| 投资者关系活动 | √ 特定对象调研□分析师会议 | | --- | --- | | 类别 | □媒体采访□业绩说明会 | | | □新闻发布会□路演活动 | | | □现场参观 | | | □其他 | | 参与单位名称及 | 华创证券申起昊 | | 人员姓名 | 鹏华基金杨浩 | | 时间 | 年 月 日 2025 7 2 (周三) 14:30~16:00 | | 地点 | 公司会议室 | | 上市公司接待人 | 1、副总经理、董事会秘书李广袤 | | 员姓名 | 2、证券事务代表 朱少鹏 | | | 1. 2024 年 HIPS 产品销量提升的原因？ | | | 2024 年度，公司 HIPS 产品销量达 93,190.28 吨，较 2023 年 | | | 度增长 48.45%，主要系随着国家推出《推动大规模设备更新和消 | | | 费品以旧换新行动方案》等一系列刺激内需、促进产业升级的政 | | | 策措施相继出台，下游家电、电子电器等行业对原材料增加，带 | | | 动 HIPS 产品销量快速增长。 | | 投资者关系活动 | 2. 公司客户结构情况？ | | 主要内容介绍 | 公司的客户结构主 ...

Group 1: Company Developments - The Seres Super Factory in Chongqing has achieved a production milestone with the delivery of over 200,000 units of the Wanjie M9, showcasing advanced automation capabilities with 100% automation rates in welding, painting, and servo press lines, allowing for a vehicle to be produced in as little as 30 seconds [1][3] - Changan Automobile is actively developing cutting-edge technologies, including brainwave driving, and has applied for related patents, with a total of approximately 20,000 global patents, 70% of which are invention patents [3][4] - Changan plans to invest over 200 billion yuan in emerging fields over the next decade and expand its technology innovation team by over 10,000 personnel [4] Group 2: Industry Trends - Chongqing is seizing opportunities in the intelligent connected new energy vehicle sector, with a projected production of 953,000 new energy vehicles in 2024, representing a year-on-year growth of 90.5%, significantly outpacing the national average [6] - The city has implemented various supportive policies for the new energy vehicle industry, including action plans for enhancing the intelligent connected vehicle parts industry from 2023 to 2027 [6] - Chongqing aims to establish itself as a hub for intelligent connected new energy vehicles, with plans for a comprehensive charging infrastructure and a focus on smart traffic control systems [9]

Group 1: National Unified Market Construction - The Central Economic Committee emphasizes the importance of establishing a national unified market to eliminate "involution" competition and promote the integration of domestic and foreign trade [1][3] - Key requirements include unified market infrastructure, government behavior standards, and regulatory enforcement, along with continuous expansion of internal and external openness [3][4] - Six major work guidelines focus on addressing low-price disorderly competition, enhancing product quality, and facilitating the orderly exit of backward production capacity [3][4][5] Group 2: Industry Capacity Adjustment - The push for the exit of backward and inefficient production capacity will encompass a broader range of industries, including both traditional and emerging sectors such as lithium batteries, photovoltaics, and new energy vehicles [1][5] - The strategy for capacity reduction will involve optimizing industrial layout, strengthening standard guidance, and promoting restructuring [5][6] - Historical data shows that after the supply-side structural reform initiated in 2015, profit margins in the steel and coal industries significantly improved, indicating potential benefits from similar future reforms [5] Group 3: Integration of Domestic and Foreign Trade - The meeting highlights the importance of integrating domestic and foreign trade, viewing it as a key opportunity for foreign trade enterprises to establish a presence in the domestic market and cultivate independent brands [6][7] - The establishment of a unified market system will provide institutional support for this integration, enhancing competitiveness and aligning domestic rules with international standards [6] Group 4: Marine Economy Development - The meeting outlines a focus on high-quality development of the marine economy, emphasizing innovation, efficient collaboration, and industry updates [8][9] - Key industries identified for growth include offshore wind power, modern deep-sea fishing, marine biomedicine, and marine tourism [9] - The marine economy is projected to exceed 10 trillion yuan in total output by 2024, reflecting a 5.9% year-on-year growth, presenting significant market opportunities [9]

