Core Viewpoint - Lier Chemical is expected to significantly increase its profitability in the first half of 2025, with a projected net profit of 265 million to 275 million yuan, representing a year-on-year growth of 185.24% to 196.00% due to rising prices and sales of its core product, glyphosate, alongside cost optimization efforts [1][2]. Group 1: Financial Performance - In 2023, Lier Chemical's revenue was 7.851 billion yuan, a decrease of 22.55% year-on-year, and the net profit was 604 million yuan, down 66.68% [2]. - In 2024, the company reported revenue of 7.311 billion yuan, a decline of 6.88% year-on-year, with a net profit of 215 million yuan, a drop of 64.34% [2]. - The company anticipates a strong recovery in 2025, with a significant increase in net profit driven by improved market conditions and strategic initiatives [2][3]. Group 2: Product and Market Dynamics - The price of glyphosate remains low, but the price of Lier Chemical's other core product, glufosinate, has rebounded from 23,500 yuan per ton in April 2025 to 25,500 yuan per ton by July 7, 2025, marking an increase of 8.5% [3]. - The company has expanded its market share in key regions such as Brazil and Argentina through a dual strategy of targeting large clients and overseas registrations [3]. - Domestic demand for glufosinate is rapidly increasing due to the promotion of genetically modified crops, supporting the company's production capacity growth [3]. Group 3: Capacity Expansion and Strategic Initiatives - Lier Chemical has established seven production bases in China, enhancing its competitive edge and ensuring a stable global supply chain [1][4]. - The company holds over 50% market share in glufosinate domestically and approximately 30% globally, benefiting from economies of scale [4]. - As of 2024, Lier Chemical's production capacities include 86,300 tons for active ingredients, 81,200 tons for formulations, and 123,500 tons for chemical products, with respective year-on-year growth rates of 43.4%, 36.2%, and 50.6% [4]. - The company is also pursuing acquisitions to further expand its industry chain, including a proposed acquisition of Shandong Huimeng Biotechnology Co., Ltd. [5].

Market Performance - The Shanghai Composite Index reached a new high, approaching 3500 points, with a closing price of 3497.48 points, marking a significant increase in investor confidence [1] - The Shenzhen Component Index rose by 1.47%, and the ChiNext Index increased by 2.39%, with a total of 4283 stocks rising in the Shanghai and Shenzhen markets [1] Solar Energy Sector - The solar energy sector saw a substantial surge, with the overall solar concept index rising by 2.06%, and 460 constituent stocks increasing in value [3] - Notable stocks included Shihang New Energy, which hit the 20% daily limit, and several others like Tongwei Co. and Aiko Solar, which also saw significant gains [2][3] - The Ministry of Industry and Information Technology held a meeting focused on promoting high-quality development in the solar industry, indicating potential future growth [3] Technology Sector - The technology sector experienced a strong performance, particularly in the computing power supply chain, with significant gains in PCB and semiconductor stocks [4] - Key drivers included better-than-expected earnings forecasts from leading companies and the initiation of the IPO process for a major DRAM manufacturer, which positively impacted the semiconductor industry [4] Gaming Sector - The gaming sector saw a notable increase, with a 2.77% overall rise, driven by stocks like Icefire Network and Electric Soul Network [5] - The approval of 158 new games by the National Press and Publication Administration marked a significant milestone, indicating a potential boost for the industry [6] - Huawei's announcement regarding the upcoming showcase of HarmonyOS games at the 2025 ChinaJoy exhibition further highlights the sector's growth potential [5][6]

齐鲁晚报·齐鲁壹点 主余凤 七月，沂南县的露地黄瓜迎来采收高峰期。这里的黄瓜凭借着独特的品质，既能在鲜食市场"大放异 彩"，又能在酱菜领域"闯出一片天"，深受市场欢迎。 历经80余年种植技艺的传承积淀，沂南已成为全国最大的夏、秋黄瓜生产基地，带动全产业链产值超百 亿元。通过科技赋能提质增效、产业升级集群发展，沂南黄瓜正以蓬勃之势，书写着农业强、农村美、 农民富的生动答卷。 小黄瓜结出百亿金链条 "这是我们的新品种——中农脆玉3号小黄瓜，别看它个头小，但它口感脆甜，而且所含'丙醇二酸'是大 黄瓜的3倍-5倍，对减脂美容非常有帮助……"在山东省沂南县辛集镇房庄子村党支部书记谢吉海的手 边，一盘翠绿的黄瓜水灵灵地摆在桌面，让人垂涎欲滴。 "在我们村，家家户户都感谢黄瓜！"谢吉海拿起一根黄瓜向记者展示，"这小小的黄瓜，可是我们的'致 富瓜'！" 种植户谢吉安就是受益者："俺种了1亩地的温室黄瓜，这几年行情好，每年能卖6万多！种黄瓜可比种 别的作物收益高，日子都跟着有盼头！" 说起沂南黄瓜的种植历史，可以追溯到20世纪30年代。1934年，当地农民首次尝试种植黄瓜，开启了沂 南黄瓜产业的发展序幕。20世纪80年代后期， ...

