Investment Rating - The report maintains a "Recommended" rating for the new materials industry [1]. Core Viewpoints - The new materials sector is a crucial direction for the future development of the chemical industry, currently experiencing rapid growth in downstream demand. With policy support and technological breakthroughs, domestic new materials are expected to accelerate their long-term growth. The new materials industry serves as a foundational industry, providing the material basis for other sectors. The report emphasizes the importance of identifying and tracking companies with strong core supply chains, research capabilities, and excellent management in key areas such as electronic information, new energy, biotechnology, and environmental protection [4][16]. Summary by Relevant Sections 1. Electronic Information Sector - Focus areas include semiconductor materials, display materials, and 5G materials [5]. - Recent developments include the lifting of U.S. export restrictions on chip design software to China, allowing companies like Siemens and Synopsys to resume full access for Chinese clients [6][24]. - Samsung Display and LG Display have begun procurement for the iPhone 17 series, with an expected production of approximately 110 million OLED panels [7][25]. 2. Aerospace Sector - Key materials of interest are PI films, precision ceramics, and carbon fiber [9]. - GE Aerospace has been granted permission to export jet engines to COMAC, which will supply engines for the C919 aircraft [10]. 3. New Energy Sector - Focus areas include photovoltaics, lithium-ion batteries, proton exchange membranes, and hydrogen storage materials [11]. - Major photovoltaic glass manufacturers plan to collectively reduce production by 30% starting in July, which is expected to improve the supply-demand balance in the domestic market [11]. 4. Biotechnology Sector - Key areas of focus include synthetic biology and scientific services [12]. - A new synthetic biology research platform has been established to integrate AI with synthetic biology, aiming to enhance innovation and technology development [14]. 5. Energy Conservation and Environmental Protection Sector - Focus areas include adsorption resins, membrane materials, and biodegradable plastics [15]. - The Ministry of Ecology and Environment has initiated inspections in several provinces to enhance environmental protection efforts [16]. Key Companies and Earnings Forecast - The report highlights several key companies with their respective stock prices and earnings per share (EPS) forecasts for 2024 to 2026, indicating a mix of "Buy" and "Hold" ratings based on their projected performance [17].

Group 1 - Industry Investment Rating: Overweight [1] - Core Viewpoint: The chemical sector's overall performance ranked 16th with a fluctuation of 0.80%, underperforming the Shanghai Composite Index by 0.60 percentage points [4][22] - Key Recommendations: Focus on synthetic biology, pesticides, chromatography media, sugar substitutes, vitamins, light hydrocarbon chemicals, COC polymers, and MDI [4] Group 2 - Synthetic Biology: A pivotal moment is approaching, with low-energy products expected to gain a longer growth window due to the energy structure adjustment [4] - Refrigerants: The third-generation refrigerants are entering a high prosperity cycle, with supply constraints and stable demand growth anticipated [5] - Electronic Specialty Gases: The domestic market faces a contradiction between rapid upgrades in wafer manufacturing and insufficient high-end electronic specialty gas capacity, presenting significant domestic substitution opportunities [6][8] - Light Hydrocarbon Chemicals: A global trend towards lighter raw materials in the olefin industry is noted, with a shift from heavy naphtha to lighter ethane and propane [8] - COC Polymers: The domestic industrialization process is accelerating, driven by breakthroughs in local enterprises and a shift in downstream industries to domestic production [9] - Potash Fertilizer: Prices are expected to bottom out and rebound due to supply reductions and increased demand from farmers [10] - MDI Market: The oligopoly structure is expected to improve, with demand steadily increasing and a favorable supply outlook anticipated [12]

