证券代码：002303 证券简称：美盈森 答：公司由于出海较早具有一定的先发优势，加之在产品研 发设计、服务、多区域布局等综合优势，具有一定的竞争优势。 5、明年公司国内外业务的利润率可以维持在当前水平吗？ 答：近年来，公司开发了一些附加值相对较高的客户，也主 动减少了毛利较低的业务订单，同时，随着海外业务的增长，利 润整体也有所提升。我们明年的目标是争取维持利润率水平的稳 定。 投资者关系活动记录表 编号：2025-21 | 投资者关系 | 特定对象调研 分析师会议 | | --- | --- | | 活动类别 | □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 | 1、长城基金 柴程森 | | 称及人员姓 | 2、中银基金 丁雅纯 | | 名 | 3、农银汇理基金 蒲天瑞 | | | 4、申万宏源轻工 张海涛 | | 上市公司参 | 1、董事会秘书 刘会丰 | | 与人员 | 2、证券事务代表 闻敏 | | 时间 | 2025 年 12 月 4 日（周四） | | 地点 | 腾讯会议 207 324 171 | | 形式 ...

全球资金收付，常伴随着数日甚至数周的账期。每天波动的汇率，让成本测算变成"猜谜游戏"。 提前换汇？现金流被闲置占压，影响其他业务投入。 观望等待？行情难料，倘若兑换价格不佳，将眼看利润被吞噬。 1、三大优势，掌控汇率"确定性" 更长预约周期 预约当前心仪汇率，规避未来波动风险。支持设定未来30天内任意日期进行交割结算。 八大币种任意组合预约兑换：USD|HKD|JPY|AUD|CAD|EUR|GBP|CNH 2、两步搞定预约换汇 STEP1: 发起预约 登录PhotonPay光子易账户，点击【换汇】-【新建换汇】，进入操作页面。输入计划换汇金额，选 择币种对、交割日期。 少量预付金 无需全额占用现金流，仅需预付5%保证金，即可锁定目标汇率。 *履约日当天日终需确保余额充足，否则将自动取消。 多元币种，自由配对 STEP2: 确认兑换信息 确认预约兑换信息，点击【提交】，履约日系统将自动执行。 除了预约换汇，PhotonPay光子易还提供： • 365天，7×24小时实时换汇服务 • 询价、下单、交割一体化体验 • 支持10+主流货币即时交易 • AI汇兑引擎智能报价，提供具竞争力的价格 3、更多汇率产品选择 ...

Core Viewpoint - The company is addressing concerns regarding the impact of currency exchange rate fluctuations, particularly the depreciation of the RMB against the USD, on its profitability due to its high export volume to the United States [1] Group 1: Currency Exchange Impact - The company exports 92% of its products to the United States, making it vulnerable to exchange rate fluctuations [1] - The depreciation of the RMB against the USD has significantly affected the net profit due to the difference between product pricing at the time of contract signing and the delivery settlement [1] Group 2: Risk Mitigation Strategies - The company is closely monitoring USD exchange rate trends and has implemented measures such as forward foreign exchange contracts to mitigate risks associated with currency fluctuations [1] - The company is also managing its funding arrangements in multiple currencies based on operational needs to further safeguard against exchange rate volatility [1]

Core Viewpoint - The company acknowledges that exchange rate fluctuations can impact its foreign exchange gains and losses, and it emphasizes the importance of managing investment risks [1] Group 1: Company Strategy - The company focuses on its core business and strictly implements foreign exchange risk management policies and procedures [1] - It aims to reduce overall foreign exchange risk exposure by adjusting settlement currencies and settlement periods [1] - The company plans to use forward foreign exchange contracts or purchase forward foreign exchange options to lock in future exchange rates for receivables, thereby mitigating risks [1]

Core Insights - The Bank of China Suzhou Branch has played a crucial role in supporting regional foreign trade by leveraging its global advantages and optimizing financial services, contributing over 140 billion yuan in financing for import and export enterprises from January to October this year [1] Group 1: Credit Support and Financial Innovation - The Suzhou Branch has intensified its "Stabilizing Foreign Trade Special Visits" initiative, effectively addressing diverse financial needs of enterprises and continuously innovating financing products and services [2] - A manufacturing company in Suzhou received 100 million yuan in financing support for its overseas factory's raw material procurement through a customized cross-border RMB trade financing solution [2] - The "BOC Cross-Border E-Commerce Exclusive Loan" product was launched to assist small and micro enterprises in cross-border e-commerce, offering credit limits up to 30 million yuan and special interest rate discounts [2] Group 2: Risk Management and Service Enhancement - The Suzhou Branch has issued over 4.2 billion yuan in foreign-related guarantees to support enterprises in bidding for international projects, covering 61 countries and regions involved in the Belt and Road Initiative [3] - The bank has established multiple "Exchange Rate Risk Neutral Demonstration Outlets" to provide tailored hedging products, enhancing foreign trade enterprises' risk management capabilities [3] - The branch has processed cross-border RMB transactions exceeding 190 billion yuan and international settlement business for Belt and Road countries amounting to nearly 18 billion US dollars [4] Group 3: Support for Trade Stability - The bank has implemented a detailed action plan to stabilize foreign trade, serving nearly 600 high-quality enterprises involved in cross-border trade, ranking first among regional peers [6] - The Suzhou Branch has facilitated over 200,000 cross-border online product transactions, amounting to more than 22 billion US dollars from January to October [6] - The bank has organized various events to enhance trade connections, including cross-border e-commerce development forums and policy briefings for enterprises [7]

