集团主要客户以欧美国际品牌为主，因关税不确定性持续面临"到岸成本"上升。这些贸易壁垒不仅加剧 客户营运中所面对的冲击，亦因进口商品价格上涨削弱消费者购买力，导致消费情绪趋于谨慎。随供应 链干扰延续，消费者对通胀压力更为敏感。 鸿兴印刷集团(00450)发布截至2025年6月30日止6个月中期业绩，该集团取得营业额9.35亿港元，同比减 少14.63%;公司权益持有人应占亏损4877.9万港元，同比增加990.76%;每股亏损5.4港仙。 ...

智通财经APP讯，鸿兴印刷集团(00450)发布截至2025年6月30日止6个月中期业绩，该集团取得营业额 9.35亿港元，同比减少14.63%;公司权益持有人应占亏损4877.9万港元，同比增加990.76%;每股亏损5.4港 仙。 集团主要客户以欧美国际品牌为主，因关税不确定性持续面临"到岸成本"上升。这些贸易壁垒不仅加剧 客户营运中所面对的冲击，亦因进口商品价格上涨削弱消费者购买力，导致消费情绪趋于谨慎。随供应 链干扰延续，消费者对通胀压力更为敏感。 ...

事件描述 横店东磁发布2025 年半年报，2025H1 公司实现收入119.36 亿元，同比增长24.75%；归母净利10.2 亿 元，同比增长58.94%；其中，2025Q2 实现收入67.13 亿元，同比增长25.87%，环比增长28.55%；归母 净利5.62 亿元，同比增长94.8%，环比增长22.69%。 事件评论 磁材业务，2025H1 出货10.73 万吨，出货结构更加优化，毛利率27.71%，同比增长1.22pct，公司龙头 地位稳固，市占率进一步提升，已布局多个磁材新品，铜片电感、EMC滤波器件等市场拓展成效显 著。拆分至Q2，预计出货环比持平，销售均价环比提升，主要是预烧料占比降低。 锂电业务，2025H1 出货超3 亿支，同比增长12.25%，毛利率12.90%，同比增长2.06pct，主要是通过产 品迭代、品质管控，制造成本明显优化。公司稼动率维持行业领先，推出多款高容量的E 型和P 型新产 品，并完成了全极耳的技术储备。 其他财务指标，2025H1 期间费用率2.99%，同比下降5.13pct，其中财务费用降低主要是汇兑损益波动 所致，研发费用降低主要是研发项目数量、进展、支出计划不 ...

丨证券研究报告丨 公司研究丨点评报告丨横店东磁（002056.SZ） [Table_Title] 光伏业务表现优异，磁材和锂电拓展新品 报告要点 [Table_Summary] 横店东磁发布 2025 年半年报，2025H1 公司实现收入 119.36 亿元，同比增长 24.75%；归母 净利 10.2 亿元，同比增长 58.94%；其中，2025Q2 实现收入 67.13 亿元，同比增长 25.87%， 环比增长 28.55%；归母净利 5.62 亿元，同比增长 94.8%，环比增长 22.69%。 分析师及联系人 [Table_Author] 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 邬博华 曹海花 王耀 任佳惠 申浩树 SAC：S0490514040001 SAC：S0490522030001 SAC：S0490524120006 SAC：S0490524070005 SAC：S0490525060004 SFC：BQK482 横店东磁发布 2025 年半年报，2025H1 公司实现收入 119.36 亿元，同比增长 24.75%；归母 净利 10. ...

记者丨赖镇桃 编辑丨李莹亮 随着一纸联合声明发布，欧美贸易谈判的首轮交锋似乎暂告一段落。 据央视新闻报道，欧盟与美国8月21日发表联合声明，公布了双方在7月达成新贸易协议的具体细节。 根据联合声明，美国将对汽车、药品、半导体和木材等大多数欧盟输美商品征收15%的关税。稀缺自然资源、飞机及零部件、仿制药等得到豁 免。作为交换，欧盟承诺取消对美国产所有工业品的关税，并为美国海产品和农产品提供优惠市场准入等。 每年欧盟对美的货物出口里，汽车、医药、半导体都是最主要的出口部门。上个月，欧美宣布达成贸易协议，仅在汽车关税达成共识，美国将 对欧盟汽车关税降至15%，而在医药和半导体方面，特朗普政府则不时挥舞关税大棒，威胁要对欧盟医药和半导体加征高额关税。 在这周发布的联合声明中，欧盟的医药和半导体行业才终于把"悬着的心"放下。据央视新闻报道，声明明确，自2025年9月1日起，美国承诺仅 对欧盟的以下产品适用MFN关税：不可再生自然资源（包括软木）、所有飞机及飞机零部件、通用药品及其原料和化学前体。此外，细则还规 定，美国对大多数欧盟商品征收关税税率将不超过15%，涵盖汽车、药品、半导体芯片和木材。 "之前美方威胁对欧盟医 ...

