Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The supply - demand of asphalt remains resilient. This week, production decreased slightly month - on - month, and demand slowed down due to rainfall in the north. Overall inventory depletion is not obvious, with social inventory changing little. The asphalt basis fluctuates, and the crack spread is still in a high range. Looking ahead, supply is seasonally recovering but limited by poor refined oil profits. Demand is expected to enter a peak season in August, and the peak season is still worth looking forward to. Short - term attention should be paid to the significant cost fluctuations of crude oil after OPEC's production increase and the details and authenticity of the fuel oil consumption refund policy in Shandong [3]. 3. Content Summaries by Related Catalogs 3.1. Price and Volatility - The predicted monthly price range of the asphalt main contract is 3400 - 3750, with a current 20 - day rolling volatility of 25.83% and a 3 - year historical percentile of 51.99% [2]. 3.2. Risk Management Strategies - **Inventory Management**: When the finished product inventory is high and there are concerns about price drops, for long - position spot exposure, it is recommended to short the bu2509 asphalt futures at a 25% hedging ratio in the range of 3650 - 3750 to lock in profits and cover production costs [2]. - **Procurement Management**: When the regular procurement inventory is low and procurement is based on orders, for short - position spot exposure, it is recommended to buy the bu2509 asphalt futures at a 50% hedging ratio in the range of 3300 - 3400 to lock in procurement costs in advance [2]. 3.3. Core Contradictions - Supply is seasonally recovering but limited by poor refined oil profits. Demand will enter a peak season in August, with improved construction conditions in the north and south, accelerated debt resolution by local governments in 2025, eased funds, and a certain guarantee of project quantity during the "14th Five - Year Plan" closing stage [3]. 3.4. Bullish Factors - Asphalt plants have little inventory pressure, providing a basis for price support; there is a seasonal peak in demand; the operating rate is low, and there is an expectation of catch - up construction in the south [8]. 3.5. Bearish Factors - After the end of maintenance, the output of some refineries has recovered; the short - term plum rain season in the south has dragged down demand; OPEC's continued production increase has dragged down oil prices [5][6]. 3.6. Price and Basis Data - On July 9, 2025, the Shandong spot price was 3835 yuan/ton (up 10 yuan day - on - day and 20 yuan week - on - week), the Yangtze River Delta spot price was 3830 yuan/ton (unchanged day - on - day and up 50 yuan week - on - week), the North China spot price was 3750 yuan/ton (down 10 yuan day - on - day and unchanged week - on - week), and the South China spot price was 3620 yuan/ton (down 10 yuan day - on - day and up 20 yuan week - on - week) [6]. - The Shandong spot 09 basis was 212 yuan/ton (down 24 yuan day - on - day and 32 yuan week - on - week), the Yangtze River Delta spot 09 basis was 207 yuan/ton (down 34 yuan day - on - day and 2 yuan week - on - week), the North China spot 09 basis was 127 yuan/ton (down 44 yuan day - on - day and 52 yuan week - on - week), and the South China spot 09 basis was - 3 yuan/ton (down 44 yuan day - on - day and 32 yuan week - on - week) [6]. - The crack spread of Shandong spot to Brent was 161.7242 yuan/barrel (up 1.7329 yuan day - on - day and down 4.0216 yuan week - on - week) [6].

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。 根据《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监管要 求》《上海证券交易所上市公司自律监管指引第 1 号——规范运作》等有关规定， 上海剑桥科技股份有限公司（以下简称"公司"）于 2024 年 7 月 19 日召开的第 五届董事会第二次会议、第五届监事会第二次会议分别审议通过《关于控股子公 司浙江剑桥通信设备有限公司使用部分闲置募集资金暂时补充流动资金的议案》。 同意公司控股子公司浙江剑桥通信设备有限公司（以下简称"浙江剑桥"）使用 不超过人民币 20,000 万元闲置募集资金暂时补充流动资金，使用期限自公司第 五届董事会第二次会议审议通过之日起不超过 12 个月。具体内容详见公司于 2024 年 7 月 20 日刊登在上海证券交易所网站 www.sse.com.cn 和指定信息披露报 刊上的《关于控股子公司浙江剑桥通信设备有限公司使用部分闲置募集资金暂时 补充流动资金的公告》（公告编号：临 2024-047）。 2024 年 9 月 6 日，上述实际用于暂时补 ...

