资讯所属栏目还有更多独家策划、专家专栏，免费查阅>> 风险提示：基金有风险，投资需谨慎。 1月5日，A股市场震荡上行，医药生物、传媒、非银金融等板块领涨。截至13时50分，在线消费ETF （159728.SZ）上涨4.35%，蓝色光标涨19.97%，天下秀涨10%，三七互娱涨10.0%。申港证券指出，当 前大众消费品企业普遍以品类创新和新渠道拓展为核心增长策略，推动休闲食品、软饮料、代糖、啤酒 等具有新消费属性的细分板块表现亮眼，部分龙头企业在第三季度仍实现营收稳健增长。政策层面，国 家以《提振消费专项行动方案》为纲领，多部门协同发力，从增加居民收入、促进大宗消费、培育新型 消费等多个维度推动消费复苏，"十五五"规划进一步明确将消费作为经济增长的主引擎，后续政策支持 有望持续加码。随着扩内需促消费政策持续推进以及宏观经济指标逐步改善，传统消费品类正迎来基本 面修复拐点与政策催化双重机遇，餐饮供应链、乳制品等领域有望迎来修复回升。在行业转型方面，线 上零售正加速向精准化、数字化方向演进，在增量政策与存量政策叠加作用下，市场活力有望持续释 放。在线消费ETF（159728.SZ）覆盖新消费成长赛道与传统消费改善领 ...

2025年12月18日，中粮科技披露接待调研公告，公司于12月18日接待淡水泉、建信养老金、农银投资、 新华资产、阳光资产、光大永明等38家机构调研。 调研情况显示，公司阿洛酮糖已获批国内首个新食品原料，目前多家头部食品饮料企业已进行试样，预 计12月底将有多家头部企业推出以阿洛酮糖为原料的新品；375克、250克小包装产品已在抖音、淘宝、 小红书、中粮到家、有赞等电商平台推广。 公司酶法生产阿洛酮糖的核心优势源自"自主核心技术＋产业链协同"。自主核心技术方面，联合中粮营 养健康研究院自主研发的酶转化率高，处于国内领先水平，且省去外购酶源与专利授权费用；产业链协 同方面，原料果糖可内部协同供应，相比外购果糖企业，供应稳定且成本更低，后续将持续优化工艺、 扩大产能，巩固健康甜味剂赛道领先地位。 新代糖集中上市是"健康消费升级"驱动，未来格局将呈现"总量扩容、结构升级、场景细分"特征，新代 糖是"升级"而非"替代"，核心竞争力在于满足"健康＋口感＋场景"复合需求。公司产品矩阵与核心单品 调整将围绕此趋势，以"核心技术＋产业链协同"构建差异化竞争力，巩固现有份额并抢占高端代糖战略 高点，后续将及时同步产能释放、客户 ...

证券代码：000930 证券简称：中粮科技 中粮生物科技股份有限公司投资者关系活动记录表 | 投资者关系活动 | □特定对象调研 □ 分析师会议 | | --- | --- | | 类别 | □ 媒体采访 □ 业绩说明会 | | | □ 新闻发布会 □ 路演活动 | | | □ 现场参观 | | | 其他 （中粮集团上市公司投资者集中交流活动） ☑ | | 参与单位名称及 | 建信养老金 田恒、农银投资 邢涛 黄九亮 郑宇、新华资产 韩越秦、 | | | 阳光资产 周丽红、光大永明 王申璐、中信产业基金 胡腾鹤 鞠洪一、国 | | 人员姓名 | 投创益产业基金 何钢 刘磊、信达资本农业事业部 万毅、招商局资本农 | | | 垦基金 刘峥 殷琨、盘京投资 陈静、润晖投资 李勇、中邮证券 张 | | | 子健 李泽坤、国新发展 潘加伟 余德涵 向威、中加基金 薛杨 陈静、天 | | | 弘基金 马雪薇、华夏基金 胡慧婷 李柄烨、易方达 王蕾、嘉实基金 | | | 马晓煜、新华基金 雷凯、民生加银基金 张泽、诺安基金 李新帜、广发 | | | 基金 袁辰昱、昌发展 亓立程、井冈山资本 曹律、浙江省投促进中心 张 | ...

