Group 1: Monetary Policy and Trade Relations - The People's Bank of China will announce the April 1/5-year Loan Prime Rate (LPR) on Monday, with the current 1-year LPR at 3.1% and the 5-year LPR at 3.6%, unchanged for five consecutive months [1] - The U.S. government is considering forming a task force to address the supply chain crisis caused by high tariffs on Chinese goods, as reported by CBS News [1] - The Chinese Ministry of Commerce urged the U.S. to correct its wrong practices following the announcement of final measures regarding the 301 investigation into China's maritime, logistics, and shipbuilding sectors [1] Group 2: E-commerce Price Adjustments - E-commerce platforms SHEIN and Temu announced price increases for U.S. consumers starting April 25, 2025, due to rising operational costs from changes in global trade rules and tariffs [2] Group 3: UK-China Relations - The UK Chancellor of the Exchequer, Rachel Reeves, emphasized the importance of establishing a deeper partnership with China rather than creating new barriers, stating that avoiding engagement with China is unwise [3] Group 4: Fund Performance and Investment Trends - As of April 20, 2025, numerous fund companies have reported their Q1 results, showing a significant focus on technology stocks, particularly in AI and semiconductor sectors, indicating a robust interest in emerging industries [4] Group 5: Company Earnings Reports - Weiteou reported a Q1 revenue of 309 million yuan, a 43.17% increase year-on-year, but a net profit decline of 12.53% for 2024 [5] - Baipusais reported a 19.38% decline in net profit for 2024, with a revenue increase of 18.65% [6] - Huihan reported a 37.54% increase in net profit for 2024, with a revenue growth of 25.68% [7] - Zhuochuang reported a 35.43% increase in net profit for 2024, with a revenue growth of 3.83% [8] - Tianfu Communication reported an 84.07% increase in net profit for 2024, with a revenue growth of 67.74% [9] - Zhongrong Electric reported a 59.8% increase in net profit for 2024, with a revenue growth of 34.11% [10] - Jiechuang Intelligent reported a 911.82% increase in net profit for Q1, but a loss for the full year 2024 [11] - Liansheng Technology plans to acquire 69.71% of Xingshu Century, which will enhance its position in the photovoltaic market [12] - Changchun Gaoxin reported a 43.01% decline in net profit for 2024, with a revenue decrease of 7.55% [13] - Zhongji Xuchuang reported a 56.83% increase in net profit for Q1, with a revenue growth of 37.82% [15] - Shenghe Resources stated that the suspension of rare earth exports by MP Materials will not significantly impact its operations [16] - Shougang signed a strategic cooperation framework agreement with Geely Group to enhance core competitiveness [17]

点评：琏升科技收购兴储世纪69.71%股份，将深化光伏高效异质结技术产业链布局，抓住光储一体化 市场机遇，拓展海外市场。此次交易有利于公司主营HJT电池片业务与兴储世纪光伏发电及光储一体化 系统研发、生产、销售的协同效应。不过，当下光伏企业业绩承压，逆势扩张需注意相关风险。 NO.2 盛和资源：MP公司暂停向中国出口稀土精矿不会对公司生产经营产生重大影响 每经记者 朱成祥 每经编辑 杨夏 丨 2025年4月21日 星期一 丨 NO.1 琏升科技：拟购买兴储世纪69.71%股份 4月20日，琏升科技公告称，公司拟通过发行股份及支付现金的方式，向自贡金马产投、福州数字新基 建产业投资合伙企业（有限合伙）等38名交易对方购买其合计持有的兴储世纪科技股份有限公司 69.71%股份，同时拟向公司控股股东海南琏升发行股份募集配套资金。此次交易的价格尚未确定。公 司主营HJT（异质结）电池片业务，兴储世纪主要从事光伏发电业务及户用及工商业光储一体化系统的 研发、生产及销售，此次交易完成，将有利于公司推进做深光伏高效异质结技术产业链布局，把握光储 一体化的市场机遇，拓展海外市场。 4月20日，盛和资源公告称，2024年1月， ...

证券代码：600392 证券简称：盛和资源 公告编号：临2025-012 盛和资源控股股份有限公司 关于媒体报道的说明公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 盛和资源控股股份有限公司（以下简称"公司"）关注到网上出现"美国稀土生产 商 MP Materials（以下简称"MP 公司"）宣布因关税停止向中国出口稀土精矿"的相 关报道，公司就相关情况说明如下： 一、2024 年 1 月，MP 公司与公司控股子公司盛和资源（新加坡）国际贸易有限公 司再次续签了新的包销协议，盛和资源（新加坡）国际贸易有限公司为 MP 公司在中国 的独家经销商；协议期限 2 年，到期后可延长 1 年；包销产品除稀土精矿外，还有其 他稀土产品。截止目前，双方签署的包销协议尚在有效期内。 二、目前因加征关税，MP 公司暂时停止向中国出口稀土精矿。公司已构建了多元化 的稀土原料供应渠道，四川矿、独居石以及其他国家进口矿可以作为替代供应。MP 公司 暂停向中国出口稀土精矿不会对公司生产经营产生重大影响。 三、公司将密切关注本事件进展情况，并 ...

