[Table_StockNameRptType] 金融工程 周报 ⚫ 跟踪近期打新收益率 跟踪近期科创板+创业板+主板的网下打新市场表现，假设所有主 板、科创板、创业板的股票都打中，且上市首日以市场均价卖出，忽 略锁定期的卖出限制，自 2025 起截至 2025/3/14，A 类 2 亿规模账户 打新收益率 0.71%，C 类 2 亿规模账户打新收益率 0.61%；A 类 10 亿规模账户打新收益率 0.17%，C 类 10 亿规模账户打新收益率 0.13%。 打新账户数出现回升趋势 ——"打新定期跟踪"系列之二百零七 滚动跟踪近期 20 只新股上市后的涨幅表现，其中科创板个股上 市首日平均涨幅为 192.07%，创业板个股上市首日平均涨幅为 381.09%。 [Table_RptDate] 报告日期：2025-03-17 滚动跟踪近期 20 只新股的有效报价账户中位数，目前科创板新 股 A 类有效报价账户数量在 2975 左右，C 类有效报价账户数量在 1876 右。创业板新股 A 类有效报价账户数量在 3112 左右，C 类有效 报价账户数量在 2011 左右。主板个股 A 类有效报价账户数量在 3379 ...

[Table_IndNameRptType] 基础化工 行业周报 PTA 板块涨幅明显，硫磺、顺酐等价格上涨 [Table_IndRank] 行业评级：增持 报告日期： 2025-03-16 [Table_Chart] 行业指数与沪深 300 走势比较 -28% -17% -6% 6% 17% 28% 3/24 6/24 9/24 12/24 基础化工 沪深300 [Table_Author] 分析师：王强峰 执业证书号：S0010522110002 电话：13621792701 邮箱：wangqf@hazq.com 分析师：刘天其 执业证书号：S0010524080003 电话：17321190296 邮箱：liutq@hazq.com 主要观点： ⚫[Table_Summary] 行业周观点 本周（2025/3/8-2025/3/14）化工板块整体涨跌幅表现排名第 19 位， 涨跌幅为 1.59%，走势处于市场整体走势中下游。上证综指涨跌幅为 1.39%，创业板指涨跌幅为 0.97%，申万化工板块跑赢上证综指 0.19 个百分点，跑赢创业板指 0.61 个百分点。 ⚫ 2025 年化工行业景气度将延续分化 ...

[Table_IndNameRptType] 基础化工 行业点评 代糖行业格局向好，产品价格有望开启向上周期 主要观点： [⚫Table_Summary] 事件描述 2 月 16 日，金禾实业、科宏生物、康宝生化和新琪安科技等四家三 氯蔗糖主力生产企业召开三氯蔗糖峰会，巩固联盟，共谋协同发展。 据百川，3 月 10 日起三氯蔗糖主力生产企业集体封盘不报，三氯蔗 糖贸易商低位惜售，部分报价已上涨 0.5-0.8 万元/吨，多数有跟随封 单操作。3月13日三氯蔗糖最新价格维持在25万元/吨，同比+100%， 较年初+4.17%；2024 年 9 月金禾实业发布调价函，安赛蜜价格从 3.4 万元/吨提高至 3.9 万元/吨，而后略有下降，3 月 14 日安赛蜜价 格为 3.7 万元/吨，同比-2.63%，较年初保持一致。 ⚫ 三氯蔗糖厂商协同发展，安赛蜜有望复刻三氯蔗糖涨价逻辑 三氯蔗糖市场高度集中于金禾实业（1.3 万吨）、科宏生物（0.8 万吨）、 康宝生化（0.8 万吨）和新琪安科技（0.3 万吨）四家主力企业中， CR4 为 91.95%。据百川，截至 2025 年 3 月，我国三氯蔗糖产能约 有 3.48 ...

