投资者关系活动 类别 ☑特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 （请文字说明其他活动内容） 参与单位名称及 人员姓名 天风证券何富丽女士 博时基金付伟先生 新华基金成斐昳女士 胤胜投资谭佩佩女士 华夏基金张盈女士 时间 2025 年 7 月 4 日（星期五） 地点 公司会议室 上市公司接待人 员姓名 公司董事长王晓峰先生 公司董事兼总经理 王晓丹女士 公司证券事务代表 张雅女士 投资者关系活动 主要内容介绍 1、关于越王珠宝、越王古法黄金的历史情况及品牌情况？ 回复：公司旗下越王珠宝品牌起始于 1901 年，前身为"陈氏银楼"，是 "中华老字号"品牌。公司于 2015 年收购越王珠宝，"越王古法金"是公司 2019 年开发的古法黄金品类。 2、2024 年度公司黄金珠宝主要产品分类及占比情况？ 回复：公司黄金珠宝产品体系主要为珠宝首饰、投资金条等。其中，珠 宝首饰占营业收入比例在 90.87%，投资金条占营业收入比例为 8.66%。 3、公司黄金珠宝板块各个品类产品的毛利率水平如何？ 回复：古法黄金的毛利率约为 28%，镶嵌类产品的毛利率约为 32% ...

7月4日，截至港股收盘，恒生指数下跌0.64%，报23916.06点。大洋集团（01991.HK）收报0.75港元/ 股，上涨19.05%，成交量231.96万股，成交额201.96万港元，振幅60.32%。 最近一个月来，大洋集团累计跌幅21.25%，今年来累计跌幅37.79%，跑输恒生指数19.99%的涨幅。 财务数据显示，截至2024年12月31日，大洋集团实现营业总收入8.98亿元，同比减少20.08%；归母净利 润-5892.58万元，同比增长27.72%；毛利率12.02%，资产负债率95.07%。 历经多年发展,大洋集团通过全面的产业整合、架构调整和价值重塑,实现集团资产规模快速增长,开 启"大型综合型上市集团"的新篇章。大洋集团主营业务为硅胶矽胶产品的设计研发及制造,主要用于电 子消费品、电脑按键、手机部件、汽车外围产品,以及面向客户的终端消费品系列。集团具备完善的产 品质量体系认证以及全球领先的硅胶材料专利技术,并荣获多项国际大厂的最佳供应商奖项,客户包括苹 果、华为、卡西欧、飞利浦、BOSE、SMK、LE CREUSET、三星等知名企业,在医疗器械组件、精密电 子产品组件、高品质硅胶件以及 ...

公立医疗机构开展血透、腹透等医疗服务均按整合后项目收费，不得选用其他医疗服务价格项目进行收 费。比如，开展血液透析同时联合血液灌流服务，可按照"血液透析灌流费"收费，不得拆分项目分别收 费。 根据相关通知，原"人工肝治疗"项目废止，实际进行的血浆置换、血浆吸附、连续性肾脏替代治疗等操 作可按相应项目叠加收费；原实施血液透析、血液滤过、血液灌流等项目的住院患者床旁治疗加收政策 同时废止。 近日，广东省医保局连续发布通知，公布了优化整合后的泌尿系统透析类、超声和中医类等医疗服务价 格项目和政府指导价（全省最高限价），并要求各地市确保血透患者负担不增加。 其中，泌尿系统透析类医疗服务价格项目和政府指导价自7月15日起实施，超声和中医类等医疗服务价 格项目和政府指导价自7月31日起实施。 不得拆分项目分别收费 广东将原实施的"机采血浆置换术"等32项规范整合为"血液透析费"等21项血透类医疗服务价格项目，将 原实施项目和规范后项目进行映射，并制定了全省最高限价。 相关通知明确，各地市在确保血透患者负担不增加的情况下平移血液透析服务项目价格。"血液透析 费"项目的全省最高限价为每次390元，所定价格涵盖消毒、穿刺、安装 ...

