白糖产业风险管理日报 2025/07/23 边舒扬（投资咨询证号：Z0012647 ） 投资咨询业务资格：证监许可【2011】1290号 白糖近期价格区间预测 | 价格区间预测（月度） | 当前波动率（20日滚动） | 当前波动率历史百分位（3年） | | --- | --- | --- | | 5700-5900 | 4.94% | 0.1% | source： 南华研究,wind,同花顺 白糖风险管理策略建议 | 行为 | 情景分析 | 现货 | 策略推荐 | 套保工具 | 买卖 | 套保比例（%） | 建议入场 | | --- | --- | --- | --- | --- | --- | --- | --- | | 导向 | | 敞口 | | | 方向 | | 区间 | | 库存 管理 | 产成品库存偏高，担心 糖价下跌 | 多 | 为了防止存货叠加损失，可以根据企业的库存情 况，做空郑糖期货来锁定利润，弥补企业的生产 成本 | SR2509 | 卖出 | 25% | 5850-59 00 | | | | | 卖出看涨期权收取权利金降低成本，若糖价上涨 | SR509C6000 | 卖出 | 50% ...

Core Viewpoint - The wind power industry is experiencing a strong recovery in the first half of the year, with several companies in the supply chain reporting positive earnings forecasts, driven by supportive policies, accelerated energy structure transformation, and new growth opportunities in overseas and offshore markets [1][2]. Group 1: Company Performance - Among the 12 listed companies in the wind power supply chain, 7 are expected to report positive earnings, including 5 with profit increases, 1 turning profitable, and 1 maintaining profitability [1]. - GuoDa Special Materials anticipates the highest net profit increase of approximately 367.51% year-on-year, while Daikin Heavy Industries and Jixin Technology expect net profit growth of 227.83% and 188.84%, respectively [1]. - Hewei Electric forecasts a net profit increase of 64.75% for the same period [1]. Group 2: Market Dynamics - The recovery in the wind power industry is attributed to increased demand, particularly in offshore wind markets, and improved capacity utilization in component manufacturing [2]. - Daikin Heavy Industries reports significant growth in overseas business, driven by a shift to a higher value-added delivery model, which has substantially enhanced overall profitability [2]. - Analysts maintain an optimistic outlook for the wind power sector, anticipating continued benefits for component manufacturers due to price stability and cost optimization [2][3]. Group 3: Industry Trends - Factors contributing to the positive outlook include a significant year-on-year increase in new wind power installations, particularly in offshore projects, and improved competitive order within the industry [3]. - The industry is witnessing a rational return and increased concentration, leading to a stabilization of pricing mechanisms and gradual recovery of profitability [4]. - Future growth is expected in both onshore and offshore wind sectors, with technological advancements and policy support creating new opportunities [4].

Investment Rating - The report maintains a "Recommended" investment rating for the photovoltaic industry [1]. Core Viewpoints - The Yarlung Zangbo River downstream hydropower project, with a total investment of approximately 1.2 trillion yuan, is expected to significantly enhance electricity supply and contribute to carbon neutrality goals. The project will utilize abundant hydropower resources and promote the development of solar and wind energy in the surrounding areas [3]. - The project has an installed capacity of nearly 70 million kilowatts and an annual power generation capacity of 300 billion kilowatt-hours, which can meet the annual electricity needs of 300 million people and replace 90 million tons of standard coal, reducing carbon dioxide emissions by 300 million tons [3]. - The project is anticipated to strengthen the synergy between computing and electricity, benefiting the AIDC computing power industry chain [3]. Summary by Sections Project Overview - The Yarlung Zangbo River downstream hydropower project involves the construction of five cascade power stations and is expected to take about 10 years to complete, with production anticipated to start after 2035 [3]. - The project will enhance the utilization of "West-to-East Power Transmission" and support the national strategy of "East Data West Calculation" [3]. Investment Insights - The total investment of 1.2 trillion yuan may be adjusted upwards, with the investment in power transmission and transformation estimated to reach between 189 billion to 315 billion yuan [3]. - The report suggests that the actual investment may exceed initial estimates due to construction difficulties and uncertainties related to interest rates [3]. Beneficiaries in the Industry - The hydropower equipment supply chain is expected to benefit, with key players including Dongfang Electric, Shanghai Electric, and Harbin Electric, among others [3]. - The report highlights the stable demand for high-voltage transmission equipment and identifies major suppliers such as State Grid NARI, China XD Electric, and others as potential beneficiaries [3]. - The GIL (Gas Insulated Transmission Line) segment is entering a long-term growth cycle, with companies like China XD Electric and Pinggao Electric expected to benefit from the Yarlung Zangbo project [3]. Investment Recommendations - The report recommends focusing on the hydropower equipment and high-voltage equipment supply chains, specifically mentioning companies like Dongfang Electric, Shanghai Electric, and State Grid NARI [3]. - It also suggests monitoring the AIDC industry chain, including companies like Megmeet and Jinpan Technology [3].

