固定收益 | 固定收益定期 国际油价升至年内高位 证券研究报告 高频经济跟踪周报 20250621 需求：新房成交续升，汽车消费回暖 （1）地产方面，本周 20 城商品房成交面积环比续升，同比由正转负。二 线城市新房成交增幅较大，重点城市二手房成交面积环比大多下降。 （2）消费方面，乘用车零售日均销量和批发日均销量环比大幅上升，观影 消费低于季节性，出行表现有所分化，全国迁徙规模指数环周回暖，一线 城市地铁客运量环周回落。 生产：工业生产平稳向好，下游开工率回升 （1）中上游方面，螺纹钢开工率基本持平，PTA 开工率与石油沥青装置开 工率环周小幅下降，涤纶长丝开工率环周上升，指向基建开工或边际改善。 （2）下游方面，汽车全钢胎开工率由降转升，半钢胎开工率较上周小幅上 升，半钢胎绝对值仍高于历年同期水平，以旧换新补贴政策支持下短期内 对生产端或有一定支撑。 投资：螺纹钢表观消费偏弱，水泥价格有所回落 螺纹表观消费表现偏弱，螺纹钢价格环周下降，随着下游需求淡季到来， 螺纹钢需求或将呈现环比下滑的态势；水泥发运率下降，水泥库容比上升， 水泥价格有所回落。 贸易：港口吞吐量下降，出口集运价格续涨 （1）出口方面，港口 ...

Core Viewpoint - The Swiss National Bank (SNB) is prepared to intervene in the foreign exchange market to achieve its inflation targets, despite being recently placed on the U.S. currency manipulation watchlist [1] Group 1 - The SNB's readiness to intervene indicates a proactive approach to managing inflation [1] - The inclusion on the U.S. currency manipulation watchlist may influence the SNB's strategies and market perceptions [1]

英镑兑美元跌0.12%、报1.3449，本周累跌0.90%。 美元兑瑞郎涨0.17%、报0.8182，本周累涨0.81%。 周五（6月20日）纽约尾盘，美元兑日元上涨0.45%，报146.10日元，本周累计上涨1.44%，整体持续震 荡上行，交投区间为143.65-146.22日元。 欧元兑日元涨0.70%，本周累涨1.17%；英镑兑日元涨0.33%，本周累涨0.55%。 欧元兑美元涨0.24%、报1.1522，本周累跌0.24%。 ...

Group 1 - The company held its fourth board meeting on June 20, 2025, with all nine directors present, and the meeting was conducted in accordance with relevant laws and regulations [2][3]. - The board approved the grant of restricted stock to 72 eligible participants at a price of 72.81 yuan per share, totaling 1,186,440 shares [3][45]. - The board also approved the use of idle raised funds for cash management, with a maximum amount of 25 million yuan from the initial public offering and 85 million yuan from the 2022 private placement [4][11]. Group 2 - The company plans to conduct foreign exchange hedging activities, which were also approved by the board [5][74]. - A special account will be established for the funds raised from the issuance of A-shares to specific investors, ensuring proper management and storage of the funds [6][7]. - The board authorized the chairman to adjust the issuance price if the number of shares issued does not meet 70% of the planned amount [7][8]. Group 3 - The company aims to improve the efficiency of fund utilization and maximize shareholder returns by managing idle funds through low-risk financial products [15][18]. - The cash management will be conducted under strict regulations, ensuring that the funds are not used for high-risk investments [18][21]. - The company will disclose information regarding the cash management activities in accordance with regulatory requirements [21][22].