Core Viewpoint - Guangdong Zhumei Biotechnology has achieved a significant breakthrough in the industrialization of natural high-intensity sweet protein by completing the first domestic pilot test of recombinant Brazzein using Pichia pastoris as the chassis cell, aiming for ton-level production capacity by 2026, which will greatly increase the yield of Brazzein [1][2]. Group 1: Characteristics of Brazzein - Brazzein is derived from the fruit of a wild plant in West Africa and is known to be 500-2000 times sweeter than sucrose, making it one of the sweetest natural substances known to humans [4]. - It maintains stability across a pH range of 2.5-8 and retains its sweetness even after being heated at 80°C for 4 hours or 98°C for 2 hours [5]. - As a protein, Brazzein is easily digested into amino acids, has no impact on blood sugar, and poses no health risks [6]. - It offers a clean taste similar to sucrose without metallic or bitter aftertastes, making it suitable for widespread application in the food industry [6]. - Research indicates that Brazzein may possess anti-inflammatory and antioxidant properties, with similarities to antimicrobial peptides, providing some antibacterial and antifungal activity [6]. Group 2: Market Potential and Challenges - The global market for Brazzein was valued at $500 million in 2023 and is projected to reach $790 million by 2029 [7]. - Traditional extraction methods yield very low extraction rates (~0.2%), making precision fermentation and genetic engineering the most promising methods for developing Brazzein [7]. - Current microbial expression systems face challenges such as low protein expression levels, incorrect protein folding leading to reduced activity, and complex, costly purification processes, which limit the widespread application of sweet proteins [9]. Group 3: Industry Developments - In May 2023, Sweegen successfully produced Brazzein using precision fermentation and became the first to receive FEMA GRAS certification [11]. - In 2024, Oobli's Brazzein production received FDA GRAS certification for general food applications, and they announced a partnership with Ingredion to advance sweet protein applications [11]. - Ginkgo Bioworks and GreenLab are collaborating to enhance Brazzein expression in corn and scale up production through precision fermentation [11]. - Waterdrop Farm also achieved FDA SELF-GRAS status in March 2025, becoming one of the few companies to commercialize Brazzein [11]. Group 4: Company Overview - Guangdong Zhumei Biotechnology is a high-tech enterprise specializing in the research, production, and sales of synthetic biology products, with a 1000 square meter intelligent research center [12]. - The company utilizes synthetic biology technology to efficiently produce various products, including recombinant human collagen, astaxanthin, beta-carotene, antimicrobial peptides, and lysozyme [12].

Core Viewpoint - Meihua Biotech has successfully completed the acquisition of the amino acid business and assets from Concord Fermentation, enhancing its product and business structure in the synthetic biology sector [1]. Group 1: Acquisition Details - The acquisition was finalized on July 1, 2025, with a transaction price of approximately 16.8 billion Japanese yen, equivalent to about 833 million RMB [1]. - The final transaction price was adjusted based on the cash reserves and working capital of the target assets at the time of closing, which included an estimated cash amount of 11.3 billion Japanese yen (approximately 560 million RMB) [1]. - Concord Fermentation is recognized as a leader in biotechnology and fermentation, focusing on high-quality amino acids and other synthetic biology products [1]. Group 2: Business Expansion - The acquisition allows Meihua Biotech to diversify its product offerings by adding various new amino acid products and strains, enhancing its fermentation and refinement capabilities for high-value pharmaceutical amino acids [1]. - The company will also gain production capabilities and intellectual property for three types of Human Milk Oligosaccharides (HMO) through the integration of a precision fermentation platform [1]. - The acquisition supports the company's strategy to expand its industrial footprint internationally by acquiring multiple domestic and foreign operational entities [1]. Group 3: Financial Performance - In Q1 2025, the feed amino acid segment generated revenue of 2.939 billion RMB, accounting for approximately 46.9% of total revenue, marking a year-on-year increase of 6.68% [2]. - The growth in this segment is attributed to the rise in both volume and price of lysine, as well as increased sales of threonine, positioning it as a potential new growth driver for the company [2].

中化新网讯 6月26日，中国科学院院士、天津大学教授元英进，合成生物学领军者约翰·康伯斯，欧洲科 学院院士、曼彻斯特大学教授蔡毅之，与天津大学历届iGEM团队成员在津共聚"iGEM中国20年"学术论 坛，共同探讨合成生物学未来发展方向。 约翰·康伯斯在活动中做了题为"合成生物学：通过基因读、写、编辑打造可持续的未来"的报告。他指 出，过去十年间，合成生物学已从一个小众科学领域发展成为潜力巨大的活跃产业，从基因编辑到合成 基因组学等关键技术的进步，推动了制药、农业、材料及能源等行业的可持续发展与创新。他还表示， 初创企业与风险投资的进入起到了加速创新的作用，有助于构建可持续的生物经济体系，学术界、产业 界与政府间的全球协作也在加速这一进程。 天津大学作为最早把这项国际赛事引入中国的高校，也开设了"基因组设计合成"这门本科生课程，并于 2017年设立合成生物学专业，开始招收本科生；2025年成立合成生物学院。经过十几年的发展，天津大 学合成生物学从零起步走到世界科技前沿，牵头建设合成生物技术全国重点实验室，近三年合成生物学 领域研究论文发表量居全球第一。 iGEM竞赛是合成生物学领域的国际顶级学术性竞赛，最早由美 ...

