（来源：沈阳晚报） 功能多样的健康多面手 维生素A是人体不可或缺的重要营养素，堪称一位功能多样的健康多面手。它不仅是守护眼睛健康、维 持视觉正常的"光明卫士"，也在皮肤保护、免疫力提升和生长发育调节中扮演着关键角色。一旦缺乏维 生素A，身体便会发出多种警示信号。 事实上，维生素A是一系列包括视黄醇、视黄醛、β-胡萝卜素等在内的脂溶性化合物的总称，功能十分 广泛： A 维持正常视觉，特别是暗光视力。参与视网膜内"视紫红质"的合成，这种物质是我们能在昏暗光线下 看清东西的关键。 转自：沈阳晚报 冬天来临，很多市民发现自己不仅眼干难受，皮肤还干燥，甚至瘙痒。辽宁省疾病预防控制中心日前发 布维生素A日常摄取攻略，帮助居民了解维生素A的重要性，并指导您如何通过日常饮食科学、轻松地 补充所需。 B 维护皮肤和黏膜的完整性。能促进上皮组织的生长和分化，就像身体所有表层细胞，包括皮肤、呼吸 道、消化道、泌尿道黏膜的"守护神"，确保它们处于健康、完整的状态，成为抵御病菌入侵的第一道防 线。 C 增强免疫功能。能促进免疫细胞的产生和活性，增强身体对抗感染的能力，尤其是在预防呼吸道和消 化道感染方面扮演重要角色。 D 促进生长发育 ...

这里，我们结合2025年三季度最新财务与行业动态，解读万华的基本盘与未来动能。 聚氨酯承压，新能源与精细化工能否扛起第二增长曲线？ MDI仍是"压舱石" 作者 | beyond 编辑 | 小白 万华化学的业务主要划分为三大板块：聚氨酯系列（核心为MDI、TDI），石化系列（烯烃产业 链），精细化学品及新材料系列（如ADI、特种胺等）。 作为全球MDI行业的龙头，万华化学（600309.SH，万华）的投资价值始终绕不开其在该领域的寡头 地位与盈利弹性。 2025年上半年，聚氨酯产品毛利占比约75%，持续担当公司最大盈利来源。不仅盈利贡献突出，万华 在MDI领域的全球领导地位更为关键。 尽管短期内MDI价格承压，但公司凭借产能、成本与多元业务的综合优势，依然展现出较强的抗周期 韧性。 全球MDI行业呈现高度寡头垄断格局，万华化学、科思创、巴斯夫、亨斯迈、陶氏五大企业合计占据 约90%市场份额。 目前，全球MDI总产能约1120万吨/年，其中万华化学以305万吨/年的产能规模占据27.2%的市场份 额，较2024年提升1.2个百分点，头部地位进一步巩固。 （来源：wind） MDI下游需求主要集中在家电、建筑保温、 ...

维生素A摄入不足，还会影响免疫功能，并导致干眼症、毛囊增厚角质化等。但需注意，摄入过量可能 致畸及肝脏损伤。 维生素E可增强呼吸系统的免疫力。这是一种脂溶性维生素，是人体极为重要的抗氧化剂。维生素E可 以保护组织和器官免于过氧化物和氧自由基的损伤，有利于支气管上皮细胞与肺泡发育，对增强人体细 胞免疫功能具有重要作用。 维生素E含量高的食物包括核桃、杏仁、松子等坚果，芝麻油、茶油等植物油，菠菜、木耳、猕猴桃等 新鲜蔬菜水果，以及鱼肝油、大豆、蛋黄、扇贝、虾等。 维生素E摄入不足时，会导致溶血性贫血、免疫功能下降、发育迟缓等，但摄入过量会引发神经系统紊 乱、肠胃道反应、凝血时间延长等问题。 转自：贵州日报 冬季，各类呼吸道传染病蠢蠢欲动。日常防病，除了要注意个人卫生、加强身体锻炼，均衡补充营养也 很重要。维生素A和维生素E就是两种对呼吸道非常"友好"的维生素。 维生素A发挥着重要的抗感染作用。这是一类不饱和烃类化合物的总称，包括视黄醇、视黄醛、视黄酸 及其酯化物和异构体。当缺乏维生素A时，儿童鼻咽部或呼吸道上皮细胞会出现角质化改变，严重影响 呼吸道上皮细胞的天然防御功能，易发生感染。研究发现，缺乏维生素A的儿童， ...

