Investment Rating - The report provides a positive outlook on various sectors, indicating a stable recovery in the home furnishing and paper packaging sectors, while new tobacco and packaging sectors show robust growth [3][4]. Core Insights - The home furnishing sector is expected to see marginal improvement in domestic demand due to government support for consumption upgrades, with a focus on companies with high dividend yields and growth certainty for 2025 [5][10]. - The new tobacco sector is experiencing growth, particularly in heated tobacco products (HTP), with significant sales increases reported in Europe and a growing user base for IQOS [11]. - The paper packaging sector is facing a gradual recovery in pulp prices, with a focus on companies that maintain strong market positions and high dividends [12]. - The light consumer goods and pet food sectors are under pressure, but there are opportunities in innovative product launches and channel expansion [15]. - The two-wheeler sector is poised for a rebound with government subsidies and new standards expected to drive demand [16][17]. Summary by Sections Home Furnishing - Domestic sales are expected to improve due to government initiatives, with a focus on companies with strong growth prospects and high dividends [5][10]. - Export figures show a slight increase in June, but a cumulative decline for the first half of the year [10]. New Tobacco - HNB sales increased by 10.5% year-on-year, with a growing user base for IQOS [11]. - The regulatory environment in the U.S. is tightening, which may benefit compliant market players [11]. Paper Packaging - Pulp prices have shown slight increases, but overall market conditions remain challenging [12]. - Companies with strong market positions and dividend policies are recommended for investment [12]. Light Consumer Goods & Pet Food - The sector is facing challenges, but there are opportunities in new product launches and expanding distribution channels [15]. - Online sales data indicates mixed performance across different product categories [23]. Two-Wheeler - The sector is expected to benefit from government subsidies and new regulations, with a focus on companies that can leverage these changes for growth [16][17]. - Recent data shows a significant number of electric bikes being replaced under the subsidy program [26][27].

截至2025年7月25日收盘，华旺科技（605377）报收于9.22元，较上周的9.02元上涨2.22%。本周，华旺 科技7月23日盘中最高价报9.31元。7月21日盘中最低价报9.01元。华旺科技当前最新总市值51.32亿元， 在造纸板块市值排名13/22，在两市A股市值排名3091/5148。 杭州华旺新材料科技股份有限公司为全资子公司香港华锦控股有限公司和GRAND WAY HOLDING PTE. LTD.提供不超过等值美元900万元的连带责任保证担保，用于满足其业务经营需要。截至2025年7 月23日，公司实际为香港华锦提供的担保余额为人民币4831.45万元，为GW公司提供的担保余额为人民 币0万元。本次担保在前期预计额度内，无反担保。截至本公告日，公司及其控股子公司对外担保总额 为人民币26427.26万元，占公司最近一期经审计净资产的6.67%，且无对外担保逾期情况。公司与大华 银行（中国）有限公司杭州分行签署了《公司持续性保函》，保证期间从保函生效日起至融资信函项下 债务履行期限届满之日后五年结束。保函为不可撤销保函。被担保的全资子公司经营状况稳定，本次担 保风险可控，不会损害公司及中小股东 ...

证券代码：605377 证券简称：华旺科技 公告编号：2025-019 杭州华旺新材料科技股份有限公司 关于对外担保的进展公告 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、准确性和完整性承担法律责任。 重要内容提示： 担保对象及基本情况 | | | 香港华锦控股有限公司（以下简称"香港 | | --- | --- | --- | | | 被担保人名称 | 华锦"）、GRAND WAY HOLDING PTE. | | | | LTD.（以下简称"GW 公司"） | | | 本次担保金额 实际为其提供的担保余额 | 被担保本金最高债权额不超过等值美元 万元 900 实际为香港华锦提供的担保余额为人民 币 4,831.45 万元（按照 2025 年 7 月 23 日 | | 担保对象 | | | | | | 1 美元兑人民币 7.1414 元的汇率中间 | | | | 价折算）；实际为 公司提供的担保 GW | | | | 余额为人民币 万元 0 | | | 是否在前期预计额度内 | 是 □否 □不适用：_______ | | | 本次担保是否有反担保 ...

轻工制造 行 业 及 产 业 2025 年 07 月 20 日 Q2 出口板块个股业绩分化；内需 整体仍存盈利压力，两轮车、黄金 珠宝表现较好 看好 ——轻工造纸行业 2025 年中报业绩前瞻 本期投资提示： 业 研 究 / 行 业 点 评 证券分析师 屠亦婷 A0230512080003 tuyt@swsresearch.com 黄莎 A0230522010002 huangsha@swsresearch.com 庞盈盈 A0230522060003 pangyy@swsresearch.com 研究支持 张海涛 A0230524080003 zhanght@swsresearch.com 张文静 A0230524120005 zhangwj@swsresearch.com 魏雨辰 A0230525010001 weiyc@swsresearch.com 联系人 魏雨辰 (8621)23297818× weiyc@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 行 证 券 研 究 报 告 相关研究 - ⚫ 1）出口：25Q2 业绩存在分化，抗风险突出个股业绩增长稳健。25Q2 ...

