证 券 研 究 报 告 【宏观快评】 "保持投资合理增长"——政策周观察第 56 期 近一周，政策仍在等待窗口期，主要关注以下内容： 1、11 月 21 日，总书记在纪念胡耀邦同志诞辰 110 周年座谈会上发表讲话。 内容包括，"坚定理想信念，对党忠贞不渝"，"我们要像他那样，勇立时代潮 头，锐意改革创新。胡耀邦同志将改革视为'关系我们事业全局成败的问题'"， "他认为农村改革要汲取过去'想得太窄，限得太死'的教训，要放开，再放 开；他鼓励经济特区'特事特办，新事新办，立场不变，方法全新'。他强调 对外开放要利用国内国外两种资源"，"以扎实奋斗不断增强人民群众获得感幸 福感安全感，推动全体人民共同富裕取得更为明显的实质性进展"，"全党同志 特别是领导干部要牢记党的自我革命永远在路上、全面从严治党永远在路上， 锲而不舍落实中央八项规定精神"。 2、产业层面部署较多。1）11 月 20-22 日，丁薛祥在山东和河北调研，涉及 济南二机床集团、费斯托气动公司调研先进制造和智能制造，到浪潮集团、中 瓷电子、石药集团了解新一代信息技术创新、生物科技和生物制造产业发展情 况，并调研机场扩建项目，强调"无论是应对短期经济波 ...

11月22日至23日，省委书记刘宁到信阳市平桥区、商城县、固始县、淮滨县，调研产业发展、内河航运、文旅融合等工作，推动落实党的二十届四中全会 精神和习近平总书记在河南考察时重要讲话精神见行见效。 近年来，信阳市注重引进培育创新型企业，鼓励企业加大研发投入和创新力度。在河南驭波科技有限公司，刘宁认真察看红外光学晶体、成套透镜组等产 品，详细了解新材料产业发展情况。"新材料产业作为战略性、基础性产业，已成为国内外高技术竞争关键领域。"刘宁说，要贯彻落实党的二十届四中全 会关于发展新兴产业的重要部署，坚持智能化、绿色化、融合化方向，做强研发平台，提升技术水平，强化链群培育，向着价值链中高端进军。在华阳长 青投资有限公司，刘宁与企业负责人深入交流，对企业开发电氢氨醇项目、发展绿色低碳循环经济给予肯定，希望企业深耕河南市场，聚焦风力发电、光 伏设备制造及润滑油循环综合利用等主营业务，招引产业链上下游企业，重塑产业生态，拓展应用场景，不断扩大市场规模和核心竞争力。在商城县北纳 创联生物科技有限公司、固始县信合援生制药股份有限公司，刘宁走进实验室、生产车间，听取生物科技产业发展情况汇报，强调要抢抓发展机遇，深化 企业主导的 ...

Core Insights - The core viewpoint of the articles emphasizes Huaxi Biological's strategic adjustments and focus on synthetic biology as a key growth area, aiming for high-quality development through technological innovation and organizational restructuring [1][4][12] Company Strategy - Huaxi Biological is actively adjusting its business and organizational structure to enhance its long-term competitiveness, focusing on core advantages and technological innovation [1][4] - The company is prioritizing C-end business development, aiming to create value for consumers by accurately defining brand positioning and target demographics [4][5] - The strategic focus on synthetic biology, particularly glycomics, is seen as a critical area for future growth and innovation [1][6] Financial Performance - In Q3 2025, Huaxi Biological reported a net profit of 0.32 billion yuan, a year-on-year increase of 55.63%, and revenue of 9.03 billion yuan, indicating sustained improvement following strategic reforms [4] - The company has successfully reduced its sales expense ratio to 34.26%, the lowest level in five years, while still achieving significant profit growth despite asset impairment provisions [5] Research and Development - Huaxi Biological is building an integrated platform for research and development, focusing on glycomics and cell biology to provide systematic solutions for aging intervention [6][9] - The company has developed a synthetic biology system supported by two core platforms: a biocatalyst library and a pilot-scale conversion platform, which facilitate rapid molecule screening and scaling [6][10] Technological Advancements - The company has achieved global leadership in technologies such as the precise synthesis of heparin through enzyme methods, moving towards "green biological manufacturing" [7] - Huaxi Biological's pilot-scale platform is crucial for validating technologies and facilitating the transition from laboratory breakthroughs to industrial applications [10][11] Future Outlook - The company aims to deepen its "pilot-scale foundation, AI efficiency enhancement" model, aligning with national strategies to solidify its position in the synthetic biology industry [12]