Group 1 - The core viewpoint is that the supply-demand imbalance in the anhydride industry is worsening due to significant capacity expansion and weak downstream demand, leading to a continued decline in market conditions [1][2] Group 2 - Capacity is continuously being released, with new anhydride production capacity expected to reach 1.25 million tons per year in 2024, resulting in a total capacity of 3.08 million tons, an increase of over 68% compared to 2023 [1] - In 2025, over 1 million tons of new capacity is anticipated, with 450,000 tons of new capacity added by the end of May 2024, a year-on-year increase of nearly 15% [1] - The market remains sluggish, with anhydride prices continuing to decline, reaching a near five-year low, and capacity utilization dropping to around 48% [1][2] Group 3 - Demand support is weak, with oversupply being a significant factor in the ongoing downturn of the anhydride industry [2] - Despite an increase in downstream product consumption last year, the growth rate lagged behind raw material supply, exacerbating the supply-demand imbalance [2] - Economic slowdown and low real estate activity are impacting end demand, with limited growth in emerging downstream BDO and an oversupply of acid anhydride products [2] Group 4 - To alleviate domestic market pressure, production companies are actively exploring overseas markets, with a record high export volume of anhydride expected in 2024 [2] - In the first five months of this year, cumulative anhydride exports increased by 11.32% year-on-year, providing some relief to the domestic market, although it does not fundamentally resolve the supply-demand conflict [2] Group 5 - Facing intense competition, an integrated model is expected to be the mainstream development approach for anhydride companies in the future [2] - Leading anhydride producers are equipped with comprehensive industry chain structures to reduce overall production costs, while also relying on technological innovation to enhance market competitiveness [2]

「IPO全观察」 栏目聚焦首次公开募股公司，报道企业家创业经历与成功故事，剖析公司商业模式和 经营业绩，并揭秘VC、CVC等各方资本力量对公司的投资加持。 作 者丨巴里 编辑丨 关雎 图源 丨 云知声 12 年前，刚创业不到一年的中科大博士黄伟面临一次重大抉择：一家巨头给出了"很多人无法拒 绝"的收购价格，甚至能让他早早享受"沙滩游艇"的轻松生活。 但当他征求合伙人梁家恩的意见 时， 对方提出疑问 ： "创业还不到一年就卖掉，是不是太怂了？" 这句话点醒了他 ——他不想轻易放弃，更想和团队一起把事做成。如今，尽管创业让他"累"了 13 年，但他认为这段经历足够精彩，至少证明了自己和团队坚持的方向没有错。 13 年坚持的成果，成为了今年的"港股 AGI 第一股"。 6 月 30 日，黄伟掌舵的云知声智能科技股份有限公司（以下简称"云知声"）成功在港交所挂牌。 云知声 IPO 发行价定为每股 205 港元 ，募资总额约为 3.2 亿港元，募资净额约为 2.06 亿港元。 上市首日，云知声的开盘价与 IPO 发行价持平，盘中一度涨至 319.8 港元 / 股。截至 当日 收盘， 云知声的股价报收 296.4 港元 ...

Group 1 - The Jiangyu Yunting project, constructed by China Communications Construction Company (CCCC) Third Harbor Engineering Bureau, has successfully capped the main structures of buildings 17 and 21, bringing the total number of capped buildings to 19 out of 21 in the project area, marking a significant milestone in construction and transitioning to the decoration and renovation phase [1][2] - The project is located in the core area of Xi'an High-speed Railway New City and is one of the first mixed-use rail transit projects in Xi'an, utilizing the "Station-City Integration" TOD development model, covering a total area of 135.45 acres, which includes 19 residential buildings, 7 office buildings, a kindergarten, and various supporting facilities [1][2] - The project team has implemented various safety and quality control measures during the main structure construction phase, including the addition of protective nets and a comprehensive safety management system, ensuring visual and standardized safety control [1][2] Group 2 - Since the start of construction in August 2023, the project has focused on scientific organization and meticulous management, optimizing construction processes and enhancing professional collaboration, utilizing BIM technology for construction simulation to accelerate progress [2] - With the main structures capped, the project has commenced critical construction processes such as exterior wall insulation, window installation, landscaping, and electromechanical equipment installation, with completion of the main sections expected by the end of this year, making them ready for preliminary acceptance [2] - Upon completion, the project will seamlessly connect with the Metro Line 14 Weihe South Station, integrating residential, office, commercial, cultural, and recreational functions into a comprehensive urban complex above the subway [2]

中国期货每日简报 桂晨曦 Gui Chenxi 从业资格号 Qualification No：F3023159 投资咨询号 Consulting No.：Z0013632 CITIC Futures International Service Platform：https://internationalservice.citicsf.com 摘要 Abstract Investment consulting business qualification：CSRC License [2012] No. 669 投资咨询业务资格：证监许可【2012】669 号 中 信 期 货 国 际 化 研 究 | 中 信 期 货 研 究 所 International 2024-10-09 中信期货国际化研究 | CITIC Futures International Research 2025/07/02 China Futures Daily Note Risks: Macroeconomic fluctuations, geopolitical situations, and reversals in policy tr ...