证券日报网讯美盈森（002303）11月14日发布公告，在公司回答调研者提问时表示，海外业务主要以收 美元为主。公司密切关注汇率波动情况，并根据公司外币业务收入占比及币种等实际情况，与银行充分 沟通及开展结汇，尽可能降低汇率波动对公司的影响。同时，公司也加大了对外币业务收入占比增加带 来的汇兑损益波动应对措施的研究力度，不排除后期做一些风险对冲工作的可能性。 ...

Core Viewpoint - The company held a Q3 2025 earnings presentation on November 13, 2025, to address investor concerns and discuss its performance and market strategies [2][3]. Group 1: Market Competition - The domestic cleanroom engineering market is experiencing intensified competition, prompting the company to focus on high-tech, high-value large cleanroom and electromechanical projects while leveraging AI for management efficiency [3][4]. - In overseas markets, particularly Singapore, the company maintains a competitive edge through its technical advantages in semiconductor cleanroom projects and a robust global supply chain [4][6]. Group 2: Financial Management - The company emphasizes strict management of accounts receivable, utilizing an electronic funds management platform to monitor project progress and payment statuses [5]. - The increase in accounts receivable at the end of Q3 is attributed to project settlement cycles, and the company is committed to enhancing management to ensure financial safety and efficiency [5][6]. Group 3: Business Development - The company is focused on expanding its cleanroom engineering services for the IC semiconductor industry, particularly in response to increased capital expenditures from downstream clients [6][7]. - The company is currently concentrating its overseas business in Southeast Asia, especially Singapore, while evaluating potential expansion into Japan, Europe, and North America based on its technological and managerial capabilities [6][7]. Group 4: Shareholder Engagement - The company is committed to a stable and reasonable dividend policy for 2025, considering factors such as operating performance and financial status [6][7]. - The management expresses gratitude for shareholder suggestions regarding employee stock incentives and acknowledges the importance of shareholder feedback for long-term development [7][8].

