Group 1 - Fengyi Investment recently conducted research on listed company Siling Co., focusing on its differentiated product manufacturing and supply chain system to enhance equipment utilization and product quality [1] - Siling Co. plans to establish a robotics components division in 2024, concentrating on the research and mass production of harmonic reducers, with core equipment already in place and a second production line planned [1] - The Thailand factory of Siling Co. has obtained origin certification, and its North American business operates on an FOB model, with tariffs borne by customers, indicating limited impact due to product irreplaceability [1] Group 2 - Siling Co. has received ITF16949 certification and origin certification for its Thailand factory, and is currently investing in the third phase to expand capacity and establish local service capabilities in the North American market [1] - The company possesses extensive flexible manufacturing experience and mature customized production capabilities, planning to adjust production based on industry and customer demands in the future [1]

5月贸易盈余6.08亿美元，预期盈余10.50亿美元。 5月出口70.95亿美元，进口64.88亿美元。 阿根廷一季度失业率7.9%。 ...

Group 1 - India has imposed restrictions on the import of palladium, rhodium, and iridium alloys with a gold content exceeding 1% [1] - This regulation aims to control the quality and composition of imported precious metal alloys [1] - The move is expected to impact the supply chain and pricing of these metals in the Indian market [1] Group 2 - The decision reflects India's ongoing efforts to regulate precious metal imports and enhance domestic production [1] - Industry stakeholders may need to adjust their sourcing strategies in response to these new import restrictions [1] - The restrictions could lead to increased demand for locally sourced materials and potentially drive innovation in domestic alloy production [1]

Core Insights - The Beijing Municipal Drug Administration has implemented a comprehensive plan to enhance the biopharmaceutical industry, achieving significant results in market access and regulatory measures [1][3]. Group 1: Policy Implementation and Achievements - A biopharmaceutical task force was established, resulting in the creation of 50 specific development measures across five areas, including market access [1]. - Over the past five years, 17 innovative drugs and 54 Class III innovative medical devices have been approved, positioning Beijing among the top in the nation [3]. - A green channel for the import approval of urgently needed drugs and medical devices has been established, benefiting over 2,000 patients with 23 approved clinical urgent drug imports in the past year [3]. Group 2: Regulatory Efficiency Improvements - Clinical trial approval times have been reduced from 60 days to 30 days, with trial initiation times cut to under 12 weeks, expediting the approval process for 11 projects [4]. - The review time for supplementary drug applications has been shortened from 200 days to 60 days, facilitating faster technological upgrades for companies [4]. - The introduction of an integrated sampling inspection model for imported drugs has enabled 24-hour completion of customs clearance and sampling, with a significant increase in the volume of imports [4]. Group 3: Future Directions - The Beijing Municipal Drug Administration plans to continue enhancing innovation services and seek pilot policies to further promote the development of the biopharmaceutical industry [5].

小商品城 20250618 摘要 义乌小商品城六区招商顺利，选位费持续上涨至 11-12 万元，反映市场 高景气度。尽管开盘后股价因部分机构预期过高而下跌，但选位费和商 铺租金（预计 2000-2,500 元/月）对公司业绩的积极影响显著，选位费 三年平摊每年贡献约 40 亿收入，转化率约 75%，业绩确定性强。 写字楼需求旺盛，拍卖速度快，单价约 1.5 万元，五栋已快速售罄。结 合商品展示、办公、洽谈功能，写字楼业务受欢迎，加上两栋高层和四 栋自持物业，为未来三年业绩奠定基础，支撑小商品城股价。 公司计划在香港获取 TCSP 牌照，战略上从商业运营向金融服务转型， 助力支付业务发展。该牌照允许合法开展公司注册、信托财管等业务， 并受香港证监会监管，提升公司专业形象和信誉度，增强综合竞争力。 易宝支付获得 TCSP 牌照后，可提供资金托管、担保支付等增值服务， 升级为综合金融服务商。简化中国商户海外业务流程，保障跨境资金安 全，降低国外客户对华贸易合规成本，优化跨境支付体验。 义乌进口业务作为贸易谈判筹码，国家给予唯一试点资格，降低新品 SKU 备案费用和时间。虽然目前市场认知度较低，但未来可能涉及化妆 六 ...

