Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The Politburo meeting on July 30 made marginal adjustments to macro - economic policies. Policy is more neutral, emphasizing the implementation of previous supportive measures and long - term layout, with a focus on quality improvement and efficiency enhancement, and industrial upgrading [6]. - The Fed kept interest rates unchanged on July 30, but internal differences were prominent. Powell's hawkish remarks dampened the expectation of an interest rate cut this year, causing the dollar and Treasury yields to rise sharply, and the stock market and gold prices to fluctuate [9]. - Due to weak fundamentals and high downstream inventory, pulp is expected to continue to fluctuate weakly, and reverse arbitrage operations can be considered [10]. Summary by Relevant Catalogs Metals - **Precious Metals (Gold and Silver)** - Gold: FOMC meeting released hawkish expectations, with a trend intensity of - 1. Gold prices such as Comex Gold 2510 and London Gold showed corresponding fluctuations [9][16][21]. - Silver: Prices fell from high levels, with a trend intensity of - 1. Comex Silver 2510 dropped by 3.15% [16][21]. - **Base Metals** - **Copper**: The U.S. copper import tariff was implemented, causing prices to be under pressure, with a trend intensity of 0. Trump imposed a 50% tariff on imported semi - finished copper products, and the price of New York copper tumbled 20% [23][25]. - **Zinc**: Prices fluctuated narrowly, with a trend intensity of - 1. The U.S. Q2 GDP growth was better than expected, and Trump threatened to impose tariffs on India [26][28]. - **Lead**: Inventory increased, and prices were under pressure, with a trend intensity of 0. The inventory of LME lead increased by 6025 tons [29][30]. - **Tin**: Prices fluctuated within a range, with a trend intensity of - 1. The price of SMM 1 tin ingots rose by 3500 yuan/ton [32][36]. - **Aluminum and Related Products** - Aluminum: Prices fluctuated slightly, with a trend intensity of 0. The domestic aluminum ingot social inventory was 51.40 million tons [38][39]. - Alumina: Prices weakened, with a trend intensity of - 1. The price of the Shanghai - bonded area premium remained unchanged [38][39]. - Casting Aluminum Alloy: It followed the trend of electrolytic aluminum, with a trend intensity of 0. The inventory of三地 increased by 291 tons [38][39]. - **Nickel and Stainless Steel** - Nickel: Macroeconomic expectations determined the direction, and fundamentals limited the elasticity, with a trend intensity of 0. Canada's Ontario Province may stop exporting nickel to the U.S. [40][44]. - Stainless Steel: Macroeconomic sentiment dominated the marginal trend, and the real - world situation needed to be improved, with a trend intensity of 0. The price of 304/2B - SS decreased by 50 [40][44]. - **Lithium Carbonate**: Prices fluctuated widely, and the impact at the mine end had not materialized, with a trend intensity of - 1. The SMM battery - grade lithium carbonate index price dropped by 211 yuan/ton [45][47]. Energy and Chemicals - **Industrial Silicon and Polysilicon** - Industrial Silicon: Market sentiment weakened, with a trend intensity of - 1. The U.S. partially cancelled tariffs on certain small solar equipment imported from China [48][50]. - Polysilicon: Attention should be paid to market sentiment changes, with a trend intensity of - 1. The price of polysilicon - N - type re - feedstock remained unchanged [48][50]. - **Other Chemicals** - **Pulp**: It was expected to fluctuate weakly, with a high attention index of ★★★★. The profit of the paper and paper products industry from January to June 2025 decreased by 21.4% year - on - year [10][11]. - **Coal - related Products (Coke, Coking Coal, and Steam Coal)** - Coke: Market sentiment was realized, and prices fluctuated widely. - Coking Coal: Market sentiment was realized, and prices fluctuated widely. - Steam Coal: Daily consumption recovered, and prices stabilized in a fluctuating manner. - **Petrochemical Products (PTA, MEG, etc.)** - PTA: Cost provided support, and month - spread positive arbitrage was recommended. - MEG: The unilateral trend remained weak, and month - spread reverse arbitrage was recommended. Building Materials - **Iron Ore**: Supported by macro - economic expectations, prices fluctuated strongly, with a trend intensity of 0. The price of imported ore such as PB (61.5%) decreased by 8 yuan/ton [51]. - **Steel Products (Rebar and Hot - Rolled Coil)** - Rebar: Affected by macro - economic sentiment, prices fluctuated widely, with a trend intensity of 0. The output of rebar increased by 2.9 million tons in the week of July 24 [55][57]. - Hot - Rolled Coil: Affected by macro - economic sentiment, prices fluctuated widely, with a trend intensity of 0. The output of hot - rolled coil decreased by 3.65 million tons in the week of July 24 [55][57]. - **Silicon - based Alloys (Silicon Ferrosilicon and Manganese Silicon)** - Silicon Ferrosilicon: Affected by macro - economic sentiment, prices fluctuated weakly, with a trend intensity of 0. The price of silicon ferrosilicon in Inner Mongolia increased by 100 yuan/ton [59][62]. - Manganese Silicon: Affected by macro - economic sentiment, prices fluctuated weakly, with a trend intensity of 0. The price of manganese ore Mn44 block increased by 0.5 yuan/ton degree [59][62].

