1. Report's Industry Investment Rating - The investment rating for the black building materials (steel) sector is short - term oscillatory and bullish [1] 2. Report's Core View - The black building materials (steel) market showed significant price increases on Wednesday and night trading. Although the macro and news aspects are favorable, the fundamental situation has not improved significantly, so the upside potential should be viewed with caution, and the short - term trend is oscillatory and bullish [1] 3. Summary According to the Catalog 3.1 Market Review - On Wednesday, rebar and hot - rolled coils rose significantly, and the night trading closed higher [1] 3.2 Important Information - The National Development and Reform Commission recently allocated over 300 billion yuan to support the third - batch of "two major" construction projects in 2025, and the 800 - billion - yuan "two major" construction project list for this year has been fully issued [1] - As of June 30, 27 cities introduced 34 real - estate market relaxation policies, with many areas optimizing housing provident fund policies, and some cities extending relevant relaxation policy periods [1] - Vice - Premier Zhang Guoqing recently investigated the transformation and upgrading and innovation development of the manufacturing industry in Hubei, emphasizing the focus on the real economy and promoting high - end, intelligent, and green development of the manufacturing industry [1] 3.3 Market Logic - On Wednesday, the spot prices of rebar and hot - rolled coils generally increased with good trading volume. Futures prices also rose significantly. In the industrial aspect, due to the decline in raw material prices such as coke, scrap steel, and iron ore, the profit of building materials improved, with a profit of about 100 yuan per ton of steel. Some blast furnaces resumed production but not at full capacity. Electric furnaces continued to suffer deep losses, with a loss of 100 - 150 yuan per ton during off - peak hours, and production continued to decline. The total actual steel supply only increased slightly. The emission reduction and production restriction in Tangshan from July 4 - 15 are beneficial to the market but have little impact on overall production. On the demand side, due to hot and rainy weather, demand continued to show off - season characteristics. The recent central meeting may briefly support the market. The upper resistance level of the rebar main contract moved up to 3100 after breaking through 3050, with an important support level at 2912. The support level of hot - rolled coils is 3026, with a resistance level of 3282 after breaking through 3200. The support level of stainless steel is 12300, and the resistance level is 13000 [1] 3.4 Trading Strategy - With the positive macro and news factors already reflected in the market, and without obvious improvement in the fundamentals, the upside potential should be viewed with caution, and the short - term trend is oscillatory and bullish [1]

Group 1 - The event "Financing Solutions, Intelligence Gathering in Torch" was held to promote financial services for technology innovation and manufacturing transformation in Zhongshan Torch High-tech Zone [1] - Over 30 representatives from specialized, innovative, high-tech, and foreign trade enterprises participated in the event, highlighting the focus on integrating financial resources to support local businesses [1][3] - The Zhongshan Torch High-tech Zone aims to build a positive ecosystem of "technology-industry-finance" to inject new momentum into high-quality development [3] Group 2 - China Merchants Bank introduced its innovative financial product "Sci-tech Loan," which offers tiered credit loans for light-asset technology enterprises, covering the entire lifecycle from startup to maturity [2] - The "Sci-tech Easy Loan" has a limit of 3 million yuan, "Sci-tech Fast Loan" up to 10 million yuan, and "Sci-tech Benefit Loan" up to 100 million yuan, with online automatic approval based on tax and credit data [2] - The event also discussed cross-border facilitation services and equipment renewal policies, including online services like "One-click Remittance" and "Export Flash Loan," supporting enterprises in various financial transactions [2]

Group 1 - A new company, 加慧佳农(厦门)投资有限公司, has been established with a registered capital of 35 million RMB [1] - The legal representative of the company is 韦宋兴 [1] - The company is fully owned by 国家制造业转型升级基金股份有限公司 [1] Group 2 - The business scope of the company includes investment activities using its own funds, agricultural machinery leasing, agricultural machinery services, agricultural machinery sales, new material technology promotion services, and enterprise management consulting [1]

