格隆汇1月6日｜华泰证券研报指出，新和成是全球营养品和香精香料领先企业，蛋氨酸/维生素/ PPS等 多产品销售额全球前五，并具备一体化/规模化和技术优势。公司基于人类/动物营养、香精香料及特种 工程材料等新兴需求增量，前瞻布局，并筑牢技术根基。伴随蛋氨酸/香精香料全球份额提升和生物制 造/新材料破局，公司迈入新成长周期。该行认为市场过度关注维生素周期波动的影响，对蛋氨酸/香精 香料等成长潜力和公司全球竞争优势，以及新兴业务成长性投资价值有所忽视。考虑蛋氨酸/香精香料 等持续放量，略微上调25-27年归母净利润预测，上调目标价至38.24元（上调49%），上调至"买入"评 级。 ...

从源头上解决传统化工合成或发酵工艺中的高能耗、高排放问题。 本文为IPO早知道原创 作者｜ C叔 微信公众号｜ipozaozhidao 据IPO早知道消息，近日，苏州华赛生物工程技术有限公司（下称"华赛生物"）宣布完成近亿元人民 币的A轮融资。本轮融资由兴湘资本领投、张家港产投、清科产投等知名机构与知名产业投资人共同 参与，凯乘资本担任独家财务顾问。 华赛生物秉持"创新与绿色"的发展理念，深耕于合成生物学领域。由"美国绿色化学挑战奖"得主胡 志浩博士引领，公司自主构建了合成生物学和代谢工程平台，专注于开发全新的目标产物生物合成途 径。该平台通过重构微生物细胞工厂，不仅实现了多种高值产品的绿色高效生产，更致力于从源头上 解决传统化工合成或发酵工艺中的高能耗、高排放问题，契合国家"双碳"战略目标。 本文由公众号IPO早知道（ID：ipozaozhidao）原创撰写，如需转载请联系C叔↓↓↓ 华赛生物的产品已覆盖于香精香料、保健品和营养品、原料和中间体、饲料添加剂和材料单体。 本轮所募集资金将重点用于绿色生产产能的建设与落地，这是将实验室创新成果转化为大规模市场供 给的关键一步。产能的突破将极大加速公司核心产品的商 ...

近日，在位于平潭金井片区的蔻蒂桑香水工厂项目建设现场，工人们正紧锣密鼓地推进周边路网平整作 业，一派忙碌景象。 眼下，平潭新一轮封关运作已进入攻坚阶段，各部门正通力协作、靠前服务，政策、项目、业态三个板 块工作正加紧推进中。 接下来，平潭将持续推进一、二线出入岛通道提升改造项目（二期）等工程建设，加大力度推进各项软 硬件配套设施提质升级，全面夯实新一轮封关运作基础支撑，为推动平潭深度融入国内国际双循环注入 新动能。 （张哲昊 何燕） 据悉，蔻蒂桑香水工厂项目正是平潭为推动新一轮封关运作，前期谋划的9个封关业态场景之一。参加 行业交流会、前往法国签订合作意向书、招聘行业顶尖人才……临近年末，蔻蒂桑（福建）生物科技有 限公司总经理许旺勇忙得连轴转。"落地平潭，我们看中的就是当地的区位和政策优势，希望依托'保税 +'的系列政策，探索'香水+跨境'深度融合的产业发展新路径。"谈及对平潭新一轮封关运作的期待，他 表示，工厂预计明年开春后正式启用，计划推出更多自主研发的香水，进一步深化与国际伙伴的合作， 助推平潭"嗅觉经济"发展。 "新一轮封关运作"，能够为平潭带来怎样的机遇？据悉，新一轮封关运作主要呈现以下特点：一是首 ...

12月19日，兄弟科技盘中上涨2.09%，截至13:00，报6.36元/股，成交6065.29万元，换手率1.37%，总市 值72.68亿元。 分红方面，兄弟科技A股上市后累计派现3.90亿元。近三年，累计派现1.06亿元。 资金流向方面，主力资金净流入288.34万元，特大单买入140.52万元，占比2.32%，卖出0.00元，占比 0.00%；大单买入781.91万元，占比12.89%，卖出634.09万元，占比10.45%。 兄弟科技今年以来股价涨49.65%，近5个交易日涨0.00%，近20日跌1.40%，近60日跌10.42%。 今年以来兄弟科技已经9次登上龙虎榜，最近一次登上龙虎榜为9月25日，当日龙虎榜净买入-5801.97万 元；买入总计1.27亿元 ，占总成交额比7.06%；卖出总计1.85亿元 ，占总成交额比10.28%。 资料显示，兄弟科技股份有限公司位于浙江省海宁市海洲街道学林街1号，成立日期2001年3月19日，上 市日期2011年3月10日，公司主营业务涉及维生素、皮革化学品、香精香料、原料药和催化新材料等产 品的研发、生产与销售。主营业务收入构成为：医药食品58.88%，特种化学 ...