近年来，信阳市注重引进培育创新型企业，鼓励企业加大研发投入和创新力度。在河南驭波科技有限公司， 刘宁认真察看红外光学晶体、成套透镜组等产品，详细了解新材料产业发展情况。"新材料产业作为战略性、 基础性产业，已成为国内外高技术竞争关键领域。"刘宁说，要贯彻落实党的二十届四中全会关于发展新兴产 业的重要部署，坚持智能化、绿色化、融合化方向，做强研发平台，提升技术水平，强化链群培育，向着价 值链中高端进军。在华阳长青投资有限公司，刘宁与企业负责人深入交流，对企业开发电氢氨醇项目、发展 绿色低碳循环经济给予肯定，希望企业深耕河南市场，聚焦风力发电、光伏设备制造及润滑油循环综合利用 等主营业务，招引产业链上下游企业，重塑产业生态，拓展应用场景，不断扩大市场规模和核心竞争力。在 商城县北纳创联生物科技有限公司、固始县信合援生制药股份有限公司，刘宁走进实验室、生产车间，听取 生物科技产业发展情况汇报，强调要抢抓发展机遇，深化企业主导的产学研融通创新，加快科技成果转化应 用，完善市场准入标准制定，助力生物制造发展跑出"加速度"。刘宁还来到信阳万华无醛生态产业园、淮滨 县苏美达服装科技发展有限公司，强调要发挥龙头企业优势，推动 ...

Core Insights - The company is actively adjusting its operations and organizational structure to enhance its long-term competitiveness through technological innovation, focusing on synthetic biology as a core strategic direction [1][2][4] Group 1: Strategic Adjustments and Financial Performance - The company has seen a profit growth trend, achieving a net profit of 0.32 billion yuan in Q3 2025, a year-on-year increase of 55.63%, with operating revenue reaching 9.03 billion yuan [1] - The decline in revenue during the first three quarters was primarily due to a decrease in skin science innovation conversion business, which is viewed as a temporary outcome of the ongoing adjustments [2] - The company has reduced sales expenses to 34.26%, the lowest level in five years, while still achieving approximately 55% profit growth year-on-year [3] Group 2: Focus on C-end Business - The C-end business is a key focus of the company's adjustments, emphasizing the need to accurately define brand positioning and target demographics to create consumer value [2] - The company is building an ecosystem that fosters collaboration with users, platforms, and partners to strengthen its C-end business foundation [2][3] Group 3: Synthetic Biology and Research Platforms - The company is centered on synthetic biology, particularly in glycoscience and cell biology, aiming to provide systematic solutions for delaying aging [4][5] - The synthetic biology system is supported by two core platforms: a biocatalyst library and a pilot transformation platform, which facilitate rapid molecular screening and scale-up verification [5][7] - The company has developed leading technologies, such as the precise synthesis of heparin through an enzyme-based method, moving towards "green biological manufacturing" [5] Group 4: Pilot Testing and AI Integration - The pilot platform is crucial for connecting research, validation, and transformation, and is seen as a strategic asset in the innovation chain [7][8] - The company has invested in a pilot transformation platform in Tianjin, equipped with fermentation systems and production lines to support scaling and standardization [7] - The pilot platform is open to collaboration with universities and research institutions, providing low-cost support for technology validation and process development [8][9]

