国泰中证畜牧养殖ETF（159865）基金经理为梁杏。 截至发稿，梁杏累计任职时间9年215天，现任基金资产总规模306.17亿元，任职期间最佳基金回报 1112.34%， 任职期间最差基金回报-57.82%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 1月6日，蔚蓝生物涨5.02%，截至发稿，报15.06元/股，成交8138.03万元，换手率2.20%，总市值38.11 亿元。 资料显示，青岛蔚蓝生物股份有限公司位于山东省青岛市崂山区九水东路596-1号，成立日期2005年2月 23日，上市日期2019年1月16日，公司主营业务涉及酶制剂、微生态、动物保健品的研发、生产和销 售。主营业务收入构成为：酶制剂36.63%，动物保健品22.60%，其他业务21.75%，微生态17.27%，其 他(补充)1.76%。 从蔚蓝生物十大流通股东角度 数据显示，国泰基金旗下1只基金位居蔚蓝生物十大流通股东。国泰中证畜牧养殖ETF（159865）三季 度增持67.32万股，持有股 ...

多元聚能兴工业 转型蝶变启新程 ——我市推动工业经济高质量发展行稳致远 投产运营的灵台电厂 记者 贾灏 摄 □记者 张成龙 "十四五"时期，平凉挣脱"一煤独大"的路径依赖，锚定"三区一城市"目标定位，紧盯打造全省工业转型发展创新区聚力 突破，以强工业行动为总牵引，在传统产业升级中夯实根基，在新兴产业培育中开拓新局，煤炭、生物制造、汽车零部 件、食品加工、新材料等多产业齐头并进，共同书写了工业经济量质齐升的转型答卷。规上工业增加值预计2025年底达 145亿元，较"十三五"末增加62.04亿元，年均增长7.8%；工业固投增速33个月保持30%以上；22个工业行业大类中14个实 现增长，新兴产业增速最高超240%…… 一组组实打实的数据，一个个看得见的变化，印证着平凉工业从"单点支撑"到"多点绽放"的深刻变革，彰显着转型发展 的强劲动能。 传统产业"焕新" 传统产业是平凉工业的"压舱石"，"十四五"期间，平凉没有停留在"吃老本"，而是以技术改造、智能升级、链条延伸为 抓手，让煤炭、电力、建材等传统产业在迭代中焕发新生机。 煤炭产业告别"挖煤卖煤"的粗放模式，迈向"智采+深加工"的高质量发展新阶段。累计实施煤矿智能 ...

Core Viewpoint - The State Administration for Market Regulation has released the "Food Additive Production License Review Guidelines (2025 Edition)" to standardize the production licensing of food additives and enhance supervision of production enterprises [1][2]. Group 1: Production Licensing Requirements - The guidelines specify production access requirements and detail enterprise system regulations, including basic conditions related to production sites, facilities, and processes [1]. - Enterprises are required to establish and implement a series of food safety management systems, including raw material procurement, production process control, sanitation, food safety traceability, and label management [1]. Group 2: Risk Prevention and Classification - The production licensing for food additives is categorized into six specific types: single variety food additives, food flavorings, compound food additives, food nutrition enhancers, basic substances in gel-based candies, and enzyme preparations [1]. - The guidelines emphasize the prohibition of repackaging certain high-risk products, particularly those classified as hazardous chemicals [1]. Group 3: Additional Review Requirements - The guidelines focus on high-risk products, particularly compound food additives and food flavorings, which will have additional review requirements related to formula development management, quality control, and labeling [2]. - The new licensing requirements aim to raise the entry barriers for production and enhance overall safety standards in the industry [2].

Core Viewpoint - The State Administration for Market Regulation has released the "Food Additive Production License Review Guidelines (2025 Edition)" to further standardize food additive production and enhance quality safety supervision [1] Group 1: Regulatory Changes - The guidelines specify additional review requirements for compound food additives and food flavorings, including formulation development management, quality safety control, and labeling management, thereby raising the production licensing standards [1] - Food additive production licenses are categorized into six subcategories: single variety food additives, food flavorings, compound food additives, food nutrition enhancers, basic substances in gel-based candies, and enzyme preparations, implementing classified licensing review [1] Group 2: Safety Management - The guidelines prohibit the repackaging of high-risk food additives and those classified as hazardous chemicals, which have special management requirements [1] - Basic conditions for enterprises are outlined, including requirements for production sites, facilities, layout, and process flow, as well as the establishment of food safety management systems covering raw material procurement, production process control, and labeling management [1]

蔚蓝生物公告称，2025年12月26日，公司召开第五届董事会第二十二次会议，审议通过2026年度日常关 联交易预计议案，无需提交股东会审议。2025年1 - 11月，公司向北大荒宝泉岭农牧发展有限公司及其 子公司实际销售产品807.95万元，受市场行情影响低于1500万元的预计金额。2026年，公司预计向其销 售酶制剂等产品1500万元，占同类业务比例1.23%。交易定价以市场价格为基础，不会影响公司独立 性。 ...

格隆汇12月24日丨溢多利(300381.SZ)在投资者关系中表示，有被问到:公司新增了一些生产基地建设等 资本开支，大概在什么时候资本开支的高峰期会过去？ 答：公司去年研发中心升级扩建、金湾基地投产转固增加了部分资本开支，目前在建的还有内蒙古酶制 剂三期工程及珠海总部科创园建设等项目，这些项目投产后预计短期内将不会再有新增的大额资本开 支。 ...

