[Table_StockNam基eRp础tTyp化e] 工 行业研究/行业周报 合成生物学周报：华熙生物在天津建成全球最大中试转化平台， 北京昌平合成生物企业数量激增近七成 | 行业评级： | 增持 | | | --- | --- | --- | | 报告日期： | 2026-03-02 | [T行ab业le_周Su观m点mary] | 执业证书号：S0010522110002 电话：13621792701 邮箱：wangqf@hazq.com 主要观点： 1.【华安化工】基础化工：蓝星收购 混兑政策落地 2026-02-26 景气度有望迎来修复 2026-02-12 酮糖应用有望迎来爆发 2026-02-10 [T行ab业le_周Su观m点mary] 公司价格与沪深 300 走势比较 华安证券化工团队发表的《合成生物学周报》是一份面向一级市 场、二级市场，汇总国内外合成生物学相关领域企业信息的行业周报。 目前生命科学基础前沿研究持续活跃，生物技术革命浪潮席卷全 球并加速融入经济社会发展，为人类应对生命健康、气候变化、资源 能源安全、粮食安全等重大挑战提供了崭新的解决方案。国家发改委 印发《"十四五"生物经 ...

证券日报网2月24日讯 ，瑞丰高材在接受调研者提问时表示，公司子公司瑞丰生物主要从事合成生物材 料的开发，在聚乳酸、丁二酸、右旋糖酐等产品领域有一定的技术积累。其中，右旋糖酐已正常对外销 售，正进一步积极开拓市场，下游用于制备动物补铁剂右旋糖酐铁。2026年，公司将进一步扩大右旋糖 酐的产能，并进一步开拓销售市场，但短期对业绩无明显影响。未来规划方面，公司将通过自研与外部 技术合作的模式扩展产品品类，逐步进行规模化落地。 （文章来源：证券日报） ...

黑龙江省人民政府办公厅印发《黑龙江省支持生物制造产业高质量发展若干政策措施》，其中提到，大 力发展生物化工。鼓励开发多元醇、长链二元酸、聚乳酸、聚酯、生物基尼龙等高技术含量、高附加值 的生物基化学品和材料，推动生物基产品在塑料包装、日化消费、交通物流、环保建材等领域应用。对 年度单品销售收入200万元以上的省重点新产品，按年度实际成交额的5%给予开发企业奖励，单品最高 奖励50万元，单户企业每年奖励累计最高300万元。 ...

Core Viewpoint - The Heilongjiang Provincial Government has issued a set of policy measures to support the high-quality development of the biomanufacturing industry, aiming to enhance technological innovation, promote industrial expansion, and ensure resource allocation to create competitive advantages and seize future development opportunities [2][7]. Group 1: Enhancing Technological Innovation - Support for the construction of innovation platforms in biomanufacturing through collaboration between enterprises and research institutions, with financial rewards for approved national and provincial platforms [3][8]. - Encouragement for tackling core technological challenges in biomanufacturing, with provincial financial support for approved key research projects [3][8]. - Incentives for enterprises to increase R&D investment, with subsidies for qualifying expenditures exceeding 500,000 yuan, matched by provincial and municipal funding [3][8]. - Support for the establishment of pilot testing and verification platforms, with potential subsidies of up to 1 million yuan based on performance evaluations [3][8]. - Promotion of technology transfer activities, providing funding for contracts exceeding 1 million yuan for technology purchases from research institutions [3][8]. Group 2: Promoting Industrial Expansion and Quality Improvement - Financial support for new biomanufacturing projects in key sectors, with subsidies of up to 5 million yuan for fixed asset investments of 20 million yuan or more [4][9]. - Assistance for equipment upgrades in biomanufacturing enterprises to enhance production efficiency and reduce costs [4][9]. - Support for digital transformation using AI, big data, and IoT technologies, with subsidies for recognized digital workshops and smart factories [4][9]. Group 3: Supporting Key Sector Development - Focus on strengthening the biopharmaceutical sector with financial support for clinical trials and production of new drugs and high-end medical devices, with potential rewards of up to 1.5 million yuan [4][9]. - Encouragement for the development of new food products, with one-time rewards for approved new food materials and additives [4][9]. - Promotion of biochemicals with high added value, providing rewards for significant sales achievements in new products [4][9]. Group 4: Resource Allocation and Financial Support - Support for the construction of biomanufacturing parks and infrastructure, with potential bond funding for qualifying projects [5][10]. - Inclusion of biomanufacturing enterprises in key resource allocation for utilities, ensuring priority in energy supply [5][10]. - Financial services support for biomanufacturing enterprises to facilitate listing and access to capital markets, including innovative loan products [5][10]. Group 5: Intellectual Property and Talent Development - Strengthening intellectual property protection for biomanufacturing innovations, with services to expedite patent applications [10][11]. - Encouragement for educational institutions to develop relevant programs and attract high-level talent to the biomanufacturing sector [10][11]. Implementation Timeline - The policy measures are effective from the date of issuance until December 31, 2028, with provisions for adjustments based on national and provincial policy changes [10].