在生物科技产业快速演进、创新驱动成为高质量发展核心动能的当下，华熙生物正以"主动调整谋突 破、技术深耕筑根基"的系统思路，在合成生物这一生命科学新赛道上加速布局，探索生物制造产业的 高质量发展路径。 日前，华熙生物董事长赵燕在接受中国证券报记者专访时表示，公司正在通过主动调整经营与组织结 构，理顺发展逻辑、聚焦核心优势，以科技创新夯实企业长期竞争力。此次调整虽带来短期业绩波动， 但改革成效已逐步显现。当前，公司聚焦C端精准定位与生态构建，预计经下半年调整后，明年初有望 进入积极、稳定的发展阶段。长期来看，华熙生物将以合成生物作为核心战略方向，其中糖生物学是研 发端的重点发力领域，公司正依托中试平台破解技术规模化难题，并借助AI提升研发与生产效率，通 过C端反馈验证科技价值，夯实产业竞争力，履行龙头企业的社会责任。 赵燕指出，公司B端业务板块保持稳健增长，但企业必须着眼未来。"C端是验证科技创新市场应用的关 键环节，只有通过C端，才能检验技术是否真正贴合用户需求，能否转化为有竞争力的产品。"她进一 步表示，今年C端处于深度调整期，预计经过下半年优化后，明年初有望进入积极稳定的发展阶段。 打造衰老干预系统性方案 ...

10月28日，《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》（以下简称《建议》） 正式发布。 与"十四五"规划建议相比，"十五五"规划建议将"建设现代化产业体系"摆在更加突出的位置，这背后有 何考量？遴选量子科技、生物制造等六大产业的底层逻辑是什么？新兴产业和未来产业未来10年新增规 模相当于再造一个中国高技术产业，意味着什么？人工智能（AI）出现8次，反映出怎样的导向？带着 这些关乎经济发展全局的关键问题，近日，《每日经济新闻》记者（以下简称NBD）专访了第十四届 全国政协委 员、中国社科院经济研究所原所长黄群慧。 黄群慧深耕产业经济领域多年，身兼国家制造强国建设战略咨询委员会委员，国务院反垄断委员会专家 咨询组成员等职，并连续担任"十四五""十五五"国家发展规划专家委员会委员，对中国产业发展的底层 逻辑与现实路径有着深刻洞察。 在采访中，他强调指出，在推动人工智能技术发展同时，不容忽视其就业替代与收入极化效应，技术创 新的社会影响必须纳入考量范围。 谈建设现代化产业体系：置于首位具有三大意义 NBD：与"十四五"规划建议相比，"十五五"规划建议把"建设现代化产业体系，巩固壮大实体经济根 基" ...

Group 1: Global Market Overview - Recent global market turmoil is attributed to multiple factors, including the Federal Reserve's mixed signals on interest rate cuts, leading to increased volatility across asset classes [3][4][5] - Concerns over AI sector sustainability and geopolitical tensions have also contributed to the decline in various asset prices, particularly in the tech sector [4][5][6] Group 2: A-shares and H-shares Outlook - The current adjustments in A-shares and H-shares are seen as emotional disturbances rather than fundamental changes, with expectations for policy support and foreign capital inflow remaining positive [6][7] - Analysts maintain a long-term optimistic view on A-shares and H-shares, anticipating a healthy recovery despite potential short-term volatility [6][7][8] Group 3: Gold Market Analysis - The outlook for gold remains positive due to anticipated global monetary expansion, although its risk-return profile may decline as economic conditions stabilize [9][10] - Analysts highlight that gold serves as a hedge against rising debt levels and geopolitical risks, reinforcing its long-term investment appeal [10][11] Group 4: Oil Market Projections - The oil market is expected to experience a range-bound trading pattern, with prices projected between $60 and $70 per barrel due to weak demand and OPEC's production strategies [14][15] - Geopolitical factors and supply-demand dynamics will continue to influence oil prices, with a cautious outlook for significant price increases [15][16] Group 5: Investment Opportunities - A-shares are viewed as having superior investment value, with a focus on sectors like technology and high-end manufacturing, while also considering defensive positions in high-dividend stocks [16][17] - Analysts suggest that the current market environment favors a diversified approach, balancing risk and return across various asset classes [17][18] Group 6: Risks to Monitor - Key risks include potential economic data surprises from the U.S. and geopolitical developments that could impact market sentiment and liquidity [18][19] - The end of the U.S. government shutdown has not alleviated concerns over liquidity, and ongoing uncertainties in economic performance may affect global asset markets [19][20]