Core Viewpoint - The Guilin Intermediate People's Court has made significant progress in optimizing the business environment through judicial reforms and collaborative efforts, enhancing the legal framework for enterprises in the region [3][4]. Group 1: Judicial Reforms and Achievements - The court has focused on "warmth and protection for enterprises" and "quality improvement and efficiency" as core principles, leading to a notable improvement in commercial case handling over the past three years, ranking in the upper-middle tier of the region [3]. - In 2023, a case reported in collaboration with the Municipal Federation of Industry and Commerce was recognized as one of the "Top Ten Advanced Typical Demonstration Cases" for optimizing the business environment in Guangxi, and a software company’s unfair competition case was selected as one of the "50 Typical Intellectual Property Cases" in China [3]. - The court has resolved 130,382 enterprise-related cases in 2023, reducing the average time to resolve commercial disputes to 65 days, and has handled 56 bankruptcy cases, resolving debts totaling 11.075 billion yuan and managing assets worth 6.435 billion yuan [4]. Group 2: Innovative Service Mechanisms - The establishment of a smart court system has enabled a seamless process for case filing, mediation, and hearings, enhancing service efficiency [4]. - Flexible measures such as "active sealing and active deduction" and credit restoration have been implemented, assisting 45 enterprises in asset preservation [4]. - The court has engaged in proactive risk prevention activities, including publishing typical cases and conducting "legal health checks" for enterprises [4]. Group 3: Collaborative Governance - A cooperative mechanism has been established involving the party committee, government, and court, integrating judicial resources with business associations to improve the business environment [4]. - Since 2023, the court has conducted 574 legal outreach sessions for enterprises, addressing 799 legal issues [4]. Group 4: Integrity and Supervision - The court emphasizes integrity and supervision in judicial management, integrating party discipline with judicial processes to enhance the quality of the court's workforce [4]. - The court is committed to implementing the "Private Economy Promotion Law" and will continue to deepen special actions to improve the business environment [4].

Core Viewpoint - The company is facing significant losses from its subsidiaries, totaling 667 million in the previous year, and there are suggestions for restructuring to improve profitability and reduce debt levels [1] Financial Performance - The company reported losses from three subsidiaries: - Shanxi Chenghe Electric Power: 153 million - Puzhou Thermal Power: 239 million - Linfen Thermal Power: 275 million - The total loss from these subsidiaries amounts to 667 million [1] Strategic Recommendations - An investor suggested that the company should consider selling these loss-making subsidiaries to the parent group or swapping them for renewable energy companies or two million-kilowatt units to enhance profitability and reduce debt [1] Company Response - The company acknowledged the investor's concerns and expressed commitment to strengthening its core business, improving quality and efficiency, and enhancing core competitiveness [1]