Core Viewpoint - The company, Shengnong Development, expects a significant increase in net profit for the first half of 2025, projecting a rise of 732.89% to 830.88% compared to the same period last year, driven by strong retail growth and strategic acquisitions [1][4]. Financial Performance - The projected net profit attributable to shareholders is between 850 million to 950 million yuan, compared to 102.05 million yuan in the same period last year [4]. - The expected net profit after deducting non-recurring gains is estimated to be between 330 million to 420 million yuan, a year-on-year increase of 256% to 353.35% from 92.64 million yuan [4]. Business Operations - Shengnong Development is part of the largest white feather chicken company in Asia, with a fully integrated supply chain from breeding to sales [4]. - The company has seen continuous growth in its retail channels, as well as stable growth in export and catering sectors, leading to an optimized revenue structure [5]. Cost Management - The company has implemented lean management practices, which, along with increased self-research and development of the new generation breeding chicken "Shenze 901 Plus," have significantly reduced overall meat production costs compared to the previous year [5]. Strategic Acquisitions - Shengnong Development completed the acquisition of a 54% stake in Sun Valley for 1.126 billion yuan, which is expected to enhance synergies and positively impact non-recurring gains for 2025 [6]. - The acquisition adds significant production capacity, with Sun Valley having an annual output of 65 million chickens and food processing capabilities of 90,000 tons per year [6]. Market Conditions - The white feather chicken market is currently experiencing a downward price trend, with significant declines in both chick and meat prices, leading to cautious replenishment by farmers [5][6].

供需边际转弱对冲油价修复作用，PTA盘面偏弱运行 通惠期货研发部 李英杰 从业编号：F03115367 投资咨询：Z0019145 手机：18516056442 liyingjie@thqh.com.cn www.thqh.com.cn PTA：PTA走势或承压偏弱，原油走弱削弱成本驱动，叠加纺织成交持续低 于均值表明终端需求疲软，产业链负反馈下PTA加工费可能被压缩，但低库 存及高基差限制下行空间。 2. 聚酯 07月07日，短纤主力合约收6518.0元/吨，较前一交易日收涨0.06%。华东 市场现货价为6695.0元/吨，较前一交易日收跌15.0元/吨，基差为177.0 元/吨。 聚酯产业链呈现供应趋松、库存分化的特点。供应方面，PX期货价从6月27 日至7月7日由6752元/吨降至6684元/吨，PTA同期由4778元/吨跌至4710元/ 吨，产业链成本端支撑松动。 需求方面，轻纺城成交量MA15指标从6月27日609万米持续攀升至7月7日643 万米，下游纺织补库需求逐步释放。 库存方面，涤纶短纤库存天数7.99天远超五年均值4.96天，但长丝品类中 DTY(28.6天)、FDY(22.4天)、POY ...

作 者丨 王俊 尤一炜 章驰 编 辑丨肖潇 打开APP随即弹出广告，想关闭却找不到"×"按钮，甚至瞬间自动跳转购物平台，这些细微的 烦扰渗透在使用手机的每一天。 而在屏幕的另一端，声称只需花费5万元成本坐拥百万收益，"一个月提一辆帕拉梅拉"的造富 神话，也同时上演。 两种反差感极强的画面背后，都有着一条共同的主线： 互联网广告投放产业链。 为了提升广告曝光与点击率，很多时候聚合广告联盟平台与APP之间形成了秘而不宣的合谋， SDK是刀，APP是执刃者。比如SDK可以提供参数设置，让手机小角度倾斜就能触发"摇一 摇"广告；或者延迟显示"x"按钮，确保用户先误触广告。 21世纪经济报道记者独家获悉， 个别聚合广告SDK平台"指导"APP开发者躲避监管，根据监 管检测形式，动态调整参数逃避技术审查。这套策略已引起监管关注，对相关平台进行了约 谈。 与此同时，围绕聚合广告平台SDK机制，还衍生出一整条逆向灰产路径：有人反过来利用这 些SDK规则，"埋伏进韭菜园做庄"，批量搭建空壳App，靠养机、渠道分发和广告分成获利。 他们号称只需花费5万以内的启动资金，每天花费两个小时就能坐拥数十万乃至几百万收益。 无论是聚合广告 ...

格隆汇7月8日丨乐氏国际控股(01529.HK)公告，于2025年7月8日，集团透过公司的间接全资附属公司订 立股权转让协议，以收购亳州乐老号医药有限公司("目标公司")的100%股权，总代价为人民币90万元， 有关代价乃经订约方公平磋商后厘定。董事会预期是次收购短期内不会对集团的财务状况或营运有任何 重大不利影响。于完成后，目标公司将成为公司间接全资附属公司，其财务业绩将会于集团的综合财务 报表综合入账。 基于上文所述，董事会认为收购目标公司符合公司及其股东的整体利益，并与集团的长期战略目标一 致。 集团计划在目标公司现有业务的基础上，提升管理效率，整合资源。集团的目标是成为全面的供应链服 务供应商，拓展业务至基本分销以外范畴，为产业链提供金融、数据及管理解决方案等增值服务。集团 亦计划应用数字技术以降低营运成本，并利用人工智能提高决策的准确性。通过上述措施，集团力求将 其物流实力转型为数据实力、服务实力及财务实力。此外，集团计划以目标公司为切入点，进一步开拓 产业链上下游商机，从而扩大其价值创造范围。 目标公司持有《药品经营许可证》，其主要从事药品的批发与分销、第一类及第二类医疗仪器的销售以 及医护人员防 ...