电力设备 行业周报 海风项目稳步推进，光伏组件再度涨价 行业评级：增持 报告日期： 2025-03-17 行业指数与沪深 300 走势比较 -25% -20% -15% -10% -5% 0% 5% 10% 15% 20% 25% 2024-03 2024-04 2024-05 2024-06 2024-07 2024-08 2024-09 2024-10 2024-11 2024-12 2025-01 2025-02 2025-03 电力设备 沪深300 分析师：张志邦 执业证书号：S0010523120004 邮箱： zhangzhibang@hazq.com 分析师：刘千琳 执业证书号：S0010524050002 邮箱： liuqianlin@hazq.com 分析师：郑洋 执业证书号：S0010524110003 邮箱： zhengyang@hazq.com 相关报告 光伏： N 型组件涨价 2 分/W，关注抢装带来的光伏"小阳春" 本周 N 型组件再次小幅涨价，主要系 430、531 抢装，组件 3 月排 产提升；我们判断 Q2 或将受益于基本面修复和政策预期的逐渐落 地，接近板块右侧启动期。 风 ...

D [Table_IndNameRptType] 基础化工 行业周报 合成生物学周报：苏州发布加快推动生物制造产业发 展行动计划，美国 FDA 拟取消 self-GRAS 条款 [Table_IndRank] 行业评级：增持 报告日期： 2025-03-16 [Table_Chart] 行业指数与沪深 300 走势比较 -28% -17% -6% 6% 17% 28% 3/24 6/24 9/24 12/24 基础化工 沪深300 [Table_Author] 分析师：王强峰 执业证书号：S0010522110002 电话：13621792701 邮箱：wangqf@hazq.com 分析师：刘天其 执业证书号：S0010524080003 电话：17321190296 邮箱：liutq@hazq.com 主要观点： [Table_Summary] 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 ...

Investment Rating - The industry investment rating is "Overweight" [1] Core Views - The report highlights the ongoing global biotechnology revolution, which is actively integrating into economic and social development, providing innovative solutions to major challenges such as health, climate change, resource security, and food security. The National Development and Reform Commission has issued the "14th Five-Year Plan for Bioeconomic Development," indicating a trillion-yuan market potential in the bioeconomy [3][4]. Summary by Sections 1. Industry Market Performance - The synthetic biology sector saw a decline of 4.83% in the week of March 10-14, 2025, ranking 32nd among various sectors [15]. - The Huazhong Synthetic Biology Index dropped to 1364.84, underperforming compared to the Shanghai Composite Index by 6.22 percentage points [4][15]. 2. Company Business Developments - Sinopec's bio-based polyethylene products have successfully been exported to Japan, marking a breakthrough in international trade [22]. - SF Express signed a bulk purchase agreement for sustainable aviation fuel (SAF) with Sinopec Hong Kong, aiming to reduce costs and improve logistics [22]. - Shanghai Huide Technology established a company focused on bio-based materials, expanding its production scale and integrating resources [24]. - Toray Industries announced that it will use a mass balance method in producing acrylic fibers, achieving ISCC PLUS certification [24]. - SK Energy signed a contract to supply over 20,000 tons of SAF to Cathay Pacific by 2027, furthering its commitment to sustainable fuel production [25]. 3. Industry Financing Tracking - The synthetic biology sector is experiencing accelerated financing, with nearly a hundred companies completing new rounds of financing since the beginning of 2025 [31]. - Xin Hai Bio announced a strategic investment from Sinochem Capital, enhancing its capabilities in enzyme preparations and chiral chemicals [32]. - Epoch Biodesign secured $18.3 million in Series A funding to develop a facility for enzyme-based nylon recycling [32]. 4. Industry Research and Development Directions - Shenzhen Qimei achieved a breakthrough in separating cellulose from straw, which is expected to significantly improve resource utilization and reduce environmental pollution [35].

