证券代码： 002831 证券简称：裕同科技 公告编号：2025-031 具体内容请见公司同日在巨潮资讯网上披露的《关于注销公司部分已回购股 份并减少注册资本的公告》。 2、审议通过《关于召开 2025 年第二次临时股东大会的议案》。 深圳市裕同包装科技股份有限公司 第五届董事会第十三次会议决议公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏。 深圳市裕同包装科技股份有限公司（以下简称"公司"）第五届董事会第十 三次会议通知于 2025 年 7 月 23 日（星期三）以书面或邮件方式发出，会议于 2025 年 7 月 25 日（星期五）以通讯表决的方式召开，本次会议应参与表决的董 事 7 人，实际参与表决的董事 7 人，分别为：王华君先生、吴兰兰女士、刘宗柳 先生、刘中庆先生、王利婕女士、吴宇恩先生、邓赟先生。本次会议由公司董事 长王华君先生主持，会议的召集和召开符合有关法律、法规及《公司章程》的规 定，会议形成的决议合法有效。经与会董事认真审议，本次会议讨论并通过如下 决议： 一、议案及表决情况 1、审议通过《关于注销公司部分已回购股份并减少注册资本的议案》。 ...

Core Viewpoint - The report highlights the performance and outlook of the Invesco Great Wall Shunyi Return Mixed A Fund (002792), indicating a profit of 22,280 yuan in Q2 2025 and a net asset value growth rate of 1.97% during the same period [3]. Fund Performance - As of July 18, the fund's unit net value was 1.56 yuan, with a one-year cumulative net value growth rate of 5.53%, ranking it 375 out of 630 comparable funds [3][4]. - The fund's performance over different time frames includes a three-month growth rate of 3.10% (222/630), a six-month growth rate of 2.88% (303/630), and a three-year growth rate of 5.61% (289/552) [4]. Risk and Return Metrics - The fund's Sharpe ratio over the past three years is 0.0924, ranking 347 out of 546 comparable funds [8]. - The maximum drawdown over the past three years is 6.46%, with the largest single-quarter drawdown recorded at 3.43% in Q2 2019 [10]. Fund Holdings and Strategy - As of June 30, the fund's average stock position over the past three years was 15.71%, compared to a peer average of 18.92%. The fund reached a peak stock position of 24.89% by the end of Q3 2023 and a low of 4.94% by mid-2024 [13]. - The top ten holdings of the fund as of Q2 2025 include China Merchants Bank, Southern Airlines, CATL, Ping An Bank, Gree Electric Appliances, Haier Smart Home, Zijin Mining, Hongcheng Environment, Proya Cosmetics, and Yutong Technology [17]. Economic Outlook - The fund management anticipates a cooling of external demand, which may negatively impact production and employment in export-related sectors. This, combined with downward pressure on housing prices, is expected to affect consumer spending. The report suggests that fiscal policy may need to be adjusted to counteract these economic challenges in Q3 [3].

Core Insights - The pet shampoo market in China is experiencing significant growth, with the market size projected to increase from 2.4 billion yuan in 2020 to 11 billion yuan by 2024, reflecting a compound annual growth rate (CAGR) of 46.32% [1][16] - The industry is evolving from basic cleaning products to those that emphasize health care and emotional experience, with consumers increasingly prioritizing natural ingredients and functionally suitable products [1][16] - By 2025, the market size for pet shampoo in China is expected to reach 12 billion yuan, driven by rising pet ownership and enhanced consumer awareness regarding pet care [1][16] Industry Overview - Pet shampoo refers to cleaning products such as soaps and shower gels designed for pets, primarily used for deodorizing and preventing mites and fleas [4][16] - The market is segmented into general-purpose, functional, and medicinal types, catering to various pet needs [4] Industry Development History - The pet shampoo industry originated in the early 20th century, initially focusing on basic cleaning functions [6] - The 21st century has seen rapid development, with technological advancements leading to improved product formulations and increased brand competition [6] Industry Chain - The upstream of the pet shampoo industry includes raw materials like surfactants and various functional additives [8] - The midstream involves the manufacturing of pet shampoos, while the downstream encompasses sales through various channels including e-commerce and pet stores [8] Market Trends - The demand for customized products is rising, with brands likely to offer tailored solutions based on pet type and specific needs [24] - Functional products are becoming more specialized, with increasing demand for medicated shampoos and products catering to specific life stages of pets [25][26] - There is a growing preference for natural and organic ingredients, with consumers favoring products that are safe and environmentally friendly [27] Competitive Landscape - The global pet shampoo market features a mix of international and local brands, with competition intensifying as the pet economy grows [18] - Notable brands include ISB from Italy, Earthbath from the USA, and local brands like Xue Diao Liu Xiang and Yi Nuo, which are rapidly gaining market share in China [18][19] Key Companies - Chaoyun Group is a leading player in the pet care market, with a projected revenue of 127 million yuan from pet products in 2024, marking a 64.94% year-on-year increase [20] - Guangzhou Huiyou Biotechnology Co., Ltd. is a prominent company in the pet shampoo sector, known for its well-established brands and significant market presence [22]