Report Information - Report Title: Nanhua Futures Silicon Industry Chain Enterprise Risk Management Daily Report - Date: July 2, 2025 - Analysts: Xia Yingying, Yu Weihan - Investment Consulting Business Qualification: CSRC License [2011] No. 1290 [1] Industry Investment Rating - Not provided in the report Core Views - Industrial silicon is in the industrial cycle logic of eliminating backward production capacity, with continuous pressure of oversupply. The supply may increase as the wet season approaches, and the inventory may further accumulate. The demand from downstream industries is mixed, and it is necessary to wait for the inventory to reach a healthy level [3]. - Polysilicon is in the logic of strong supply and weak demand. The photovoltaic rush has overdrafted some future demand. If there are production capacity elimination plans or industrial integration agreements in the future, it is expected to improve the situation of the polysilicon industry [3]. Summary by Relevant Catalogs Industrial Silicon Price and Volatility - The strong pressure level of the industrial silicon futures main contract is 7,600 yuan/ton, with a current 20 - day rolling volatility of 33.2%, a daily increase of 4.11%, and the current volatility's historical percentile (3 - year) is 95.9% [2]. - The closing price of the industrial silicon futures main contract is 8,210 yuan/ton, with a daily increase of 445 yuan (5.73%); the trading volume is 1,643,648 lots, with a daily increase of 413,341 lots (33.60%); the open interest is 386,361 lots, with a daily increase of 25,285 lots (7.00%) [9]. Risk Management Strategies - For inventory management, when the product inventory is high and there is a risk of inventory impairment, short the futures (SI2509) with a hedging ratio of 30%, sell call options (70%), and buy out - of - the - money put options [2]. - For procurement management, when there is a production plan and a risk of raw material price increase, buy long - term futures contracts of industrial silicon according to the production plan, sell put options, and buy out - of - the - money call options [2]. Market Analysis - Bullish factors include limited short - term cost collapse space, low profit valuation, and increased probability of supply - side disturbances; downstream enterprises still have profits, and the approaching wet season will reduce production costs and increase profits, promoting production enthusiasm [6]. - Bearish factors include the approaching wet season leading to increased production capacity in Southwest China and the possible joint production cuts of downstream polysilicon enterprises, weakening demand [7]. Spot and Basis - The latest price of East China 553 industrial silicon is 8,650 yuan/ton, with a daily increase of 150 yuan (1.76%); the basis of East China 553 is 440 yuan/ton, with a daily decrease of 295 yuan (-40.14%) [14]. - The latest price of East China 421 industrial silicon is 8,950 yuan/ton, with a daily increase of 150 yuan (1.7%); the basis of East China 421 is 740 yuan/ton, with a daily decrease of 295 yuan (-28.5%) [14]. Warehouse Receipts - The total number of industrial silicon warehouse receipts is 51,916 lots, a decrease of 221 lots (-0.78%) [23]. Polysilicon Price and Volatility - The strong pressure level of the polysilicon futures main contract is 33,000 yuan/ton, with a current 20 - day rolling volatility of 39.74%, a daily increase of 8.28%, and the current volatility's historical percentile (3 - year) is 83.73% [2]. - The closing price of the polysilicon futures main contract is 35,050 yuan/ton, with a daily increase of 2,350 yuan (7.19%); the trading volume is 411,586 lots, with a daily increase of 150,096 lots (57.40%); the open interest is 95,005 lots, with a daily increase of 33,809 lots (55.25%) [25]. Risk Management Strategies - Similar to industrial silicon, for inventory management, short the futures (PS2509) and use options strategies; for procurement management, buy long - term futures contracts and use options strategies [2]. Market Analysis - Bullish factors include possible future production capacity integration and elimination plans in the industry and the market's trading of the phenomenon of futures - end positions and warehouse receipts [6]. - Bearish factors include the failure of polysilicon enterprise integration and elimination, and the increase in production due to low raw material prices and the approaching wet season [7]. Spot and Basis - The price of polysilicon spot has increased. For example, the price of re - feeding material is 32.5 yuan/kg, with a daily increase of 1 yuan (3.17%) [31]. - The basis of the polysilicon futures main contract is 950 yuan/ton, a decrease of 350 yuan (-26.92%) [31]. Warehouse Receipts - The total number of polysilicon warehouse receipts is 2,600 lots, a decrease of 180 lots compared to the previous day [35]. Other Related Data - The silicon chain index is 0.3577, with a daily increase of 0.0279 (8.46%) [32].