（来源：劳动午报） 富含果糖食物 果糖为亲水物质，相比于纯水，含有少量果糖的水可以延缓水吸收速度，从而使身体更 好留住水。水果中含有不少果糖，比如葡萄、梨、香蕉、柿子等。 富含优质油脂的食物 适量的优质脂肪能够让皮肤保持柔嫩光滑。摄入坚果和籽类物质可以给身体补充 这类油脂，比如核桃、芝麻酱等。需要提醒的是，这类食物不能吃太多，以免发胖。 （刘畅） 转自：劳动午报 冬天室外风大，室内温度高，很多人被皮肤干燥困扰。除了选择合适的护肤品，吃对食物也有助缓解皮 肤干燥。 富含维生素A食物 维生素A缺乏表现为表皮干燥而角质化，毛囊突起，皮肤摸起来粗糙而扎手，甚至眼 睛也会发干。维生素A是脂溶性维生素，存在于肝脏、肾脏以及富含脂肪的海鱼中。推荐胡萝卜、南 瓜、菠菜、芥蓝、小油菜等。 富含维生素B2食物 如果缺少这种维生素，会诱发唇炎、口角炎、鼻及脸部的脂溢性皮炎等。维生素B2 广泛存在于奶类、蛋类、各种肉类、动物内脏、谷类、蔬菜和水果等食物中。 富含维生素C的果蔬 维生素C可以清除自由基，帮助人体更好地吸收食物中的铁元素，并在体内参与胶 原蛋白的合成，对于提升肤色和维护皮肤的娇嫩有着不可或缺的作用。平时吃一些鲜枣、甜椒、 ...

证券研究报告·公司深度研究·食品加工 | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 3,103 | 3,240 | 3,696 | 4,365 | 5,047 | | 同比（%） | 3.10 | 4.43 | 14.07 | 18.11 | 15.63 | | 归母净利润（百万元） | 276.71 | 341.99 | 442.23 | 502.57 | 584.72 | | 同比（%） | 7.50 | 23.59 | 29.31 | 13.64 | 16.35 | | EPS-最新摊薄（元/股） | 0.45 | 0.56 | 0.73 | 0.82 | 0.96 | | P/E（现价&最新摊薄） | 44.15 | 35.72 | 27.63 | 24.31 | 20.89 | [Table_Tag] [Table_Summary] 投资要点 证券分析师 苏铖 执业证书：S0600524120010 such@dw ...

公司首次公开发行股票募集资金总额161,460.64万元，扣除发行费用后的募集资金净额为151,723.31万 元。天新药业实际募资净额比原拟募资少88,051.06万元。天新药业2022年2月21日披露的招股书显示， 公司原拟募资239,774.37万元，拟用于"新建维生素A、维生素B5、胆固醇和25-羟基维生素D3项 目"；"销售网络及智慧工厂项目"；"企业研究院项目"和"补充流动资金"。 天新药业本次发行的保荐机构为中信证券，保荐代表人为丁元、方冲。天新药业本次公开发行新股的发 行费用(不含增值税)合计9737.33万元，其中中信证券获得承销及保荐费用7077.08万元。 中国经济网北京12月8日讯天新药业（603235）(603235.SH)今日收报27.10元，跌幅1.06%。目前该股股 价处于破发状态。 2022年7月12日，天新药业在上交所主板上市，公开发行新股4,378万股，占本次发行后总股本的 10.00%，发行价格为36.88元/股。上市首日，天新药业盘中最高报53.11元，创上市以来股价最高点，此 后该股股价震荡走低。 ...