Investment Rating - The report maintains a positive outlook on the light industry and paper-making sector for the mid-2025 earnings forecast, indicating a favorable investment rating for these industries [1]. Core Insights - The report highlights a divergence in performance within the export sector for Q2 2025, with companies that have a global supply chain showing resilience against external tariff disruptions. Notable performers include Jiangxin Home, Jiayi Co., and Tianzhen Co. [4][5]. - The two-wheeler segment is expected to benefit from government subsidies and new standards, with companies like Yadi Holdings and Aima Technology showing strong growth potential [4]. - The light consumer goods sector is characterized by a robust domestic demand, particularly in personal care products, with companies like Baiya Co. and Dengkang Oral Care expected to perform well [4]. - The packaging industry is undergoing consolidation, with leading companies experiencing a slowdown in capital expenditure, indicating a shift towards a harvest phase [4]. - The home furnishing sector is facing short-term order impacts due to the pause in government subsidies, but long-term growth is anticipated through market integration and new product categories [4]. - The paper-making sector is expected to see stable profitability due to low raw material costs and improved supply-demand dynamics [4]. Summary by Sections Export Sector - Q2 2025 shows performance divergence due to increased external disruptions, with companies like Jiangxin Home expected to see a 40%+ growth in net profit [5][6]. - Jiayi Co. anticipates a 30%+ revenue increase, while Tianzhen Co. is expected to recover orders significantly [4][5]. Two-Wheeler Sector - Companies like Aima Technology and Ninebot are projected to grow by 20% and 50% respectively in Q2 2025, driven by new product launches and market demand [8][9]. Light Consumer Goods - The sector is expected to show resilience, with companies like Chaohongji and Baiya Co. projected to grow by 20% and 2% respectively in revenue [10][11]. Packaging Industry - The report notes a continued consolidation trend, with companies like Yutong Technology and Baosteel Packaging expected to maintain stable revenue growth [12][14]. Home Furnishing Sector - The sector is facing challenges due to subsidy pauses, but companies like Mousse and Zhizhong Home are expected to adapt and show growth in the long term [13][15]. Paper-Making Sector - The report indicates stable profitability for the paper-making sector, with companies like Sun Paper and Huawang Technology expected to benefit from improved market conditions [17].

Core Points - The CSI Container and Packaging Index has shown a significant increase, with a 4.15% rise over the past month, 15.62% over the past three months, and 7.76% year-to-date [1] - The index is structured to reflect the overall performance of different industry companies, categorized into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries [1] - The index's top ten holdings include companies such as Aorikin (7.03%), Yutong Technology (6.31%), and Zijang Enterprises (5.75%) [1] Industry Composition - The CSI Container and Packaging Index's holdings are primarily composed of paper materials packaging, which accounts for 53.70%, and metal, glass, and plastic packaging, which makes up 46.30% [2] - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [2] - Adjustments to the index samples occur in response to special events affecting the companies, such as mergers or changes in industry classification [2]

Core Insights - Apple continues to showcase its presence at the third China International Supply Chain Promotion Expo, highlighting its focus on technological innovation and collaboration with suppliers [1][10] - The company emphasizes the importance of stability, reliability, safety, and innovation in its partnerships with suppliers, rather than merely seeking low costs [10][12] Group 1: Supplier Innovations - A key supplier, Xinwangda, has developed a magnetic levitation production line that operates with 100% domestic components, enhancing speed and precision compared to traditional systems [4][6] - Xinwangda integrates AI and digital twin technology into its operations, allowing for real-time monitoring and remote diagnostics, which can improve response times by approximately 20% [4][11] - Jieshida, another supplier, has introduced a cloud feeding system for the automatic assembly of micro O-rings, improving efficiency and precision in the production process [6][10] Group 2: Sustainability Efforts - Shandong Innovation Group focuses on recycling aluminum materials, showcasing equipment that achieves over 95% purity in aluminum recovery through electromagnetic separation technology [8][10] - Apple plans to use 24% of materials from recycled or renewable sources in products shipped in 2024 and aims to transition to 100% recycled cobalt for battery production by the end of the year [8][10] Group 3: Industry Trends and Future Directions - The collaboration model between Apple and its suppliers is viewed as a benchmark for industry upgrades, with a focus on automation, digitalization, and intelligent manufacturing [10][11] - Apple's investment in China's smart and green manufacturing sectors has reached $20 billion over the past five years, with plans for continued investment to enhance local supply chains [12]

