证券研究报告 | 北交所定期报告 | | --- | hyzqdatemark 2026 年 03 月 01 日 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 王宇璇 SAC：S1350525050003 wangyuxuan@huayuanstock.com 国内多个氨基酸品种价格上涨，关注氨基酸原料药"小巨人"无锡晶海 ——北交所消费服务产业跟踪第五十三期（20260301） 投资要点： 中国氨基酸市场多个氨基酸品类主流报价上涨，欧洲市场多数品类维持小幅涨势。 联系人 根据秣宝网公众号（数据更新至 2026/2/27），目前国内蛋氨酸主流市场报价 18.8-19.2 元/kg，蛋氨酸市场主流厂家报价上调，有厂家停报停签，终端询单积极， 少量按需签单，秣宝网预计短期内蛋氨酸价格或略微上涨；目前国内苏氨酸市场主 流报价 7.4-7.8 元/kg，苏氨酸市场厂家报价上涨，出口报价也涨至 950-980 美元/ 吨，下游用户观望情绪浓厚，维持按需采买，秣宝网预计短期内苏氨酸价格或稳中 偏强；目前国内缬氨酸市场主流报价为 13.0-13.5 元/kg，缬氨 ...

内蒙古科技厅党组成员、副厅长徐斌表示，这十项科技进展仅是一个缩影，2025年，内蒙古坚 持"科技兴蒙"战略引领，全力聚焦"科技突围"行动，在新能源、新材料、现代农牧业、生态环保、生命 健康等关键领域实现了一系列突破性进展与标志性成果，彰显了内蒙古依靠创新驱动塑造发展新动能新 优势的决心与成效。 从内蒙古科技厅成果转化中心获悉，2025年度"公众关注的内蒙古十大科技进展"正式出炉。所公布 内容由内蒙古成果转化中心组织，公众广泛投票参与，专家深入论证评选后向社会公布，具体技术成果 涉及能源、新材料、生物医药、煤化工等多个领域。 在各项成果中，特高压混合换相换流器的成功研制、720V固态钠盐电池的应用、千标方级碱性电 解槽宽功率稳定技术的攻克以及基于跨临界二氧化碳冷热一体化的"风—光—储—冷—热—电"零碳机场 的建成，赋予了内蒙古作为能源大省的全新意义；5N高纯铝提纯技术实现规模化发展、稀土永磁材料 制造成套技术提升磁粉利用率20%以上和万吨级G5湿电子级盐酸实现量产，成为当地高端材料制造领 域的大幅跨越；此外，氨基酸绿色生产关键技术实现突破、单倍体干细胞制备牛羊培育成功、煤制烯烃 项目核心设备全部自主研发则使内蒙 ...

Core Insights - The collaboration between Baiwang Co., Ltd. and Anhui Huaheng Biotechnology Co., Ltd. aims to leverage AI technology to create intelligent financial and tax solutions, enhancing compliance and efficiency in financial digital transformation [1][2] Group 1: Company Profiles - Baiwang Co., Ltd. is a leading data intelligence enterprise in China, focusing on "data + AI" innovation, with a core asset of massive, real-time transaction data [1] - Anhui Huaheng Biotechnology Co., Ltd. is a high-tech enterprise specializing in synthetic biology, providing innovative and sustainable products in various fields such as animal nutrition and functional foods [1] Group 2: Collaboration Details - The partnership focuses on digital invoice management and electronic accounting file management, aiming to empower Huaheng's financial management system with intelligent upgrades [2] - Baiwang will assist Huaheng in building an integrated input invoice pool, automating the entire process of invoice collection, verification, and deduction certification, significantly enhancing management efficiency and data accuracy [2] - Baiwang's capabilities include multi-language invoice intelligent parsing, which will help Huaheng manage overseas invoices more effectively [2] Group 3: Future Directions - The collaboration is set to deepen in the field of financial digitalization, aiming to break down regional barriers and support Chinese enterprises in achieving compliant operations and efficient development in market competition [3]

Company Overview - Dongxiao Biotechnology Co., Ltd. announced plans to publicly issue up to 28,207,567 shares to unspecified qualified investors and list on the Beijing Stock Exchange [1] - The public shareholders will hold no less than 25% of the total share capital after the issuance [1] - The company may utilize an overallotment option, allowing for an additional issuance of up to 15% of the public offering shares [1] Fundraising Purpose - The funds raised will be allocated to projects including functional sugar alcohol industrial upgrade, high-value amino acid intelligent construction, innovation R&D base, and working capital supplementation [1] Industry Insights - The global amino acid market is expected to grow at a compound annual growth rate (CAGR) of 4.7% from 2022 to 2027, reaching a production scale of 13.8 million tons by 2027 [2] - In 2023, China's share of global feed amino acid production (including lysine, methionine, threonine, and tryptophan) is projected to increase to 70.4% [2] - The Chinese plant-based cream market is estimated to reach approximately 9.008 billion yuan in 2023, with a year-on-year growth of about 9.99% [2] Financial Performance - The company reported a revenue of 7.84 billion yuan and a net profit of 578 million yuan for the year 2024, reflecting a year-on-year increase of 93.98% [2]