Core Insights - The article discusses the launch of the "Synthetic Human Genome Project" (SynHG), led by Professor Jason Chin from the University of Oxford, with funding of £10 million from the Wellcome Trust, aiming to chemically synthesize a complete human genome [1][2] - The project is expected to develop foundational tools and methods that will support future research in synthetic biology, potentially leading to new discoveries about how cells utilize their genomes [2][3] Group 1: Project Overview - SynHG is the first of its kind globally, with a goal to construct a complete human genome through chemical synthesis [1] - The project aims to establish a technical framework within five years and to synthesize a complete human chromosome within 5-10 years, facing significant scientific challenges [2] Group 2: Scientific Implications - Professor Jason Chin emphasizes that the ability to synthesize large genomes could fundamentally change the understanding of genomic biology and expand the capabilities of biotechnology and medicine [3] - The project is not about creating life but focuses on understanding gene expression regulation mechanisms [3] Group 3: Future Directions and Events - The upcoming "Synthetic Biology and Green Bio-Manufacturing Conference" (SynBioCon 2025) will take place from August 20-22 in Ningbo, Zhejiang, focusing on the intersection of AI and bio-manufacturing [4][5] - The conference will explore trends in bio-manufacturing, innovative technologies, and the potential for technology transfer and talent acquisition in the industry [4]

Core Viewpoint - The establishment of the AI4S synthetic biology intelligent research platform by Anhui Normal University, University of Science and Technology of China, and Wuhu Yijiang District aims to advance key technologies in synthetic biology, focusing on gene design, enzyme optimization, and biomanufacturing applications in various strategic emerging industries [1][6][10]. Group 1: Platform Overview - The AI4S platform will collaborate with over 20 enterprises and medical institutions, emphasizing breakthroughs in genome design and enzyme molecular modification [1][6]. - The platform integrates AI technology with automated experimental equipment to enhance experimental efficiency and data collection through high-throughput operations [3][8]. Group 2: Research Directions - The platform focuses on six major research areas: gene circuit design, enzyme discovery and optimization, metabolic pathway exploration, synthetic biology big data analysis, artificial cell factory creation, and biopharmaceutical synthesis [1][6]. - It aims to address critical challenges in biomanufacturing, including efficient gene design, experimental automation, data-driven optimization, and industrial-scale production [7][10]. Group 3: Technological Integration - The platform will create an integrated AI simulation and experimental validation system, combining high-performance computing and machine learning with experimental data [3][9]. - It will support virtual screening, experimental validation, and the establishment of cell factory models, enhancing the product development lifecycle [3][10]. Group 4: Industry Landscape - Multiple institutions in China have established similar synthetic biology platforms, including the Shenzhen Institute of Advanced Technology and Peking University, indicating a growing trend in the sector [4][6]. - Companies like BGI, Huaheng Biotechnology, and others are adopting AI and automated fermentation optimization platforms to accelerate product development [11]. Group 5: Future Prospects - With increasing policy support and industry demand, more institutions are expected to enter the field of synthetic biology and AI integration [12]. - The upcoming SynBioCon 2025 conference will focus on AI and biomanufacturing, exploring technological innovations and industry trends [14][16].