Group 1 - Senyuan Electric signed a strategic cooperation agreement with Xuchang Digital Supply Chain Management Co., aiming for annual business cooperation not exceeding 500 million yuan over 36 months [1] - CICC's subsidiary, CICC Wealth, reported a net profit of 987 million yuan for the first half of the year, with total assets of 193.37 billion yuan [2] - Shuangjie Electric expects a net profit of 100 million to 120 million yuan for the first half of the year, representing a year-on-year increase of 16.03% to 39.23% [3][4] - Shentong Technology reported a net profit of 64.28 million yuan for the first half of the year, a year-on-year increase of 111.09% [5] - Suqian Nongfa's net profit for the first half of the year decreased by 27.72% to 213 million yuan [6] Group 2 - Fuan Pharmaceutical expects a net profit decline of 39.95% to 53.81% for the first half of the year, estimating between 100 million to 130 million yuan [8] - Xingwang Yuda anticipates a net loss of 11 million to 21 million yuan for the first half of the year [9] - Pulaike received a new veterinary drug registration certificate for a vaccine aimed at preventing chicken diseases [10] - Yuandong Biological's ephedrine injection received a drug registration certificate for treating low blood pressure during anesthesia [11] - Suqian Liansheng's subsidiary obtained two invention patent certificates [12] Group 3 - Oke Technology signed a 176 million yuan equipment order with Jiangxi Tianhong New Materials [13] - Publishing Media announced the resignation of its chief accountant due to work changes [15] - Zhongxin Co. plans to use 40 million yuan of idle funds for cash management [16] - Huiyun Titanium plans to use up to 58 million yuan of idle convertible bond funds for cash management [18] - Haineng Technology intends to apply for a credit facility of up to 200 million yuan from a bank [20] Group 4 - Jiabiou expects a net profit increase of 57.61% for the first half of the year, estimating around 107 million yuan [21] - Nanjing Gaoke reported a 1185% year-on-year increase in contract sales area for the second quarter [22] - Shuguang Co. received approval for a specific stock issuance application [23] - Huadong Pharmaceutical's subsidiary received approval for a clinical trial of a new drug targeting advanced solid tumors [23] - Quicheng Co. plans to invest 900 million yuan in two new projects [25] Group 5 - Shenlian Biological's vaccine for avian adenovirus received a new veterinary drug registration certificate [26] - Rike Chemical signed a strategic cooperation framework agreement with Dongming Petrochemical [28] - Jincheng Pharmaceutical's subsidiary received a renewed tobacco production license [29] - Magmi Te's stock issuance application was accepted by the Shenzhen Stock Exchange [29] - Zhongyin Securities received approval to issue bonds totaling up to 14 billion yuan [29] Group 6 - Hewei Electric's executives plan to reduce their holdings by a total of 2.24% of the company's shares [44] - Guo Wang Xintong reported a net profit of 266 million yuan for the first half of the year, a decrease of 10.82% [45] - Guo Wang Xintong's subsidiary won a 966 million yuan tender from the State Grid [46] - Jicheng Electronics won contracts worth approximately 83.79 million yuan from the State Grid [48] - Helen Piano is planning a change of control, leading to a temporary stock suspension [48]

