来源：环球网 随着人们健康意识的提升，无糖、低糖产品如今更受到青睐。从汽水饮料用赤藓糖醇掀起前所未有 的"无糖"流行风潮，到超市货架上琳琅满目的"零糖"食品，一场围绕味觉与健康的饮食革命，正悄然改 变着我们的生活方式。 《健康中国行动（2019—2030年）》中提到，居民蔗糖的摄入量每人每天不超过25克。甜味剂既能满足 消费者对甜味的渴求，又能做到低糖、无糖，近年来颇受消费者追捧。 甜味剂的健康密码 每当甜味剂成为话题，总有人问："这东西真的安全吗？" 答案是：安全并非空谈，而是建立在科学机构的严谨评估与共识之上。 无论是联合国粮农组织与世界卫生组织旗下的食品添加剂联合专家委员会（JECFA），还是美国食药监 局（FDA）、欧洲食品安全局（EFSA）等权威机构，均对甜味剂的安全性作出了一致结论：在规定日 最大摄入量用量范围内，甜味剂是安全的。 据艾媒咨询数据显示，2015-2022年，中国无糖饮料行业市场规模逐年增长，由此前的22.6亿元增至 199.6亿元，预计2025年将达615.6亿元。未来，中国无糖饮料市场规模将保持持续增长态势。这不仅是 商业现象，更反映出当代消费者——"既要甜，也要健康"的真实需求 ...

来源：环球网 近年来，无糖饮料与零卡食品悄然占据超市货架，成为越来越多人饮食的一部分。一边享受甜味，一边 控制热量摄入——这看似矛盾的体验，背后正是甜味剂在发挥作用。从饮料到零食，甚至日常口腔护理 产品，甜味剂已深入我们的生活，成为现代食品科技回应健康需求的重要载体。 甜味剂的进化史 甜味剂的诞生与应用，是食品科技提升生活品质的又一经典范例。中国中医科学院医学实验中心代金刚 研究员表示："它不仅为我们提供了新的甜味选项，也呼应了现代人对健康与口感多样化的双重追求。 这既是现代食品技术创新的成果，也是富足的生活方式走向多元的见证。" 如今，甜味剂已融入日常：无糖饮料、低糖酸奶、零卡零食，甚至牙膏中都有它的身影。它悄然改变着 我们的饮食结构，让"甜而不腻、健康无负担"逐渐成为新的生活态度和个人品味。 申港证券的研报《绽放味蕾之花-甜味剂行业深度报告》中指出，甜味剂并非"黑科技"，它们来源多 样：有的取自植物，如甜菊糖苷、罗汉果甜苷；有的通过发酵制成，如赤藓糖醇；也有人工合成的，如 三氯蔗糖、安赛蜜。它们的共同特点是：甜度高、热量低，轻松享受甜味。 代金刚进一步解释道："以三氯蔗糖为例，甜度约为蔗糖的600倍，几乎 ...

证券日报网讯12月19日，金禾实业（002597）在互动平台回答投资者提问时表示，尽管公司短期市场需 求存在波动，但健康减糖的消费趋势为甜味剂行业的长远发展提供了结构性机遇，公司对核心产品的中 长期前景保持信心。公司将持续优化产品结构、拓展应用场景，提升可持续发展能力，努力为投资者创 造价值。 ...

Core Insights - The article discusses the rising global obesity rates and the challenges of weight loss and maintenance, emphasizing the role of high-sugar diets as a significant factor in obesity and metabolic diseases. It highlights the ongoing debate regarding the impact of sweeteners on weight control and gut health [6][7]. Study Findings - A recent randomized controlled trial published in *Nature Metabolism* provides new insights into the use of sweeteners. Conducted by researchers from Maastricht University and the University of Copenhagen, the study indicates that incorporating sweeteners into a healthy diet can help overweight or obese adults maintain weight loss and positively affect gut microbiota [7][9]. - The study involved 341 adults and 38 overweight or obese children over a year. Participants underwent a two-month low-energy diet, losing at least 5% of their weight, followed by a ten-month weight maintenance phase. During this phase, one group replaced high-sugar foods with sweetener-containing foods, while the other group maintained their usual sugar intake. Both groups adhered to a diet where sugar contributed less than 10% of total energy [9]. - After one year, the sweetener group maintained an additional weight loss of 1.6 kg compared to the control group, with a consistent weight difference ranging from 1.0 to 2.1 kg throughout the follow-up. Those strictly following the study protocol experienced a maximum weight loss advantage of 3.7 kg [9]. - The study also revealed that sweeteners positively influenced gut health, with an increase in short-chain fatty acid-related bacteria and microorganisms involved in methane production. Metabolic analyses indicated enhanced gut fermentation processes and beneficial metabolic pathways, including aromatic compound degradation and vitamin synthesis [9]. Safety and Recommendations - While the sweetener group reported more gastrointestinal discomfort, such as abdominal pain and bloating, severe adverse events were rare and not directly linked to the intervention. The study supports the notion that, when used appropriately, sweeteners can aid in weight management and promote beneficial changes in gut microbiota [11]. - The findings provide scientific backing for the role of sweeteners in weight management, suggesting that their use, alongside a healthy diet, can help prevent weight regain. However, it is recommended that sweetener use be personalized and guided by professionals for optimal results [11].