Core Viewpoint - The document outlines the management system for foreign exchange derivative trading at Guangdong Songfa Ceramics Co., Ltd., emphasizing the need for risk prevention, compliance with regulations, and the establishment of a robust management mechanism for the company's foreign exchange derivative trading activities [1][2]. Group 1: General Principles - The foreign exchange derivative trading activities are aimed at mitigating and preventing exchange rate or interest rate risks, based on the company's normal production and operational needs [2]. - The company must conduct foreign exchange derivative transactions with qualified financial institutions and cannot engage with unauthorized organizations or individuals [2][3]. - Transactions must align with the company's foreign currency receivables and payables forecasts, ensuring that the amounts do not exceed these forecasts [2][3]. Group 2: Approval Authority - The Board of Directors is responsible for reviewing the necessity and legality of foreign exchange derivative trading decisions, with disclosures made in relevant announcements or reports [3][4]. - Any overall plan and limits for foreign exchange derivative trading must be approved by the Board of Directors or, if exceeding their authority, by the shareholders' meeting [3][4]. Group 3: Management and Operational Procedures - The Board may authorize the Chairman or designated individuals to manage specific foreign exchange derivative trading operations within the approved scope [4][5]. - The company can estimate the scope, limits, and duration of derivative trading for the next 12 months to streamline operations [4][5]. Group 4: Risk Management - The company must implement measures to prevent funding risks, ensuring that trading does not utilize cash flow beyond normal operations [6][7]. - In cases of significant losses or market changes, the finance department must report to management and the Board, providing a risk analysis report that includes trading positions and risk assessments [7][8]. Group 5: Information Disclosure - The company is required to disclose foreign exchange derivative trading activities as per relevant laws and regulations, ensuring transparency in operations [8]. - All trading documents must be retained for at least 10 years by the finance department [8].

Core Viewpoint - The board of directors of Guangdong Songfa Ceramics Co., Ltd. has approved several proposals related to financial activities for the year 2025, including new related party transactions, borrowing limits, guarantees, and investment plans, which will be submitted for shareholder approval [1][2][3][5][6][7]. Group 1: Related Party Transactions - The board approved the estimated situation of new daily related party transactions for 2025, with the proposal receiving unanimous support from independent directors and the supervisory board [1][2]. Group 2: Borrowing and Guarantees - The company plans to apply for a new borrowing limit of up to RMB 15 billion from a controlling shareholder's related party, with an interest rate not exceeding the Loan Prime Rate (LPR) [2][3]. - A new guarantee plan for 2025 was proposed, with an estimated total guarantee amount not exceeding RMB 30 billion, covering guarantees for subsidiaries [3]. Group 3: Credit and Financial Management - The company intends to apply for a new comprehensive credit limit of up to RMB 50 billion and USD 20 million (or equivalent foreign currency) to support its operations and business expansion [3][4]. - A proposal to establish a management system for foreign exchange derivative trading was approved to enhance risk management and asset security [5]. Group 4: Investment Plans - The company plans to use its own funds for entrusted wealth management, with a maximum daily balance of RMB 500 million allocated for low-risk financial products [6]. - The board proposed to conduct foreign exchange derivative trading with an estimated balance not exceeding USD 1 billion for 2025 [6]. Group 5: Shareholder Meeting - The company has scheduled the second extraordinary general meeting of shareholders for July 7, 2025, to review the aforementioned proposals [7].

国泰海通证券股份有限公司 关于思瑞浦微电子科技（苏州）股份有限公司 开展外汇套期保值业务的核查意见 国泰海通证券股份有限公司（以下简称"国泰海通"或"保荐人"）作为思 瑞浦微电子科技（苏州）股份有限公司（以下简称"思瑞浦"、"公司"或"发 行人"）的保荐人，根据《证券发行上市保荐业务管理办法》《上海证券交易所 科创板股票上市规则》《上海证券交易所科创板上市公司自律监管指引第 1 号— —规范运作》等有关规定，对思瑞浦开展外汇套期保值业务事项进行了审慎核查， 具体核查情况如下： 一、交易情况概述 （一）交易目的 （二）交易金额 结合 2025 年度生产经营计划和预期收付汇情况，公司对外汇风险敞口进行 了测算。2025 年度公司及控股子公司拟开展外汇套期保值业务交易金额累计不 超过 3,600 万美元（或其他等值外币）。 在上述额度和期限内，资金可循环使用，但开展期限内任一时点的交易金额 （含前述外汇套期保值业务的收益进行再交易的相关金额）不超过上述已审议额 度。预计动用的交易保证金和权利金上限（包括为交易而提供的担保物价值、预 计占用的金融机构授信额度、为应急措施所预留的保证金等）则不超过已审议额 度的 10% ...