Core Viewpoint - The company is preparing for its 2024 annual shareholders' meeting, where various proposals will be discussed, including the appointment of auditors, financial reports, and capital changes. Group 1: Meeting Procedures - Shareholders and their representatives must arrive 30 minutes before the meeting to complete registration and present necessary identification documents [2][3] - The meeting will follow a specific agenda, allowing shareholders to exercise their rights to speak, inquire, and vote [2][3][4] - Voting will be conducted both on-site and online, with specific time frames for each method [5] Group 2: Financial Reports and Proposals - The company will present its 2024 annual financial report, which indicates a projected revenue increase of 51.38% despite a net loss for the year [8][9] - The profit distribution plan for 2024 proposes no cash dividends or stock bonuses due to the company's current financial situation and investment needs [8][11] - The company plans to continue its strategic investments in technology and capacity expansion, anticipating improved performance in the coming years [9][10] Group 3: Auditor Appointment - The company proposes to reappoint Tianjian Accounting Firm as its auditor for the 2025 fiscal year, with an audit fee of 750,000 RMB [11][12] - Tianjian has a strong track record and familiarity with the company's operations, which supports the decision for reappointment [11][12] Group 4: Capital and Financing - The company intends to apply for a credit limit of up to 1.5 billion RMB from financial institutions to support its operational and investment needs [19] - The company will provide guarantees for its subsidiaries' loans within the approved credit limit [19] - A proposal for foreign exchange hedging activities is also on the agenda, aimed at mitigating currency risk associated with international transactions [21][22] Group 5: Governance Changes - The company plans to amend its articles of association to eliminate the supervisory board, transferring its responsibilities to the audit committee of the board [30] - This change is part of a broader effort to enhance corporate governance and streamline operations [30]

证券研究报告 关注供给冲击，看好新材料进口替代 ——基础化工行业2025年中期策略 行业评级：看好 目录 C O N T E N T S 03 投资策略：关注供给冲击，看好新材料进口替代 04 重点公司推荐 05 风险提示 2 2025年6月19日 行业回顾：景气底部，结构分化 01 Partone | 分析师 | 李辉 | 汤永俊 | 李佳骏 | 沈国琼 | | --- | --- | --- | --- | --- | | 邮箱 | lihui01@stocke.com.cn | tangyongjun@stocke.co | lijiajun@stocke.com.cn | shenguoqiong@stocke.c | | | | m.cn | | om.cn | | 证书编号 | S1230521120003 | S1230523120009 | S1230524090001 | S1230524100001 | 3 行业回顾：景气底部，结构分化 01 02 行业展望：出口承压，内需弱稳，关注供给冲击 图：化工行业利润率降至历史低位（%） 图：化工PPI持续回落（%） 图：化工品价格指数持续下跌 ⚫ ...

证券代码：301550 证券简称：斯菱股份 浙江斯菱汽车轴承股份有限公司 投资者关系活动记录表 编号：2025-008 投资者关系活动类别 ☑特定对象调研 □媒体采访 □新闻发布会 □现场参观 □分析师会议 □业绩说明会 □路演活动 □其他（请文字说明其他活动内容） 活动参与人员 西南证券邰桂龙、西南证券杨云杰、天风证券张童童、 天风证券赵慧妍、财通证券孙瀚栋、财通证券邢重阳、 财通证券李渤、财通证券陈康菲、国泰海通证券孙炫浩、 万家基金任峥、万家基金谢理达、万家基金王宝娟、 万 家基金贺嘉仪、汇添富基金樊勇、长江养老黄学军、长 江养老蔡晗炀、长江养老邱长伟、浦泓资产李聪、博时 基金代云飞、沣谊投资邵喆阳 时间 2025 年 6 月 18 日-6 月 19 日 地点 公司会议室 形式 现场交流 上市公司接待人员姓名 董事长姜岭、董事会秘书安娜、证券事务代表蔡航丽 投资者关系主要内容介绍 风险提示： 本次调研涉及公司未来发展展望、销售目标等均不 构成本公司的实质承诺，投资者及相关人士等均应对此 保持足够的风险认识。 1、主业方面，公司在进口替代方面的优势有哪些？ 答：产品制造的差异化是公司的核心优势资源,经过 ...

M9-1 M9-RM9 -33 -9 ---- 18/19 ----- 19/20 ----- 20/21 ----- 21/22 ------ 22/23 24/25 23/74 RM9-1 276 1200 -14 1000 价差数据 豆粕-菜粕 800 370 30 现货价差(广东) 400 豆粕-菜粕 200 374 -18 盘面价差(主力) 02/18 03/19 04/18 05/18 06/17 11/20 01/19 12/20 07/17 08/16 升贴水-连续月 产地 美元兑人民币汇率 涨跌 盘面榨利(元/吨) (美分/蒲) 205. 00 足延 174 7.1372 8 大豆CNF升贴水走势图-连续月 (美分/蒲式耳) 进口大豆盘面毛利(元/吨) ----- 巴西2月 ----- 巴西3月 ----- 巴西4月 ----- 巴西7月 - ----- 巴西2月 ----- 巴西3月 ----- 巴西4月 ----- 巴西7月 --- 一巴西8月 巴 约9月 300 600 250 国际数据 400 200 200 -200 or and of a both of a be a be a ...

瑞士5月季调后实际进口月率 0.5%，前值-10.00%。 ...