Summary of Key Points from Conference Call Records Industry Overview Chemical Industry - The CCPI price index for the chemical industry increased slightly to 3,868 points, up 1% from the previous week, indicating a stabilization in prices [7][8] - Fixed asset investment growth in the chemical raw materials and products sector decreased to -7.9% in October, down from -5.6% previously, signaling a slowdown in investment [7][8] - Improvement in liquidity and anti-dumping policies are seen as catalysts for a potential recovery in the chemical sector in Q4 2025, with a focus on chemical fiber, nickel-chromium, agricultural chemicals, and lithium battery materials [8] Oil Shipping Industry - Oil shipping rates reached a five-year high of $126,000, driven by OPEC production cuts and increased demand, with supply tightness expected in 2025 [3][4] - The U.S. sanctions on Russian and Iranian fleets have further tightened compliant shipping capacity [3] - Recommendations include招商轮船 (Zhongshan Shipping) and 海南港股 (Hainan Port Stocks) due to favorable market conditions [4] Express Delivery Industry - During the Double Eleven shopping festival, 极兔速递 (Jitu Express) reported a global average daily package volume of 94.59 million, a 15% year-on-year increase, with significant growth in Southeast Asia and new markets [5] - The average daily package volume in Brazil exceeded 1 million, confirming the company's expansion potential in new markets [5] - The overall growth rate of express delivery volume slowed to less than 10% due to price increases, particularly in Guangdong where prices rose by approximately 0.5 yuan [6] Lithium Battery Materials - The price of lithium hexafluorophosphate surged from 50,000 yuan to 135,000 yuan per ton, reflecting strong market demand [9][10] - The price of additives like vinyl carbonate (VC) increased significantly due to supply disruptions, with VC prices rising from 77,000 yuan to 115,000 yuan [9][10] - Recommendations include 新宙邦 (New Zobon) and关注莲花科技 (Lianhua Technology) for their strong positions in the lithium battery supply chain [10] Organic Silicon Industry - The organic silicon industry has seen a price increase for DMC to 13,000 yuan, driven by a consensus to reduce production by 30% [11] - No new production capacity is expected from 2025 to 2026, while demand is projected to grow by 8-10%, indicating a potential supply-demand improvement by 2026 [11] Vitamin Market - The vitamin market is showing signs of seasonal demand, with prices for vitamin E and A recovering due to low inventory levels [12][13] - Recommendations include focusing on leading companies like 新和成 (New Hecheng) and 花园生物 (Garden Bio) for investment opportunities [13] Metal Sector - The metal sector has performed strongly, with expectations for continued interest in aluminum and energy metals [14] - Recommendations include 盛新锂能 (Shengxin Lithium) and 雅化集团 (Yahua Group) as key players in the market [14] Coal Industry - The coal sector is experiencing price fluctuations, with port coal prices rising but at a slower rate [15][16] - Anticipated increases in demand due to colder weather could drive prices higher, presenting a good investment opportunity in coal stocks [16] Conclusion - The conference call highlighted various sectors with distinct trends and investment opportunities, particularly in the chemical, oil shipping, express delivery, lithium battery materials, organic silicon, vitamin, metal, and coal industries. Each sector presents unique dynamics influenced by market conditions, regulatory changes, and consumer demand.