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示 一、交易情况概述 （一）交易目的 证券代码：688536 证券简称：思瑞浦 公告编号：2025-041 转债代码：118500 转债简称：思瑞定转 思瑞浦微电子科技（苏州）股份有限公司 目前国际宏观经济环境复杂多变，全球金融市场、汇率走势不确定性加剧。 由于公司海外市场客户及部分供应商以外币结算，汇率变化对公司经济效益会产 生一定影响，直接影响公司盈利能力。为规避公司所面临的汇率风险，防范汇率 大幅波动对公司造成不良影响，增强公司财务稳健性，公司及控股子公司拟开展 外汇套期保值业务。公司开展的所有外汇套期保值业务均依托日常经营业务，将 严格遵守套期保值原则，不以投机为目的，不会影响公司主营业务发展。 在上述额度和期限内，可循环滚动使用，但开展期限内任一时点的交易金额 （含前述外汇套期保值业务的收益进行再交易的相关金额）不超过上述已审议额 度。预计动用的交易保证金和权利金上限（包括为交易而提供的担保物价值、预 计占用的金融机构授信额度、为应急措施所预留的保证金等） ...

Core Viewpoint - The company, Zhejiang Oriental Gene Biotech Co., Ltd., reported a slight increase in revenue for 2024, but a significant loss in net profit, primarily due to a decline in domestic sales and a contrasting increase in international sales [1][2]. Revenue Analysis - The company's total revenue for 2024 was 828 million yuan, a year-on-year increase of 0.95%, while the net profit attributable to shareholders was -529 million yuan, a year-on-year increase in loss of 33.06% [1]. - Domestic revenue was 207 million yuan, a decline of 35.7%, while international revenue reached 605 million yuan, an increase of 23.14% [1][2]. - The overall product sales volume decreased by 16.1% in 2024 [1]. Product Sales Breakdown - Domestic sales were primarily from the infectious disease testing series, which accounted for 39.52% of domestic revenue, but saw a volume decrease of 21.70% [1]. - The COVID-19 testing series generated 55.33% of domestic revenue but experienced a significant volume decline of 75.37% [1]. - Internationally, the drug testing series accounted for 49.67% of revenue, with a slight increase in sales volume [1][2]. Customer Analysis - The top domestic customers included new clients from trade and existing clients in infectious disease testing, with significant fluctuations in sales due to the COVID-19 product line [2]. - Internationally, major clients included large chain pharmacies in the U.S. and new clients in Mexico, contributing to the overall revenue growth [2][3]. Cost and Profit Margin - The company's operating costs for 2024 were 554 million yuan, an increase of 21.26%, with direct materials and manufacturing costs rising by 15.91% and 54.36%, respectively [5]. - The gross profit margins for domestic and international sales were 54.26% and 24.07%, respectively, both showing a decline compared to the previous year [5][6]. Market Dynamics - The decline in domestic sales was attributed to a significant drop in COVID-19 product sales, while international sales benefited from acquisitions and new product launches [3][5]. - The company expanded its market presence in Africa and introduced new online sales models, contributing to the increase in international revenue [3][4].

面对不可预测的美国政策以及全球贸易战带来的风险，交易员纷纷避开美元，欧元随之在全球外汇期权 市场中扮演起了更重要的角色。对比美国存管信托及清算公司(DTCC)今年头五个月与2024年最后五个 月的数据，可以看到约15%-30%与美元兑主要货币挂钩的合约已变成欧元。此外，还有迹象表明，欧元 正被用作避险资产（传统上由美元扮演的角色），以及用于押注大幅波动。 ...