Core Viewpoint - The article discusses a strategic cooperation agreement between Huaheng Biological and a research team led by Academician Yin Yulong, focusing on the innovative research and industrial application of amino acids in animal nutrition [1][3]. Group 1: Strategic Cooperation - The cooperation aims to advance research and development in amino acids for animal nutrition, with a focus on transforming research outcomes into efficient and environmentally friendly feed additives [3]. - The collaboration is expected to lead to breakthroughs in the application of amino acids in low-protein diets, precision feeding, and green farming, supporting sustainable development in the livestock industry [3]. Group 2: Company Overview - Huaheng Biological (688639.SH) is a high-tech enterprise centered on synthetic biology, specializing in green technology innovation and value creation, with main products including amino acids, vitamins, and bio-based materials [4]. - The company provides innovative and sustainable products and solutions for various fields, including intermediates, animal nutrition, personal care, plant nutrition, and functional foods [4].

Group 1 - The company Henan Zhongyuan Yuzhou Biotechnology Co., Ltd. has completed nearly 100 million RMB in angel round financing to accelerate the efficient green manufacturing of industrial heterologous enzymes and amino acids [1] - The financing round was led by Kailian Capital, with participation from Qingke Biotechnology and Zhengzhou High-tech Industrial Investment Fund, while existing shareholder Henan Investment Group Huirong Fund continued to increase its investment [1]

Core Insights - Shandong Province's Rizhao City has implemented the "Industrial Doubling" initiative, leveraging its coastal advantages to optimize industrial structure and stimulate private investment, resulting in an 8% growth in industrial added value and a 28.8% increase in industrial investment from January to November this year [1] Group 1: Industrial Structure Optimization - Rizhao City is redefining traditional steel industries by introducing deep processing projects, extending steel products into high-performance fasteners for heavy machinery and new energy vehicles [2] - The city focuses on processing bulk raw materials, with traditional industries like paper and steel serving as solid pillars for industrial development, supported by ongoing equipment upgrades and technological transformations [2] - The city has seen significant growth in key manufacturing sectors, with metal products increasing by 277.8%, general equipment manufacturing by 90.2%, and automotive manufacturing by 210.7% from January to November [3] Group 2: Stimulating Private Investment - Private investment in Rizhao City has grown by 11.8% this year, accounting for 60.6% of fixed asset investment, becoming a major driver of industrial investment growth [4] - The city has launched initiatives to enhance the investment environment, including the release of project opportunity lists and hosting events to connect businesses with market opportunities, resulting in a cooperation intention of 3.7 billion yuan [5] Group 3: Comprehensive Service and Support - Rizhao City has adopted a "project first" approach, providing comprehensive services to ensure timely project initiation, construction, and production, with 279 out of 285 key projects having commenced by November [6] - The local government has established a dedicated project work team to focus on project planning, attraction, and service, ensuring efficient coordination of resources and support for project execution [6]

Core Insights - Shandong Province's Rizhao City has implemented the "Industrial Doubling" initiative, leveraging its coastal advantages to optimize industrial structure and stimulate private investment, resulting in an 8% growth in industrial added value and a 28.8% increase in industrial investment from January to November this year [1] Group 1: Industrial Structure Optimization - Rizhao City is redefining traditional steel production by introducing deep processing projects, extending steel products into high-value sectors such as home appliances and automotive components [2] - The city focuses on processing bulk raw materials, with traditional industries like paper and steel serving as solid pillars for industrial development [2] - Rizhao's steel product structure has improved, with significant advancements in high-end steel production, including the domestic first 1.0mm ESP patterned plate and large-scale production of 9-nickel steel for LNG tanks [3] - In the first three quarters, Rizhao added 546 new investment projects, with a total planned investment of 664.1 billion [3] - Key manufacturing sectors showed strong growth, with metal products up 277.8%, general equipment manufacturing up 90.2%, and automotive manufacturing up 210.7% [3] Group 2: Stimulating Private Investment - Rizhao City has emphasized a service-oriented approach to stimulate private investment, with private investment accounting for 74.75% of fixed asset investment in the county [4] - From January to November, private investment in Rizhao grew by 11.8%, making it a key driver of industrial investment growth [4] - The city has released investment opportunity lists to broaden investment space and create favorable conditions for enterprise development [5] Group 3: Enhancing Investment Confidence - To address investment hesitancy, Rizhao has prioritized optimizing the business environment and boosting private sector confidence, hosting 44 special events to connect government, banks, and enterprises [6] - The city has utilized various policy tools to support equipment upgrades and technical transformations, securing 1.19 billion in special bonds for 14 projects [6] Group 4: Comprehensive Project Support - Rizhao City has adopted a "project-first" philosophy, providing comprehensive services to ensure timely project initiation and completion [7] - A dedicated project task force has been established to focus on planning, attracting, and advancing projects, with 279 out of 285 key projects initiated by November [7]