Core Viewpoint - The report from Huazhong Securities highlights the peak of domestic silicon production capacity, the exit of overseas manufacturers, and the potential recovery of the polyester chain's prosperity due to concentrated production capacity in the polyester filament sector [1][3]. Group 1: Industry Trends - Domestic silicon production capacity has reached its peak, while leading companies are driving industry recovery as overseas manufacturers continue to exit [1][3]. - The PTA production capacity expansion is nearing its end, leading to a concentration in polyester filament production capacity, which is expected to improve the prosperity of the polyester chain [1][3]. - The price of caprolactam has dropped to a low point, prompting the industry to initiate self-driven anti-involution measures [3]. - The raw material price index has rebounded after hitting a bottom, with frequent safety incidents causing significant risks to the global supply chain of key pesticides [3]. - The price of spandex has remained below the cost line, leading to widespread industry losses, but a slowdown in new capacity releases may optimize the supply structure and drive price recovery [3]. - The vitamin market is expected to see significant price increases in 2024 due to a tightening global supply [3]. Group 2: Investment Opportunities - The report emphasizes two main investment themes: anti-involution and domestic substitution, particularly in the context of global macroeconomic uncertainties and a slowdown in chemical capital expenditures [2][4]. - The biobased materials sector is receiving strong support from national policies, with companies accelerating technological breakthroughs and industrialization [4][6]. - The lubricating oil additive sector is witnessing rapid technological advancements among domestic companies, with several high-end products achieving international certification [4][6]. - The electronic ceramics market is seeing strong demand driven by AI and automotive sectors, with domestic manufacturers making breakthroughs in MLCC production [4][6]. - The exit of 3M from the fluorinated liquids market is reshaping the competitive landscape, with domestic manufacturers expected to increase their market share [4][6]. - The explosive growth of AI servers is driving demand for electronic-grade polyphenylene ether, with domestic manufacturers achieving technological breakthroughs and entering key supply chains [4][6].

Investment Strategy Overview - The report emphasizes two main investment themes for the chemical industry: anti-involution policies and domestic substitution, which are expected to drive recovery and growth in the sector [4][5][6] Anti-Involution and Cycle Recovery - The report suggests that the chemical industry is at a turning point, with anti-involution measures leading to a recovery in the cycle. Key areas include the peak of new capacity in organic silicon, the end of PTA capacity expansion, and a rebound in prices for certain chemicals due to supply chain disruptions [4][5] - The China Chemical Product Price Index (CCPI) has decreased significantly, dropping to 3865 points by November 30, 2025, down 16.37% from early 2024 and 10.71% from the beginning of 2025 [4][20] Domestic Substitution as a Growth Driver - Domestic substitution is highlighted as a key growth driver, with significant support from national policies for bio-based materials and advancements in technology leading to a more robust domestic supply chain [4][6] - The report identifies several companies positioned to benefit from these trends, including KaiSai Bio and RuiFeng New Materials, which are making strides in bio-based materials and lubricant additives, respectively [5][6] Market Dynamics and Price Recovery - The report notes that while the chemical market is experiencing a downturn, certain segments are expected to see price recovery due to improved supply-demand dynamics and reduced capacity expansion [4][22] - Specific chemical products have shown varied price movements, with some experiencing significant declines while others are stabilizing or recovering [22] Manufacturing Sector Recovery - The manufacturing sector is showing signs of recovery, which is anticipated to support the chemical industry. The report mentions that the real estate market is stabilizing, and automotive production has increased, indicating a potential uptick in demand for chemical products [25][33] Capital Expenditure Trends - Capital expenditure growth in the chemical industry is slowing, with a notable decline in new projects. The report indicates that the total construction in progress for the chemical sector was 327.57 billion yuan in Q3 2025, down 17.64% year-on-year [34][39] Inventory and Consumption Trends - High inventory levels in the chemical sector are being addressed as consumer demand begins to recover. The report suggests that the inventory-to-revenue ratio for the basic chemical industry was 0.62 in Q3 2025, indicating a slight increase from the previous year [41][42] Profitability and Financial Performance - The report highlights a recovery in profitability for the chemical industry, with gross margins and return on equity (ROE) showing improvement in Q3 2025 compared to previous periods [56][60] - Specific sub-sectors, such as agrochemicals and fluorochemicals, have demonstrated significant profit growth, with some exceeding 100% year-on-year increases [55][56]