据中国钢铁工业协会官微消息，7月29日—30日，中国钢铁工业协会六届十一次理事（扩大）会议在河 北唐山曹妃甸召开。中国钢铁工业协会会长赵民革表示，在产能治理新政尚未系统化、明晰化的背景 下，钢铁行业应凝心聚力、多措并举、精准发力，强自律、"反内卷"，促进行业平稳有序、高质量发 展。深入推进区域和品种自律。随着建筑业钢材需求持续下降，钢筋属地化销售趋势更加明显，同时钢 筋依然是钢材市场重要的流通材、钢材价格的标杆，以省域模式深入开展钢筋市场自律；着力推进汽车 板、船板、无缝钢管等重点品种自律工作，维护品种市场平稳运行；继续坚持"三定三不要"原则，号召 企业自律控产稳价格。 7月15日，中国钢铁工业协会在成都组织召开钢铁工业规划部长会，与会代表围绕《钢铁工业"十五 五"发展规划研究》报告，为进一步做好规划编制工作提出意见建议。其中包括：坚持严控增量与畅通 退出，按照"严控增量、优化存量、兼并重组、畅通退出"工作方针，研究建立产能治理新机制，防范钢 铁行业产能过剩风险持续加剧，着力破除"内卷式"竞争，维护钢铁行业健康有序的生存和发展环境等。 中国银河证券表示，钢铁行业"反内卷"将聚焦"提质增效"，重点在于通过技术升 ...

Core Insights - The company focuses on three main directions: green low-carbon initiatives, quality improvement and efficiency enhancement, and intelligent technology integration [1] Group 1: Technological Advancements - The company has implemented 17 research projects covering various fields such as gas collection and transportation technology, new energy evaluation, corrosion protection, and AI recognition technology [1] - A comprehensive production increase technology series has been established, including three main technologies, four supporting measures, five types of production recovery plans, and six potential exploitation strategies [1] - The efficiency of water drainage and gas extraction measures has reached 95.7%, with an increase in gas production exceeding 500 million cubic meters for six consecutive years [1] Group 2: Management and Safety - The company adopts a "key points first, comprehensive later" approach, maintaining zero failures in Class I and II pipelines and achieving a 100% completion rate for gathering pipeline inspections and repairs [2] - A leakage-free demonstration area has been established in the gas field, and various technologies for monitoring non-metallic pipelines have been developed [2] - The company emphasizes data collection and management throughout the production cycle, integrating digital technology into operations for improved efficiency [2] Group 3: Renewable Energy Initiatives - The company has built 16 distributed photovoltaic power stations, generating a total of 10.76 million kWh and saving 4.41 million yuan [3] - Research on grid safety evaluation has been conducted, focusing on photovoltaic grid connection simulations and system stability analysis [3] - A zero fossil energy consumption demonstration project is underway, expected to generate 120 million kWh annually and save 37.48 million cubic meters of natural gas, with a new energy utilization rate exceeding 90% [3]

Core Viewpoint - The recent competition in the food delivery sector has intensified, with platforms engaging in a new round of subsidy wars, which, while beneficial to consumers in the short term, poses potential long-term risks to the industry's healthy development [1] Group 1: Industry Competition - Various food delivery platforms are launching significant subsidy initiatives to attract consumers and capture market share [1] - The reliance on capital subsidies for competition may lead to unsustainable practices in the long run [1] Group 2: Consumer Impact - The initiatives by platforms have indeed provided tangible benefits to consumers, enhancing their experience in the short term [1] Group 3: Recommendations for Sustainable Development - The Fujian Consumer Council emphasizes the need for platforms to focus on "quality improvement and efficiency enhancement" as the core of their operations [1] - It is crucial for platforms to fulfill their responsibilities and create a competitive environment that benefits all parties involved, ensuring sustainable and high-quality industry growth [1]

