对此川宁生物方面在交流中表示，从目前实验数据来看，由该AI虚拟工程师所调控的发酵罐平均产量 超出对照组3%—5%的产量，并能够实时提前预测发酵趋势，提前干预调控，显著提升生产水平的稳定 性。在合成生物学研发方面，AI大幅提升酶活与研发效率，并逐步应用到各项研发工具中进行开发使 用。 此外，在合成生物学产品订单方面，川宁生物方面也表示，2025年前三季度合成生物学产品整体收入已 达到4880万元，目前的新产品已在生产状态，由于公司市场部对市场的积极开拓和新产品的市场容量情 况，订单情况相较去年同期已有所改善。明年的收入随着疆宁生物逐渐满产，以及市场的逐步开拓，预 计合成生物学产品收入会有较大程度的改善。 12月16日晚间，川宁生物（301301）作为国内生物发酵技术领域的标杆企业公告，公司控股股东四川科 伦药业（002422）股份有限公司(下称"科伦药业")及其控制的成都科伦宁辉企业管理合伙企业(有限合 伙)(下称"科伦宁辉")基于对公司未来发展前景的信心和对公司内在价值的认可，同时本着对中小股东负 责的态度，以实际行动维护资本市场稳定和公司股东利益，进一步促进公司持续、稳定、健康发展，增 强投资者信心，自愿延 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：财通社 A股上市公司金城医药（300233.SZ）实控人赵叶青因主导长达两年半的股票操纵案最终被证监会处 罚，董事长任职亦提前结束。 监管层定性清晰、处罚落地明确，而公司方面强调经营不受影响。 01 操纵股价案处罚落地 12月11日晚，金城医药发布公告，披露中国证监会对公司实控人操纵股价案的最终处罚结果：董事长赵 叶青因主导股票操纵行为，被罚款150万元并被实施4年市场禁入。 当日晚间，公司同步公告其已辞去所有职务，理由为"个人原因"。 有趣的是，今日开盘，公司股价略微高开，随后转跌。截至下午A股收盘，该股报14.73元/股，下跌 3.28%，总市值56.54亿元。 根据证监会查明的事实，在2017年8月至2020年2月期间，赵叶青联合王震、刘峰操纵金城医药股票。 三人控制使用相关账户组共104个证券账户，通过集中资金优势、持股优势连续买卖，采用账户间"对 倒"交易等方式影响金城医药股价与成交量。 具体情况是，595个交易日内，账户组有502天参与交易，累计竞价买入约1.19亿股、 ...

为促进技术与资本的高效对接，沙龙特别设置优质项目路演环节。潘普洛纳生物科技（深圳）有限公 司、海徕科（北京）生物技术有限公司、深圳睿陉生物科技有限公司三家前沿生物医药企业，将集中展 示其在靶向蛋白降解、差异化多（双）抗药物开发、高效蛋白/抗体开发等核心领域的技术突破与商业 潜力，为投资者和行业伙伴提供宝贵的合作机遇。 更值得关注的是，本次沙龙特设"资本面对面"专属环节，精心搭建融资企业与资金方的一对一深度洽谈 平台。目前，红杉中国、高特佳、基石资本等众多知名投资机构已确认参与，这些机构凭借丰富的行业 投资经验、雄厚的资本实力与敏锐的市场洞察力，将为参会生物医药企业提供精准的资本支持、专业的 战略指导，助力企业破解融资难题、加速成长步伐，推动产业创新生态持续优化。 "湾区药研・智汇光明"不仅是一场汇聚行业精英的生物医药盛宴，更是一个链接技术、资本、产业的高 端合作平台。我们诚邀生物医药领域的专家学者、企业负责人、投资机构代表及各界同仁共襄盛举，在 思想碰撞中凝聚共识，在资源对接中携手共赢，共同书写粤港澳大湾区生物医药产业高质量发展的崭新 篇章！ 当前，全球生物医药产业正经历深刻变革，创新药研发、合成生物学、基因 ...

主要观点： 行业周观点 本周（2025/11/24-2025/11/28）化工板块整体涨跌幅表现排名第13位，涨跌幅为2.98%，走势处于市场整 体中上游。上证综指涨跌幅为1.40%，创业板指涨跌幅为4.54%，申万化工板块跑赢上证综指1.58个百分 点，跑输创业板指1.56个百分点。 2025年化工行业景气度将延续分化趋势，推荐关注合成生物学、农药、层析介质、代糖、维生素、轻烃 化工、COC聚合物、MDI等行业: （1）合成生物学奇点时刻到来。能源结构调整大背景下，化石基材料或在局部面临颠覆性冲击，低耗 能的产品或产业有望获得更长成长窗口。对于传统化工企业而言，未来的竞争在于能耗和碳税的成本， 优秀的传统化工企业会利用绿色能源代替方案、一体化和规模化优势来降低能耗成本，亦或新增产能转 移至更大的海外市场，从而达到双减的目标。同时，随着生物基材料成本下降以及"非粮"原料的生物基 材料的突破，生物基材料有望迎来需求爆发期，需求超预期的高景气赛道，未来有望盈利估值与业绩的 双重提升。推荐关注合成生物学领域，重点关注凯赛生物、华恒生物等行业领先企业。 华安证券近日发布基础化工行业周报：本周（2025/11/24-2 ...