Group 1: Core Insights - The financing of listed companies in the sugar substitute industry primarily aims to enhance production capacity [1] - The majority of external investments by representative companies focus on expanding upstream and downstream operations [1][6] Group 2: Financing and Investment - The main financing methods for listed companies include IPOs, private placements, and convertible bonds, with a focus on new projects and capacity enhancement [1] - Notable external investments include significant amounts such as 100 million RMB by Sanyuan Bio and 10 million RMB by Hainan Baolijian [2][3][4] Group 3: Industry Parks and Development - The number of sugar substitute industrial parks in China is limited, with major parks located in Shandong, which is recognized as a global production base [7][8] - The Dezhou High-tech Zone in Shandong has a production capacity of 1.5 million tons and a domestic market share of over 70% [8] Group 4: Mergers and Acquisitions - Recent mergers and acquisitions in the sugar substitute industry are primarily driven by midstream companies seeking to expand scale and secure upstream resources [9][12] - Key acquisitions include Huakang's purchase of Henan Yuxin Sugar Alcohol Co. for 1.098 billion RMB, aimed at increasing market share [12]

据悉，辽宁启生源D-阿洛酮糖项目一期总投资10亿元，建成后将形成年产6万吨生产能力，年产值 可达10亿元。为推动项目早日投产达效，铁岭将持续优化营商环境，全力做好项目全生命周期服务保 障，严格把控工程质量关、安全关、进度关，确保高标准建设、高效率推进。 副省长王利波出席开工仪式并宣布项目开工。 今年7月，我国正式批准D-阿洛酮糖作为新食品原料，打开了广阔的应用市场。该代糖产品甜度约 为蔗糖的70%，具有近乎零热量、不升血糖等特点，可广泛应用于饮料、烘焙等食品领域，预计未来5 年国内市场需求将突破100万吨。 11月13日，辽宁启生源年产6万吨D-阿洛酮糖项目在铁岭开原市举行开工仪式，这标志着铁岭市在 打造代糖产业基地方面迈出关键一步。 作为铁岭市重点推进的项目，该项目体量大、前景好、带动力强，其顺利实施不仅是铁岭食品产业 延链补链强链的重大突破，更是当地培育新质生产力、抢占生物制造新赛道的重要实践，达产后将有力 推动铁岭玉米产业向绿色生物智造转型。 ...

Group 1: Industry Overview - The Chinese sugar substitute industry has a competitive hierarchy, with companies having registered capital exceeding 500 million yuan, such as Rhein Biotech, Jinhui Industrial, and Morning Light Biological, while those with capital between 200 million to 500 million yuan include Baolingbao and Bailong Chuangyuan [1] - The primary production regions for sugar substitute companies in China are Shandong, Hebei, and Anhui provinces, with Shandong housing the most companies, including Sanyuan Biological, Baolingbao, and Bailong Chuangyuan [1] Group 2: Revenue Rankings - In 2024, Huakang Co., Ltd. leads the revenue ranking among listed sugar substitute companies in China, with sales exceeding 1.9 billion yuan. Baolingbao, Rhein Biotech, and Sanyuan Biological follow, each with revenues exceeding 500 million yuan [5] Group 3: Industry Concentration - The concentration levels in the sugar substitute industry are high for products like sucralose, aspartame, and sugar alcohols. Major manufacturers of sucralose include Jinhui Industrial and Shandong Kangbao, while aspartame is primarily produced by companies like Hanguang Sweeteners and the Vito Company [8] Group 4: Company Layout - Companies like Sanyuan Biological and Huakang Co., Ltd. have a high proportion of their business in sugar substitutes. Many companies focus on sugar alcohol products, with Huakang Co., Ltd. producing over 170,000 tons of crystalline sugar alcohol [9][11] - Key sales markets for Chinese sugar substitute companies include China, the Americas, Europe, and Japan and South Korea [9] Group 5: Competitive Analysis - The competitive state of the sugar substitute industry in China shows moderate competition among existing firms, with a significant threat from potential new entrants due to growing health demands [12] - The bargaining power of upstream suppliers is strong, as the main raw materials are sourced from starch and chemical raw material companies, which are generally larger than the sugar substitute manufacturers [12] - The bargaining power of downstream customers is relatively weak, especially for small clients, while industry leaders maintain some pricing power [12]