Core Viewpoint - The article discusses the innovative production and application of spermidine, a natural polyamine with significant potential in anti-aging and cardiovascular disease prevention, through synthetic biology techniques developed by a research team at Sichuan University [1][2]. Group 1: Spermidine Production Challenges - Spermidine is recognized as a promising bioactive molecule, but its high production costs have hindered large-scale industrial application [1][2]. - Traditional extraction methods yield low purity (only 1% from wheat germ) and are inefficient, while chemical synthesis is costly, leading to market domination by foreign companies [2][3]. Group 2: Technological Innovations - The research team employs machine learning algorithms to simulate yeast metabolic networks, significantly enhancing spermidine synthesis efficiency [3]. - A breakthrough in the discovery of an extracellular secretion mechanism allows spermidine to be actively expelled from cells, reducing energy consumption and improving purity during extraction [4]. Group 3: Industry Collaboration and Education - The collaboration between academia and industry enables students to engage in practical applications, bridging the gap between laboratory research and market needs [4][8]. - The establishment of a project-based learning model in universities aims to cultivate versatile talents for the industry [4][9]. Group 4: Market Potential and Policy Support - Spermidine is positioned to drive multiple billion-dollar industries, with ongoing clinical trials in the pharmaceutical sector and product development in the food industry [6][7]. - Chengdu is emerging as a hub for synthetic biology, with supportive policies from various provinces to facilitate technology transfer and commercialization [7][8]. Group 5: Future Outlook - The global economic impact of synthetic biology is projected to yield $2-4 trillion annually between 2030 and 2040, indicating a significant opportunity for industries leveraging these technologies [6]. - The integration of academic research, industry needs, and supportive policies is expected to enhance the domestic production of critical bioactive substances like spermidine, contributing to public health initiatives [8][9].

Core Viewpoint - Zhejiang Rongrui Technology Co., Ltd. has completed nearly 100 million yuan in Pre-A round financing, which will primarily be used to accelerate product pipeline development and continue the industrialization and commercialization process [1] Company Overview - Founded in 2022, Rongrui Technology focuses on synthetic biology as its core technology, integrating the latest advancements in artificial intelligence to develop disruptive technologies for artificial life and functional molecules [2] - The company aims to achieve green biological manufacturing in areas such as health food ingredients and high-value chemicals, while also reducing product costs and improving quality [2] - The product pipeline includes dozens of successfully developed products, such as important industrial enzyme varieties (lipase, nitrile hydratase, nitrile hydrolase, amide enzyme), pharmaceuticals, pesticides, high-value fine chemicals (chiral alcohols, chiral amines, chiral non-natural amino acids, amide compounds), as well as health oils, new structural esters, vitamins, and sugar substitutes [2] - The company has established multiple collaborations with leading enterprises in its niche [2] Industry Event - The 4th Synthetic Biology and Green Biological Manufacturing Conference (SynBioCon 2025) will be held from August 20-22 in Ningbo, Zhejiang, focusing on the "1+4" theme: AI + Biological Manufacturing [3] - The conference will cover four major application areas: green chemicals and new materials, future food, future agriculture, and beauty raw materials, inviting international leading companies, representative industrial experts, government, parks, capital, associations, and alliances to explore the development trends of the biological manufacturing industry during the 14th Five-Year Plan [3] - The event aims to promote the transfer and transformation of scientific and technological achievements, product scaling, and talent acquisition [3]

Core Viewpoint - Rongrui Technology focuses on green manufacturing in fields such as industrial enzyme preparations, health foods, pharmaceutical chemicals, and functional new materials, leveraging synthetic biology and artificial intelligence to develop disruptive technologies for green bio-manufacturing [1][2]. Group 1: Company Overview - Rongrui Technology was established in 2022 and has successfully developed dozens of products, including key industrial enzyme varieties such as lipase and amide enzymes, as well as high-value fine chemicals and health products [1]. - The company has formed multiple collaborations with leading enterprises in its niche sectors [1]. Group 2: Recent Financing - Rongrui Technology recently completed nearly 100 million yuan in Pre-A round financing, led by PwC Capital and Dinghui VGC, with Kai Cheng Capital serving as the exclusive financial advisor [1]. - The funds raised will primarily be used to accelerate product pipeline development and continue the industrialization and commercialization processes [1]. Group 3: Management and Investor Insights - The CEO of Rongrui Technology expressed gratitude for the support from investors and emphasized the company's commitment to enhancing technology, production facilities, and commercial channels to ensure sustained growth [2]. - Investors from PwC Capital and Dinghui VGC highlighted the team's extensive industrial experience and solid R&D foundation, expressing confidence in the company's growth prospects and its ability to create social value through its strong technology platform [3].