医药生物 分析师：谭国超 执业证书号：S0010521120002 邮箱：tangc@hazq.com 分析师：陈珈蔚 执业证书号： S0010524030001 邮箱： chenjw@hazq.com 联系人：刘洪飞 执业证书号：S0010123080001 邮箱：liuhongfei@hazq.com 相关报告 1.行业周报：看好具备成长和估值相 得益彰的医药标的 2024-03-04 2.行业周报：医药本周回调较大，需 要关注"中药+创新落地的品类" 2024-03-11 3.行业周报：医药板块处于底部位 置，建议加大对医药的配置 2024- 07-01 行业周报 辅助生殖政策量变引发市场关注，医药板块持续活跃 行业评级：增持 报告日期： 2024-03-16 4.行业周报：AI 破局医药板块 2025- 02-16 5.行业周报：创新板块接力 AI 破局 2025-02-23 主要观点： 本周行情回顾：板块上涨 本周医药生物指数上涨 1.77%，跑赢沪深 300 指数 0.18 个百分 点，跑赢上证综指 0.37 个百分点，行业涨跌幅排名第 15。3 月 14 日 （本周五），医药生物行业 PE（TT ...

Investment Rating - The industry investment rating is "Overweight" [2] Core Viewpoints - The sugar substitute industry is showing a favorable trend, with product prices expected to enter an upward cycle [1] - The market for sucralose is highly concentrated among four main producers, indicating potential for price increases due to collaborative efforts among manufacturers [6] - The demand for sugar substitutes is expected to grow steadily, supported by rising health awareness and the expansion of the no-sugar beverage market [10] Summary by Relevant Sections - **Market Dynamics**: On February 16, major sucralose producers held a summit to strengthen alliances and collaborate on development. As of March 10, these producers collectively stopped reporting prices, leading to a price increase of 0.5-0.8 million yuan per ton, with the latest price at 250,000 yuan per ton, a year-on-year increase of 100% [5][6] - **Production Capacity**: As of March 2025, China's sucralose production capacity is approximately 34,800 tons, a 126% increase from 15,400 tons in 2020. The market is dominated by four companies, with a CR4 of 91.95% [6] - **Price Trends**: The price of sucralose has seen significant fluctuations, dropping from a peak of 480,000 yuan per ton in 2021 to a low of 100,000 yuan per ton in July 2024, before recovering to 250,000 yuan per ton by March 2025 [6] - **Investment Opportunities**: Companies such as Jinhe Industrial and Cuhua Co. are recommended for investment as product prices are expected to rise, leading to improved performance [11] - **Export Growth**: China is the largest producer and exporter of sugar substitutes, with export volumes for sucralose and acesulfame-K increasing by 14.02% and 22.61% year-on-year, respectively, in 2024 [10]

Investment Rating - Industry investment rating: Overweight [1] Core Views - The chemical sector's overall performance ranked 19th with a fluctuation of 1.59% during the week of March 8-14, 2025, outperforming the Shanghai Composite Index by 0.19 percentage points and the ChiNext Index by 0.61 percentage points [3][26] - The chemical industry is expected to continue its trend of divergence in 2025, with recommendations to focus on synthetic biology, pesticides, chromatography media, sweeteners, vitamins, light hydrocarbon chemicals, COC polymers, and MDI [4] Summary by Sections Industry Review - The chemical sector's overall fluctuation was 1.59%, ranking 19th among sectors [3][26] - The top three performing sub-sectors were nitrogen fertilizers (5.16%), oil and gas refining (4.63%), and synthetic resins (4.55%) [27] Supply-Side Tracking - A total of 136 companies in the chemical industry had their production capacities affected, with 7 new maintenance cases and 3 restarts reported [15] Key Industry Dynamics - The implementation of quota policies for third-generation refrigerants is expected to lead to a high prosperity cycle, with demand remaining stable due to market expansion in Southeast Asia [5] - The electronic specialty gases market is characterized by high technical barriers and high added value, presenting significant domestic substitution opportunities [6] - The light hydrocarbon chemical trend is becoming global, with a shift towards lighter raw materials for olefin production [8] - The COC polymer industry is accelerating its domestic industrialization process, with significant breakthroughs expected [9] - Potash fertilizer prices are anticipated to rebound as major suppliers reduce production and inventory pressures ease [10] - The MDI market is expected to improve due to oligopolistic supply dynamics and stable demand growth [13]