1. Report Industry Investment Ratings No specific industry investment ratings are provided in the report. 2. Core Views - The "15th Five - Year Plan" draft can help identify future key focus areas. The Sino - US trade talks in Kuala Lumpur reached a phased consensus, which will reduce the impact of tariff policies on the market and improve market risk appetite [2]. - It is expected that the USD/CNY spot exchange rate will operate in the range of 7.09 - 7.14 this week, with a potentially stronger overall trend. Enterprises are advised to conduct exchange - rate risk management [4]. - The stock index is expected to continue to fluctuate in the short term as the Fed's rate - cut expectation has cooled, but there is support below [5]. - For treasury bonds, a long - term bullish view is maintained, and mid - term long positions should be held [6]. - The short - term bullish trend of container shipping futures on the European line will continue, but the widening basis between futures and spot prices increases volatility risk [10]. - Precious metals are in a short - term adjustment phase. In the long - term, the price center of gravity is expected to rise, and investors can look for mid - term buying opportunities on dips [15]. - Copper prices are under pressure from the rising US dollar index, but there is support below. Aluminum prices are expected to be in an upward channel in the long - term, while alumina prices may be weak in the short - term [17][18]. - Zinc prices are expected to be in a strong and volatile state, and tin prices have sufficient bottom support [20][21]. - Carbonate lithium is expected to be in a volatile and strong state, while industrial silicon and polysilicon are expected to be in a wide - range volatile state [23][25]. - Lead prices are expected to be in a high - level volatile state in the short - term [26]. - Rebar and hot - rolled coils are expected to be in a weak and volatile state, challenging previous lows [28]. - Coking coal and coke are suitable as long - positions in the black market, and their prices are expected to rise [30]. - Ferroalloys are expected to be in a volatile state, with high inventory and weak demand [31]. - Crude oil prices are expected to oscillate in the range of 60 - 65 US dollars this week, with limited upward or downward breakthrough potential [35]. - LPG is expected to be in a weak and volatile state, with limited fundamental support [37]. - PX - PTA is expected to be in a strong and volatile state along with the cost side, but the oversupply expectation of PTA still exists [40]. - Ethylene glycol is expected to be in a wide - range volatile state, and a short - selling strategy is recommended on rallies [44]. - Methanol 01 may continue to decline, and it is recommended to hold previous short - call positions [46]. - PP and PE are in a state of strong supply and weak demand, and their prices are expected to be weak [49][51]. - Pure benzene and styrene are expected to be weak and prone to decline, and short - selling opportunities after rallies are recommended [53][54]. - High - sulfur fuel oil cracking is expected to be weak, and profit - taking is recommended. Low - sulfur fuel oil's fundamentals have improved [55][57]. - Asphalt is in a weak state. Short - term waiting or short - selling on rallies is recommended [59]. - Rubber and 20 - number rubber are expected to be in a range - bound and volatile state, with support below but no strong upward drivers [62]. - Urea is expected to be in a weak and volatile state, facing pressure due to weak domestic demand [63]. - For glass, soda ash, and caustic soda, soda ash is expected to be weak, glass may decline towards the end of the 01 contract, and caustic soda's market pressure is increasing [64][66][67]. - Pulp and offset paper are expected to be in a relatively volatile state in the short - term [68]. - Logs are in a weak state, and short - selling on rallies and 01 - 03 reverse arbitrage opportunities are recommended [69][70]. - Propylene is expected to be in a weak state, with an overall loose supply situation [72]. 3. Summaries by Relevant Catalogs Financial Futures - **Macro**: US employment data exceeded market expectations. The "15th Five - Year Plan" draft was released, and the Sino - US trade talks reached a phased consensus. The US government has been shut down for 36 days [1][2]. - **Renminbi Exchange Rate**: It is expected that the USD/CNY spot exchange rate will operate in the range of 7.09 - 7.14 this week, with a potentially stronger overall trend. Enterprises are advised to conduct exchange - rate risk management [4]. - **Stock Index**: The Fed's rate - cut expectation has cooled, and the stock index is expected to continue to fluctuate in the short term [5]. - **Treasury Bonds**: A long - term bullish view is maintained, and mid - term long positions should be held [6]. - **Container Shipping on the European Line**: The short - term bullish trend will continue, but the widening basis between futures and spot prices increases volatility risk [10]. Commodities Non - ferrous Metals - **Gold & Silver**: They are in a short - term adjustment phase. In the long - term, the price center of gravity is expected to rise, and investors can look for mid - term buying opportunities on dips [15]. - **Copper**: Copper prices are under pressure from the rising US dollar index, but there is support below. Some downstream orders have improved [17]. - **Aluminum Industry Chain**: Aluminum prices are expected to be in an upward channel in the long - term, while alumina prices may be weak in the short - term. Cast aluminum alloy has strong follow - up to aluminum prices [18][19]. - **Zinc**: It is expected to be in a strong and volatile state, with support at the bottom in November [20]. - **Tin**: It has sufficient bottom support, and a long - term bullish view is maintained [21]. - **Carbonate Lithium**: It is expected to be in a volatile and strong state, with a relatively stable supply increment and strong demand in November [23]. - **Industrial Silicon & Polysilicon**: Industrial silicon has a supply reduction expectation, and polysilicon's fundamentals are still weak [25]. - **Lead**: It is expected to be in a high - level volatile state in the short - term due to supply disturbances [26]. Black Metals - **Rebar & Hot - Rolled Coil**: They are expected to be in a weak and volatile state, challenging previous lows. The anti - dumping investigation on hot - rolled coils may affect far - month contracts [28]. - **Coking Coal & Coke**: They are suitable as long - positions in the black market, and their prices are expected to rise due to downstream replenishment and supply restrictions [30]. - **Ferroalloys**: They are in a state of high inventory and weak demand, and are expected to be in a volatile state [31]. Energy and Chemicals - **Crude Oil**: It is expected to oscillate in the range of 60 - 65 US dollars this week, with limited upward or downward breakthrough potential [35]. - **LPG**: It is expected to be in a weak and volatile state, with limited fundamental support [37]. - **PTA - PX**: It is expected to be in a strong and volatile state along with the cost side, but the oversupply expectation of PTA still exists [40]. - **MEG - Bottle Chip**: Ethylene glycol is expected to be in a wide - range volatile state, and a short - selling strategy is recommended on rallies [44]. - **Methanol**: Methanol 01 may continue to decline, and it is recommended to hold previous short - call positions [46]. - **PP and PE**: They are in a state of strong supply and weak demand, and their prices are expected to be weak [49][51]. - **Pure Benzene and Styrene**: They are expected to be weak and prone to decline, and short - selling opportunities after rallies are recommended [53][54]. - **Fuel Oil**: High - sulfur fuel oil cracking is expected to be weak, and profit - taking is recommended. Low - sulfur fuel oil's fundamentals have improved [55][57]. - **Asphalt**: It is in a weak state. Short - term waiting or short - selling on rallies is recommended [59]. - **Rubber & 20 - number Rubber**: They are expected to be in a range - bound and volatile state, with support below but no strong upward drivers [62]. - **Urea**: It is expected to be in a weak and volatile state, facing pressure due to weak domestic demand [63]. - **Glass, Soda Ash, and Caustic Soda**: Soda ash is expected to be weak, glass may decline towards the end of the 01 contract, and caustic soda's market pressure is increasing [64][66][67]. - **Pulp and Offset Paper**: They are expected to be in a relatively volatile state in the short - term [68]. - **Logs**: They are in a weak state, and short - selling on rallies and 01 - 03 reverse arbitrage opportunities are recommended [69][70]. - **Propylene**: It is expected to be in a weak state, with an overall loose supply situation [72].