Core Viewpoint - The Indian Ministry of Finance has decided to cancel the anti-dumping duties on Zhejiang Kingdecor Co., Ltd. while continuing to impose duties on other Chinese manufacturers of decorative paper, following a positive final ruling from the Ministry of Commerce [1][2]. Group 1: Anti-Dumping Duties - The Indian Ministry of Finance announced the cancellation of anti-dumping duties for Zhejiang Kingdecor Co., Ltd. while maintaining duties for other manufacturers, with rates set at $110/ton for Shandong Boxing Ouhua Special Paper Co., Ltd. and Zibo OU-MU Special Paper Co., Ltd., and $297/ton for Hangzhou Huawang New Material Technology Co., Ltd. [1] - The anti-dumping measures are effective from December 27, 2021, and will last for five years [1]. - The investigation into the anti-dumping duties was initiated on September 30, 2020, based on a complaint from ITC Limited Paperboards and Specialty Papers Division [2]. Group 2: Investigation and Review Process - The Ministry of Commerce initiated a review investigation on March 28, 2024, based on requests from Hangzhou Huawang New Material Technology Co., Ltd. and various Indian importers and manufacturers [3]. - This review aims to reassess the scope of the products involved and to re-determine the dumping margins, covering all aspects of previous final investigation results [3]. - The positive final ruling from the Ministry of Commerce was issued on March 25, 2025, confirming the findings of the review [3].

Group 1 - Guangdian Electric's wholly-owned subsidiary plans to sell 5.91% stake in Shanghai Winshun Electric Technology Co., Ltd. to Yapp Automotive Parts Co., Ltd. for 62.63 million yuan, aiming to optimize asset structure [1] - Anhui Natural Gas received approval for the registration of 500 million yuan short-term financing bonds and 600 million yuan medium-term notes, valid for two years [1] - Kirin Security received government subsidies totaling 6.48 million yuan, which are related to revenue [2] Group 2 - Junshi Biosciences received approval for two new indications for its self-developed drug, Oncorhynchus monoclonal antibody injection, targeting adult patients with heterozygous familial hypercholesterolemia and non-familial hypercholesterolemia [3] - China Resources Double Crane's subsidiary passed GMP compliance inspection for small and large volume injection production lines [4] - Nanjing Public Utilities' board approved the absorption and merger of its wholly-owned subsidiary, Nanjing Jinguang Industry Co., Ltd. [7] Group 3 - Boya Bio received drug registration certificate for human immunoglobulin (pH4) in the Dominican Republic, valid until August 12, 2029 [8] - Jizhi Co. announced that its controlling shareholder and actual controller committed not to reduce their shareholdings until December 31, 2025 [9] - Yuhua Tian won a bid for the integrated urban management project in Lanzhou City, with a total service subsidy of 353 million yuan [10] Group 4 - Anke Rui obtained five invention patent certificates related to various energy management and control technologies [11] - Kebo Da's wholly-owned subsidiary plans to acquire 100% of Czech IMI Company for approximately 9.43 million euros to enhance global production layout [13] - Yantian Port announced a cash dividend of 1.30 yuan per 10 shares, totaling 676 million yuan [14] Group 5 - Huawang Technology plans to distribute a cash dividend of 0.45 yuan per share and a capital reserve increase of 0.20 shares per share [15] - Kabe Yi established a wholly-owned subsidiary in Japan to enhance its business layout [16] - Dongcheng Pharmaceutical's subsidiary received approval for the marketing of sodium fluoride injection, a PET radiopharmaceutical [18] Group 6 - Huaxin New Materials' subsidiary received two utility model patent certificates for innovative devices [19] - Lingang Steel's new 2290 cubic meter blast furnace has been successfully put into operation [21] - Xinlitai received drug registration certificate for Sacubitril/Valsartan tablets, the first of its kind in China [23] Group 7 - Aike Co.'s subsidiary received project designation notices from multiple clients for electric drive platform components [25] - Tonghe Pharmaceutical received drug registration certificate for Apixaban in South Korea [26] - Junting Hotel signed a cooperation agreement with Choice Hotels for exclusive brand usage in mainland China [28] Group 8 - Guangdong Hongtu plans to establish a wholly-owned subsidiary in Zhengzhou to enhance market layout [30] - Yuheng Pharmaceutical signed a joint promotion agreement for Pemafibrate tablets with Xinghe Pharmaceutical [31] - Chongqing Steel terminated the absorption and merger of its wholly-owned subsidiary, citing strategic advantages of independent operation [33] Group 9 - Jihong Co. announced the listing of its H-shares on the Hong Kong Stock Exchange [34] - Deshi Co. announced plans for shareholders to reduce their holdings by up to 0.3% [36] - Xinhai Medical's subsidiary received medical device registration for a dialysis fluid filter [42]