研究员： 纪晓云 从业资格： F3066027 交易咨询资格：Z0011402 联系方式：010-56711796 | | | | | | | 【行情复盘】 周二铁矿主力收于 708.5，下跌 1.32%；次主力收于 685.0，下跌 1.08%。夜盘收涨。 【重要资讯】 1、中央财经委员会召开第六次会议，研究纵深推进全国统一大市场建设、海洋经 济高质量发展等问题。会议强调，要依法依规治理企业低价无序竞争，规范政府采 购和招标投标、招商引资，着力推动内外贸一体化发展，持续开展规范涉企执法专 | | --- | --- | --- | --- | | | | | 项行动。 2、根据第一商用车网初步掌握的数据，2025 年 6 月份，我国重卡市场共计销售 9.2 万辆左右（批发口径，包含出口和新能源），环比今年 5 月小幅上涨 4%，比上年同 期的 7.14 万辆上涨约 29%。这是重卡市场自今年 4 月份以来的同比三连涨，且涨幅 | | | | | 逐月扩大——4 月份销量同比增长 6.5%，5 月份同比增长 13.6%，6 月份销量扩大至 | | 黑色建材 | 铁矿 | 震 荡 偏 | 29%。而且，这也是重 ...

公众号记得加星标⭐️，第一时间看推送不会错过。 人工智能（AI）模型呈指数级增长，目前已达到万亿参数，这揭示了传统单芯片图形处理单元 （GPU）架构在可扩展性、能源效率和计算吞吐量方面的显著局限性。晶圆级计算已成为一种 变 革 性 的 范 式 ， 它 将 多 个 小 芯 片 集 成 到 一 块 单 片 晶 圆 上 ， 以 提 供 前 所 未 有 的 性 能 和 效 率 。 Cerebras晶圆级引擎（WSE-3）拥有4万亿晶体管和90万个核心，特斯拉的Dojo每个训练芯片拥 有1.25万亿晶体管和8,850个核心，这些平台都体现了晶圆级AI加速器满足大规模AI工作负载需 求的潜力。 本综述对晶圆级AI加速器和单芯片GPU进行了全面的比较分析，重点关注它们在高性能AI应用中的 相 对 性 能 、 能 源 效 率 和 成 本 效 益 。 同 时 ， 也 探 讨 了 台 积 电 （ TSMC ） 的 晶 圆 上 芯 片 封 装 技 术 （CoWoS）等新兴技术，该技术有望将计算密度提高多达40倍。 此外，本研究还讨论了关键挑战，包括容错、软件优化和经济可行性，深入探讨了这两种硬件范式之 间的权衡和协同作用。此外，还 ...

Overview - Cyanuric acid, also known as isocyanuric acid, is a crucial raw material for producing chlorinated isocyanuric acid products, with stable demand in water treatment and disinfection sectors. The demand for cyanuric acid has significantly increased in recent years due to stricter environmental regulations in China and rising public expectations for water quality maintenance in swimming pools and hot tubs. The market size of the cyanuric acid industry in China is projected to reach 5.14 billion yuan in 2024, representing a year-on-year growth of 17.80% [1][11]. Market Policies - A series of policies have been implemented in China to support and guide chemical enterprises, including cyanuric acid producers, towards technological innovation and environmental upgrades. These policies aim to promote the industry's transition to a more standardized and green development model [4][6]. Industry Chain - The upstream of the cyanuric acid industry includes suppliers of raw materials such as urea, chloroform, and sulfuric acid, as well as production equipment and packaging material suppliers. The midstream involves the manufacturing of cyanuric acid, while the downstream applications include the production of various chlorinated compounds and disinfectants, as well as its use as a chlorine stabilizer in swimming pools and as an additive in cosmetics and specialized resins [7]. Development Status - The cyanuric acid industry in China is experiencing robust growth driven by increasing demand in water treatment and environmental protection sectors. The market is expanding due to the rising living standards of the population, which has led to higher expectations for water quality maintenance [11]. Competitive Landscape - The cyanuric acid market in China has seen a significant increase in concentration, with major companies such as Shandong Wolan Biological Group, Shandong Mingda Chemical Technology, and others dominating the market. These companies leverage their technical expertise, production experience, and established sales networks to capture a substantial market share [13][15]. Company Analysis - Shandong Mingda Chemical Technology Co., Ltd. reported a total revenue of 393.185 million yuan in 2024, with cyanuric acid contributing 139.342 million yuan, accounting for 35.44% of total revenue [15]. - Shandong Xingda Chemical Co., Ltd. is a key player in the cyanuric acid production sector, with a production capacity of 100,000 tons per year and significant sales revenue generated from its operations [17]. Development Trends - Future research and development in the cyanuric acid sector will focus on green synthesis processes and high-purity products. New technologies such as continuous production processes and catalytic oxidation methods are expected to be promoted to reduce energy consumption, minimize pollution emissions, and enhance product quality and production efficiency [19].