Group 1 - The Chairman of the Export-Import Bank, Chen Huaiyu, conducted a research visit to Fujian Province [1] - During the visit, discussions were held with leaders from Fuyao Glass Industry Group Co., Ltd. and Yongrong Holdings Group Co., Ltd. regarding manufacturing industry transformation and global development strategies [1] - The purpose of the visit was to understand the financial needs of enterprises and to exchange opinions on deepening cooperation [1]

Group 1: Compressor Products - The compressor products are a key business segment, focusing on the research, design, production, and sales of screw air compressors, with a total sales volume of 363,836 units in 2024, representing a year-on-year growth of 19.83% [1] - The screw compressor main engine received the title of "National Manufacturing Single Champion Product" in the fifth batch [1] - Applications for compressor units span various industries, including light industry manufacturing, mining, electronics, mechanical manufacturing, power, metallurgy, pharmaceuticals, food, oil, and chemicals [1] Group 2: Vacuum Pump Business - The vacuum pump is essential for creating and maintaining vacuum environments, widely used in chemical, food, home appliance, photovoltaic, optical, lithium battery, semiconductor industries, and scientific research [2] - Demand for vacuum pumps has been increasing due to the rapid development of emerging industries such as semiconductors, photovoltaics, and lithium batteries, leading to an expanding domestic market [2] - Despite a late start, domestic companies have rapidly developed and some have gained competitive strength against foreign brands [2] Group 3: Hydraulic Pump Business - The hydraulic pump segment is primarily operated by the subsidiary Wicks Hydraulic, focusing on the research, design, production, and sales of hydraulic pumps and servo energy-saving systems [2] - Wicks Hydraulic has developed a comprehensive product line and has been recognized as a "Little Giant" enterprise by the Ministry of Industry and Information Technology [2] - In the first quarter of 2025, the hydraulic pump business generated revenue of 57.25 million yuan, accounting for 16.78% of the company's total revenue, indicating steady development [2]

Group 1 - Shantou has introduced the "Shantou City 2025 Stable Growth Policy Measures," which includes 28 policy measures across seven areas to support industrial development and boost corporate confidence [1] - The city will implement investment initiatives, including a targeted incentive of 20 million yuan for districts and functional areas that achieve expected fixed asset investment and rank in the top three for project completion [1] - For industrial enterprises that achieve "scale-up" for the first time, a subsidy of 200,000 yuan will be provided, with additional incentives for maintaining a growth rate of over 10% in industrial added value [1] Group 2 - To stimulate consumer activity, Shantou will implement promotional actions, including the establishment of the "Jinshan Tianhua" city-level consumption brand and hosting over ten themed home appliance promotional events [2] - The city plans to promote the cultural and tourism market by organizing a series of activities, including specialty food events and exploring new models like "factory direct purchase + industrial tourism" [2] - Support will be provided for industries such as food, toys, textiles, and home appliances to expand their market presence [2]

Group 1 - The Industrial and Commercial Bank of China (ICBC) Fangchenggang Branch has focused on serving the high-quality development of the real economy, particularly in the manufacturing sector, with a manufacturing loan balance of 6.665 billion yuan, an increase of 990 million yuan since the beginning of the year [1] - The bank aligns its efforts with the local industrial development plans and major manufacturing projects, implementing a credit allocation strategy that supports both traditional and advanced manufacturing sectors [1] - The bank emphasizes the importance of key industrial enterprises in the local port industrial park, actively engaging with local industrial management to tailor financial service solutions for enterprises [1][2] Group 2 - The bank has established a project task force to identify upstream and downstream customer needs, ensuring timely responses to enterprise challenges and enhancing the overall service experience [2] - A special communication platform has been created to facilitate the processing of key projects at higher levels, optimizing the loan approval process and reducing waiting times for enterprises [2]