证券代码：605377 证券简称：华旺科技 公告编号：2025-018 杭州华旺新材料科技股份有限公司2024年年度权益分派实施公告 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法律责任。 重要内容提示： 相关日期 | | | | | 新增无限售 | 现金红利发 | | --- | --- | --- | --- | --- | --- | | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 条件流通股 | 放日 | | | | | | 份上市日 | | | Ａ股 | 2025/6/3 | － | 2025/6/4 | 2025/6/4 | 2025/6/4 | 差异化分红送转： 否 一、 通过分配、转增股本方案的股东大会届次和日期 本次利润分配及转增股本方案经公司2025 年 5 月 20 日的2024年年度股东大会审议通过。 二、 分配、转增股本方案 1. 发放年度：2024年年度 2. 分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"） ...

证券代码：605377 证券简称：华旺科技 公告编号：2025- 017 杭州华旺新材料科技股份有限公司 关于对外担保的进展公告 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、准确性和完整性承担法律责任。 重要内容提示： 被担保人名称：香港华锦控股有限公司（以下简称"香港华锦"），系 杭州华旺新材料科技股份有限公司（以下简称"公司"）全资子公司。 担保金额及已实际提供的担保余额：公司本次为香港华锦提供最高债权 本金人民币 10,000 万元及主债权的利息及其他应付款项之和的连带责任保证 担保 。截至2025年5月26日，公司已实际对香港华锦担保余额为人民币0万元。 为满足香港华锦业务经营需要，公司于2025年5月23日与中国民生银行股份有 限公司杭州分行签订了《最高额保证合同》，为香港华锦与中国民生银行股份有限 公司杭州分行发生的授信业务提供最高债权本金人民币10,000万元及主债权的利息 及其他应付款之和的连带责任保证担保。 （二）担保事项履行的内部决策程序 公司分别于2024年12月23日召开第四届董事会第八次会议、2025年1月8日召开 2025年 ...

Meeting Overview - The shareholders' meeting of Hangzhou Huawang New Materials Technology Co., Ltd. was held on May 20, 2025, at the company's conference room in Lin'an District, Hangzhou, Zhejiang Province [1] - The meeting was attended by shareholders representing 56.2314% of the total shares [1] - The meeting was convened by the board of directors and chaired by Mr. Zhou Jianghao, the chairman of the board [1] Voting Results - All non-cumulative voting proposals were approved with a high level of agreement from shareholders, with the majority of votes in favor exceeding 99.73% across various proposals [2][3] - Specific voting results included: - Proposal for profit distribution and capital reserve transfer plan received 98.8203% approval [3] - Proposal for reappointment of external auditors received 98.6937% approval [3] - Proposal for confirmation of director remuneration for the 2024 fiscal year received 98.6353% approval [3] Legal Compliance - The meeting's procedures, qualifications of the convenor, and voting processes were confirmed to comply with the Company Law, Shareholders' Meeting Rules, and the company's articles of association [4] - The results of the shareholders' meeting were deemed legal and valid [4]

Core Viewpoint - The legal opinion letter confirms that the procedures for convening and holding the 2024 annual general meeting of shareholders of Hangzhou Huawang New Materials Technology Co., Ltd. comply with relevant laws and regulations, ensuring the legitimacy and effectiveness of the meeting [1][2][13]. Group 1: Meeting Procedures - The annual general meeting is scheduled for May 20, 2025, and the notice of the meeting was disclosed on the Shanghai Stock Exchange website and in relevant newspapers [5][6]. - The meeting was held at the specified time and location, and the procedures for convening and holding the meeting were found to be in accordance with the Company Law and the Articles of Association [7][13]. Group 2: Attendance and Voting - A total of 163 shareholders attended the meeting, representing 260,852,782 shares, which is approximately 56.23% of the total voting shares [8]. - The meeting included 12 shareholders present on-site and 151 shareholders participating through online voting, with the latter's qualifications verified by the Shanghai Stock Exchange [8][9]. Group 3: Voting Results - All resolutions presented at the meeting were approved, with significant support from shareholders. For instance, the resolution on the 2024 annual report received 99.73% approval [10][11]. - The resolution regarding the profit distribution and capital reserve transfer was approved by 99.82% of the votes [10][12]. - The voting results indicate strong backing from minority investors, with 98.82% supporting the resolutions [11][12].