Group 1 - The core viewpoint of the articles highlights a significant price increase in carbon fiber products, driven by rising demand in the low-altitude economy and specific sectors like drones and wind energy [1][2] - Jilin Chemical Fiber announced a price increase of 10,000 yuan per ton for its wet 3K carbon fiber products starting May 13, citing supply shortages and increased demand [1] - The A-share carbon fiber sector experienced a surge, with Jilin Chemical Fiber's stock rising over 22% in three trading days, indicating positive market sentiment [1] Group 2 - Industry experts suggest that while the market has not fully reversed, the demand for carbon fiber in the low-altitude economy, particularly from drones, may lead to further price increases [2] - The wind energy sector is also seeing rapid growth, with companies involved in this area expected to benefit directly from increased carbon fiber demand [2] - According to brokerage reports, the demand for carbon fiber in the wind energy sector is projected to reach nearly 40,000 tons by 2025, driven by policy advancements and installation requirements [3] Group 3 - The carbon fiber industry is experiencing improvements in supply-demand dynamics, with leading manufacturers expected to see better profitability due to their scale and cost advantages [2] - Companies like Guangwei Composite and Qide New Materials are optimistic about the ongoing improvements in the carbon fiber supply-demand landscape and the expansion of applications in various sectors [2] - The current carbon fiber production capacity in China is nearing 150,000 tons, indicating a significant gap between supply and the growing demand in the low-altitude economy [3]

Group 1: Ice and Snow Economy Exhibition - The 34th Harbin International Economic and Trade Fair showcased the latest achievements and application scenarios of the ice and snow economy in Heilongjiang Province, emphasizing the theme "Ice and Snow Economy Empowering Longjiang" [1] - The exhibition featured traditional craftsmanship and innovative sports equipment, highlighting the province's rich ice and snow resources as a strong engine for local economic growth [1] Group 2: Company Innovations - Yichun Yongda Craft Co., Ltd. presented a 6-meter-long reindeer sled made from water ash wood, utilizing traditional craftsmanship without any metal nails, showcasing the integration of heritage skills into modern products [1] - Qianmao Xuelong Sports Equipment Co., Ltd. displayed lightweight snowboards made from carbon fiber, designed based on athlete data analysis to shorten adaptation time for athletes [3] - Seven Rivers Baining Shield Sports Equipment Technology Co., Ltd. introduced an upgraded high-end short track speed skating shoe, focusing on weight optimization and enhanced rigidity [5] Group 3: Technological Integration - Harbin Aiwei Technology Co., Ltd. set up a VR skiing experience area, enhancing user immersion through motion capture technology and promoting the digital transformation of ice and snow tourism [5][7] - The Heilongjiang Provincial Department of Industry and Information Technology is supporting the ice and snow equipment industry through policies aimed at technology innovation, industrial chain integration, and park construction [7]

Group 1 - The core viewpoint is that the sports economy in the province has created a "new track" by leveraging multiplier effects, integration effects, and driving effects, with over 6,500 sports events planned for 2024, attracting over 9.4 million participants and spectators, and generating nearly 10 billion yuan in comprehensive consumption [1] - The provincial sports bureau has introduced measures to promote the development of the sports economy and enhance sports consumption, including 13 specific funding support measures for various categories of sports events, with subsidies ranging from 300,000 to 3 million yuan [1] - For high-impact professional sports events that are being introduced for the first time in the province, an additional reward of 1 million yuan will be provided on top of existing subsidies [1] Group 2 - The measures have significantly motivated various sectors to host high-level sports events, with 126 national-level or above sports events successfully applied for this year, surpassing historical averages [2] - Major upcoming events include the first National Youth Athletics Championships, the 2025 International University Sports Federation Football World Cup, and the 15th National Winter Games in 2028, with the province planning to host 6 major and 10 minor events [2] - The province aims to leverage the hosting of the National Winter Games to drive the development of the ice and snow economy, planning to increase the number of ice and snow events and transform "cold resources" into "hot economies" [2] Group 3 - The province is focusing on the "three major ball" sports (football, basketball, and volleyball) as key areas for developing the sports economy, with plans to enhance policies supporting professional clubs and explore new collaborative development models [3] - Increased support will be provided for professional clubs in areas such as financing, facilities, talent development, and medical services [3] - The province will continue to promote unique mass fitness events and create accessible platforms for community sports activities, including various local and national competitions [3]

