内容概要：秸秆行业与农业、能源、化工、建材等产业深度融合，形成"秸秆-饲料-养殖""秸秆-能源-工 业供热"等产业链条，不仅带动农村就业和农民增收，还能通过替代石化原料、木材资源创造间接经济 价值，近年来，国家出台一系列政策推动秸秆综合利用，各地方政府也纷纷推出补贴、交易市场建设、 积分激励等配套措施，为秸秆回收、加工、利用全产业链的发展提供了政策保障，在市场政策加持下， 我国秸杆综合利用市场快速发展，据统计，2024年我国秸杆综合利用量从2024年的5.55亿吨增至6.47亿 吨，其中，饲料使用约占18.4%，基料化、原料化领域约占1.8%，食用菌基料约占2.3%，燃料领域约占 8.2%。同年秸杆综合利用率从2024年的77.7%增至88.3%；秸杆综合利用市场规模从2024年的1476.3亿元 增至2050.99亿元。 相关上市企业：司尔特（002538）、伊利股份（600887）、华瑞农业（833462.NQ）、雪榕生物 （300511）、寿仙谷（603896）、迪森股份（300335）、长青集团（002616）、太阳纸业（002078）、 圣泉集团（605589） 相关企业：国能生物发电集团有限公司、 ...

《发展新质生产力 携手进入新"秸"段》 杨曙飞 南乐县人民政府 副县长 01 从"废弃物"到"产业链"，差了什么？ 每年秋收后，全国有近9亿吨秸秆需要处理。焚烧污染环境，还田成本高，堆在地里又影响下一季耕种。但在河南省南乐县，这个困扰无数地方的"废弃 物"，却变成了一个年产值数十亿的产业集群。 一个60万人口的县城，用20年时间，把秸秆、玉米芯这些农业废弃物，做成了全国首个闭环的生物基材料产业链。更关键的是，这不是简单 的"招商引资+政策补贴"故事，而是一个完整的产业生态——从原料收储、技术突破、产业链延伸，到金融支持、成本控制，每个环节都有清晰 的逻辑 。 2025年11月28日，在 第五届非粮生物质高值化利用论坛 上， 南乐县人民政府 副县长 杨曙飞 详细介绍了这个产业集群的发展历程和投资机 会。对于生物基化学品、材料企业来说，这个县域样本背后的产业逻辑，可能比具体的招商政策更值得关注。 第一道坎是技术 。 秸秆、玉米芯的主要成分是纤维素、半纤维素和木质素，怎么把这些复杂的大分子，高效、低成本地分解成葡萄糖、木糖等 单糖？这个技术瓶颈，卡住了很多地方的生物基产业发展。 第二道坎是产业链 。 即使技术突破了 ...

Core Viewpoint - Huakang Co., Ltd. has decided to terminate the planned acquisition of 100% equity in Yuxin Sugar Alcohol due to significant changes in the market environment since the initial planning phase, despite the transaction being in progress for over a year [2][4]. Group 1: Transaction Details - The company intended to acquire Yuxin Sugar Alcohol for a total price of 1.098 billion yuan through a combination of issuing shares and cash payments [2]. - The assessment value of Yuxin Sugar Alcohol's 100% equity as of December 31, 2024, was 1.101 billion yuan, reflecting an increase of 556 million yuan and an appreciation rate of 102.01% [2][3]. Group 2: Company Performance - Huakang Co., Ltd. has faced a situation of increasing revenue without corresponding profit growth, with a revenue increase of 0.93% to 2.808 billion yuan in 2024, while net profit decreased by 27.72% to 268 million yuan [4]. - In the first three quarters of 2025, the company reported a revenue of 2.959 billion yuan, a year-on-year increase of 40.52%, but net profit declined by 9.91% to 168 million yuan [4]. Group 3: Industry Context - The company and Yuxin Sugar Alcohol are recognized as leading firms in the production and technology of xylitol, with the acquisition aimed at enhancing market competitiveness and operational efficiency [4]. - The industry is currently facing challenges, including a major customer of Yuxin Sugar Alcohol experiencing a debt crisis, which may impact the market dynamics [4].

