华西证券研报指出，伊利股份日前召开以"聚力成长，价值启新"为主题的投资者日活动，明确"十五 五"战略方向，同步发布2025-2027年股东回报规划，承诺年度分红比例不低于75%且每股分红金额不低 于1.22元（含税），强化长期投资价值预期。作为中国乳业的领军企业，公司深刻洞察并通过"基础盘 稳增长+新业务高弹性"的双轨战略驱动结构性增长，夯实液态奶基本盘；同时，成人营养品赛道与乳 深加工国产替代（5年目标百亿收入）成为核心增量：一方面，公司将产品矩阵从成人奶粉延伸到特医 食品、功能保健品等高附加值赛道，优先布局益生菌和蛋白质补充剂赛道；另一方面，公司系统布局乳 脂、乳糖等深加工品类，计划实现关键原料的国产替代，并切入烘焙、茶饮、保健品等B端赛道，将加 速从喝奶到吃奶的"固态革命"，重构中国乳业消费图景。根据新浪财经，公司已制定了未来五年收入增 长高于GDP及行业增速的目标。维持"买入"评级。 ...

证券研究报告|公司点评报告 [Table_Date] 2025 年 11 月 23 日 [Table_Title] "十五五"方向确定，当前最佳稳健配置品 种 [Table_Title2] 伊利股份(600887) | [Table_DataInfo] 评级： | 买入 | 股票代码： | 600887 | | --- | --- | --- | --- | | 上次评级： | 买入 | 52 周最高价/最低价： | 31.12/26.65 | | 目标价格： | | 总市值(亿) | 1,840.68 | | 最新收盘价： | 29.1 | 自由流通市值(亿) | 1,831.53 | | | | 自由流通股数(百万) | 6,293.93 | [Table_Summary] 事件概述 2025 年 11 月 18 日，伊利股份召开以"聚力成长，价值启新"为主题的投资者日活动，明确"十五五"战 略方向，同步发布 2025-2027 年股东回报规划，承诺年度分红比例不低于 75%且每股分红金额不低于 1.22 元 （含税），强化长期投资价值预期。 分析判断 ► 双引擎驱动结构性增长，走价值创新之路 根据伊利微 ...

开幕式上同步举行两项重要仪式：创新药械技术引进专家委员会筹备启动仪式正式启动，将汇聚各 领域权威院士专家，推动创新药械引进决策科学化、临床需求对接精准化;"创新之光"药械颁奖仪式同 期举办，对一批具有代表性的创新产品和合作机构进行了表彰，大会还设立了"先行先试"突破创新奖等 多个奖项，对在医疗创新领域取得突出成果的相关主体予以表彰，激励产业链上下游的各方伙伴继续深 化合作。 本次博览会汇聚全球医疗创新智慧，集中发布100余款国际创新药械、特医食品及生物医学新技 术，权威发布《海南博鳌乐城国际医疗旅游先行区国际创新药械引进及使用白皮书》。此外，博览会还 助力搭建"政企研"精准对接平台，为全球医疗健康产业注入新动能。 海南日报博鳌11月21日电(海南日报全媒体见习记者 陈美如)11月21日，海南博鳌乐城首届全球创 新药械博览会在乐城先行区开幕。 本届博览会以"智汇全球创新技术，共筑人类健康未来"为主题，汇聚了国内外政府代表、医疗机 构、科研院所、高校专家及企业代表约700人，旨在搭建全球医疗科技交流合作平台，开展全球创新药 械及医疗技术研发趋势与临床应用研讨活动，深化药械研发、生产、流通全链条协同合作，推动国际前 ...

据了解，《白皮书》收集了乐城先行区引进使用的全球创新性强的药械产品、特医食品、保健食品 及生物医学新技术项目共100余款，并摘录了部分患者在乐城先行区接受临床治疗或使用相关产品的真 实案例，生动呈现了其在疗效改善与生活质量提升等方面的切实获益。同时，《白皮书》以六大核心板 块为框架，从国际药械获批、特许引进、乐城患者使用特许药械产品治疗效果案例、真实世界数据应 用，到本地化生产与未来引进计划，系统地阐述了乐城在医疗创新领域的实践路径，全方位勾勒出乐城 作为中国医疗创新试验田和窗口的独特价值。 海南日报博鳌11月21日电(海南日报全媒体见习记者 陈美如)11月21日，海南博鳌乐城首届全球创 新药械博览会在乐城国际医疗旅游先行区举行。备受瞩目的行业指南《海南博鳌乐城国际医疗旅游先行 区国际创新药械引进及使用白皮书》(以下简称《白皮书》)首次权威发布。 ...