Group 1 - The 34th Harbin International Economic and Trade Fair is set to showcase a variety of local products, from gourmet food to advanced technology, highlighting the unique offerings of northeastern cities [1][12] - Harbin's exhibition area features four main themes, including advancements in artificial intelligence and aerospace, showcasing the city's strategic emerging industries [1][12] - The event emphasizes the integration of local culture and innovation, with products like craft beer and new materials for electric vehicle batteries being highlighted [3][5] Group 2 - Qitaihe is promoting its traditional food products, such as Northeastern pancakes made from ancient techniques, emphasizing the region's culinary heritage [5] - The exhibition includes a diverse range of products from various cities, such as fresh dairy from Shangzhi and colorful corn from Shuangyashan, showcasing the agricultural diversity of the region [9][11] - The event also features cross-border e-commerce initiatives, particularly in Suifenhe, which aims to enhance the shopping experience for Russian products [31] Group 3 - The exhibition aims to reflect the economic transformation of Daqing, focusing on digital intelligence and green chemical industries, with over 200 products from 60 well-known companies [29] - The event serves as a platform for investment promotion and project matchmaking, particularly in Jiamusi, which will host investment conferences during the fair [23] - The fair is expected to attract significant public interest, with a focus on local specialties and cultural heritage, creating a vibrant marketplace for both local and international products [1][33]

Core Viewpoint - The financial data for April released by the People's Bank of China indicates a stable and supportive monetary environment for economic recovery, with an acceleration in social financing and steady credit issuance [1] Monetary Supply - As of the end of April, the broad money supply (M2) grew by 8% year-on-year, an increase of 1 percentage point from the previous month; the narrow money supply (M1) grew by 1.5%, a slight decrease of 0.1 percentage points from the previous month [1] - The central bank has increased short-term and medium-term liquidity through various operations, indicating a solid financial support for economic recovery [1] Social Financing - By the end of April, the total social financing stock was 424 trillion yuan, with a year-on-year growth of 8.7%, an increase of 0.3 percentage points from the previous month; the cumulative increase in social financing for the first four months was 16.34 trillion yuan, 3.61 trillion yuan more than the same period last year [2] - The acceleration in social financing growth is attributed to a lower base from the previous year and a significant increase in government bond issuance [2] Loan Growth - The balance of RMB loans reached 265.7 trillion yuan, with a year-on-year growth of 7.2%, a slight decrease of 0.2 percentage points from the previous month; in April, RMB loans increased by 280 billion yuan, which is 450 billion yuan less than the same month last year [3] - The decrease in loan growth is influenced by seasonal factors and changes in the financing market, with April traditionally being a "small month" for credit [3] Loan Structure - In the loan structure, corporate loans contributed the majority of the increase, while household loans showed a decline; corporate loans increased by 610 billion yuan, which is 250 billion yuan less than the previous year, while household loans decreased by 521.6 billion yuan [4] - The decline in household loans, particularly in short-term loans, indicates a need for further stimulation of consumer demand [4] Future Measures - The implementation of a series of financial policies is expected to support consumption recovery and growth; measures include the establishment of re-loans for service consumption and elderly care, aimed at reducing financing costs for financial institutions [5] - Fiscal and tax policies are also emphasized to support the development of new consumption sectors, creating new demand and enhancing consumer spending [6]

同时，辽宁大力发展赛事经济。2025年2月份，辽宁省体育局出台了《关于发展赛事经济促进体育消费 的措施》，分别从职业体育赛事、国际级体育赛事、全国体育赛事和群众性体育赛事等4个类别，制定 了13条具体的办赛经费补助措施，补助标准从30万至300万元不等。另外，对"首赛"(即首次引进并在辽 宁成功举办的赛事)追加100万元补助，鼓励引进更多精品赛事在辽举办，为消费市场注入新动能。 以冰雪运动驱动冰雪经济，辽宁加快场馆场地新建和改扩建工程进度，推进各地冰雪场所提质扩容，补 齐冰雪场地基础设施短板。辽宁提前谋划新雪季冰雪赛事活动，积极承办国际、国内赛事，组织开展独 具辽宁地域特色的冰雪赛事活动，增加群众性冰雪赛事活动数量，推动"冷资源"向"热经济"转变，为辽 宁省经济社会发展增添新动能。(完) （文章来源：中国新闻网） 中新网沈阳5月15日电 (记者韩宏)辽宁省体育局副局长张越红15日在省政府新闻办召开的发布会上表 示，辽宁发挥体育优势激发市场活力，充分发挥体育赛事乘数效应、融合效应和带动效应，激发体育消 费新动能。 张越红说，今年冰雪季，辽宁精心策划了112项冰雪赛事和相关活动，引导更多群众"跟着赛事去旅 行"， ...

数据显示，2025年一季度，湖北省社会消费品零售总额6887.19亿元，同比增长7.3%，比上年全年加快 2.2个百分点，增速高于全国平均水平2.7个百分点。 为响应落实中共中央办公厅、国务院办公厅2025年3月印发的《提振消费专项行动方案》，近日，《湖 北省提振消费专项行动实施方案》（以下简称提振消费"30条"）正式出台，明确提出推动湖北发展实现 能级跨越，强化消费对支点建设的战略支撑力，大力实施提振消费专项行动。 分析来看，提振消费"30条"具体从消费需求端和供给端"两手抓"。对于消费者，提出了城乡居民增收、 完善休假权益、社会保障支撑等多项举措，让居民能消费、敢消费；对于供给端，湖北从消费体验提 升、商品消费提质行动、服务消费升级等方面着手，让居民想消费、好消费。 湖北提振消费"30条"落地，将通过刺激消费意愿、延长带薪休假、优化营商环境等多维度拉动消费增 长，进一步推动当地消费市场量质齐升。 让居民有钱花、乐意花 在社会保障方面，为破解居民"不敢消费"难题，湖北从生育、教育、看病、养老等方面全面提供了消费 保障。 例如，全面推行生育津贴直接发放至职工本人，支持有条件的地方出台一次性生育补贴、育儿补贴和 ...