Group 1 - The China Securities Photovoltaic Industry Index (931151) decreased by 0.70% as of July 4, 2025, with mixed performance among constituent stocks [1] - Leading stocks included Lin Yang Energy (601222) up 4.55%, Daqo New Energy (688303) up 3.58%, and Kehua Data (002335) up 2.35%, while Jinlang Technology (300763) led the decline at 3.67% [1] - The Photovoltaic Leaders ETF (159609) saw an active trading session with a turnover of 7.55% and a transaction volume of 20.52 million yuan, reflecting a vibrant market [1] Group 2 - The article emphasizes the need to break away from "involution" competition to achieve high-quality development, advocating for market-oriented reforms and the elimination of local protectionism [1] - The report highlights the importance of institutional guidance for healthy competition and acknowledges the role of industry associations and corporate self-discipline [1] - Current efforts by GCL-Poly Energy and Tongwei Co. to promote capacity consolidation in the polysilicon industry align with policy directions and are expected to receive support [1] Group 3 - The Photovoltaic Leaders ETF closely tracks the China Securities Photovoltaic Industry Index, which selects up to 50 representative listed companies in the photovoltaic industry chain [2] - The index's valuation is at a historical low, with a latest price-to-book ratio (PB) of 1.8, indicating significant value [2] - As of June 30, 2025, the top ten weighted stocks in the index accounted for 55.39%, including companies like Sungrow Power Supply (300274) and LONGi Green Energy (601012) [2]

出 品 | 异观财经 作 者 | 炫夜白雪 今年以来，港股市场表现良好，在港股牛市的浪潮之下，A股各行业龙头企业开始加速赴港IPO。 据港交所近日披露，上海锦江国际酒店股份有限公司(600754.SH)向港交所主板递交上市申请，东方证券国际为独家保荐人。若成功，锦江酒店将成为国内 首家"A+H"双上市的酒店集团。 锦江酒店赴港IPO，意欲何为？ 近几年，酒店行业的发展可谓冰火两重天。从数据来看，行业整体呈现出规模持续扩张，但盈利能力却在下滑的态势。 有报告数据显示，截至2024年底，我国住宿业设施总数约为57万家，客房总规模约1927万间，其中，酒店业设施增长9%至34.87万家（连锁酒店约9.33万 家），客房总数增长7%至1764万间（连锁客房数约707万间），连续三年实现增长。 酒店数量不断增长的同时，需求端却并未同步跟上。2024年国内出游人次56.15亿，同比增长14.8%，而2019年同期为60.06亿人次，2024年仅恢复至2019年 同期的93.49%。商务出行需求也因企业成本控制而减少，进一步压缩了酒店尤其是高端酒店的市场需求。 供大于求的局面直接导致酒店房价下滑，行业三大核心经营指标全面下 ...

Group 1 - The core viewpoint of the article highlights that the company Weihai De is expected to experience growth in performance in 2024 and the first quarter of 2025 due to rising industry prosperity and increased terminal market demand [1] - The company has achieved results through deepening market layout and high R&D investment, indicating a strong commitment to innovation and technology [1] - The video conferencing industry presents high technical and R&D barriers for new entrants, suggesting that the competitive landscape will become more challenging as technology replacement accelerates [1] Group 2 - The company plans to maintain profit margins through product innovation, optimizing customer structure, and exploring high-value markets [1] - The delivery cycle for products is 1 to 2 months, which is aligned with customer delivery plans [1] - The company focuses on high-quality targets and aims to promote industry chain integration through technology-driven and ecological synergy strategies, expecting to achieve a value multiplication effect [1]

近日，工业和信息化部等九部门联合印发《黄金产业高质量发展实施方案（2025—2027年）》（下称 《实施方案》），从九个方面明确了未来三年黄金产业高质量发展的路线图。仔细分析这份政策文件可 以发现，其中既有对近年来既定政策的延续与整合，也不乏创新提法和新的部署，彰显了政府有关部门 推动产业升级的决心。 《实施方案》再次将"推进国内资源增储上产"放在了九大任务的首位，提出到2027年，我国资源保障能 力和产业链创新水平要有明显提升，黄金资源量增长5%～10%，黄金、白银产量增长5%以上，明确要 求加大重点区域尤其是西部地区找矿力度，推动资源勘探由浅入深、由东向西的战略转移。事实上，我 国黄金资源禀赋并不突出。根据世界黄金协会数据，2023年全球黄金储量为54770吨，中国占比仅约 5.85%，资源端的薄弱决定了增储上产是必须长期坚持的国家战略任务。此前，自然资源部2024年发布 的《关于完善矿产资源规划实施管理有关事项的通知》已明确提出加强找矿力度。《实施方案》的出 台，可视为延续既有部署，体现了战略的稳定性与延续性。 "强化关键技术和装备攻关"任务提出了针对超深井采矿、高效冶炼、绿色开采等核心技术难题的攻坚。 ...