宏观 宏观：国内经济增长稳中有进，流动性环境宽松，央行明确消费贷贴息、育儿补贴等扩内需 政策落地，叠加反内卷政策推动部分行业供给收缩，企业盈利预期修复。 市场分析：价格方面，中小盘领涨，大盘蓝筹跟涨，金融权重拖累，成长风格占优。基差方 面，近月合约普遍升水，远月合约基差扩大。 参考观点：关注短期关键压力位波动风险，可通过看跌期权或看涨期权构建备兑交易，抵御 价格波动风险。 原油 宏观与地缘：市场炒作美联储 9 月降息，同时美元指数从 100 压力位下探，给原油一定托底 作用。但市场担忧美国夏季需求情况，同时 OPEC＋９月会议或加速增产。关注美俄谈判进 展，或一定程度上解除之前市场对俄罗斯原油供给方面的担忧。 市场分析：三大机构月报陆续放出供给大幅增加的预期，IEA 预测供给增量将三倍大于需求 增量，美国页岩油产量仍有增加潜力，同时 OEPC+已经明确增产信号，后市需要关注 OPEC+9 月会议是否加大增产力度。同时，美国为代表的非 OEPC 产油国整体增产，原油市场供给相 对充裕。另一方面，原油需求端面临较大不确定性，美国关税谈判进展情况或对全球经济带 来较大的重塑影响，需密切关注全球经贸活动的变化，以及美 ...

Policy Framework - The monetary policy maintains continuity and stability, focusing on implementation and detail, with a target growth rate of 5% for the year[1] - The emphasis has shifted from increasing credit to stabilizing credit support, indicating a structural adjustment in policy focus[2] Credit and Structural Tools - Structural tools are highlighted as key policy instruments, with support directed towards technology innovation, consumption, small and micro enterprises, and stabilizing foreign trade[2] - Loans in technology, green finance, inclusive finance, and digital sectors account for approximately 70% of new credit, replacing real estate and infrastructure as the main sources of credit growth[2] Efficiency and Cost Reduction - The report stresses the importance of preventing fund idling and improving the efficiency of monetary policy transmission, contrasting with previous reports that did not mention this[3] - The focus on reducing financing costs continues, with plans to enhance the central bank's policy rate guidance and improve the market-based interest rate formation mechanism[4] Economic Outlook - The external environment is described as increasingly complex, with weakened global economic growth and rising trade barriers, particularly due to U.S. tariffs[4] - Domestic demand remains insufficient, with ongoing risks and challenges in the economy, despite some positive signs in inflation trends[5] Inflation and Market Dynamics - The report indicates that inflation may see a reasonable rebound due to various factors, including the impact of policies aimed at boosting consumption and addressing low-price competition[6] - The overall monetary policy signals a focus on detailed implementation, maintaining previous levels of support while emphasizing structural adjustments to stimulate domestic demand[6]

Core Viewpoint - The article discusses the sudden ban imposed by Russia on several Chinese truck brands, highlighting the rapid rise of Chinese trucks in the Russian market and the subsequent protective measures taken by the Russian government to safeguard its domestic manufacturers [3][6][16]. Group 1: Rise of Chinese Trucks in Russia - Before the Russia-Ukraine conflict, Chinese trucks were marginal in the Russian market, with foreign brands holding a 43.9% market share in 2021, while Chinese trucks had negligible presence [10]. - The market dynamics shifted dramatically post-conflict, as Western truck manufacturers exited Russia, leading to a surge in Chinese truck market share from less than 4% in 2022 to 58.3% in 2024 [13]. - In 2024, Chinese heavy-duty trucks like Shacman and Dongfeng achieved significant sales, with Dongfeng's sales increasing by 99.8% compared to the previous year [14][11]. Group 2: Russian Government's Response - The Russian government has implemented a series of protective measures against Chinese trucks, including increased recycling taxes and stricter import regulations, which began to take effect in 2024 [18][20]. - The ban on several Chinese truck models was justified by claims of safety defects and non-compliance with new regulations, despite the absence of prior complaints or incidents [5][22]. - The new regulations create significant barriers for Chinese manufacturers, including mandatory local testing and certification, which can take up to 12 months and double the costs [18][20]. Group 3: Future Implications and Strategies - The article suggests that the Russian government's actions reflect a deeper concern over technological dependency on Chinese components, particularly in military logistics [17]. - Chinese truck manufacturers are encouraged to localize production in Russia to mitigate the impact of these regulations and maintain market presence [25][29]. - The competitive landscape is expected to evolve, with Chinese companies needing to enhance their service networks and technological capabilities to adapt to the changing market dynamics [27][29].