Market Trends - The domestic market indices showed a slight decline, with the Shanghai Composite Index closing at 3,909.52, down 0.37%, and the Shenzhen Component Index at 13,277.36, down 0.39% [4]. Industry Commentary - The communication industry is witnessing significant developments, particularly with Marvell's proposed acquisition of Celestial AI for approximately $3.25 billion, which is expected to accelerate the arrival of the Optical Interconnect (OIO) era within two years. The acquisition includes a cash component of $1 billion and approximately 27.2 million common shares, with additional performance-based payments potentially bringing the total to $5.5 billion [6]. - Celestial AI's technology aims to enhance the efficiency of AI clusters, achieving over twice the energy efficiency of copper interconnects and significantly reducing latency and power consumption. The technology is expected to contribute substantial revenue starting in the second half of the 2028 fiscal year [6]. - The successful launch of the Zhuque-3 rocket marks a significant milestone in commercial aerospace, with expectations for a substantial increase in launch capacity by 2026. This success is anticipated to alleviate the current bottleneck in national rocket launch capabilities [10]. Derivative Research - The investment value of the BaiRun convertible bond is highlighted, with a remaining term of 1.82 years and a bond balance of 1.127 billion yuan. The bond's market price is 121.84 yuan, with a conversion premium of 154.25% [11]. Key Recommendations - The report suggests focusing on several key areas within the communication and aerospace sectors, including: 1. CPO/OIO technologies: Companies such as Tianfu Communication, Zhongji Xuchuang, and others are recommended for investment [10]. 2. Domestic computing power: Companies like ZTE, Unisoc, and Inspur Information are highlighted as potential investment opportunities [10]. 3. Commercial aerospace: Companies such as Chaojie Co., Yinbang Co., and others are noted for their growth potential in the commercial aerospace sector [10]. Overall Market Performance - The overall market showed an upward trend during the week of December 1-5, 2025, with the Shenwan Communication Index rising by 3.69% and the ChiNext Index increasing by 1.86%. The satellite communication sector led the gains with an 11.60% increase [10].

Core Viewpoint - Brother Technology's stock has shown significant volatility, with a year-to-date increase of 55.06% but a recent decline in the last five trading days by 5.72% [1] Financial Performance - For the period from January to September 2025, Brother Technology achieved a revenue of 2.725 billion yuan, representing a year-on-year growth of 4.84% [2] - The net profit attributable to the parent company for the same period was 101 million yuan, showing a substantial increase of 211.75% year-on-year [2] Stock Market Activity - As of November 25, Brother Technology's stock price was 6.59 yuan per share, with a market capitalization of 7.531 billion yuan [1] - The stock has been on the龙虎榜 (a list of stocks with significant trading activity) nine times this year, with the most recent appearance on September 25, where it recorded a net buy of -58.0197 million yuan [1] Shareholder Information - As of September 30, 2025, the number of shareholders for Brother Technology increased to 101,600, a rise of 61.51% from the previous period [2] - The average number of circulating shares per shareholder decreased by 38.08% to 6,906 shares [2] Dividends and Institutional Holdings - Since its A-share listing, Brother Technology has distributed a total of 390 million yuan in dividends, with 106 million yuan distributed over the last three years [3] - Among the top ten circulating shareholders, the Guotai Zhongzheng Livestock Breeding ETF holds 14.1311 million shares, an increase of 5.0455 million shares from the previous period [3]

Core Viewpoint - BaiRun Co., Ltd. announced the convening of its sixth board meeting on November 18, 2025, to discuss the appointment of a new vice president and other related documents [1] Financial Performance - For the first half of 2025, BaiRun's revenue composition was as follows: pre-mixed cocktails accounted for 87.14%, flavor and fragrance manufacturing accounted for 11.34%, and other businesses accounted for 1.52% [1] Market Position - As of the report, BaiRun's market capitalization stood at 25.6 billion yuan [1]