Core Viewpoint - The company aims to achieve the goal of "Excellent Datang New Jin Electric" by enhancing safety production, improving quality and efficiency, promoting green development, and integrating party building, successfully exceeding profit and electricity targets for the first half of the year [1] Safety Management - The company adheres to the principle of "safety first, prevention first, comprehensive governance" and implements a "three-dimensional" safety management model, achieving full coverage of the responsibility chain [3] - A "hundred-day attack" safety special governance initiative has been launched, with 23 emergency drills conducted, resulting in a 42% year-on-year decrease in violations [3] Equipment Reliability - The company focuses on restoring equipment to "optimal performance," completing over 1,200 regular and maintenance tasks, and achieving a 4% increase in high-pressure cylinder efficiency while reducing thermal consumption by 60 kJ/kWh [5] - Two units have achieved "zero non-stop" operation for five consecutive years [5] Operational Efficiency - The company has established a "three-level benchmarking" management system, with a 1.67 billion kWh increase in electricity generation year-on-year and a 16.63% increase in actual heat fee collection [5] - Carbon asset management has turned from a deficit to a surplus of over 4,300 tons, expected to generate an additional revenue of 4 million yuan [5] Fuel Management - The company has innovated a "three precision management" model for fuel, achieving a 12% increase in the proportion of economic coal burning, resulting in over 13 million yuan in revenue [6] - Financial costs have been reduced by 5.45 million yuan, with a 15.06% decrease in financing scale compared to the beginning of the year [6] Talent Development - The company implements a "talent strong enterprise" strategy, focusing on systematic training and skill enhancement, resulting in five first-place awards in provincial competitions [7] - A multi-channel growth plan for employees has been established to promote the transition from "single specialty" to "composite talent" [7] Green Development - The company has achieved breakthroughs in renewable energy development, with over 50% of installed capacity in renewable energy projects [8] - The first "photovoltaic + water conservancy" demonstration project in Shanxi has been successfully launched and is profitable [8] Party Building Integration - The company promotes the integration of party building with core business operations, achieving significant recognition and enhancing employee satisfaction to 96% [9][10] - A comprehensive supervision system has been established to address major issues effectively [9] Future Directions - The company will focus on enhancing equipment reliability, electricity spot trading, renewable energy project development, and party building integration to contribute to the goal of "Excellent Datang New Jin Electric" [12]

Summary of the Conference Call for China Coal Energy (中煤能源) Industry Overview - **Coal Market Dynamics**: In June 2025, the thermal coal market experienced price fluctuations influenced by inventory levels and demand, with the price of 5,500 kcal thermal coal at 621 RMB/ton, a slight increase of 1 RMB month-on-month but a decrease of 27% year-on-year. The expected price range for July is between 621 and 635 RMB/ton [2][4][12][13]. - **Coking Coal Market**: The coking coal market saw a rebound in June due to environmental policies and low inventory levels. The expected price for Shanxi low-sulfur coking coal in July is between 1,140 and 1,180 RMB/ton [2][4][5]. - **Urea Market**: The urea market is under pressure due to geopolitical factors and domestic production levels, with expected prices between 1,700 and 1,900 RMB/ton. The average price for urea in the first half of the year decreased by 15% year-on-year [2][5]. - **Polyolefins Market**: The polyolefins market is expected to decline due to increased supply and decreased operating rates, with polyethylene prices between 7,100 and 7,200 RMB/ton and propylene between 6,900 and 7,100 RMB/ton [2][5]. - **Methanol Market**: The methanol market remains stable due to sufficient supply and declining prices of downstream chemical products, with prices in the Northwest region between 1,900 and 2,000 RMB/ton [2][5]. Company Performance - **Production and Sales Data**: In June 2025, the company produced 67.34 million tons of commercial coal, an increase of 840,000 tons year-on-year. However, sales decreased by 4.87 million tons to 129 million tons, primarily due to a reduction in coal trading and agency sales. Urea production increased by 2.7 million tons, while polyolefins production decreased by 9.2 million tons due to maintenance [4][5]. - **Impact of Mine Shutdown**: The Wangjialing mine was shut down from June 1 to July 4, affecting annual production by approximately 600,000 tons. The company aims to recover some of the lost production [7]. Financial Management - **Cash Distribution Policy**: The company maintains a cash distribution ratio of around 30%, which is lower than the industry average of over 50%. This decision considers various factors, including development needs, project investments, operational safety, and shareholder returns. The company has over 80 billion RMB in cash, but a significant portion is restricted for specific uses [2][14]. - **Cost Management**: The company is focused on cost control and efficiency improvements to counteract the downward trend in coal prices. Measures include enhancing coal quality, optimizing product structure, and applying information technology to reduce costs [3][9][11]. Market Outlook - **Future Price Trends**: The coal price is expected to stabilize after the peak summer demand period, with a forecast of continued price support in July. However, the upper price limit may face pressure due to high inventory levels and stable supply [12][13]. Additional Considerations - **Environmental and Safety Investments**: The company emphasizes the importance of safety and environmental investments, which limit the potential for significant cost reductions in certain areas [6][10]. - **Innovation and Technology**: The company is exploring innovative approaches and technology applications to enhance operational efficiency and adapt to market uncertainties [9]. This summary encapsulates the key points from the conference call, providing insights into the coal industry dynamics, company performance, financial management strategies, and market outlook.

