[Table_Reportdate] 2025年09月30日 公 司 简 评 报告原因：业绩点评 蓄代理费率调整效果显现 ——公司简评报告 [证券分析师 Table_Authors] 公 司 研 究 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 王鸿行 S0630522050001 whxing@longone.com.cn | [数据日期 Table_cominfo] | 2025/09/29 | | --- | --- | | 收盘价 | 5.83 | | 总股本(万股) | 12,009,505 | | 流通A股/B股(万股) | 6,712,240/0 | | 资产负债率(%) | 93.73% | | 市净率(倍) | 0.61 | | 净资产收益率(加权) | 5.46 | | 12个月内最高/最低价 | 6.44/4.94 | [Table_QuotePic] -18% -11% -3% 5% 12% 20% 27% 35% 24-09 24-12 25-03 25-06 邮储银行 沪深300 [相关研究 Table_Report] 《邮 ...

图为哈桑·达贾。采访者供图 哈桑·达贾说，中华人民共和国于1949年成立时面临"一穷二白"的局面，但中国坚定走独立自主、 自力更生的道路，持之以恒发展经济、改善民生。特别是改革开放之后，中国加快同国际经济体系融 合，制造业加速发展，中国成为"世界工厂"。 如今，中国稳步成为世界第二大经济体，GDP总量超过18万亿美元，是150多个国家和地区的主要 贸易伙伴。哈桑·达贾说："从人工智能到通信技术，从先进制造到航空航天，中国还成为全球国际创新 的领先力量。与此同时，中国致力于以人民为中心的发展。"2020年，中国宣布消除了绝对贫困和区域 性整体贫困，提前10年实现《联合国2030年可持续发展议程》减贫目标。这一史无前例的成就凸显坚强 政治意志和精准政策举措的结合。 人民网迪拜9月26日电 （记者管克江）约旦侯赛因·本·塔拉勒大学教授哈桑·达贾近日接受人民网记 者专访时表示，新中国成立76年来，中国实现从站起来、富起来、强起来的飞跃，成为推动全球治理更 加公正合理的领导力量。这一成就得益于中国共产党的领导，得益于中国人民的奋斗创造。 哈桑·达贾表示，中国没有止步于实现自身发展成就。通过共建"一带一路"倡议等合作倡议 ...

9月22日，国务院新闻办公室举行"高质量完成'十四五'规划"系列主题新闻发布会，介绍"十四五"时期金 融业发展成就。 监管引导的长远价值在于以机制创新构建金融服务实体的"长效生态"。实体经济需求的多元化，要求金 融服务模式不断迭代，而监管部门的机制创新，是推动金融机构突破服务瓶颈的重要动力。其一，通过 搭建政策协同平台，加强与财政、产业等政策的联动，推动"信贷+保险+担保""贷款+贴息"等组合式金 融服务落地，形成支持实体的政策合力；其二，以科技赋能监管与服务，推动金融机构运用大数据、人 工智能等技术优化服务流程，降低服务成本，提升对实体企业尤其是中小微企业的服务效率与覆盖面； 其三，完善金融服务评价与激励机制，将金融机构服务实体的质效与市场准入、监管评级等挂钩，引导 金融机构从"被动响应"转向"主动服务"。 未来，随着监管引导机制的持续完善，金融机构服务实体的精准性、有效性将进一步提升，金融与实体 经济的良性循环也将更加顺畅，为经济高质量发展注入更持久的金融动能。 （文章来源：证券日报） 国家金融监督管理总局局长李云泽在发布会上表示，"十四五"以来，国家金融监督管理总局坚持从经济 社会大局出发，坚决贯彻新发 ...

