（来源：工人日报） 本报讯 （记者彭冰 柳姗姗 通讯员范琦 马加姗）"这台旧色谱仪放这儿干啥，和今天的课有啥关系 吗？"近日，在吉林石化公司质量检验中心西部质检一车间，几名等待上培训课的青年员工看着桌上的 废旧色谱仪，不免纳闷。"今天它就是咱们的'活教材'！这位'老伙计'会'掏心掏肺'给你们上一课，让你 们看看它肚子里藏着多少秘密。"企业技能专家刁翠莲回应道。在刁翠莲带领下，青年员工们围在色谱 仪旁，开启了技能培训的生动一课。 "新设备得满负荷运转确保分析流程顺畅，这台已经不能使用的旧仪器正适合练手，我带你们看清每个 零件长什么样、起什么作用。"刁翠莲边拆边教，把抽象的原理变得具体可感："色谱柱就像'专用跑 道'，检测器是'终点裁判'，载气是'助推的风'……" 在刁翠莲的鼓励下，新员工们开始了实际操作，刁翠莲穿梭指导："扳子要这样握，力度要均匀……" "旧色谱仪在分析一线完成了使命，也用零件完成了对其设备的'托举'，现在它重新'上岗'，在'教具'岗 位上又有了新价值。"看到青年员工收获满满，刁翠莲露出满意的笑容。 这是吉林石化公司质量检验中心开展多样化培训的一个缩影。近年来，该中心通过专家实战教学、师徒 结对 ...

Core Viewpoint - In 2026, the State Administration for Market Regulation will comprehensively promote the verification and evaluation of domestically produced inspection and testing instruments, aiming to establish an authoritative standard system, tackle key technologies, cultivate international brands, and enhance reliability and competitiveness [1]. Group 1 - The verification and evaluation system for domestic inspection and testing instruments will focus on three main areas: establishing an authoritative standard system, addressing core key technologies, and cultivating internationally competitive brands [2]. - The standard system will be market demand-oriented, particularly in the automotive and food sectors, developing a series of verification standards to help users build confidence through technical validation [2]. - A collaborative effort among industry, academia, and research will be organized to focus on high-end general equipment such as mass spectrometers, chromatographs, and tire-coupled road simulation test machines, aiming to overcome bottlenecks in core components and software [2]. Group 2 - Support will be provided to leading domestic testing instrument companies for technological innovation, with a focus on advancing the "Artificial Intelligence + Inspection and Testing" initiative to promote the iterative upgrade of domestic intelligent testing equipment, transitioning from "catching up" to "leading" [2].

Core Viewpoint - The State Administration for Market Regulation will fully promote the domestic verification and evaluation of inspection and testing instruments and equipment by 2026, accelerating the "import substitution" process [1] Group 1: Domestic Verification and Evaluation System - The verification and evaluation system will focus on three main areas: establishing an authoritative standard system, tackling core key technologies, and cultivating internationally competitive brands [1][2] - By the end of 2024, 11.36% of inspection and testing institutions will be recognized as high-tech enterprises, significantly higher than the national average of 14.95 times [1] Group 2: Standard System and Technology Development - The system will develop series of verification and evaluation standards for domestic instruments, particularly in the automotive and food sectors, to help users build confidence and break foreign product monopolies [1] - A collaborative effort among industry, academia, and research will focus on high-end general equipment such as mass spectrometers and chromatographs to overcome bottlenecks in core components and software [1] Group 3: Brand Development and Innovation - Support will be provided for leading domestic testing instrument companies to innovate technologically, enhancing the verification and evaluation standard system and promoting application scenarios to gradually increase the domestic rate [2] - The initiative will also advance the "Artificial Intelligence + Inspection and Testing" action, promoting the iterative upgrade of domestic intelligent testing equipment to transition from "catching up" to "leading" [2]