Core Viewpoint - The article discusses the emerging market for D-Allulose, a new sugar substitute approved for use in China, highlighting its potential applications and the industry's response to its commercialization [3][5][10]. Group 1: Market Potential and Demand - D-Allulose is recognized as a "new generation sugar substitute" with a sweetness level of 70% compared to sucrose and low caloric content, making it a promising alternative for the food industry [5][12]. - The global market for D-Allulose is projected to reach $14.77 million in 2024, with a compound annual growth rate (CAGR) exceeding 14% from 2025 to 2034 [6]. - The "Healthy China Action (2019-2030)" initiative aims to limit daily added sugar intake to 25 grams per person, increasing the demand for safer and higher-quality sugar substitutes [3][5]. Group 2: Production and Supply Chain - D-Allulose can be produced through two main methods: biological fermentation using E. coli and enzyme-catalyzed conversion, with the latter being more commonly adopted due to lower initial investment requirements [8][9]. - Major companies like COFCO and Baolingbao are ramping up production capabilities, with Baolingbao planning to reach an annual production capacity of approximately 30,000 tons by 2026 [9][12]. - The production process is currently limited by the availability of enzyme preparations, which are crucial for D-Allulose production [9][10]. Group 3: Industry Response and Challenges - Downstream companies, including Wahaha and Mengniu, are interested in testing D-Allulose in their products, but large-scale application is still in the research and testing phase [11][12]. - The cost of D-Allulose remains a significant barrier, with current prices ranging from 20,000 to 24,000 yuan per ton, compared to around 10,000 yuan per ton for erythritol [13][14]. - Concerns about potential overcapacity in the market exist, as seen with erythritol, which experienced a price drop due to oversupply [14][15]. Group 4: Future Outlook - The industry outlook for D-Allulose remains optimistic, with expectations that production costs will decrease as capacity increases [15]. - Key factors for market success include continuous technological innovation, cost control, and the establishment of a complete industrial ecosystem [15].

Core Insights - D-Allulose, a new natural sweetener, has been approved for commercial use in China, with significant industry interest and potential applications in food products [1][2][4] Industry Overview - The approval of D-Allulose aligns with the goal of reducing daily sugar intake to 25 grams per person by 2030 as outlined in the Healthy China Action Plan [1] - D-Allulose is recognized for its low-calorie content, being approximately one-tenth the energy of sucrose, and its potential benefits in managing obesity and type 2 diabetes [2] Market Potential - The global market for D-Allulose is projected to reach $14.77 million in 2024, with a compound annual growth rate (CAGR) exceeding 14% from 2025 to 2034 [3] Production and Technology - D-Allulose can be produced through two main methods: fermentation using E. coli and enzyme-catalyzed conversion [4] - Companies like Zhongliang Group have developed proprietary enzymes for D-Allulose production, while others rely on partnerships with research institutions for enzyme sourcing [5][11] Industry Players - Major companies such as Baolingbao, Sanyuan Biotech, and Dongxiao Biotech are expanding their D-Allulose production capabilities, with Baolingbao aiming for an annual capacity of 30,000 tons by 2026 [6][8] - Downstream companies, including Wahaha and Mengniu, are showing interest in testing D-Allulose in their products, although large-scale adoption is still in the experimental phase [7][8] Cost Considerations - The current price of D-Allulose ranges from 20,000 to 24,000 yuan per ton, significantly higher than erythritol, which is around 10,000 yuan per ton [9] - Companies are exploring ways to reduce costs through scale and customized formulations to enhance competitiveness [9][11] Challenges and Risks - The industry faces potential overcapacity risks, as seen with erythritol, which previously experienced a price crash due to oversupply [10] - The successful market penetration of D-Allulose will depend on continuous innovation, cost control, and the establishment of a comprehensive industry ecosystem [11]