经济观察网根据公开信息，海正生材(688203)股价在2026年2月13日出现下跌，当日收盘于13.36元，跌 幅为3.12%。股价波动主要与以下因素相关： 业绩经营情况 公司2025年业绩预告显示，预计全年归母净利润为750万元至950万元，同比大幅下降73.24%至 78.88%。智通财经报道指出，业绩承压主要源于产品价格下行、传统需求增长缓慢及行业竞争加剧， 尽管3D打印材料销量增长，但难以抵消整体毛利收缩。此外，利息收入减少导致财务费用增加，以及 募投项目转固后折旧等成本上升，进一步压缩利润空间。 行业与风险分析 聚乳酸行业面临产能过剩与价格战压力，公司毛利率持续承压。2025年三季度毛利率为10.91%，低于 行业平均的14.74%。新浪财经分析指出，聚乳酸生产成本较传统塑料高出30%-50%，而"限塑禁塑"政策 执行力度不及预期，导致下游替代需求放量缓慢。同时，公司15万吨聚乳酸项目一期投产时间延至2025 年12月，产能释放节奏放缓加剧市场对短期盈利能力的担忧。 资金面情况 2月13日主力资金净流出234.10万元，占成交额6.11%，而散户资金净流出233.97万元。当日换手率 2.28%，成 ...

瑞丰高材（300243.SZ）2月13日在投资者互动平台表示，公司子公司瑞丰生物主要从事合成生物材料的 开发，在聚乳酸、丁二酸、右旋糖酐等产品领域有一定的技术积累。其中，右旋糖酐已正常对外销售， 正进一步积极开拓市场，下游用于制备动物补铁剂右旋糖酐铁。2026年，公司将进一步扩大右旋糖酐的 产能，并进一步开拓销售市场。公司将以全资子公司瑞丰生物为主体，继续通过自研、与成熟技术成果 开展合作等方式丰富合成生物产品的品类。努力做强做大公司合成生物材料业务。公司合成生物相关产 品业务尚处于起步阶段，短期内不会对公司业绩产生较大影响，敬请广大投资者注意投资风险。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：公司对生物制造的长期发展规划是什么？未来如何实 现规模化发展？ ...

Market Performance - The new materials sector experienced a decline this week, with the new materials index falling by 5.29%, underperforming the ChiNext index which decreased by 5.19% [1][4] - Over the past five trading days, the synthetic biology index dropped by 3.13%, semiconductor materials by 3.60%, electronic chemicals by 3.77%, biodegradable plastics by 0.90%, industrial gases by 3.96%, and battery chemicals by 4.89% [1][9] Price Tracking - Amino acids prices showed the following changes: valine remained at 14,050 CNY/ton, arginine increased by 2.64% to 21,400 CNY/ton, tryptophan rose by 1.27% to 31,900 CNY/ton, and methionine increased by 2.82% to 18,200 CNY/ton [2] - Prices for biodegradable materials remained stable, with PLA (FY201 injection grade) at 17,800 CNY/ton and PBS at 17,000 CNY/ton [2] - Vitamin A decreased by 1.60% to 61,500 CNY/ton, while other vitamins remained unchanged [2] Investment Recommendations - SpaceX plans to establish a satellite constellation of up to 1 million satellites, significantly increasing demand for upstream raw materials, particularly lightweight and cable materials [3] - Companies to watch in lightweight materials include Times New Material, Jilin Chemical Fiber, Zhongfu Shenying, Guangwei Composites, and Heshun Technology; for cable materials, focus on Pulit and Panyam Micro透 [3]