Core Viewpoint - Harbin Normal University has announced five procurement projects for scientific research instruments, with a total budget of 33.2497 million yuan, covering 41 sets of equipment including chromatographs, in-situ electron microscopes, and X-ray analyzers [1][2]. Group 1: Project Summaries - **Project One**: Announced on January 5, 2023, for the procurement of scientific research public service platform instruments, with a budget of 5.377 million yuan. It includes an automatic gas adsorption analyzer, chemical adsorption instrument, high-performance liquid chromatography-inductively coupled plasma mass spectrometry system, and UV-visible near-infrared spectrophotometer [4]. - **Project Two**: Announced on January 7, 2023, for the procurement of imported micro-nano in-situ electron beam etching scanning electron microscope, with a budget of 9.756 million yuan. It includes a micro-nano in-situ electron beam etching scanning electron microscope and an in-situ microstructure Raman analyzer [6]. - **Project Three**: Announced on January 8, 2023, for the procurement of an imported in-situ X-ray crystal diffraction analyzer, with a budget of 4.9773 million yuan [8]. - **Project Four**: Announced on January 9, 2023, for the procurement of an imported micro-nano computed tomography scanner, with a budget of 8.4618 million yuan [11]. - **Project Five**: Announced on January 11, 2023, for the procurement of comprehensive processing and testing equipment for polymer materials, with a budget of 4.6776 million yuan. It includes various instruments such as gel permeation chromatograph, 3D printer, universal testing machine, and more [13][14].

Core Viewpoint - The recent board reshuffle at Xuedilong has attracted attention, particularly due to the election of two notable non-independent directors, Aoxiao Qiang and Aohang, who are closely related to the company's controlling shareholder [1][13]. Group 1: Company Leadership - Aoxiao Qiang is the actual controller of Xuedilong, holding a direct stake of 57.83% and serving as the chairman of the board [2][14]. - Aohang, the son of Aoxiao Qiang, has recently joined the company as a project manager, having previously not been part of the management team [2][14]. Group 2: Aohang's Background - Aohang has a background aimed at becoming a financial elite, initially studying telecommunications engineering and management at Beijing University of Posts and Telecommunications, later shifting to business studies abroad [3][15]. - He graduated from the University of Reading in July 2016 with a degree in International Securities, Investment, and Banking, and subsequently joined Guotai Junan Securities as an investment banking assistant [3][15]. - In August 2020, Aohang transitioned to Minsheng Securities, where he advanced to a mid-level position as Vice President of Quality Control over five years [5][15]. Group 3: Company Performance - Xuedilong, a leading company in environmental monitoring, has been actively expanding into scientific instruments, including mass spectrometers, chromatographs, spectrometers, and portable instruments [8][19]. - The company's performance has shown slight fluctuations, with revenue on a downward trend; profits peaked at 230 million in the first three quarters of 2022 but dropped significantly to 76 million in the first three quarters of 2024, currently recovering to 115 million [9][20].

Group 1 - The 2025 Higher Education Technology Achievement Fair is being held in Guangzhou from December 15 to 17, organized by the Ministry of Education and the National University Regional Technology Transfer Center [2] - The National High-end Scientific Instrument Regional Technology Transfer Center aims to create a national hub for technology breakthroughs, achievement transformation, and enterprise cultivation in the scientific instrument field [2][6] - The center is expected to attract high-level talent and facilitate the transformation of significant achievements in Guangzhou [2] Group 2 - Scientific instruments are essential for scientific research and technological innovation, with over 70% of Nobel Prize achievements in physics and chemistry relying on advanced scientific instruments [4] - The Chinese scientific instrument sector faces challenges, with over 70% of instruments imported, and more than 90% for high-end instruments, highlighting the need for domestic development [5] - The center's establishment is a response to national strategies aimed at enhancing technological self-reliance and security [5][6] Group 3 - The center will cover the entire industrial chain of high-end scientific instruments, including key components and application services, focusing on various advanced instruments [6] - The long-term mission includes reducing development costs by 50%, shortening product development cycles by 30%, and nurturing at least one world-class scientific instrument enterprise [6] - The center has received systematic support from national and local governments, including annual funding of approximately 150 million yuan and a reserved area for 200 projects [7]

