中粮科技（000930）公告，近日收到国家卫健委出具的《行政许可审查结论通知书》，公司提交的关于 D-阿洛酮糖的行政许可申请已审查通过并公告。该许可为公司下一步在国内生产并销售阿洛酮糖确立 了先决条件，但目前尚未生产、销售该产品。 ...

智通财经7月11日电，中粮科技(000930.SZ)公告称，公司近日收到国家卫健委出具的《行政许可审查结 论通知书》，公司酶法生产D-阿洛酮糖的行政许可申请已通过审查并已公告。该行政许可为公司在国 内生产并销售阿洛酮糖确立了先决条件，但目前公司尚未生产、销售该产品，敬请广大投资者注意投资 风险。 中粮科技：酶法生产D-阿洛酮糖获得卫健委行政许可审查通过 ...

证券研究报告 点评报告 2025 年 7 月 11 日 晨会纪要 第一创业证券研究所 核[心Ta观bl点e_：Summary] 一、先进制造组： 分析师：刘笑瑜 中国汽车动力电池产业创新联盟披露 2024 年 6 月动力电池月度信息。6 月， 我国动力电池销量为 94.1GWh，环比增长 7.6%，同比增长 34.9%。动力电池出 口量为 15.8GWh，环比增长 17.1%，同比增长 16.6%。装车量方面，6 月，我国 动力电池装车量 58.2GWh，环比增长 1.9%，同比增长 35.9%。其中三元电池装 车量 10.7GWh，占总装车量 18.4%，环比增长 2.0%，同比降低 3.4%；磷酸铁锂 电池装车量 47.4GWh，占总装车量 81.5%，环比增长 1.9%，同比增长 49.7%。 证书编号： S1080525070001 电话：0755-23838239 分析上述数据，磷酸铁锂电池接近 50%的同比增长率远高于市场整体增速 （35.9%），其主导地位持续强化。在当前新能源汽车市场竞争日益激烈，车 企普遍面对降本增效的压力下，磷酸铁锂电池凭借不含钴等贵金属带来的成本 优势，以及不断提升的能量 ...

"今天，微元合成阿洛酮糖（无花果糖）正式获得国家卫生健康委员会新食品原料公告行政许可，成为 全国首家获得批准上市的阿洛酮糖生产企业，也是唯一一家通过生物发酵工艺获批的企业。此次批准的 AS10菌株直接发酵法生产阿洛酮糖技术，是国内首个采用合成生物技术生产的新食品原料获批的案 例。"7月2日上午，在微元合成创始人、CEO刘波的微信朋友圈，记者看到这条令人振奋的消息。此次 国家卫生健康委员会批准使用的生产工艺绑定了申报企业的专利技术，这意味着，未获得国家行政许可 的企业将无法申请食品生产许可证，其阿洛酮糖产品也无法在国内合法上市销售。 6月19日，在"活力中国调研行"采访团来到微元合成生物技术（北京）有限公司时，微元合成阿洛酮糖 还在审批中。 据介绍，目前中国拥有全球最大的生物制造产能，约3000万吨产能中有近一半产能是淀粉糖产业。然 而，其中约有500万吨是果葡糖浆，如此大量的果葡糖浆消费补充了部分国内食糖需求缺口，但同时 也"催肥"了国民的身体。此外，由于生产过程消耗了大量的玉米、电和蒸汽，企业之间的竞争聚焦到了 原料和能源等生产要素，因此果葡糖浆产业常年处于微利或亏损状态，造成大量产能闲置，2024年中国 ...

中粮生物科技股份有限公司投资者关系活动记录表 编号：2025-003 | 投资者关系活动 | □ 特定对象调研□分析师会议 | | --- | --- | | 类别 | □媒体采访□业绩说明会 | | | □新闻发布会□路演活动 | | | □现场参观 | | | 其他（投资者交流会） | | 参与单位名称及 | 中信证券 罗寅、宏利基金 史佳璐、光大永明 王鹏、润晖投资 | | | 李勇、中加基金 于成琨 鄢然。 | | 人员姓名 | | | 时间 | 2025 年 7 月 10 日（周四）10:00 | | 地点 | 北京市朝阳区朝阳门南大街兆泰国际中心 A 座 22 层。 | | 上市公司接待人 | 公司董事会秘书潘喜春先生、中粮营养健康研究院生物技术中心 | | 员姓名 | 王小艳主任。 | | | Q&A | | | Q：中粮科技与其他企业在阿洛酮糖技术工艺上有多大差异？ | | | A：最大的差异在酶制剂和产酶的菌株方面。目前国家卫健委批 | | | 了四个阿洛酮糖差向异构酶，按原理这四个酶都能生产阿洛酮 | | | 糖，但不同的酶生产的阿洛酮糖的安全性是否一致无法确定。中 | | | 粮酶法生 ...