Core Viewpoint - Brother Technology's stock price dropped by 5.06% to 7.50 CNY per share, with a trading volume of 440 million CNY and a turnover rate of 8.28%, resulting in a total market capitalization of 8.571 billion CNY [1] Company Overview - Brother Technology Co., Ltd. is located in Haining, Zhejiang Province, established on March 19, 2001, and listed on March 10, 2011. The company specializes in the research, production, and sales of products including vitamins, leather chemicals, fragrances, raw materials, and catalytic new materials [1] - The revenue composition of the company is as follows: 58.88% from pharmaceuticals and food, 38.21% from specialty chemicals, and 2.91% from other sources [1] Shareholder Analysis - The top circulating shareholder of Brother Technology is the Guotai Fund, which increased its holdings in the Guotai CSI Animal Husbandry ETF (159865) by 5.0455 million shares, totaling 14.1311 million shares, representing 2.01% of the circulating shares. The estimated floating loss today is approximately 5.6524 million CNY [2] - The Guotai CSI Animal Husbandry ETF (159865) was established on March 1, 2021, with a current scale of 6.097 billion CNY. Year-to-date returns are 16.91%, ranking 3096 out of 4216 in its category; the one-year return is 9.17%, ranking 3107 out of 3937; and since inception, it has a loss of 33.69% [2] Fund Performance - The Guotai Event-Driven Mixed A Fund (020023) holds 351,500 shares of Brother Technology, accounting for 1.66% of the fund's net value, making it the seventh-largest holding. The estimated floating loss today is about 140,600 CNY [4] - The Guotai Event-Driven Mixed A Fund (020023) was established on August 17, 2011, with a current scale of 152 million CNY. Year-to-date returns are 31.08%, ranking 2742 out of 8147; the one-year return is 22.28%, ranking 2944 out of 8056; and since inception, it has a return of 507.14% [4] Fund Manager Information - The fund manager of the Guotai CSI Animal Husbandry ETF (159865) is Liang Xing, who has been in the position for 9 years and 160 days, managing a total asset scale of 30.617 billion CNY, with the best fund return during his tenure being 1112.34% and the worst being -54.57% [3] - The fund manager of the Guotai Event-Driven Mixed A Fund (020023) is Lin Xiaocong, who has been in the position for 8 years and 149 days, managing a total asset scale of 87.3 million CNY, with the best fund return during his tenure being 166.91% and the worst being -4.87% [5]

Core Viewpoint - Bairun Co., Ltd. has experienced a decline in stock price and financial performance, with a notable drop in revenue and net profit for the first nine months of 2025 compared to the previous year [2][3]. Group 1: Stock Performance - On November 11, Bairun's stock price fell by 2.03%, trading at 24.65 CNY per share, with a total market capitalization of 25.847 billion CNY [1]. - Year-to-date, Bairun's stock price has decreased by 11.05%, with a 1.20% drop over the last five trading days and a 5.84% decline over the past 20 days [1]. Group 2: Financial Performance - For the period from January to September 2025, Bairun reported a revenue of 2.270 billion CNY, representing a year-on-year decrease of 4.89% [2]. - The net profit attributable to shareholders for the same period was 549 million CNY, down 4.35% year-on-year [2]. Group 3: Shareholder and Institutional Holdings - As of September 30, 2025, Bairun had 41,700 shareholders, an increase of 20.70% from the previous period, with an average of 17,345 circulating shares per shareholder, down 17.15% [2]. - The company has distributed a total of 2.673 billion CNY in dividends since its A-share listing, with 833 million CNY distributed over the last three years [3]. - Among the top ten circulating shareholders, the Wine ETF (512690) is the fifth largest, holding 16.793 million shares, an increase of 5.789 million shares from the previous period [3].

Core Insights - Brother Technology's stock price increased by 2.09% on November 11, reaching 7.82 CNY per share, with a total market capitalization of 8.937 billion CNY [1] - The company has seen a year-to-date stock price increase of 84.00% and a recent 5-day increase of 9.83% [1] Financial Performance - For the period from January to September 2025, Brother Technology reported a revenue of 2.725 billion CNY, representing a year-on-year growth of 4.84% [2] - The net profit attributable to shareholders for the same period was 101 million CNY, showing a significant year-on-year increase of 211.75% [2] Shareholder Information - As of September 30, 2025, the number of shareholders increased by 61.51% to 101,600, while the average number of tradable shares per shareholder decreased by 38.08% to 6,906 shares [2] - The company has distributed a total of 390 million CNY in dividends since its A-share listing, with 106 million CNY distributed in the last three years [3] Stock Market Activity - Brother Technology has appeared on the stock market's "Dragon and Tiger List" nine times this year, with the most recent appearance on September 25, where it recorded a net buy of -58.0197 million CNY [1] - The company experienced a net inflow of 6.7946 million CNY from major funds on November 11, with significant buying activity from large orders [1]