Core Viewpoint - ST Tianrui (SZ300165) is planning a change in control, which may lead to a shift in its major shareholder and actual controller, Liu Zhaogui, who currently holds 20.37% of the company's shares [2][3][6]. Group 1: Control Change Announcement - Liu Zhaogui, the founder and actual controller of ST Tianrui, is in the process of planning a change in the company's control, with the stock being suspended from trading starting December 1, 2023, for no more than two trading days [2]. - The transaction related to the control change is still uncertain, as no agreements have been signed, and discussions regarding the specific transaction plan are ongoing [3]. Group 2: Regulatory Issues and Penalties - ST Tianrui has been under risk warning since December 2024 due to violations related to revenue recognition, leading to a warning and fines totaling 3 million yuan for the company and additional fines for Liu Zhaogui and other executives [3][7]. - The previous attempt to change control was halted due to an investigation by the China Securities Regulatory Commission (CSRC) [4]. Group 3: Financial Performance - ST Tianrui's financial performance has been declining, with revenue dropping to 851 million yuan in 2024, only 55.2% of its 2021 revenue, and a cumulative net loss of 354 million yuan since 2021 [7]. - The company specializes in analytical testing instruments and environmental governance, with core products including spectrometers and chromatographs [7].

Core Viewpoint - The company's profitability has significantly improved, with a notable optimization in business structure, leading to a substantial increase in net profit compared to revenue growth [2][3] Financial Performance - In the first three quarters of 2025, the company achieved operating revenue of 888 million yuan, a year-on-year increase of 6.34% - The net profit attributable to shareholders reached 115 million yuan, reflecting a year-on-year growth of 52.10% - The net profit growth rate (52.10%) far exceeded the revenue growth rate (6.34%), with a non-recurring net profit growth of 61.81% [1][2] Quarterly Highlights - In the third quarter, the company recorded operating revenue of 292 million yuan, a year-on-year increase of 12.15% - The net profit for the third quarter was 53 million yuan, showing a remarkable year-on-year growth of 101.69% [2] Business Strategy - The improvement in profitability is attributed to enhanced receivables management and a reduction in bad debt provisions compared to the previous year - The company has strategically shifted focus from government (To G) business to enterprise (To B) markets, improving project quality and payment conditions - A decrease in sales expenses also indicates effective cost control [2][3] Market Position and Innovations - The company is making significant strides in the domestic substitution logic, particularly in high-end instruments for environmental and industrial process analysis - Key breakthroughs include the promotion of domestic alternatives for explosion-proof laser analyzers and chromatographs in industries like petrochemicals and cement [2][3] Emerging Fields - The company has established a technological lead in the nuclear power sector by providing gas analysis systems for the world's first commercial fourth-generation nuclear power project - In the semiconductor industry, its products are utilized for gas purity detection in lithography machines, serving top global manufacturers - The company is also expanding into cutting-edge applications such as aircraft engine exhaust analysis [3] Carbon Monitoring Business - The company positions its carbon monitoring business as a core growth point, having made proactive investments in online measurement systems and carbon accounting software - A joint venture with the China Metrology Institute aims to participate in the national dual carbon standard system construction - With the expansion of the national carbon market, the company is expected to benefit significantly from the anticipated demand for carbon monitoring equipment [3] Profit Forecast - The company is projected to achieve operating revenues of 1.501 billion, 1.652 billion, and 1.837 billion yuan for 2025-2027, with year-on-year growth rates of 5.67%, 10.11%, and 11.17% respectively - The net profits attributable to shareholders are expected to be 208 million, 222 million, and 245 million yuan, with growth rates of 23.50%, 6.77%, and 10.25% respectively - Based on the closing price on October 27, 2025, the corresponding P/E ratios are projected to be 26.33, 24.66, and 22.37, with EPS of 0.33, 0.35, and 0.39 yuan [4]