Core Insights - The "924 market" initiated on September 24, 2024, has led to a strong annual performance in the A-share market, with the Shanghai Composite Index rising over 36% from 2863 points to a peak of over 3900 points [1][3] - The number of stocks that doubled in value exceeded 1400, indicating a significant structural opportunity rather than a broad bull market [1][9] - Fund performance has also been notable, with 775 funds doubling their net value, showcasing the effectiveness of policy support and the growth potential in hard technology sectors [1][5] Policy Support and Market Dynamics - The "924 market" was triggered by a series of regulatory measures aimed at easing market liquidity, including policies on stock pledges, refinancing, and mergers and acquisitions [3] - A significant increase in daily trading volume was observed, with average daily turnover rising from less than 500 billion to over 1.6 trillion at peak times, indicating a robust market response [3] - The inflow of northbound capital exceeded 80 billion in the first half of 2025, reflecting a strong recovery in investor sentiment [3] Fund Performance and Sector Analysis - Among the 775 funds that doubled, major fund companies like E Fund and Huaxia led with 46 and 36 doubling funds respectively, highlighting the competitive advantage of larger firms in research and product positioning [5][6] - Technology growth theme funds emerged as the biggest winners, focusing on sectors such as semiconductors, artificial intelligence, and advanced manufacturing [5] - Notably, some funds achieved returns exceeding 200%, with the top performer, Debon Xin Xing, yielding a return of 280.31% [6][7] Investor Sentiment and Market Structure - The recovery in investor confidence is evident, with a significant increase in the proportion of active equity fund investors achieving positive returns [8] - The rise of ETFs has transformed market dynamics, with total ETF assets surpassing 5 trillion, becoming a key channel for institutional pricing and investment strategies [8] - The structural changes in the market suggest that while the hard technology sector has long-term potential, short-term valuations have risen significantly, necessitating careful consideration of profit realization [9]

Group 1 - The overall economic performance of China's basic chemical industry showed a steady improvement in the first half of the year, with 535 companies reporting a total revenue of 1,352.868 billion yuan, a year-on-year increase of 4.53%, and a net profit attributable to shareholders of 78.371 billion yuan, up 0.28% [1] - Among 31 sub-industries, 20 reported revenue growth, indicating a continuous optimization of the industrial structure and steady development of new productive forces within the basic chemical sector [1] Group 2 - Certain sub-industries, such as potash fertilizer, modified plastics, fluorochemicals, and others, experienced significant profit growth, benefiting from factors like reduced overseas supply and strong global demand [2] - Potash fertilizer companies collectively achieved a revenue of 13.129 billion yuan, a 3.57% increase, and a net profit of 5.663 billion yuan, soaring by 39.69% [2] - The fluorochemical sector saw a remarkable increase in revenue for refrigerant companies, totaling 33.488 billion yuan, a 29.96% rise, and a net profit of 4.575 billion yuan, up 137.42% [2] Group 3 - The modified plastics sector reported robust growth, with 16 companies generating a revenue of 60.319 billion yuan, a 20.7% increase, and a net profit of 1.531 billion yuan, up 29.64% [3] - This growth was driven by strong demand in emerging markets and technological advancements in high-performance materials [3] Group 4 - Despite positive performances in some areas, supply-demand mismatches remain a significant challenge for high-quality development in the industry [4] - The carbon black industry faced low operating rates and profitability issues, with five companies reporting a revenue of 21.295 billion yuan, a 1.52% increase, but a net profit drop of 24% to 0.078 billion yuan [4] - The titanium dioxide sector experienced a revenue decline of 10.92% to 30.65 billion yuan and a net profit decrease of 38.55% to 1.962 billion yuan [4] Group 5 - The tire industry is grappling with rising raw material costs and intense competition, leading to a revenue drop of 11.24% to 101.613 billion yuan and a net profit decline of 21.07% to 6.85 billion yuan [4] - The government is promoting a "de-involution" strategy to eliminate unfair competition and facilitate the orderly exit of outdated capacities, aiming for higher quality development in the chemical industry [5] - This policy is expected to alleviate issues of overcapacity and chaotic competition in certain sub-industries, leading to a potential phase of improvement in industry conditions [5]

建信基金特别策划科技投资系列内容，为大家系统梳理了科技领域投资的方方面面。 CIS 今年以来，以人工智能和创新药为代表的科技成长赛道，成为引领A股结构性行情的主引擎。展望后 市，科技和先进制造等成长方向或仍是长期关注重点。 ...