Group 1 - The company reported a total operating revenue of 450 million yuan for Q1 2025, representing a year-on-year growth of 47.36% [1] - The total profit reached 73 million yuan, with a year-on-year increase of 63.35% [1] - The net profit attributable to shareholders was 64 million yuan, showing a year-on-year growth of 57.43% [1] Group 2 - The company has established a competitive advantage in the spring industry through years of deep cultivation, focusing on technology, manufacturing, and customer resources [1] - Current capacity expansion projects are progressing smoothly, including an annual production capacity of 80 million high-performance springs and surface treatment upgrades, with an investment of 140 million yuan completed by the end of 2024 [1] - The high-precision new energy vehicle suspension spring intelligent production line project has seen an investment of 110 million yuan, with expected benefits of 18.23 million yuan in 2024 [1] Group 3 - The company is accelerating its domestic industrial layout and optimizing its material and product supply chain to enhance production efficiency and reduce logistics costs [2] - In 2024, the company initiated a global strategy, establishing a presence in Germany, Mexico, and Morocco, focusing on local production to respond to global supply chain restructuring [2] - The company aims to build a global network covering R&D, manufacturing, and supply chain, seizing opportunities for high-quality development and continuous performance growth [2]

4月27日，记者获悉，省工业和信息化厅、省财政厅日前联合下发通知，决定开展河南省制造业转型升 级试点县(市、区)工作，大力推进"智改数转网联"新技改，以龙头企业为牵引，实施产业链上下游协同 改造，带动面上特色优势产业转型升级，形成一批可复制、可推广的典型经验，推进我省新型工业化进 程。本次试点工作的实施主体为各县(市、区)人民政府或国家级高新区、国家级经济技术开发区等功能 区管委会。省级财政对每个入选试点县(市、区)给予不超过1000万元资金奖励。(河南日报) ...

Core Viewpoint - Traditional manufacturing companies are facing a "mid-life crisis" amid the wave of transformation and upgrading in the manufacturing industry, with many struggling to adapt and maintain profitability [2][12]. Company Summaries Standard Shares (600302.SH) - Standard Shares reported a revenue of 446 million yuan in 2024, a year-on-year decrease of 11.95%, and a net loss attributable to shareholders of 153 million yuan, although this was an improvement from a loss of 196 million yuan in the previous year [3][4]. - The company has experienced continuous losses, with net profit attributable to shareholders declining for four consecutive years and non-recurring net profit being negative for 13 years [4][12]. - The decline in revenue is attributed to intense market competition in the sewing equipment industry, leading to a drop in sales [3][12]. - The main business segments include industrial sewing machines and parts manufacturing, with the industrial sewing machine segment generating 345 million yuan in revenue, down 14.97% year-on-year [3][12]. - Standard Shares has attempted to pivot towards supply chain business but faced setbacks, leading to a significant reduction in this segment's revenue [7][12]. - The company aims to transform from a single sewing equipment supplier to a comprehensive solution provider in the environmental and apparel sectors, although no substantial progress has been reported [13][15]. Dagang Holdings (300103.SZ) - Dagang Holdings reported total revenue of 155 million yuan in 2024, a decline of 39% year-on-year, with a net loss of 115 million yuan, worsening from a loss of 109 million yuan in 2023 [8][11]. - The company has also faced challenges, with its two main business segments, high-end road equipment and urban road smart operation, seeing revenue declines of 18.46% and 45.11%, respectively [11][12]. - Dagang Holdings has been attempting to diversify by acquiring a new energy company, aiming to enter the renewable energy sector, which generated 31.6 million yuan in revenue, accounting for 20.37% of total revenue [11][15]. - The company has experienced five consecutive years of losses, with a cumulative loss exceeding 500 million yuan since 2022 [11][12]. - Dagang Holdings plans to focus on high-end equipment charging, battery swapping, and overseas market expansion, particularly in Southeast Asia, to seek new growth opportunities [15][17]. Industry Insights - The challenges faced by Standard Shares and Dagang Holdings reflect broader issues within the traditional manufacturing sector, including shrinking market share and stagnant revenue growth due to increased competition and changing market dynamics [12][17]. - The textile industry is under pressure from low-cost competition in Southeast Asia and saturated domestic demand, while the transportation infrastructure investment is also declining, impacting the performance of companies in this sector [12][17]. - Both companies exhibit weak technological accumulation and insufficient strategic focus, raising questions about how traditional industries can navigate through economic cycles [17].