央视网消息（新闻联播）：11月20日至22日，中共中央政治局常委、国务院副总理丁薛祥在山东、河北 调研。他强调，要深入学习贯彻党的二十届四中全会精神，全面贯彻落实习近平总书记重要讲话精神， 巩固拓展经济回升向好势头，实现全年经济社会发展目标，确保"十四五"规划圆满收官，为"十五五"开 局起步打下良好基础。 丁薛祥前往济南二机床集团、费斯托气动公司调研先进制造和智能制造，到浪潮集团、中瓷电子、石药 集团了解新一代信息技术创新、生物制造产业发展情况。他表示，优化提升传统产业、培育壮大新兴产 业和未来产业都是发展新质生产力，都要推动科技创新和产业创新深度融合，促进新旧动能平稳接续转 换。强化以企业为主导的产学研用协同攻关，加大科技成果转化应用力度，提升产业链供应链韧性和水 平。在听取部分企业负责人意见建议时，丁薛祥强调，要积极回应企业关切、解决企业难题，营造市场 化、法治化、国际化一流营商环境。 丁薛祥来到济南遥墙国际机场二期改扩建项目现场，调研重大基础设施建设情况。他指出，要统筹用好 各类政府投资，发挥财政资金对有效投资的撬动作用。加强服务指导，拓宽参与领域，畅通投融资渠 道，促进民间投资高质量发展。协同推进项目 ...

Core Viewpoint - The article emphasizes the importance of biomanufacturing as a key emerging industry in China's economic transformation, highlighting its potential for sustainable development and economic benefits [1][3]. Economic Benefits - Biomanufacturing can convert waste into valuable resources and enhance cost efficiency. A newly developed enzymatic technology can convert 100% of nine types of crop straw into various industrial raw materials, reducing the cost of produced pulp by 30% to 40% compared to traditional chemical methods [2]. - The total scale of China's biomanufacturing industry is approaching 1 trillion yuan, with fermentation capacity accounting for over 70% of the global market. By 2030, industries currently contributing one-third of global GDP are expected to be reshaped by synthetic biology applications [2]. Sustainable Development - Biomanufacturing has significant low-carbon attributes, making it a crucial pathway to achieve carbon neutrality goals. Biobased products in the chemical sector can reduce emissions by 50% to 70% compared to petrochemical routes. A 30% substitution rate in the chemical and materials sectors could lead to a cumulative reduction of over 1.5 billion tons of CO2 by 2030 [3]. - Technologies in biomanufacturing can even enable "negative carbon" outcomes, as demonstrated by Shougang Longze, which utilizes steel industry waste gases to produce feed protein and fuel ethanol [3]. Policy Support and Development - The "14th Five-Year Plan" has identified biomanufacturing as a key development direction, with previous policies dating back to 2012 emphasizing the establishment of a biomanufacturing technology system [3]. - Recent initiatives by the Ministry of Industry and Information Technology and the National Development and Reform Commission aim to cultivate biomanufacturing pilot platforms and promote the integration of biotechnological industries [4]. - The collaborative efforts of government, industry, academia, and research will accelerate the commercialization of biomanufacturing innovations, creating new employment and entrepreneurial opportunities [4].