Transaction Overview - Nord New Materials Co., Ltd. will sell 70% equity of its wholly-owned subsidiary Jiangsu Lianxin Electronics Industry Co., Ltd. to Jiangsu Jidao New Materials Technology Co., Ltd. for a transaction price of RMB 70 million [1][4] - The profit generated from this transaction is expected to account for over 10% of the company's audited net profit for the most recent fiscal year [1] - This transaction does not constitute a related party transaction or a major asset restructuring [1][6] Financial Information - As of December 31, 2024, the total assets of Jiangsu Lianxin were RMB 196.49 million, with total liabilities of RMB 117.02 million, resulting in net assets of RMB 79.47 million [5] - The revenue for the year ending December 31, 2024, was RMB 175.93 million, while the net profit was a loss of RMB 32.43 million [5] - As of March 31, 2025, the total assets were RMB 189.03 million, with total liabilities of RMB 115.61 million, leading to net assets of RMB 73.42 million [5] Transaction Details - The agreement stipulates that the buyer, Jiangsu Jidao, will pay 10% of the transfer price within three days after the agreement takes effect, and the remaining amount will be settled within three working days after the transfer [6] - The transfer of management responsibilities will occur post-payment, with Jiangsu Jidao assuming operational control of Jiangsu Lianxin [6][7] - The transaction is structured to ensure that Jiangsu Lianxin will not incur any additional liabilities beyond those confirmed in the agreement [7] Impact on the Company - The sale is aimed at resource integration and optimizing the asset structure, aligning with the company's current business development needs [7] - The transaction is not expected to affect the company's normal production and operational activities, nor will it harm the interests of the company and its shareholders [7][8] - There will be no changes in management or personnel arrangements as a result of this transaction [7]

荣盛石化 20250703 摘要 中国石化行业产能增速放缓，炼油能力逼近 10 亿吨红线，新增产能受 限。全球炼油行业面临整合，欧美企业逐步关停部分炼厂，2025-2030 年全球每年新增产能预计仅 40 万桶/日。 芳烃产能增速放缓，国内复合增速约 3%，供给格局健康。日韩装置经 济性减弱，逐步降低开工率。新型一体化炼厂具成本优势，但新批文难 获。烯烃方面，政策收紧，新批文可能性极低，美制轻烃原料供应存潜 在风险，供给侧政策推动行业格局向上。 山东地炼开工率显著下降，从 60%降至 40%，受成品油需求达峰和税 收收紧影响，逐步退出市场。成品油需求达峰，柴油和汽油受新能源汽 车替代影响显著，预计 2030 年成品油消费量缓慢下降。 炼厂应将成品油收益转移至化工产品，并拓展国内外销售渠道。荣盛石 化拥有 370 万吨出口配额，推进一体化升级改造，降低成品油收率至 20%以下，提升销售和生产灵活性。 芳烃扩能尾声，国内 PS 产能增长有限，复合增长率约 3%。PTA 及下游 聚酯需求稳步增长。国内先进一体化炼厂竞争力强，PX 到石脑油盈亏平 衡点约为 100 多美元/吨，远优于全球平均水平。 Q&A 石化行业在 ...

Core Viewpoint - The acquisition of 51% equity in Nanbu Yongsheng by Xuefeng Technology marks a strategic move to enhance its position in the civil explosives industry and expand its market presence in Southwest China [1][4]. Group 1: Company Overview - Xuefeng Technology achieved a revenue of 6.101 billion yuan and a net profit of 668 million yuan in 2024, with a net profit of 647 million yuan after deducting non-recurring items [1]. - The company produced 119,500 tons of industrial explosives, including 48,000 tons of packaged explosives and 71,500 tons of mixed explosives, along with 11.48 million electronic detonators [1]. - Xuefeng Technology has a strong commitment to shareholder returns, distributing a total of 643 million yuan in dividends over the past three years [3]. Group 2: Industry Context - The civil explosives industry is characterized by high regulatory barriers and significant operational challenges due to its hazardous nature, with strict oversight from national and provincial authorities [2]. - The "14th Five-Year Plan for the Safety Development of Civil Explosives Industry" encourages the restructuring and integration of enterprises, aiming to create 3-5 large integrated companies with strong industry influence and international competitiveness [2]. - The civil explosives market in Sichuan is robust, ranking fourth in annual explosive production in China, with a market structure dominated by leading enterprises [3]. Group 3: Strategic Implications - The acquisition is seen as a critical step for Xuefeng Technology to deepen its dual business strategy of "civil explosives + energy chemicals" and to establish a strategic foothold in the Southwest market [4]. - The partnership with Nanbu Yongsheng, which has a production capacity of 26,000 tons of explosives, is expected to leverage both companies' strengths in brand recognition, profitability, and operational management [3][4]. - Xuefeng Technology aims to create a synergistic effect from the merger, enhancing its capabilities in the civil explosives sector and contributing to the high-quality development of the industry [4].