Group 1 - The report highlights high-growth potential sectors for Q2 2025, including optical modules, diesel generators, innovative pharmaceuticals, and deep-sea technology, driven by increasing demand and supportive policies [2][22][23] - Key themes identified include anti-involution for high-quality industry development, deep-sea technology as a pillar of marine economic strategy, and the acceleration of global stablecoin regulatory frameworks [2][23] - The report notes that the central bank is enhancing financial support for the real economy and expanding the technical standard system for emerging industries [2][23] Group 2 - The report on interest rates indicates that the net issuance of government bonds will remain relatively high in the second half of the year, with a more uniform monthly issuance pattern expected [3][28] - It is anticipated that the central bank will continue to use various tools to stabilize the funding environment, with potential for a reserve requirement ratio cut in the third quarter [3][30] - The bond market is experiencing a shift from a bear to a bull market, with a notable correlation between stock and bond performance observed in the second quarter [5][31] Group 3 - The report on Chip Dynamics (688582) indicates that the company is a leader in MEMS sensors, with projected revenues of 4.05 billion yuan and a net profit of 2.22 billion yuan for 2024, maintaining a gross margin above 70% [9][35] - The company has achieved a 23.45% market share in MEMS gyroscopes, reflecting a 14 percentage point increase since 2019, and is positioned to benefit from the growth in smart driving and industrial automation [9][35][36] - The IMU segment is expected to grow rapidly, with a CAGR of 175.8% from 2021 to 2024, driven by demand in low-altitude economy, smart driving, and humanoid robots [9][36][37] Group 4 - The report on Kangnait Optical (02276) forecasts a net profit increase of no less than 30% for the first half of 2025, driven by global strategic expansion and product structure optimization [11] - The company is enhancing its supply chain resilience by establishing a new high-end lens production line in Japan, which will mitigate tariff risks and ensure stable supply to the U.S. market [11] - The report anticipates continued growth in the resin lens market, with a focus on functional and customized lenses, leading to improved profitability [11] Group 5 - The report on Jinhui Industrial (002597) highlights the approval of D-alloheptulose as a food ingredient, marking a significant step in aligning domestic applications with international standards [12][16] - The company is positioned as the second approved enzyme manufacturer for D-alloheptulose in China, showcasing its technological leadership in functional sweeteners [12][16] - The projected net profits for Jinhui Industrial are 1.171 billion yuan, 2.118 billion yuan, and 2.365 billion yuan for 2025-2027, maintaining a "buy" rating [12][16]

Investment Rating - The investment rating for the company is "Buy" with a maintained rating for the next six months [6][17]. Core Views - The approval of D-Allulose as a food ingredient marks a significant milestone for the company, positioning it as the second enterprise in China to receive approval for enzyme-based production of D-Allulose, enhancing its competitive edge in the functional sweetener market [3][4]. - The company currently has an annual production capacity of 10,000 tons for D-Allulose and is evaluating the potential for further expansion, indicating a strong growth trajectory in the sweetener segment [3][4]. - The financial projections for the company show a recovery in net profit, with expected figures of 1.17 billion, 2.12 billion, and 2.37 billion yuan for 2025, 2026, and 2027 respectively, reflecting a significant growth rate [4][3]. Summary by Sections Company Overview - The company is recognized for its technological leadership in the functional sweetener sector, particularly with the recent approval of its enzyme product for D-Allulose production [3]. Financial Performance - The projected revenue for 2025 is 6.63 billion yuan, with a growth rate of 25.03% compared to the previous year [4]. - The expected EBITDA for 2025 is 1.83 billion yuan, indicating a strong operational performance [4]. - The net profit for 2025 is projected to be 1.17 billion yuan, with a remarkable growth rate of 110.40% [4]. Market Position - The approval of D-Allulose aligns the company with international standards, as it follows similar approvals in the US, Canada, Australia, and New Zealand, suggesting a robust market potential both domestically and internationally [2][3].

