic store adjustments [54][59] - Dongfang Electric is positioned to benefit from rising global demand for gas turbines, driven by AI-related power needs [60][63]

Core Insights - The agricultural ETF Tianhong (512620) and food and beverage ETF Tianhong (159736) are showing positive performance, with the agricultural index up by 0.77% and the food and beverage index up by 0.46% [1][2] - Key stocks in the agricultural sector include Hainan Rubber (601118) up 7.10% and Muyuan Foods (002714) up 1.44%, while in the food and beverage sector, Sunshine Dairy (001318) surged by 9.99% [1][2] - The agricultural ETF focuses on diversified sectors such as breeding (41.9%) and agricultural chemicals (17.7%), while the food and beverage ETF emphasizes high-barrier sectors like liquor and dairy [1][2] Agricultural Sector - The agricultural ETF Tianhong (512620) tracks the CSI Agricultural Index, which includes 50 selected stocks, providing exposure to leading companies like Muyuan and Haida [1] - A recent outbreak of African swine fever in South Korea has led to a "serious" level alert, potentially impacting the pig farming sector [2] - Open-source securities predict a favorable configuration opportunity in the pig farming sector due to policy-driven capacity reduction and current low market prices [2] Food and Beverage Sector - The food and beverage ETF Tianhong (159736) tracks the CSI Food and Beverage Index, focusing on sectors with strong resilience and high barriers to entry [2] - The top ten stocks in the food and beverage ETF include major liquor brands, providing investors with a concentrated exposure to essential consumer goods [2] - The recent Fourth Plenary Session emphasized the importance of increasing consumer spending and enhancing domestic demand as key drivers for economic growth [3]