Group 1 - The core viewpoint of the article is the strategic collaboration among three companies to promote the large-scale development of biodegradable materials [1] - The agreement involves comprehensive cooperation in product procurement, industrial park construction, technology collaboration, and capital and equity cooperation [1] - The companies aim to create a full industry chain from bio-based raw materials to modified materials and end products, focusing on the commercialization of biodegradable materials and zero-carbon industries [1] Group 2 - Xiaocao Green Energy will be responsible for the investment, operation, and management of the industrial park project [1] - Anhui Fengyuan will provide technology authorization and management output [1] - Shanghai Yuanyi will offer financial solutions and strategic planning support [1] Group 3 - The three parties plan to complete the investment and construction of the relevant industrial park projects within five years and achieve production [1] - The collaboration aims to produce market-demand products such as polylactic acid, modified materials, and related products [1]

Core Viewpoint - Anhui Province is accelerating the construction of a green closed loop in the biomanufacturing industry, transitioning from "straw resource utilization" to "material decarbonization," driven by technological breakthroughs and industry chain collaboration [1][2]. Policy Guidance - The State Council's implementation opinions aim to promote the widespread application of biotechnology in new materials, construction, energy, and environmental protection, focusing on biobased material substitution and low-carbon conversion [2]. - Various regions are formulating biomanufacturing industry plans and policies to optimize the industrial environment, with Anhui's biomanufacturing cluster expected to exceed 30 billion yuan in output value by 2026 [2]. Technological Breakthroughs - Biomanufacturing is transitioning from "natural extraction" to "life programming," with the industry expected to enter a golden development period during the 14th Five-Year Plan, driven by national strategy, technological advancements, and market demand [3]. Innovations in Biomanufacturing - Anhui Fengyuan Biotechnology Co., Ltd. has developed a second-generation biomanufacturing technology using straw as raw material, achieving high conversion rates and significant cost advantages [4][5]. - The technology allows for the production of 1 ton of mixed sugar from 3 tons of straw, with a cellulose hydrolysis rate exceeding 90% and a cost of mixed sugar not exceeding 1,000 yuan per ton, significantly lower than corn-based glucose production [4]. Industry Implementation - The "distributed factory" model is activating the county economy, with projects in Shandong and Anhui demonstrating a closed-loop industrial chain from straw processing to biobased materials and energy [6]. - Fengyuan Group is establishing modular projects across multiple provinces, creating a complete industrial chain from agricultural waste collection to biobased product production [6]. Ecological Closure - Anhui Province aims to transform straw from agricultural waste into a "green carbon source," reducing reliance on food resources and promoting green agriculture through high-value byproducts [7]. - The technology addresses the challenges of the polylactic acid market, which faces issues such as small scale and insufficient policy support [7]. Recommendations for Development - Experts suggest implementing a comprehensive ban on plastic in Anhui, promoting biobased materials in government and educational institutions, and establishing a "green procurement list" [8][9]. - Strengthening policy and financial support for straw sugar projects and encouraging the listing of key biomanufacturing enterprises to broaden financing channels [8][9]. Market Expansion - Encouraging the use of polylactic acid composite materials in automotive and construction sectors, and promoting biobased products through events and e-commerce platforms [9]. - The establishment of a biobased materials innovation laboratory in Zhejiang marks a significant step in digital research and development in the field, providing a model for Anhui [9].

Group 1 - The "Three聚" industry, which includes polyurethane, polyformaldehyde, and polylactic acid, is focusing on high-quality development and transformation towards high-end and green industries [1][2] - Hebi City is leveraging its abundant methanol and 1,4-butanediol production capacity to build a robust industrial chain around the "Three聚" industry, achieving significant results [1] - The polyurethane industry in China has a leading global production capacity, advanced core technologies, and an optimized industrial structure, but faces challenges such as innovation mismatches and low-end competition [1][2] Group 2 - The global chemical industry's adjustments are creating opportunities for domestic capacity release, and polyurethane companies are encouraged to seize policy benefits for development and technological advancement [2] - Key projects signed at the conference include a 110,000-ton styrene-butadiene latex project and a 200,000-ton polyaluminum chloride project, among others, indicating strong investment in the sector [3]