Investment Rating - The industry investment rating is maintained as "Positive" [3] Core Viewpoints - Changxin Technology's planned IPO is expected to benefit the entire semiconductor industry chain, particularly the upstream semiconductor equipment materials and storage sectors [2][6] - The advanced storage and logic capacity expansion continues, with domestic storage leader Changxin Technology expected to increase its capacity by nearly 50% year-on-year in 2025 [6] - The demand for storage is recovering, and some storage price increases have been ongoing for several months, indicating a positive outlook for niche DRAM manufacturers in mainland China [6] Summary by Sections Industry Overview - Changxin Technology, a core enterprise in the DRAM industry chain in mainland China, is undergoing IPO preparations, which is expected to facilitate business expansion through financing [6] - The company's product range includes DDR4/DDR5 and LPDDR4/LPDDR5 series, with plans to deliver HBM3 samples by the end of 2025 and to start mass production in 2026 [6] Market Dynamics - Changxin's market share in terms of bit shipments is projected to increase from 6% in Q1 to 8% by the end of the year, with DDR5/LPDDR5 market shares expected to rise significantly [6] - The supply gap for DDR4 and LPDDR4 continues to exist, benefiting domestic storage manufacturers and niche storage design companies [6] Investment Recommendations - Recommended stocks in the semiconductor equipment and materials sector include Northern Huachuang, Shengmei Shanghai, and Zhongwei Company [6] - In the storage industry chain, recommended stocks include Zhaoyi Innovation and Beijing Junzheng [6]

Transaction Overview - The company plans to acquire 56.0299% equity of Shenzhen Yilian Infinite Technology Co., Ltd. for cash, with a total valuation of 628 million RMB [1][2] - The acquisition will grant the company control over Yilian Infinite, which will be included in the company's consolidated financial statements after completion [1][2] - The transaction requires approval from the company's shareholders' meeting due to the significant net profit of Yilian Infinite exceeding 50% of the company's audited net profit for the last fiscal year [2] Transaction Parties - The seller of the equity is Chen Zheng, who has no direct or indirect shareholding in the company and is not associated with any major stakeholders [2][4] - The other party involved is Shenzhen Boyuan Zhili Management Consulting Partnership (Limited Partnership), which also has no direct or indirect shareholding in the company [4] Target Company Information - Shenzhen Yilian Infinite Technology Co., Ltd. was established on September 10, 2012, with a registered capital of 41.2876 million RMB [3][5] - The company specializes in the research, development, production, and sales of broadband access equipment and wireless network devices [14] - As of April 30, 2025, Yilian Infinite reported total assets of 307.99 million RMB and a net profit of 9.7977 million RMB for the first four months of 2025 [11][12] Financial Assessment - The total equity value of Yilian Infinite was assessed at 628.8346 million RMB, with a significant increase in net asset value compared to its book value [12][13] - The asset-based valuation indicated a total asset value of 360.86 million RMB, with a net asset value of 161.01 million RMB [13] - The revenue method assessment showed a substantial increase in equity value, reflecting a 290.56% increase over the book net asset value [13][14] Transaction Agreement Details - The transaction price was negotiated based on the assessed value, with the cash payment structured to be completed within 60 working days after the agreement takes effect [17][18] - The agreement includes provisions for the transfer of equity and the management of the target company's operational assets post-acquisition [18]

Group 1 - Industrial Fulian's preliminary forecast for Q2 2025 indicates a net profit of 6.727 billion to 6.927 billion yuan, representing a year-on-year increase of 47.72% to 52.11% [2] - The company reported that AI server revenue grew over 60% compared to the same period last year, highlighting its leading position in core product shares among major clients [2] - Despite the traditional off-season for consumer electronics in Q2, the strong growth in AI contributed to a significant overall profit increase [2] Group 2 - The AI industry chain, including sectors like server ODM, PCB, and IC manufacturing, is experiencing high growth rates, with some companies seeing accelerated performance in recent months [3] - Demand for ASICs is also rising, with Broadcom holding a 55% to 60% market share, and its financial reports indicate that ASIC business is a core growth driver [3] - Google has launched its seventh-generation TPU, which can achieve computing power 24 times that of the fastest supercomputer globally, indicating strong demand for AI accelerators [3] Group 3 - The A-share market is witnessing rapid growth in sectors like PCB and optical modules, alongside a new wave of investment expansion [5] - Companies like Huadian Co. are planning significant investments, such as 3.6 billion yuan for new projects, to enhance production capacity [5] - The AI wave is expected to continue driving growth in the industry chain, with recommendations for strategic investments in related sectors [5]