联合研究丨行业点评 [Table_Title] 如何看 2025 年 6 月消费数据？ %% %% %% %% research.95579.com 1 丨证券研究报告丨 %% %% %% %% research.95579.com 2 丨证券研究报告丨 更多研报请访问 长江研究小程序 cjzqdt11111 [Table_Title2] 如何看 2025 年 6 月消费数据？ 联合研究丨行业点评 [Table_Summary2] 事件描述 6 月份，社会消费品零售总额 42287 亿元，同比增长 4.8%。其中，除汽车以外的消费品零售 额 37649 亿元，增长 4.8%。1—6 月份，社会消费品零售总额 245458 亿元，同比增长 5.0%。 其中，除汽车以外的消费品零售额 221990 亿元，增长 5.5%。 事件评论 ⚫ 零售：线上占比持续提升，国补品类延续高增 ⚫ 社服：餐饮增速回调，酒店承压延续，免税销售额临近回正 ⚫ 汽车：价格战趋向缓和，关注龙头拐点、强新车车企机会和阿尔法零部件 ⚫ 纺服：6 月零售降速，品牌 Q3 进入最低基数期，制造重回基本面投资逻辑 ⚫ 轻工：重视新消费发展机遇，看好 ...

Group 1 - The number of scale enterprises in China's packaging industry is nearly 19,000, showing a steady increase and intensifying market competition, with a year-on-year growth of 2.70% in 2024 [1] - The total profit of scale enterprises in China's packaging industry is projected to be 97.5 billion yuan in 2024, a decrease of 6.43% compared to 2023, primarily due to rising raw material costs, intensified market competition, and fluctuating market demand [2] - The revenue of plastic packaging enterprises is expected to see the largest growth, with an 8.87% year-on-year increase in 2024, while other segments also show varying degrees of revenue growth [6] Group 2 - Guangdong province ranks first in the production of packaging special equipment, with an output of 748,133 units in 2024, accounting for 45.83% of the national total [7][9] - The cumulative output of the packaging special equipment industry in China is projected to reach 1.6325 million units in 2024, reflecting a year-on-year growth of 24.5% [9] - The packaging industry in China is characterized by a large number of challengers due to its current phase of green transformation, with significant market growth potential and continuous influx of competitors [11]

Market Overview - The Shanghai Composite Index closed at 3519.65 points, above the annual line, with a change of 0.27% [1] - The total trading volume of A-shares reached 14809.22 billion yuan [1] Stocks Breaking Annual Line - A total of 46 A-shares have surpassed the annual line today, with notable stocks including: - Siyuan Electric (002028) with a deviation rate of 7.62% - Huaming Equipment (002270) with a deviation rate of 2.75% - Tongyi Co., Ltd. (300538) with a deviation rate of 2.63% [1] Deviation Rate Rankings - The top stocks with the highest deviation rates from the annual line include: - Siyuan Electric: 10.00% increase, latest price 76.99 yuan, deviation rate 7.62% - Huaming Equipment: 3.25% increase, latest price 16.85 yuan, deviation rate 2.75% - Tongyi Co., Ltd.: 2.63% increase, latest price 16.02 yuan, deviation rate 2.63% [1] Additional Stocks with Minor Deviations - Stocks with smaller deviation rates that have just crossed the annual line include: - Daqin Railway and *ST Haiyuan with minimal deviation rates [1]

Market Overview - The Shanghai Composite Index closed at 3525.40 points, above the annual line, with a change of 0.43% [1] - The total trading volume of A-shares reached 987.43 billion yuan [1] Stocks Breaking Annual Line - A total of 41 A-shares have surpassed the annual line today, with notable stocks including: - Siyuan Electric (002028) with a deviation rate of 7.62% - Tongyi Co., Ltd. (300538) with a deviation rate of 2.51% - Ruisheng Technology (688090) with a deviation rate of 2.05% [1] Stocks with Significant Deviation Rates - The stocks with the highest deviation rates from the annual line include: - Siyuan Electric: 10.00% increase, trading at 76.99 yuan - Tongyi Co., Ltd.: 2.50% increase, trading at 16.00 yuan - Ruisheng Technology: 3.24% increase, trading at 35.10 yuan [1] Additional Stocks with Minor Deviations - Other stocks that have just crossed the annual line with smaller deviation rates include: - Qianjiang Motorcycle, Jiuquan Technology, and Huadian International, which have just reached the annual line [1]