Core Viewpoint - Zhejiang Xinhengcheng Co., Ltd. (hereinafter referred to as "Xinhengcheng") has demonstrated robust growth in its financial performance, with a focus on expanding its business segments and future development plans through a synergistic approach in its "Chemical+" and "Biological+" platforms [2][3]. Group 1: Financial Performance - For the first three quarters of 2025, Xinhengcheng achieved a revenue of 16.642 billion yuan, representing a year-on-year increase of 5.45% [2]. - The net profit attributable to shareholders reached 5.321 billion yuan, marking a significant year-on-year growth of 33.37% [2]. Group 2: Business Segments - The nutrition segment is currently the largest business area, encompassing both animal and human nutrition products, including vitamins and amino acids, with a steady annual revenue growth [2]. - In the human nutrition sector, products include vitamins A, D3, E, C, coenzyme Q10, taurine, and β-carotene, with a continuous expansion of customized formulations [2]. Group 3: Production Capacity and Expansion - The company currently has a solid methionine production capacity of 300,000 tons, with a 70,000-ton expansion project approved and set to be launched based on market conditions [3]. - An 180,000-ton/year liquid methionine project, in partnership with Sinopec, is progressing towards resumption after maintenance [3]. Group 4: Future Development and Projects - The biological fermentation segment is expected to expand into flavors and new materials, while the raw materials pharmaceutical segment focuses on pharmaceutical-grade vitamins and other key products [3]. - The new materials segment is identified as a future pillar industry, emphasizing the development of high-performance polymers and key intermediates, with ongoing construction of a nylon new materials project [5]. - The company plans to advance new products like serine and tryptophan, while also reserving land for flavor projects and dynamically adjusting capital expenditures based on project progress [6].

Group 1: Company Overview - Zhejiang Xinhengcheng Co., Ltd. operates two major platforms: "Chemicals+" and "Biology+" with significant growth potential in both areas [2][3] - The company focuses on a robust R&D system that integrates scientific discovery, technology, and application to enhance product effectiveness [3] Group 2: Financial Performance - In the first three quarters of 2025, the company achieved a total revenue of CNY 16.642 billion, representing a year-on-year growth of 5.45% [3] - The net profit attributable to shareholders reached CNY 5.321 billion, marking a substantial increase of 33.37% compared to the previous year [3] Group 3: Nutritional Products - The nutrition segment is the largest business area, encompassing animal and human nutrition products, including a variety of vitamins and amino acids [3][4] - Key human nutrition products include Vitamin A, D3, E, C, Coenzyme Q10, Taurine, β-Carotene, and Lycopene, with a diverse range of formulations [3] Group 4: Methionine Production - The company has a solid methionine production capacity of 300,000 tons, with an additional 70,000 tons expansion project approved and progressing well [4] - A joint venture with Sinopec for a 180,000 tons/year liquid methionine project is currently undergoing maintenance before resuming production [4] Group 5: Biochemical Fermentation - The company is optimistic about the future of its biochemical fermentation segment, focusing on products like Vitamin C and Coenzyme Q10 [5] - Plans to expand into new products in the fermentation category, including amino acids and new materials, are underway [5] Group 6: Active Pharmaceutical Ingredients - The company specializes in pharmaceutical-grade vitamins and other active pharmaceutical ingredients, providing high-quality raw materials and services to pharmaceutical companies [5] - The company has developed a water-free eye drop formulation that has achieved industry-leading status in treatment efficacy and side effect management [5] Group 7: New Materials Development - The company aims to become a key player in the new materials sector, focusing on high-performance polymers and critical intermediates [5] - The Tianjin nylon new materials project is progressing, with construction initiated in September 2025 [5][6] Group 8: Future Capital Expenditure - Future capital expenditures will be aligned with specific project developments, including the expansion of the PPS project and the establishment of a new flavoring project [6]

Core Viewpoint - Xinhecheng (002001) is committed to providing safe, healthy, and nutritious products and solutions in the human nutrition sector, with a diverse range of products including vitamins and coenzymes [1] Product Offerings - The main products include Vitamin A, Vitamin D3, Vitamin E, Vitamin C, Coenzyme Q10, Taurine, Beta-Carotene, and Lycopene, showcasing a rich product variety [1] - The company offers customized formulations based on customer needs, indicating flexibility in product development [1] Market Application - Products are widely used in various fields such as health nutrition, baking, confectionery, and beverages, highlighting the versatility of the product applications [1] - The business has a global market presence, providing raw material supply to downstream customers [1]