Core Viewpoint - The research led by Zhang Yiheng's team at the Tianjin Institute of Industrial Biotechnology has achieved a breakthrough in converting cellulose into starch with a conversion rate of 93.3%, significantly improving the previous theoretical limit of 50% and addressing food security issues in China [4][11][12]. Group 1: Food Security Challenges - China faces a food security dilemma with 1.58 billion tons of imported grain in 2024, including 26.4 million tons of starch-based grains and approximately 100 million tons of soybeans, while 600 million tons of straw are wasted annually [9][10]. - The annual production of terrestrial plants generates about 2 billion tons of lignocellulose, which is 26 times the current grain production, indicating a potential to create a new agricultural scale by utilizing just 4% of this resource [10]. Group 2: Technological Breakthroughs - The new "multi-enzyme molecular machine" technology allows for the conversion of cellulose to starch with a theoretical yield of nearly 100%, overcoming the limitations of traditional microbial metabolism [4][11]. - The innovative design includes a "recycling system" for glucose, which was previously wasted, and employs a seven-enzyme system to achieve the conversion [11][12]. Group 3: Industrial Applications - The first application target is in the chiral drug separation market, where the newly synthesized starch can meet high precision separation needs, previously dominated by Japanese companies [14][19]. - The team has established a collaboration with Suzhou Nano Micro Technology to utilize their expertise in surface modification, enhancing the performance of the new starch for drug separation [14][19]. Group 4: Commercialization Strategy - Zhang Yiheng emphasizes the importance of aligning technology with market needs, introducing the concept of "PC value" (Product Cost ratio) to guide the commercialization of biomanufactured products [15][18]. - The strategy includes a three-step approach to maximize the value of lignocellulosic resources, starting with the extraction of hemicellulose for high-value products before processing cellulose into starch [17][18]. Group 5: Future Directions - The team aims to reduce enzyme costs and scale up the production process while exploring applications in plant-based capsules and biodegradable materials [18][19]. - Zhang Yiheng's vision includes transforming agricultural waste into valuable food sources, contributing to China's food security and economic growth [18][22].

Core Viewpoint - The CCUS (Carbon Capture, Utilization, and Storage) technology is crucial for addressing climate change and reducing CO2 emissions, but its industrialization faces significant challenges, particularly funding issues [1][5]. Group 1: CCUS Technology and Applications - CCUS technology is essential for high-emission industries like steel and cement, where traditional methods cannot eliminate CO2 emissions effectively [3]. - Tencent's "Carbon Seeking Program" aims to foster low-carbon technology innovation, with the second phase receiving 660 applications from 54 countries, indicating growing interest in CCUS projects [2]. - Innovative projects include the use of local materials for carbon capture, conversion of captured CO2 into methane for steel production, and the development of sustainable industrial carbon materials [1][2]. Group 2: Challenges in Industrialization - Funding remains the most significant bottleneck for CCUS projects, as many laboratory technologies struggle to secure financial backing for industrial validation [1][5]. - Uncertainties in policy and carbon credit recognition hinder the development of CCUS, making it difficult for companies to realize the economic benefits of their low-carbon products [5][6]. Group 3: Recommendations for Industry Growth - The industry suggests establishing clearer carbon credit certification standards and aligning methodologies with international frameworks to enhance the credibility of CCUS projects [6]. - There is a call for increased public and private funding in energy-saving and carbon-reduction initiatives, along with incentives for low-carbon products to stimulate market demand [6].