Report Investment Rating - Not provided in the content Core Viewpoints - In July 2025, the price of natural rubber rebounded, and the shipping index declined. The production of semi-steel tires remained stable, and the operation rate of all-steel tires increased. The import demand from Europe and the United States was advanced due to tariffs and anti-dumping measures. Long-term globalization and proximity to major consumer markets in Europe and the United States are effective ways for tire companies to avoid trade barriers. Chinese leading tire companies are expected to compete in international markets with cost control and brand influence [58]. Summary by Section Cost End - In July 2025, the average price of butadiene was 9,116.30 yuan/ton, a month-on-month decrease of 1.14% and a year-on-year decrease of 29.87%. The average price of natural rubber was 1,770.65 US dollars/ton, a month-on-month increase of 3.96% and a year-on-year increase of 4.46%. The average price of styrene-butadiene rubber was 11,964.13 yuan/ton, a month-on-month increase of 0.77% and a year-on-year decrease of 21.65%. The average price of carbon black was 6,267.74 yuan/ton, a month-on-month decrease of 2.30% and a year-on-year decrease of 20.25%. The average price of nylon cord fabric was 17,971.40 yuan/ton, a month-on-month decrease of 2.33% and a year-on-year decrease of 19.31% [4][5]. - In June 2025, the natural rubber production of ANRPC member countries was 883,700 tons, a month-on-month increase of 5.37% and a year-on-year decrease of 5.94%. China's natural rubber production was 103,200 tons, a month-on-month increase of 7.05% and a year-on-year decrease of 2.37%. China's natural rubber consumption was 619,500 tons, a month-on-month increase of 0.45% and a year-on-year increase of 3.80%. China's import volume of natural rubber was 436,300 tons, a month-on-month decrease of 1.24% and a year-on-year increase of 29.43% [15]. - In July 2025, the average value of the Baltic Freight Index (FBX) was 2,531.25 points, a month-on-month decrease of 25.46% and a year-on-year decrease of 50.19%. The CCFI (East Coast of the United States route) index was 1,247.30, a year-on-year decrease of 30.43% and a month-on-month decrease of 7.31%. The CCFI (West Coast of the United States route) index was 983.60, a year-on-year decrease of 40.68% and a month-on-month decrease of 14.44% [19]. Production End - In June 2025, China's output of rubber tire casings was 102.749 million pieces, a year-on-year increase of 10.01%. In the first half of 2025, the cumulative output of rubber tire casings in China was 590.694 million pieces, a year-on-year increase of 12.21%. In July 2025, the output of all-steel tires was 12.75 million pieces, a month-on-month increase of 1.03% and a year-on-year increase of 7.78%. The output of semi-steel tires was 56.97 million pieces, a month-on-month increase of 3.15% and a year-on-year increase of 0.04% [24]. - In July 2025, the average monthly operation rate of Chinese semi-steel tires was 73.80%, a month-on-month decrease of 3.25 percentage points and a year-on-year decrease of 5.41 percentage points. The average monthly operation rate of all-steel tires was 64.61%, a month-on-month increase of 0.65 percentage points and a year-on-year increase of 7.58 percentage points [30]. Demand End - From January to June 2025, China's cumulative export of new pneumatic rubber tires was 349 million pieces, a cumulative year-on-year increase of 5.40%. In June 2025, China exported 29.3664 million passenger car tires and 10.8498 million truck and bus tires. In the first half of 2025, China's cumulative export volume of truck and bus tires was 2.3347 million tons, a cumulative year-on-year increase of 5.34%, which supported the production and sales of tire companies [34]. - In the original equipment market as of the end of June, the demand for semi-steel tires was generally stable, with a sharp decline in Europe and the United States, while the Chinese market remained positive due to automobile subsidy policies. In the all-steel tire market, the North American market continued to deteriorate, and the European market confirmed growth in the second quarter. In the replacement market, affected by tariff expectations, sales and imports in Europe and the United States increased, and overall demand rose. The Chinese market remained stable [38]. - In June 2025, China's gasoline consumption was 11.7357 million tons, a year-on-year decrease of 8.08%. Diesel consumption was 16.0427 million tons, a year-on-year increase of 1.92%. In June 2025, China's heavy truck market sold about 97,900 vehicles, a month-on-month increase of 10.25% and a year-on-year increase of 37.14% [41]. - In July 2025, China's logistics industry prosperity index was 50.5%, a month-on-month decrease of 0.3 percentage points. The road freight rate index was 105 points, a month-on-month decrease of 0.06% and a year-on-year increase of 1.89%. The road transport market is expected to maintain a stable operation in the second half of the year, with the freight rate index possibly experiencing a slight oscillatory correction [46]. - According to EIA statistics, in July 2025, the average daily consumption of motor vehicle refined oil in the United States was 8,941.75 thousand barrels, a month-on-month decrease of 2.80% and a year-on-year decrease of 3.04%. The average daily consumption of diesel was 3,509.75 thousand barrels, a month-on-month decrease of 6.15% and a year-on-year decrease of 4.09% [47]. - In June 2025, the number of registered passenger cars in Europe was 1.2437 million, a month-on-month increase of 11.72% and a year-on-year decrease of 5.13%. In the first half of 2025, the cumulative number was 6.8155 million, a year-on-year decrease of 0.92%. In the second quarter of 2025, the sales volume of the European replacement tire market decreased by 3.5% year-on-year to 57.044 million pieces. Among them, the sales volume of passenger car tires decreased by 4% year-on-year to 51.609 million pieces, and the shipment volume of truck and bus tires decreased by 5% year-on-year to 2.452 million pieces [55]. Industry News - Michelin's operating profit in the first half of the year decreased by 18%. General Shares' net profit attributable to the parent company in the first half of the year decreased significantly. In July, China's automobile production and sales increased significantly year-on-year. From January to June 2025, the import volume of rubber tires in the United States increased by 6.8% year-on-year. Sailun Tire acquired 100% of the equity of Bridgestone Shenyang Factory. Zhongce Rubber changed the use of some raised funds [56][57]. Monthly Summary and Outlook - In July 2025, the price of natural rubber increased, and there is an expectation of further increase. The shipping cost decreased month-on-month and may continue to fall after the impact of tariffs and geopolitics cools down. The production of semi-steel tires remained stable, with some inventory pressure, while all-steel tires had a good inventory situation. Domestically, logistics demand was stable, and automobile production and sales decreased month-on-month, expected to remain stable overall. Overseas, the replacement market in Europe and the United States was better than the original equipment market, but export demand may be under pressure due to international trade frictions [59].