证券代码：600392 证券简称：盛和资源 公告编号：临 2025-011 盛和资源控股股份有限公司 关于主体信用评级结果的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性、完整性承担个别及连带责任。 盛和资源控股股份有限公司（以下简称"公司"）委托大公国际资信评估有限公 司（以下简称"大公国际"）对公司主体信用状况进行了评级。 大公国际在对公司生产经营状况、宏观经济及相关行业情况进行了综合分析与评 估的基础上，出具了《盛和资源控股股份有限公司 2025 年度信用评级报告》，评定公 司主体信用等级为 AA+，评级展望为"稳定"，该主体信用等级及评级展望在 2026 年 4 月 11 日前有效。 特此公告。 盛和资源控股股份有限公司董事会 2025 年 4 月 17 日 ...

盛和资源控股股份有限公司 2025 年第一次临时股东大会 会议资料 盛和资源•600392 二○二 五 年 四 月 为维护全体股东的合法权益，确保股东大会的正常秩序和议事效率，根据《公司法》、 《证券法》、《公司章程》和中国证券监督管理委员会《上市公司股东大会规则》的有关 规定，特制定如下参会须知，望出席股东大会的全体人员严格遵守： 1、为能及时统计出席会议的股东（股东代理人）所代表的持股总数，务请登记出席 股东大会的各位股东准时出席会议。 2、为保证股东大会的严肃性和正常秩序，切实维护与会股东（股东代理人）的合法 权益，除出席会议的股东（股东代理人）、公司董事、监事、董事会秘书、高级管理人员、 公司聘任律师、会计师及董事会邀请的人员外，公司有权依法拒绝其他人员进入会场。 3、股东参加股东大会，依法享有发言权、表决权等各项权利，并履行法定义务和遵 守有关规则。对于干扰股东大会秩序和侵犯其他股东合法权益的，将报告有关部门处理。 4、股东大会召开期间，股东可以发言。股东要求发言时可先举手示意，经大会主持 人许可后，方可发言或提出问题。股东要求发言时不得打断会议报告人的报告或其他股 东的发言，也不得提出与本次股东大 ...

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性、完整性承担个别及连带责任。 重要内容提示： ● 被担保人名称：包头市三隆稀有金属材料有限责任公司（以下简称"包头三隆"）为盛和资源（海南） 有限公司（以下简称"盛和海南"）下属控股子公司。 ● 本次担保金额及已实际为其提供的担保余额：2025年3月，公司在2023年年度股东大会批准的担保额 度范围内为包头三隆提供的融资担保金额为5,000.00万元。截止2025年3月31日，公司及下属控股子公司 为包头三隆提供融资担保余额为12,500.00万元。 ● 本次担保是否有反担保：包头三隆提供反担保。 注： "乐山盛和"指乐山盛和稀土有限公司； "科百瑞"指四川省乐山市科百瑞新材料有限公司； "晨光稀土"指赣州晨光稀土新材料有限公司； "盛和锆钛"指盛和锆钛（海南）有限公司； "全南新资源"指全南县新资源稀土有限责任公司； "步莱铽"指赣州步莱铽新资源有限公司 ； "盛和海南"指盛和资源（海南）有限公司； "海南海拓"指海南海拓矿业有限公司； "三隆新材"指包头市三隆新材料有限责任公司； "包头三隆"指包头 ...

盛和资源控股股份有限公司 关于为控股子公司提供担保的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性、完整性承担个别及连带责任。 重要内容提示： 被担保人名称：包头市三隆稀有金属材料有限责任公司（以下简称"包头三 隆"）为盛和资源（海南）有限公司（以下简称"盛和海南"）下属控股子公司。 本次担保金额及已实际为其提供的担保余额：2025 年 3 月，公司在 2023 年年 度股东大会批准的担保额度范围内为包头三隆提供的融资担保金额为 5,000.00 万元。 截止 2025 年 3 月 31 日，公司及下属控股子公司为包头三隆提供融资担保余额为 12,500.00 万元。 一、担保情况概述 公司第八届董事会第十三次会议及 2023 年年度股东大会先后审议通过了《关于 2024 年度预计担保额度的议案》，根据公司及下属控股子公司 2024 年度生产经营和对 外投资计划的融资需求，同意公司为合并范围内控股子公司提供不超过 450,000 万元 （含之前数）的担保额度，用于办理包括但不限于长、短期贷款、票据、信用证、保理 等融资业务，本次预计提供担 ...