Investment Rating - The report maintains an "Accumulate-A" rating for the company [2][8]. Core Views - The company is expected to benefit from the rapid growth in advanced electronic materials and battery materials, driven by increasing demand from AI servers and the rising penetration of new energy battery materials [5]. - The company has shown robust growth in synthetic resin sales and continues to expand its product categories, effectively responding to market changes [4]. - The company is enhancing its production capacity, with several projects underway that are expected to contribute significantly to future revenue and profit growth [5][6]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of 8.072 billion yuan, a year-on-year increase of 12.87%, and a net profit attributable to shareholders of 760 million yuan, up 30.81% year-on-year [3]. - In Q3 2025, the company reported revenue of 2.722 billion yuan, a 7.75% increase year-on-year, but a 5.89% decrease quarter-on-quarter [3]. Product and Market Development - The company’s synthetic resin sales reached 588,700 tons in the first three quarters of 2025, representing a 13.90% year-on-year increase, with sales revenue of 4.096 billion yuan, up 4.64% year-on-year [4]. - The company is focusing on high-end product development and expanding its product applications in various sectors, including phenolic resin and casting materials [4]. Capacity Expansion and Future Outlook - The company is expanding its production capacity for advanced electronic materials and battery materials, with several projects expected to be completed by Q3 2026 [5]. - The company plans to raise up to 2.5 billion yuan through convertible bonds, with 2 billion yuan allocated for the industrialization of green new energy battery materials, projected to generate significant annual revenue and profit [5]. Financial Projections - The company is projected to achieve revenues of 11.786 billion yuan, 13.049 billion yuan, and 14.216 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding net profits of 1.181 billion yuan, 1.449 billion yuan, and 1.681 billion yuan [8][10].

Core Viewpoint - The company reported a slight decline in Q3 net profit due to falling prices of synthetic resin products, but overall performance in the first three quarters shows growth in revenue and profit, indicating potential for recovery in the future [1][4]. Financial Performance - Q3 revenue reached 2.722 billion yuan, a year-on-year increase of 7.75% but a quarter-on-quarter decrease of 5.89% [1]. - Q3 net profit was 259 million yuan, up 3.73% year-on-year but down 12.10% quarter-on-quarter [1]. - For the first three quarters of 2025, revenue totaled 8.072 billion yuan, a year-on-year increase of 12.87%, with net profit at 760 million yuan, up 30.81% year-on-year [1]. Segment Performance - Advanced electronic materials and battery materials saw significant demand growth, with sales volume reaching 60,000 tons, a 19% year-on-year increase, and sales revenue of 1.2 billion yuan, up 32% [2]. - The synthetic resin sector maintained resilience, achieving sales volume of 590,000 tons, a 14% year-on-year increase, and sales revenue of 4.1 billion yuan, up 5% [2]. - Biomass products recorded sales volume of 170,000 tons, a 30% year-on-year increase, with sales revenue of 700 million yuan, up 25% [2]. Project Development - The company is advancing several key projects, including a 2,000 tons/year PPO/OPE resin project and a 1,000 tons/year carbon hydrogen resin project, expected to be operational by Q3 2026 [3]. - The biomass production base is running steadily, with expansion projects for xylitol expected to be operational by the end of 2025 and the second half of 2026 [3]. - The company plans to issue convertible bonds to invest in green energy battery material projects, which will enhance production capacity significantly [3]. Profit Forecast and Valuation - Due to short-term demand weakness, the net profit forecast for 2025 has been revised down to 1.09 billion yuan, a 9% decrease from the previous estimate [4]. - The company expects net profits for 2025, 2026, and 2027 to be 1.09 billion, 1.39 billion, and 1.61 billion yuan respectively, with corresponding EPS of 1.28, 1.64, and 1.90 yuan [4]. - A target price of 39.36 yuan has been set based on a 24x PE valuation for 2026, maintaining an "overweight" rating [4].