Group 1 - The A-share CPO concept stocks experienced a decline, with Taicheng Guang falling over 5% [1] - Cambridge Technology and Tianfu Communication both dropped more than 4% [1]

Report Information - Report Title: Nanhua Futures Asphalt Risk Management Daily Report - Date: July 1, 2025 - Analyst: Ling Chuanhui (Investment Consultation License No.: Z0019531) - Investment Consultation Business Qualification: CSRC License [2011] No. 1290 [1] Industry Investment Rating - Not provided in the report Core Viewpoints - The supply and demand of asphalt remain resilient. This week, the production was 547,000 tons, a year-on-year increase of 20.5%, and the demand was 581,000 tons, a year-on-year increase of 19%. The sample inventory decreased by 34,000 tons. The factory inventory decreased significantly, while the social inventory changed little. Affected by the decline in the risk premium of crude oil, the asphalt basis strengthened, and the crack spread also strengthened, still remaining in a high range. Looking forward, the overall supply is in the seasonal resumption of production, but limited by the poor profit of refined oil products and the limited profitability of local refineries, there is little room for significant improvement. From August, the construction conditions in the north and south are good, and the overall construction enters the peak season. The debt resolution progress of local governments in 2025 has accelerated, and the funds have been alleviated. As it is the final stage of the "14th Five-Year Plan", the number of projects is guaranteed to a certain extent, and the peak season is still expected [3]. Summary by Relevant Catalogs Asphalt Price and Volatility - The price range forecast for the asphalt main contract in the month is 3,400 - 3,750 yuan/ton, the current 20 - day rolling volatility is 25.89%, and the historical percentile of the current volatility in the past 3 years is 52.15% [2] Risk Management Strategy Inventory Management - When the finished - product inventory is high and there are concerns about the decline in asphalt prices, for enterprises with long spot positions, to prevent inventory losses, they can short the bu2509 asphalt futures according to their inventory situation to lock in profits and make up for production costs. The recommended short - selling ratio is 25%, and the recommended entry range is 3,650 - 3,750 yuan/ton [2] Procurement Management - When the procurement of regular inventory is low and enterprises hope to purchase according to orders, for those with short spot positions, to prevent the increase in procurement costs due to rising asphalt prices, they can buy the bu2509 asphalt futures at the current stage to lock in procurement costs in advance. The recommended buying ratio is 50%, and the recommended entry range is 3,300 - 3,400 yuan/ton [2] Core Contradictions - Supply and demand are resilient. This week, production increased by 20.5% year - on - year, demand increased by 19% year - on - year, and sample inventory decreased by 34,000 tons. Factory inventory decreased significantly, and social inventory changed little. The basis and crack spread strengthened but remained in a high range. Supply is in seasonal resumption, but limited by refined oil profit and local refinery profitability. Demand will enter the peak season in August, with improved funds and guaranteed project numbers [3] 利多解读 - Not provided in the report 利空解读 - Short - term demand is dragged down by the plum rain season in the south; the easing of the Middle East situation leads to the regression of the war premium of crude oil [5] Price and Basis Crack Spread - The daily and weekly changes in spot prices in different regions (Shandong, Yangtze River Delta, North China, South China) are different. The basis and crack spread of different regions also show different daily and weekly changes [6] Seasonal Charts - Include asphalt 09 contract basis seasonality in different regions (Yangtze River Delta, Northeast, Shandong, North China), asphalt futures month - to - month spreads (06 - 09, 09 - 12) seasonality, and the seasonality of domestic asphalt factory and social inventory rates [9][14][15] Other Data - Include the total number of combined orders and the total number of warehouse receipts of asphalt [19]

Group 1 - CPO concept stocks experienced a sharp decline in the short term, with LianTe Technology (301205) dropping over 6% [1] - De Ming Li (001309) fell more than 4%, while Guang Ku Technology (300620), Zhao Long Interconnect (300913), and Jian Qiao Technology (603083) also saw significant declines [1]