Macroeconomic Insights - China will impose a 34% tariff on all imports from the United States starting April 10, 2025, which is expected to significantly reduce agricultural imports from the U.S. [3] - In 2024, China imported agricultural products worth $24.9 billion from the U.S., with major imports including soybeans (22.1 million tons), sorghum (5.7 million tons), corn (2.1 million tons), and wheat (1.9 million tons) [3]. Agricultural Sector - The increase in tariffs is likely to enhance domestic grain prices and benefit the planting industry chain, emphasizing the need for self-sufficiency in grain production [3]. - The report highlights the importance of technological advancements in agriculture, particularly in genetically modified and gene-edited crops, which are expected to accelerate, benefiting seed companies with leading technology reserves [3]. - The report recommends focusing on companies that are actively expanding their domestic brands in the pet food sector, such as Guibao Pet and Zhongchong Co., which primarily generate revenue from domestic sales [4]. Livestock Industry - The report indicates that the pig farming sector is expected to see a significant improvement in profitability for the 2024 annual report and the first quarter of 2025, driven by favorable pig prices and reduced costs [5]. - The analysis of March's supply and demand dynamics in the pig farming industry shows a balanced market, but a potential downward trend in prices is anticipated if there is no support from state reserves [4][5]. Investment Recommendations - Recommended stocks in the poultry sector include Shengnong Development, Yisheng Shares, and Lihua Shares; for the post-cycle sector, recommended stocks are KQ Bio, Haida Group; in the pig farming sector, recommended stocks include Muyuan Foods, Wens Foodstuff Group, Tiankang Bio, and Shennong Group [7]. - In the seed industry, recommended stocks include Fengle Seed Industry, Quanyin High-Tech, Longping High-Tech, and Dabeinong [7]. - In the pet sector, recommended stocks are Guibao Pet, Zhongchong Co., and Ruipu Bio [7]. Chemical Industry - The report suggests that the imposition of a 34% tariff on U.S. imports will accelerate the domestic substitution process for chemical products, particularly in high-end markets [17]. - Beneficiary products include lubricant additives, nucleating agents, adsorption separation resins, and nano-silica, with specific companies recommended for investment [19]. Rare Earth Industry - The report maintains an "overweight" rating on the rare earth sector, anticipating that the recent tariffs will enhance China's strategic advantages in rare earth production and lead to price increases due to supply-demand mismatches [22]. - The export control measures on heavy rare earths are expected to stimulate overseas stockpiling, further driving up prices [23]. Insurance Sector - The insurance sector is projected to see stable growth in 2025, with a focus on improving asset-liability matching strategies [25]. - The report recommends increasing holdings in companies like China Pacific Insurance and New China Life Insurance, which are expected to benefit from improved investment returns and stable business strategies [40].

第一次临时股东大会的通知 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： 一、召开会议的基本情况 证券代码：600392 证券简称：盛和资源 公告编号：2025-009 盛和资源控股股份有限公司 关于召开2025年 登录新浪财经APP 搜索【信披】查看更多考评等级 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025年4月22日 至2025年4月22日 (一)股东大会类型和届次 2025年第一次临时股东大会 (二)股东大会召集人：董事会 (三)投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结合的方式 (四)现场会议召开的日期、时间和地点 召开的日期时间：2025年4月22日 14点30分 召开地点：成都市双流区怡腾路399号（盛和资源五楼会议室） (五)网络投票的系统、起止日期和投票时间。 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股东大会召开当日的交易时间 段，即9:15-9:25,9:30-11:30，13:00-15:00；通过互联网投票平台的 ...

Investment Rating - The industry investment rating is "Overweight" for both Rare Metals and Nonferrous Metals [7][22]. Core Viewpoints - The recent export control on medium and heavy rare earths is expected to enhance the strategic positioning of the sector, emphasizing the importance of asset allocation within this space [5][10]. - The export control primarily targets medium and heavy rare earths and related neodymium-iron-boron materials, suggesting a focus on these specific assets for potential investment opportunities [5][10]. - The actual impact of the export control may be less than theoretical estimates due to the possibility of continued exports upon approval of applications [3][4]. Summary by Sections Export Control Measures - On April 4, the Ministry of Commerce and the General Administration of Customs announced export controls on seven categories of medium and heavy rare earths, including samarium, gadolinium, terbium, dysprosium, lutetium, scandium, and yttrium [2][4]. - The aim of these measures is to better safeguard national security and interests, fulfilling international obligations related to non-proliferation [2]. Market Impact - In 2024, China's neodymium-iron-boron export volume is projected to account for approximately 20% of total production, with exports of rare earth magnetic materials expected to reach 65,057.6 tons, a year-on-year increase of 8.4% [3][4]. - The export control may lead to a divergence in domestic and international pricing, with overseas prices likely to be higher than domestic prices, increasing the probability of price hikes [4]. Strategic Recommendations - The report suggests focusing on medium and heavy rare earth-related stocks due to their strategic importance as alternatives to counter tariff disruptions [5][10]. - Key recommended stocks include Shenghe Resources (600392 CH) with a target price of 15.81 and North Rare Earth (600111 CH) with a target price of 24.28, both rated as "Buy" and "Overweight" respectively [10][11].