Core Viewpoint - The article discusses tax incentives aimed at promoting the development of rural specialty industries and the circular economy in agriculture, specifically through a VAT refund policy for certain resource utilization products made from agricultural by-products [2][7]. Summary by Sections Tax Incentives for Resource Utilization - A VAT refund of 90% is applicable for products made from specific agricultural by-products such as straw, corn cobs, and other residual materials [2]. - Eligible products include fiberboard, particleboard, biochar, activated carbon, and various sugars and alcohols derived from these materials [2]. Conditions for Enjoying Tax Benefits - Taxpayers must obtain VAT invoices from sellers when purchasing recycled resources domestically, or appropriate customs documentation when importing [3][4]. - A detailed record of recycled resource purchases must be maintained, including supplier information and transaction details [5]. - The products sold must not fall under categories deemed as eliminated or restricted by relevant regulatory bodies [5]. Compliance and Restrictions - Taxpayers must not have received administrative penalties for environmental violations or tax law violations in the six months prior to applying for the VAT refund [6]. - The raw materials used must consist of at least 95% of the specified resources to qualify for the tax incentives [7].

Core Viewpoint - The Shandong province is transforming its traditional paper industry into a high-end paper and biomass refining industry, focusing on diversification and green transformation through technological innovation and market segmentation [1][4]. Group 1: Industry Transformation - The Shandong province produces 1/6 of China's paper and paperboard, with a goal to enhance the industry by developing biomass refining and diversifying product offerings [1]. - The "Guidelines" issued by provincial authorities aim to accelerate the transformation of the paper industry into a leading domestic and globally competitive sector [1]. Group 2: Technological Innovation - The guidelines emphasize the importance of technological innovation across the entire paper industry chain, including pulping, biomass refining, and paper production [2]. - Key technological advancements include low-energy pulping, high-concentration pulping, and dry paper-making techniques [2]. - The province plans to enhance smart factory construction and implement real-time data collection and quality control in the production process [2][3]. Group 3: Market Segmentation - By 2024, China's per capita paper consumption is projected to reach 96.8 kg, indicating significant growth potential compared to developed countries [4]. - The guidelines encourage the development of specialized paper products, such as low-grammage high-strength packaging paper and medical-grade paper [4]. - There is a focus on non-paper products, including water treatment membranes and drug delivery systems, to meet the demands of various industries [4]. Group 4: Green and Sustainable Practices - Shandong's large paper companies are investing in green technologies to reduce pollution and improve water usage efficiency [7]. - The guidelines promote the development of advanced technologies in water conservation, environmental protection, and resource recycling [7]. - The province will support research and development in biomass refining and eco-friendly materials through financial incentives and collaboration with academic institutions [8].

Group 1: Economic Development and Growth - Shandong's GDP growth rate has consistently outperformed the national average for five consecutive years, with a projected GDP of 9.86 trillion yuan in 2024, representing a growth of 5.7%, which is 0.7 percentage points higher than the national average [2] - The province aims to surpass 10 trillion yuan in GDP by the end of this year, becoming the first northern province with two modern urban agglomerations and three trillion-yuan cities [2] Group 2: Ecological Protection and Sustainable Development - Shandong has significantly improved the ecological diversity and stability of the Yellow River basin, with a 39.3% increase in GDP for the nine cities along the river since the major national strategy was proposed in 2019, while PM2.5 concentration has improved by 30.4% [4] - The province emphasizes the balance between ecological protection and economic development, adhering to the principle of "protecting while developing" [4] Group 3: Innovation and Emerging Industries - Shandong is focusing on biomedicine, biological manufacturing, and cell and gene therapy, leveraging its leading breeding capabilities in crops and marine biology [5] - The province is also prioritizing the development of green energy as part of its "ten strong industries," with policies to encourage private investment in nuclear power projects [5] Group 4: Energy and Environmental Management - Shandong has reduced crude steel capacity by nearly 20 million tons and has implemented over 12,000 technical transformation projects to lower energy consumption by 25.7% since the start of the 14th Five-Year Plan [6][7] - The province is addressing the challenges of high energy consumption and emissions through a comprehensive approach that includes promoting circular economy practices [7] Group 5: Renewable Energy Development - Shandong leads the nation in photovoltaic installations for eight consecutive years, generating over 100 billion kilowatt-hours of green electricity annually, which reduces carbon emissions by 77 million tons [8] - The province is diversifying its renewable energy structure by accelerating nuclear power development and wind energy projects to alleviate the pressure from the rapid expansion of solar energy [8]