Core Viewpoint - The first batch of new floating-rate funds has shown significant performance differentiation, with 23 out of 26 funds achieving positive returns since inception, and three funds exceeding a 40% return [1][4][5]. Group 1: Fund Performance - As of September 22, 2023, the top-performing funds include Huashang Zhiyuan Return A with a return of 42.72%, and two others with returns exceeding 40% [4][5]. - Seven funds have returns between 10% and 40%, while three funds have reported negative returns since their establishment [4][5]. - The performance variation is attributed to differences in performance benchmarks, timing of fund establishment, and the active management capabilities of fund managers [1][4][6]. Group 2: Fund Structure and Features - The new floating-rate funds implement a differentiated fee structure that charges based on the excess return level of each investment, encouraging long-term investment and enhancing investor experience [3]. - The total scale of the first batch of floating-rate funds reached 258.65 billion yuan, with nine funds exceeding 1 billion yuan in size [2]. Group 3: Market Context and Future Outlook - The second batch of 12 new floating-rate funds has been registered, with a focus on industry themes such as manufacturing and healthcare, alongside broad market selection products [7]. - The market outlook remains optimistic, with expectations of continued economic recovery supported by fiscal and monetary policies, and opportunities in sectors driven by new industries like artificial intelligence and semiconductors [8].

Core Viewpoint - The company is investing 50 million yuan in a private equity fund focused on advanced manufacturing and new materials, indicating a strategic move to enhance its investment portfolio in high-quality resources within these industries [1] Group 1: Investment Details - The company's wholly-owned subsidiary, Wuxi Hengshang Investment Management Co., Ltd., will contribute 50 million yuan as a limited partner in the Shanghai Yangtze River Delta Shenchuang Private Equity Fund Partnership [1] - The total planned capital for the fund is 3.44 billion yuan, with the company's contribution representing 1.4535% of the total fund [1] Group 2: Fund Focus - The fund will focus on high-quality resources related to advanced manufacturing and new materials, which are key sectors for future growth and innovation [1] Group 3: Transaction Classification - This investment is classified as a related party transaction but does not constitute a major asset restructuring [1]

Group 1 - The event at Olympic Park in Chaoyang District transformed into a science popularization exhibition featuring various national science museums and enterprises, providing innovative technology experiences to the audience [2][3] - The China Science and Technology Museum established three major exhibition areas focusing on cutting-edge fields such as life sciences, space exploration, AI creation, and advanced manufacturing, showcasing significant scientific issues and breakthrough technological achievements [2] - A total of 15 interactive science popularization exhibits were presented, including the "Zuchongzhi No. 3" superconducting quantum computer and immersive VR experiences related to aircraft carrier operations [2] Group 2 - The Chaoyang District Science and Technology Culture Carnival was launched alongside the exhibition, covering topics like metaverse virtual interaction, AIGC creativity, astronomy, space science, and digital healthcare, with 19 themed exhibitions set up [3] - The event featured 30 technology experiences at the Aoyuan Technology Show, allowing attendees to engage in human-machine chess matches and immersive flight simulations using VR headsets [3] - The exhibition also included unmanned retail vehicles and coffee robots providing food services, along with a consumer street featuring various tech brands and cultural creative studios showcasing trendy tech and cultural innovations [3]

Core Viewpoint - The article emphasizes the importance of strengthening resilience, maintaining a spirit of innovation, and enhancing capabilities to better leverage the role of the Lingang New Area as a growth engine for Shanghai's development [1][3]. Group 1: Manufacturing and Industry Development - The development of the manufacturing sector is prioritized, with a focus on refining industries and professionalizing parks to create advanced manufacturing bases that are capital and technology-intensive with high added value [1][5]. - There is a call to enhance the competitiveness of the manufacturing industry by improving the integration of innovation and production, optimizing the industrial layout, and attracting upstream and downstream enterprises [5][6]. Group 2: Innovation and Entrepreneurship - The need to clarify innovative business models, gather innovation resources, and improve supporting policies to attract young entrepreneurs to the Lingang area is highlighted [1][6]. - The article stresses the importance of providing comprehensive support for startups, addressing their challenges, and ensuring that policies are convenient and beneficial for entrepreneurs [3][6]. Group 3: Economic and Policy Framework - The Lingang New Area is positioned as a significant reform and opening-up strategy, with a focus on maintaining strategic determination and confidence in development [4][7]. - There is an emphasis on enhancing the business environment to become a core competitive advantage, with measures to streamline services and improve policy accessibility for enterprises [6][7]. Group 4: Strategic Goals and Future Directions - The article outlines the goal of establishing the Lingang New Area as a world-class industrial cluster, focusing on key industries such as smart vehicles, high-end equipment, integrated circuits, civil aviation, and digital economy [7]. - It calls for deepening institutional openness and exploring new areas such as offshore finance and cross-border data flow to achieve significant and leading outcomes [7].