Group 1: Overall Performance of Central Enterprises - 79 central enterprise-controlled listed companies reported positive performance forecasts for the first half of the year, with 32 companies showing year-on-year net profit growth, 22 companies turning losses into profits, and 25 companies reducing losses [1] - 19 central enterprise-controlled listed companies expect a net profit increase of over 100%, with several companies achieving significant turnaround from losses [1] Group 2: Power Sector Performance - Huayin Power, a subsidiary of China Datang Group, is expected to lead the growth with a projected net profit of 180 million to 220 million yuan, representing a year-on-year increase of up to 44 times due to increased power generation and reduced fuel costs [2] - Major investments in the power grid and ultra-high voltage construction by State Grid and Southern Power Grid are expected to drive growth in related companies, with Guodian Nanzi and Baobian Electric forecasting net profit increases of 171.89% to 225.66% and 229.15%, respectively [2] Group 3: Electric Equipment and Cable Industry - Baobian Electric's profit increase is attributed to enhanced market development and increased project orders, while Baoshan Co. anticipates a net profit growth of 167.98% to 301.98% due to optimized sales policies and improved internal management [3] - New Energy Taishan is expected to turn losses into profits in the first half of the year, reflecting a positive trend in the electric cable sector [3] Group 4: Shipbuilding and Rare Earth Industries - The shipbuilding sector is experiencing significant growth, with companies like China Shipbuilding, China Power, and China Heavy Industry expecting net profit increases exceeding 200% due to effective management and increased delivery of civilian ships [5] - The rare earth industry is also thriving, with companies like China Rare Earth and Guangsheng Nonferrous Metals expected to turn losses into profits, driven by rising prices of rare earth products [4] Group 5: Turnaround Companies - 22 central enterprise-controlled listed companies are expected to turn losses into profits, with quality improvement and efficiency enhancement being key factors for their performance recovery [6] - Companies like Zhongnan Co. and Taiji Co. have reported successful turnarounds due to strengthened management and cost control measures [6][7] Group 6: Management and Efficiency Improvements - Many companies achieving year-on-year growth or reduced losses attribute their success to ongoing quality improvement and efficiency enhancement initiatives [7] - Companies are focusing on optimizing resource allocation, controlling costs, and improving operational efficiency as critical drivers of performance growth [7]

证券代码：605056 证券简称：咸亨国际 公告编号：2025-034 咸亨国际科技股份有限公司 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： ? 本期业绩预告适用于实现盈利，且净利润与上年同期相比上升 50%以上 的情形。 ? 咸亨国际科技股份有限公司（以下简称"公司"）预计公司 2025 年半年 度实现归属于上市公司股东的净利润为 5,400 万元至 6,600 万元，比上年同期 （法 定披露数据）增加 1,145.07 万元至 2,345.07 万元，同比增加 27%至 55%。 ? 公司预计 2025 年半年度实现归属于上市公司股东的扣除非经常性损益 的净利润为 5,300 万元至 6,400 万元，比上年同期（法定披露数据）增加 1,178.12 万元至 2,278.12 万元，同比增加 29%至 55%。 （二） 业绩预告情况 股东的净利润为 5,400 万元至 6,600 万元，比上年同期（法定披露数据）增加 股东的扣除非经常性损益的净利润为 5,300 万元至 6,400 万元，比上年同期（法 ...