Core Insights - The article discusses the rising global obesity rates and the challenges of weight loss and maintenance, highlighting the role of sugar consumption and the controversial use of sweeteners in weight management [6][11]. Study Findings - A recent study published in *Nature Metabolism* provides new evidence on the effectiveness of sweeteners in weight management, showing that their reasonable use can help overweight or obese adults maintain weight loss while positively affecting gut health [7][11]. - The study involved 341 adults and 38 overweight or obese children over a one-year period, with participants initially undergoing a two-month low-energy diet before entering a ten-month weight maintenance phase [9]. - Participants were divided into two groups: one used sweetener-containing products to replace high-sugar foods, while the other maintained their usual sugar intake, both adhering to a diet where sugar contributed less than 10% of total energy [9]. Weight Maintenance Results - After one year, the sweetener group maintained an average weight loss advantage of 1.6 kg compared to the control group, with the weight difference consistently ranging from 1.0 to 2.1 kg throughout the study [9]. - Participants who strictly followed the intervention showed an even greater weight loss advantage of up to 3.7 kg [9]. Gut Health Benefits - The study also revealed that the sweetener group experienced significant increases in beneficial gut bacteria associated with short-chain fatty acids, along with enhanced microbial activity related to methane production and various fermentation processes [9][11]. - Metabolic pathway analysis indicated that the sweetener group exhibited more active beneficial metabolic activities, including the degradation of aromatic compounds and vitamin synthesis [9]. Safety Monitoring - The research team monitored the safety of sweetener use, noting that while the sweetener group reported more gastrointestinal discomfort, serious adverse events were rare and not directly linked to the intervention [11]. Conclusion - The findings support the use of sweeteners as a viable strategy for weight management and gut health improvement, offering hope for individuals struggling with weight regain [11].

Core Viewpoint - The announcement by the National Development and Reform Commission and the State Administration for Market Regulation aims to address chaotic price competition in key industries, providing a framework for reasonable pricing based on average costs and market conditions [1][2] Event Summary - On October 9, 2025, the National Development and Reform Commission and the State Administration for Market Regulation issued a notice to combat price chaos, emphasizing fair and lawful pricing practices based on production costs and market supply-demand dynamics [2][3] Event Analysis - The policy continues the "anti-involution" approach initiated earlier in 2025, focusing on curbing disorderly low-price competition and reinforcing supply-side management across various sectors, including cement, steel, and coal [3][4] - The announcement is a continuation of previous policies aimed at regulating low-price competition, enhancing market confidence, and facilitating the implementation of sector-specific policies [3][4] Supply-Side Management - Strong supply-side controls are expected to lead to significant changes in traditional cyclical industries, particularly in the chemical sector, which is characterized by cyclical pressures and supply-demand mismatches [4][5] - If effective supply-side constraints are established, it could fundamentally improve the long-term supply trends of cyclical products, allowing for extended profitability [4][5] Industry Collaboration - Certain industries are beginning to collaborate to improve profitability ahead of stringent supply-side constraints, with initial efforts to control production and pricing already underway [5][6] - The policy is likely to foster further collaboration among industries that have already started self-regulating against low-price competition, particularly in sectors with strong market concentration and manageable new capacity [5][6] Investment Recommendations - The announcement is seen as a continuation of previous policies, with a focus on energy consumption, approvals, environmental protection, and safety in the chemical industry [6] - Key areas for monitoring include supply-side management in petrochemical and coal chemical sectors, as well as industries with steep cost curves or significant process cost differences [6]