Core Viewpoint - The article discusses the shift in foreign trade enterprises' currency exchange strategies in response to the Federal Reserve's interest rate cuts and the changing dynamics of the USD and RMB exchange rates, leading to increased willingness to convert USD to RMB [3][12][17]. Group 1: Currency Exchange Trends - Since late September, many foreign trade companies have increased their currency exchange efforts due to the Federal Reserve's resumption of interest rate cuts, which has diminished the yield advantage of USD investments [3][12]. - The RMB/USD exchange rate has risen above the 7.15-7.30 range, prompting expectations of further appreciation of the RMB, leading companies to act early to secure favorable exchange rates [3][12][17]. - The average exchange rate for foreign trade enterprises was 53.7% in the first eight months of the year, a slight increase of 0.5 percentage points from the previous year, indicating a cautious approach to currency conversion prior to the recent changes [11]. Group 2: Impact of Interest Rates on Investment Decisions - Prior to the Fed's interest rate cuts, many companies preferred to keep USD in offshore accounts for higher returns from USD-denominated investments, which yielded around 4.6% annually, significantly higher than domestic RMB rates [11][12]. - The shift in strategy is evident as companies like Chen Qi's have begun to convert a portion of their USD receivables to RMB, with plans to invest in domestic financial products that offer competitive returns [13][15]. - The article highlights that the recent interest rate cuts have led to a 180-degree change in the investment landscape, with companies now prioritizing currency conversion over holding USD assets [12][17]. Group 3: Risk Management Strategies - Companies are adjusting their risk management strategies for currency fluctuations, with some opting to hedge against exchange rate risks by betting on RMB appreciation for future imports [8]. - The article notes that the use of forward foreign exchange tools is becoming more common among foreign trade enterprises to lock in favorable exchange rates, although challenges such as high costs and collateral requirements remain [18][19]. - The central bank's data indicates that the foreign exchange hedging ratio for enterprises has increased to approximately 30%, up from 17% in 2020, reflecting a growing awareness of currency risk management [20].

Core Insights - A group of "invisible champion" companies in Jiangsu is steadily expanding globally, showcasing "China's intelligent manufacturing" through their core technology advantages in various sectors such as automotive lightweight components, ultra-high voltage equipment, and power semiconductors [1] Group 1: Company Developments - Xinan Technology, a high-tech company specializing in automotive lightweight components, has recently gone public and is expanding its global footprint with a new factory in Thailand expected to start production in Q1 2024 [2] - Borui Electric, a leader in power automation equipment, has successfully delivered products to over 70 countries, marking a significant achievement for Chinese ultra-high voltage technology [4] - Yangjie Electronics, a national champion in the semiconductor industry, has established a strong international presence, with overseas sales projected to account for 25% of total sales by 2024 [7] Group 2: Financial Support and Risk Management - Financial institutions are providing tailored foreign exchange risk management solutions to companies like Xinan Technology, which relies heavily on exports [2] - The People's Bank of China in Jiangsu has implemented a targeted approach to assist high-tech and specialized enterprises with foreign exchange hedging, resulting in a 9 percentage point increase in the proportion of companies engaging in hedging activities [3] - Jiangsu's cross-border trade pilot program has facilitated over $347.4 billion in transactions for 6,902 quality enterprises, enhancing the efficiency of fund settlement [5][6] Group 3: Policy and Market Trends - The Jiangsu government is promoting high-level openness in cross-border trade, simplifying processes and reducing documentation requirements for enterprises [5] - The financial support for Yangjie Electronics includes significant loans for technology upgrades and stock repurchase plans, demonstrating the critical role of financial services in supporting high-tech companies [8] - Jiangsu has established a cross-border cash pool business for multinational companies, allowing for efficient capital management and resource allocation [8]