深圳市禾望电气股份有限公司 会 议 资 料 深圳市禾望电气股份有限公司 2025 年第一次临时股东会会议资 料 目 录 《关于下属控股公司开展融资租赁业务并为其提供担保的议案》 ........ 7 议案一： 深圳市禾望电气股份有限公司 2025 年第一次临时股东会会议资料 深圳市禾望电气股份有限公司 五、股东未做参会登记或会议签到迟到将不能参加本次会议。股东参加股东 会，应当认真履行其法定义务，会议开始后请将手机铃声置于无声状态，尊重和 维护其他股东合法权益，保障大会的正常秩序。 六、会议开始后，与会股东将推举两名股东代表参加计票和监票；股东对提 案进行表决时，由律师、股东代表与监事代表共同负责计票、监票；表决结果由 会议主持人宣布。 七、为提高会议议事效率，在就股东的问题回答结束后，即进行表决。现场 会议表决采用记名投票表决方式，请股东按表决票要求填写意见，由股东会工作 人员统一收票。 八、股东需要在股东会发言的，应于会议开始前 15 分钟在董事会办公室登 深圳市禾望电气股份有限公司 2025 年第一次临时股东会会议资料 记，出示有效的持股证明，填写《发言登记表》；登记发言的人数原则上以十人 为限，超过十 ...

深圳市禾望电气股份有限公司 2025 年第一次临时股东会会议资料 目 录 | 2025 | 年第一次临时股东会会议须知 3 | | --- | --- | | 2025 | 年第一次临时股东会会议议程 5 | | | 议案一：《关于下属控股公司开展融资租赁业务并为其提供担保的议案》 7 | 2 深圳市禾望电气股份有限公司 2025 年第一次临时股东会 会 议 资 料 2025 年 7 月 深圳市禾望电气股份有限公司 2025 年第一次临时股东会会议资料 深圳市禾望电气股份有限公司 2025年第一次临时股东会会议须知 为维护投资者的合法权益，确保深圳市禾望电气股份有限公司（以下简称"公 司"） 2025 年第一次临时股东会会议的顺利召开，依据中国证券监督管理委员 会《上市公司股东会规则》等有关规定，制定会议须知如下： 一、公司根据《公司法》《证券法》《上市公司股东会规则》和《公司章程》 的规定，认真做好召开股东会的各项工作。 二、公司董事会办公室具体负责会议有关程序方面的事宜。 三、为保证股东会的严肃性和正常秩序，切实维护与会股东（包含股东代表， 下同）的合法权益，除出席会议的股东、公司董事、监事、高级管理人员 ...

证券代码：603063 证券简称：禾望电气 公告编号：2025-068 深圳市禾望电气股份有限公司 截至本公告披露日，深圳市禾望电气股份有限公司（以下简称"公司"）副 总经理王琰先生持有公司 3,250,587 股，占公司总股本的 0.7145%；副总经理、 首席技术官周党生先生持有公司 4,460,443 股，占公司总股本的 0.9804%；副总 经理、首席运营官肖安波先生持有公司 3,784,000 股，占公司总股本的 0.8317%； 副总经理、首席财务官陈文锋先生持有公司 220,500 股，占公司总股本的 0.0485%。 ? 减持计划的主要内容 自本公告披露之日起 15 个交易日后的 3 个月内（窗口期不减持），公司副总 经理王琰先生拟以集中竞价交易方式减持不超过 812,500 股，占公司总股本的 超过 1,100,000 股，占公司总股本的 0.2418%；公司副总经理、首席运营官肖安 波先生拟以集中竞价交易方式减持不超过 946,000 股，占公司总股本的 0.2079%； 公司副总经理、首席财务官陈文锋先生拟以集中竞价交易方式减持不超过 55,000 股，占公司总股本的 0.0121%，减 ...