（原标题：蔚蓝生物(603739.SH)：合成生物学产品的生产涉及分离、提纯等生产工艺，公司目前尚不 具备该工艺） 格隆汇11月24日丨蔚蓝生物(603739.SH)在投资者互动平台表示，合成生物学产品的生产涉及分离、提 纯等生产工艺，且提纯工艺难度较大，公司目前尚不具备该工艺，有待进一步开发。同时，产品未来还 可能涉及注册及法规审批、选品及市场推广等，周期较长，难度较大，商业化存在重大的不确定性。预 计在较长的时间，不会对公司的经营产生重大的影响。 ...

Core Viewpoint - King’s Ray Biotechnology focuses on "technology-driven" and "global layout" as its core development strategy, aiming for long-term revenue growth and clear growth paths for various segments [1] Group 1: Financial Projections - The company maintains a "buy" rating, predicting revenue for its main business segments to be $939 million, $825 million, and $961 million for 2025-2027, with year-on-year growth rates of 58%, -12%, and 16% respectively [1] - The estimated PS valuation for the main business segment is based on a 6x PS multiple for 2026 revenue, leading to a valuation of 35.2 billion RMB [1] - The fair value of the company's stake in Legend Biotech, a US-listed company, is estimated at 17 billion RMB as of November 20, 2025 [1] Group 2: Strategic Goals - The company aims to be the global leader in biopharmaceuticals (antibody drugs, gene & cell therapy) and synthetic biology services and products [2] - The strategic plan includes solidifying cash flow to support life sciences, biopharmaceutical CRDMO, and synthetic biology, driving profit growth [2] - The long-term revenue target is set at $3 billion by 2035, with an operating profit margin exceeding 20% [2] Group 3: Business Development Focus - The company is focused on ensuring steady growth in its core businesses, particularly in gene & plasmid services, aiming to expand downstream applications [2] - The antibody protein business aims to enhance core competitiveness and capture the non-outsourcing market by providing innovative instruments and solutions [2] - The protein antibody drug CDMO aims to leverage the rebound in China's biotech sector, accumulate more projects, and enhance sales capabilities in Europe and the US [2] Group 4: Growth Strategy - The company seeks to consolidate its business capabilities by transforming mature services into one-stop solutions, accelerating productization for downstream clients [3] - There is a focus on high-margin products in enzyme preparations, particularly in starch sugar, alcohol, and home care sectors [3] - The company is looking for explosive industry opportunities through innovative protein/enzyme preparations and collaborative development of licensed products [3]

Core Viewpoint - The petrochemical industry listed companies are categorized into four sub-sectors: oil and gas resources, oil service equipment, petrochemicals, and downstream materials. In Q3 2025, the average price of Brent crude oil was $68.17 per barrel, showing a year-on-year decline. The performance of each sub-sector is as follows: (1) upstream oil and gas resources saw a decline in profitability year-on-year but maintained a certain level of profit; (2) the oil service equipment sector achieved positive year-on-year net profit growth; (3) the petrochemical sector overall saw an increase in profitability year-on-year; (4) in the downstream materials sector, products like photovoltaic film, carbon fiber, synthetic biology, biodegradable plastics, and inkjet materials experienced significant year-on-year profit improvements [1]. Oil and Gas Resources - In Q3 2025, the upstream oil and gas extraction sector achieved a net profit attributable to shareholders of 85.341 billion yuan, a year-on-year decrease of 7% but a quarter-on-quarter increase of 6%. The three major oil companies increased cost reduction and efficiency efforts, achieving a net profit of 83.225 billion yuan, down 6.9% year-on-year but up 6.2% quarter-on-quarter [1]. Oil Service Equipment - The oil service equipment sector saw steady profit growth, with a total net profit attributable to shareholders of 3.598 billion yuan in Q3 2025, representing a year-on-year increase of 12% but a quarter-on-quarter decrease of 14%. The petrochemical sector continued to grow, with a total net profit of 7.233 billion yuan, a year-on-year increase of 299.67% and a quarter-on-quarter increase of 12% [2]. Petrochemical Sector - The petrochemical sector's overall profitability continued to grow, with a total net profit of 7.233 billion yuan in Q3 2025, reflecting a year-on-year increase of 299.67% and a quarter-on-quarter increase of 12%. The private refining sector saw profit growth, achieving a net profit of 2.615 billion yuan, up 23.28% quarter-on-quarter. However, the light refining sector experienced a profit decline, with a net profit of 0.851 billion yuan, down 29.46% quarter-on-quarter. The coal chemical sector also saw a slight profit decrease, with a net profit of 4.037 billion yuan, down 2.55% quarter-on-quarter [2]. Downstream Materials - In Q3 2025, the downstream materials sector achieved a total net profit of 0.555 billion yuan, a year-on-year increase of 73.27% and a quarter-on-quarter increase of 47.30%. Specific products such as photovoltaic film, polyester bottle sheets, electrolytes, carbon fiber, and polyester films saw significant quarter-on-quarter profit growth of 68.11%, 38.75%, 37.17%, 3.30%, and 50.51%, respectively. Conversely, synthetic biology, biodegradable plastics, and inkjet materials experienced quarter-on-quarter profit declines of 17.31%, 36.78%, and 22.47%, respectively [3].