Core Viewpoint - Biomanufacturing is recognized as a crucial driver of the fourth industrial revolution, with significant potential for economic growth and innovation in the manufacturing sector [1][3]. Group 1: Industry Development and Achievements - Since the start of the 14th Five-Year Plan, China's biomanufacturing industry has grown to a total scale of 1.1 trillion yuan, with bioproducts accounting for over 70% of global production [2]. - The production value of food and pharmaceutical biomanufacturing segments has each exceeded 400 billion yuan, showcasing a strong competitive advantage in traditional bioproducts like vitamins and antibiotics [2]. - China has established numerous national key laboratories and innovation platforms, contributing to over 20% of global research papers and patent applications in the biomanufacturing field [2]. Group 2: Future Economic Potential - Predictions indicate that by 2050, the biomanufacturing sector could generate an economic value of 30 trillion dollars, representing one-third of global manufacturing [3]. - The Chongqing government plans to implement various measures to accelerate the development of the biomanufacturing industry, including innovation actions and the establishment of verification platforms [3]. Group 3: Technological Challenges and Needs - Despite the current industry scale, there is a significant gap in technological supply, with a need for thousands of mature technologies to support a trillion-yuan industry [4]. - Experts emphasize the necessity of enhancing national strategic technological capabilities to provide a robust foundation for the biomanufacturing sector [4][5]. Group 4: Innovation and AI Integration - The integration of artificial intelligence with biomanufacturing is emerging as a trend, potentially enhancing research efficiency and process optimization [5][6]. - There is a pressing need to upgrade the research paradigm in biomanufacturing to leverage big data and AI, addressing challenges in data quality and model construction [6][7]. Group 5: Strategic Recommendations - The industry is encouraged to focus on original innovation and tackle engineering bottlenecks, fostering collaboration between academia and industry to drive technological advancements [7]. - The Ministry of Industry and Information Technology plans to release a development plan for biomanufacturing, outlining key products and AI applications to support the sector's growth [7].

Group 1: Agricultural Development in Heilongjiang - Heilongjiang Province is a key national grain base and a pioneer in agricultural modernization, leading the country in total grain output and transfer volume [1] - The province has achieved a comprehensive mechanization rate of over 99% for crop farming, with a contribution rate of agricultural technology progress at 70.8% [1] - The province is focusing on value-added transformation in agriculture, emphasizing the integration of technology and green practices [1] Group 2: Fuernongyi Company - Fuernongyi is a leading seed company in China, specializing in research, production, processing, and sales of various crops, and is the second-largest supplier of soybean seeds in the country [2] - The company has established strategic partnerships with major research institutions to enhance its breeding capabilities and accelerate the commercialization of new varieties [3] - Fuernongyi has invested over 200 million yuan in research, dedicating over 20 million yuan annually for over a decade to long-term R&D efforts [3][4] Group 3: Financial Support for Agricultural Enterprises - The Agricultural Development Bank has provided significant credit support to Fuernongyi, with cumulative loans reaching 428 million yuan since 2006 [4][5] - The bank's support has enabled Fuernongyi to maintain long-term R&D investments despite the seasonal nature of its income [4][5] - Financial services have improved the cash flow for farmers, allowing them to purchase seeds with cash rather than on credit, benefiting Fuernongyi's financial stability [5] Group 4: Huida Technology Company - Huida Technology has developed a digital solution for agricultural operations, enhancing the efficiency of subsidy distribution for straw return [6][7] - The company has expanded its product line to include smart agricultural machinery, with projected revenues of 600 million yuan by 2025 [7] - Huida Technology has faced challenges in capital accumulation due to the low added value of agriculture, prompting a shift towards controlling production costs and seeking external funding [8][9] Group 5: Jiamusi National Agricultural High-tech Zone - The Jiamusi National Agricultural High-tech Zone aims to enhance the value of agricultural products through technological innovation and financial support [10][11] - A long-term loan of 127 million yuan has been allocated to support the development of the agricultural high-tech zone [11] - The zone is focusing on high-value applications for agricultural by-products, such as extracting anthocyanins from black rice husks [12] Group 6: Longjiang Fufeng Biotechnology Company - Longjiang Fufeng is engaged in corn deep processing, producing amino acids and crystalline sugar while adopting a circular economy model [13][14] - The company has received 3.9 billion yuan in short-term loans from the Agricultural Bank to balance its cash flow and support sustainable development initiatives [14][15] - Despite external market pressures, the bank has continued to support Longjiang Fufeng's operations and transformation efforts [15]