Core Viewpoint - The company, Jinhe Industrial, is a major global supplier of sweeteners, with products widely used in sugar-free beverages, food, and health products [1] Group 1: Company Overview - Jinhe Industrial is recognized as one of the leading suppliers of sweeteners globally [1] - The company's products serve as raw materials in various sectors, including sugar-free beverages, food, and health products [1] Group 2: Client Relationships - The company has established stable and positive relationships with numerous well-known domestic and international food and beverage enterprises [1] - Jinhe Industrial focuses on customer needs and is committed to providing safe, high-quality, and stable products and services to its downstream clients [1] Group 3: Communication and Reporting - For detailed information regarding client cooperation and business progress, the company advises referring to its official periodic reports and announcements [1]

Group 1 - A recent study from Monash University in Australia indicates that consuming one cup of sugar-free drinks daily increases the risk of developing type 2 diabetes by 38%, compared to a 23% increase from sugary drinks [1] - The study's findings have sparked discussions on social media regarding the safety of sugar-free beverages [1] - Experts, including Zhong Kai from the China Center for Food and Health Information, criticize the study for relying on self-reported data, which may be inaccurate, and for not establishing a direct causal relationship between artificial sweeteners and diabetes [1] Group 2 - Zhong Kai emphasizes that diabetes is a metabolic disease not directly linked to sugar intake or sweeteners, and that moderate consumption of sweeteners does not significantly affect blood sugar levels [1] - The guidelines from the "Chinese Type 2 Diabetes Prevention and Treatment" and "Dietary Guidance for Adult Diabetes Patients" indicate that it is safe for diabetes patients to consume foods and beverages containing non-nutritive sweeteners [1] - Chen Junshi, a senior consultant at the National Center for Food Safety Risk Assessment, asserts that the safety of sweeteners has been validated by over 100 countries and international food safety organizations [2]

Core Viewpoint - The recent policy direction emphasizes the construction of a unified national market, which is crucial for enhancing China's response to risks and challenges, especially in the context of being the world's second-largest consumer market [1]. Group 1: Policy Direction and Industry Focus - The policy aims to address the issue of overcapacity in various domestic industries, with a specific focus on the chemical sector, which has seen significant fixed asset investment and capacity pressure over the past four years [2]. - The article reiterates the importance of "five unifications and one openness," highlighting the need to rectify issues such as low-price disorderly competition and the orderly exit of backward production capacity [3]. Group 2: Industry Collaboration and Profitability - Certain industries have begun to initiate "industry collaboration," which may improve profitability before stringent supply-side constraints are implemented, with initial attempts at controlling production and pricing already underway [4]. - The focus on specific segments such as glyphosate, organosilicon, sweeteners, polyester filament bottle chips, and metallic silicon is recommended due to their relatively better market concentration and demand sustainability [4]. Group 3: Long-term Monitoring and Supply-side Policies - Continuous tracking of supply-side policy changes and their implementation is essential to assess long-term price trends and profit realization, particularly regarding orderly supply and reasonable competition [5]. - Key areas for monitoring include the impact of new capacity, traditional supply-side clearance policies, and the external environment affecting exports [5].

Core Viewpoint - The recent discussion on the increased risk of diabetes associated with daily consumption of sugar-free beverages has sparked significant public interest, with experts clarifying that the relationship between sugar intake and diabetes is not direct, and that sweeteners can be safely consumed by diabetic patients [1][2]. Group 1: Expert Opinions - The director of the Center for Food and Health Information, Zhong Kai, stated that diabetes is a metabolic disease and does not have a direct correlation with sugar intake or sweeteners. Research indicates that moderate consumption of sweeteners does not significantly affect blood sugar levels [1]. - Zhong Kai emphasized that sweeteners can serve as a sugar substitute for those managing their sugar intake, but they do not directly aid in weight loss. The key to weight loss lies in burning more calories than consumed [1]. - Chen Junshi, chief advisor of the National Center for Food Safety Risk Assessment, highlighted that China has strict approval and regulatory systems for food additives, ensuring their safe use [1]. Group 2: Safety and Recommendations - Chen Junshi pointed out that the safety of sweeteners has been confirmed by over 100 countries and numerous international food safety organizations over the past century. All sweeteners approved for use in China have undergone rigorous evaluation and testing [2]. - The "Healthy China Action (2019-2030)" recommends that individuals with high sugar intake can opt for beverages and foods containing natural sweeteners or sweeteners to reduce their sugar consumption [2].