证券代码：603063 证券简称：禾望电气 公告编号：2025-068 深圳市禾望电气股份有限公司 高级管理人员减持股份计划公告 本公司董事会、全体董事及相关股东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： 高级管理人员持股的基本情况 截至本公告披露日，深圳市禾望电气股份有限公司（以下简称"公司"）副 总经理王琰先生持有公司 3,250,587 股，占公司总股本的 0.7145%；副总经理、 首席技术官周党生先生持有公司 4,460,443 股，占公司总股本的 0.9804%；副总 经理、首席运营官肖安波先生持有公司 3,784,000 股，占公司总股本的 0.8317%； 副总经理、首席财务官陈文锋先生持有公司 220,500 股，占公司总股本的 0.0485%。 减持计划的主要内容 自本公告披露之日起 15 个交易日后的 3 个月内（窗口期不减持），公司副总 经理王琰先生拟以集中竞价交易方式减持不超过 812,500 股，占公司总股本的 0.1786%；公司副总经理、首席技术官周党生先生拟以集中竞价交易方式减持不 超过 1,1 ...

禾望电气（603063）公告，公司副总经理王琰计划减持不超过81.25万股，占总股本的0.1786%；副总经 理周党生计划减持不超过110万股，占总股本的0.2418%；副总经理肖安波计划减持不超过94.6万股，占 总股本的0.2079%；副总经理陈文锋计划减持不超过55000股，占总股本的0.0121%。减持计划将在2025 年8月11日至2025年11月10日期间进行，减持价格将按照市场价格确定。 ...

Group 1: Company Overview - YingShi Innovation (688775.SH) is a global leader in panoramic cameras, with a strong focus on the development, production, and sales of smart imaging devices, including action cameras and panoramic cameras [9][11] - The company's revenue is primarily driven by consumer-grade cameras, which accounted for over 86% of its income in 2024, with nearly 80% of revenue sourced from overseas markets [9][10] - From 2017 to 2024, YingShi Innovation's revenue is projected to grow at a compound annual growth rate (CAGR) of 66.2%, reaching 5.57 billion, while net profit is expected to grow at a CAGR of 106.5% to 990 million [9][10] Group 2: Industry Dynamics - The smart portable imaging device industry, which includes action cameras and drones, is experiencing a product cycle upswing, with a projected CAGR of 41% in China from 2024 to 2027, and over 800,000 units expected to be sold in overseas markets during the same period [10][11] - The global market for consumer-grade panoramic cameras is highly concentrated, with YingShi Innovation holding a market share of 67.2% in 2023, while major players in the action camera segment include DJI, YingShi, and GoPro, collectively accounting for over 80% of the market [10][11] Group 3: Competitive Advantages - YingShi Innovation's competitive edge stems from its strong focus on technological innovation, product development, and a comprehensive marketing strategy, which includes advanced features such as AI smart editing and anti-shake technology [11][12] - The company has established a balanced global sales network, utilizing both online platforms like Amazon and Tmall, and offline channels across over 60 countries, enhancing its brand influence [11][12] Group 4: Financial Projections and Valuation - The company is expected to achieve net profit growth of 16%, 44%, and 42% from 2025 to 2027, reaching 1.15 billion, 1.65 billion, and 2.34 billion respectively, with corresponding earnings per share (EPS) of 2.87, 4.12, and 5.84 [12] - The estimated reasonable valuation for YingShi Innovation is between 183.47 and 207.93 per share, corresponding to a price-to-earnings (PE) ratio of 45-50 for 2026 [12]