Group 1 - The A-share market's three major indices closed mixed, with the Shanghai 380 Innovation Driven Index rising by 0.25% to 2811.47 points and a trading volume of 20.27 billion yuan [1] - The Shanghai 380 Innovation Driven Index has increased by 4.10% over the past month, decreased by 3.89% over the past three months, and has risen by 5.03% year-to-date [1] - The index is composed of the 50 most innovative listed companies selected from the Shanghai 380 Index based on innovation input and output metrics, reflecting the overall performance of innovative listed companies in the mid-cap market [1] Group 2 - The top ten weighted companies in the Shanghai 380 Innovation Driven Index include Jinzheng Co. (2.29%), Haimeixing (2.19%), Aerospace Electronics (2.13%), and others, with the Shanghai Stock Exchange accounting for 100% of the index's holdings [1] - The industry composition of the index's sample shows that Information Technology accounts for 38.29%, Industry for 28.12%, Communication Services for 15.96%, and other sectors [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December, allowing for a buffer zone for new and existing samples [2]

Group 1 - The A-share CPO sector opened mostly higher, indicating positive market sentiment [1] - Robotech Co. saw a significant increase of over 8%, reflecting strong investor interest [1] - New Yisheng experienced a nearly 3% rise, contributing to the overall positive trend in the sector [1] - Other companies such as Tianfu Communication and Cambridge Technology also showed gains, indicating a broader rally in the CPO sector [1]

Group 1 - The China Securities Regulatory Commission (CSRC) has issued supplementary material requirements for seven companies, including Cambridge Technology, which is preparing for an overseas listing on the Hong Kong Stock Exchange [1][2] - Cambridge Technology is a global leader in providing critical infrastructure components to support artificial intelligence development, with sales primarily from optical connection solutions, broadband solutions, and wireless technology solutions [2] - The company is recognized as one of the first in the global OWCD industry to develop 800G and 1.6T optical module products, with its 800G optical module being the most advanced mass-produced product globally as of April 18, 2025 [2] Group 2 - The CSRC has requested Cambridge Technology to clarify its compliance with foreign investment access policies and to provide details on its websites, apps, and user data management practices [1] - The company must also disclose detailed information regarding its overseas fundraising projects and the status of foreign investment approvals or filings [1]

Core Viewpoint - The document outlines the independent director working system of Shanghai Cambridge Technology Co., Ltd, emphasizing the importance of independent directors in maintaining corporate governance and protecting the rights of minority shareholders [1][2]. Group 1: General Provisions - The independent director is defined as a board member who does not hold any other position in the company and has no direct or indirect interests that could affect their judgment [1]. - Independent directors have a duty of loyalty and diligence to the company and all shareholders, particularly minority shareholders [2]. Group 2: Independence of Independent Directors - Independent directors must maintain independence and cannot hold positions in the company or its affiliates, nor have significant shareholdings or relationships that could compromise their independence [3][4]. - Independent directors are required to undergo training and obtain qualifications as mandated by relevant authorities [3]. Group 3: Qualifications and Conditions - To serve as an independent director, candidates must meet specific legal qualifications, possess relevant experience, and have a good personal character without significant misconduct records [9][10][11]. - Independent directors must not have been penalized for securities violations or have any significant negative records in the past three years [7]. Group 4: Nomination and Election - Independent director candidates can be proposed by the board, audit committee, or shareholders holding more than 1% of the company's shares, and must be approved by the shareholders' meeting [12][13]. - The election of independent directors must follow a cumulative voting system, ensuring transparency in the voting process [15]. Group 5: Responsibilities and Duties - Independent directors are responsible for participating in board decisions, supervising potential conflicts of interest, and providing professional advice to enhance decision-making [20][21]. - They have the authority to independently hire external consultants for audits or advice and can propose meetings to address significant issues [21]. Group 6: Performance and Reporting - Independent directors must submit an annual report detailing their attendance, participation in committees, and communication with minority shareholders [36]. - The company is required to provide necessary support and resources for independent directors to fulfill their duties effectively [38][39]. Group 7: Compensation and Insurance - The company must provide reasonable compensation to independent directors, which should be approved by the shareholders' meeting and disclosed in the annual report [44]. - A liability insurance system for independent directors may be established to mitigate risks associated with their responsibilities [43].