目前，在上千种遗传代谢类罕见病中，只有少部分类别有针对性治疗药物。无特异性药物或药物治疗效 果不好的患者则主要靠饮食干预。对罕见遗传代谢病患者来说，饮食干预需要的不是营养丰富的滋补食 品，而是"精准定制"的食品，既要避免可能会致命的某种代谢物质蓄积，又要保证生长发育所需的其他 营养。特殊医学用途配方食品，也就是常说的"特医食品"，能给这类患者带来希望，是他们的关键补 给。 与普通定制营养餐不同，特医食品需要经过严格"考试"，才有可能获得产品注册证号，获得生产和上市 销售资格。这些"考试"由国家市场监督管理总局食品审评中心主持，包括通过申请材料审查、生产现场 核查、产品抽样检验等方式，对特医食品以及生产企业进行评价，以确保患者长期食用不会产生健康风 险，产品质量稳定可控，产品营养要充足、适应目标患者的营养需求。 为丰富这类特医食品的市场品类，修订版《食品安全国家标准 特殊医学用途配方食品通则》(GB 29922 —2025)在原有"氨基酸代谢障碍配方"的基础上，特别增加了"代谢障碍氨基酸(或肽)组件"类别，让医生 可以针对不同患者的具体情况，选择不同类别产品。 对于罕见遗传代谢病患者而言，特医食品不仅是食物，更 ...

Core Insights - The implementation of four action plans has achieved full coverage of 19 iconic industrial chains in Shandong Province, focusing on technological innovation in key industries [1] Group 1: Robotics Industry - The robotics industry will leverage the strategic opportunity of integrating robotics technology with artificial intelligence, focusing on key components, software systems, and complete machine manufacturing [2] - The plan aims to develop advanced servo motors, operating system software, and special robots, while expanding application scenarios across various sectors such as automotive, home appliances, and healthcare [2] - The goal is to create 100 representative benchmark application scenarios, positioning Shandong as a national hub for robotics technology innovation [2] Group 2: Modern Food Industry - The modern food industry will emphasize safety, nutrition, green, and intelligent development, addressing the entire supply chain from raw materials to processing equipment [2] - A technical system will be established for food safety, including traceability, quality control, and green packaging, enhancing consumer safety and satisfaction [2] - The industry aims to create over 100 innovative products, significantly increasing the added value of modern food [2] Group 3: Light Industry and Textiles - The light industry and textiles sector will focus on high-end, green, and intelligent development, enhancing low-carbon production processes and advanced product development [3] - Innovations will include multifunctional advanced fiber products and high-end medical textiles, as well as new paper products for specialized applications [3] Group 4: Modern Metallurgy Industry - The modern metallurgy industry will accelerate the development of high-end raw materials and precision processing technologies, targeting products like ultra-high-strength steel and marine aluminum alloys [3] - The focus will also be on developing frontier materials such as rare earth functional materials and special magnesium and titanium alloys to capture future industry opportunities [3] Group 5: Implementation Measures - The four action plans propose specific measures for promoting innovation resources, building innovation platforms, and ensuring the transformation of scientific achievements [3] - The provincial science and technology department will implement policies to inject new momentum into the construction of a modern industrial system [4]

Group 1: Core Insights - The Shandong provincial government has launched three-year action plans for four key industries: robotics, modern food, light industry and textiles, and modern metallurgy, marking comprehensive coverage of 19 key industrial chains in the province [1][2][3] - The action plans aim to achieve significant technological advancements by 2028, including breakthroughs in over 200 core technologies, the creation of more than 80 original major achievements, and the establishment of over 20 competitive industrial clusters [1] Group 2: Robotics Industry - The robotics industry plan focuses on integrating artificial intelligence with robotics, targeting advanced technologies such as intelligent sensing, human-machine interaction, and embodied intelligence [1] - The initiative aims to develop core products like advanced servo motors, operating system software, and special robots, with a goal of creating 100 benchmark application scenarios in sectors such as automotive, home appliances, transportation, healthcare, cultural tourism, rescue, and mining [1] Group 3: Modern Food Industry - The modern food industry plan emphasizes safety, nutrition, green practices, and intelligence, aiming to build a comprehensive technology system from food raw materials to processing equipment [2] - The plan includes establishing a full-chain traceability and quality control system to enhance food safety and developing over 100 innovative products, such as functional oils and special medical foods, to increase food value and improve public well-being [2] Group 4: Light Industry and Textiles - The light industry and textiles plan promotes high-end, green, and intelligent manufacturing, pushing the industry towards higher value chains [2] - In textiles, the focus is on developing advanced fibers with long-lasting flame retardant and fluorine-free water-repellent properties, as well as high-end medical textiles like artificial blood vessels and medical dressings [2] Group 5: Modern Metallurgy Industry - The modern metallurgy plan aims to enhance high-end supply and meet major national strategic needs by focusing on the research and application of high-end materials [3] - Key products include ultra-high-strength steel, marine aluminum alloys, ultra-thin lithium battery copper foil, and photovoltaic silver paste, with a goal to develop frontier materials such as rare earth functional materials and special magnesium and titanium alloys [3]