记者从工业和信息化部网站了解到，经省级主管部门推荐、专家评价、面向社会公示等程序，首批 生物制造中试能力建设平台名单公布，全国共有43家平台入选。其中山东齐鲁制药有限公司(生物制药 方向）、山东隆科特酶制剂有限公司（酶制剂方向）、山东大学（食品及添加剂、酶制剂方向）入选。 聚焦食品及添加剂、生物制药、化妆品、化工、能源、酶制剂等重点产品领域，工信部提出开展生 物制造中试能力建设平台培育，带动产业链上下游协同创新发展。列入名单的平台需聚焦相应服务领 域，持续加大资源投入力度，强化软硬件建设和专业人才培养，提升平台对外开放和中试服务水平。工 信部将按年度组织专家对列入名单的平台软硬件水平、对外开展中试服务的数量及质效等方面进行评 估，动态调整平台服务能力星级，对服务能力、服务效果达不到要求以及知识产权、安全生产、环境保 护、质量安全等方面出现严重违法违规情况的平台予以除名。（记者 付玉婷） ...

Core Insights - The company, Andisu, focuses on the research, production, and sales of animal nutrition additives, aiming to promote a more efficient, safer, and sustainable livestock industry [1] - Andisu has maintained a global leading position in the methionine market, with functional products as its core competitive advantage [1] Company Strategy - The company has adopted a strategy of "going out" and "bringing in," which has facilitated sustainable development over the past decade [1] - Andisu has integrated global resources by introducing advanced European technology and high-quality production capacity into China [1] Production Capacity - The production capacity of the Nanjing plant has increased from 170,000 tons to 350,000 tons, making it the largest and lowest-cost single liquid methionine production base globally [1] ESG Commitment - The company places a strong emphasis on ESG (Environmental, Social, and Governance) principles, recognizing their importance in creating long-term value for the enterprise [1]

Core Viewpoint - King’s Ray Biotechnology focuses on "technology-driven" and "global layout" as its core development strategy, aiming for long-term revenue growth and clear growth paths for various segments [1] Group 1: Financial Projections - The company maintains a "buy" rating, predicting revenue for its main business segments to be $939 million, $825 million, and $961 million for 2025-2027, with year-on-year growth rates of 58%, -12%, and 16% respectively [1] - The estimated PS valuation for the main business segment is based on a 6x PS multiple for 2026 revenue, leading to a valuation of 35.2 billion RMB [1] - The fair value of the company's stake in Legend Biotech, a US-listed company, is estimated at 17 billion RMB as of November 20, 2025 [1] Group 2: Strategic Goals - The company aims to be the global leader in biopharmaceuticals (antibody drugs, gene & cell therapy) and synthetic biology services and products [2] - The strategic plan includes solidifying cash flow to support life sciences, biopharmaceutical CRDMO, and synthetic biology, driving profit growth [2] - The long-term revenue target is set at $3 billion by 2035, with an operating profit margin exceeding 20% [2] Group 3: Business Development Focus - The company is focused on ensuring steady growth in its core businesses, particularly in gene & plasmid services, aiming to expand downstream applications [2] - The antibody protein business aims to enhance core competitiveness and capture the non-outsourcing market by providing innovative instruments and solutions [2] - The protein antibody drug CDMO aims to leverage the rebound in China's biotech sector, accumulate more projects, and enhance sales capabilities in Europe and the US [2] Group 4: Growth Strategy - The company seeks to consolidate its business capabilities by transforming mature services into one-stop solutions, accelerating productization for downstream clients [3] - There is a focus on high-margin products in enzyme preparations, particularly in starch sugar, alcohol, and home care sectors [3] - The company is looking for explosive industry opportunities through innovative protein/enzyme preparations and collaborative development of licensed products [3]

Core Viewpoint - The report maintains a "Buy" rating for King’s Ray Biotechnology (01548) with a target price of HKD 26.21 per share, emphasizing the company's long-term growth strategy driven by technology and global expansion [1] Group 1: Long-term Strategic Planning - The company aims to become the global leader in biopharmaceuticals (antibody drugs, gene & cell therapy) and synthetic biology services and products, with a focus on solid cash flow to support its life sciences and biopharmaceutical CRDMO foundations [1] - The long-term revenue target is set at USD 3 billion by 2035, with an operating profit margin exceeding 20% [1] Group 2: Business Growth and Market Position - The gene & plasmid business has achieved continuous growth, aiming to expand downstream applications to enhance business potential and support further growth [2] - The antibody protein business seeks to strengthen core competitiveness and achieve market leadership by exploring non-outsourcing markets and providing innovative instruments and solutions [2] - The protein antibody drug CDMO aims to capitalize on the rebound of China's biotechnology sector, accumulate more projects and capabilities, and enhance sales in Europe and the U.S. to expand high-margin revenue sources [2] Group 3: Growth Opportunities and Product Development - The company plans to integrate its business capabilities (life sciences + thriving biology) to transform mature services into one-stop solutions, accelerating productization for downstream clients [3] - Focus areas include high-margin products in enzyme preparations, such as starch sugar, alcohol, and home care, while seeking explosive industry opportunities through innovative protein/enzyme products [3] Group 4: Financial Forecast and Valuation - The company’s revenue projections for the main business segments from 2025 to 2027 are USD 939 million, USD 825 million, and USD 961 million, with year-on-year growth rates of 58%, -12%, and 16% respectively [4] - The valuation method applied is based on a PS multiple of 6 times the projected 2026 revenue, leading to a main business valuation of RMB 35.2 billion [4] - The fair value of the company's stake in Legend Biotech, a U.S.-listed company, is estimated at RMB 17 billion as of November 20, 2025 [4]