策 略 研 究 新股研究 2025 年 05 月 12 日 古麒绒材：国内羽绒羽毛龙头企业 ——注册制新股纵览 20250512 投资提示： 证券分析师 彭文玉 A0230517080001 pengwy@swsresearch.com 胡巧云 A0230520080005 huqy@swsresearch.com 朱敏 A0230524050004 zhumin@swsresearch.com 研究支持 任奕璇 A0230123050002 renyx2@swsresearch.com 联系人 任奕璇 (8621)23297818× renyx2@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 彭 玉 文 1 0 0 0 p 8 0 7 1 5 0 3 2 0 A m o c . h c r a e s e r s w s @ y w g n e 胡 云 巧 5 0 0 0 8 0 0 2 5 0 3 2 0 A h m o c . h s c r a e s e r s w @ y q u 朱 敏 4 0 0 0 5 0 4 2 ...

Group 1: Core Points - The implementation of a comprehensive plan to boost consumption in Hubei Province, aligning with national strategies to enhance economic growth and consumer spending [2][3] - Focus on increasing income for urban and rural residents through various initiatives, including wage growth, skill training, and support for entrepreneurship [3][4] - Emphasis on social security improvements, including direct payment of maternity benefits to employees and enhanced support for childcare services [5][7] Group 2: Income Growth Initiatives - Actions to enhance wage income, targeting the creation of over 700,000 new urban jobs by 2025 and providing skill training for over 400,000 individuals [3] - Support for the transformation of scientific and technological achievements from universities into commercial ventures, with a goal of issuing over 30 billion yuan in entrepreneurial guarantee loans by 2025 [4] Group 3: Social Security Enhancements - Direct payment of maternity allowances to employees and encouragement of local governments to provide additional one-time birth subsidies and childcare support [5] - Plans to increase the number of childcare places to 4.5 per 1,000 people by developing community-based childcare services [5] Group 4: Consumption Experience Improvement - Development of convenient service consumption through the establishment of community service points and promotion of new retail models [8][9] - Initiatives to upgrade consumption in rural areas, including the renovation of commercial facilities and the expansion of e-commerce services for agricultural products [9][10] Group 5: Consumer Environment Improvement - Measures to regulate market competition and protect consumer rights, including strict enforcement of food safety regulations and consumer dispute resolution mechanisms [14][15] - Encouragement of a safe consumption environment through the establishment of quality standards and credit systems in the consumer sector [15][16] Group 6: Policy Coordination and Implementation - Emphasis on the need for coordinated policies across various sectors to effectively boost consumption and stabilize market expectations [17][18] - Continuous optimization of the business environment to facilitate promotional activities and reduce unnecessary administrative checks [17][18]

Core Insights - The "May Day" holiday in China showcased vibrant cultural and tourism activities, diverse consumption scenarios, and innovative consumption formats, highlighting the country's potential as a leading consumer market [1][2]. Consumption Trends - During the holiday, 75 tourism routes connected various scenic spots, boosting intercity consumption [3]. - Hotel bookings in over 1,000 counties increased by more than 30% year-on-year, indicating a new growth point in consumption [4]. - Inbound tourism sales surged by approximately 90% year-on-year, with the "immediate refund" policy for outbound tax refunds implemented nationwide, enhancing the appeal of Chinese tourism [5]. Retail and E-commerce Performance - According to the Ministry of Commerce's data, sales revenue of key retail and catering enterprises rose by 6.3% year-on-year, while online retail sales increased by 9.3% during the holiday [6]. - Major shopping districts experienced a 6.4% increase in foot traffic year-on-year, with Shanghai's online and offline consumption reaching 59.46 billion yuan, a 13.1% increase [9]. New Consumption Formats - The "first launch economy" was evident in Shanghai, where nearly 100 brand new product launches took place, driving surrounding dining, accommodation, tourism, and shopping [8]. - The holiday saw over 20 music festivals, with each ticket generating approximately 8 yuan in additional consumption, indicating a shift from traditional ticket sales to interactive experience economies [9]. Product Sales Growth - Sales of green and energy-efficient products were robust, with nearly 600,000 digital devices sold daily and around 900,000 home appliances sold daily across 12 categories [9]. - Sales of home appliances, automobiles, and communication equipment monitored by the Ministry of Commerce increased by 15.5%, 13.7%, and 10.5% year-on-year, respectively [9]. Economic Contribution - The contribution of domestic demand to economic growth in the first quarter increased by 6.3 percentage points compared to the previous quarter, underscoring the accelerating role of consumption as a primary economic driver [10].