Core Viewpoint - Oriental Yanmei (Chengdu) Biotechnology Co., Ltd. has seen its IPO application expire after six months, indicating potential challenges in its market entry and financial performance [1][2]. Company Overview - Established in 2016, Oriental Yanmei focuses on the research, production, and commercialization of regenerative medical devices and specialized medical foods [2]. - The company’s product portfolio includes two main lines: regenerative medical material injectables and medical dressings and patches [2]. Financial Performance - In 2023, Oriental Yanmei reported revenues of 12.882 million yuan, with a projected increase to 14.52 million yuan in 2024, indicating modest growth [2]. - Revenue sources are heavily reliant on non-core businesses, with medical dressings and patches generating 3.616 million yuan and peripheral products like pharmaceutical intermediates and masks contributing 7.551 million yuan in 2024 [2]. Product Development - The company has 13 candidate products for regenerative medical material injectables, with two currently in the registration review stage [2]. - The core product, XH301, is a regenerative injectable that stimulates collagen regeneration but has not yet been commercialized, resulting in no revenue for 2023 and 2024 [2]. Losses and Expenditures - Oriental Yanmei reported significant losses, with a net loss attributable to shareholders of 63.501 million yuan in 2023 and an increase to 69.383 million yuan in 2024, totaling over 130 million yuan in two years [3]. - High expenses are attributed to R&D investments of 45.726 million yuan and 44.95 million yuan for 2023 and 2024, respectively, which account for over 300% of revenue [3]. - Administrative expenses surged by 113% in 2024, and sales costs increased by 23% from 114 million yuan in 2023 to 141 million yuan in 2024 [3]. Future Outlook - The company anticipates continued losses in the short term, potentially exacerbated by increased R&D spending and efforts to advance product approvals and commercial partnerships [3]. - Oriental Yanmei acknowledges the uncertainty of achieving profitability, stating that it may never become profitable or maintain profitability if it does [3]. Funding and Valuation - The company has completed three rounds of financing, with notable investors including Shenzhen Capital Group and Shenzhen High-tech Investment [4]. - The latest funding round in April raised 90 million yuan at a per-share cost of 9.76 yuan, resulting in a post-money valuation of 1.5 billion yuan [4].

Robotics - Yuexin Health has established a joint venture with Jinshi Robotics to jointly develop robots in the health and wellness sector [1] - BYD is actively focusing on the field of embodied intelligent robots and is laying out future industries [1] - Huayang Group is advancing its supporting cooperation business in the robotics sector [1] - Lianchuang Electronics has shipped optical products related to humanoid robots, but sales remain low [1] Battery - Haimuxing has completed the entire process for mass production of lithium metal solid-state batteries [1] Communication - Fenghuo Communication is in the pilot verification and small-scale commercial use phase for hollow-core optical fibers [1] - Tianfu Communication faced production and delivery challenges in the third quarter due to personnel or material shortages and is actively coordinating to increase output [1] PCB - Shiyun Circuit plans to build a new generation PCB intelligent manufacturing base project, expected to be operational by mid-2026 [2] - Shennand Circuit has HDI process capabilities in its PCB business [2] Electrical Equipment - Zhenjiang Co. continues to ship steel structure products such as gas turbine generator bases and shells for overseas gas turbine customers [1] - KOTAI Power can produce gas generator sets [1] Other - Rockchip has multiple clients launching AI toy products based on the company's main control chips [1] - Fu'ao Co. has no plans for A and B share mergers [1] - Water Co.'s special PTFE materials have been used in nuclear power facilities and ultra-high voltage fields [1] - Fuwei Co. has no plans to acquire Hongqi Automobile [1] - Xinheng has begun sales of liquid methionine products [1] - Changchun Gaoxin focuses on traditional advantages and innovative directions in endocrine metabolism, with over 40 candidate drugs in clinical stages or submitted for IND [1] - Huasen Pharmaceutical's special medical food production line will gradually release capacity [1]

Core Insights - The establishment of the China (Taixing) Agricultural Products Future Processing Innovation Research Institute aims to enhance the development of the agricultural processing park in Taixing, promoting the concept of "future processing" and driving innovation in the industry [1][5]. Group 1: Industry Development - Taixing has implemented the "123 characteristic industry upgrading action," focusing on agricultural processing as a key driver for rural revitalization and industrial upgrading, particularly in the "new food" sector [3]. - The city is prioritizing the development of sub-sectors such as grain and oil processing, deep processing of fruits and vegetables, leisure foods, and special medical foods, which are expected to flourish during the 14th Five-Year Plan period [3]. Group 2: Research Institute Features - The newly established research institute will focus on six major research directions: precision nutrition and health, new food materials, food biotechnology, artificial intelligence and smart robotics, intelligent processing equipment, and green processing technology [5]. - The institute includes an academician workstation, six specialized laboratories, three public platforms, six pilot test workshops, one industry incubation platform, eight innovation teams, and eleven incubation projects [5]. Group 3: Strategic Goals - The Taixing agricultural processing park aims to create a comprehensive industrial chain that integrates primary, secondary, and tertiary industries, enhancing the region's status as a "fresh food capital" and a hub for modern agriculture [5]. - The initiative is designed to achieve a win-win situation for enterprises, farmers, and industrial upgrading, positioning Taixing as a national benchmark for agricultural product future processing [5].