Core Viewpoint - Domestic scientific instrument companies are breaking foreign monopolies through the "Specialized, Refined, and New Little Giant" policy, which has enabled significant breakthroughs in high-performance instruments and increased market share in the pharmaceutical industry [3][5]. Group 1: Overview of the "Little Giant" Policy - The seventh batch of national-level "Little Giant" enterprises includes 142 domestic instrument companies, covering key segments such as chromatography, mass spectrometry, and environmental monitoring [5][6]. - The "Little Giant" title not only certifies technical strength but also addresses the challenges of R&D difficulties, financing issues, and market penetration in the analytical instrument sector [6][9]. Group 2: Overcoming Growth Pain Points - Domestic analytical instrument companies face three main challenges: long R&D cycles (averaging 5-8 years), reliance on imported core components, and low market trust [6]. - After being recognized as "Little Giant" enterprises, companies have seen improvements in funding, technology transfer, and market acceptance, leading to increased revenue [6][12]. Group 3: Characteristics of the New Entrants - The 142 new entrants exhibit a focus on technology and specialization, forming differentiated competitive advantages in core segments [9][11]. - Companies like Shanghai Yidian and Jiangsu Huipu have established themselves as leaders in their respective niches, contributing to the resolution of critical technology issues [9][11]. Group 4: Growth Logic and Strategies - The growth paths of these companies provide replicable experiences for the industry, emphasizing the importance of focusing on niche markets and long-term strategies [11][12]. - The "Little Giant" status facilitates access to funding, tax incentives, and priority participation in major projects, enhancing the overall production and application capabilities [12][13]. Group 5: Building an Innovative Ecosystem - A positive cycle of "technical breakthroughs—market recognition—revenue reinvestment in R&D" is observed among the companies, fostering sustainable innovation [13][14]. - The average R&D investment intensity of "Little Giant" companies is 9.2%, significantly higher than the industry average of 4.5%, positioning them as key players in overcoming critical technology challenges [14]. Group 6: Future Outlook - The rise of these "Little Giant" enterprises signals a shift in the domestic analytical instrument sector from following to leading, with a focus on independent innovation and reduced reliance on imports [14]. - The success stories of these companies highlight that specialization and innovation are optimal pathways for small and medium-sized enterprises in the analytical instrument field [14].

Core Viewpoint - The current valuation of the pharmaceutical sector is at a low level, with public funds (excluding pharmaceutical funds) having low allocation to the sector. Considering the positive recovery of macroeconomic factors such as US Treasury rates and the driving effect of large categories and varieties on the industry, the growth of the pharmaceutical industry is expected to remain optimistic through 2025 [10]. Market Review - The CITIC Pharmaceutical Index rose by 0.56%, underperforming the CSI 300 Index by 2.69 percentage points, ranking 27th among CITIC's 30 primary industries [7]. - The top ten stocks by increase this week included Jianfa Zhixin, Te Yi Pharmaceutical, and Bi De Pharmaceutical, while the top ten stocks by decrease included Tuo Jing Life, Xin Nuo Wei, and Shu Tai Shen [7]. Overall View and Investment Themes - The pharmaceutical sector is expected to see a blooming of investment opportunities, particularly in innovative drugs, medical devices, and the innovative chain (CXO + life science services) [10]. - The innovative drug sector is transitioning from quantity logic to quality logic, emphasizing the importance of products that can ultimately generate profits [10]. - The medical device market is witnessing a recovery in bidding volumes, with a focus on home medical devices and orthopedic procurement [10]. - The innovative chain is expected to see a rebound in domestic financing, with a long-term trend towards high growth in the CXO sector [10]. - The pharmaceutical industry is anticipated to enter a new growth cycle, particularly in the specialty raw materials sector, which is currently at a near ten-year low in valuation [10]. Chromatography Industry Focus - Chromatography technology is crucial for the separation and analysis of components in various fields, especially in biopharmaceuticals, where it plays a key role throughout the drug development process [16][19]. - The global biopharmaceutical market is projected to grow from approximately $503 billion in 2023 to $892 billion by 2028, with a compound annual growth rate (CAGR) of 9.5%-12.5% [24]. - The Chinese biopharmaceutical market is also expanding rapidly, with a projected growth from ¥262.2 billion in 2018 to ¥534.8 billion in 2024, reflecting a CAGR of 12.61% [29]. Market Size and Growth - The global chromatography consumables market is expected to grow from $6.9 billion in 2023 to $9 billion by 2026, with a CAGR of 9.26% [37]. - The Chinese chromatography consumables market is projected to grow from ¥11.2 billion in 2023 to over ¥20.3 billion by 2026, with a CAGR of 21.92% [37]. - The global small molecule liquid chromatography market is expected to increase from $3.6 billion in 2021 to $7.7 billion by 2026, with a CAGR of 16.7% [30]. Domestic Industry Dynamics - Domestic chromatography companies are making significant strides in key areas such as chromatography media and industrial chromatography systems, accelerating the process of domestic substitution [44]. - The domestic chromatography media market is currently dominated by foreign companies, but advancements in domestic technology are enhancing competitiveness [44]. - The demand for chromatography products is driven by the need for cost-effective and reliable purification materials in biopharmaceutical production, where purification processes account for a significant portion of production costs [43].