Group 1: Digital Economy and Innovation - The 2025 Global Digital Economy Conference held in Beijing showcased significant achievements in the digital economy, with Beijing ranking second globally in the digital economy benchmark city index [1] - The conference led to the establishment of the "Global Digital Economy City Alliance," focusing on key areas such as digital infrastructure and cross-border data governance [1] - Beijing aims to upgrade its digital economy to a "smart economy," enhancing computing power and talent reserves to provide replicable experiences for global digital-friendly city construction [1] Group 2: Environmental Cooperation - The sixth meeting of the environment ministers of the Shanghai Cooperation Organization (SCO) took place in Tianjin, resulting in a joint declaration to support sustainable development initiatives [2][4] - The meeting emphasized cooperation to promote green, sustainable, and low-emission development among member countries [4] Group 3: Robotics and Technology - The National Speed Skating Hall's humanoid robot training base was officially opened, hosting the first 3V3 robot soccer training match [6] - The base aims to support the upcoming 2025 World Humanoid Robot Games and has attracted eight teams for training, enhancing the appeal of global humanoid robot innovation resources [6] Group 4: Cultural Development - The China International Publishing Exchange Center project has been completed, covering an area of 132,000 square meters and designed to facilitate international cultural exchanges [7] - The center will host major cultural projects and international exchange activities, showcasing China's cultural strength [7] Group 5: Drone Technology - The 2025 International Drone Application and Control Conference was held in Beijing, attracting over 1,000 guests and 500 exhibitors to discuss technological advancements and industry opportunities [8] - The conference featured various technical sessions and forums, highlighting innovations in drone logistics and safety management [8] Group 6: Beidou Information Industry - The Beijing-Tianjin-Hebei region announced plans to collaboratively advance the Beidou spatial information industry, focusing on infrastructure and policy standards [9] - The initiative includes sharing data resources and expanding applications in autonomous driving and low-altitude economy [9] Group 7: Education and Safety Regulations - Tianjin implemented new safety regulations for schools, establishing a 200-meter safety zone around educational institutions to enhance student safety [12] - The regulations include prohibiting certain businesses within the safety zone and ensuring schools are equipped with adequate security measures [12] Group 8: Automotive Technology - The establishment of a 4D imaging radar project in Tianjin's Xiqing District aims to fill a gap in the local industry and support the upgrade of the electric vehicle sector [13] - The project will serve as the first production center in northern China for 4D millimeter-wave radar technology [13] Group 9: Health and Biotechnology - The approval of a new method for producing D-alloheptulose sugar marks a significant breakthrough for the biomanufacturing industry in Qinhuangdao, with a production capacity of 10,000 tons per year [14] - This "healthy sugar" has a caloric value of only 1/10 of sucrose and is produced using a novel fermentation process [14] Group 10: High-Speed Rail Development - The China High-Speed Rail Exhibition in Beijing highlighted the country's achievements in high-speed rail, with an operational mileage of 48,000 kilometers, accounting for over 70% of the global total [15] - The exhibition showcased the development journey and innovations in China's high-speed rail technology [15]

Investment Rating - The report maintains a "Recommended" rating for the food and beverage industry [5] Core Insights - The food and beverage sector in A-shares has underperformed compared to major indices, with a decline of 0.27% over the past two weeks, lagging behind the Shanghai Composite Index by 3.62 percentage points [2][13] - The approval of D-Tagatose by the National Health Commission presents a new opportunity in the sugar substitute market, as it is a natural sweetener with lower calories compared to sucrose [4][62] - The dairy industry is showing signs of stabilization, with efforts to alleviate challenges and improve quality [4][62] Summary by Sections Market Review - The A-share food and beverage industry fell by 0.27% from June 23 to July 4, underperforming the Shanghai Composite Index by 3.62 percentage points and the Shenzhen Component Index by 5.30 percentage points [2][13] - Within the sector, baking products (+3.67%), health products (+3.50%), and meat products (+1.54%) saw the highest gains, while soft drinks (-2.21%), beer (-2.10%), and snacks (-1.84%) experienced the largest declines [2][13] Key Data Tracking - As of July 4, the price of Feitian Moutai was 1,955 RMB for original boxes and 1,865 RMB for bulk, showing a decrease of 35 RMB and 65 RMB respectively from two weeks prior [3][29] - The average price of fresh milk in major production areas was 3.04 RMB/kg, down 7.0% year-on-year [40][43] Key Events Tracking - The approval of D-Tagatose as a new food ingredient opens up opportunities in the sugar substitute market, with its sweetness being about 70% that of sucrose but with only 10% of the calories [4][62] - The Ministry of Agriculture emphasized the need to support the dairy industry, indicating a positive trend towards recovery [4][62] Investment Recommendations - In the white liquor segment, it is advised to focus on high-end brands with strong market positions such as Kweichow Moutai and Wuliangye, as well as regional leaders with favorable competitive dynamics [9][64] - For consumer goods, there is a growing interest in yellow wine, and beer consumption is entering its peak season, with high demand in snack foods and energy drinks [9][64]

董秘： 公司酒精及其副产品销售收入占总销售收入大约在 45%左右，酒精类产品年销量 130 万吨左 右，其中燃料乙醇约为 100 万吨，市场占有率处于行业领先地位。感谢您的关注！ 截至2025年7月7日收盘，中粮科技(000930)报收于5.85元，下跌1.35%，换手率1.33%，成交量24.64万 手，成交额1.45亿元。 董秘最新回复 投资者： 请问六月上旬末股东人数是多少？谢谢！ 董秘： 请您关注互动易公司声音。感谢您的关注！ 投资者： 请问公司在期货方面参与度是什么？ 公司是否存在价值低估？作为央企国企中粮为什么毫无 作为？ 董秘： 为有效控制市场风险，降低原料、产品、原油等市场价格波动对公司生产经营成本及主营产品 价格的影响，公司2025年继续开展相关商品期货套期保值交易，详细情况请参考《关于开展 2025 年度 期货套期保值业务的议案》（公告编号：2025-037）。感谢您的关注！ 投资者： 请问公司在生物燃料方面是否处于国内龙头地位？ 交易信息汇总：7月7日主力资金净流出1713.67万元，占总成交额11.84%；游资资金净流出305.81 万元，占总成交额2.11%；散户资金净流入2019. ...