Core Viewpoint - Chuaning Biological announced that its synthetic biology product revenue reached 48.8 million yuan in the first three quarters of 2025, indicating a positive trend in order improvement compared to the same period last year [1] Group 1: Financial Performance - The overall revenue from synthetic biology products for the first three quarters of 2025 has reached 48.8 million yuan [1] - The company expects significant revenue improvement in synthetic biology products next year as production capacity increases and market expansion continues [1] Group 2: Market Development - The company's marketing department has actively developed the market, leading to improved order conditions compared to the previous year [1] - New products are currently in production, contributing to the positive outlook for revenue growth [1]

Investment Rating - The report maintains a neutral rating for the chemical industry [2]. Core Insights - The current cycle may be nearing its end, with expectations for demand recovery. Infrastructure and export demand are expected to remain strong in 2024, while the real estate cycle continues to decline. The chemical industry is anticipated to experience a phase of price and profit level rebound in Q2 2024, although overall performance for the year will remain under pressure [4][5]. - The report emphasizes the importance of identifying industries with marginal supply-demand changes, focusing on both domestic and global market dynamics [6][7]. Summary by Sections Industry Valuation and Economic Indicators - The report tracks various indicators such as the comprehensive prosperity index of the chemical industry and industrial added value [3]. Price Indicators - It includes analysis of PPI, PPIRM, and CCPI, along with price differentials for chemical products [3]. Supply-side Indicators - Key metrics include capacity utilization rates, energy consumption, fixed asset investment, inventory levels, and ongoing construction projects [3]. Import and Export Indicators - The report breaks down the contribution of import and export values [3]. Downstream Industry Performance - It examines the performance of downstream sectors such as PMI, real estate, home appliances, automotive, and textiles [3]. Economic Efficiency Indicators - The report discusses three major economic efficiency indicators for the industry [3]. Global Macro and End Market Indicators - It analyzes global macroeconomic indicators including purchasing manager indices, GDP year-on-year growth, civil construction starts, consumer confidence indices, and automotive sales [3]. Global Chemical Product Prices and Differentials - The report provides insights into the prices and differentials of chemical raw materials, intermediate products, and sub-industries like resins and fibers [3]. Global Industry Economic Efficiency Indicators - It covers changes in sales revenue, profitability, growth capacity, solvency, operational capacity, and per-share indicators [3]. Chemical Product Prices and Production Indicators in Europe and the US - The report includes prosperity indicators, confidence indices, capacity utilization rates, production indices, PPI, and production indices for the chemical industry in Europe and the US [3].

Core Viewpoint - Jin Cheng Pharmaceutical (300233.SZ) announced on October 9 that its actual controller and chairman, Zhao Yeqing, received a notice from the China Securities Regulatory Commission (CSRC) regarding allegations of market manipulation, as indicated in the administrative penalty notice [1][3]. Group 1: Allegations and Penalties - Zhao Yeqing, Wang Zhen, and Liu Feng are accused of violating Article 77 of the Securities Law of 2005, constituting market manipulation as per Article 203 of the same law [3]. - The proposed penalties include a total fine of 3 million yuan, with Zhao Yeqing responsible for 1.5 million yuan, Wang Zhen for 1.2 million yuan, and Liu Feng for 300,000 yuan [3]. - Zhao Yeqing will face a 4-year market ban, while Wang Zhen will be banned for 3 years, preventing them from engaging in securities business or holding positions in any public companies during the ban period [3]. Group 2: Previous Penalties - On March 12, 2025, Zhao Yeqing received a prior notice proposing the confiscation of illegal gains amounting to approximately 15.4391 million yuan, with Zhao Yeqing's share being 7.7196 million yuan [4]. - The previous proposed penalties included fines totaling approximately 46.3174 million yuan, with Zhao Yeqing liable for 23.1587 million yuan [4]. - The current proposed penalties are significantly lower than the previous ones, indicating a potential change in the regulatory approach or the circumstances surrounding the case [4]. Group 3: Company Overview - Jin Cheng Pharmaceutical was established in 2011 and is listed on the Shenzhen Stock Exchange's Growth Enterprise Market, employing over 3,900 people and operating more than 30 subsidiaries globally [8]. - The company specializes in the research, production, and sales of pharmaceutical intermediates, active pharmaceutical ingredients, drug formulations, and health products, and is recognized for its production of cephalosporin intermediates and other pharmaceutical products [8]. - Jin Cheng Pharmaceutical is a well-known manufacturer of anti-infection and women's health medications, with a comprehensive product line in the lifecycle of women's health [8].