欧盟对中国环氧树脂征收17.3%~33%关税 中化新网讯 近日，欧盟委员会正式公布对中国大陆、中国台湾地区及泰国环氧树脂的反倾销终裁结 果。"虽然欧盟最终维持了反倾销税的征收，但中国企业通过积极应诉争取到了低于临时税率的终裁结 果，这降低了企业的出口成本压力，然而17.3%~33%的关税仍将显著削弱中国环氧树脂在欧洲市场的竞 争力。"金联创网络科技有限公司分析师王英超在接受记者采访时指出。 记者了解到，尽管税率有所下调，但17.3%~33%的关税仍将显著削弱中国环氧树脂在欧洲市场的价格竞 争力。此次反倾销调查是从2024年7月1日开始，根据对2024年环氧树脂出口量统计来看，我国对欧月均 出口量为2.5万吨，但自2025年2月起出口量明显下滑。与此同时，欧盟和美国先后对中国环氧树脂发起 反倾销和反补贴调查，双重压力下，部分出口订单受到影响，出口美国和欧盟的环氧树脂数量持续下 降。为应对这一局面，中国环氧树脂出口企业开始积极调整策略，加大对东南亚、非洲、中东等其他地 区的出口力度，出口地发生明显变化。 短期来看，环氧树脂出口企业面临两种主要选择。一方面，企业需要转战新兴市场，中东、东南亚等地 区或成为替代性出口 ...